Crypto News, Chainlink, BTC, and more! // Crypto Over Coffee Ep.37

by birtanpublished on October 27, 2020

Ladies and gentlemen people of the internet welcome back to yet another episode of crypto over coffee hope you're doing well today and if you're new here every 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 now in today's episode we're talking about bitcoin and bitcoin's price as always chain link paypal and of course our usual 404 logic not found segment but before we get into all that let's kick it off with questions from

The community on youtube and twitter so i'm going to pull those up now here on the computer and if you want one of yours answered in future episodes make sure you either leave them in the comments below or tweet me at hishoshi4 and if you'd be so inclined please do subscribe to the channel and hit the bell button next to it so you get a heads up whenever i post new stuff here on the channel thank you in advance for that and let's dive into these questions now the first question of the day is

Jaleel golzad do you think bitcoin will get to 20k by the end of this year in short no i don't think we will i think we just had a nice little bump from i guess 10 and a half k and a let 10 and a half 11 up to 13k and i think that that's good but i don't think that that means we have enough runway to get to 20k by december 31st could it happen sure do i think it's likely probably not but now that i said that it probably will happen because

I always guess incorrectly on these types of things but that's really what it is it's a guess there's no way to really tell what will happen and as we know from years past bitcoin can make several thousand dollar moves in a matter of hours even minutes and so it's very possible that we could hit this crazy crazy flag and all of a sudden we go to 20k so it's possible i just don't think it's likely thanks for your question julia

The second question of the day is from mahendar patel can you explain how to participate in test nets should do we need any technical knowledge or can a non-tech guy participate in the test net of any project so i think that for test nets it really depends some test nets are oriented towards beginners right they want beginners to participate in the test net and there's tooling available like being able to use

User interfaces to interact with the test nets but i would say most often test nets are for people that have a little bit of savvy i'm not saying you need to have programming experience for example the cardano test testnet for shelley it required you to have some experience or at least some comfortability with using the command line or the terminal and running terminal commands and installing and running software from the command line so that is a little bit more technical

But it doesn't mean that you have to have programming experience to get the most out of a test net you probably do have to have some experience with tech because you want to use things that are pretty much headless meaning they don't have user interfaces and to actually use it you need to understand what's going on behind the scenes but again there are also instances where you're just running a test net node for say an incentivized test net like they did for cardano again for shelley or just to

Run a validator node for the eth 2.0 test nets so it really does vary depending on what test net it is and what the level of infrastructure is around the test net but most often you don't need to be a developer but you do need to have a little bit of technical savvy and some comfortability with the command line hopefully that answers your question and thank you for your question uh i'm going to butcher this name i'm sorry puppishu claudio claudio i don't know i'm sorry

Uh weekly requests could you add a short summary or talk about the token standards on ethereum got some nfts recently and couldn't grasp the erc 1155 725 standards so let me just talk about in my opinion the big four the first one is erc20 those are fungible tokens meaning each token is exchangeable one to one so each basic attention token or bat token is exchangeable for another one to one because they are exactly the same each token is exactly the same

Dollars fiat currency are fungible i don't care what bill i have as long as it's a dollar bill that's the erc20 standard it's really actually simple behind the scenes it's basically a mapping of user addresses to number balances of tokens and it just updates depending on how you send and receive those tokens with some security features built into the standard the erc 721 standard is a standard that was created at the time of crypto kitties which created non-fungible tokens where each token is different than the other

So you have a crypto kitty but each cryptokitty crypto collectible has its own unique attributes meaning my cryptokitties might not be the same as yours and they'll have different value depending on what attributes they have the 721 standard basically was you create a contract that can create and hold balances of sort of rent they basically can create and hold balances of or map ownership of unique tokens with the

Unique unique resource identifier or uri inside a contract so each erc 721 contract holds a new type of collectible if that makes sense now erc 1155 is built by engine and their whole thing is why would we want to create let's say for a game you might have a thousand in-game items each of those in-game items would need its own erc 721 contract and if there are different sub-items each of those sub-items would also need

Their own erc 721 contract so it gets very complex very very fast and it's just not the most gas efficient way of doing it so erc 1155 kind of took from both 721 and erc20 and made this pattern where you could store basically two to the 255th power like an insane number of different token types mapped to user addresses to map ownership you store most of the metadata or the unique parameters of those tokens off chain somewhere else and then you can

Have non-fungible and fungible tokens all in one contract basically that's a lot more gas efficient that's a lot easier to manage because you just have one contract that manages the whole thing and so i love 1155 i think it's the future that's what i've been working with the most and i really like it i don't know if this was a typo but you mentioned erc725 it's basically a proposed standard for ethereum identity and basically that means the smart

