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Sunday, September 25, 2022

There’s Only One ALTCOIN For WallStreetBets!

Well, it ain’t just gamestonk anymore, its AMC, its Nokia, it’s blackberry….it’s like a flashback from 2005! Heavily shorted nostalgic companies are surging because retail is fed up with wall st., hedge funds, the elites, and their exclusive rich club, they are trying to keep closed shut. Well, the floodgates are opening, and let me tell ya there is nothing you there won’t be much you can do to stop it but we’re a crypto channel and altcoins they’re rumbling…so let me rumble your tumble because it’s time for Chico Crypto!

Ya, the craziness from wall st. bets, gamestonk made its way into cryptocurrency. The Doge is doing what the doge does, and it surged because a person who made a wall st. bets Twitter, it’s not even an official account, tweeted about dogecoin “Has DogeCoin Ever been to a dollar?†So some random guy on the internet, who thinks they are the face of WSB, but they are not…tweets about doge, and it surges, literally yesterday, it was sitting at 90 percent.

The markets are insane right now. You just want proof of how insane? Elon Musk, he tweeted about Doge, just last month. One Word Doge December 20th. Well how much did Elon pump it, one of the richest men in the world. CNN covered it, his tweet only could pump it 20 percent!

So, Wall St. Bets isn’t going to go for Dogecoin, yes some might buy it for fun, but it’s not going to go anywhere, and will eventually come back down, that is a feature of the doge, not just my opinion, look at the charts over this cycle, doge is the one who gets pumped and then dumped right back down to where it started, over and over.

Now, I’m not hating on Doge, Chico is FUN but I’m a realist. Doge could go to a dollar, it would be absolutely insane for a meme coin to have over a 100 billion dollar market cap, but hey, this world’s insane right now, so it’s possible. But, it will come crashing down, as reality will come back, it always does.

And if it reaches that dollar mark, things aren’t going to be any different…once the hype cycle is over, doge will become a penny or under again. A 99 percent loss, just like the cycle before. The more things change, the more they stay the same! But Damn Chico, why you such a buzzkill? Well, I’m not I like to party, but when I party, I party as safe as you can, when you’re partying. What does that mean?

Well, we are looking for the altcoins, who share similarities with what’s going on in finance 1.0, who can enhance the movement including enhancing where it all began….ON Reddit. So, because of the finance 1.0 party, this news kind of got swept under the RUG.

Reddit and the Ethereum foundation announced an official partnership 2 days ago. Yes, it’s official, Reddit is going Ethereum after the beginning collaboration with the Reddit Scaling Bake Off challenge. Now, this is big, because the aim of the scaling bake-off, as we can see from the original post, was to scale their community points and bring them to the mainnet. This is big, because it’s the Ethereum mainnet, and community points, from the Reddit point homepage, are erc20 tokens. So, I’ve covered the community points before, the scaling bake-off on multiple occasions, we aren’t going to dive into that again, those videos are in the description if you want to check them out after.

But a summary, Reddit it trialling the community points with 2 subreddits. r/forninteBR & r/cryptocurrency. Many teams have submitted to the scaling competition, but personally, we think the possible winners come down to just a few. xDai Stake, Matic Network, OMG or Arbitrum. And on the official partnership page between Reddit and Ethereum, Reddit admin, who is lead on the project, user jarins said “In many ways, the Scaling Bake-Off was the starting point for this collaboration.

We’ve been very impressed with the responses we’ve gotten from the scaling bake-off, and we’re in touch with a few teams to explore those options in more detail. While we don’t have more details to share right now, we hope to have more to say soon regarding our scaling plans†In touch with a few teams.

I’m guessing it’s the one we have been zeroing in on. Why? Well, let’s begin with xdai. Now, if you go to this guy’s Github, TWT, this is Tim Tickel, going to his GitHub, we can see he is staff engineer for Reddit, with a focus on blockchain security, being brought on in April of 2020, just after the great Reddit scaling bake-off the launch.

He was brought on for this. Going back to his public GitHub, it’s barren, but there is one little green contribution in November of last year. Clicking on it, he opened his first issue, in Github, with POAnetwork & Blockscout aka xdai. And going into the issue, we can see he is chatting back and forth with xdai core dev, Viktor barinov. They were in touch, with xdai, the head of blockchain security was.

So what about Matic!? Well, I don’t have anything that closes, like a Reddit employee playing around with tooling and blockchain but a prominent Ethereum researcher, and developer joined Matic to build from his own words on Twitter “a go-to platform for Ethereum scaling and infrastructure development!†And then just last month in December.

Matic as part of the EEA, enterprise Ethereum alliance, gave a talk on the shift to Layer 2, with Celer and Tas Dienes of the Ethereum Foundation. And something interesting, if you didn’t notice, Optimistic Ethereum is sitting the scaling competition out but if you go to their new beginnings blog post the switch from Plasma to optimism.

