Bitcoins - about to hit $5,000 per coin today!

[gib]

I appreciate your concern - thanks!

Like Saylor, I am prepared to hold Ethereum down to zero, as I am with any crypto I have. Earlier in the year, ETH was up to $4,000. Had you taken a snapshot then things would look a lot different. ETH would be up 60% from where it is now. It is pointless to look at such short time frames.

Markets can be emotional and fickle. ETH right now is a superior product to what it was 6 months ago, yet the price is down 37.5% from March. Interesting how $2,500 to $4,000 is a 60% increase, but $4,000 to $2,500 is a 37.5% decrease. ETH is now superior because it has regulatory clarity with the Spot ETFs, fees are lower after the Dencun upgrade, and the inflation is still lower than Bitcoin. Numerous L2 projects have been announced by companies like Sony, BlackRock, etc. On paper the price should be higher than it was in March. But that's not how it always work.

I'll admit I expected the ETH price to pump more by now after the spot approvals. The spot approvals came in the summer and it seems that was the wrong time for them to be released. Bearish sentiment for the entire space became prevalent. But I do think in the long run the ETH ETF inflows will pickup. And ETH has shown us before that it can easily gain 20% in 1 day.  ETH Spot inflows have been positive for a few sessions this month. Still being held back by the Grayscale outflows though.

If you look at late 2021, Bitcoin crashed down to $46K while ETH sat around $4K. Investors back then would have been bearish on BTC and bullish on ETH. You lived through that. Go look at the charts!

ETH will bounce back. I am sure of it. And I'll happily ride it down to zero if needed. 

You're trying in vain to get me to capitulate to Bitcoin. If I was you I would start to consider how the Bitcoin project will play out 12-24 years from now because it is uncertain how BTC will be secured. Unless that is too long-term for you and you plan to cash out of BTC in the next few years.

Well, I do respect a man of conviction. You have your reasons. I just think though, you may be focussed far too much on technical features, and not to much on what will actually drive long term price.

I also understand the sentimental value of holding all that you mined yourself.

Let me ask you this - for any new money you want to invest, are you at least putting that into BTC?

By the way, despite your concerns about incentives to mine, BTC hashrate just hit another ATH. And mining, at least according to some charts, appears to be profitable. (Indeed, if it were not, there would not be much incentive to mine).

PS - I do have about 7.5% of my crypto in alts, which I also plan to hold long term - they consist of ETH, FIL, SOL, LINK, UNI, AAVE. All are in the positive - primarily because I bought them after their first cycles. (So, if there is upside then great, but no worries if not).

[French]

"fees are lower after the Dencun upgrade"
After the PoW, it was the second mistake to transfer the reduction in costs to layers 2 while maintaining exorbitant costs on the main blockchain.
No longer any point in having a millefeuille based on outdated technology.
All-in one is what only matter for scalability.

[obsidian]

"fees are lower after the Dencun upgrade"
After the PoW, it was the second mistake to transfer the reduction in costs to layers 2 while maintaining exorbitant costs on the main blockchain.
No longer any point in having a millefeuille based on outdated technology.
All-in one is what only matter for scalability.

Low fees attract spam. Solana has had to deal with lots of spam which cause a proliferation of failed transactions. Solana has extreme hardware requirements which means the average person can't run validators or nodes. The blockchain requires a massive amount of storage.

Thousands of developers have researched and studied the problem of creating a secure, decentralized network and try to make it fast. The reality is you have to compromise security and stability if you want fast and cheap.

Solana developers are also working on Layer 2's for their network. They have labeled them "network extensions" but it's basically the same thing.

Having said that, they are already working on scaling the Ethereum Layer 1.

Ethereum's current inflation is still lower than Bitcoin's current inflation even after the Dencun upgrade that reduced fees. The same cannot be said for Solana. You're looking at 6-7% inflation right now which is significant.