Contracts can be held as sort of a proxy for identity so you can store claims and attestations of identity within that contract you can manage your identity contract you can set up multi-sig within these 725 contracts and so yeah this is the ethereum identity standard 725 so hopefully that gives you or folks that are watching that might not have known those things a good idea of what the token standards are great question so we've got

Ben hindman great stuff as usual thank you curious if you have advice for software engineers who are interested in becoming more involved in the crypto space full-time you're currently trying to learn haskell and pollutus in anticipation of the gogan release in cardano great question i think to become a blockchain developer what you really need to do to become an engineer in the blockchain space is you first need to understand the fundamentals

Understand the differences between a traditional centralized application client server application or serverless application and a decentralized application a lot of times there's overlap it's like a venn diagram and there are components of a decentralized app that are centralized that's just the way it is understanding that but most of all understanding the value prop where does blockchain or cryptocurrency or both provide value in the context of a

Solution if you learn about traditional tech you can easily find those avenues where it creates value and so the language part is the smallest part you can learn a language in many different ways you can learn many different languages to apply to many different protocols so the focus should be building useful stuff and designing useful solutions rather than the mechanics of building one because usually that's the easier part designing something valuable that scales

And that does what it's supposed to do that's very hard so the design thinking like an engineer is the hardest part and that should be the focus and there are lots of resources out there look through open source code look at existing dapps and see how they've done it and be problem oriented that's my advice so ben heinemann thanks for your question uh king lalabella thanks for your question what is the benefit of holding tether if

The price holds or hovers at about a dollar u.s tether and other stable coins are basically intended to be on-demand liquidity for people when they're making trades so let's say you're on an exchange you want to move to cash but you don't want to move all the way to cash in a bank account because then to deploy that cash again in a new trade you've got to pull it from your bank account so tether and other stable coins like usdc etc

Those are used for that reason you can move out of a crypto trade into tether to basically collect a capital gain or loss you can do that to sit on the sidelines waiting for your correct trade to open up right for the right opportunity to arise and then you know that it's fixed at a dollar so you're protected from volatility right so tether is basically used for that it's also used in a lot of different ways for different trading platforms uh as a liquidity meter or sort of

A liquidity lever for us dollars right so options and derivatives and all sorts of other things they need something like a tether to make these trades work right so that's the main reason for a user it's basically a place to sit on the sidelines without moving all the way to cash but knowing that you're protected from the volatility granted tether has had its controversy so there's always risks bear that in mind so that's going to do it for the questions today folks

But let's go ahead and move on to the new section now for those that are new here every week in partnership with the folks at kobo who make the awesome kobo vault wallet i'm giving away a kobo tablet plus steel seed phrase backup device in every episode from here on out on the show so all you have to do to enter the random draw is to comment on the video comment anything you want and i'll pick a winner each week to win one of these so just for transparency though the product is only

Available in the us canada and europe so if you win and you're from another region i'm just gonna send you some bitcoin instead so bear that in mind and the winner of last week's giveaway by random draw is here you can see it for transparency the random draw winner congratulations now i do also want to mention that today's q a was sponsored by centivate the hybrid network topology project aiming to bring web3 functionality to the centralized web without re-architecting the core protocols

Involved and now that that is out of the way let's dive into the news and as we do every week let's kick it off with good old bitcoin and this week in particular has been one i think that's been more exciting and more good news for people people have been happy online i've been seeing crypto twitter seems to be in a positive mood for a change uh and so we've basically seen one of the more

Positive weeks that i've seen in the world of crypto since the news cycle over the last month or so has been kind of bad news doom and gloom for a lot of it however more recently bolstered by positive sentiment strong support at 10k to 11k the news of paypal's bold entry into the crypto world bitcoin blasted above 13k this week emphatically i might add which of course threw crypto twitter into a frenzy of you know bullish predictions and i will say this

I was starting to feel like last week that there was a little bit of room for a jump in price after the strong resistance to bad news that we talked about over the last couple of episodes of crypto over coffee but i wasn't really expecting this fast of a rise or like a 2 000 rise within a matter of hours now it just goes to show you that you cannot time the market in the bitcoin world and crypto in general the biggest price movements towards all-time highs and yearly highs are

Usually in a matter of minutes or hours not weeks days or months and my point here is this if you want to get into the bitcoin world but you're trying to time the market to invest big all at once please change your approach dollar cost averaging a little bit at a time over weeks and months is the best way to go now bear in mind i'm not a financial advisor nor am i offering you concrete financial advice if i were one but statistically you are more likely to do better