Are they really? They thank their donors, which include Matic & they thank their collaborators and contributors, which include Tas Dienes of the EF. So xdai & Matic, I’ve said for some time are my top two picks. But there is a slight possibility for both OMG and Arbitrum. OMG, even though I do not believe the tech is anywhere close to ready, or ever will be, is connected to both Vitalk and Aya Mya Guchi of the Ethereum Foundation, as they were both once advisors to it.

Finally Arbitrum! Well, it is the most complete optimistic rollup that was submitted to the competition. And Steven Goldfeder, CEO just spoke on Discord, about the mainnet launch, the flagship chain, all the apps, wallet, node providers, oracles and other infrastructure on-chain….aka they are about ready to GO, the first general rollup chain. And Vitalik loves him some rollups. He thinks they are the jam….

And then after this, he put out in early January, a rollup post “his incomplete guide†and he said “In general, my own view is that in the short term, optimistic rollups are likely to win out for general-purpose EVM computation and ZK rollups are likely to win out for simple payments, exchange and other application-specific use cases, but in the medium, to long term ZK rollups will win out in all use cases as ZK-SNARK technology improves†So once again, optimistic rollups are the closest to being ready, and the closest to a general mainnet is Arbitrum. But, for the chosen one the scaling solution for Reddit.

I hope you get how BIG it will be. Yes, it’s just moon tokens for r/crypto and bricks for r/fortnite for now. But what happens when a community point is made for wall st. bets? The other massive subreddits? It’s on like donkey kong, but things could be accelerated for those WSB degens from a certain scaling solution and sticky bun, but before we get into that, it’s time for a short sponsored segment from our friends at the Nervos Network, and like always the full details of our agreement are in the description.

So what is the Nervos Network? Well the mainnet was launched in late 2019, and that consisted of high throughput, Proof of Work chain. Yes, Nervos is going with Proof of Work for their base, and this is called the Common Knowledge Base (CKB), whose function is preservation. It stores the assets and provides arbitration which means it’s there for rock-solid security and their Layer 2 is specifically made to be unbounded for transactions and interoperability between blockchains. Aka developers build once, and their apps are usable across all blockchains per example BITCOIN.

DeFi across blockchains….So how does Nervos accomplish this? With what they term the Nevos Universal Passport. And this is broken down into 3 core components. The Force Bridge, which is their cross-chain bridge, it’s bridged with Ethereum right now, with more chains in the works and with this bridge users only have to deploy the ERC-20 contract to begin the movement of assets, as the bridge supports all ERC-20 contracts automatically. No special tooling, no registration, just set it and go.

The next component is poly juice, the Ethereum compatible infrastructure layer bringing the account model to Nervos’s CKB which means one should be able to port their existing apps running on Ethereum to CKB with minimal effort. And the final component of the Universal Passport is PW Core, their SDK run anywhere component.

This gives developers the ability to have their apps ran with any public chain wallet supported by PW-lock- Bitcoin, Ethereum, EOS, etc….apps created within this are called pw-dapps. Now one of the things I like about Nervos, is how they create demand for their Layer

1, by creating an awesome interoperable layer

2. All Layer 2 dapps, pw-apps or not, need to continuously lock up Nervos’s CKB Ckbyte token, by locking CKBs in proportion to the size of their dapp. The more demand there is for apps & chain space on Nervous, the more valuable CKBs become. And 2021 is shaping up to be really good to Nervos, they are working on Godwoken, their generic framework for rollup solutions, and they are finalizing Lumonos, the java/javascript based framework & capsule a development framework which provides a solution to build CKB scripts using the Rust programming language.

So if interoperability in DeFi is your flavour, links for Nervos Network are below! Now back to WSB, wall st bets, and a certain layer 2 & sticky bun. Yesterday, I spoke on synthetic assets, and WSB coming to crypto because of them….but, the FEEs, they are normies, they will not be down paying 15-100 bucks just to put in a trade. There needs to be a synthetic solution, built for layer 2, built for ease & the onboarding of the norms. All I got say is bao chicka wow wow! So what is Bao? Finance all about!? Synthetic assets, and using a combination of BAO tokens and liquidity pool tokens, as collateral for those synth assets.

Which can be anything including STONKs! Now if you go the BAOman’s recent last week journey post, he updated on what they are working on. He said, “We will also launch “Bao Baskets†on xDAI — this will be Bao’s modified fork of Balancer, which will be used to create what we call “soft synthetics†(more commonly known as indexes) this balancing product needs to exist for us to build full synthetics on the xDAI chain in the future.

Cheers, I’ll see you next time!.

Read More: Google Cloud’s New Role in EOS

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