One thing that I’ve learned from being involved with these markets for sooo long!?
You just gotta roll with the punches.
The markets try to batter you and beat you when they are down, when the markets are up,
they try to get you punch drunk with euphoria hopium, that clouds everyone’s judgment.
There is barely any time for the in-between….but we are in the in-between zone right now...a
calm before the next move in the markets.
No punches, just good, solid crypto content….because it’s time for Chico Crypto!
Many people cannot decide where we are in the hyperwave cycle of this BULLRUN.
The very significant 50 percent plus selloff bitcoin experienced could only put us at two
places.
In the awareness phase, and this was and still could be...the BEAR Trap….or we are done,
past the mania phase into the blow off, and we are in a bull trap!
If you watched my content at all this week...you know my opinion.
We are smack dab in the middle of the BEAR trap aka we are still in the awareness phase
of this hypercycle.
Awareness phase my friends, it’s time to become aware…..
Aware of what?
Aware of the best in class ALTCOINs, because if this is the bear trap, altcoins across
the board are going to go parabolic once again in that mania phase.
They call it mania for a reason….because everyone and everything goes crazy!!!
You could throw a dart, at a spinning dartboard of different altcoins, and pick a winner in
the mania phase.
But many of those altcoins, once mania ends, are going to get obliterated.
I’m talking about 90 to 99 percent losses.
It happened to the 2017 ICOs and altcoins, and it will happen again many of these.
So what Chico Crypto is trying to do is identify the altcoins, who will see the parabolic pumps
in Mania, but then won’t lose 90 to 99 percent of their value come the BEAR market!
They might lose just 80 percent….because they are builders, the actual projects with
use cases!
Which means when the next cycle comes around, they will still be here, improving and continually
building…
And one of my top picks for just that….is Alchemist Coin, MIST!!
Why are they still one of my top picks!?
One Word…..MISTX….
What the alchemists have been building in the lab, just went into a full public release!!!
Yes, the MistX exchange is live for anyone to use on the Ethereum mainnet...so let’s
get into just exactly what MISTX is….
MISTX is the world’s first FlashDEX….aka it’s the first time in ethereum history
that regular users and traders get access to Flashbot’s technology!
So to understand the implications of that, you need to understand what Flashbots is.
Flashbots is a distributed and decentralized research and development organization, whose
goal is to help solve the problems associated with MEV (Maximum Extracted Value).
Flashbots is stewarded and led by Ethereum industry heavyweights...
Scott Bigelow, former lead dev of Augur...
Phil Daian, who has been working on smart contract security with Ethereum, basically
since the beginning and also the MEV crisis..Stephane Gosselin, former lead dev for NumerAI, and
just like Phil, has been working on smart contracts and MEV, for a long time...
Alex Obadia, who just gave a speech at ETH Global on MEV and ETH2 last week, and finally
Tina Zhen, the connections to the ETH miners, especially over in china...who is the Yellow
Hat DAO Initiative Founder, CarboClan founder and has won multiple ETH hackathons with her
teams.
She’s an all star, the entire flashbots stewardship is…
So now that we know industry heavyweights are a part of Flashbots….we need to understand
the importance of Flashbots technology to the next phase of Ethereum….especially as
it scales…
Just over 2 weeks ago, there was a big ole discussion: the MEV Roast, scaling ethereum
edition.
Speakers included Flashbots team members, Phil Diaan, and Alex Obadia...but also Karl
Floersesh of Optimism PBC, Justin Drake Researcher for the Ethereum Foundation, Georgious Konstantopolis
of Paradigm Capital and of course the Vitalik Buterin….
Soo let’s just play what Flashbot’s steward Alex Obadia said about ETH1 to ETH2, and flashbots.
ETH2 Validator nodes, like the ones some of us are running at home, solo staking….could
possibly have something like Flashbots integrated and it could provide them...more validator
rewards!
How much?
Let’s listen to Alex again…
A flashbots type integration with ETH2 validators boosts their revenue by 70.9 percent, or as
you can see from the slide, an extra almost 2 ETH per year!!!
Flashbots is sooo important to the future of Ethereum, and mistx is the first time,
us as retail traders get access to this important piece of technology!!
It’s a historical moment….so let’s break down the history...I’m sure you are wondering
what exactly MistX provides?
Let’s dive right into that, and then finish this episode off with how the exchange works!
The Alchemist coin team released a blog to go along with the exchange release, titled
none other than introducing mistX.
They begin it off with ““ Our ethos is by the people for the people.
Our reputation is under-promise over-deliver.
And our road map is well… that there isn’t one”
The team then says ““mistX is the first time in Ethereum history that FlashBots is
available to regular users for front-running protection and “no success, no fee” transactions.
