Yeah Smart Contracts and Lightning Network will be a game changer to Bitcoin and this can destroy Ethereum  except Ethereum 2.0 will be POS while bitcoin is POW. It depends on what you have in mind when you say "smart contracts". The wikipedia definition says "A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement." Smart contracts have always been available in bitcoin. Genesis block reward went to a smart contract or whenever you someone bitcoin you are using a smart contract in its simplest form. You can also use more complex contracts for escrows, time lock contracts, fund raising, lottery, atomic swaps (cross chain), multi sig,... all of it designed to make sense for a "payment network". Something like Ethereum on the other hand is mainly designed to let you create "tokens" out of thin air and then use those tokens for whatever you want. This is not something that can ever happen in Bitcoin because there is little to no utility for it. As for PoS, the centralization in Ethereum is sacrificing the security of PoW so that they can earn money by only being the owners of the 72 million premined ETH. They also know that the uselessness of their shitcoin plus its unlimited supply and the dumping that they experienced the past 4 years will continue making PoW mining harder and harder which means in near future as ETH price dumps hard the hashrate drops with it and ETH becomes open to 51% attacks so they are trying to change the algorithm so that they can fully control the network by owning all the "stakes". Do you mean Ethereum 2.0 POS is more centralized than the current Eth 1.0 POW? But doesn't the mining get easier if Eth 1.0 POW hash rate drops attracting more miners to its network to secure it? How many stakes Eth 2.0 will have? Who has the 72 million pre-mined Eth and you think this person will control all the stakes/nodes/validators for Eth 2.0 POS? |
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If it's about competition, all the platforms OP suggested have that factor. However, the only competitors that I think are able to compete directly can only be Binance Smart Chain and Solana, both of which currently show useful features and solutions that ETH cannot yet have. But personally I still think ETH 2.0 will still lead and be the strongest altcoin in the crypto market.
With the reason being that both Binance Smart Chain as well as Solana are way more centralized than Ethereum if I didn't miss anything. As far as I understand Solana increases decentralization over time, but even then it probably is not as decentralized as Ethereum is and will be. This doesn't mean that BSC and Solana aren't great platforms. In fact they are outstanding projects. Right now BSC is kicking it, there is no question about that and we will see what happens if Ethereum finally manages to scale. That is by far their biggest bottleneck. Can Binance Smart Chain increase decentralization over time too? These alt blockchains may seen cheap, fast and great right now but are they are truly decentralized? Will Ethereum 2.0 POS be decentralized like Eth POW? Cheap fees, fast transactions can only happen in centralized blockchains correct? When Eth 2.0 comes out and people leave Solana for Eth 2.0 then how can Solana grow in decentralization then? |
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Just to clarify I require Matic in metamask wallet to deposit into it and withdraw from it?
After setup Matic using Custom RPC and adding Matic Mainnet settings you will be connected to the Polygon / Matic mainnet with your Metamask Wallet! click on Polygon then deposit and copy address. you need to deposit Matic (1-20) which is enough to do hundreds, maybe thousands, of transfers. How do I find on coinmarketcap or coingecko which trading pairs on Centralized exchanged support the polygon deposits/withdrawals?
check this ---> https://withdrawalfees.com/coins/matic-network. OKEx is the best because of non-kyc, FREE WITHDRAWAL fees, and 0 MATIC fees. Ok how do you know and check which erc20 tokens can be ported over to the polygon chain? |
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Yeah Cloud Mining was the worst.
I had so many friends fall for that scam. They said "Dude its 10GH/s forever, I will always be mining bitcoins". However they clearly didn't read their terms and on their terms it states that the hashrate is guaranteed as long as its more than the maintenance cost. The maintenance cost is electricity plus some handling and service from time to time.
Generally these contract last for many a year or even less than a year due to how fast bitcoin ASICs become extinct. I remember we would always get a bunch of people going to bitcointalk to complain how they got scammed with cloud mining contracts when they clearly didn't read the fine print.
Bitcoin was way cheaper back then. Do you mean if the mining profits were more than the maintenance cost of cloud mining then cloud mining can continue? Bitcoin is $60k now so mining profits hash rate should easily cover cloud mining costs nowadays correct? |
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Okay lets say for example I want to insure $100 of Dai stable coins on De-Fi, the insurance will cost 80 cents that I have to buy this premium and renew the insurance policy every 3 weeks to be covered? If shentu shield is a decentralized service then I am curious to know how do I make a insurance claim on it if a hack happens  That I cannot guarantee. If it works as it should yes it is distributed (anyone can insure you or pool together funds to insure you). But the code, the hosting that is still centralized. And you must look for the people willing to insure you. You put your offer out there and "buy" the insurance if there is enough people willing to back you. The claim process is the problem. That is not fully decentralized as you must prove or the smart contract must prove it happened. THIS is where even I am not sure of. Do you mean the code and the hosting of the insurance is centralized? So the insurance service is like a auction that is the highest offer/bidder gets the insurance?
