CARDANO NEWS TODAY – EVERYTHING You Wanted To Know On STAKING, WALLET UPGRADES & MAINNET. Coinbase?

published on August 1, 2020

Open digital asset news to get top stories in cryptocurrency digital assets and bring them out of bite-sized pieces today a lot of interesting stuff first up americans to buy bitcoin with their second stimulus checks after initial

Investment turned in a 50 profit i'm gonna tell you why this is and when you can expect it also cardano's making news cardano adds another pillar of technology as highly anticipated shelly upgrade

Successfully goes live with no hiccups and no problem which was pretty amazing now we're gonna take a look at cardonal staking which is everything you know about ada returns this was a fantastic

Article written by crypto briefing which goes over the ins and outs and i gotta say thank you so much to them for explaining it simply we'll take a quick look at delegate your

Stake from stakingcardonaorg and lastly i'm going to answer some of your hard-hitting questions as hard fork effects on cold wallet storage of cryptocurrency which is a perfect timing

Because of the shelley mainnet launch before we do that let's take a look what's going on the market so today it is july 30th 11 30 texas time everything's looking pretty good so bitcoin hey you can't keep going up

Forever that's just the way it is and it's down two percent for the day so there was a question yesterday about you know should i just go all in or should i dollar cost average this is what i'm

Talking about so it's there's gonna be dips there's gonna be uh ups and downs but there's not that stress of just going all in and going okay here here it is here's 20 thousand dollars

And hopefully it goes up so just be patient stick to your plan but uh although bitcoin is up 157 for seven days so good for that ethereum still doing great at a 02 increase now it's at 322

Xrp 24 cents almost gonna get 25 so everything's looking good uh bitcoin cash cardano in that sixth spot i um i don't see it staying there i'm going to tell you why in a little bit

But kodano is up 13 for the week bitcoin cash up 15 litecoin up in bigly 26 for the week cryptocom and before i forget i um i'm going to

Have a discussion with one of the vps of operations for kryptocom or vp of relation management or something like that today at 8pm and uh i'm just not sure

About cryptocom i know some of you just love it but i just don't get it so i need you to whatever you questions that you have that you'd like to be answered include those in the

Comments section and i'll be sure to ask this person when i talk to them we're going to do a zoom meeting later tonight so i'm interested to see what it's all about but again i just maybe i just i just don't

See it finance coin uh chain link is up wow hey chain link uh 52 or 04 for the day so 740 and uh looks like a pretty good day for most v chain uh 129 for over 24 hours

Not too shabby all right let's break into today's top story so i don't know if this is like the top story but uh to me the big the to me the big excitement is around cardano right now especially with that shelley mainette

Launch but i don't want to take away anything like this this is actually a great article uh from bitcoincom talks about americans are going to buy more bitcoin when they get their

Stimulus check so what exactly is going on so we'll cover this a couple days ago and i just wanted to reiterate this because i'm going to think that our i think that there is going to be

A pretty big push for bitcoin when the stimulus check comes out because people love to invest now especially in cryptocurrency digital assets and uh bitcoin's gonna be a big winner so

The us government on monday expected to approve plans for this second payout which looks like they already have there's actually a confirmation and even uh steve mnuchin the treasury

Secretary said it's going to be pretty much the same thing so what happened before uh the stimulus checks uh this is a couple months ago but at that time when the checks as far as stimulus checks were first issued

Issued each bitcoin traded for around seven thousand dollars remember those days below 10 000 oh yeah so long ago today each 1200 check that was invested in bitcoin at that time is now worth about

1829 which is a gain of more than 600 so imagine this imagine if you could put your money into the traditional market and get 600 bucks back in like two months three months that's

Insane gains and uh these are unprecedented times my friends and when you get some kind of gains like that i mean that is amazing to me anyhow moving on according to us government officials

The latest stimulus checks are expected to be paid out in august so august we're almost there and it's going to it's going to come on the pipe so all the all this different momentum that we have

As far as the markets go just for us just for equipping i don't care about traditional markets i just don't um but for all the all the momentum that we have right now we're going to see an acceleration of that

