AHHHHHHH NOT THE LIIIIISSSSSST
Why would the Majdanek carbon mono de chamber need to pressurize the room at 2.5 atm ? Is there any evidence it was pressurized?
Keep running idiot
I never took the vaccine, it gives people AIDS, Covid, and cancer.
Also you've demonstrated nothing to me. I think you're full of shit. Where's a link to anything you posted?
You're just running away from a conversation with someone who is actually informed.
I can see quite clearly. You dumbfucks dont know half of what your talking about and you dont know anything about Hoskinson or Cardano.
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Non slashing proof of stake that you can start participating in for less than $1
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Haskell Functional programming language takes away the vast majority, if not all, major exploits and harmful bugs found in the crypto ecosystem like on dogshit Ethereum.
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Atala PRISM allows decentralized ID with an encrypted credit history system leading to under collateralized loans without giving identifying information on the borrower. Smart Contracts are made that just check if the right conditions match and dont send any identifying info back to the loan issuer. Will completely automate and annihilate banks forever. No more need for a bank ever again.
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Think they are VC funded? Want to talk decentralization?
• 3179 Cardano Nodes connected around the world.
• Pie chart % of # of active relays per provider for stake pool operators (I'm surprised AWS is only 20%, the lower the better)
https://nitter.net/cardano_whale/status/1538861319394594816
Looking at Cardano's Minimum Attack Vector for a 51% attack (Nakamoto Coefficient) of 20+. Much better than Bitcoin (3 to 4) or Ethereum (2-3 with Proof of stake)
https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_9vyfu6gorc
Cardano Wallet Distribution
https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/r2LQC
Cardano Layer 1 Blockchain Faced Scrutiny Because it is Not VC-Backed https://investing.com/news/cryptocurrency-news/cardano-faced-scrutiny-because-it-is-not-vcbacked-charles-hoskinson-2852290
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Many successful Cardano stake pools have been made from Raspberry Pi 4 which costs so little to buy and set up, someone on a college student budget could do it. Currently 2980+ active stake pools on Cardano https://pooltool.io/
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Cardano Is Being Suppressed by big VC Funds and Corporations (MAJOR MANIPULATION) | The Bitcoin Express https://www.youtube.com/watch?v=mYKXtA9rycY
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Cardano has the best VC fund in the crypto industry OWNED BY THE COMMUNITY and THE BIGGEST DAO in the world, Project Catalyst. Where funds are set aside every 3 months and any Ada holder can vote on what projects they want to see funded. 1/45th of all Cardano ADA was set aside into this fund when it first started. A little but of every transaction on Cardano goes toward this DAO. Nobody is able to get access to these funds unless they've been voted for in Project Catalyst. A special wallet is designed to send funds in Ada just for top voted projects in a Project Catalyst voting round.
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As of Sep-30-2022 there are 1100+ projects building on Cardano
https://www.essentialcardano.io/development-update/weekly-development-report-as-of-2022-09-30
The source for this is from a book that repeatedly lies about Charles Hoskinson, the founder of Cardano.
Get your head out of your ass, this is all meant to be Cardano FUD and take away from the easiest and greatest investment opportunity in your lifetime.
Archived:
Also a reminder to use Nitter! There are many web addresses that are less slow than the most commonly used Nitter.net (likely because they go to different servers that are less backed up). For example, nitter.it
Here's a list of all nitter web addresses
https://github.com/zedeus/nitter/wiki/Instances
Try out private messaging apps like Session and Signal and talk to your friends and family about getting them as well so your conversations can remain private.
Don't know why you're down voted, this looks pretty legit...
Thank you! I believe it would make the world better and in so doing, it'll make my life and the lives around me better. If the world is more productive, humans overall will be richer. If I were to be rich I wouldn't want to be rich alone, I'd rather have my friends and family rich as well. I think blockchain will make everyone more productive and richer across the world and humanity will develop at an even faster pace than right now.
The crypto industry is much more free market friendly than the current system and I think that's the rocket fuel we need to go beyond where we are now.
Well you sound like you dont know shit so I felt I had to explain.
Its referring to the Tang Dynasty in China which was known as a golden age of Chinese civilization.
In terms of the ada FUD, there was a reddit thread about 7-8 months ago that I can't seem to locate. I do recall that it was related to the launch of NFT's on the platform and something people were dubbing the "concurrency issue". Based on your level of knowledge, I'm guessing this is something you're already familiar with...
