Next Ethereum Upgrade Set, US Debt Meltdown And Bringing Billions Into Crypto



hello everybody welcome back for another video hope you're all doing well and that you're all having a great day to start things off developers are eyeing the 16th of January 2019 as the date on which Constantinople ethier eum's upcoming Network heart fork could launch the upgrade for the world's second largest blockchain was originally targeted for November of this year bringing with it a host of design changes aimed at streamlining the platform's code in a bid to boost performance see at the November launch window was ultimately due to an anticipated problems with the test release necessitating a longer development period while the 16th of January date was reached by a way of a non-binding a verbal agreement it's not fixed or final indeed developers on Friday's bi-weekly call said that Constantinople could be postponed further I hope not should additional problems arise they said we can't say mid we can say mid-january it doesn't make difference if we decide on a date or not we can always postpone as was said by Peters Selig Lee one of the developers also during the call developer Lane Rettig shared research regarding aetherium so-called difficulty bomb the difficulty bomb is an algorithm embedded within aetherium code that makes block steadily harder to mine and was put in place to add as an incentive for encouraging regular updates to the network according to Rettig the difficulty bomb will be noticeable from January leading to 30 second block times by April or May of next year she said so we have time there's no crucial concern Constantinople delay is a difficulty bomb for a further 18 months while also decreasing the etherium mining reward from 3 theorem to 2 aetherium per block additionally the upgrade features a various optimization to the underlying aetherium code whether prague pow that's the weird name a change that would standardize aetherium mining to general purpose Hardware only blocking specialized ASIC miners will be considered for inclusion in Constantinople was not discussed during the call however developers reported issues regarding its implementation stating that the formal specification of the code is in complete what we have this most important here is I guess really all of it at this point Ethier iam has had a long trek it's been two years in next year it'll be three years that we were promised some type of an upgrade like I said before it does take a bit of time in order to have an upgrade for all of these systems and stuff like that it's been a lot of talk a gun against amongst multiple cryptocurrency projects where people are very unhappy with ASIC mining and this is part of the reason why it could be considered I guess why ëthere iam is moving over to proof of stake and trying to implement this with Casper and the other upgrades that are supposed to happen after constants noble the points is that Constantinople is meant to be like V the groundwork for everything else to be built on top of I'm very excited me personally to have the the mining reward get cut down from three to two etherium and then this was definitely something I needed to happen I'm hoping that along with this that we also get some type of a tentative date in 2019 from the etherium group that there will potentially maybe be an official hard cap on how many Syrians will be minted created printed digitally made simply because one of the so sidenote one of the things when you listen to people from Wall Street and they talk about what they find appealing about crypto currencies specifically Bitcoin is that the the 21 million hard cap the problem that we have right now I think there's over problem quote-unquote there's over 100 million aetherium floating around out there and it seems like it could go on forever we heard metallic and a bunch of other people talk about maybe potentially we could have a hard fork at 120 million however feeling that number won't really stick simply because I think we'll get there a lot sooner than later and I think it as far as aetherium has been so far it seems to have taken a bit longer to be able to give us other upgrades and other updates and other stuff like that like I think it takes at least like a year if not three years to be able to give proper information on how things are gonna change I could I could see an aetherium that has like a hard cap of coins around 150 million I wish it was 120 I think that's just me my investor side the point is this is finally gonna happen I assume the difficulty time bomb difficulty bomb what have you being pushed back for another 18 months has to do with the fact that they are trying to stall a bit more before they do the other hard Forks when it comes to plasma plasma and Casper or whatever you kind of want to call them together simply because those in and Constantinople as well these are going to be like major things that are going to completely change how we see theory I'm I hope there's a bit of a bull run or bullish feeling when we finally do have this because the idea has typically been over the last couple of years whenever you have a cryptocurrency project and let's even focus directly on Bitcoin and the mining reward gets cut down or cut in half or is lesson from what it was before you typically see typically sometimes maybe allegedly the price tick up a tiny bit simply because investors are more interested in something that is printing less of something as a put like if they were raising it from three to five he theory was price would drop but let's like I said as this ends up happening let's hope that this I mean they say that the 16th of January let's see if they actually end up doing it it's been a long time coming for this update and let's hope that that date is hopefully one day set in stone alrighty let's move on next up the US Securities and Exchange Commission or sometimes known as the SEC has filed charges in the first ever case involving a decentralized exchange the head of the SEC s new cyber unit has followed with a warning that decentralized exchanges must be compliant as well adding that creators will be held responsible on the 8th of November 2018 the SEC brought charges against the creator of these centralized exchange known as ether Delta we