Coming back here. What is Blind Signing Smart Contracts risks? So all those methods we discussed earlier in this thread has to involve Blind Signing security risk? [moderator's note: consecutive posts merged] |
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Ethereum 2.0 is highly anticipated by all communities, as rumors are that there are so many improvements here, from mining systems to transaction fees. If that materializes ethereum will again take what he has like a community to their glory
If Ethereum 2.0 turns out what it claims to be then all those other blockchains on the list will die and go to $0 right? If so surely there must be a competitor to Eth like Pepsi is to Coca Cola or like Apple to Microsoft right?
How much nodes Terra Luna has? Lets say for example I create a new smart contract POS blockchain to compete with Ethereum 2.0 and release it tomorrow claiming to be the fastest, cheapest etc. Because my blockchain will be new then that means there's only 1 validator node and that is me correct? So from this example can we say that any newly released crypto blockchain is centralized from the beginning and it will takes years for the blockchain to mature to become more decentralized when the blockchain network grows with more nodes and validators joining it over time as long the blockchain doesn't become dead or unpopular correct? From that note Bitcoin is centralized from the beginning right? Lastly any new blockchain is not secure because of less nodes and validators meaning easier to hack right? Can same be said with POS and POW blockchains? [moderator's note: consecutive posts merged] |
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Coming back here
- Polkadot
- Binance Chain
- Binance Smart Chain
- Algorand
- Solana
- Fantom
- Cardano
- Synthetics
- Avalanche
- Terra
- Cosmos
- Polygon
Which ones are the most decentralized that is has lots and lots of nodes on the blockchain? Binance Smart Chain has only 21 Validators/nodes which looks really centralized.
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Okay I been to the FAQ and it mentions Certik's Shield Insurance called Shentu Shield here: https://shield.certik.foundation/Does this insurance protects me on Certik's audit approved de-fi sites? Is shentu shield decentralized insurance Forget it. Most of the hacks I knew about from 2020 and early 2021 when I was really following the defi space more actually had Certik audits done and proudly bore Certik certification. Certik just makes it one step safer, but apparently the guys over there aren't that great as they couldn't see the exploits like the actual hackers could. But to answer you: shentu shield IS insurance, but you have to buy the coverage. Like any regular insurance. about 0.8% of total covered amount, every 3 weeks. Okay lets say for example I want to insure $100 of Dai stable coins on De-Fi, the insurance will cost 80 cents that I have to buy this premium and renew the insurance policy every 3 weeks to be covered? If shentu shield is a decentralized service then I am curious to know how do I make a insurance claim on it if a hack happens |
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Okay what you guys think of Helium HNT?
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I have dived into the crypto world since 2017 and, to be honest, have not seen so many worthy projects during this time. I have seen many memecoins / DeFi / etc projects that grew by leaps and bounds but then quickly died. It seems to me that in the coming years, crypto Olympus will be occupied only by those projects that can be used on a daily basis. YAY Games is one of those for me. I think their games in our time will be as useful as possible. I hope you've heard of them? if not, then it's time to google them.
You think Yay games will be the Fortnite, Roblox, Minecraft of Crypto being popular and alive for years like games? Lets stick to the topic and that is stable coins.
Okay I like to know more info on Algorithmic Stable Coin UST by Terra and compare it to decentralized Dai: According to DeFi Pulse Maker for Dai is ranked number 2 on the Ethereum blockchain: https://defipulse.com/Ethereum is a established blockchain with lots of nodes making it decentralized. Terra sounds good however how does the Terra blockchain compare to Ethereum blockchain? Is Terra blockchain decentralized with lots of nodes scattered around the world? Terra is a new blockchain compared to Ethereum and hence its high risk you know what I mean. Last month the Solana blockchain went offline for hours indicating its not truly decentralized. I cant imagine Ethereum going offline for hours you know what I mean. How many validators or nodes does the terra blockchain has? What if lenders pull their Terra Luna out of the staking pool after all luna is depleted and the demand for UST goes up? What if demand for both LUNA and UST goes up at the same time or down at the same time then how its algorithm will work then? Terra has a maxed fixed supply of 1 Billion. If UST can be exported to other blockchains like Solana then lets say the Terra chain gets hacked, then will my UST still be safe on the Solana chain? Lastly is Dai truly decentralized because I keep hearing people saying it uses some USDC to back it up? Confused how does a decentralize Dai use a centralized stable coin like USDC to back Dai up How is a smart contract, de-fi protocol be compatible with a centralized asset? [moderator's note: consecutive posts merged] |
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Sorry I mean cheapest to mine a altcoin that is less electricity used as possible of a altcoin in the top 100 rankings.