Yes, that was a challenge Fall last year. Concurrency is basically being able to make multiple transactions at the same time. On Ethereum accounting model, you don't have to solve for this because the whole blockchain ledger is involved in every transaction though that also still means that during high activity some transactions happening at the exact same time will get booted off and have their transactions fail while still having to pay the transaction fee. Unfortunately, this FUD has stuck around much longer than it should have and many solutions have been released.
EXAMPLES OF CARDANO CONCURRENCY SOLUTIONS
Wingriders DEX - Concurrency
https://medium.com/@wingriderscom/concurrency-7b19e77783da
SundaeSwap Labs Presents: The Scooper Model
https://sundaeswap-finance.medium.com/sundaeswap-labs-presents-the-scooper-model-678d6054318d
Minswap - Introducing Laminar — An eUTxO scaling protocol for accounting-style smart contract
Maladex solves concurrency scales beyond memory limits and designs the best possible Cardano DEX
Cardax Cardano concurrency solution EXPLAINED! (Cardano DEX) | Hashoshi
https://www.youtube.com/watch?v=91l6io0Q1fM
Cardano is also releasing pipelining in its Vasil hardfork and I believe that should solve (or greatly help) the consensus solution for all new projects that develop on it hereafter.
Input Output Global - Introducing pipelining: Cardano's consensus layer scaling solution Pipelining is one of the key scaling improvements to be deployed in 2022. Here’s how it works and why it
"Currently, a block goes through six steps as it moves across the chain:"
- Block header transmission
- Block header validation
- Block body request and transmission
- Block body validation and local chain extension
- Block header transmission to downstream nodes
- Block body transmission to downstream nodes
"A block’s journey is a very serialized one. All steps happen in the same sequence every time, at every node. Considering the volume of nodes and the ever-growing number of blocks, block transmission takes a considerable amount of time."
"Diffusion pipelining overlays some of those steps on top of each other so they happen concurrently. This saves time and increases throughput."
Do you happen to remember the name of the project that was developing those complex NFTs in their Cardano games? I'd be interested in examining that further.
I don't know the name, I just happened to meet the guy briefly sorry about that one.
I also have another question for you... Do you think Cardano is a good chain for releasing stablecoins (in particular, a simple fiat pegged stable)? Does it have any particular advantages or drawbacks that you can think of, in that regard? I guess I'm wondering if there's any inherent advantages to ada defi stable pools over other defi protocols.
The main thing with stablecoins is the design. Many stablecoin designs as of late incorporate Ponzi scheme economics because they are designed to grow really fast by offering large rewards to holders. However, they depend on growing at the same break neck pace in order to still give out the same APY rewards to its holders. One day this doesn't work and everything falls apart. Build fast to launch and fix later doesn't work well when you're dealing with peoples money. Build slow and steady with a stablecoin designed to actually be stable imo is much better and can add value to the economy as it grows.
The biggest advantage I can think of is using Haskell functional programming which prevent many common bugs and hacks that happen in a Ethereum-like ecosystem (the Haskell code won't compile in many of these cases). In Haskell, the code can be mathematically proven to do the job it was intended to do and is much better for auditing and figuring out where bugs can take place.
Another advantage is the dApp certification Cardano will be having for all its dApps & DeFi on their new dApp store. While anyone can submit projects to Cardano, those that go through a more rigorous process of having their projects audited and certified get featured higher on the Cardano dApp store. Ethereum has nothing like this, they focus more on building and getting it released as fast as possible and safety comes second.
IOG’s new Lace light wallet will include a dApp store with dApp certification.
https://nitter.net/IOHK_Charles/status/1535851975031545856
A third advantage for DeFi is Cardano's development of Decentralized IDs (DID) like Atala PRISM.
Right now, all DeFi is made up of overcollateralized loans and people are making money by either getting in early on a DeFi project and riding the wave up or gambling. Now by gambiling, I mean that they put collateral up for one kind of DeFi currency (say Ethereum, USDT, USDC, something less volatile) and they take out a DeFi loan for another type of currency (could be an established project like Chainlink for example, could be memecoins, etc) hoping the crypto they were loaned goes up relative to their collateral. This is not good, it doesn't expand economic output in the world and is essentially online gambling for the moment. With Decentralized IDs you can begin having a credit history and having your identity backed up on the blockchain but encrypted so only you have the keys to see it and you can share the keys with your choosing. With a credit history and other identifying information, you can start to have undercollateralized loans work on the blockchain. Smart contracts can be made in a way that when you give the keys that show your identifying information on the blockchain, that the smart contract doesn't send the information back to the lender which leaves no discrimination or collecting of information. You'll want to make sure it's done all the certification though.
