Crypto
Crypto Regulations Opinion May 7, 2021
Originally Digital cash was developed by the cypherpunk movement. These were people with strong cryptography skills and strong libertarian beliefs who wanted government out of their hair. Today we know that all governments want to get involved with crypto. Are they seeking a source of revenue, are they just control freaks, or is it for the good of the country involved and it's citizens? You decide, it's probably all three plus some we haven't even thought of.
We do know that there are a growing number of Capital Controls being established. These are rules or laws that limit the flow of capital into or out of a country. There are also Anti-Money Laundering rules, (AML), AML's goal is to prevent large flow of money from crossing borders or moving between underground and legitimate economies without being detected.
Currently in the US we have mandatory reporting in the crypto and other sectors where companies must report transactions of over $10,000as well as "structuring transactions" such as a series of $9,999 transactions. This reporting must identify the transaction and authenticate parties involved.
When you try to buy or trade crypto in NY state you see that many exchanges will not allow you to participate. In NY, any company that deals in crypto must first obtain a BitLicense issued by the New York Department of Financial Services. Again, this appears to be part control and part protection. The BitLicense focuses on Know Your Customer, (KYC), which means identify, authenticate, evaluate risk, and watch for bad behavior.
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We do know that there are a growing number of Capital Controls being established. These are rules or laws that limit the flow of capital into or out of a country. There are also Anti-Money Laundering rules, (AML), AML's goal is to prevent large flow of money from crossing borders or moving between underground and legitimate economies without being detected.
Currently in the US we have mandatory reporting in the crypto and other sectors where companies must report transactions of over $10,000as well as "structuring transactions" such as a series of $9,999 transactions. This reporting must identify the transaction and authenticate parties involved.
When you try to buy or trade crypto in NY state you see that many exchanges will not allow you to participate. In NY, any company that deals in crypto must first obtain a BitLicense issued by the New York Department of Financial Services. Again, this appears to be part control and part protection. The BitLicense focuses on Know Your Customer, (KYC), which means identify, authenticate, evaluate risk, and watch for bad behavior.
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Coins and Tokens update May 6, 2021
It is only my opinion, (not investment advice), but going forward I will be investing in coins that use something other than Proof of Work to achieve consensus for consensus.
It is only my opinion, (not investment advice), but going forward I will be investing in coins that use something other than Proof of Work to achieve consensus for consensus.
Ethereum has been around since 2015. The technology was groundbreaking at the time of its launch. It enabled blockchain-based applications, such as DeFi and games. Today Ethereum’s tech looks inferior to competitors, most of which emerged during the 2017 ICO boom.
Low throughput significantly throttles the performance of Ethereum-based dApps. The project utilizes a secure but slow Proof-of-Work (PoW) consensus, which only allows 15 transactions per second, (TPS). PoW consensus has also gotten a bad rap lately due to high cost of mining and energy use.
Meanwhile, other Layer 1 platforms like Polkadot and Solana can handle hundreds or even thousands of TPS because they run more efficient consensus algorithms like Proof-of-Stake (PoS). Some of the major PoS chains include:
Format for listing
Name, Symbol, Overall Coingeko rating based on Market Cap, Recent price in US$
Cardano, ADA #7 $1.42
PolkaDot, DOT #8 $39.91 Allows diverse blockchains to transfer messages in a trustfree environment
Solana SOL #16 $45.45 Proof of History,(and a POS mechanism) 710k TPS
Tron, TRX #22 $0.13
EOS, EOS #25 $7.70
Cosmos, ATOM #32 $23.56
Tezos XTZ #36 $6.50
Avalanche, #44 AVAX $33.70
Algorand, #45 ALGO $1.43
There are also others not mentioned here like NEO, QTUM, and PIVX, LSK, and many more.
Phase 2 of Ethereum 2.0
Phase 2 is the third phase of Ethereum following Phase 0 and Phase 1. This phase is currently still being defined, but it will involve adding ether accounts, enabling transfers and withdrawals, implementing cross-shard transfers and contract calls, building execution environments so that scalable applications can be built on top of Ethereum 2.0, and bringing the Ethereum 1.0 chain into Ethereum 2.0 so that PoW can finally be turned off. We can expect ETH 2.0 later this year or maybe 2022.
Meanwhile look into making money on your stored Crypto by lending it on sites like NEXO or staking it with a reputable exchange or third party.
Low throughput significantly throttles the performance of Ethereum-based dApps. The project utilizes a secure but slow Proof-of-Work (PoW) consensus, which only allows 15 transactions per second, (TPS). PoW consensus has also gotten a bad rap lately due to high cost of mining and energy use.
Meanwhile, other Layer 1 platforms like Polkadot and Solana can handle hundreds or even thousands of TPS because they run more efficient consensus algorithms like Proof-of-Stake (PoS). Some of the major PoS chains include:
Format for listing
Name, Symbol, Overall Coingeko rating based on Market Cap, Recent price in US$
Cardano, ADA #7 $1.42
PolkaDot, DOT #8 $39.91 Allows diverse blockchains to transfer messages in a trustfree environment
Solana SOL #16 $45.45 Proof of History,(and a POS mechanism) 710k TPS
Tron, TRX #22 $0.13
EOS, EOS #25 $7.70
Cosmos, ATOM #32 $23.56
Tezos XTZ #36 $6.50
Avalanche, #44 AVAX $33.70
Algorand, #45 ALGO $1.43
There are also others not mentioned here like NEO, QTUM, and PIVX, LSK, and many more.
Phase 2 of Ethereum 2.0
Phase 2 is the third phase of Ethereum following Phase 0 and Phase 1. This phase is currently still being defined, but it will involve adding ether accounts, enabling transfers and withdrawals, implementing cross-shard transfers and contract calls, building execution environments so that scalable applications can be built on top of Ethereum 2.0, and bringing the Ethereum 1.0 chain into Ethereum 2.0 so that PoW can finally be turned off. We can expect ETH 2.0 later this year or maybe 2022.
Meanwhile look into making money on your stored Crypto by lending it on sites like NEXO or staking it with a reputable exchange or third party.