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Not any erc20 but only the ones that support polygon chain,
If there is a risk of polygon chain being hacked I believe your tokens will be safe provided they are held in your metamask wallet,
The fees to convert back will be determined by the bridge network,
I don't know which cex support deposit of polygon chain,
Metamask is for dex not just for polygon chain since you can add different network to it,
Token conversion time depends on the network, it can be faster or a little longer.
Okay how do I find out whether a erc20 token can be ported over to the polygon chain? A bridge network is separate to polygon like a different chain?
you need to use CEX such as OKEx (okex.com) they support withdrawals of stablecoins using PolyChain and the fees are low. You can find trading pairs that are allowed to withdraw and you can use any other central platform. Before doing the withdrawal order, you must add Matic balance to your address. If there is a risk of polygon chain being hacked I believe your tokens will be safe provided they are held in your metamask wallet,
AFAIK, the last PolyNetwork hacked is something different from PloyChain. (There is a similarity in the names, one of them is a central platform and the second is a 2-Layer on ETH blockchain. Just to clarify I require Matic in metamask wallet to deposit into it and withdraw from it? How do I find on coinmarketcap or coingecko which trading pairs on Centralized exchanged support the polygon deposits/withdrawals? [moderator's note: consecutive posts merged] |
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Coming back here, so the riskiest way to get yield is liquidity mining and yield farming correct?
When I lend my coins/tokens on a centralized service like block fi, Celsius or nexo, do these centralized services use my coins/tokens for liquidity mining or yield farming or do they simply lend out to other users/borrowers on these platforms that they have to put down collateral?
Lastly when comes to staking which is the most risky? Pure Proof of stake of Delegate Proof of Stake?
Apart from Ethereum, which other blockchain has good decentralization like ethereum at cheap fees? For example BSc Binance Smart Chain has cheap fees but not as decentralized as Ethereum.
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I'm not sure anywhere in the defi space will offer you fixed rates on your returns but I'm not too sure how they work - some might. Sites like https://defipulse.com might provide more information on current interest rates but you should really check the tokens and their credibility before considering investing. I think decentralised exchanges might be safer that some centralised ones andvice versa so that'll be something you should take on a case by case basis. If you want to forget about your investment though, a dex is probably safer (but both might be at risk of exit scamming if they're not audited). Centralised exchanges also might be quick to leave users liable too for the exchanges loss - depending on the exchange. Which De-Fi tokens is know for good credibility? Okay you know of any good Dex's that have been audited? These Dex's have open-source code right? Thanks, From the defipulse website you can see that Aave is the top defi there, perhaps you can do a little reading about it's credibility, and as for dex that has been audited, maybe you should take a look https://cryptopotato.com/only-8-of-all-examined-decentralized-exchanges-are-safe-report/ you will find your answer there. Okay the results in the report in that link still stands this year as the report was written last year.
I have already tried, Avalance, Polygon, Binance Smart Chain, and Solana Network.
But the best for me is on Solana Network, if you try to explore the Solana network, they got very lot of options for your stable coins, but I can suggest you try Saber, add a liquidity pool and use the LP tokens in Sunny aggregator. Or try also the Orca in Solana network too.
Which you think is better out of orca and saber for Solana? What are LP tokens in Sunny Aggregator?
So many questions, OP. And please, instead of asking here, just go to CMC or Binance and take their Defi university free course. You'll learn much more. Seriously. I'm not making fun of you, just you'll get more information and more accuracy there.
But also if you really want a good simple start, go to Pancakeswap and then get information from their FAQ. It doesn't get easier than Pancakeswap.
Okay I been to the FAQ and it mentions Certik's Shield Insurance called Shentu Shield here: https://shield.certik.foundation/Does this insurance protects me on Certik's audit approved de-fi sites? Is shentu shield decentralized insurance [moderator's note: consecutive posts merged] |
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Go to unmineable.com this is a website with pool that brings coins like shiba inu and others to miners with ease, many other coins that aren't even pow algorithm enabled are present on this website including holo, funfair, decentraland, 1inch and many more
I don't get it, how can you mine POS coins that you mentioned? |
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Yeah Smart Contracts and Lightning Network will be a game changer to Bitcoin and this can destroy Ethereum except Ethereum 2.0 will be POS while bitcoin is POW. |
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The gas prices varies from time to time depending on the amount of transaction been processed at that particular time, I gotta admit it kinda sucks to always watch gas prices before making any transaction, the Internet money shouldn't cost more than $1 per transaction, personally have stopped using or moving eth assets since the gas fees are more expensive than a monthly paycheck over here, instead of always watching eth gas prices before making any transaction while not just move to a better blockchain where you won't have an heart attack when you wanna make a transaction,maybe bsc or near Protocol, although I would recommend Near Protocol cause the gas fees need for transaction on Near blockchain is just $0.01 and it will never go higher than that, stop getting heart attacks when you wanna make a transaction its silly.