With these stimulus checks and it's right around the corner so the white house economic advisor larry kudlow told cnn that families will receive this second 1200 payout as part of a one

Trillion dollar stimulus package when the government first paid out the stimulus money in april large crypto exchanges coinbase and binance reported a spike in exactly 1200 equivalent deposits on

Their platforms brian armstrong ceo of coinbase said at the time that the number of 200 worth deposits and buys the exchange climb by 400 that month so

I believe it's going to be the same thing that's going to come on the pipe and especially if if they're going to have those stimulus checks plus another round of ppp or paycheck

Protection plans i don't see an issue uh with people putting it into you know the robin hood players the traditional market players and of course the cryptocurrency digital asset players

So i see a big push around august uh we'll see if i'm wrong let me know what you think of the comment section let's move on to what i'm really most excited about cardano so here we go cardano adds another pillar of

Technology it's highly anticipated shelly upgrade successfully goes live so what exactly is going on so the move to shelley uh will allow holders of ada

Cardano's native token to stake their coins and receive awards and if you aren't familiar with this over the weekend the cordano team they actually battled out and they took a look at

Because they were they were going to launch uh shelley on the 29th and over this last weekend they did a bunch of tests they know they ran the gambit they tried to find every single problem that they could and

They couldn't find it and actually push forward which to me is amazing because this i've had complaints about cardano many i mean for a long time because they their main net took

Forever i mean forever literally it took forever so um i was like you know as an entrepreneur i'm like just throw stuff against the wall and see what sticks doesn't this doesn't

Work just fix it and of course you know that's why i'm not a programmer just be honest so um again i'll tip my hat to them they did everything that they could do

It looked like they worked very hard and uh i i watched the stream from charles hoskinson and and uh he just looks you know exhausted but elated because it all went off uh without a

Hitch and to do that much work and have not a problem happen and as meticulous and as streamlined as that that group is where they're just so into making everything as as good as

They can it's amazing to me that they didn't shut it down if i could have put money on it i would have guaranteed that they would have shut it down

And they would have pushed it back but i was wrong and uh that just that's uh that's good i'm glad i'm glad i was wrong i'm glad it's moving forward so i'm pretty happy about that

But moving on the article in the past few months the ada price has more than doubled and many experts are predicting that there is room for a lot more growth moving down another development that has

Been long awaited by holders and many others in the cryptocurrency community is the addition of the cardano's native token ada to coinbase and coinbase has already made its interest in the cardinal public

Or publicly known the expectation has been that the move to the shelley phase would be the catalyst for ada's addition to coinbase since they already have a

Relationship uh that line of thinking makes i mean it toys toy makes sense right if you want a relationship things are going on then why not do it and the relationship

They're talking about is that early in july at the cardinal virtual summit uh it was announced that cardano had signed an agreement with coinbase custody that staking would be supported by the

Crypto onboarding giant so here's the thing back in the day when coinbase only had like three or four different uh cryptocurrencies it was uh bitcoin ethereum litecoin i remember

This day that's when i got into it 2017 so when another coin came on it was like oh my god this is huge this whole thing and it was called the bitcoin pump i mean the uh coinbase pump uh coinbase listing pump excuse me and

These days there's a lot more different assets on there so it's not as big of a deal as it used to be there's a little bit of a thing there but not so much however with cardano

With it being so high up there and i believe as time gets closer it's gonna flip with bitcoin cash it's going to be the top five and i have predicted actually the credit will be a top three cryptocurrency coin um

I see when when people look at it and they go home okay let me get this straight uh bitcoin is eleven thousand its all-time high is twenty thousand well people don't like to buy fractions

Of coins they just don't i i understand what people are gonna say hey you can have you know a millionth of a satoshi just that's just how it is people want a full coin so just like fractional shares they

Don't want to have a fractional share of tesla they want the whole one tesla stock so when they look at that they go okay well to get this all-time high i got to spend 11 000 which sucks

But people do and i'm only going to get you know 9 000 back so whatever that's maybe i could double my money maybe not then they take a look at you know ethereum like ethereum