An estimated 80% of people in Africa along with their assets are unbanked which means much of their assets and history is undocumented as well.
and there are many more similar third world countries in Asia and South America that are similar. When making a loan in an African country, the government is almost always the biggest entity to lend from. However, past politicians have loaned so much money from the IMF/World Bank and when they got out of office they pocketed the money and moved to another country like the US leaving the citizens of that country to pay off the loan. Because of this, in some African countries a regular citizen must put up 300% collateral just to get a loan. This prevents any kind of business from growing in Africa. With DIDs, you can have competitive loans from anywhere around the world that compete with the largest banks in the world in the richest countries like the USA. Banks require middlemen to run. Once the code is written, decentralized crypto does not require people for day to day operations (but will require voters to govern and make changes to the protocol). There is no CEO at the top that can pocket all the money, profits from fees and interest get shared proportionally to the amount you are invested in it. Banks can't compete with this, people will flock to crypto and banks will be scrambling to stay relevant like Blockbuster when Netflix brought online streaming.
A fourth advantage for DeFi on Cardano (at least as an investor) is that they are focusing on building RealFi applications in the real world that will help develop third world countries by their own citizens. Real Finance (RealFi) is the integration of traditional finance with decentralized finance. This has the potential to further develop third world nations economic input at a faster rate.
Welcome to the Age of RealFi
https://iohk.io/en/blog/posts/2021/11/25/welcome-to-the-age-of-realfi/
By integrating digital identity with Cardano, we can create real value and opportunity for people across the globe
There's a Cardano project developing in Africa called Waya Collective and I'd say they are a more RealFi kind of project.
Waya Collective, Cardano ISPO for Manufacturing in Africa | Learn Cardano Podcast
https://www.youtube.com/watch?v=J4V9VgF-MuU
RealFi on Cardano w/ Waya Collective | Empowa
https://www.youtube.com/watch?v=r5GJM6pow1Y
A lot of this still remains to be seen whether it can be done but if it works, you can expect to start seeing African nations and third world countries develop like China did starting in the 70s but at a much faster pace.
While Cardano is looking to bank the unbanked, World Mobile looking to connect the unconnected to the internet. World Mobile is heavily partnered with Cardano and will be using the Cardano blockchain.
World Mobile Whiteboard Explainer
https://www.youtube.com/watch?v=CUPNKSxOcKI
Lots of good info from World Mobile in this AMA including some discussion of the move into North America.
https://twitter.com/WorldMobileTeam/status/1539880960564633600
Obviously the big issue with web3 are the gas costs
First off the gas costs are no problem on chains that can achieve scalability (sidechains can offset transaction load and costs, layer 2 scaling solutions can offset costs, etc). Even without the scalability upgrades and without voting to decrease transaction rewards, if Cardano was to have the market cap of Ethereum and higher activity in its block, its transaction fees would be slightly above or below $1.69 and its smart contract fee would be around $8.46.
These fees are still low compared to Ethereum on a busy day though right now the gas fees are about $6.50 due to low activity.
https://crypto.com/defi/dashboard/gas-fees
A dirty little secret they don't tell you about Ethereum is that the blockchain in its accounting model is a global variable in validating every transaction. If Ethereum is having multiple transaction requests all at the same time (say like a token sale or NFT mint) then it'll only choose one and kick the rest out while taking their transaction and gas fees. I've lost $300 before just trying and retrying to transact a smart contract signed on Ethereum because the activity was so high, my transaction and smart contract would get kicked out of the line. I think if you watch this site during high blockchain activity (which is showing Bitcoin and Ethereum transactions in real time):
you will see some of the "kids" getting kicked off the bus after they were already let on. I think that is showing those failed transactions.
All coins are dogshit in scalability right now imo. Ethereum has made moves in this area with a lot of side projects focusing on scalability but you got to move those tokens to that project, there's nothing much on their layer at the moment. Also, them moving from Proof of Work to Proof of Stake in ETH 2.0 while the network is running will almost certainly lower security during crucial time periods of "The Merge".
