Ethereum 2.0, Chainlink, Bitcoin Price, and more! // Crypto Over Coffee ep. 24

published on August 2, 2020

Ladies and gentlemen people of the internet welcome back to yet another episode of crypto over coffee hope you're doing well on this fine friday weekend or weekday whenever it is that you're watching 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 over a cup of delicious coffee now in today's episode we're talking

About yet another awesome chain link announcement ethereum 20 news polka dots d5 play bitcoin price 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 so i'm going to pull those up now here on the computer but if you have any questions that you want answered and

You want to get them answered in the next episode leave them in the comments down below or tweet me at hishoshi4 oh and if you would be so inclined please do subscribe to the channel hit

That little bell notification button and you'll get a heads up whenever i post new stuff here on the channel thank you in advance and let's dive into this first question tiggly's sir tiggle pops

That's a really interesting name there thanks very much for the question have you had any coffee with elrond i think this scales more effectively than anything out there uh no i haven't had coffee

With elrond and i haven't really done the full deep dive treatment on elrond either but i will say this i'm pretty excited for their mainnet release because i did do a little bit of digging into their

Scalability approach i did a little bit of digging into just generally what their project stands for i think it's a really interesting competitor for some of the other networks that claim to have a lot of you

Know scalability solutions like algorand for example and they also have some pretty good exchange support now uh recently there was an announcement for cryptocom

You can now get i'll run on cryptocom there are a bunch of other exchanges that are starting to take interest in l rounds so that's definitely good news for the project uh and i think next week is when they're

Scheduled main net releases for a lot of these features so we shall see maybe there's more elrond to come on the channel all right antonio celmeron asks have you created any dapps

If so which ones uh quite frankly most of the adapts that i create are closed source applications meaning they're built not open source like i can't share the code with you

I will say that most of the dapps that are built are very much so enterprise oriented or enterprise focused a lot of them are let's see how ready we are to move let's say an application where we're

Doing login right can we build an authentication mechanism that uses the ethereum blockchain let's do it in a closed environment first let's build it out let's make it secure let's make it fast

And then let's see if we can port it over to the public network so a lot of the work that i'm doing is setting up applications decentralized applications as alternatives to traditional systems

And then hopefully moving them towards the public networks in the years to come but quite frankly there aren't very many applications that can run on a public network now because there are a lot of constraints

But hopefully things like the baseline protocol on ethereum where projects like unibrite are helping make enterprise applications more friendly towards blockchain networks and vice versa

I think that would be very helpful but in terms of dapps i'm really a student of the tech i really love to build code out with different platforms and protocols as they come out

And so on my list of things right now i'm i'm trying to pick up some of the language skills needed for silica and for plutus the high school-based language for cardano so thanks very much for your question

And i hope to share more code with you guys soon in tutorial format tutorial format um i do have a solidity tutorial on the channel which is a really good intro if you're interested in that i'll link it

Up below thank you for your question johnny following up on last week's question i did answer that one thank you so much do you think cardano is currently taking the right approach in order to attract

Those developers subsequently can they get those meaningful products built if not what should they be doing i think they're doing an okay job now i'm not gonna say it's perfect

I think the biggest issue right now is that from the time that they release the plutus and marla like the two language or smart contract playgrounds on their website to now it's too much time right that too much time has

Elapsed since the original buzz for the language you know started spinning up interest so i think a lot of developers that might have been interested are now not interested because it's been so long

So i think they need to start drumming up interest now before it's ready so the developers are ready to go and really picking up skills and getting sharp with it when it comes out they'll

Be ready to build stuff so i think that's one thing that they could do that would make a huge difference is to start evangelizing developers now before gogan comes into this the

Scene and comes into the mix i also think that secondly they should do they should do grants which actually they are doing they did announce a grant program at the cardano summit a little

While ago so grants are really helpful to get people to build things and then i also think that emergo sort of the arm of iohk that builds out products and gets enterprises

On i think they need to start drumming up some interest in the enterprise world as well because quite frankly where users might not necessarily understand or use something if enterprises start building products

They have a lot more money behind them they can start pushing adoption and then users of the products of those big companies will start to use this technology as well so i think those are things that they should be doing

But above all documentation has to be stellar and developer evangelization efforts need to be great as well tutorials are super helpful to get people up to speed so there's that thank you for your