More Ethereum Layer 2's are in the pipeline. And developers are looking at ways to unify the entire Ethereum network and make the L2s pay their fair share for the security that the Layer 1 provides. The amount of Ethereum development currently going on is staggering. Just looks at all these announcements. If Ethereum was such a train wreck, why are these companies getting involved in it: BlackRock, VISA, Mastercard, Sony, Amazon, etc.

Kraken will launch Ink, an Ethereum L2 built on Optimisms Superchain
https://blockworks.co/news/kraken-ethereum-layer-2-superchain

Uniswap Developer Unveils Own Layer-2 Network, Unichain, Built on Optimism Tech
https://www.coindesk.com/tech/2024/10/10/uniswap-developer-unveils-own-layer-2-network-unichain-built-on-optimism-tech/

Sam Altman's (ChatGPT) unveiled new ETH Layer-2 "World Chain"
https://www.msn.com/en-us/money/technology/worldcoin-unveils-new-layer-2-network-world-chain/ar-AA1stVs2

Visa has introduced a new platform intended to help financial institutions issue fiat-backed tokens on the Ethereum network
https://www.techopedia.com/news/visa-tokenizing-assets-platform-banks#:~:text=Visa%20launches%20the%20Visa%20Tokenized%20Asset%20Platform%20%28VTAP%29,to%20pilot%20the%20platform%20on%20Ethereum%20in%202025.

MetaMask and Mastercard Launch Debit Card That Lets You Spend From Your Ethereum Wallet
https://decrypt.co/244627/metamask-mastercard-launch-debit-card-spend-ethereum-wallet

Sony’s Long-Awaited Ethereum Layer-2 Chain to Launch in Coming Weeks
https://decrypt.co/246071/sonys-long-awaited-ethereum-layer-2-chain-launch-coming-weeks

Announcing General Availability of Ethereum on Amazon Managed Blockchain
https://aws.amazon.com/about-aws/whats-new/2021/03/announcing-general-availability-of-ethereum-on-amazon-managed-blockchain/

Too early to say Ethereum L2s are ‘cannibalistic’ to revenue: Sygnum Bank
https://www.msn.com/en-us/money/markets/too-early-to-say-ethereum-l2s-are-cannibalistic-to-revenue-sygnum-bank/ar-AA1sTnuj

But while the Ethereum mainnet losing revenue share to layer 2s was bound to happen, optimizing scalability in this manner could see the base layer bring in revenue in ways that were not previously possible, Tischhauser said.

“The long term view is that the NET effect will be growth for the Ethereum L1 because the cheap L2s can catalyze new types of transactions previously not possible.”

“L2s still need to settle the final state on the L1, so if the L2 growth is substantial, the net effect should be Ethereum growth,” Tischhauser added.

[French]

"The blockchain requires a massive amount of storage.", it's the case for Ethereum too.

The new Firedancer validator and the implementation of a revolutionary storage compression system will revolutionize the blockchain unlike Ethereum, which is increasingly heavy and slow.
Solana is above all, Defi, Smart Contracts and Depin.
Memecoins have been added to an ultra-efficient ecosystem and constitute a magnificent real-time stress test for a mainnet that is still officially not in Production..!

[Mayday]

BTC crashed from $1,000 in 2014 down to $200 in 2015. Then again from $18K+ in 2017 down to $3,200 in late 2018. We saw this again when it crashed from $65k+ in 2021 down to $16k in late 2022.

Your meme would be valid for those that entered at the ATH and held it down to the bottom.

But what about the OG guys that got BTC for $1 and held the bags all the way to present and never sold. They came out on top. But some would have argued that they were retarded. A retard that spent $20,000 on BTC @ $1 would now have a bag worth well over $1 billion. People were mining 50 BTC per day on laptops. There were some that mined 20,000 BTC and paid less than $1 per BTC in electrical bills. Those were the early adopters.

How many cryptos have gone to zero? Almost none have gone that low. 

Well I do hope we get a Trump landslide win so we can see some nice pumping.

Fingers crossed 🫰

[obsidian]

"The blockchain requires a massive amount of storage.", it's the case for Ethereum too.