I see what you're saying about decentralization when it comes to blockchains. But how about the projects being implemented on those chains? ... I see so many projects implementing way more on-chain than seems necessary, and pursuing decentralization without any apparent rational motive.
The whole point of Web3 is that users own a part of the platform their using and therefore get a voice in how it's used. Anything you use and believe is worth using should have your voice involved, no matter if it's small or large. I believe the mass of people that use a product should have a better say in how they want the product to be.
Wouldn't Google, Facebook, Twitter, etc be much better if all the people who used it could easily have a part ownership and voice in how its run? Google Class-C stock is $2245 at the time of writing this. We wouldn't be having problems with our private data being traded for profit without our consent! I cannot have a fractionalized ownership of the stock (say own 1/100th for $22.45) and have a vote in the company stock meetings. The easiest way to start acquiring Google stock is to be living in the US and going through a crap ton of paperwork, brokerage fees, etc. Stock meetings aren't online, I believe you have to go in person or mail in your vote and it is a complete hassle that isn't worth it unless you own a lot of Google stock and hence have a lot more say in how the company is run.
Contrary to popular belief Ethereum and Bitcoin are not as decentralized when you compare Nakamoto Coefficient (also known as minimum attack vectors, meaning # of validator/mining pools that need to team up to take control of over 50% of blockchain validation say).
Here is some great research from @trailofbits looking at how decentralized blockchains really are.
https://blog.trailofbits.com/2022/06/21/are-blockchains-decentralized/
Data was taken from last year but you know who is missing? Cardano. At some points Cardano has even had a Nakamoto Coefficient of 30! You can look at Cardano's Nakamoto Coefficient over time here:
https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/p_9vyfu6gorc
For example, you could implement a dutch auction for an NFT on-chain... but is there really an issue with centralization for the auction process (people trust their ebay auctions without an issue)? IMO you would only need consensus with the final bid and ownership.
No, it's not necessarily an issue. Some of the decentralization is a flavor of the week and stems from a complete distrust in authority and corporations from the past couple decades. But there are some things that would certainly run better and be better if the mass of people had more of a say and a stake in it. Centralization tends to run faster but it's also easier to corrupt/break so that's usually the tradeoff.
but I am curious about your thoughts on NFTs? What do you think is the best platform for developing complex NFTs? Right now it seems like ethereum has the most developed standard with ERC721, but the gas costs seem prohibitive.
Do you think any particular blockchain has a technical advantage when it comes to non-fungibles? Ok you need to read this twit post:
https://nitter.net/i/status/1538780677298167809
9/18 Cardano eUTXO model is perfect for NFTs and dApps
Compared to ETH, ADA transaction model is a no-brainer for scalability: Multiple assets in one transaction Low and steady transaction fees No fees are spent if the transaction fails
“A picture is worth a thousand words”
Cardano is #3 in trading volume of NFTs atm. They are cheap, made on-chain (so no gas fee to send, treated as Ada token), and because of the EUTXO model there are many types of NFTs that can be made on Cardano that I don't think would be possible on Ethereum (or if they are it isn't worth it).
If you know your probability/statistics, the thing about the Ethereum Accounting model is that it is a set inside of the Cardano EUTXO model. That means Cardano can make a smart contract that mimics like transactions done on the Ethereum blockchain, Ethereum on the other hand cannot mimic Cardano transactions.
The difference between Cardano's EUTXO and Ethereum Account model explained by Lars Brunjes (The Cardano Smart Contract Instructor)
https://www.youtube.com/watch?v=Eq4gS2mXhKk
I'm a big fan of Cardano and Charles (he's a genuine thought leader who is passionate for all the right reasons), but I've seen some technical NFT fud that did look legitimate.
If you have any technical FUD on Cardano NFTs I would certainly like to see it, I haven't seen anything that holds its weight in reality.
Here is a picture of types of NFTs and all (if not most) have been made on Cardano in some way or another. I don't remember the tweet this was posted from.
https://files.catbox.moe/9pjjdh.png
People are using NFTs as objects in their Cardano game. I saw a guy a few weeks ago that made an NFT that couldn't hold another of the same type of NFT unless he transacted the NFT he already had to a certain address. There's some strange and amazing things going on in that space, we don't even know where it'll end up 5-10 years from now.
Also, are you a developer? You seem to have a fair amount of technical knowledge. Do you do blockchain stuff professionally? And no worries at all if you don't want to answer that.