Is Near blockchain cheaper than Polygon Blockchain? How many validators the Near blockchain has and why would a trader use Near over Polygon? |
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I am looking for the easiest altcoin to mine that is in the top 100 crypto market cap rankings that requires less electricity as possible.
Mining is there for years and mineable used to be an indicator that a project can survive. It only partially true because many mineable altcoins finished their lives with deaths. Mining itself is risky because you have to face with tripple risks: - Risk of investment in your mining equipments, power bills, maintenance cost.
- Risk of unknown price changes
- Risk of coin survival ability
There are few mineable altcoins in top 100 but they are no longer easy to mine. Others are for stake, yield, farm, etc. My advice for you are - Checking with Whattomine.com.
- Look at those coin age, should be more than 4 years.
- Next, go back to coinmarketcap or coingecko and check further details of coins that you just filter from Whattomine.
Hello I'm looking to mine a altcoin in within the top 100 rankings that doesn't require ASIC, fast PC or any expensive hardware or if hardware is required then consumes the least electricity. Is there a altcoin for this? |
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Hi,
I am looking for the easiest altcoin to mine that is in the top 100 crypto market cap rankings that requires less electricity as possible.
Any suggestions?
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The other reason people hold tethers because that want stable price to avoid volatility in the crypto market. So a person will sell crypto for tethers for price stability especially before a bear market so its not just used for buying cryptos.
Is tether holding safe government bonds or high risk junk bonds?
What you wrote is obvious, but stable coins also have other very important function. When you sell cryptocurrencies and exchange them for fiats, in many countries you are obliged to settle each such transaction with the tax office. Stable coins, despite the fact that they are the equivalent of fiats, are still a cryptocurrency, so transactions made on them do not have to be reported. This must be reported to the tax office only when you exchange from stable coin to fiat. This is a great help for someone who does a lot of transactions. Centralised stable coins like tether USDT and USDC and such might be required by the upcoming SEC or FATF new crypto regulations to report all transactions to the tax office. Also KYC/AML regulations might come onto centralized stable coins too. I heard that tether frozen somebody's usdt wallet, meaning tether is obviously centralized. If a employee in a tether office can do this then the employee can report all transactions to the tax office or face risking more fines. If that happens then what's the advantages of holding centralized stable coins over fiat currencies then apart from higher yields?
A stable currency is a very important ingredient for the market. In keeping with the best considerations with criteria such as reserve transparency, volatility, velocity, ownership, Tether still accounts for the absolute majority. Also, a lot of impressions in usdc, Busd, Tusd Although I fear there will be a big change in the stable direction of the coins in the near future.
All stable coins currently have a hard lock rate. If the case does not lock, there is a greater chance of compliance.
What is a hard lock rate?
Lets say for example that the auditors/regulators has found that USDT Tether has printed tokens out of thin air that are not backed by the fiat $dollars, from there what will happen to USDT on the basis of this news?:
- Is it possible for a stablecoin to crash to 0?
I think anything can happen
- Will centralised exchanges start delisting USDT in light of this news?
This is very unlikely because USDT is one of the popular coins used and traded by many people, they benefit from major withdrawals so I think this is not. And I think stable coin is one of the important coins to trade in the market. Can't cancel if canceled, it's hard for us to have better similar options. I agree centralized exchanges make a lot money in stable coin trading pair fees so if centralized exchange is pressured to delist a centralized stable coin or stable coin crashes to 0 then that cex will lose money and go bankrupt and all the trading volume they had will go onto decentralized exchanges.
I don't know about trustworthy because one of the biggest stablecoins we have in the industry is tether and it has a sketchy past which which might drag it into the not trust worthy coins but it still remains to be the biggest and most probably the most popular unless you decide to use tether based on other blockchains like the tron chain. And unfortunately am not so much of a stablecoin person so I have stuck to tether the original stablecoin.
Using tether USDT on Tron is much cheaper fees but what do you mean when you say unless you decide to use tether on tron blockchain? [moderator's note: consecutive posts merged] |
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