Bitcoin Today, ChainLink, Cardano, Ethereum 2.0 & more! (Crypto Over Coffee ep.12)

by birtanpublished on August 25, 2020

Ladies and gentlemen if people of the internet welcome back to yet another episode of crypto over coffee I hope you're doing well and I hope you're having a great Friday if you're new here every single Friday I break down the latest news and hottest topics in the

World of technology and cryptocurrency over a cup of delicious coffee in today's homemade mug that I made myself in today's episode we will have a well-rounded list of things to talk about from the latest on Bitcoin today

To aetherium 2.0 chain-linked Cardno and more so definitely stick around so you don't miss a thing now like we do on every single show every single week let's kick it off with questions from the community on YouTube and Twitter so

I'll head over to the good old iPad it's right here and get started with those questions if you do want to get one of your questions answered leave them in the comments down below or tweet me at a shoushi for I'm always looking for new

Questions to answer if you would be so inclined as well please do subscribe to the channel and hit the little Bell notification button next to it so you can get a heads up whenever new content hits the interwebs sip of coffee oh and

Check out my nifty little cash app let me get this in focus cash app customized card it's pretty dope definitely recommend that you can use it to buy all sorts of things and get discounts on stuff in some cases as well so that's

Pretty cool so let's dive into these questions oh and again I'm sorry there's one more thing I wanted to talk about I'm really proud of this but this past week my channel broke 1 million views and I'd really appreciate all the people

Who shouted me out on Twitter to congratulate me on that I really try hard to make this channel super valuable super useful and super fun to watch so I appreciate all the support every single view you guys have given me so thanks

Very much the first question comes from first/last bitcoin having 20/20 explained great info thank you does it make any difference having Bitcoin on an exchange or a personal

Wallet on the day of the having this is a great question and a lot of people ask this question as Mike is like in my face on the halving and all this stuff that's gonna happen as a result of that having this all happens at the protocol level

So you don't need to worry about anything when it really relates to the halving itself having your Bitcoin on a hard way wallet a software wallet or on an exchange doesn't really matter what

During the having but and there's a distinct but here I recommend that during the volatility that will likely happen as a result of the having that you have your Bitcoin in your possession on a hardware wallet at all times and

Not on an exchange because when things start to change and things start to change in a protocol especially exchanges have a tendency to make mistakes or people make mistakes that panic cell and you can get your bitcoins

Stuck at a loss or just things can happen you don't want to leave it to chance so make sure you have in your possession I'll link up some of my favorite hardware wallets down below if you don't have one yet just buy one it's

Worth the fifty sixty bucks that it takes to get one even for a cheap one just just do it I promise you it's well worth it now let's move on to the next question thank you very much first last for that

One Victoria Patroni asks only a few comments from my side this is about a different video that I did I think if Theory 'im should now not be considered an altcoin but rather a coin on its own different than BTC in terms

Of its value add to the space but if it's considered an alt then it's in the top I agree I think aetherium now is not even really an altcoin I think it's very much its own sort of standard by which other projects are measured but I will

Say that it is still an altcoin in the truest definition of the word because bitcoin is the original protocol the theorem came after so it's an alternative to aetherium or sorry to Bitcoin that being said I've been

Campaigning for a long time that aetherium and Bitcoin can't even be compared to each other because they're so different in architecture in structure and in purpose they're not even close to the same so I'd actually

Agree with your Vittorio I think aetherium yeah aetherium should be its own coin we shouldn't be calling aetherium altcoin anymore it just doesn't really make sense it compared to Bitcoin it's not even close to the same

So in my list of all coins which if you haven't seen that video I'll link it up somewhere over here I think I found a lot of coins like tezo's like cardano's ADA that bring value the ecosystem through the use of smart

Contracts now from that point of view I have a feeling that aetherium will always be a step ahead due to its network effects I wonder if there will be space for the others this is another great point so from the perspective of

Aetherium having such a first mover advantage and having network effects because they have hundreds of thousands of developers that do things with aetherium and aetherium products solidity is a language that is now very

Well defined and it's now starting to come into its own in terms of stability that begs the question is there room for any other protocol my answer is still yes the main reason why I say that is because I think we're gonna start to see

The hyper specification of protocols down to what they are intended for I think we might see something like aetherium being used primarily for tokenization and defy well things like Cardno might be used for financial

Reconciliation transactions and traceability because in a lot of ways the language that governs scripting on that particular protocol governs what apps will be built on it and the developers that are attracted to that

Language are going to be from a different background potentially so the people who are very much into haskell and a lot of the examples given for Plutus in cardano's ecosystem for example are very financial in nature and