I've been studying blockchain like crazy in the last 2 years but I am not a blockchain developer. I really really want to be though and help build in whatever way I can. I have a couple mountains I'm climbing right now but I'm making moves.
Thank you so much for your detailed response. I'm going to go through all of these links and learn as much as I can. Can't even tell you how much I appreciate this.
I'm glad to be of help if I can! :) It was quite a weight learning all of this at first but I really enjoy it now that I have a bit more of understanding the tech. Also please send me that technical FUD you found when you get a chance, I'd like to read it and learn anything new that may be in there :)
Apologies for the late reply, I wrote a post earlier and something happened with the internet connection and everything was lost before being posted. I became depressed and made me some eggs.
What other metrics or indicators would you look at when assessing a given blockchain?
There are several metrics other than price to look at both for long term investors and short term day traders who may look at metrics like the Relative Strength Index. For me when looking at a layer 1 blockchain, I like to look at long term metrics like how much development activity is happening on the core code (Github commits to measure) and # of (useful) projects that are developing on the blockchain. No matter what if the price is up or down, if there is no one developing on it then it is essentially a dead project that'll go to zero at some point. What gives real value is the number of people using that blockchain for real life improvements. In lower market cap projects I would also look at development activity (Github commits & # of projects developing) in ratio to number of devs on their team.
Other good indicators is to look at 30 day transaction volume (coinmarketcap and coingecko should take care of this), 30 day NFT Volume (if they're active in that space), total value locked in DeFi (there was a great etc.
EDIT:
Mentions of Terra Luna in Messari’s “crypto theses for 2022” report: 55
Mentions of Cardano in Messari’s “crypto theses for 2022” report: 2
(one of which was basically “it sucks lol”)
https://nitter.net/cardano_whale/status/1534849482189578241
Be aware of extreme bias in the crypto community even in metrics websites and especially in journalistic/media sites. I am pretty biased to Cardano but I just see so many strengths there that are either not being reported or covered up with lies. I did my research, looked at all the top projects and this is my choice for the strongest project. People are waiting for the DeFi projects to roll out on Cardano, that is where I think it's going to get real good.
Given that, Messari and DefiLlama are other crypto metric sites many people use.
https://cryptoslam.io/ is a great website to look at NFT sales volume but they are very obviously missing Cardano NFT sales volume which would be #3 if included in their 30 day charts. If you notice, it is also only -20% in 30 day NFT sales volume compared to top 3 on Cryptoslam.io: Ethereum (-74%), Solana (-71%), BSC (-79%).
https://opencnft.io/market-overview#trend
https://www.cnftjungle.io/statistics
Another important indicator for me is how transparent that blockchain is in terms of development, roadmap, and projects developing. Can they give short and simple explanations as well as long and thought out explanations on the same topic? How big of a community of communicators do they have? Is their code open source? Is code being audited?
Red flags for me are projects that don't meet their roadmap goals after given ample amount of time. Here is a video with Vitalik Buterin announcing that by 2016 ETH 2.0 will be running proof of stake.
https://files.catbox.moe/uea6n1.mp4
6 years later Ethereum is still working on moving to proof of stake and they just suffered a 7 block reorg in their inital testnet for the merge. A block reorg is when the blocks in the blockchain get out of time alignment meaning the ledger is giving faulty information about when a transaction was made (definitely not good)
Ethereum Beacon Chain Suffers Longest Blockchain 'Reorg' in Years
https://decrypt.co/101390/ethereum-beacon-chain-blockchain-reorg
Visualising the 7-block reorg on the Ethereum beacon chain
https://barnabe.substack.com/p/pos-ethereum-reorg?s=r
Decentralization is absolutely worth pursuing because it takes much more entropy and time to destroy it. Take a look at this genius episode from a kids show from over 20 years ago to see what happens to an asset when it becomes completely centralized in hands of a few compared to the many. When an asset is completely controlled by a few people and everyone else sees it, the masses begin to reject that asset.
https://www.youtube.com/watch?v=D7WPeUpcBlg
Solana is one of those projects that is more centralized and the devs shut down their blockchain every other week to make "fixes" on it. This means they shut down all transaction activity on the blockchain and they ultimately control your ability to make transactions. That is a HUGE deal and imo nobody should ever have that kind of power. They also magically made Solana appear on the blockchain about a year ago on their first blockchain shutdown, idk why people forgot that. All it takes is one of the devs to go rogue and things could get really bad for Solana holders. Not to mention the recent DAO vote on their Solend project to take control and liquidate a wallet that was about to sell $180 million of Solana which would dump Solana price. The deciding vote was a wallet of $700k and took 80% of the vote. See how important decentralization is? The next day after the results were announced the devs held another "vote" to undo the previous vote of taking over the wallet and undid the previous voters. Pretty hypocritical if you ask me and not a safe place to invest.
