Cardano Shelley Hard Fork, Elrond, BTC Price, & Crypto News! // Crypto Over Coffee ep. 25

published on August 2, 2020

Ladies and gentlemen people of the internet welcome back to yet another episode of crypto over coffee it's episode 25 in fact so we are at a quarter of a century of episodes i hope you're doing well and if you're new here every single

Friday i break down the latest news and the hottest topics in the world of technology and cryptocurrency whilst drinking a cup of delicious coffee and today we are celebrating cardano's launch of the

Long-awaited shelley update so we got plenty of that stuff going on we've also got stuff about bitcoin's price elrond's mainnet launch and of course our usual 404 logic not found segment

But before we get into all of that let's kick it off with questions from the community on youtube and twitter like we always do so i will pull those up now here on the computer but if you want to get one of

Your questions answered make sure you leave them in the comments down below or tweet me at hashoshi4 and if you would be so inclined please do subscribe to the channel and hit the little bell notification button down there below the

Video so you can get a heads up whenever i post new content here on the channel so let's get started with these questions donovan holler asks how long you start

Your youtube channel and why did you start your channel at first this is a great question i actually originally started this channel in november of 2017 and i started this channel

With the sole purpose of creating a place where i could make videos about basic topics what is blockchain what is hashing how does blockchain work why should i care about blockchain and

That's because i had family i had friends i had colleagues they were asking me the same questions over and over again and i thought it would be easier for me to just provide them a place to

Go and watch a video of me saying the same thing over and over again so it would save me time it ended up being something that people actually enjoyed watching and that i actually enjoyed doing because a main

Hobby of mine was videos and photos so i figured i'm just going to keep doing it my full-time job is as a software engineer and solution architect and i build decentralized applications

Most of which that involve blockchain and it the rest is history i just kept making videos and i love this topic i love this space and i keep up with it in my you know my everyday so i figured i'll keep

Making videos so really really really happy to do it and really thankful for all your support thanks for the question quick history asks great insight seems like nothing but

Great news for chain link week after week could we see link at a hundred dollars next year okay here's the deal i'm a big fan of chain link anyone who watches the

Channel knows that i say a lot of things about chain link on the channel and most of those things are good because most of the news for chain link is good the reality is

Is that no project is perfect and the reality is is that at some point in time chain link could run out of steam and they could go through a cycle where they have to just build and build and grow and then the price

Will start to go up again we could have a pullback there are so many things that could happen we can't sit no matter how much we love a project and there are so many people out there

The you know the link marines that think link can only go up forever and i understand why they think that but you have to prepare for the fact that link could go either way

As with any cryptocurrency doesn't mean it's a bad project doesn't mean it doesn't have the quality to be a high value cryptocurrency it's just not guaranteed

Could we see link a hundred dollars next year we could do i think it should be a hundred dollars next year it depends because it would need a lot a lot a lot of use and a lot of integrations in dapps that

Are used every day to really warrant that which it definitely could have so could we see it yes will we see it maybe not we shall see thank you for the question michael asks would you like to see

Solidity support added to digibyte short answer is no and that might surprise people i don't think solidity is the right language for something like digibyte for two reasons

One it's heavy you need a virtual machine to integrate it i don't think the utxo blockchain that is did you bite really can accommodate solidity in any provable or

Reasonable way it just isn't really compatible that said i think that smart contracts could come to digibyte in a different form and i would urge the digibyte folks to

Choose wisely what language or scripting language they use to base this new digi byte smart contract language off of solidity i just don't think is the right fit i know that you know talking to josiah spacman

Well-known person in the digibite community he said that it's in the works at least thought where or thought you know thought leadership about smart contracts and did you bite

But details are forthcoming so thank you for your question jordan chavallo what vpn do you use and why uh so i made a video about it on the channel in the past and i still use it

My vpn of choice these days is surf shark and i will link that down below for anyone who's interested in picking up a vpn there are multiple reasons why i do it um and why i use surfshark number one it

Has the features that the big guys have expressvpn nordvpn it has those features it has a great user experience all the apps work pretty flawlessly but it costs way less it's less than two dollars per month

To use surf shark on all my devices unlimited i have it on my macbook pro here have it on my phone i have it on my tablet i can put it on basically any device and

It's unlimited it's the best deal is it the perfect vpn no the perfect vpn doesn't really exist in my mind but they have the you know the privacy policy they have the no logs policy

They have the security posture and level of customization that i want so surf shark is a great option for me people might want something that's like a bigger name in that case i'd recommend expressvpn over nordvpn i like express

Better so again if you want a vpn i recommend surf shark my second choice would be express i'll link them both down below thank you for your question jordan ich asks or h sorry if i mispronounced

