Crypto Diary: August ‘2021

Jai Shri Ganesha

AUGUST UPDATES ON HAPPENINGS IN CRYPTO WORLD

This will be a new series where major milestones of crypto industry will be recorded every month.

• ETH has now transitioned to proof of stake. Did some transactions yesterday and it went with very low gas fees and was also quite fast. Looks good.
• Among the large caps (first 10 by market cap) BTC remains as the only network using proof of work.
• Cross network connectivity is in the offing. So ETH, ADA, DOT, ALGO etc. will now be building bridges among themselves to expand this solid ecosystem. Has to be, and new protocols will be developed that helps the entire ecosystem. Exciting times ahead.
• US regulations in crypto is coming at us fast. This is actually a good news for the crypto world and now depends how the government plans to implement this. Because without regulations no system can be adopted as mainstream.
• Since currently crypto is unregulated, only 2% of mainstream adoption exists. By the time next cycle arrives in 2024 this would be a more regulated industry and it also means that there will be more mainstream real world applications now being built on this. And everyone will just take this as a part of their life.
• Hence for investors this is like the early days of the internet boom in 2000 or the automobile boom in early 1900s. A revolution will only accelerate and we heading into a world where systems have to co-work together more and more. Financial inclusivity will be now taken for granted. Also it means that countries with bad legal protection for its citizens will face the problems of mass surveillance of its citizens.
• Looking back, just a few years, what a change we have now. As the COVID ravaged and accelerated the death of the current financial world order with dollar dominance (40% increase in USD ever in existence was printed in last 1.5 years) and now adoption of the new value exchange mechanism on crypto, that will in general lead to a more equitable wealth distribution over time.
• We are now going to have a world of millions of tokens, and also way to transact value never thought about. Businesses will now be able to do things with crypto as regulations come in.
• The new SEC chair Gary Gensler, is an ex-MIT lecturer, and knows a thing or two about crypto, and that is a big relief. It means that as regulations come in, it will be directed towards societal trust and adoption.
• Wonderful discussion on the topic of crypto laws that are part of infrastructure bill of US:

— — so much for now. TBC…