Also, what are your thoughts on stablecoins? Algorithmic vs fiat pegs etc.
Tether is going to lose its market cap, USDC will eventually take its place as the top stablecoin. The question is how fast will Tether lose its market cap? Also how much market cap is lost in the crypto community if Tether runs out of "dollar equivalent assets" before its actual market cap goes to $0.
Opinion: collapse of USDT
The problem with this $13B liquidation though, originates at the source of this report published by Tether, stating that only 2.94% of its reserves are in cash. The pie chart in that document is a bit misleading -- it says 3.87%, but it is 3.87% of the 75.85% category of "Cash & Cash Equivalents & Other Short Term Deposits & Commercial Paper."
That report was published on March 31, 2021. At that time, the market cap of Tether was ~$62B (see chart below). 2.94% of that is $1.8B. We can also play out a second scenario: assume the cash reserves grew in tandem with the market cap. If that's the case, then at $83B, $2.4B would be in cash reserve.
Tether Claims 'Coordinated' Conspiracy Is Trying to Take It Down
The next question is how safe is USDC? Who created and controls USDC and are they able manipulate my USDC coins/transactions?
https://en.wikipedia.org/wiki/USD_Coin
USD Coin (USDC) is a digital stablecoin that is pegged to the United States dollar. USD Coin is managed by a consortium called Centre,[1] which was founded by Circle and includes members from the cryptocurrency exchange Coinbase [2] and Bitcoin mining company Bitmain,[3] an investor in Circle.[4] USDC is issued by a private entity and should not be confused with a central bank digital currency (CBDC).
I still need to do more research into them and how things can be affected if say Coinbase flops and/or the price of Bitcoin drops further pushing Bitmain out of business as well. These entities "manage" USDC but to what extent can they control my USDC and transactions?
As far as algorithmic stablecoins go, I would look into AgeUSD protocol (this is a stablecoin design but not an actual stablecoin) and specifically look at SigmaUSD stablecoin that is using the AgeUSD protocol.
https://github.com/Emurgo/age-usd
It is complicated but once you understand it, it's not that bad and it seems to be built much sturdier than the other algorithmic stablecoins that have failed recently like Luna (I remember somebody trying to get me into it and I kept asking what that 20% APY was backed by).
How to trust a stablecoin
https://files.catbox.moe/l6xf8y.mp4
SigmaUSD is an algorithmic stablecoin project on a smaller market cap blockchain called Ergo that has never depegged throughout this bull and bear market even with Ergo taking big dips. The stable coin is over-collateralized by the underlying asset (ERG on SigmaUSD protocol). The price of the underlying asset (ERG) would have to drop over 75% in a very short time (like an hour or less) to actually begin depegging the stablecoin. Anything longer than that and people flooding into the Reserve Token will be making some good money from the SigmaUSD protocol fees. The price of Ergo is listed on the blockchain in real time by the Ergo Oracle.
Redeeming of SigRSV for ERG or Djed on Cardano can only occur when the reserve ratio is greater than 400%.
In a short answer for how to make money on this, if you're shorting Ergo price to go down in the future, you buy the stablecoin SigUSD and if the price of Ergo goes down you get back more Ergo when cashing out of the stablecoin. Likewise, if you're longing Ergo you can buy the reserve token SRV and if the price of Ergo increases further you cash out your SRV for more Ergo. It's actually a little more complicated than that since if Ergo price falls to the point SigUSD is lower than 400% overcollateralized to SigRSV, then people locking in ERGO for SigRSV tokens get exponentially more rewards in users fees as the price of Ergo goes lower. This is a reward mechanism to get people to buy more reserve tokens to get the SigUSD overcollateralized again (Which is why if even Ergo fell 75% in price in one day, other people would be too greedy buying SigRSV to let the stablecoin get depegged).
https://files.catbox.moe/40td1h.jpg
https://files.catbox.moe/bosr3r.jpg
https://files.catbox.moe/rge4oz.jpg
https://files.catbox.moe/mte70v.jpg
https://files.catbox.moe/0l3b7c.png
https://files.catbox.moe/x27p74.png
https://files.catbox.moe/utwdiv.png
https://files.catbox.moe/6mls3x.png
It was exhausting when I was first trying to understand SigUSD stablecoin and I know this is already information overload but I'm gonna dump some more links for you to come back to:
How would've Ergo's SigmaUSD held up with the whole LUNA Fiasco?