Question mike sevilla asks do you recommend staking coins on a hardware wallet like ledger last time i checked there's only three coins you can stake there i mean yeah the the

The best thing to do is always to have self-custody on a cold storage wallet wherever possible some staking networks don't allow you to do that they can't be cold um especially ones where you have to to

Delegate right you have to give your you know coins somewhere else you have to lock them up somewhere else um wherever possible would be my answer wherever you possibly can stake coins on your ledger or on your

Treasure on another wallet you should definitely do so but where you can't try to do it in a the most secure way possible try to still do it in a self-custody place don't just let coinbase do it for

You just because it's easy get a mobile wallet or a web wallet with a strong password um and make sure you follow your cyber security best practices that we talk about on this channel a whole lot

For example strong passwords are really great but if you're not taking care of not clicking on sketchy links and you have a bunch of malware on your computer you potentially have a key logger on your computer

That password is moot and obviously keeping your seed phrases and backup phrases and you know all of that stuff safe is paramount so put your seed phrases in a password manager

Write them down in pencil and put them in a safe whatever you have to do to keep your stuff safe you should be doing and again self-custody should always be the goal all right

Webnet marketing asks what's the difference other than a lower percentage baking tezos or baking tessies on coinbase compared to doing it through trust wallet or in a pool

Is there another way to stake so yeah the main difference is that you get a lower percentage but the second difference is that you are doing two things differently one you're giving up custody

Of your xtz which i don't ever recommend and i don't think anyone should really ever do you should do it yourself collect the full amount even if you're delegating to a pool you're not going to

Get the full amount but still you're participating in the network you're doing your thing and you're holding on to xtz the second thing is is when you let exchanges bake

For you or in many cases stake for you you're weakening the security of the network in my opinion this could be debated but let me just let me just explain this to you in proof of stake networks your stake is

Equal to your i guess your power in the network in many ways it's not that direct all the time because there's randomization and things that happen but quite frankly the amount of

Money or the amount of value you hold in the network is equal to the amount of power that you have in many ways and so the more people that just let coinbase do it for them are giving

Coinbase who own those keys and own those accounts undo power in the network and that's one of the major dangers of proof of stake and one of the reasons why delegated

Proof of stake has not worked super well in reality and that's because exchanges have the an undue amount of pressure and an undue amount of control over these networks because

They often hold the most tokens or the most coins in all of these networks and as such they have a lot of power so i think that that's the main reason is it undermines the security and the

Whole principle of the proof of stake environments that you're operating in which is that your stake is equal to your amount of power and if you put it all into a big giant pool which is an exchange and in a

Lot of cases coinbase then you're weakening the security model of the network and what it was intended for so that's just a fundamental thing i'm not saying that if you do it you're a

Bad person or whatever it's up to you i just think it's always better to keep control of staking for yourself so that does it for the questions today and let's dive into

The news now i know that many of you really look forward to the weekly bitcoin price analysis and updates that we do here on the channel so let's just go ahead and get that done right up front here so at the time of

Recording this video bitcoin has been on a pretty decent uptrend actually around five or six percent from its recent support level on the low 9k range of course everyone likes a

Little price movement and after basically a month or so or even more of sideways trading and low volatility a little bit of movement upward feels kind of nice it's something different

And that said i'm unconvinced though that this price increase will be sustained and that will kick off to higher prices from here the global economic situation is still

Teetering on the edge of crisis and everything could really come apart at any time and honestly the common refrain from bitcoin bulls is that the federal reserve printing money and

Propping up markets is a great thing for bitcoin because all the whole thing about bitcoin is that it's made for this but i disagree look on principle it makes sense bitcoin was built for this exact

Reason it was built on this principle but just because the principle fits doesn't mean that bitcoin's price will be reflective of that fact bitcoin might not tank the same way traditional markets do

On bad news and financial crises but it surely won't skyrocket to all-time highs either just because of that principle bitcoin isn't correlated traditional asset classes the same way that it used to be but it isn't

Uncorrelated either and i can tell you with a relative level of confidence that both retail and institutional investors are not going to dive into bitcoin in droves if things were to go wrong and

Very few people even understand what bitcoin is i mean actually very few people really understand what the federal reserve is so how can they understand bitcoin's value prop