Well that's around 300 bucks and it used to be 1200 so what we're looking at like 4x that's pretty good then they look at cardano like hold on let me get this straight it's like 13 cents 14 cents and it used to be a

Dollar or something well that's like 8x 9x i like those odds and it just got listed and there's all these upgrades and they've they've taken years to do it and they have all these different uh partnerships i'm not

Partnerships i mean well pricewaterhousecoopers i suppose um and things are really getting to really uh hit this hit the stride i think i'm gonna invest in that that

Seems pretty good it's been around for how long and the uh ceo or the the person at the helm used to be the helm of ethereum okay now i know there's some people that hate cardano

And it's very few people i know what they're to say so go ahead and say what you want to say in the comment section i understand where you're coming from but i still think cornell is going to be a big thing

That's just me let me know what you think in the comment section am i just some foolish person who just is blinded by the light and uh it's just all a big scam let me know what you think

And uh let's move on to let's take a look at staking huh so staking everything you need to know again crypto briefing hats off to you thank you so much for uh making a great article

So this is the kind of stuff that i actually need and i actually need to do this so cardano staking uh just if you don't know operates on a cyclical basis rewards are

Paid out every epoch or every five days which is pretty cool right i mean if you're uh staking somebody thing every five days you get free money i like that i like money i like cryptocurrency i'll take it

During the network's initial launch there will be epochs in which no rewards are paid out but that will change cardano addresses have separate keys for spending and staking this means that

If you decide to stake your credential tokens they will never leave your wallet plus cardona doesn't require tokens to be locked in for a term you can unstake your

Tokens at any time so that's pretty nice you know you don't have to have them locked up for a month three months six months a year they're in there they're out it's up to you so here's the big thing

Joining versus running a pool all right you have to be either a part of a pool or the pool itself you can't just individually stay kind of like pesos you know you have to find a baker and just uh kind of like

Give them not give them your coins but you know you can stake them with them and the same type of thing here so cordano relies heavily on staking pools whereas some other blockchains rely

Heavily on individual staking nodes advanced users should run their own pool to earn higher profits if you are an advanced user that is not me i'm just going to be honest i am not advanced

At all so i'm going to just join a pool however individual users can stake their tokens with an existing stake pool which is a much simpler process i like simple i have a lot of stuff going on i'm going to do that

You can delegate tokens from your daedalus or yori wallet as explained here and i'm going to link this this of course in the comment section are the comments the description

Uh it looks something like this how to delegate your stake it's just at stakingcardonaorg and it pretty much just lays it all out but uh let's let's run back here what do you need to run a pool if you

Decide to operate a staking pool you'll need constant internet connectivity and you'll need various technical still skills this is what you need operational knowledge of how to run and maintain a

Criterial node on 24 7 basis system operations skills experience of development and operations or devops and server administration skills operational maintenance i don't have any of those i'm not going to do that you won't need

A powerful computer an asic device provides no advantage so that's pretty nice right you don't have to like you know break the bank for a new brand new computer if you want to do that

So what do you need to join a pool this was interesting to me if you join a staking pool you won't need a constant internet connection and you won't need to monitor your stake 24 7

There is no minimum staking amount on most pools which unlike ethereum where you need 32 there is no minimum here very nice however you will need to choose a pool that is reliable

And which offers low fees websites like pool tool and adipools allow users to view the status of each pool also cardinals deadlifts wallet also helps users choose a pool

Through its delegation screen once you've staked your cardano you don't need to do anything at all that's awesome rewards are automatically paid out also awesome and there is no need to

Make a claim triple awesome if you do not withdraw your original stake your ada will remain staked and you will continue to earn rewards quadruple awesome fantastic so how will cardano achieve decentralization so this

Is for everybody uh who is really concerned about decentralization which i mean you should be we should be right uh cardano will ensure that its staking pools do not accumulate

Too much power this was interesting for one thing cardano's stake pools will offer lower rewards as they get larger imagine that the bigger your stake pool is the lower

