BC CRYPTO
Saved by @Mollyycolllinss

1/22 Why XRP will beat Bitcoin.

(Video version @ https://t.co/VIHEoHLYpN)

A thread. 👇

 2/22 Despite last night's major Bitcoin correction, it still sits at $33k, well above the last bull run's all time high. With XRP currently at $0.28, it may seem rather ridiculous to think XRP will ever become #1.
3/22 However, it's important to compare Bitcoin and XRP not in terms of price, but market cap. That's because there are 100 billion XRP (and will never be more) and 19 million circulating Bitcoin (21 million max). So comparing the price of individual tokens doesn't work.
4/22 XRP's market cap is $12.6 billion. Bitcoin's is $623 (roughly 50x more, 55x if you factor in the 2 million Bitcoin not yet mined). That's a huge lead, but not as big as the 119,000x lead if you compare token price!
5/22 Bitcoin's primary advantage is its early adoption. It caught on earlier and became the front runner of crypto. Don't underestimate the power of being first. It gives a massive advantage. But it doesn't GUARANTEE being the winner long-term.
6/22 The world is full of examples of market leaders that lost their lead because they failed to innovate and lost ground to better tech. Kodak, Motorola, IBM, Atari, Yahoo. All of them were #1 at one point and seemed unbeatable..until somebody beat them. https://t.co/dVUr149H3i
7/22 Bitcoin has a huge lead in the race, yes, but its basic design has a number of flaws. We can't fault Bitcoin's creator for these flaws. As a developer I know that sometimes software has to be out in production before you realize that your design has real issues.
8/22 CTO of Ripple David Schwartz, the XRP boss-man himself, points out that Bitcoin is slow, expensive and lacks important security features that XRP has. Bitcoin also relies on miners who want high fees while users want low fees, a problematic conflict. https://t.co/SJgotgNRG7
9/22 Then there's the massive power requirements of mining Bitcoin. And because Bitcoin's Proof of Work is based on miner competition, those requirements will only grow as players jump in to compete for the rewards from Bitcion's rising price. This is unsustainable.
10/22 Proof of Work is designed to solve the double-spend problem. It DOES solve the problem, but it does so very inefficiently. Horse/buggy innovation solved the transportation problem, but when cars/trucks came along and fixed inherent flaws, horse/buggy disappeared.
11/22 For an innovation to beat the market leader, it has to be a lot better. Jeff Booth, an accomplished tech entrepreneur and Bitcoiner, states in his book "The Price of Tomorrow", that new tech needs to be at least 10x better than current tech to beat it (MySpace/Facebook).
12/22 Of course, Mr. Booth also states that Bitcoin is 10x better than fiat money, and he's correct. Because Bitcoin IS so much better than fiat money, it's no surprise it's done so well. But is there anything that's 10x better than Bitcoin? Yes, XRP. Here's why:
13/22 When Bitcoin isn't in a raging bull run, its average transaction time is about 10 minutes. It's much slower when lots of transactions are happening. XRP transactions take 3-4 seconds, in or out of a bull market. At bare minimum XRP is 150x faster than Bitcoin.
14/22 On a normal day, Bitcoin's average transaction fee is around $0.50. Right now it's much higher (my last Bitcoin transfer cost $4). XRP's transaction fee is currently at $0.0000028. At bare minimum XRP is 178,571x cheaper than Bitcoin.
15/22 Even if XRP's price reached $100/token, its transfer fee would still only be 1 tenth of 1 penny ($0.001), 500x cheaper than Bitcoin on a normal day (~4,000x cheaper right now).
16/22 In terms of security, Bitcoin's design makes it susceptible to a 51% attack. Whoever owns 51% of the hash power can successfully attack it, though researchers at Cornell Tech believe it could be done with only 21% (BDOS attack). https://t.co/ZnX89WBh7p
17/22 XRP uses Consensus Protocol, not POW. The value of the token itself has no impact on the security of the network, and 80% of all validators would have to be compromised in order for a successful attack to take place. I'd call that a 10x improvement. https://t.co/toBLtVz4Te
18/22 What about market potential? Bitcoin is referred to as Gold 2.0. Gold's market cap is about $10 trillion. Bitcoin is too slow and inefficient to work for payments, so store of value is its best bet.
19/22 XRP is efficient/cheap/secure, and is built to be a bridge currency. That means potential for markets like cross-border payments ($6+ trillion/day), ForeEx ($6.6 trillion/day), DeFi (???), CBDCs, stablecoins, etc. Bitcoin cannot handle any of those. https://t.co/WBHCTrwD4Q
20/22 So XRP's market is potentially hundreds of trillions of dollars. Of course that will take time and is not certain, but XRP *is capable* of handling it. Bitcoin isn't, so its market potential tops out with its store of value potential. Another 10x in favor of XRP.
21/22 The path ahead is promising, but uncertain. XRP needs regulatory clarity. I believe it will get that clarity, and when it does a huge world of applications opens up for Ripple, the largest company in the XRP space and a leader in crypto innovation. https://t.co/5QfB26fOwi
22/22 SUMMARY: Bitcoin is the current crypto leader, but leaders fail when 10x better tech comes along (Kodak, Motorola, IBM, Atari, Yahoo). XRP 10x's Bitcoin in speed, cost, security and market potential, and is therefore poised to soar beyond our wildest dreams, so HODL on!
More XRP explainer threads in plain-language. https://t.co/4DikZmD84I
👀☝️🙏 @xrp_mami @RuleXRP @MackAttackXRP @CryptoBull2020 @Kevin_Cage_ @XRP_OWL_ @XRPNews_ @2020Xrp @RoseXRP @CredibleCrypto @XRPcryptowolf @BankXRP @XRPNurse @DualityXrp @MoonLamboio @WorkingMoneyCH @BakkupBradley @sentosumosaba @Santiag78758327 @jungleincxrp