Very deterministic data processing of financial transactions a lot of the documentation is focused on that so maybe we'll see that being a you know specific use case for Cardno and then you have other languages from a

Bunch of different protocols that also have their own unique skill sets and their own unique use cases that apply to it so I think we're gonna see a lot of different protocols start to take some market share in little isolated buckets

Or verticals rather than just seeing one protocol dominate everything and I think that's probably a good thing thanks very much for your question Vittorio Qing I think that says yeah King Lalibela question is blockchain internet 3.0 or

Does blockchain run on the Internet another great question and another one that confounds people all the time and that would be the blockchain and a blockchain protocol in general runs using the Internet connectivity all

Happens over the Internet in a large part or the protocols that run the internet today but that being said a lot of what blockchain does and a lot of what these protocols do are sort of an improvement

Or a next-generation layer on top of what the Internet already does and that's connect disparate systems and disparate servers in a decentralized web of different computers and information you can then share across all of these

Different computers so on and so forth you had distributed computing and file sharing systems come out and try and improve upon this but ultimately the internet sort of centralized around a lot of different entities and that's

Kind of just the way that it happened that being said I think blockchain is very much the Internet 3.0 it's bringing brand-new protocols on top of what the internet already does and potentially new protocols to replace things we've

Already built within the Internet's core infrastructure so there are a lot of projects out there that talk about this alas dose Nexus sky coin etc there are a bunch of different protocols to talk about the internet and how blockchain

Will revolutionize it but I think it's gonna take a long time before we see blockchain start to really permeate into the core infrastructure part of the world because it's heavily heavily cemented so hopefully that answers your

Question there and all right so crypto our he says Irish people are always asking me now about Bitcoin that's pretty funny the fake theories they've heard are crazy yeah people hear about theories all the

Time so he's saying crypto mythbusters' I'll get the domain and create the platform you make the content crypto our huge huge shout out to you I think this has got to happen you know what big yeah big shout out to

My buddy crypto out here because he inspired me to do what I think will be a new little segment on the show called crypto mythbusters' I will take some hot cryptocurrency related myths they get a lot of attention and bust them like the

Myths that they are I'm kind of done with my iPad here now the golden crypto myth is really that crypto is only useful for criminal activity this is all part of a diatribe about crypto that comes from the politicians big

Businessmen in public figures who would seek to destroy crypto and its reputation recently a blockchain analytics firm or research firm called chain alysus who have a vested interest in actually

Cybercriminals using crypto as part of their business model itself claim that less than 1% of crypto transactions are provably related to criminal activity based on their research and data that's a whole heck of a lot less than you

Might think and that you might probably hear about online as crypto gets slandered so consistently in the media and by a lot of notable people let's be real it's probably more than 1% of transactions as used for illicit

Activity it might be closer to 5 or even a little bit more but even then is that a surprise no it's not the fact of the matter is that most crypto currencies are not anonymous actually I'd argue that none of the crypto currencies we

Have are truly anonymous because you have so many ways that you can mess up and make yourself only pseudo pseudonymous that word is so difficult but you know what crypto currencies all are infinitely traceable and auditable

So do you think a cyber criminal or some nefarious actor wants a digital immutable record of activity that might also be linked to IP addresses and other device identifiers x' hell no they do not they want to use cache physical

Notes or bartered goods that can be anonymously handed over leave little to no trace and everyone can walk away I understand the why this rhetoric is so pop like popular crypto is indeed undoubtedly used for nefarious purposes

It is a fact but to imply that illicit activity is its primary use case is that best a disgusting misrepresentation of the facts I am all for stamping out dark markets terrorism cybercrime and other financial crime facilitated online but

Making crypto the Patsy for the real issues here and the real issues at hand that are causing these problems is definitely not the way to do that so consider said myth busted if you want to ban crypto you want to ban cash also for

The same reasons and surely surely if you're gonna ban crypto people should stop flaunting the idea of a digital dollar because we clearly are not there so I'll step off my soapbox now and we can talk about something positive that a

Big public figure said about crypto recently and about a project that I happen to like quite bit Tyler Winklevoss one of the twin co-founders of Gemini and renowned Bitcoin billionaire recently stated his

Admiration of chain-linked as a project with huge potential in the crypto space Winklevoss likened chain-link and its current state to the early days of Bitcoin in theory 'm in terms of its potential impact from a technology

Perspective that's cool he was quoted saying that shame link shows real promise and technical merit which will be music to many link fans ears and this coffee is music to my tastebuds the key thing though to note in that statement