spoke about this it had to be like exactly when this happened which some argue is just a smart contract rather than a conventional cryptocurrency exchanged yet depending on who you not to even dive too deep into this a lot of people are talking about that they believe that simply because the SEC was able to charge the creator of ether Delta that ether Delta is not a decentralized exchange and not getting confused with other decentralized exchanges is something that ether Delta was a smart contract running on top of a platform and that would allow you to be able to store and trade and do stuff with your cryptocurrencies but they're saying because SEC was able to pretty much send someone a letter this goes against the entire idea of what a decentralized exchange is and therefore ether Delta according to a lot of people was never a decentralized cryptocurrency exchange speaking to Forbes Robert Cohen chief of the SEC division of enforcement cyber unit has now warned that using blockchain technology to create an exchange without centralized operation or management still leaves the technologies created both responsible and liable Cohen has said that focus is not on the services label nor the technology used but that he said and I quote the focus is on the function and what the platform is doing whether it's decentralized or not whether it's on a smart contract or not what matters is it's an exchange in the u.s. does not like that when you have a money transferring service where you are transferring money from one party to another the u.s. believes that you need to go through the SEC and tell them exactly what's going on part of the problem that they say that they had with ether Delta was that ether Delta had wasn't called the the ERC 20 tokens on their platform in the ERC 20 tokens as many of them came from icos and the u.s. believes that ICS are also securities therefore you have to go through the Securities and Exchange Commission because you are exchanging crypto currencies that are securities inside the United States kind of all really easy to kind of throw together these centralized exchange mechanisms like ether Delta run on self executing code connecting buyers and sellers in order for them to exchange directly with each other in the case of ether Delta the charges were brought against its founders Zachary Coburn for an operating and exchange not authorized or exempted by the SEC the suc cyber unit ran by co and was created in 2017 as a direct result of the Dow scandal that happened I think this was a hack that happened on a theory of network ether Delta is the first decentralized smart contract based exchange with similarities to the Dow to face action the Dow's creators themselves were never faced have never faced action from the SEC however the report issued by the SEC afterward the 2017 Dow reporting affirms that tokens including Dow tokens our securities such these tokens and exchanges are subject to regulatory oversight of the sec remember for those who were here many many many many many moons ago and i said i thought i wonder how this was going to play out i said there was a lot of talk at the beginning of this year especially around march you know everyone's creating their own decentralize exchange we're gonna have a decentralized exchange and this is gonna happen and they're gonna change the way the cryptocurrency is gonna be running and i said that sounds great that sounds wonderful i myself me myself personally I am all for decentralized exchanges I love the idea of the centralized exchanges I love the idea of being able to not have to go through as centralized anything and simply having control of our money and what we do with it there are people in power or the forces that be that do not necessarily agree with me and it comes down right now to the sec simply because I told you that the US government and it to be fair as many other governments as well they're trying to figure out a way to if they can't control the currencies themselves or the flow of them or the creation of them especially as mining is in other countries and the validation of the network is typically done in other countries as well that they can stop the flow of what's happening inside their own country or inside their own City as far as not being able to register with the SEC the problem that we have right now is is that I think it's the SEC or maybe the CFTC they noted it had to be about 3-4 weeks ago right now remember the thing what they were trying to they said if you create a smart contract platform and someone does something malicious with your platform then you can be held accountable and then you will be in trouble and you will be put in jail the problem with that is you can create anything and someone can find a way to do something malicious with it and I am afraid that this is going to get a lot worse than it already is first of all there lot of you can't logically tell someone who has a decentralized exchange where there is no central authority what they can and cannot do I think this is a bit different in the mindset as far as what governments think or what government agencies or what's whatever you kind of want to call them what they can do or have done in the past they're used to being able to send someone a letter say you can't do this that aberration get shut down this is exactly what they did to the guy who was running ether Delta and this is why people are saying that it wasn't really decentralised but when you think that you can harass someone or find them for creating a code that someone else does something malicious with that's like someone that's like the guy who created the internet and someone creating a website that has something illegal on it and then you find the guy who created the Internet simply because he created the basis of the code that built everything else around it it's kind of weird I don't know first of all decentralized exchanges are only gonna get more powerful and more decentralized as time ends up going on they're not gonna be the same because I think that we have right now they're not gonna be these like clunky slow they can't they can't scale they can only have a certain amount of people you know don't you guys before when I was using them they had problems with like their passwords and