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\U0001f42e Mikko Ohtamaa
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1/ Welcome to #DeFi Wednesday.

Let's talk about how interest-bearing cash on a blockchain is going to revolutionise boring corporate treasury management that concerns every company is is a larger business than all crypto trading in the world.

Enter the thread

👇👇👇


2/ Blockchain community is often seen as toxic maxis and redditors who shill other their weekly favourite shitcoin in the hope of getting Lambo.

Sometimes we also do things that progress humanity towards the better future and interest-bearing cash is one of those things.


3/ Less chad and more things that actually matter:

My incomplete theory of interest-bearing cash is also available also as a blog post:

https://t.co/uiG0fZiVyu

It is 15 pages. Pick your slow poison or die fast by continue reading here.

4/ First time in the history we have an ability to create interest-bearing cash-like instruments.

Interest-bearing cash ticks up dollar (euro) balance real-time in your wallet.

Here is a demonstration using @aaveaave aDAI, based on @makerdao DAI, and @TrustWalletApp


5/ Interest-bearing cash is not like your bank's saving account. Your money in a bank is not yours, but bank's. There are some flaws in the current banking system causing a headache for Chief Financial Officers (CFOs)
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David Fauchier
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Some thoughts on this super inaccurate piece.

tl;dr: this is not a defence of Tether/ iFinex, who I would like nothing more than to see disappear into irrelevance. However, most of the conclusions here show zero understanding of crypto market

1. First up: it’s completely inexcusable that Tether refuse to have a 3rd party audit. I can’t find a single good faith reason for this.

Bitfinex GC recently did a superb job of sidestepping that question on WBD:

2. For better or worse, USDT (tether) started as a way for people to move fiat between exchanges (a major problem) in the absence of the ability to onboard banking partners, none of whom wanted to touch crypto. USDT is now the dominant stablecoin by mkt cap & liquidity.

