Higher #ETH Prices are BAD! – (Chris Coney & Juan Villaverde) WCSS:016

Curated Content by Dan - Coin Cerberus

December 12, 2021

 

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Chris:
Hi there, guys, and welcome to this week's edition of the Weiss Crypto Sunday Special with me, your host, Chris Coney. My guest analyst today is Juan Villaverde. Juan, welcome back to the Sunday Special, mate. Juan:
Thanks for having me, Chris. Pleasure to be here. Chris:
Glad to have you, mate. Today's topic is “The Increasing Scarcity of Ethereum Could Lead to Higher Prices.” So let me set the scene here: Ethereum just went through an upgrade called the London upgrade. I think they call it that because the developer's meeting where all this was hashed out was in London. So among the other upgrades the major one that everyone's been talking about, is Ethereum Improvement Proposal (EIP) 1559. So that's probably what you're heard in the headlines, EIP-1559. And why this has been talked about quite a lot is because it introduced a new fee mechanism into Ethereum. Quick backstory: Every time a new block was added to the Ethereum blockchain — every 15 seconds — the block reward was given to miners.. So the miners would get that, and they would also get all the transaction fees in the last batch, or in the last block of transactions. So those were two revenue streams — the newly created Ethereum and all the transaction fees in that block. That's now changed. There are now three numbers to keep track of. One is the block reward for the newly created Ethereum, one is this new thing called the base fee and then the third one is called the miner tip, right? Not minor as in small, but as in Ethereum miner. Under the new mechanism, the block reward is two ETH per block. So if an Ethereum block is made approximately every 15 seconds, that means every 15 seconds, two new Ethereum are created and rewarded to miners and whatever Ethereum is worth at the time is what it's worth. So that's the block reward.
The second one is the flat rate base fee. It's like a bare minimum transaction fee that everyone pays, right? That's why they call it the base fee. And it goes up or down depending on how full the previous block was. So, this is an algorithm that tries to keep the blocks half full. So if the last block was more than half full, the base fee goes up, almost to discourage transactions. And if the last block was less than half full, it lowers the base fee to encourage transactions. So that's pretty straightforward. The key thing that's got everyone excited about this feature, though, is all the base fees paid in Ethereum don't go to the miners. They get burned; that Ethereum gets destroyed and removed from circulation So when the networks really busy, you're burning all this Ethereum, right? And the reason the title of this episode says “potentially increasing Ethereum prices” is that now you've got this Ethereum destruction going on. If that outweighs the amount being mined, you've actually got deflation, which Juan and I will talk about in just a second. So the miner tip then, which is the third revenue stream, is an extra fee that you can include optionally with your transaction to ensure your transaction fits into a block. Say, in Scenario A, 200 transactions need confirming in the block. All pay the base fee because they have to, but no one includes a miner tip, right? So if all those transactions fit into a block, that's fine. All those transactions get confirmed. If they don't fit into the block, then the miners decide how to handle that. In Scenario B, say there's the same 200 transactions need confirming in the next block, but only 100 of them will fit into the next block. And let's say, 50 out of those 200 transactions include a miner tip as well as the base fee. So that means when the miners look at the 200 transactions waiting to confirm, they have to pick 100 of them to actually put into the next block. Well, they'll definitely choose those 50 that have the tip because they make more money. And then they'll just have to figure out which of the remaining 150 to include as well. So then, Scenario C is more extreme: 200 transactions need confirming in the next block, but all those transactions include the base fee and a miner tip. Well, what if all those won't fit into the block? How does the miner decide now because they've all got a base fee and a miner tip? Well, they'll probably do what they did in the old system, which is they'll pick the transactions with the biggest tips because it's within the miner's interest to do so, right? So they'll look at the transactions with the greatest tips and put those into the next block. The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=LL-L7BHjMnA

Crypto Currency Resources & Recommended Products

The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.

Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.

Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.

Coinbase

Crypto Currency Wallet & Coin Exchange

Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.

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Make Money Online

 Cash Network & Affiliate Training

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binance

Cryptocurrency Exchange

Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.

While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call. 


In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.

Click Here Watch A Tutorial Guide On How To Use Binance.

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Ledger-Nano-Wallet

Cryptocurrency Hardware Wallets

One of the most popular Hardware Cryptocurrency wallets is that of

Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data. 


Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.


It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.

Watch A Video Guide On How To Use The Ledger Nano S 

Exodus

Digital Crypto Currency Wallet 

The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet.  This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.


The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.


While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.

Brave-Browser

Cryptocurrency Browser

The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.

Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.


Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.


One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online


Tags

Altcoins, Buy Altcoins, Crypto, Cryptocurrencies


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