Is the technical merit part passion for a project and sound marketing only goes so far to move the needle in the long term scheme the technology has to solve a problem for a project to go anywhere and I share the opinion that chain link

Does just that oh and by the way my coffee is again from my favorite Red Rooster Roasters that's like a cool little tongue twister there they're based in Floyd Virginia they are quite literally the best coffee

Company that I've ever worked with in terms of buying coffee consistently they don't sponsor the channel but I shout them out because I love them so much and I get the monthly hookup from them for 22 bucks they ship it out to my house

And it's well worth it so if you like delicious coffee check it out Floyd Virginia roaster Red Rooster all right it's time for everyone's favorite segment 404 logic not found for those who are yet uninitiated in this little

Firecracker of a segment I highlight notable tech related fails or otherwise just stupid moves that happen in the world that need to get some attention this segment is fun and if you like fun then you should

Probably gently in with tender loving care press that like button but do not smash it show it the respect it deserves I'm such a loser man honestly well let's go on this stuff on Thursday former Bakht CEO and Georgia senator Kelly

Lafleur announced on Twitter that she will be serving on the task force to open America back up in the wake of the economic turmoil we have currently happening in the world this appointment comes after La Fleur

Was criticized widely in the media for Al that she in particular participated in insider trading it was reported related to this that a huge amount of her personal assets were sold off shortly

After her attendance at his Senate Health Committee briefing which sparked controversy over whether insider knowledge of the pandemic brewing triggered those sell-offs which would of course not be strictly legal

For the record Lafleur claims that she and her husband had no idea of the sell-off of their assets as it was done by a third party and they were not notified I'll leave it to you to decide your thoughts on that whole thing I'm

Not gonna play the politics game the real issue here though is that a person with relatively little experience in politics and with controversy swimming around her is getting a huge appointment to what I believe is a critical working

Group and making decisions about the United States reopening business 4:04 logic not found I really don't get the decision by the current administration to throw a huge appointment to someone without a lot of experience and all this

Controversy surrounding them at the end of the day it just seems to be wrong 404 logic not found anyways moving on in the world of aetherium 2.0 we have some really good news from the legendary folks over at prismatic labs that gives

Renewed optimism if you will that we will see phase zero of a theorems latest protocol by July of 2020 shortly after aetherium turns five years old time really does fly with the latest test net launch called topaz prismatic

Labs is running the etherium 2.0 protocol and it's full main net configuration meaning the full 32 ether is required to participate in the staking ecosystem and the full hardware specs that will be required in May net

To get everything set up will also be required here I was actually pretty pleasantly surprised at the hardware requirements and specs that they posted and how minimal they ended up being many lower end laptops will probably be able

To run this and you only need about a hundred gigabytes of storage at least per their recommendation now what we need to watch here is three things one we need to see that the Topaz test net is stable during staking and that

Cartels don't form in the public net we also need to see that these scalability numbers are testable at scale so hopefully we get about a thousand staking nodes at least that we can work with and then we

Need to see that there is a release candidate shortly thereafter that shows that the testing has gone as planned I think things look really good though for staking part of aetherium 2.0 and that launch this year is looking pretty

Darn good then we probably see sharding in q1 or q2 2021 so I am pretty pretty stoked about that now for those who might be watching who don't really know why aetherium is moving to proof of stake or what that's all about

Who recently did an interview with another youtuber in the crypto world rice crypto about this very topic and I think it hits the points really really well that you need to know so shout out to rice who was a really honest and

Genuine dude and please do check out his channel and get and show him some love so I'll link that channel up down below but I'm gonna play a clip of this right now with what's going on right now there's a lot of hype about

Etherium 2.0 yeah I've been doing some research and I've got some pretty good knowledge about what's happening but I'd like to get your take from a technical perspective what can we expect for etherion 2.0 and do you have I guess

Like any type of information about when there might be like any launch dates or anything like that yet at this point yeah for sure so I think for anyone that's completely unfamiliar with aetherium 2.0 and what's happening

Essentially the current aetherium network is a proof-of-work network just like bitcoin is right it works through the process of mining which is just basically wasteful computational effort done by miners to

Protect against different issues that would happen in the network as a result of consensus right you've got to create some sort of economic force to make people behave properly and also to drive the value of the currency up and in

General so the issue is is that because of that wasteful computation because of the you know the challenges that are associated with you know maintaining a proof-of-work network the theory made the decision they wanted to move towards

Proof of stake which is basically a measure of you know the the incentive structure is about who has the most wealth in the network and how much are they willing to put at stake in that wealth to become the block makers the