This can you please do a video on how to cash out profits what options are available like converting to stable coins thank you uh yeah so there are a handful of options but there's

Really no way of getting around the fact that you do desperately need a fiat on-ramp or off-ramp to do any fiat to crypto or crypto to fiat transactions so that means that depending on what

Country you're in they will be different you're looking at exchanges places like kraken uphold coinbase um shapeshift might be an option now um in the us at least and then abroad there

Are all sorts of different places to do that uh ndax in canada um there are a ton of different options depending on where you live you'll know them better depending on

Where you live but you have a couple of options you either move the crypto you want to sell from your cold storage hopefully if you're using best practices over to the exchange

Sell for cash move cash via ach that's one option the other option is to make your trades on a platform like shape shift make your trades move things to a stable coin

In that wallet and then move the stable coin over to something like coinbase for example and then move it to cash that's also an option but cash out really

It's dependent on finding the best place in terms of speed in terms of cash out rates and withdrawal rates in terms of fees and then also who you trust obviously you don't want to use a sketchy

Exchange there are a ton of options but yeah that should give you at least a good starting point but it varies depending on where you live thank you for your question david klefker is celsius the same as

Staking it seems like they give better rates versus staking tezos they're actually giving up to eight percent on some stable coins okay so celsius is actually an interest earning platform or product

You go on celsius you let them take custody of your crypto and i assume that they either lend it out to earn interest on your money much like a bank would do and they just give you a fair cut

Where staking comes into celsius is that if you stake their cell i think is what it is the celsius token you get better rates so if you don't stake the celsius token you get

Not as good rates on your uh your locked up crypto so no it is not the same um staking tezos you're getting paid because you're performing a role in network governance and the security of

The chain whereas in celsius staking i guess takes a similar role but celsius at its core is an interest-earning product because it's like a lending product so

They're different but i can see where people would think that they're the same because celsius offers staking to get better rates but hopefully that answers your question and that explains the differences a

Little bit better thank you for your question ultra instinct where did you get that chain link mug so i had a chain link mug last week in my video this is also a chain link

Mug i think there's like a little tiny chain link icon here and this is like my own custom hishoshi mug that's from coffee link i will link their twitter up down below

The folks over there were very nice the community community members in the chain-link community helping promote coffee and chain-link basically an amazing thing for this channel and

They offered to make me mugs so i got it from them highly recommend you check out their stuff so i think that's going to do it for the questions let's go ahead and dive into the news

And like i said in the intro today is a special day because it's only a mere handful of hours since cardano officially shipped the shelley staking an incentives code on maynet

And the hard fork to activate it went off successfully this week wearing the shelley t-shirt to commemorate this occasion which is available in my store which should show up on the merch shelf down below this

Video and this means that soon enough in august holders of the ada cryptocurrency native to the platform will be able to formally earn rewards through staking in the network

Now there are two things about this that make it huge news first of all this is great for the ada cryptocurrency itself because it now holds more serious utility as a network governance

Lever and i think that bodes well for its success long term in the market second of all this is a great time to shout out to the haters who promised that shelley would never ship and that this was all a bag of air now

Look i get the criticism for miss deadlines and for slow delivery but hey cardano took a different approach they chose the low and slow method instead of coming in hot and fast with

New features neither approach is wrong and in such a nascent space we can't really judge that cardano delivered in time in my opinion because my real gut feeling was that if cardano let ethereum 20

Grab headlines for proof of stake before cardano could deliver that would have spelled trouble however i was confident that the team would be able to deliver before ethereum 20 can what gets lost

In all this is how truly challenging it is to develop a provably secure proof of stake network because while this form of consensus is undoubtedly more efficient energy wise and it works faster in terms of

Transaction throughput it is an absolute nightmare to protect against a variety of economic and technological attacks alas i want to offer my congratulations and commendations to the

Entire aiohk team who delivered this code but also the community behind cardano who unwaveringly supported the project despite the delays and despite the fud and all the stuff that was said

Online that said it's quite impressive that there are well over a hundred active stake pools already running and chugging along nicely i might add on the main net which personally blew away my expectations

This level of participation is something that i think indicates the appetite for ada holders and more serious technologists alike to get involved and contribute to the network in a real

Way now from here sites are set firmly firmly on the next hotly anticipated milestone dubbed gogen which will bring the haskell-based programming language plutus

To the mainnet along with its graphical user interface driven cousin named marlow in my mind this is the final step in cementing a place in 2021's turf war for smart contract-based

Platforms think things like algorand tezos ethereum zilliqa cardano and elrond actually i would imagine the cardano community will be aiming to see gogan hit mainnet

Before the end of the year in 2020 to ensure that developers can get their hands dirty building dapps quickly with plutus ahead of 2021 however the most impactful development is in fact not