stuff like that that's not gonna happen for very long amount of time in about two years they're gonna be better than the actual changes that we have right now and then I wonder her if it's going to hit the fan like if I can say it that way because what then have I told you guys before what that happens when the government's can't send anyone a letter when they can't control any with everything I was listening to something a day or two ago and they were talking about that they think that the privacy layers on top of Bitcoin multiple privacy layers on top of Bitcoin will be implemented over the next anyway for the next two to five years I'm gonna have to be rolled out slowly on side chains and stuff like that what happens when we have a world where backed is a thing and then you know the rest of the world is using crypto currencies and buying and buying a lot of tails and buying shoes and buying other stuff but we have five different side chains and privacy layers on top of it and nothing can you know what happens when these centralized exchanges are all the we use and all the crypto currencies that we use are also private and I think it's gonna be too nice but we're gonna get there eventually and I mean we will definitely see how the world ends up turning out I'm optimistically terrified let's move on next up shape-shift CEO his name is Erik Voorhees has said that the growing debt of the United States which hovers at around 21 point seven trillion dollars with the T as of November will inevitably cause a big spike in crypto he said when the next global financial crisis occurs and the world realizes organizations with 20 trillion dollars in debt can't possibly ever pay it back and thus must print it instead and thus Fiat assumed watch what happens to crypto end quote for he suggested that to repay the national debt of the United States the government and the Federal Reserve will be forced to print more fiat money leading to inflation in a decline in the purchasing power of the US dollar I really don't even know where to begin in all of this like this has been not even speculation we know for this is actually getting pretty bad and we've had news last week of the week before about it was they were they were there was rumors about a threat of China selling off their US debt and I think they I think a large portion of this that is definitely not 50 percent maybe it's 10 percent they own a lot of the the US debt the u.s. owes a lot of debt to China so if any country decides to call it in and say hey you remember that time I loan you a trillion dollars and the US doesn't have that trillion dollars the idea is is that the government will simply have to open up the printing press print the trillion dollars send it on a boat or send it on a plane rocket ship something get it to the other side but when you print an extra trillion dollars that you have to pay now imagine if this is the national debt as a lot of digits and multiple countries call that n at the exact same time that would be detrimental to the entire world's economy but maybe not too crypto Blackrock the world's largest asset manager with more than six point three trillion dollars in assets that's a lot of money under management is the latest major financial institution to express concerns regarding the rapidly increasing national debt of the United States the conglomerate CEO his name is Larry Fink said that the u.s. government is heading towards a supply problem due to the country's increasing budget deficit beginning next year Fink noted that the US could be forced to borrow 1 trillion dollars a year the rising inflation rate of the US dollar as shown by the growing interest rate of the Federal Reserve has become too high to sustain the economy he said that could be the real issue related to everything where we have interest rates becoming too high to sustain the economy with a growth interest race and then there's that that's a huge number once again I mean it's like unspecial ative speculation the idea in this and this is the kind of the weirdest part is that this kind of all fits and see the exact same thing I know a lot of people don't really care for the the tinfoil hat moments if you kind of want to call them that but everything is slowly aligning we have see those still those price predictions that Bitcoin in 2019 will hit 100,000 and then by 2021 will hit what is it a million dollars per coin and this kind of all relatively aligns with all these major institutions talking about that the u.s. is headed on a slippery slope and it also kind of coincides at the exact same time with the New York Stock Exchange and the Nasdaq opening their arms to crypto talking about how it could be a relatively new asset class what happens when the world's economy collapses and the new infrastructure that is cryptocurrency what happens if we get a huge inflow of all this money depending on who you listen to especially if you listen to like Bitcoin maximalist and stuff like that they believe in the relative short-term and I want to say short-term is about two and a half three years they believe that at some point crypto will be worth around at least four to ten trillion dollars as a whole because of growing fears of hyperinflation from the US whether that's gonna happen anytime soon whether there will be some type of a an easing of the amount of debt that they have or maybe there's some other solution that we just can't think of right now a lot of people think that this is that they're gonna happen very soon and that it could coincide with what people are calling a crypto boom where people are terrified of what's happening take them on the other the stock market and therefore dump all their money into crypto currencies I think that would be nice yeah next up throughout the better part of 2018 there have been intense talks about the possibility of the SEC approving a Bitcoin ETF however these expectations are yet to be realized as a regulatory body keeps postponing its decision before announcing the possibility of considering the latest ETF proposed by Vanek the SEC had turned nine such application so far it cited lack of proper market regulation as one of the reasons for the wreck rejecting the proposals and the SE c–'s view the crypto market is still prone to