— There is no concept of reverts on mistX, your transaction is either successful with
no front-running, or you pay nothing”
Yes the front running on Ethereum is BAD, like real BAD!
Going to the MEV dashboard, which tracks the crisis shows over 706 million extracted since
the beginning of the year, 281 millioni of that, has come in just the past 30 days, and
5.2 of it has been extracted from users over 24 hours!
It’s a bad crisis, and regular traders don't even realize it’s happening to them.
People don’t understand how bad they are getting ripped off by the front runners.
A James Farrell tweeted and showed exactly what’s happening!
He said “The hunt for MEV is crippling Ethereum.
This screenshot is from Dextools, and shows swaps that have been front run or sandwiched
by bots...
Looks like 80% by my eye ball....
80 percent of trades are getting manipulated….well like James says below “There is hope though
- Don't get ripped off by bots, use mistx by alchemistcoin!
That is what MISTX does, it allows you to put in trades that won’t be manipulated
by the bad actors in the space!
The MEV extractors can’t play with our trades anymore!
Which means MISTX, works completely different from your typical ethereum DEX transaction.
MISTX is a gasless exchange!
There is NO Gas that is paid, rather it’s a tip or a miner briber that is paid!
These tips or bribes are proportionately similar to the traditional gas fees, the miners are
going to get paid no matter what, this does not eliminate costs for trading.
That is just crazy...
But now it provides you protection, for that cost you were already going to be paying...
transactions processed via mistX do not publish user transaction information to a public mempool,
but instead bundle transactions together.
In Flashbots Bundles...
This effectively hides the information from front-runners and thus prevents your transactions
from being manipulated, front-run, or sandwiched.
And if a transaction fails on MISTX, you are not charged for the cost….and you can cancel
transactions on MISTX, easily and for FREE!
No GAS to do that as well!
It is the ultimate DEX, bringing a much more pleasant experience than even Uniswap can
provide…
But MistX, isn’t it’s own exchange...it’s actually using Uniswap v2 liquidity pools.
Trading happens through Uniswap Pools, not MistX’s own pools.
Which Stephane Goseelin, Flashbots steward and known alchemist just spoke about, 2 days
ago, in a talk about Flashbots and the technology, let’s hear what he had to say about
the exchange.
Confirmation, that MISTX, is flashbots TECH, allowing gasless transactions on top of Uniswap….and
Stephane then explains how it works.
Let’s listen in...
Lot’s of
talk about Uniswap, revolutionizing Uniswap...wouldn't you say???
Well the alchemist coin twitter, also tweeted this during the launch “Today mistX uses
Uniswap v2 liquidity pools.
In the future, it is planned to add support for other popular pools.
Maybe we will have our own pools as well.”
There is planned support for uniswap v3 pools, and beyond….what we are seeing from this
initial release...is just the tip of the iceberg.
So let’s see what it can do right now….
Going to the MistX exchange, with the initial release, you can’t use a hardware wallet
just yet, like most new tech that comes out, hardware wallet’s are always a pain and
give new products problems.
Connecting to a non hardware metmask wallet is easy...just like Uniswap.
Once setup, you pick what you want to swap into...if Uniswap v2 has the pair, you can
perform the swap on MistX...for our example, we will be swapping from ETH into Mist.
.25 ETH is being swapped into Mist, and as you can see below, there is the transaction
Fee...this is the tip or bribe being paid to the Miner.
The beaty about this, is that FEE is included in the transaction.
So you don’t need any extra ethereum for gas, the fee is always taken from the transaction
or swap being performed.
Going into settings, you can adjust this tip...you can make it smaller, which has a lesser chance
of being accepted, or you can push it higher, for max chance of being accepted.
We will just leave it at the default, as it should be picked up...you can also adjust
your slippage tolerance, as well as add a transaction deadline, which will automatically
cancel the transaction if not picked up in your set time, and you can disable multihops.
Once your settings are set to your liking, just click swap, and the details of your transaction
will be put forward...click to confirm, and then this is what’s different...no gas screen,
no adjusting, you just sign a message and then wait for your transaction to go through,
for the medium success, it took 30 seconds for the miners to accept the tip or bribe
and the transaction went through, no frontrunning, no sandwiching...just a clean and easy transaction.
And going to the Etherscan of what happened, we can see the minertip went to sparkpool,
extracted from the value of the trade...and down below….zero GAS!
But what if you didn’t want to make that transaction!!
MistX allows easy cancellation, we signed the swap, but you can click cancel, and as
we can see cancellation happens quick and doesn’t cost a drip of GAS.
MistX, is the future of exchanges, putting power back into the people’s hands.
That is why I tweeted this, and will stick to it.
MistX is where all of Blockchain Leaks and Chico Crypto’s Ethereum based trades go
down.
Cheers!
I'll see you next time!