There is no comparison. The Solana blockchain is over 150 terabytes and growing. The Ethereum blockchain is around 1.17 terabytes. The Solana blockchain is probably over 150 times larger than Ethereum's while being launched 5 years after Ethereum! Talk about being bloated, damn!

https://stakin.com/blog/solana-a-2024-ecosystem-overview

Solana's high throughput and large block size comes at the expense of a massive blockchain size - the Solana blockchain is over 150 terabytes. As a result, Solana nodes cannot provide full history back to Genesis but are pruned after two epochs (approximately 4 days).


Base vs Solana token swap to USDC comparison side by side

[obsidian]

Longer BASE vs SOLANA comparison below:

[obsidian]

Well I do hope we get a Trump landslide win so we can see some nice pumping.

Fingers crossed 🫰

Washington Post declined to endorse puppet Kamala. Bezos doesn't want the socialism her handlers will bring.

[French]

The introduction of ZK Compression has far-reaching implications for Solana's scalability. By reducing the cost of state storage, it enables applications to serve much larger user bases without resorting to layer-2 solutions or sacrificing the benefits of Solana's L1.

Unlike rollups used in Ethereum scaling, which batch multiple transactions off-chain and submit them as a single transaction, ZK Compression operates entirely on Solana's L1. Each transaction using compressed data still interacts directly with the on-chain program, maintaining full composability with other Solana applications.

[gib]

I'm impressed how many people there are here who are engage in the more technical aspects of blockchains...

Anyhow, a few interesting things more on the financial side.

1. Looks like MSTR may well be the best shortsqueeze target for the Wall St Bets crowd (just like game stop). There are some hedge funds shorting MSTR hard, and Saylor and BTC fans are absolutely raping the shorts right now, continuing to buy MSTR well beyond its BTC NAV. (Meanwhile MSTR can just sell any overvalued stock and buy BTC - nice!).

2. MSFT shareholders will be voting shortly on whether to add BTC to the balance sheet as a treasury asset. I will be voting yes.

PS - the single largest shareholder of MSFT is of course Blackrock. As for how Blackrock votes with all the shares it holds, I am not sure - does anyone know?

[gib]

And in other news, ETH just hit another 3 year low to BTC, now below .037 BTC to one Eth. I believe we will soon get to .036 (as in the next month), if the systemic devline trend which I believe is in place, continues.

[Flexacon]

PS - the single largest shareholder of MSFT is of course Blackrock. As for how Blackrock votes with all the shares it holds, I am not sure - does anyone know?

Blackrock, Vanguard and State St are the largest shareholders in loads of companies like MSFT because of the way index funds work. They typically don't vote on these kinda things.

[obsidian]

And in other news, ETH just hit another 3 year low to BTC, now below .037 BTC to one Eth. I believe we will soon get to .036 (as in the next month), if the systemic devline trend which I believe is in place, continues.

ETH is the contrarian bet! 

Everyone, their mother, and the kitchen sink are promoting Bitcoin and Solana.

Ethereum and Binance BNB are being overlooked. Sometimes the shoeshine boy effect is real!

[obsidian]

The introduction of ZK Compression has far-reaching implications for Solana's scalability. By reducing the cost of state storage, it enables applications to serve much larger user bases without resorting to layer-2 solutions or sacrificing the benefits of Solana's L1.

Unlike rollups used in Ethereum scaling, which batch multiple transactions off-chain and submit them as a single transaction, ZK Compression operates entirely on Solana's L1. Each transaction using compressed data still interacts directly with the on-chain program, maintaining full composability with other Solana applications.

Solana is exploring zk-compression primarily to tackle the blockchain’s significant data storage demands, which arise from its high throughput and detailed on-chain data records. Although Solana is designed for speed and scalability with its unique proof-of-history (PoH) consensus mechanism, its architecture generates massive amounts of data that must be stored and, in some cases, maintained by validators and archival nodes.

Ethereum does not require as much data storage as Solana.

