so the vibe here is overwhelmingly positive people are thrilled that the grifters have
been washed out and the developers who are left behind are building real utility
there's also a lot of optimism around the fact that this year's in the making upgrade to ethereum
is actually happening in september so today vitalik buterin who is the creator of ethereum
gave a keynote on the main stage pointing to all the benefits of the merge as it's called including
the fact that it will make ethereum so much faster scalable more energy efficient and lower
the price of gas fees welcome back everybody to altcoin daily how are you doing today you
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that was cnbc reporter kenzie sigalos updating cnbc on the ethereum community conference which
is the largest annual european ethereum event focused on technology and community three intense
days of conferences networking and learning a lot of developers and builders go to this conference
so she says that there's a positive proactive vibe at the conference developers are happy
that a lot of the junk and the high risk plays are getting washed out and the builders are left
to build also there's a lot of excitement for the upcoming merge to proof of stake which has
been years in the making currently slated for around september 19th this year but cnbc anchors
think that there's more to the story after all prices are down crypto is scary there must be
fear there must be uncertainty there must be doubt at this conference so they prompt her
tell us about the fear tell us about the worry at the ethereum conference surely the price action
is worrying these builders and developers listen so we've got a situation where you
where i'm sensing that people are more encouraged than not are there some there who are worried
there are more shoes to drop uh in the industry louboutins no i uh no so much of the conversation
is not about the market it's about the underlying fundamentals so the conversation i've had with
virtually every single person at this event is that you know the crypto contagion effect has
actually been contained within a very specific corner of the ecosystem so we're talking about
the distinction between centralized finance and decentralized finance celsius and voyager
digital those big names that have fallen these are c5 players their yields weren't real so
20 apy often times with no collateral involved and then you have your d5 platforms like ave and
compound that are over collateralized and and this is where you're seeing real yield in the market so
you know people here aren't worried about the recent erosion of confidence among investors
because even though there's less liquidity flowing the bankruptcies are cleaning out
the system and exposing vulnerabilities so she explains the situation how there's more to the
story than just the price being down and people being fearful but the cnbc anchors hit her again
aren't people fearful between the inside trading and the lawsuits and the bankruptcies
surely that must affect the atmosphere at this event tell us about that these cnbc anchors cannot
stand what she is saying surely there must be a problem so kenzie responds and explains again as
to why the bad headlines or why the low price does not phase the builders at this conference
listen what's the general mood there mackenzie on you know a a topic where we see each day
bringing new information about insider trading and lawsuits and bankruptcies and all the rest of it
what's the atmosphere like i mean it just it hasn't phased people like they're just so
confident in the fact that those people that were looking to make an easy buck have been washed out
so what you're leaving are developers and cryptographers who have a lot of work to do
to create actual utility meanwhile the party scene has been a blast like nobody has been
sleeping this week in paris they're bouncing from ecc to all of these ancillary events there are
dozens of blockchain parties happening across the city uh folks snuck into the catacombs which is
uh 65 feet underground it holds the skeletal remains of around six million parisians tonight
the hot ticket to have is raw bay's blowout party where i'm told all the defy degens get loose so
if i get a ticket to that i will report back on how that goes we want to get a report on that
but i i find a certain irony amidst all the uh all the turmoil in cryptocurrency that that they
would have a party in the catacombs where the bones reside that feels a little ironic to me
no but that's the thing it's like the investors and the trading side and the price charts and the
markets are so completely separate to the group of people that ecc attracts we're talking about the
top developers and cryptographers on the planet like every single session has been devoted to what
is the latest in tech like what what is being developed that people aren't talking about yet
so there are no panels there's no opening it's about really getting into the weeds of the code
well next time mackenzie take us along will you we would love that
kelly and i will join you there's bring back what do you guys want there is a croissant okay
so they have way too much fun over at cnbc talking about this stuff
but something to note is just awesome to see cnbc covering ethcc still all too weird to
really grasp because we all remember years ago the mainstream media didn't touch this and if they did
there's no nuance it was often fought and now we're here so let's finish up talking about
ethereum move into bitcoin and then we'll talk about alt coins ethereum held on exchanges plunges
as stakers prepare for the merge so things are getting bullish ethereum on exchanges hits a