People who mined on the network and the whole idea there is if you have more wealth invested in the network you have more at stake you're more likely to act in accordance with what's beneficial for the network itself

Lest you lose your resources or devalue them right but the challenge is is that it's not as simple as just moving from proof of work to proof of stake and just flipping a switch and so all the research that's been done over the last

Probably three years now has been how do we make proof of stake safe and how do we make proof of stake and this migration actually scalable so people can use the etherium network for stuff that they've been using it for a skill

Like NF T's non fungible tokens and crypto kiddies D Phi which is huge I know we'll talk about that today you know you need to be able to process a large number of transactions at a time right so that's what if you're in 2.0 is

All about and from a tech perspective they're doing that in a number of ways but I think the things you need to know are one they're trying to implement sharding which is essentially like taking one breaking up like a yeah a

File into pieces exactly and if you think about it in terms of the internet right if you live in an apartment complex or a townhouse like you have an HOA you're probably running all your internet is all running on one main line

Over to the you know Comcast box or verizon box or what have you that goes out to the networks and data centers right so you're all sharing that one pipeline for all of your information so right now during this kovat 19 situation

Everyone's riding on the same Internet line in your community and so your internet slower it's inconsistent I've been having some tons of issues the same thing happens in block chains and you're trying to run all the transactions

Through the same canonical chain so that same one single entry point then you run into issues so the idea is they want to be able to process data and transactions in parallel using different sharded block chains that all feed back to what

They call the beacon chain which is the the main chain okay that's it that's the big one so now how are the the miners right now like what is their reaction to this whole idea because it would kind of cut out what they're doing currently

Mm-hm I mean they could essentially mind something else but a lot of people I guess gear themselves to mine something specifically so it's just kind of going on without a

Fight or is there a lot of issues yeah I mean there have been issues but I think that the biggest issues have been the way that they've been going about pushing miners towards proof of stake rather than miners not being willing to

Do that in the first place so right now I mean there are things like the the difficulty bomb there were things like Prague pow2 get rid of a six or to make a six less effective on aetherium right and I think miners have an issue with

That because it hurts their short-term profitability in terms of the proof of stake migration I think miners are actually incentivized to want to go this route because when they go proof of stake if you're a minor and you're not

Selling out your ether you have a lot of ether set aside to become a powerful block maker or stager in this ecosystem because the minimum is 32 if you're a reasonably sized miner you could have hundreds thousands maybe even tens of

Thousands of you know ether in your you know in your stores you can use to stake in that proof of stake network so I think the incentives are there for them to do it it's just a matter of when the tools are ready and showing them hey

This is what your your hardware is gonna be used for here how do you get set up how do you stake and then what are you gonna earn there's people tell there are people talking about earning 10% on your staked

Assets on the etherium network when aetherium 2.0 comes out which is not a bad not a bad trade they're people that are running you know big binding rigs they cost a lot to run so your overhead could get cut down really low and then

You just stake passively it'll cost you a lot less as a miner quote-unquote to be a part of the theory 2.0 ya know that makes a lot of sense and you know you know that I'm really bullish on a project Nexus and you had a chance to

Interview yeah I can't travel great guy which I'd like to talk to you another time about that conversation by sure yeah so one of the things that Nexus has created as you're aware of is the hybrid proof of stake and proof of work model

Which I mean deep now I don't want to see if they're you know copy what next is owing but I mean why couldn't they consider doing like a hybrid system instead of just searching over from one to the other or

Do you see benefits and what Nexus has created with the hybrid system versus switching from one to the other yeah I do there are benefits to that because the proof-of-work is really good at a couple of things one it's really good at

Like Sybil attack resistance and and as well as really good at enforcing the economic incentive and disincentive structures of doing the right thing in the network versus not an inherently driving value up based on the cost that

It takes to create new supply in Bitcoin it's optimized to do that right it's optimized to make the network secure but also to help drive the value up and we're coming up on the halving it's the same thing but proof of work is not very

Good at enforcing or pushing towards the fastest possible transaction throughput speeds because you get into this issue with you know things like Bitcoin cash Bitcoin satoshis vision and other proof-of-work chains we're all being

Equal and everything all the whole protocol being designed very similarly and you just start moving different things like pulling different levers to make things move faster like making the block size larger right or making the

Block time shorter it's not as simple as that because time is an important component and the effort it takes to mine a block is an important component in security and that's why you see you if it were that easy then it would have

Already been done right right so there are a lot of moving parts to a protocol like that and that's why proof of work is still utilized at such a large scale in a Bitcoin core protocol regardless of your placement the ideology of Bitcoin