Hence why ZK Rollups are a better solution for Ethereum and ZK Compression for Solana. Each project has different requirements.

Both zk-rollups and zk-compression use zero-knowledge (zk) proofs to improve blockchain scalability, but they approach it differently, each with unique advantages:

zk-Rollups: Primarily focused on bundling multiple transactions into a single batch to reduce on-chain data and gas costs, zk-rollups maintain the security and decentralization of the blockchain. They work by generating a single validity proof that attests to the correctness of all the batched transactions, which gets posted on-chain. This can greatly increase throughput, making zk-rollups particularly valuable for applications like DeFi, gaming, and other high-frequency use cases.

zk-Compression: This is a newer concept that applies zk-proofs to reduce the size of specific on-chain data, like historical data or large data sets, rather than bundling transactions. zk-compression could be more versatile for data-heavy applications, such as NFT metadata or private data verification, by reducing the storage burden on the blockchain.

Coinbase's BASE is an optimistic rollup. Obviously it works great - based on the results so far.

Per ChatGPT:

Generally, zk-rollups can achieve higher TPS than optimistic rollups, primarily due to their use of zero-knowledge proofs for fast, on-chain verification without a challenge period.

zk-Rollups typical TPS Range: 2,000-4,000
Optimistic Rollups typical TPS Range: 500 - 2,000

Buterin envisions Ethereum reaching 100,000 TPS in the not too distant future. For reference, VISA's average operational load is apparently 1,700-2,000 TPS globally.

I know Jump Crypto's Solana Firedancer aims for 1 million TPS. Cardano, Tezos, Ethereum, Algoran, etc. have all had lofty goals of 1 million and even 1.5 million TPS. Bitcoin's L2 Lighting Network also aimed for 1 million TPS. However to date it has seen limited traction due to complexity of use, liquidity issues, security concerns, price volatility, and integration challenges.

BTW, pretty shady of Jump Crypto to sell off a ton of ETH to influence the price while simultaneously developing Fire Dancer for Solana. Seems like a shady outfit. They were also involved in the Terra Luna fiasco.

https://finance.yahoo.com/news/jump-crypto-faces-sec-scrutiny-055136135.html

https://www.reddit.com/r/CryptoCurrency/comments/1ek2cpe/recent_selling_pressure_is_reportedly_due_to/

[gib]

Obsidian - very few Eth'ers are as loyal as you. They are inherently a "chase the next hot thing" type investor, which is of course why many bought ETH as opposed to BTC in the first place. This mentality and disloyalty, is exactly what is now causing the sell off of Eth into Sol. Many seem to take alt gains, using BTC as their base and long term value store, and then buy Sol and a smattering of alts and memes etc in the hope of outperforming BTC for a period of time.

[gib]

I don't pay too much attention to these types of articles, but these 2 caught my eye and seem to be aligned with a continued Eth decline:

https://bitcoinist.com/ethereum-eth-crash-to-1600-heres-what-to-expect-from-eth-in-november-2024/

https://www.cointribune.com/en/bitcoin-without-rival-ethereum-collapses/

[obsidian]

Obsidian - very few Eth'ers are as loyal as you. They are inherently a "chase the next hot thing" type investor, which is of course why many bought ETH as opposed to BTC in the first place. This mentality and disloyalty, is exactly what is now causing the sell off of Eth into Sol. Many seem to take alt gains, using BTC as their base and long term value store, and then buy Sol and a smattering of alts and memes etc in the hope of outperforming BTC for a period of time.

Complete BS gib. You are desperate for the small Bitcoin project with few developers and little influence in DEFI to be the only blockchain project for the world. It's laughable. Bitcoin is dyno tech and has questionable long-term viability in the face of decreasing miner rewards. A few rockets or grenades here and there would decimate mining complexes. It will become a security risk in the future.