Plutus at all it's actually marlow marlow represents a fairly unprecedented abstraction of the complexities that are involved in building out a quality decentralized application traditionally

This process takes experience of which there is actually very little available in the market it also takes a lot of resources in terms of money and time to do properly however marlow is posed to

Exploit that underserved niche in the marketplace by providing a graphical user user interface based tool i guess you could call it that non-technical users can use to

Deploy functional and high quality smart contracts onto the cardano mainnet with absolutely no prior experience whatsoever so just imagine with me a process manager at a financial institution

Zero programming experience whatsoever maybe not even technical being able to drag and drop logical toll gates on a dashboard click a button and in no time flat see that logical flow deployed as a smart

Contract on the cardano main net that is precisely what marlow is built to do and i've played with the alpha version of marlow and it has some serious potential it's not perfect it's it needs some cleaning up but i'm sure

It will be much better in its mainnet version you've probably heard of unibrite a project that has tons of hype these days they're tapping into the same exact niche they're making it super easy for

Non-technical and inexperienced individuals and businesses for that matter to step into the world of web3 and blockchain without having to have exceptional high costs or having to hire new people

Or having to pay consultants this is something to watch closely folks this is something that you should definitely be keeping track of and again cheers to the cardano team and on to the next one

Now in other news my favorite non-custodial exchange service shapeshift just tapped banksa as their new fiat to crypto payment provider which is going to bring access to crypto to over 160 plus countries on

Shapeshift's platform both on web and on mobile now with this generous fiat daily limit and a seamless on-ramp for fiat currency to cryptocurrency this is a great move for shapeshift who

Are placing an emphasis now on giving users what they need the most a reliable way to hold crypto offline in cold storage without having to sacrifice the nice to have features like swaps direct buys

And exchange services things like that and this news comes shortly after the launch of the newly re-architected and revamped mobile app that takes the best features of the shapeshift web app and brings them over

To mobile devices like smartphones oh and just a heads up if you haven't tried the mobile app yet you do get three bucks worth of bitcoin for free just to try it out

So it's not much but it's still pretty cool if you do want to give it a check now i do also want to mention that nist the national institute of standards and technology whether or not you like them is not the

Point have announced that they're beginning the selection process for cryptographic standards that are deemed viable for post-quantum use in other words cryptography that is safe to use

In the advent of usable quantum computers and if you're curious one of the main threats that quantum computers pose to modern crypto systems including those used virtually in

Every blockchain protocol on the market is its ability to perform prime factorization extremely quickly using a theoretical algorithm called shore's algorithm

Now the reason that this is a threat is because current asymmetric cryptography or cryptography that's reliant on a mutually derived public and private key think bitcoin rely heavily on the high

Cost and difficulty in factoring large prime numbers for security in essence the security of a key pair is represented in one way by how difficult it is to take a public key that everyone

Can have access to and to work backwards to recreate the private key that it belongs to this is because it's really really really difficult infinitely difficult in fact to factor

Large prime numbers in english factoring is the process of finding which numbers multiply together to give you a given number so let me illustrate this mathematically so it's clear don't worry this is

Simplified a public key in simple terms can be represented by two prime numbers let's say n comma e given the formula n equals p times q we can find the first prime number

N in this case by selecting two random prime numbers and multiplying them together so in this example i'll show you here on the screen let's use 5 and 7 just to keep it super simple

In reality these numbers would be much much larger that makes n equal to 35 this is called the modulus then e the exponent is set to a large prime number but it doesn't have to be

Random so let's just use five so that leaves us with a public key which is 35 comma five that's two prime numbers like i said then to create the private key derived

From that public key we use another formula that's unnecessarily complex to explain here but what you need to know is that it takes p q and e all the numbers that we've

Used so far to produce a unique number for the private keys exponent which we'll call d the value of d becomes the exponent of the private key

Like i said before and the modulus is shared between our public key so in our case here the private key would be 35 comma 24 in order to figure out the private key given the public key one

Would need to be able to figure out what p and q were the values that we picked randomly the two prime numbers that we multiplied together in other words to give

Their shared modulus that's not so easy when you have a massive prime number to work with now modern computers even entire worlds worth of them cannot reverse engineer a private key

From a public key but quantum computers theoretically have the power to do just that now as a result nist has been researching alternative forms of cryptography that will hold up against this new enemy

And i for one am glad this is being done now because we have plenty of problems with cyber security already in the current state of the world let alone with the impending threat of quantum computers

Which is despite what people may believe right around the corner and that brings me to today's 404 logic not found and for those of you who are as of yet uninitiated in this little firecracker of a segment

I highlight notable tech related fails or otherwise stupid moves in the world that need to get some attention and speaking of attention if you want to help this video get some