3. As a result of the difficulty of having a fiat on/off rail, many exchanges, like Binance, chose to be ‘crypto only’, using stablecoins in lieu of fiat. This is why the majority of inflows into BTC (article says 70%) is via USDT

4. Unbanked exchanges are in aggregate larger than banked ones. This is true, but it’s not because of a giant conspiracy to steal your BTC. Being unbanked = real regulatory arbitrages (lower cost + ability to innovate fast), and lower barriers to entry means there’s more of them.
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Seq
Seq
@CryptoSeq
1/ @MIT discussing the need for blockchain gateways to achieve interoperability across different blockchain networks, and to support the cross-blockchain mobility of virtual assets

https://t.co/PbjQkSlTT3

@quant_network are collaborating with MIT in the creation of ODAP

$QNT

2/ "In order for blockchain-based services to scale globally, blockchain networks must be able to interoperate with one another following a standardized protocol and interfaces (APIs)"

Gilbert founded ISO TC307 which 60 countries are working towards standardizing the interfaces


3/ "We believe that a blockchain gateway is needed for blockchain networks to interoperate in a manner similar
to border gateway routers in IP networks. Just as border gateway routers use the BGPv4 protocol to interact with one another in a peered fashion we believe that a...

4/ blockchain gateway protocol will be needed to permit the movement of virtual assets and related information across blockchain networks in a secure and privacy-preserving manner"

You can read more about the gateway protocol ODAP in this 21 tweet


5/
"We motivate the need for blockchain gateways and blockchain gateway protocols in the following summary:

✅Enables blockchain interoperability:
Blockchain gateways provide an interface for the interoperability between blockchain/DLT systems that operate distinct consensus...
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Hamza
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1. Last week, @robbietilton sold this art piece for about 17305$ on @withFND.
I saw a lot of people asking questions on CryptoArt and NFTs (Non-fungible token) to understand how it works. I'll try to explain the basic concepts on this thread ↓


2. First, you don't directly buy the art piece, you buy a token. This token is what holds the asset that you're buying, it is a unique id that is used to represent what you bought. It can hold information like the name of the asset, an URL, a description, and so on.


3. On most marketplaces, you won't have a classic signup or login form when you'll want to create an NFT or buy one. Instead, it will be asked to connect your crypto wallet.

4. Now, why bother with a crypto wallet? Couldn't we just do an app that works with dollars? This is where things get interesting: when you buy an NFT, the data is not stored on the marketplace servers.

5. When you post a picture on Instagram, it is stored on their servers. If the app is shut down, your data might be deleted. But also, Instagram could delete your content if they want to, NFTs works differently.
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Emperor\U0001f451
Emperor👑
@EmperorBTC
Go to 1-4 hour chart.

Use the following EMAs.
13,21,50,180.

Look for a period of consolidation and
13>21>50>180.

Wait for a pull back to 13EMA.
If bounce occurs with volume, Enter.

Exit on bearish cross with 21>13.
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1/OK, data mystery time.

This New York Times feature shows China with a Gini Index of less than 30, which would make it more equal than Canada, France, or the Netherlands. https://t.co/g3Sv6DZTDE

That's weird. Income inequality in China is legendary.

Let's check this number.

2/The New York Times cites the World Bank's recent report, "Fair Progress? Economic Mobility across Generations Around the World".

The report is available here:

3/The World Bank report has a graph in which it appears to show the same value for China's Gini - under 0.3.

The graph cites the World Development Indicators as its source for the income inequality data.


4/The World Development Indicators are available at the World Bank's website.

Here's the Gini index: https://t.co/MvylQzpX6A

It looks as if the latest estimate for China's Gini is 42.2.

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5/A Gini of 42.2 would put China in the same neighborhood as the U.S., whose Gini was estimated at 41 in 2013.

I can't find the <30 number anywhere. The only other estimate in the tables for China is from 2008, when it was estimated at 42.8.
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