There's close to 35 million ETH locked up in staking. You can't stake ETH that you sold. So where are these sellers. You have questionable entities like Jump Trading selling ETH. And Grayscale ETH ETF outflows due to the higher sales. Ethereum is not getting the constant press that Bitcoin is. And there's lots of FUD directed at ETH. Bitcoin maxis feel threatened by Ethereum. It's possible there are more long-term ETH holders than BTC holders.

Here's a chart that shows the increase in ETH staking over the years.

There are many long-term holders of ETH.

You forget that Solana crashed to $8. It is still a long way off from its ATH. The gains with Solana looks so great because it crashed so hard after the FTX-debacle.

Here's Solana's performance compared to Coinbase's BASE. It will probably have more crashes and failed transactions in its future. The chain is over 150 TB and counting. It keeps too much info stored in the chain. Hence the need for ZK Compression. Once the meme-coin mania dies down we'll see how Solana does.



https://beaconcha.in/charts/staked_ether

https://cryptoslate.com/insights/long-term-ethereum-holders-reach-new-high/

Long-term Ethereum holders reach new high

Ethereum’s HODL Waves chart illustrates the distribution of held Ethereum over various time periods, indicating shifting trends in holding behavior among investors. The chart shows a noticeable concentration of Ethereum held for one to three years, signaling a significant amount of Ethereum acquired during the 2021-2022 period is still being held. The 1-2 year and 2-3 year bands reflect these holdings, comprising a substantial portion of the overall supply.

[obsidian]

I don't pay too much attention to these types of articles, but these 2 caught my eye and seem to be aligned with a continued Eth decline:

https://bitcoinist.com/ethereum-eth-crash-to-1600-heres-what-to-expect-from-eth-in-november-2024/

https://www.cointribune.com/en/bitcoin-without-rival-ethereum-collapses/

What do you expect from a site with the domain name bitcoinist?! LMAO! Of course they want ETH to crash down to $1,600!

Look at the attached chart. Is that "GIB-LINE" possible? We already have the "MAYDAY-LINE". Now Getbig has the "GIB-LINE"! 

[gib]

Complete BS gib. You are desperate for the small Bitcoin project with few developers and little influence in DEFI to be the only blockchain project for the world. It's laughable. Bitcoin is dyno tech and has questionable long-term viability in the face of decreasing miner rewards. A few rockets or grenades here and there would decimate mining complexes. It will become a security risk in the future.

There's close to 35 million ETH locked up in staking. You can't stake ETH that you sold. So where are these sellers. You have questionable entities like Jump Trading selling ETH. And Grayscale ETH ETF outflows due to the higher sales. Ethereum is not getting the constant press that Bitcoin is. And there's lots of FUD directed at ETH. Bitcoin maxis feel threatened by Ethereum. It's possible there are more long-term ETH holders than BTC holders.

Here's a chart that shows the increase in ETH staking over the years.

There are many long-term holders of ETH.

You forget that Solana crashed to $8. It is still a long way off from its ATH. The gains with Solana looks so great because it crashed so hard after the FTX-debacle.

Here's Solana's performance compared to Coinbase's BASE. It will probably have more crashes and failed transactions in its future. The chain is over 150 TB and counting. It keeps too much info stored in the chain. Hence the need for ZK Compression. Once the meme-coin mania dies down we'll see how Solana does.



https://beaconcha.in/charts/staked_ether

https://cryptoslate.com/insights/long-term-ethereum-holders-reach-new-high/

Long-term Ethereum holders reach new high

Ethereum’s HODL Waves chart illustrates the distribution of held Ethereum over various time periods, indicating shifting trends in holding behavior among investors. The chart shows a noticeable concentration of Ethereum held for one to three years, signaling a significant amount of Ethereum acquired during the 2021-2022 period is still being held. The 1-2 year and 2-3 year bands reflect these holdings, comprising a substantial portion of the overall supply.

BTC's strength is its core and rock solid simplicity and clarity. Unlike Eth which is a behoegm Frankenstein Jack-of-all trades.

BTC miners are all over the world - virtually impossible to knock them all out, and if any go offline the algo either adjusts, or more miners come in due to basic capitalism.