And the protocol well the fact of the matter is this is a now 11 coming up on 12 year experiment that is worked out really well based on these principles not to completely move away from your question but it's yes there is there is

Value in doing proof of work and proof of stake in tandem but I think the reason aetherium didn't do that is an ideological one we convince people that we want them to use this new protocol we've spent three

Years working on or more if we're just gonna keep Prima Network as a core yeah right makes sense if you want people to switch over to that particular deal and you would have to focus on that so that makes sense

All right guys hope you enjoyed that little snippet of the interview again please do go check out Rice's Channel and show him some love now in the world of Bitcoin some notable news came out of a defy product that uses Bitcoin as

Collateral bringing Bitcoin into the ever popular world of D 5 in essence this product called atomic loans uses a single Bitcoin transaction to put Bitcoin into a noncustodial escrow then it uses that

As collateral to borrow a stable coin in the etherium world like dye so that can be used for different defy products the notable part about this news is that using a sort of atomic swap mechanism that I assume is why they're called

Atomic loans this makes the most popular digital ass on earth Bitcoin in case you weren't aware making it available to be used non-custodial e to participate in defy on aetherium without you having to sell your Bitcoin and buy ether and then

Go over and do all this and this and that and buy stable coins it all happens in this one platform this means that Bitcoin holders can still capture the value of D 5 products and enjoy those services without having

To sell out of Bitcoin so I really think that this is going to be a powerful powerful project and product and the beta seems to be going really really well based on the feedback I'm seeing on Twitter and online on reddit in terms of

Bitcoin price news not a lot to report besides a lot of sideways movement we're in and around 7,000 bucks u.s. and I couldn't really make a case either way for a price drop or a price increase I really don't have a clue where it's

Going and I'll be honest about that on one hand we could see a drop and a reconsolidation right before the halving or we could see the halving and the strong looking hash rate which is great by the way push the price up ahead of

The halving so I'm gonna leave it to you what do you think are we going up down sideways or do you have no idea like me right as we come up to the halving comment down below or check out this YouTube poll

Put it up here you just click a button and let me know what you think now moving back into the world of defy because I think this is something important to note one of my favorite companies in the space shape-shift just

Made a genius acquisition of a company in the crypto world that will inevitably reduce the friction involved in accessing dphi products non-custodial e from within shape-shifts platform shape-shift recently acquired Portus an

Israeli crypto wallet company that has a pretty solid non-custodial software wallet set up and they'll now have bi-directional functionality in place going forward so basically shape-shift users will get enhanced access to d5

Products and services from within shape-shift service alone and then existing users of Portus will be able to natively utilize shape-shifts exchange services within their app the biggest thing that I love about both of these

Products is that they're first and foremost designed to be non-custodial meaning they don't hold your keys they don't take your crypto from you this is how everything should be we need to get people into the habit of in a clean UX

And UI means holding their own keys understanding how to secure their keys and understanding that it's better for them to own their crypto than it is to trust someone else with it so hats off to shape-shift for pushing the envelope

On this issue now for all of you crypto fans out there who love Cardno i've got some good news that just hit the airwaves this week about another successful patch upgrade to the Biran code that runs the core components of

Cardano's main net but before we dive into that coffee break man I'm tired cardano's current main net right now in my mind had some of the sync and stability issues that we really didn't want to see and so before we see Shelli

Coming out into the real world and into may not he was critical to get those fixed so what's being called Byron reboot is now critical to fixing these sync issues now over the last few weeks we've been seeing a lot of movement on

This Biran reboot code coming into main net getting released and Charles Hoskinson has been releasing a lot of updates on Twitter all about it so it's a relief that this set of updates has gone off relatively

Without a hitch I'm gonna go out on a limb and say that we will see Shelly staking live and rolling on main net by the end of June or maybe early July 2020 right along with the launch of aetherium 2.0 phase zero remember you have one

Shot to make this work so it's got to be right and I'm happy to wait and to be patient as the timeline gets pushed so they can test adequately now the positive news here is that this is another instance where Charles Hoskinson

And I ohk were clear about a deadline clear about a product conservative about the dates and then delivered on time with the code they talked about this Biran reboot as it's called was executed as promised so it's great to see Cardno

Remains one of my favorite alt coins projects out there these days and I'm stoked to see what's gonna happen this year with that and I'm getting ready for Shelly coming soon oh and if you're interested in altcoins please do check

Out this video that I did with my pal bit boy about our favorite all coins for 2020 at least a few of them for that matter I'll link it up here on the screen and as always folks thanks for watching have a great weekend and until

Next time Cheers

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