Ethereum London has activated & the burn upgrade deployed into the main Ethereum chain without a hitch!! Ethereum is getting destroyed, thrown into the actual Ether to never return! This is a BIG freaking deal, and the markets are starting to realize that! So are you ready to get real with this channel!? Well stay tuned, because it’s time for Chico Crypto! The BURN is on my friends! There is no doubt about that! Many were saying to sell the NEWs, Ethereum would dump when the upgrade happened! Well that wasn’t the case, Ethereum actually pumped, and crossed 2800, setting its sights on the fabled $3000 dollar level once again! Yesterdays chart looks bullish, but over the past 7 days, it’s even more bullish.
From basically 2300 to 2800. Just a 21.7 percent increase! This looks even better when you compare it with Bitcoin! Bitcoin is actually lower than it was 7 days ago. BTC was at about 40k last week, as of yesterday it was at about 39,400. Which is a loss of about 1.5 percent! A stagnant Bitcoin & a bullish Ethereum equals RATIO gain! Big time over the past 7 days, as Ether crossed .07 and if you know anything about Ratio Gang. Ethereum is still undervalued compared to Bitcoin.
Just above .08 is where Ethereum should be, that is the point where Ethereum’s market cap is about half that of Bitcoins. And if you know about anything going on in the space, regarding development, Ethereum has much more activity than Bitcoin thus it should be at least halfway there if not more. Getting close to the actual FLIP, which is when the ratio gets to .16! Now this performance of Ethereum vs. Bitcoin is getting to the Bitcoin Maxi’s heads! Eric Conner, the actual co-author of the burn upgrade, EIP 1559 tweeted this yesterday. “The Bitcoin community has gotten so pathetic that they actively beg regulators to classify ETH as a security.
This has been going on for years. Some examples of many just from today…which he shows BTC Maxi’s calling for the SEC Chairman, Gary Gensler, to classify ETH as a security! Even Samson Mow, CSO of Blockstream tweeted “Tell me your a security without telling me your a security” Now why is this way overboard? Because before Gary Gensler was head of the SEC he has spoken on Ethereum as a security. Let’s listen in to what he had to say! In 2014, due to the fundraising efforts of those involved yes it would pass the Howey Test, and thus be classified as a security! Although the SEC in 2018 said that Ethereum is now decentralized enough, and thus isn’t a security! Which is true, the SEC did declare that Ethereum wasn’t a security in June of 2018, and then Chairman of the SEC, Jay Clayton in 2019 reiterated that! So it would be devastating for the crypto markets as a whole, if Ether was declared a security! The markets would go kapoot and BTC Maxi’s tagging Gensler to take a relook at Ether is just despicable! BTC Maxipads can cry all they want, but the only reason they are kicking and screaming is because the upgrade is doing some BIG things! Burning Big things. Eric Conner also tweeted “1,000 ETH has been burned in the first 5 hours of EIP-1559”.
Now if that rate keeps up, that is 200 per hour, or 4800 over 24 hours, or over 1.75 million Ether per year! Now I shoot these videos 24 hours in advance, so I’m very interested to see how many are burned by the time this video goes live! Which would be about 32 hours since the BURN went live. Will the rate keep up? Will it be over 6400 Ether? Or will the burn slow down? I’m really hoping it keeps up! But regarding what this is supposed to make Ethereum become…Deflationary, and ultrasound money. We got a taste of that yesterday!
A BitsBeTrippen on twitter tweeted “An Example of a deflationary ethereum block burn. What you see is a total block of 12.279 eth of which 5.465 went to the miner & 6.81 got burned. This resulted in just under 60% of the potential reward not going to miners, but being burned instead! With the picture of the Etherscan data to prove just that! Ethereum becoming deflationary before our eyes!? What a sight to see!!! Although, not everything was necessarily good with the upgrade yesterday.
There were lot’s of complaints all around about surging GAS fees. With some users even saying that fees were getting as high as 300 dollars! Woah so what the freak happened!? Well that is going to settle down! For one, there was a NFT drop, a new hot NFT PUNK, COVID punks that decided to do their DROP and minting, during the first hours of the EIP upgrade! A Takenstheorem tweeted about it and said “Minting on COVIDPunks is currently responsible for more than 15% of gas consumption on the entire network below they showed the minting race, and then explained the last few mints had a gas price of nearly 300 Gwei! Them dang JPEGs were part of the reason for the high gas fees! Although, even with the PUNKs hype dying down, Gas Fees were still a little high. Eric Connar also tweeted about this. He said “Can we please not over react to gas prices just 3 hours after the fork while: wallets still haven’t updated, MEV bots are broken, gas limit is being fixed and ETH is pumping? It’ll take weeks if not months to properly assess 1559s impact on gas fees.
So that is TRUE, it’s going to take weeks, if not months to truly understand how this is going to impact Ethereum! But let me tell you, Ethereum is going to become such a deflationary asset here soon and it has nothing to do with jpegs! It has a lot to do with the Baseline protocol! Remember, with EIP-1559…the more Ethereum is utilized. The more Ethereum that gets burned. Minting COVID punks, shot the burn rate up big time now imagine what happens when fortune 500 companies are connecting to the Ethereum mainnet! Yes, if you didn’t know, the Baseline protocol is working with major pieces of enterprise already. SAP, Salesforce, Oracle, Sage & Others. These connect to Baseline servers, which then connect back to the Ethereum mainnet as the source of truth! And John Wolpert, the main man behind Baseline tweeted “The Baseline protocol is poised to be the standard for multiparty system integration.
In 2022, if you don’t know how to baseline, you are going to start losing money to those who do. #Systems” Multiparty integration! Who could be these parties integrating with the Baseline protocol, thus deploying transactions to the Ethereum mainnet!? Well, it’s pretty obvious! Provide services, a key player in Baseline posted a blog about ETH Atlanta Hackathon & Keynotes. The Blog says “EthAtlanta 2021 will take place in-person this year from October 1 – October 3 at Atlanta Tech Park. This three-day hackathon will bring together business leaders and developers from across the globe to drive conversations and build next-generation enterprise synchronization solutions using the Baseline Protocol, Baseledger and the Provide stack” Further below it says “Day one of the event will include a number of keynotes and panel discussions featuring executives at companies like Microsoft, Splunk, EY, ConsenSys, Coke One North America (CONA), ServiceNow and from the Baseline Protocol community” Microsoft, Splunk, Ernst & Young, and Coke One North America!? Yes eventually these enterprises are going to be on the baseline, connecting back to Ethereum.
Increasing that BURN sooooo much! Although Kyle Thomas of Provide, spoke about what is currently going on. When Baseledger, and how the protocol is currently operating! An Andromeda on twitter captured the clip. Let’s listen to what was said! Production production is coming by September of this year, aka next month and CONA is currently using it!! And there has been actual data put forward on how this is going for Coke One. Baseline integration is expected to have 100 million dollars in operational cost savings, due to a 97 percent reduction in disputes across the supply chain and this is only for Coke One, the North american bottlers. As we can see…they have the ambition to go global! Ummm that makes me bullish on Unibright, UBT…and Ethereum as a whole! Cheers! I’ll see you next time!.
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