Attention from the youtube algorithm please do hit that like button and hit the subscribe button it tells the youtube robots that you are enjoying the content and that you want to see more of it

Thank you for that in advance so let's uh let's talk about this one now again yet another notable data breach has occurred in the world and ironically enough the culprit is none other than

Ledger the popular manufacturer of hardware wallets intended to secure your cryptocurrency offline the irony of a company specializing in hardware security being subject to a data breach

Is definitely not lost on me but really no one is immune to this problem it's a systemic problem in the world right now at any rate ledger announced this week in a disclosure to its customers

That their marketing database was breached and personal data was stolen including but not limited to phone numbers addresses emails and full names of course this goes without saying if you've been on

Ledger's mailing list or you bought something from them directly please take necessary steps and actions right now remove all sms 2fa from financial or crypto accounts ratchet down the security on your email

Accounts and make sure that you close the loop on this just in case your information was taken this is exactly how hackers operate they get information they need to make a move then they target people who they think

Have a honeypot basically anyone who has crypto with your phone number name and address they can do a lot of damage they can get into a lot of accounts so just please be careful this is just

Another bold-faced example though of a big companies not doing nearly enough to protect user information and b more proof that kyc user account profiles and data collection

Have to end on the internet in 2020 no web service or company should even want the risk or responsibility of storing pii or address information or anything like that and they should help

Shift towards zero knowledge models using identity attestations from self-sovereign identity providers or just any other way of authenticating someone now i preach this constantly and i'm

Sure you're sick of hearing it as much as i'm sick of saying it but i will continue to keep harping on it until things change so 404 logic not found ledger you've got to do better

Now many of you come here every week looking for some fresh perspective on bitcoin's price and what's happening in the world so here you go first of all cheers to some of the positive price

Movement because this week we finally got some good price movement upwards honestly we saw some nice little spikes in bitcoin well over the 10k mark and actually into the 11k

What did i tell you last week i said watch i say it doesn't have the juice to hit 10k and sustain that and here we are at 11k i'm like the perfect reverse indicator it like never

Fails and you know what i haven't the faintest idea what's driving this move with any certainty really i've really put a lot of thought in it and i can't put my finger on why this is

Happening but my best guess is that a lot of the news about banks starting to warm up to crypto and being legally allowed to offer crypto services has started to ignite the market not to mention the fact that altcoins have been

Blowing up so i'm sure it's carrying bitcoin up too as people take profits into bitcoin however i wouldn't say holding your breath is a smart move here i can't imagine that this lasts much longer there will probably be another

Sizable drop here when miners take profits at these higher prices but when that happens or if that happens really is anyone's guess what i do believe is that the only thing that will take us to all-time highs

Again is entry by institutional investors in some capacity as well as an influx of retail investors that are not just in it for a quick profit but instead for

Genuine long-term investment the more investors in the game that are just in it for a quick buck the less stable this whole thing becomes and at the first sign of trouble these

People that are looking for profit will cut and run and they'll sell out and that's what causes these big drops now my hope is that product companies in the crypto space think people like lolly will continue to

Bring new users into the space and that will inevitably keep us on the right track so that's the hope what do you think about bitcoin let me know down in the comments below

About where you think we're going now another project that i've been digging into a lot more lately is elrond and it's been grabbing headlines after a super successful globally distributed

Test net hit massive transaction throughput numbers like crazy numbers and then it also had a main net launch this past week that went off super successfully no problems so first

Of all a big congratulations to the lron folks because that's a really awesome awesome achievement and for those unfamiliar with elrond it's another fighter in the ring against ethereum

Algorand cardano and etc and it offers what they call adaptive state sharding and secure proof of stake in essence lrond is built to scale by way of parallel processing of

Three major components on the network that would be storage transaction processing and network communications this means that instead of relying on one concrete network to perform all of

These roles at the same time the network breaks it up into several smaller parallel processor networks that feed into a global state this is very similar to what ethereum is

Doing obviously different approach it's really all about horizontal scaling now along with the main net that just launched elrond also made a massive change to their token economics reducing the total supply by 1 000 times

From 20 billion erd to 20 million erd i mean that's huge and relatively unprecedented in my mind secondly a deeply integrated mobile app is also in the works which will serve as a wallet

And interface for defy applications on lrond that offer staking and interest earning products according to the reports that i've read so that will be really impactful in my mind and i've read that there are tens

Of thousands of people signed up for access to that new app already so elrond is definitely a project to watch and i myself will be keeping a close eye on it now if you want to keep the party going

Please do check out this video right here on the screen outlining some of my other favorite altcoin projects in the space if you have time to stick around but as always folks thanks so much for stopping

By have a fantastic weekend you and your family and i'll see you on the next one cheers

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