The wards get and this will encourage users to move between pools on a regular basis and this will in turn theoretically prevent any pool from getting dominance now there's always going to be someone

Who tries to game the system that's just how humans or people work right so i still like how they're trying to say hey we don't want things get too big we want to kind of keep it as and try to

Make a decentralized as possible and we don't want to have too much these huge conglomerates over everything so that i i can appreciate that secondly cardano staking pools will have

Little control over governance stake pools don't vote only the genesis key holders will be able to vote and this is the key word here initially initially so as things move

Forward everybody should be able to vote democracy wins decentralization wins i like the whole thing so again i will link this article

Plus the all the information as far as how to delegate your stake and everything else in the uh description of this video and that is it for that part so now i'm going to actually

Answer a great question that was posed to to uh me by a subscriber so let's jump into my office huh great so welcome back to the office as you can see uh here we are everybody i know the

Comment section people say oh it looks so nice to have a pool and everything else well it's a lot of work and there's maintenance so uh don't think it's that fantastic so

Anyhow so here's what we have for the question today so this was from uh nurbik modi i i think i butchered that but anyhow he uh the question is hi dan hope you're doing good absolutely

Content uh that's why i love your channel fantastic so he says i'm having a difficult time finding content about what happens when there is a

Hard fork with the kryptos stored in a called wallet good question so he breaks down to four pieces he said if you store bitcoin or eth or any crypto on a cold wall like a ledger

Does a hard fork matter that's number one two how do we claim coins for the hard fork three do i need to sell the crypto coins on the old blockchain uh through the exact same

Exchange which i bought and uh the last one was are there any tax implications if you do not claim uh the hard-fought coin so the last two are pretty easy to answer

And the first two are a little bit more difficult and what i actually did was i actually reached out to the ledger corporation ledger company and i asked

These same questions and i said who can jump on with me and do a quick call and uh one of their lead operators fabrice dotriyat he actually responded and he came on we did a great interview

And it was like a quick you know five to seven minutes and uh unfortunately i did not uh click on the audio record part so that is my fault and i'm not going to bother fabrice again because he is in

France it is eight hours ahead and he has a lot of things with his family so i'm not going to bother him however good news was is that he had actually sent me an email previously and had told me you know like his rough

Answers so i'm going to tell you what he told me in his uh interview and also in the email so he can make this uh crystal clear as much as possible

So number one if you store bitcoin or or eth or any crypto in a cold wallet like a ledger does a hard fork matter and fabrice says yes it does a hard fork is basically a change

Of the blockchain protocol making incompatible with previous versions since there is a protocol change it's very likely that there are some changes in the way as far as what transactions are built

As a consequence the new transactions may not be possible to sign using your ledger hardware wallet and from there several questions arise for for ledger and one of the big

Questions that we actually talked about was the new hard fork for the shelley mainnet launch and the question was will ledger actually work now

Because of what just happened with cardano and he said well he said in essence no it's not going to work but he gave me a little snippet and said that and i was the first one to know

This he says is we actually just upgraded everything so now it does work with cardano so as far as like if you store bitcoin or ethernet cold wallet does a hard fork matter

Yes it does and to really get to the meat and potatoes of it it really comes down to a case uh by case basis so will the ledger cardinal app still work no uh the shelly update is break the

Shelley update is breaking compatibility with the previous transaction format but they've actually fixed it already so kudos to them will i lose my cardano token that's another big question that came about you

Know what you actually lose everything and uh no your private key remains safe during a fork so remember the ledger doesn't store anything the ledger doesn't store uh your cryptocurrency what ledger does

Is it stores your private keys on the blockchain which is throughout all the nodes throughout the entire uh globe uh that is where all the information is stored this is not like uh you are actually storing coins or

Storing a physical property and if you have questions i'm going to link at the very end of this video to my one of my basics which talks about ledger wallet what is a private address what is a

Public address and everything that goes along with that to make you understand to help you out okay so that was uh the first question and then the second question was how do we claim coins for the hard

Forked crypto assuming the crypto was in a cold wallet and this was actually a very long drawn-out answer because he said it's a very tricky question but he states as explained before