We have a long way to go guys and this is further evidenced by the fact that the trends online are showing that not just on youtube but on google and other search engines as well bitcoin as a topic of search has been

Declining rapidly of late its search volume recently hit the lowest point that it's been since like december or january and this isn't necessarily all bad but it does indicate that we're far from the point

Where bitcoin is a household name in the eyes of the average person and that's who should be buying bitcoin i also see this as a piece of good news as well though because after the twitter hack that dragged bitcoin back into the

National spotlight in a negative way really i was worried that searches would be up as people gobbled up the media narrative about bitcoin being the root of the problem and that being said 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 in this segment i highlight notable tech related fails or otherwise stupid things

That i think people really just need to know about 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 subscribe because it tells the youtube robots that you're enjoying the content that you're watching so thank you very much in advance for that and let's dive into this one

Now after twitter was hacked and internal tools were used to take over notable accounts like those owned by elon musk and bill gates the accounts were then used to tweet out a simple but

Effective scam centered around users sending bitcoin to an address and then getting double in return and naturally people who sent bitcoin to these

Addresses whom they believed to be celebrities real bitcoin addresses got nothing in return and their bitcoin that they sent is now completely gone and of course the little check mark next to the celebrity account name

Is supposed to be a signal of or a symbol of sanctity and integrity meaning that you know you're seeing a tweet from the real person but ultimately this was used to

Deliberately scam people this time around and those checks meant nothing in every single way this particular scam and this problem is twitter's fault

It's not bitcoins it had nothing to do with bitcoin but still many notable figures and media outlets have taken this opportunity to either imply that bitcoin is somehow the problem in this equation or

To mislead people to believe the fact that with confusing headlines and all these sorts of things that bitcoin had something to do with it now let me make this clear bitcoin has

Absolutely nothing to do with this hack short of it being the means by which the hackers wished to be paid and one could argue that bitcoin's irreversibility that is is a major reason why hacker would wish to receive

It from people but that's a feature not a bug and that's not bitcoin's fault the truth is i don't mean to be rude by saying this but if you sent bitcoin to anyone and i

Mean anyone that you don't know and expected anything in return it's your own fault that your bitcoin was stolen this is common sense your mom and dad

Probably told you as a kid don't trust a stranger or when it's too good to be true it's a scam and any time you part with something voluntarily to someone that you don't

Know you should expect to never see that again be it physical dollars digital dollars bitcoin products really anything bitcoin itself was not hacked but those

Who seek to undermine it would love for you to think that it has been and just like the millions if not billions of dollars stolen from people using physical dollar bills

It isn't the money's fault it's the platform the sender and the hacker who are to blame 404 logic not found and the rule of thumb here for anyone who's wondering the moral of the story is

Don't ever send bitcoin or any form of currency for that matter to anyone that you don't know ever i mean never and if you do expect to never see it again and that also goes for seed phrases

Because there are lots of those out there so let's change gears now and talk about chain link which actually is featured on this mug it's really bright so you probably can barely

See this thing but anyways chain link has been on an insane tear lately and there's even more bullish news that's already started sending link back up again and it was announced recently

That the new binance smart chain or the next generation version of the currently operating binance chain will be integrating chain links oracle technology along with its smart contract functionality

And as you're probably already aware blockchains and smart contracts that reside in the world of web 3 are not natively integrated with inter with external data sources in places

Where you quite frankly get data from and frankly centralized data sources themselves are a huge security problem for sensitive applications like d5 where millions are at stake and

That being said chain link will be a prime solution for binance and 30 third-party developers that work on binance to save time and headaches trying to securely

Integrate their own data sources or external data sources into their applications there is of course one caveat here i really do hope that binance doesn't just use chain links oracle framework to feed

Their own price data into their own blockchain that would be of course pretty centralized pretty backwards and i don't think it would be very safe in terms of manipulation but regardless

Of that this is another extremely impactful and bullish move for chain link and not to mention that nearly a third of the total amount of link trading volume already occurs on binance

It's just great in general i would expect more updates on the progress of the integration in the next couple months and i'll be curious to see what if any d5 project or platform

Is the first to use these new features now speaking of d5 the ambitious interoperability network protocol project polka dot has been in the news lately because several d5 products have started

Developing out of the basically out of the woodwork in my opinion they're brand new and starting to develop their solutions on the network and by the way if you are interested in polka dot i wrote a brief

