BIG CARDANO ADA UPDATE! [Uniswap, Ethereum, Bitcoin] CRYPTO NEWS TODAY

BIG CARDANO ADA UPDATE! [Uniswap, Ethereum, Bitcoin] CRYPTO NEWS TODAY

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Cardano Delays Vasil Hardfork

Cardano has delayed its much anticipated Vasil hardfork and its upgrade due to pending bugs fixes. What you need to know is that Cardano has postponed its Vasil hardfork upgrade to the last week of July; Input Output Global, the company behind Cardano, cited seven bugs as the reason for the delay. The Vasil hardfork is supposed to significantly improve Cardano’s underlying performance. So, Cardano is moving the date of this back. This is a big upgrade if you’re unfamiliar with what the Vasil hardfork is and what it’s going to do.

Why is the Vasil Upgrade good for Cardano?

 The Vasil hardfork is Cardano’s most significant update since the Alonzo hardfork launched last September. It comes as part of Cardano’s long-planned transition from the so-called Goguen to the Basho era, dubbed “an era of optimization, improving the scalability and interoperability of the network.” Where the previous eras focused on decentralization and introducing smart contracting capabilities to the network, Basho is about improving Cardano’s underlying performance to better support DeFi applications.

Specifically, the Vasil hard fork will introduce four key improvements: CIP31, CIP32, CIP33, and CIP40. These upgrades are supposed to overhaul the logic behind some of Cardano’s Plutus scripts. They are meant to reduce the size of transactions, thus increasing the network’s throughput and reducing transaction fees. It’s hoped that the hardfork will improve the “concurrency” problem that has severely impaired the scalability of DeFi apps on Cardano.

This is now slated for late July. In other words, this is perhaps a strategic move considering market conditions have been so abysmal lately. When this happens, and it’s happening relatively soon, it will be a major improvement for Cardano.

Uniswap Labs Buying Genie (Ethereum NFT Aggregator)

And again, this is a pretty big deal. Uniswap Labs, buying Ethereum, NFT Aggregator Genie; watch out OpenSea Uniswap is making a push into NFTs. 

Uniswap has announced they have acquired Genie Xyz to allow users to buy and sell NFTS directly on Uniswap. I liked promo video that they tweeted out. It is an exciting future for Uniswap when it’s competing directly with OpenSea.

Solana NFT Marketplace Magic Eden Raises $130M & Plans Multi-Chain Expansion

And then in other news, Solana NFT marketplace, Magic Eden, perhaps the most popular Solana native NFT marketplace, raises 130 million, and the big news is they’re planning a multi-chain expansion. The top NFT platform on Solana is a newly minted crypto unicorn with a $1.6 billion valuation, and it’s going to add other block chains. Of course, they’re going to add Ethereum and who knows what else to the polygon. Who knows what else?

The fact is, even though this is a Solana product meant to boost the Solana ecosystem, they understand that the future is multi-chain and users are going to demand multi-chain. This is great news for users and a big deal for Solana.

Bitcoin Market Outlook for 2022 (Next 6-9 Months)

 Let’s talk about bitcoin in 2022. Let’s talk about price action as we finish out the year. As we saw here, bitcoin has now played out the same 62% decrease the same as we saw here. It is happening here from the 50-week simple moving average rejection zone low, as it did in the 2018 bear market. What’s the takeaway? We are either at the bottom or very close to it. In my opinion, most likely, even if we’re at the bottom, the next six months to a year will be sideways ranging with chop solidation, and by the way, sideways includes major price pumps and major price dumps in the range.

 And no matter how you look at it, one thing is becoming clear: bitcoin is getting ready for a Mega Pump. The mathematical structure of bitcoin is categorical. One takeaway could be that the crypto market is about to enter into a new major bull cycle. It’s possible that it won’t happen until the end of the year or 2023, or if it’s something shorter term. Either way, we’re going to see a major relief rally because you can’t just keep going down so much without a relief rally.

And then speaking of the next six to nine months and actually even beyond that, the genie is out of the bottle. This stuff isn’t going away. As you can see, adoption, integration, all this stuff just continues to happen. In the next 6-9 months we will see many flocks to Bitcoin as they realize WHY it is the world’s most valuable crypto. But I think many are going to flock to Ethereum too. Also alt L1s, L2s, GameFi, DeFi, and much more in crypto. The world is trending digital, and Web3 is a natural next step.

Ethereum Bullish Merge Metric

 Ethereum’s merge to proof of stake is right around the corner, and there are some bullish metrics associated with that.  ‘Over 12.9 million ETH are now in the Ethereum deposit contract. That’s over 10.6% of all circulating ETH.  At current prices that’s over $14.2 billion securing Ethereum through staking.’

Vitalik Buterin Mocks Bitcoin “Stock-to-Flow”

Let’s check in on some of the most bullish people in 2021 and see if there’s any atonement for maybe being too bullish in 2021 for a few different people, a few different stories. Let’s start here. Vitalik Buterin mocks Plan B’s bitcoin stock flow model amid a price slump. I took to Twitter today to criticize the infamous stock to flow bitcoin model popularized by pseudo-anonymous investor B. The model famously predicted that bitcoin would hit a price of $100,000 by December 2021, inviting criticism after it was invalidated by the market. Buterin pointed out that if Plan B’s model was applied to Ethereum following the “Merge” upgrade, its price would be a surreal number that doesn’t “exist” in nature. So further criticism of Plan B’s model.