A hard fork is a breaking on the protocol from there two things can happen either people running nodes all agree to the update as necessary in which case everyone moves to the new version of the protocol

And that's what's happening here with cardona everybody's agreeing that there's not gonna be a split just because it's a fork um an example would be and the best example would be uh

Bitcoin when it's split between bitcoin and bitcoin cash so some people went with bitcoin core however you want to call it and somebody went with bitcoin cash and what was interesting about fabrice is he

Told me that what they do during these forks is they don't automatically flip a switch and go okay we're going to make sure that we have everything compatible with this new fork

What they do is they first follow it because there is no reason if it's not viable a chain that kind of comes off and uh is actually not used by anybody just some you know wacky group that's like we're gonna do

This thing and everybody's like no we're not gonna we're not gonna follow you so example would be like when you had all those different bitcoin forks you had a bitcoin diamond uh bitcoin onyx bitcoin

Tomato bitcoin whatever uh those things are not viable so they're like we're not going to waste our time with it and that makes sense to me so the last thing would be then

I almost forgot about this is that you know will you actually get if you had you know back in 2017 i believe it was 2016 i forgot when bitcoin and bitcoin cash actually split would you just see

Uh bitcoin cash in your ledger at that point it didn't actually happen so again it's going to be a case-by-case basis so if you have some type of coin some other project that actually splits off the best thing to do would just be

To contact ledger and say are you going to support this or are you going to wait or how's it all going to happen and the last two questions we went over but they're pretty basic

And i think it's the easiest one to answer so the third question was do i need to sell the crypto coins on the old blockchain through the same exact exchange which i

Bought when the hard fork happens and he says when a hard fork when a hard fork happens if you think it will result in two living chains which is a good a good term living change some are just going

To be defunct and not going to be followed then you should keep your funds in your ledger device as you can be sure you'll end up with tokens on the two chains once the fork happens

If you deposit funds on an exchange before the fork you're basically letting the exchange decide which chains they'll follow they might support the fork or they might not you'll have to check with the exchange

So again just make sure that you have some type of ability to have your private keys if you have your private keys everything should be safe and uh this actually happened to me i

Remember when um litecoin and litecoin cash i don't know if anybody remembers that uh litecoin actually split and litecoin cash and it was on coinbase and uh that didn't actually work out so

If you don't have your private keys like if you keep on exchanges then you're probably not they're not going to support it all the time however i do remember binance and coinbase supporting certain type of

Forks but they let you know like well far in advance if they're gonna do it or not so just check with them and everything should be okay the last question was are there any tax implications if you do

Not claim the hard forked coins and there's no tax implications i can't speak for everybody throughout the entire globe i don't know uh the tax rules in

Australia and uh and south america all the way throughout north america and mexico and canada but i can tell you for the united states for a taxable event to actually happen

You need to sell your cryptocurrency or you need to exchange it for something so like if you have bitcoin and you transfer it into ethereum that is a taxable event

If you have bitcoin and you sell your bitcoin and you get you know fiat for that that is a taxable event but if you move your let's say bitcoin ethereum whatever else into

Your ledger hardware wallet that is not a taxable event for anywhere that i know of but again check with your personal account and your tax representative and it should be okay

All right so that's it for today so hey before we take off i just want to make mention and give thanks to all my subscribers if you don't know there's a joint now but underneath uh you don't get anything special i

Don't hold anything back it's kind of like a tip it's like a buck 99 and i just do random shout outs and then you get like a little badge when we do live streams which we really need to do more of

I've been kind of slacking on that but there's been so much going on so uh first up uh iran rodriguez eric michael jcr central what's going on everybody so we got uh also john p all right soft

My man from way back in the day uh sam rossmann tvg che yeah a man medic jack minion beloved and uh steven schmitz so hey thanks so much everybody i really appreciate it if you like these types of videos

There'll be two more it's going to pop up in your left and right i have no idea what they are because that's what youtube does they have control of that uh so if you like these videos pick one

Of those and then move on but that is it for today so thanks a lot for sticking with me appreciate it and i'll see you on the next one

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