four-year low alongside steady inflows into the network's staking contract ahead of the merge and
this is what this looks like so this is the plunge they were talking about the blue is ethereum
exchange balances and then the black is ethereum's price and you can see it's been four years since
ethereum on exchanges was this low meaning people are taking their ethereum off exchanges look at
that plunge over there and it's equivalent to the price where the price was in july of 2017
amazing to think about now finishing up on the merge there are still way too many people who
think that all staked eath unlocks at the merge spoiler alert no staked eath unlocks
until withdrawals are enabled 6 to 12 months after the merge and even then there is an unlock queue
and it happens in waterfalls these people are in for quite a surprise post-merge who thinks that
all eth gets dumped on the market at the merge not happening bullish going into the merge bullish on
eth if and when it fully transitions fully proof of stake that will be a big deal for all of crypto
now let's talk about bitcoin very bullish on bitcoin bitcoin is very scarce the fundamentals
for bitcoin looking great the question is how scarce is bitcoin well only about two million
people in the world own one bitcoin only about half a million people in the world
own 10 bitcoin and only about a quarter million even less people in the world hold 21 bitcoin of
course people can have multiple wallets and there are a lot of uncertain elements we don't know
but let's just think about it people have just realized that bitcoin and cryptocurrency
is here to stay the regular person probably cannot accumulate 21 bitcoins at this time
this is probably off the table for most people 10 bitcoin people can still do it the average person
probably not probably in the next six months is their last chance maybe who knows nobody really
knows but definitely accumulating one whole bitcoin is still on the table in the chat
let me know what you think about this is this something even worth doing and also understand
when we're talking about bitcoin's scarcity there is supply and then there's demand and with supply
this is the amount of bitcoin that is left to be mined so not too much at all bitcoin layer two
bitcoins lightning network public bitcoin capacity has increased by about 200 percent year-to-date
so bitcoins layer two developing quite nicely and so what can we expect as bitcoin holders as
bitcoin proponents what can we expect in the short term what can we expect in the midterm and of
course the long term bitcoin volatile week ahead most will likely be taking profit or de-risking
expecting a small sell-off or a healthy correction once we find a new support it's time to reload
and most likely the last dip before we see 30 000 bitcoin most holders should be accumulating
and holding most holders should be accumulating and holding i agree with that let me know if you
agree with that let's talk about altcoins because altcoins altcoin market cap versus
the entire crypto market cap at a very interesting point which is reminiscent
of the altcoin market cap back here so altcoin market cap at a key point obviously people want
altcoin market cap to increase if you hold quality altcoins ultimately we'll see what happens i just
want to clue you in we're at an inflection point so the next week or so is going to be pivotal
but really look for the companies who are building and getting better for instance uniswap
will offer full pseudo swap support what the hell does this mean well uniswop is working on
integrating full pseudoswap support the protocols head of nft products tweeted today the news comes
following uniswap's announcement that it will be offering an nft market aggregation product to
its users sometime in the fall so nfts on uniswap pseudoswap is a decentralized nft trading platform
its integration indicates uniswap doesn't plan on limiting its services to traditional marketplaces
such as openc and looks rare so regardless of the price these quality projects continue to build
big things are happening in the space irregardless of price animoka brands launches dow to develop
metaverse standards how exciting an alliance of web3 companies has come together
to build an open borderless metaverse called oma3 or open metaverse alliance for web3 the group says
it aims to solve key challenges of the nascent metaverse space including preserving the freedom
of information owned by users i love that projects joining the alliance with animoka brands include
alien worlds dapper labs decentraland star atlas and the sandbox so some solana companies
some ethereum companies some other companies there's all sorts of people in addition to
web 3 projects already linked to animoka the alliance includes dav framework developers
wivity virtual reality and game developer space and blockchain gaming company upland quote we
believe in a metaverse without restraining walls where individual platforms are interconnected and
fully interoperable so people are building for the future this is one such example and final small
point on altcoins hey cardano holders what's up with this about 30 000 dogecoin trade hands daily
on average on par with daily transaction numbers on cardano obviously it's my opinion that there's
a lot more going on with cardano than dogecoin even though dogecoin's a perfectly fine meme coin
but it has equal about equal transactions cardano holders or dogecoin holders curious
to know what you think about this i wanted to share this metric with you my name is aaron
at altcoin daily subscribe to the channel like the video i'll see you tomorrow friends