Hello everybody in the crypto biosphere! Today we're going to be talking about sporks and forks, and everything in between. Let's talk about:
- Ethereum Classic potentially setting itself up to divest a large amount of mining power currently being utilized by Ethereum.
- The upcoming Ethereum Classic airdrop.
- The upcoming Bitcoin Private hardfork.
-Ethereum Classic to divest large amounts of hashing power from Ethereum miners.
-Grim and Mimble Whimble protocol
-Finally, a quick thing I like
So the CLO airdrop is coming up. In the video I discuss where the CLO project came from, what the purpose of the Callisto token is, and how I'm playing the upcoming airdrop in light of the recent pump of ETC, as all airforks. I don't like the idea of chasing airdrops or hard forks unless I really like the project coming out.
The poor HODLers of NXT got hit twice
However, it's always nice to receive crypto dividends. I've been a HODLer of ETC, and my long-term goals move well past the current coinsplit situation. However, if you haven't held ETC, and you're looking to get in the trade to profit, I give a cautionary tale of how I got burnt hodling NXT purely to enjoy the IGNIS airdrop. IGNIS hasen't yielded the profits that I've desired yet, and the price of NXT plummeted sharply before the airdrop. This is because traders rode the pump up knowing that people would buy it up in anticipation of the free cryptos they would receive, and then sold their shares at a nice profit point. The poor HODLers of NXT got hit twice, once by the first dumpers who dumped it before the airdrop, and then in again in the mad scramble immediately following the airdrop of people unloading their NXT to get out of a failing trade. Rough stuff.
Now I don't think ETC will drop as significantly or as long as NXT did, although that option is always a possibility. Listening to @MoneyTrigz on @bitcoinmeister the other day added another dimension to the scuttlebutt that's been kicked around about mining power switching to ETC when Ethereum makes the transition to Proof of Stake. In the video I show some surface sources that point to Jihan Wu (operator of the mining behemoth Bitmain) looking into Ethereum Classic as an alternative for ETH mining, Jeff Garzik's new ICO launching with ETC first instead of ETH, and Bitmain's news that it will be releasing ASIC F3 miners compatible with ETH in the second quarter of 2018. All of this interesting information leads us to a serious consideration of where the mining power would move from ETH if PoS was introduced, and ETC as a potential competitor and concurrantly, a seriously undervalued coin.
Bitcoin Private is coming soon! In here I go over the team briefly, what I like about the project, and how I'm playing the Z Classic splitting. Update: Currently there is a poll to get Bittrex to support the BTCP airdrop.
Heard of Mimble Whimble? Well it's one of the most fascinating innovations of blockchain privacy. Utilizing a cryptographic function predicated on Elliptic Curve Cryptography (ECC), it's possible to have an accurate blockchain with verification of value transfer, without the public ledger displaying values transferred. It's also possible to not have to store the entire blockchain to verify transactions. Yeah, it's pretty sweet.
Finally, it's good to read books people. I know that a lot of fascinating current events, information, and gripping stories occur on the online world and the world of social media, but good old paper and glue publications tend to be more focused, deeper, and more engaging then a blog post a hundreth the size. Niell Ferguson's new book, The Square and the Tower is a fascinating look at social networks and how they affect the human condition. My big take away was that the larger a social network becomes, the more participants in the network itself, the more polarized the individuals participating in that network become.
It's risky out there right now for an alt-trader. Bitcoin looks beautiful. Stay safe traders. Keep hodling hodlers.
Sources linked to in the video and used in this video:
etc commonwealth - https://github.com/EthereumCommonwealth
callisto airdrop info - https://forum.ethereumclassic.org/t/the-callisto-network-information-create-new-topic-and-ask-away/533
etc summit - https://btcmanager.com/ethereum-classic-rises-price-preceding-etc-summit/
metronome - https://metronome.io
f3 miners - http://technews.cn/2018/02/12/bitmain-tsmc-dram/ (english: http://news.8btc.com/bitmain-to-release-ethereum-asic-miner-f3-with-72gb-ddr3-dram-in-q2)
bitcoin private - https://btcprivate.org/
grin - http://grin-tech.org/
square and the tower - https://www.amazon.com/Square-Tower-Networks-Freemasons-Facebook/dp/0735222916
polyswarm - https://polyswarm.io/
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