Mystique Hard Fork, Soteria, Mining Analysis

0:03eight this is the 11th of january 2022 and uh this is a weekly community call that we do in the edc discord so if you're listening to this on youtube why not join us every tuesday at about 3 utc to join this call and contribute to the discussion first 0:21item on the agenda this week is we've got a confirmation from cody aka don't panic burns in the chat and he's uh gonna be joining us next week for a discussion about the like the uh multi-sig fund which is a an 0:41old and unused but uh fairly sizable amount of etc that was donated at various points in the past that was in control um under a multi-sig from some like og etc guys and uh it hasn't been used in a long time so we're just going to try and figure out if it's still accessible 1:00if people have not lost their keys and ideally potentially putting that fund to use in the future so uh thanks to cody for agreeing to come on next week and if you have any questions for cody you can put them in the the uh the sub thread that we put in the community called notes channel so if you have 1:20any suggestions about how to use the funds or how we can um you know maybe change the procedure and change who's actually responsible for that or make it so it's easier to to do stuff with then just post your comments over there before i move on to the next point does anyone 1:39have any uh comments on that list of questions uh having having him as a guest will be very beneficial and we should also discuss maybe 1:58other aspects regarding the network because he's our chief architect so to speak he's been engaged in most forced forks yeah that's a good point um we should just not limit it to only the uh the multisig 2:17stuff because there's a there's a lot to pick his brains about does he have any background i'm just curious what what has he done i know he's been around for a long time i'm not sure exactly what he's worked on um but if you check out his github i'm sure it will reveal some interesting uh past past 2:35work but he's he's been working yeah yeah fair enough the edc summits videos um he is there and you can listen to his presentation are 2:56really good actually um include a lot of good content including one that we're going to go over later on related to the uh future calls and questions and ideas of guests we've created a project kanban in the community calls repository which includes a bunch of different 3:16ideas and topics and future dates that we're going to try and use to coordinate uh guests that we have on in the future and we've already i believe got one more lined up do you want to mention more about that bro bro yes um i 3:33i have talked with the financial journey some some of you know him from youtube he he has done in the past year a lot of videos about ttc most of them are related to technical analysis 3:54he's a great guy from what i saw and he agreed to join our calls my plan is to see if he agrees to to share screens and maybe do a live technical analysis and 4:13see how that goes sounds good do you think he'll be able to provide any uh etc specific insights into ta as a as a complete amateur to trading i'm sure he can't i'll also do a technical analysis and maybe see 4:33where uh where he find the common points sounds good i was referring to myself as the amateur there by the way and yeah so uh if anyone has any uh input or ideas or um wants to suggest some guests and topics for this call you know where to post your comments just 4:52a quick update on uh the the voting that i talked about last week and some of you saw this week in the discord that voting round for the new landing page for the etc website is now concluded and we're now in the final round of revisions uh and there's a short list of four designs that have made it to the final 5:09round which will be refined and uh revealed as a as a surprise once the website is launched so thank you for your input and voting if you did on that and the feedback was very useful so thanks it's here when do we expect the new website to be out just just uh an average so i'm 5:29hoping by the end of this month but uh i also said that last month it's pretty much i mean you can see the state of it right now if you jump into the the website channel there's a link there and it's basically it looks pretty good uh 5:50pre-polished state at the moment but uh the content is slowly reaching completion and once the design's in there uh it'll be it'll be very close to ready so i'm hoping that by the end of this month uh or sooner things should be good to go awesome i 6:07do i do hope it will be it will be up before the halving that would be great when is that again the next one uh april april or may 100 yeah it's really not that far away basically it's 6:26just a case of finishing a couple of articles okay so uh next item on the agenda is that the mystique hard fork got uh approved and merged into ecips so that is now confirmed and we have a a date a block number shall i say for mystique and i figured 6:44i'd just quickly go over what that involves so there are two included uh eips which are ethereum improvement proposals basically this hard fork is a compatibility update to make it more similar to the evm so there's no etc specific things but it's just bringing up 7:03to date with the latest i believe london hard fork and ethereum one of these is eip 3529 which is an alternative refund reduction to remove gas refunds for self-destruct which was previously being used um by things like gas token as a means to basically 7:22span the network and this implementing this eip will reduce spam on the network by disincentivizing the mining of gas token so it's a kind of like a bug fix really the other the other eip that's implemented is 3541 which is reject new contracts starting with 7:42the ox ef byte so i'm not sure exactly why it's ox ef maybe it's because we don't like theorem foundation i don't think so but uh it means no future contracts shall be deployed on the chain with ox ef prefix prefix but 7:58it doesn't explain more than that in and get more details on that but the block number is planned for february 10 10 22 sorry february 10th 2022 and the block number is 14 million 500 and 2 000. 