Token sales bring triumph and turbulence. Dash lays out roadmap for success with focus on fundamentals. Vitalik is alive and tweeting. TenX sale tops goal of 200K ETH in 7 minutes. The hosts discuss issues with Coinbase and other factors impacting recent price swings. Darren and Pedro enjoy PorcFest while JJ stays home and talks music, marijuana, and crypto. JJ compares the evolution of cryptocurrencies to cars. A teenager becomes a Bitcoin millionaire.
All this and more on the Neocash Radio podcast, episode 212 — Wednesday, Jun 28th, 2017!
We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ and Pedro!
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|Traditional Financial Markets||Cryptocurrency Markets|
|Gold $1,248||Bitcoin (BTC) $2,583|
|Silver $16.78||Ethereum (ETH) $330|
|Oil $44.88||DASH $184|
|Dow Jones 21,454 points||Litecoin (LTC) $43.47|
|30Y UST Yield 2.78%|
Dash has laid out plans to scale to 2MB by the end of 2017, which would enable it to handle 8 times the network traffic of Bitcoin. Longer term plans are to scale to 20MB with an eye on 400MB. Evan Duffield has explained that he expects nodes to run specialized hardware to be able to scale to that level. To get to the 20MB level, it’s assumed that masternodes will be run at a data center with a processor equivalent to a GPU.
Dash’s model is different than other coins. Since the rewards and fees are shared with some node owners, there are resources available for big beefy servers. Also Dash’s proof of service model provides an incentive for masternodes to acquire this beefy hardware.
The letter expresses the rising concerns over potential legal issues that token sales and initial coin offers may suffer. Evan and Ryan do not wish to market DASH as an investment. The strategy involves hiring a Public Relations Firm to create a cohesive brand and shying away from the hype.
While the Status tokens quickly sold out, the Ethereum network felt the effects for days. Thousands of high gas fee transactions filled the network during the token sale. Those transactions were still filling blocks hours after the sale was over, destined to be rejected. All the while, normal network transactions were being put lower on the list in favor of more lucrative fees. Claims are being made that there was foul play by a couple mining pools. f2pool has been accused of participating in the token sale, ensuring their own transactions made into blocks while others did not. We’ve not yet been able to confirm this but it brings up an important topic.
Rumors of Vitalik’s death are false, confirmed on Twitter with a little help from the blockchain.
Between the pre-sale and the public sale the TenX team reached their ultimate funding amount. With this sale lasting only 7 minutes, token sales are seeming a lot like drag races. Attempts to contribute persisted well after the sale ended.
While Darren and Pedro Enjoy PorcFest, JJ Talks Music and Marijuana in Two Special Guest Interviews
Last week Darren and Pedro were at PorcFest in rural Lancaster, NH. Instead of a regular episode I published two bonus episodes. The first one was an interview with David Werba from Musiconomi. The Musicoin team has a finished product that works and they are looking to fast-forward development with an initial token offering. The new platform Musiconomi aims to be a one-stop-shop for artists where they can share music, sell tickets to shows, and even handle digital rights management and royalties.
The second bonus episode, “Cannabis Crypto: Coming Soon to a Marijuana Store Near You?” featured a return of Matt Simon. Matt is an expert marijuana policy analyst and he joined me to talk about two cannabis related cryptocurrencies: PotCoin and the Tokes Platform. We discussed the banking issues legal cannabis business are facing and how crypto may solve their problem.
JJs Car to Crypto Analogy
In an ongoing effort to better explain digital cryptocurrencies to our listeners I want to relate the progression and development of the different blockchains to the history and evolution of the modern automobile.
If we look at the Model T launched in 1908 as the tipping point of mass adoption and success, Bitcoin is more like an early gas powered tractor, a precursor to the automobile with decades of development left. The other crypto have come along and have improved and innovated but would still be prior to the Model T as cars. The space between the Model T and a new self-driving Tesla is massive with over 100 years of human innovation.
The good news is that the digital medium has allowed the evolution to speed along not at the speed of a human hand but the speed of electricity. DASH is perhaps the closest crypto to the Model T point but that is still a year or more away. Of course DASH would be a car that can teleport to its destination and turn invisible, so that’s a nice feature to have.
Ethereum wouldn’t be a car, but rather the car radio that evolves into the internet. It is also in the same development trough that all great ideas must climb out of. I could go on and on but I need to get to an important point.
If crypto is not yet at the Model T point than the space is also far from the air-bags, crumple-zones, seat-belts or really any safety features. No a/c, no power windows or even power steering. Each and every person who puts money into crypto must understand and accept that this space is dangerous, raw, and uncertain. The protocol is absolute and unforgiving. The network will have problems. There will be bugs. There will be security holes. Attackers will find exploits. People will lose money through some glitch or fat finger. Your security is your responsibility.
The light at the end of the tunnel is the evolution of mankind. Those that travel through this darkness will not just witness the evolution, they will have lived it and likely have the scars to prove it.
Teenager Becomes Bitcoin Millionaire
This last headline speaks for itself!
BTC Address: 1MmFwDeZPgxJ4GyzbfmZVLJv3aZcpxSfR5
ETH Address: 0xe4689EF88F239C6eed1Ff262876e2499495c1617
DASH Address: XtLEPo6DKeu45e2czdHLEb5EzJRVDz2aLZ
NXT Address: NXT-TT49-WV65-HZJA-5EJF9
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