Is Elrond a filthy crypto whale and not a magical elf king of Middle-earth?
Is Elrond an elaborate scam?
Is its explosive growth all a sham?
"I thought BitBoy loved eGold?"
Well, don't get lost in a Mirkwood forest of rumors and confusion.
Consider this video your lebethron to the latest developments in the land of Elrond.
I don't even know if I said that right!
Let's get it!
Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
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In this video, we take a quick look at Elrond to dispel some rumors about the project
so you can stay informed.
Elrond is one of this channel's favorite projects.
And in fact, it's been an amazing performer this year,
seeing an increase of 220% even after the pullback in May.
If you bought the eGold token in 2020,
you are sitting pretty.
Kind of like that guy.
But Elrond is not just an old gainer.
It's a solid project.
I've gone into Elrond in detail,
so click the link above to take a deep dive into the project with an earlier video.
But suffice to say,
it is a super scalable proof-of-stake smart contract blockchain
that has network speeds that dwarf every other project in the crypto fellowship.
But there has been a dirty rumor about Elrond circulating the Interwebs
that is turning people off to the project.
But only a dumb guy would think that Elrond's a scam.
That's right.
Some pretenders and shapeshifters are pushing the false narrative.
So what are they seeing?
Well, let me summarize.
If you look at the Elrond block explorer,
there are whale wallets holding a large majority of eGold,
so Elrond is a centralized project and it's probably going to be manipulated.
What?
Like, there's so much wrong with that statement.
I feel like I'm under a confusion spell.
Let me break this down.
Blockchain has block explorers because it's a public ledger.
On those ledgers tell you who holds the coins.
When there are a lot of coins in a wallet,
we call them whales.
Now, back in the day,
the whales were rich dudes or nerds who had been mining since the early days, but
now, whales are more than likely big investment firms, large corporations and other institutions.
But there's a big difference between a whale wallet and an exchange wallet.
You see,
coin exchanges like Coinbase, Binance or Gemini have gigantic wallets
for each one of the coins that they hold.
They hold them because they're exchanges
and charge low fees because they keep all their users' coins in giant wallets.
These addresses hardly ever change,
so it's easy to connect the dots and figure out what the exchange wallets are.
It's not rocket science.
This even applies to high profile wallets like Vitalik Buterin's.
While crypto is privacy-focused,
it's not uncommon for wallet addresses I've described to post their deposit addresses in public.
So the rumor that there are Elrond whales waiting to pump and dump
was flatly debunked by the Elrond community on Twitter.
They even did a breakdown of what exchanges had which address.
This isn't a security flaw.
All of this is protected by a multisig and 2FA and is part of the public ledger nature of blockchain.
The other thing to consider about Elrond and why there are giant piles sitting on exchanges,
like hobbits sitting down to third breakfast,
is because those exchanges have staking contracts.
Before I move on, I do want to mention that Elrond staking is very cool
and pays an incredible 21.45% interest as of the recording of this video.
That makes it one of the most profitable staking programs out there.
But another reason Elrond has a lot of tokens sitting on exchanges
is a little more complicated due to the nature of the project.
There are millions of the chain-specific Elrond ERD tokens on the ERC-20 and BEP-2 networks
that have yet to be swapped for eGold.
This process is normal according to the Elrond roadmap
and no surprise to the Elrond community.
They are fantastic, by the way,
the most engaged community outside of Cardano in all of crypto.
We love anyone from the fellowship of Elrond,
and they are always welcome to join an even greater fellowship,
the BitSquad.
We're not a Hollywood production.
Elrond is going to be a great smart contract project.
And we have very high hopes for it.
They have very strong partnerships.
And their mobile wallet Maiar is very cool,
one of the best staking wallets out there.
I think we have a link on bitboycrypto.com/deals if you want to check it out.
But the staking program is robust, and the network speeds are crazy.
Comment below if you've used the Maiar wallet
and your Elrond price prediction if you think that Elrond will hit their roadmap this year.
If you haven't already, hit that like button and smash that subscribe button.
It really helps us out.
That's all I got.
Be blessed.
BitBoy out.