By dollar cost averaging than lump sum diving into the market at a single price entry it takes the stress out of it in many ways it takes the guesswork out of it and it helps ensure that you are never investing more than you can lose if done properly so if all goes well your dollar cost average bitcoin earns you a nice payday during big jumps like this week's move to 13k and if it goes down the other way your losses are spread out amongst a variety of price entries so it's kind of a no-brainer in my mind to

Use this strategy and the key is of course to never over extend yourself and try to do too much because bitcoin and crypto in general can be very unforgiving and i urge everyone to use good risk management especially if you're new to the space and i will say this more good news is out there if you are looking for it and if you know where to look it's always quieter than bad news because that's the way it is but it is there if you find it for example michael saylor the

Ceo of microstrategy reportedly stated recently that bitcoin is the world's best collateral asset and that the company could be invested for a hundred years or more in bitcoin and that's pretty big as an endorsement there and that's positive news again if you know where to find it now moving into the world of ethereum for just a moment i did read about some statistics in regards to i guess the growth of the protocol in regards to the ethereum network and its

Transaction processing capacity from a dollar value perspective now it does seem like this year for the first time ever ethereum is on track to do almost a trillion dollars a trillion us dollars worth of value settlement transaction value settlement which is unbelievable in my mind unbelievable and it's got to be up there with some of the banks in terms of capacity of transaction settlement and dollar value as well

If anyone has those numbers to really compare let me know i mean if you consider the fact that there's almost 12 billion dollars worth of value locked up in d5 protocols alone and billions more having moved in and out of d5 this year ethereum and other protocols are only going to continue to process more and more and more and more value throughout the years to come now i'm really truly curious to see if the next year brings even more volume to ethereum and if it's issues with gas prices are resolved in time to see

This growth trend really continue i mean that being said ethereum 2.0 is years away and so this proof of work chain that we have now is going to have to be pushed well beyond its current limitations in order to keep growing at this rate it'll be wild indeed to watch to be quite honest with you so we shall see but it is time for 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

Just 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 get subscribed to this video because it tells the youtube robots that you are enjoying the content that you want to see more of it so i thank you for that in advance and the topic of today is maybe one that might surprise you that being said the topic of today's segment is the one and only

Paypal who have just gotten all sorts of street cred for allowing users to buy and sell crypto on their platform now at face value this is good news right people are excited in the crypto world and even the traditional finance world cheering collectively that this is a supposedly bullish sentiment now i'd like to present a counterpoint to that excitement or that argument first of all paypal is the exact kind of business that the crypto world has been intent on making obsolete from the very

Beginning it's a company that violates almost every single tenant of decentralized technology and user-centric financial services altogether first of all according to the reports that i've seen at least paypal crypto will be fully custodial with no other options so you will not be able to withdraw your cryptocurrency to your own wallet whatsoever forcing you to trust them to protect your crypto and of course forfeiting your option to own your own keys

This is not good to say the least secondly despite the albeit cool feature that allows you to use crypto to pay for services that accept paypal they're not the first people to do this they're not the first organization to do this and this move just means that paypal gets to collect more fees in more places more number of times right now there are a number of projects like you trust for example that are working to make crypto universally accessible as a payment method for

Vendors and buyers various visa card solutions like and fold that are allowing users to spend crypto anywhere that takes card payments paypal in and of itself is not a hero for doing this in my mind the only good thing that comes of this is a wider user base for crypto basically the marketing and getting people that aren't involved involved and that's great but the problem is it's going to reinforce to all those crypto newbies that custodial crypto is

Okay and that that's what you should be doing you don't need to have your keys paypal's got you covered i don't like that it doesn't bode well for crypto if that is how new users get onboarded into the space in my mind we need to be instilling good practices people owning their keys 404 logic not found and as you might have seen on twitter recently unstoppable domains just integrated their dot crypto domains that live on the ethereum blockchain

With a unique twitter verification system that allows folks sending crypto to others using their domain to add an extra layer of validation that you're sending to the right person so using chain link as an oracle the domain that you enter resolves to check if the owner has verified their domain with twitter which will show an additional verification message on wallets like myetherwallet when you type in that domain now if you have a domain already you

Should have one free token for verifying a domain with your twitter account and then other verifications after that will have a cost associated with them to pay for the fees for chain link for example now to link your domain to twitter you can go to the main domain dashboard select the verify tab then you can start the process by connecting your wallet and initiating a transaction to link the chain link node operator network to your domain and from there you can come back once that's completed