As for eth being locked up, not sure this makes much of a difference. It only takes a few days to unlock, but even it not, those who are selling need to find a buyer. And with less buyers, comes a decline in price.

BTC maxies were not so much threatened by Eth as bemused and annoyed. But either way, time has cured any possible risk of Eth ever being a realistic risk to the core function of BTC. If anything, they now feel a bit sorry for ETH holders, but in many ways, it really is their own fault - I don't feel sorry for them, except of course for any friends on a personal level. (For example I know one guy who moved 90% into ETC, from 100% BTC, thinking ETH would 4x alpha BTC this cycle. Well, that of course didn't happen...

To clear I am not a fan of Sol either. I consider both lacking actual use cases other than trading alts and memes, which basically is just one big circle jerk which will fizzle out in time. But in the short term, I think its quite clear that ETH value will flow into BTC and SOL.

[obsidian]

As for eth being locked up, not sure this makes much of a difference. It only takes a few days to unlock, but even it not, those who are selling need to find a buyer. And with less buyers, comes a decline in price.

It takes a few days to unstake, yet the trend has been for more ETH to be staked since the switch to POS. Close to 35 million ETH staked right now. They are planning to lower the hardware requirements to stake. 1 ETH and allow staking on mobile phones. That will create incredible decentralization.

Solana staking requires a behemoth of a machine. The SOL inflation is 6-7%.

I sold some BNB a while back and opted out of using Solana to send the USDC from one exchange to another. I went with Avalanche. $1 fee and it went from one exchange to the other in less than 1 minute. The dollar funds were in my bank account in 1 day. From BNB to stablecoins to bank account - $1 and 1 day.

Why did I not use Solana?

https://www.reddit.com/r/BinanceUS/comments/1bd2x72/transferring_usdc_from_binanceus_to_coinbase/

Transferring USDC from Binance.US to Coinbase

This morning I initiated a transfer of USDC from Binance.us to Coinbase on the Solana Network. It’s been about 5 hours and I still see that the withdrawal on Binance.US is “pending” with 0/1 confirmations still.

The wallet address is correct and I’m not seeing anything that would justify this long of a delay.

Does anyone have any insight here? Support takes forever and I’m currently waiting in the queue with a wait time of 6 hours.

Reply below:

UrNs0 8mo ago

Sol network is congested, try Polygon. I never have issues with that one.

I use Kraken too and my SOL xfers were failing on there also. Took about 4 tries to go through.

[obsidian]

BTC miners are all over the world - virtually impossible to knock them all out, and if any go offline the algo either adjusts, or more miners come in due to basic capitalism.

You would not have to knock them all out. Just enough to control 51% of the hash rate.

BTC mining will become centralized. A few mining facilities will control more than 51% of the network. BTC home miners will disappear since it is cheaper to buy BTC vs mining BTC.

An attacker could blow up or cut the power of a few large mining facilities and then bring online their own miners to capture 51% of the hash rate. It is currently more expensive and time consuming to attack ETH vs Bitcoin.

[obsidian]

BTC maxies were not so much threatened by Eth as bemused and annoyed.

Don't worry gib, there's still time before the flippening 

https://ultrasound.money/

[Mayday]

What do you expect from a site with the domain name bitcoinist?! LMAO! Of course they want ETH to crash down to $1,600!

Look at the attached chart. Is that "GIB-LINE" possible? We already have the "MAYDAY-LINE". Now Getbig has the "GIB-LINE"! 

That’s your line.

You don’t have my next numbers nor do you know what my bullish scenario is.

I’m just waiting for the outcome of the US election.

[obsidian]

That’s your line.

You don’t have my next numbers nor do you know what my bullish scenario is.

I’m just waiting for the outcome of the US election.

I know, it was a joke! But I will keep referring to the MAYDAY-LINE, which shows cryptos trending to zero! 

[gib]

I know, it was a joke! But I will keep referring to the MAYDAY-LINE, which shows cryptos trending to zero! 

Ha ha, yes I had almost forgotten about that