This was his specific tweet showing how far the price has decoupled from what the stock flow model says. It should be what Plan B’s model, specifically his stock to flow model, specifically says and what Vitalik wrote.

‘Stock-to-flow is really not looking good now. I know it’s implied to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that a number-will-go-up are harmful and deserve all the mockery they get.’

Was PlanB too bullish?

Looking back at some of Plan B’s tweets. Of course, you know, many of us thought bitcoin would hit $100k in 2021, but did we have as much certainty that it would be as you know as this tweet  as of November 8, 2020?

‘People ask if I still believe in my model. To be clear, I have no doubt whatsoever that the bitcoin S2FX is correct and that bitcoin will tap $100k- $300k before December 2021. In fact, I have new data that confirms the supply shortage is real. In my opinion, 2021 will be spectacular. This is not financial advice!’

 He saved it with that one but still seemed rather certain, and people are giving him a little bit of crap for it now.

Michael Saylor RESPONDS to criticism that he told people to mortgage house in 2021

Speaking of people who maybe were way too certain and way too bullish in 2021. We have Michael Saylor being asked on Fox Business. Hey, you told people in 2021 that you should mortgage your house and get more bitcoin. What do you say to that now that bitcoin is lower?

So, you’ve been seen as this sort of pied piper of bitcoin, and some people are suggesting that maybe you’ve gone too far, that you’ve been irresponsible for, like, for instance, suggesting people mortgage their homes and businesses. I want to share a sound bite with you in the audience and then get your feelings on that.

 If you absolutely love the thing and you don’t want to sell it, go mortgage your house and buy bitcoin with it. If you’ve got a business that you love because your family works for the business that’s been in your family for 37 years and you can’t bear to sell it, mortgage it, finance it, and convert the proceeds into the hardest money on earth, which is bitcoin.

So there are people I respect who say you go too far with those kinds of proclamations. What do you say?

 Well, you know, the critics always cherry pick and they beat up on you at certain times, but if we step back, the Argentine peso lost 99.5% of its value over 20 years, and the only way you could survive was by going into debt and converting into a different currency. That 30-year mortgage, you could get one for 275 basis points a year ago. Right now it’s 580 basis points. So telling someone to get a 30-year mortgage when you could get one for half the current price for the rest of their life isn’t bad financial advice; it’s a lost opportunity. If you didn’t get that cheap money, long-term government subsidized, that’s a reasonably good thing. If you step back and look at the big picture from first principles, like bitcoins are up 52 % on average per year for the past two years. For the last five years, it’s been a 51% average. For the past 10 years, it’s a 124% annual rate of return, and that’s 10x better than the Nasdaq over the past two years.

So you know, there’s no statute for critics. I think that the critics need to give people a solution to their problem, and if the inflation rate is higher than the interest rate, you would rather be a debtor than a creditor. A person’s just got to take a long view, look out over the decade, and ask themselves, “How do I want to be positioned financially?” If you can do that, there are opportunities for the bottom line.

I always say to Michael that you have put your money where your mouth is, so there are a lot of cheerleaders out there, a lot of folks have pompoms, but you have the ultimate skin in the game. I appreciate you taking the time with us as well.

Is Microstrategy ok?

Also, I liked that they asked him about the health of his company in general. Hey, your company owns a lot of bitcoin. You didn’t expect it to go this low. What is the health of microstrategy in general? Look at this.

The crypto crash has kept your name trending for about a week or so. The naysayers’ tongues are wagging. First, I just want to ask about the healthier company, because reportedly there were going to be all kinds of margin calls. They’re down $1.5 billion. How’s Microstrategy sitting? Okay, everything’s all right?

 We’re just fine. We’ve taken the long view. We’ve got a 10-year strategy. We’ve got a great capital structure and a lot of permanent capital, so this has been an exciting time, but otherwise we’re just motoring through it.

Okay, exciting as a euphemism, like crazy as hell time, exciting like that?

 Bitcoin’s gone through three boom and bust cycles in the last two years since we got involved. So, if you’re a short-term investor, this is a high-risk, high beta, high volatility asset, but if you’ve got a 10-year time view, if you’re a long-term investor, it looks like a low-risk, store of value asset. So it all comes down to your time horizon and what you’re looking for out of the asset.

Gene Simmons & Elon Musk

In other news, Gene Simmons was questioned about why he was so vocal about being a bitcoin and crypto person in 2021. Gene Simmons was recently asked about this rock star legend. Gene Simmons owns 14 cryptocurrencies. He says I have not sold a single position since the downturn. Gene Simmons is still bullish.

And then, of course, we know about Elon Musk. He is hella bullish on Dogecoin. In recent news, Dogecoin and Shiba Inu prices have pumped as Elon Musk doubles down on Doge. Is it Dogecoin  season already? So, Elon Musk is doubling down on his love for Dogecoin, even saying that he has bought some recently or implying it, and then, on the flip side, in other news, and who knows that this will actually go to trial, particularly for this amount, Elon Musk is being sued for $258 billion for promoting Dogecoin . I’m not sure if this holds as much water as the American who’s suing him hopes it will. It’s almost like, hey, if you talked about Netflix in 2021 and now Netflix is down 70%, or people who are talking about Netflix and excited about Netflix are at fault legally, I don’t think so.

[This article is a transcription of a video made by Altcoin Daily]

Original video: https://youtu.be/fWevCFPt13A]