To link your twitter account with a separate transaction to your domain so once that's done if you go to my ether wallet for example you type in my domain for example it has shoshi4.crypto you can see this new verifying or verification message linking to my twitter to give you additional assurance that you're sending crypto to the right person that you're sending it to the real hashoshi now i would love to see this work in reverse as well where one's private key that owns the domain

Can be used to sign tweets and the contents of those tweets so that one could verify that tweets came from a legitimate source and that no one was hacked right that would be pretty cool to be honest anyways please do check out unstoppable domains in the description below if you're interested in learning more or linking your own domain to twitter with chainlink and again shout out to chainlink for providing this type of feature the tools that they need to do it now i do also want to

Talk about chain link and we just talked about their integration with unstoppable domains but i also made a whole video recently about this game-changing feature that the project had been working on and that was verifiable randomness now this feature is in mainnet on ethereum and if you're interested in digging deeper into the feature how it works why it matters and all that stuff i will link the video up above in the card and down in the description below if you're interested in watching that after this video is over

But in short verifiable randomness allows dapps and layer 2 solutions to utilize pseudo-random values in their code that are accompanied with a proof of integrity on the blockchain and all this is facilitated between off chain chain link operator node operators and on-chain smart contracts now the issue traditionally with randomness on the blockchain is that there just aren't many ways to do it transparently and securely lack of entropy lack of ability to prove

Where things came from or how they were calculated and users just couldn't trust it and it couldn't be provably random enough to use for these high value operations like defy but with robust randomness that's generated off chain all types of new functions can be created for dapps and layer twos such as randomized airdrops for nfts on-chain gaming logic random assignment of roles in a dow and all sorts of other cool things like that so my hat goes off to chainlink for

Bringing this through an audit and into mainnet before 2020 closed and i can't wait to see the usage of verifiable randomness and then the proofs that come with it in in live dapps it should happen pretty soon now for folks who live in japan the good news is that you have yet another exchange option in your country because kraken the popular u.s based exchange is now expanding to asia-pacific regions with their main exchange product now i've been very critical of kraken in the

Past because the fees they weren't great the ux was not good the pairs they weren't that great but i have to say they have changed the game over the years now i'd even argue to be honest with you that it's my favorite exchange right now apart from shapeshift's non-custodial service i'm just very impressed with it and why is that it's because the ui ux has gotten much better there's lots of new crypto trading pairs that often get updated as new projects come to the forefront

And the golden feature in my book is that kraken's security model for user accounts is top top notch not only do they make users implement strong security when they first make an account the security level of your account is front and center sort of in this like good better best maximum security sort of ranking on the screen when you log in it'll tell you what you need to do to get maximum security for example you can integrate uh ub key hardware keys to require hardware 2fa for login and transaction

Operations you can lock your account settings all together with like a 3-10 day unlock waiting period to ensure that if a hacker were to get into your account they couldn't change anything or do anything or add new withdrawal addresses or bank accounts every single thing that they can do to protect you they've done and they've given you those tools and i respect that immensely and the security model is why i have started using kraken again and it's now one of

My go-to exchanges so japanese investors should heavily consider checking it out when it does launch more and more robust features across the next several months maybe into 2021 but definitely exciting stuff now in other news the u.s acting comptroller of currency brian brooks was quoted saying recently the following about decentralized finance and distributed ledger technology this is a very very interesting quote we see a future where decentralization

Is very likely an unstoppable force out there decentralized networks by definition are cheaper faster and more resilient than any kind of centralized structure now let that sink in for a second that's a pretty wild quote coming from a person involved in the big bureaucracy that is currency in the united states and i will say brooks did work at coinbase's chief legal officer i believe before this so he's familiar with the space he's proven that he's

A believer in the space in doing that but the most impactful quote from brooks was actually the next one and that is quote unquote human beings need financial services they don't need banks i mean wow like that is a serious serious quote in that it is so simple but it seems to imply to me that banks in fact do not serve their customers and that banks are not the only ones who could provide the financial services that customers want

And need so it's very very interesting to hear that stuff coming out of folks in government and i'm starting to see support you know in the cftc and the sec you know in some of the currency bureaucracy with the comptroller there's starting to be some support for this type of technology and i think it's definitely an opportunity to see the us start to play some ketchup in making this stuff a reality so that being said folks i want to thank you so much for watching yet another

Episode of crypto over coffee i really appreciate every moment that you spend but if you have time to stick around please do check out my video about the top three vpn picks that uh that i love and that i've used to add a little nice layer of encryption to your internet traffic whilst everyone is probably still stuck at home so i will leave that video linked up here and again i wish you and your family a wonderful and safe weekend and week ahead thank you so much for all the time you

Spent on my stuff and until further ado cheers

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