SigUSD is over-collateralised, every sigusd is backed by 3$ currently. Everyone can see that there is money in the bank. This stops a bank run at its inception. The breaking point of the peg is explicit and open for anyone to see. With UST, you have no idea, which gives you an incentive to get out first.
https://nitter.net/ergoplatformorg/status/1524118293476700160
https://curiaregiscrypto.medium.com/sigmausd-vs-the-competition-e70b23fe37a3
Luna supply depends on terra usage, Ergo does not. Burning luna when trend is up, pumps its price. However, when trend is down, luna price will dump harder, because more luna is printed.
collateral ratio for sigusd is higher. This means that the capital efficiency (less collateral tied for each stablecoin) is better for terra. That is why luna/terra can offer better yield.
However, this means that luna/terra needs an additional mechanism to ensure stability...
PSA: sigRSV is not a simple long position
https://www.teddit.net/r/ergonauts/comments/prxpag/psa_sigrsv_is_not_a_simple_long_position/
Noob tries to explain SigmaUSD/RSV (an attempt at an ELI5)
https://www.teddit.net/r/ergonauts/comments/nhjc1f/noob_tries_to_explain_sigmausdrsv_an_attempt_at/
I think currency should be stabilized through assets and production
Let's say I have a blockchain I call BLOCKY that runs smart contracts and its coin is called $BLOCkCOIN
Any Decentralized Finance (DeFi) or Decentralized Application (dApp) that is running on a blockchain like BLOCKY will add to the price of the $BLOCKCOIN because the BLOCKY ledger is what is securing the DeFi and dApps. In order to secure that DeFi or dApp protocol, you need to make a transaction on BLOCKY using $BLOCKCOIN,
I can secure financial products, supply chains of corporations, messages and media and more all on the blockchain. The encrypted blockchain is like a near incorruptible referee. The more businesses using that blockchain, the more of the blockchains coin is needed to secure those businesses transactions on the blockchain ledger. The blockchain will become more valuable as more people use it because there are a limited number of coins and they can be devied up into .00000001 or less. More (useful) assets and production being built on the blockchain will help stabilize its price.
Going down this path feels like a crossroads where 2 out of the 3 choices lead to CDBCs and only 1 leads to the completely decentralized, stable currency that the more serious fans imagine cryptos becoming.
Take some deep dives into Cardano. I think you will find it interesting and like what you see. Cardano gives me more hope than anything else out there in the world right now. That's all I'll say and you're welcome to disagree but check out why they chose the programming language, the EUTXO model, their scalability plans, Voltaire and Project Catalyst (the worlds biggest DAO), the projects being built on it, proof of stake efficiency, their decentralization, and more. There's a lot to go into on that.
For something like a cryptocurrency to be as stable as something like the Euro or US dollar, you'd need a similar market cap, volume of trade, and distributed to individuals spending that cryptocurrency. The smaller the market cap, the more open it is to volatility by extremely rich but as more people adopt a crypto and more random choices are made buying/selling a crypto, it becomes more stable over time because the random actions will cancel out the whales more.
HarmonyONE is not Bitcoin and the developers were warned months ago about this hack specifically the way it happened and they did nothing about it. This is another Ethereum Virtual Machine (EVM) bridge hack. You will find most hacks in cryptocurrency involve Ethereum in some way or another. That is because the programming language they made up for smart contracts, Solidity, is highly expressible along the lines of Javacript but also highly open to exploits. Because there are more things that you can do on Solidity, there are more doors to open for hackers. Many top cryptocurrency blockchains right now are copies of the Ethereum blockchain architecture and set up. When a hack happens in one, similar hacks can happen in other similar blockchain and it's all a matter of how well the devs did to secure the network.
https://www.teddit.net/r/CryptoCurrency/comments/vjjwdt/there_was_harmony_once/
The hack is no different to what occurred with [Ethereum] Ronin network. 2 out 4 wallets were compromised to make transactions to unlock tokens on Ethereum side. But it was angrier that the exploit was warned in April, but the Harmony team didn't give a shit.