manipulation and allowing an ETF at this point would be a bad idea the Winklevoss brothers have also submitted an etf approval proposal it was not approved was not however on its part Vanek has worked well to modify the proposals to match the SEC expectations with that Vanek hopes to run an etf that would operate within the convention of parameters and under legal oversight one of the people putting their best foot forward in support of a Bitcoin ETF is Gabor Gord box Gabor is van ex director of digital asset strategy speaking an interview with CNBC's africa's business segment crypto trader Gabor said that the presence of an ETF would boost investor confidence and possibly bring in billions of dollars in to the industry de Borda issued that in the wake of such possibilities the SEC ought to grab the chance to properly regulate the industry which they have not done however the such regulation regulation such regulation would only be successful if there existed a functional ETF through which the investments would be channeled also the operations of an ETF would help the authorities and industry players to better understand how the centralized currencies can fit in a regulator traditional market I heard obviously these are not even slight rumors use the hyper rumors people think or are thinking right now that because of the because of ice / New York Stock Exchange getting into the the crypto game and as they already have all of the legal paperwork and stuff like that that they could possibly be the first entity or company or group of people to launch a Bitcoin ETF because they already have all the paperwork and you know they have that they have the track record there they already list ETF they already have securities and stuff like that on their platform and therefore there should be logically no reason for them not to be able to not only list other cryptocurrencies that may be considered can SiC securities but also listing ETFs and stuff like that on the platform a lot of people think that the the Vanek one is going to be one of the first that's going to be pushed through a lot of people I mean everything is all just down to timing no one knows exactly what any of this is going to happen but people are gathering at this point don't hold me to this these are not my words from this day now right now until let's say the last day of February that at some point during that time that a Bitcoin ETF will be approved why once again we the market desperately needs an ETF in order to move still down a thousand percent sure but if that's what it's going to take to get us to 10 or 20 X the prices that we have right now then let's do it last up blockchain will probably take a little longer to develop than the internet because it is much more complicated as was said by consensus creator Joseph Lubin he told German media outlet 1010 t3n in an interview coin Telegraph Alpha Deutsche reported on the ninth of November Lubin who is also the cofounder of etherium told reporters that blockchain technology is developing in a similar way to the web citing a exponential growth with hundreds of projects that are already practical for humans to date that's a weird sentence based on blockchains use cases for the centralized cryptocurrencies the digital entrepreneur also suggested that DLT or distributed ledger technology you will be able to permeate society more than the Internet and enable a decentralized internet or web 3 Lubin however forecast that the apt adoption adoption my English is all over the place adoption of blockchain on a mass scale will take longer than that of the Internet he said blockchain projects will enable people to build more things that will come in handy again that's how the web was developed it would probably take a little longer because it is much more complicated also because we work on topics such as digital money blockchain will permeate society more than the Internet everything will be networked in a web 3 & quot in the interview Lubin stressed the fact that consensus and aetherium focus startup incubator and infrastructure development firm was born prior to the release of etherium with the goal of building the tools and infrastructure to enable a decentralized ecosystem in which aetherium could function so kind of right at the moment right now a lot of people think that as far as crypto currencies go and as far as scaling and stuff like that I mean no blockchain that we have right now is capable of doing a million transactions per second which is seen as like the golden number typically if your blockchain can do more than a thousand transactions per second you are on par with Visa and MasterCard as I believe that visa can do fifty thousand transactions per second so if you reach that you you're you're you're pretty good so as far as crypto currencies and the expansion of like the payment networks and stuff like that within crypto we're relatively pretty good but a lot of people think that there is a lot that we do not know yet about blockchain and exactly how what we will be able to do with it depending on if you want to call the blockchain or distributed ledger technology there's a whole open world like the idea kind of is when you read around on crypto papers and stuff like that they say fifteen years ago we didn't have Oberer we didn't really have a Mazon we didn't have Google as it is right now we didn't have crypto currencies we didn't have Instagram snapchat no the list goes on therefore in 15 years from now when the blockchain system has developed they believe that we can have things that completely revolutionized the world as we have it today but it'll take some time for us to officially get there all right everyone that is definitely going to do it for this video hope you're all having a great day morning afternoon and or evening wherever you are wherever you might be a hope is absolutely fantastic thank you once again for watching and or listening let's hope that this upgrade actually goes off without a hitch they had issues before with a reason a delayed it is because I think there was something wrong with it on the test net and they said they would bring it back a little bit as long as it happens then I am happy thank you once again for watching and listening and yeah I'll talk to y'all soon see you

