ETH 2.0 beacon chain (PoS) has also launched, although the generated earnings wouldn’t be accessible for some time
2 Likes
So when does pos take over entirely?
I saw ppl talking about a change at end of Jan that would render some cards useless / not profitable to mine with.
Any staking coin could be mining. Any project that lets you delegate to earn could be considered as accessible to the masses but that is strictly to secure and mine the transactions (though that would include smart contracts) whereas Safe farming is securing and backing data rather than just transactions. I guess my point is most block chains are about money and transactions with an extension to do smart things with the money/transactions. I’m sure that could be put much more succinctly or eloquently.
Some examples should be XTZ, EOS. I’m not sure what other projects have something like DPoS that makes earning as accessible or what amount of coin you’d have to hold to stake on your own but I believe ETH2.0, ADA, DASH, and more would fit into just PoS. Like I said I’m not sure how accessible these are because if you need say 10,000 coins to stake then that can be too high for most. Being able to delegate is something the projects I mention before get around that barrier to participate.
2 Likes
It is some number of years away probably for full transition to PoS. I think phase 1.5 could fold the current chain into the Ethereum 2 system. There aren’t concrete timelines for this though.
Maybe you’re talking about the fee burning in EIP-1559 impacting current miners?
I forgot to mention that Hydra has Pay the Developer. That’s why I’m stacked, I want to see how it develops.
Reimbursement to Smart Contract Creators
Chains that support smart contract functionality such as Ethereum do not incentivize developers for their contribution to the network. The only incentive for them is to build a profitable business around the chain, which is a strong limiting factor to the overall development of the ecosystem. There are many useful applications that do not necessarily allow for a profit to be applied.
The Hydra chain solves this important gap at protocol-level by enabling a reimbursement of transaction fees to token creators. The mechanism effectively rewards project owners based on the transactional economy they create, by getting a share of each transaction their token was involved with.
Adjustments to the reimbursement rate can be made by voting on it within a range of 0% and 50%. Combined with the staking mechanism, this creates a truly shared environment, where network participants are rewarded on all levels for the value they add to the ecosystem.
2 Likes
Just cam across this rather disturbing article on Tether and crypto money flows:
Any truth to this?
6 Likes
I guess we will know when the US investigation ends but it doesn’t smell good
3 Likes
Perhaps someone could shed more light on this but two things stuck out to me. First, it’s only a liquidity issue if you are song tether to purchase bitcoin or hold until you are ready to make a purchase. I have personally never bought bitcoin in anything but USD so it seems to be a non issue. Second, I’m just not a big fan of people who create a one time use anonymous account to make such a claim.
What stuck out to me was, they start out claiming if tether was exposed to a fiat gateway the whole thing would collapse.
And then very near the end say that there is a fiat gateway which is kraken.
Can’t have it both ways.
6 Likes
Tether has seemed dodgy since the start, imo. If they have found a way to counterfeit USD on a grand scale via crypto, it will be the heist of the decade. Perhaps the century.
But hey, inflation is good right? We just need more money printers and we will all be rich! Print to the moon!
Well it will be an issue for you if prices collapse and you are hodling
From the other perspective, why don’t they just prove their reserves? How hard can it be? Why wouldn’t they want to? Why would they want to tarnish their image by not doing so, unless they would tarnish it more by doing so?
Does it need a grand story line to make us doubt them more? Not for me, but some folks love a good story and it resonates with them.
If they are backing their tethers with loans, then it is probably a ticking time bomb. Banks tried to pretend dodgy loans were as safe as houses in 2007 and we all know how that ended.
On the flip side, tether loans is dangerously close to modern banking. How sadly ironic would it be if tether brought down bitcoin, which was designed to save folks from just this sort of thing?
6 Likes
I was by no means trying to say its all legit.
Indeed, I’ve not trusted them for a long time, as you said, why not allow an audit if its all legit.
3 Likes
If I’m holding tether or bitcoin? My point was that I’ve always bought through exchanges that take USD and then generally store or perhaps trade to an alt, without using tether.
My first thought when someone makes claims of market manipulation is, are those claims made to manipulate the market.
When the claims are made by anonymous people all the more so.
I am not saying Tether is legit/bad or otherwise but if you can’t put your name to the accusation take a hike.
3 Likes
Tether was first claimed to be fully backed by USD, later it was only backed partially by USD and other assets, and then later it was backed partially by USD and “I owe you’s”. The New York attorney could wait until Tether becomes large enough and then bring all crypto down when they take down tether and wipe 24 417 773 012 US$.
Tether was made by known scam artists, there is no way to expect a good future outcome.
Tether might only be a large pile of receipts. It could be way worse than banks.
1 Like
Any crypto. The bottom will fall out of the whole market
This could be the ultimate government strategy
2 Likes
There is a simple solution if they are not be properly backed, people just stop using tether. In any event this has been being talked about for years already and the article that guy wrote was more fear, FUD and JV investigating then anything.
3 Likes
Steps 5 and 6 of the scenario outlined don’t make much sense to me.
5 - Who says the bitcoins are sold for USDT? More likely that the exchange just takes the user’s BTC?
6 - Earlier in the article the reputable banked exchanges were said to be so because they had strong AML/KYC. Now those banked exchanges are the exit points of the fraud? Doesn’t really jive
1 Like