Bitcoin on the other hand runs on a functional programming language. It is very tight and doesn't leave room for bugs and exploits. This is both their greatest strength and weakness because they won't be able to run smart contracts but you won't find any hacks on the Bitcoin network.
Morale of the story, if you don't want hacks and want secure money, don't use Ethereum copies. Look for cryptocurrency blockchains that run on functional programming languages like Bitcoin or Cardano (which unlike Bitcoin can do smart contracts and still has never been compromised while maintaining a top 10 position for years).
Market prices will go up and down in a free market and while bitcoin is big, it isn't Euro or US dollar big by a long shot. Less random hands are moving money in and out and more volatility will happen.
Prices in crypto are down right now because the demand is low as people are in a crunch to pay their bills, food, gas, etc due to the inflation of the dollar. Good Cryptos like bitcoin have a set amount of crypto that'll ever be made so whoever saves their own crypto at least won't be diluted.
In our current fiat system with paper money, we have guaranteed inflation year over year. The way central banking works, an increasing percentage of the population must become debt slaves to the system to prop it up. Money is literally created from thin air when you take out a loan and depist it back into the bank.
Eventually too high a % of the population is in debt and the system collapses. Hyperinflation always happens with fiat systems, governments/corporations/people borrow too much that they can't pay and the fiat money loses its trust/value.
When this hyperinflation scenario happens, people wont be able to buy basic goods no matter what. They will be looking for an asset that is secure, can't be printed out into oblivion, and is already and used distributed among the population. They will stop paying with dollars because the price is more volatile than cryptocurrencies and instead opt into cryptocurrencies. A free and healthy market has volatility in it. Nothing is perfectly stable. Nothing lasts forever.
1 Bitcoin is 1 Bitcoin, whether thats trading 1/3 the price to US $ that it did 7 months ago or its trading 3x the price to US dollar in the future. Its a matter of what people are willing to pay for it. Right now they trust US dollars more, but the dollar is quickly losing value to basic necessities like food, gas, housing, etc. You print off 5 times the money supply you had 2.5 years ago and people will begin to lose trust as prices skyrocket.
If everyone uses something different in an act of rebellion, the government won't be able to stop everyone without shooting themselves in the foot as well.*
We are the sheep and cows that they raise and slaughter for the resources we output. If we all left their system, they wouldn't be able to stop us. It's all a matter of convincing the population to leave and showing them an alternate system.
They can't have my money which is what they really want.
Imprisoning like that won't give them more resources.
If I don't comply, they can't take my crypto away, unlike my bank account.
Enlighten me.
No, a wallet doesn't have to be digital. If you use a hardware wallet you connect it to a computer. Hardware wallets are great because you can put in the passphrase on the hardware wallet and not the computer which prevents keyloggers.
Also an ISP can't monitor where you are on a VPN, all they know is you are connected to a VPN server. If I sign up for a VPN account on one IP address and then use that VPN on a different computer and devices with a different IP address, then it's not easily tracked. If I'm connected to a server that has a lot of people connected to it, my traffic gets mixed in with theirs. If I convince many people around me to adopt the same practices and they convince others as well, pinpointing me gets even murkier.
Let me know if you find any holes in the books ideas or really important UCC citations to note. I'm digging into this whenever I have free time but I have very little atm.
Archived Zip File of all references from "The Great Taking" minus [48], [27] (Video has been scrubbed) and [10] (Don't have an electronic copy of the '87 Book)
https://files.catbox.moe/6pxbwr.zip
Full [48] is too big to be included in a catbox.moe link, It hasn't been scrubbed off YouTube yet. (October-19-2020) Cross-Border Payment -- A Vision for the Future | IMF
https://www.youtube.com/watch?v=mVmKN4DSu3g
Source [4] or [5] citing Uniform Commercial Code (UCC) Article 8 and 9 as the legal right to take all of your security investments.
A link to the source is here https://archive.org/details/ec-clearing-questionnaire/page/19/mode/2up
U.c.c. - Article 8 - Investment Securities (1994) can be found here
https://www.law.cornell.edu/ucc/8
U.c.c. - Article 9 - Secured Transactions (2010) can be found here
https://www.law.cornell.edu/ucc/9