33 thoughts on “Next Ethereum Upgrade Set, US Debt Meltdown And Bringing Billions Into Crypto”

  1. The government is irrelevant. If someone walks up you you and says he's from a government and demands money or compliance for some arbitrary rules, just fucking shoot him. I'm sick of debating about it. They aren't worth our time.

  2. Like I said this guy is the emotional investor this recent trash may have killed him. I find it hard to believe he’s been crypto from more than a year. I listen every day and every day he’s more and more depressed. Keep in mind folks anybody who has been in crypto currency for any more than three years is basically a millionaire living their life of luxury they’re not making YouTube videos

  3. dude, you NEED TO COVER THE 8 BILLION dollar bleeding sale. its huge. i was expecting a video today. i will be seeing whether to buy or not

  4. Man 2 days without video hope you taking vacation hope nothing bad happened to you keep it up you are the best !!!!

  5. Not only do cryptocurrencies offer individual citizens a safer haven, but they can also play a stabilizing role for society itself. Cryptocurrencies are the ultimate form of self-regulated, private money. As such, they could be in great demand in any crisis, any time, in any country. We'll see how things are going to change.

  6. Poeple jist dont get it what bc technology is. We could get rid of ALL gov poeple if eveirthing is on bc and poeple need to vote for everything.
    No speculations. No manipulation no bribes. Nothing!

    Wake the fu## up poeple!

  7. Loom 😉 Cargox 😉 Btc 😉 Eth 😉 Lisk 😉 Sub 😉 Icx 😉 Wan 😉 you are welcome! Keep up the great videos, cheers

  8. Hey man YouTube is shadow banning you. I haven’t been getting my notifications for your uploads. Keep up the great work nonetheless.

  9. So SEC don't approve BTC ETF for fear of manipulation, but Silver is proven to be manipulated, so why don't they shut this down!!!

  10. It’s a pity the SEC / US government doesn’t feel the same way about guns, maybe if the producers are liable for miss use they might be a little more concerned who has them

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