(wow) Words Of Wonders Level 580 Answers – Since my January 2021 article on this topic, I have been asked several times to update my views on Ethereum.
In a previous article, I explained Ethereum and the areas where I was bullish, but also expressed my main concerns about it. Yes, and that’s why it got so much attention. In that article, I was also very optimistic about the spread of stablecoins over the next few years.
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I’m not going to share my content here, but since my first article, I’ve been giving updates on Ethereum almost every month, so a member of Stock Waves already knows my latest take on Ethereum.
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This is a summary of reports from when we started term insurance in January, frequent DeFi hacks, centralization issues, unnecessary chain splits, NFT speculation, and more. Here are some short excerpts:
For those watching, Ethereum’s solid price break above $1,400 should be very bullish for the protocol in the medium term as it removes overhead resistance. – Jan 31, 2021 Statistically speaking , Ethereum and other altcoins could outperform Bitcoin as usual in the bull phase of the cycle, but in the bear phase of the cycle, perhaps in 2022, there are concerns about many digital assets, especially Bitcoin. is holding Or 2023. -14. February 2021 The amount of ETH on exchanges has been trending downward since August 2020, similar to BTC. All other things being equal, this indicates a rise. Apr 14, 2021 While there are concerns about the long-term design of Ethereum and the transition to Ethereum 2.0 (the ability to change monetary policy shows how discontinuous monetary policy can be), the medium-term It is unlikely that we will see a bearish bias in price action. We were somewhat critical of EIP 1559 in an Ethereum public article back in January, but it should be very expensive once it goes into effect. And since December 2020, with Ethereum 2.0 staking enabled, ETH tokens will continue to leave exchanges and be locked. Implementing his EIP 1559 (which is basically the current plan) while delaying the transition to Ethereum 2.0 is actually a perfect storm for the price next year. So while I believe BTC outperforms ETH from a 5 year perspective, certain dynamics holding ETH price are very strong later this year. must exceed. We are currently cross-connecting. – June 6, 2021 Overall, Ethereum is currently facing a constant supply shortage (currently around 7.4 million ETH are locked in one-way bets until Ethereum 2.0 arrives). Use cases, competitors, etc. In the long term -5. September 2021, despite some questions about long-term risks and use cases. My Tactical Advantage is partly based on the Ethereum 2.0 lockup contract. This continues to swallow a tonne of Ether (now he is over 8 million and can’t get out) and as a result Ether continues to rise rapidly. Withdrawals from exchanges are slightly faster than Bitcoin withdrawals from exchanges. Well-designed delivery compression. – October 31, 2021
My opinion on stablecoins in the original January 2021 article was clearly correct. Because their market cap has grown from $33 billion at the time of writing to $140 billion in less than a year:
From my point of view, stablecoins are especially important. We are optimistic about the amount of money trapped in stablecoins. Whether it’s good or bad, I’m worried about the development. The U.S. Currency Comptroller has now officially allowed U.S. banks to use stablecoins. It is a more liquid form of fiat currency and could have different implications for central bank digital currencies and the current global monetary system. -17. January 2021
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Interest in tracking chains like Ethereum and Solana has been a bit higher than expected since January, so that’s what I’m keeping an eye on.There’s still a lot of regulatory uncertainty when it comes to such tokens. there is. Unlike Bitcoin, it seems to meet the definition of a financial security in many cases.
In this ongoing general article, we thought it was time to explore three interrelated concepts, not just Ethereum. The first is proof-of-stake exchanges as a general consensus mechanism, the second is the centralization of stablecoins, and the third is the centralized spectrum that various smart contract chains use to compete for fees. Related. .
All three are interconnected as they impact how a truly decentralized smart contract blockchain compares to the Bitcoin network and how they interact with each other in a hostile or harsh regulatory environment. increase.
As such, this article helps voice long-term concerns about various smart contract blockchains. This is also true in the context of interest in tactical terms even as prices rise. General smart contract concept.
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I would like to reiterate that I try to be as objective as possible when analyzing blockchains. It’s no secret that at this point I like the Bitcoin protocol because it’s the least buggy protocol based on risk. From equities to fixed income to commodities to digital assets, we often analyze multiple asset classes and compare individual assets within those asset classes. So when I analyze blockchain, I approach it the same way.
More importantly, it separates technical price action from fundamental health. This article touches on blockchains such as Ethereum and Solana, but the issues discussed here can also apply to many blockchains other than Bitcoin, so proof-of-stake blockchains and stable in general. It touches more broadly on the issue of centralization of coin custody.
Satoshi Nakamoto’s Bitcoin protocol uses a method called Proof of Work to achieve consensus on valid transactions. Satoshi Nakamoto cites Adam Back in Developing Advanced Proof of Work as one of eight references in the Bitcoin White Paper.
Several people have since suggested that other consensus methods, such as Proof of Stake, are more efficient. The advantages of these designs are often explained by their unacceptable compromises compared to proof of work. This chapter describes this concept.
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(For those who want to skim parts of this lengthy article, the summary of this section is that proof of stake is essentially like money, while proof of stake is essentially like stocks.) about it.)
The Bitcoin network is programmed to generate a new block and add it to the blockchain every 10 minutes on average. Since its inception in 2009, the blockchain consists of hundreds of thousands of blocks.
New blocks are produced by Bitcoin miners (special computers) who provide processing power (and thus electricity) to solve the cryptographic puzzle created by the previous block. At this point, miners can wrap thousands of Bitcoin transactions currently in queue. o Block transactions are handled this way. The network is programmed to set the average block time to 10 minutes. That means blocks of thousands of transactions are added to the blockchain every 10 minutes on average.
The processor uses random guesses to solve the puzzle left by the previous block, but due to the law of large numbers, the more Bitcoin mining rigs you have, the more blocks you can find in a sufficient amount of time. I can.
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When a miner leaves the network and takes longer than 10 minutes on average to produce a new block, the network is automatically programmed to quantitatively ease the puzzle, and the block returns to schedule every 10 minutes on average. . Similarly, the network complicates the puzzle when a large number of miners join the network and blocks are added to the blockchain faster, averaging every 10 minutes. This is known as a “difficulty adjustment” and it happens automatically every two weeks and is one of the key programming challenges Satoshi Nakamoto solved to keep his network running smoothly.
So at any given moment, there are millions of Bitcoin mining machines around the world trying to solve the puzzle and generate the next block, with a natural feedback mechanism ensuring that blocks are generated every 10 minutes on average. . How many minutes or too few miners in the network.
In the first half of 2021, China (by far the largest country in terms of miner density at the time) will ban cryptocurrency mining,