Explainer about the project in the latest issue of wealth mastery's newsletter which i will link down below if you're interested anyway there are a variety of awesome projects coming to polka dot but

One in particular caught my attention this week and that is staffier stafi i'm not sure how to pronounce it and that name is simply an amalgamation of the words staking and

Finance which is apt in this case given the nature of the project's mission essentially staffy or staff i wants to offer users the ability to both stake their cryptocurrency coins or tokens and participate in networks to which

They belong whilst also allowing them to transact and move those coins or tokens freely so remain liquid now traditionally staking means you must lock up or hold those tokens in place to reap the rewards

And participate but staffy is looking to create an environment where these coins or tokens could remain liquid whilst also participating in state game now to do this the staff by smart contract or staffy

Smart contract is used as a sort of staking escrow if you will where you deposit the stakeable funds and then you receive a synthetic token of the same value back from the smart contract that can be

Transacted freely think of this like a synthetic token or a proxy version of the deposited token so for example if you drop in xtz you'd get out rxtz that is liquid and freely tradable

Then if you want to get your original coins or tokens out plus any staking revenue you'd simply exchange those proxy tokens and then you'd get your old ones back pretty simplified but you get the idea

Now i think this is going to be a fantastic addition to the d5 space at large but it will get a lot of people more importantly coming on to polka dot at launch and especially because there's a native

Connection between the major staking networks by way of the polka dot interchain layer i think this is going to be very very impactful even if it doesn't come to ethereum and

Other chains super quickly now in other news the winklevoss twins who operate the popular crypto exchange gemini just announced that their custody service will be expanded to securely store and manage unstoppable domains dot

Crypto domains that live on the ethereum blockchain now just like any other digital asset on ethereum these domains require an ethereum wallet to manage and a private key for that matter

And many people don't trust themselves to manage their own wallet despite it being the best practice to do so and to have self-custody we've talked about this a thousand times here i would be remiss if i did not say that i for

One encourage you to learn how to properly self-custody your domains and all your crypto for that matter but if you must use a custody service gemini is among the few that i would personally trust to do so

And that's because gemini's approach to cyber security has been impressive as of late they've gone through lots of audits and i think their services are adequate to protect these sensitive assets however the bigger news is hidden in the

Subtext of this announcement and i believe that this custody service for domains is less targeted at the end consumer but more so for api access and businesses

Now this type of custody service drastically reduces the barrier to entry and technical overhead required to create a domain resale marketplace or auction website for dot crypto

Domains in a place in short where you could purchase domains from unstoppable domains then you could custody them in gemini and then automatically transfer

To a third party purchaser using a website or mobile application where you can buy and sell domains i think this is precisely how this is going to be used and i think it spells a lot of money for everyone involved

Domain resale and auctions and all these websites that do it it's a massive market for traditional domains and i expect the same for blockchain domains as they're the next frontier so it's really cool stuff and i

Think there's going to be quite a few projects that are built out of this gemini custody service now in terms of ethereum 20 i do have some interesting updates here and first of all the price of eve has

Exploded all of a sudden this is today i think really end of the day thursday and it's really after the announcement of a new test net for ethereum 20 and this being the final one before

Phase zero launch of the beacon chain for the past three months there have been several successfully executed public test nets of ethereum 20 beacon chain and proof of stake code and on august 4th the final test

Now will be launched to the public and presumably august will bring us the real mainnet release of ethereum 20 phase zero of course this is later than the proposed july deadline for launch that we talked about

I think a couple months ago but only by a small margin now this comes at an opportune time because there's been a lot of pressure and negativity focused on ethereum with transaction fees and gas costs at

High like crazy high levels and congestion from defy and other dapps especially nfts have high volume and high costs they take up precious bandwidth on a proof of work network that just

Isn't that fast so we are fast approaching the time where the original ethereum network is outgrown by demand for dapps so ethereum 20 needs to come and i think that's why people

Are so stoked that it's on the way so more to come on that we'll talk about it next week along with shelley on cardano now as always folks if you want to keep the party going please do check out my

Full review of my top three favorite vpn services to get your internet traffic secure and safe on all your devices which i will link up here but as always thanks so much for spending the time to watch my content

I wish you and your family a wonderful weekend and week ahead and until next time cheers you

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