8:17so yeah hopefully the the new website is ready before then there were some other uh proposed eips that were dropped from this particular hard fork one of which being a base fee opcode so i believe this won't cause any problems with existing contracts but i do wonder if it needs to be 8:37included in a future fork in order to maintain potential future contract compatibility but uh that remains an open question and it'd be great to have one of the uh the protocol devs to be able to answer that the 8:56last development call against against it but i don't want to talk about it because i'm an amateur at this stuff yeah i think uh maybe a good idea would be to refer to that dev call i've yet to listen to that and i was planning to before this call but uh didn't have time today any 9:15other comments on this um mystique merge maybe we should also try to find out if uh the testing are going well from uh bob or uh the car developers yeah so the um the the 9:33mer sorry the the pool the fork has already been implemented on the mordor s net on january 10th and it's also going to land on coty on the 20th of january so i'm sure they're running their full suite of tests on that but uh uh yeah be i i i'm personally not familiar 9:52with the the testing process that's required and previously i believe afri was helping with um talks like this so i'm not sure who's handling that now yeah it would be great to get uh a protocol dev on one of these calls to chat good good idea yeah i 10:11believe we did reach out to a couple of them bro but uh we did not get a response right right i didn't get an answer uh i was thinking maybe ask again uh after the fork maybe uh the 10:28developers from korea and peso can also join a call and have a dedicated client call yeah sounds good now just before your presentation we'da gotten uh i just wanted 10:47to bop in a quick note on this uh shah three discussion we had earlier today that i found quite uh engaging and it uh i think it covered some of the arguments for and against trying to do sha3 before the next uh before the ethereum merge 2.0 11:05i.e before they switch to proof of stake and drop a bunch of miners basically i can summarize my position at the moment is that there is a massive benefit of getting a bunch of miners from ethereum onto ethereum classic it's a not insignificant amount of potential upside in terms of interest and 11:26basically people shilling etc because they're incentivized too because they have an investment in proof of work so i think it'd be a massive loss to sacrifice that for something that's not even like fully tangibly a threat and that threat being that when 11:44ethereum does move to proof of stake there'll be a bunch of miners that don't have anything to do and one worry is that they're going to attack etc by 51 attacking it i don't think personally this is something that's economically really gonna happen um pulling off 51 tax is not easy there's a big 12:03risk of it not working and most miners probably are not able to coordinate that kind of attack i would imagine um and on top of it yeah it's it's not guaranteed to pay off so it seems like the best thing for miners to do would just be to mine etc or other chains that being said i think uh one 12:22idea that i would propose at the time of the the merge if it does happen is to suggest to exchanges to increase the number of confirmations for etc temporarily just to sort of mitigate any potential risk of any immediate sort of backlash onto etc because 12:41of the extra latent hash power going around and uh this is just an idea i had recently so i haven't really thought about it too much but if anyone has any thoughts on that do let me know that's a good point we'll have a look at that but i i'm not exactly sure if we're gonna have all those minders trying to pick the technique it would have to have a 12:58motive or i mean at least a financial game but i don't see too much of an opportunity there but so is the idea for shot three to prevent that from happening or is shot three something that i'm different because i have not looked too much i'm not into evm as much as i am into uh smart contracts so firstly with regards to financial interest 13:18there is potentially a way to profit from 51 attacks by double spending and that typically involves sending or withdrawing etc from an exchange um and then doing a long reorg so that after you've had your deposit credited you then reorg and then you get your etc back 13:37so that's basically the benefit 51 percent attacking but there's a limited quantity yeah that there are there are like hash rental markets that would make it easier to to coordinate but i'm still not sure if it's really viable um and profitable on that scale all 13:57right let me set up for my presentation it's pretty brief i'd say maybe like five minutes i just want to uh you know show people what what what i'm proposing as for a um a smart contract like a general smart contract project for etc uh it's not like classic swap where it's really 14:16you know exactly what we're looking for this is a more broad thing that's going to benefit every project and every person that uses etc um and i think everybody should be in in favor of uh of something like this because it's going to increase the the security and minimize trust 14:35for all the new projects especially as you see there's lots of uh lots of skepticism when a new project comes on so if they approach uh my team and i then some then there will be uh you know ways for us to make sure that they are a legit project and 14:54not me and not something that's going to possibly uh be bad for the etc uh community and if there's something wrong we can find that yeah yeah go for a second um just for those listening on youtube i'll be posting the link to this presentation in the comments so you can follow along with us all 15:11right um so wait a second wait a second you can uh you can record also the the presentation if you click that yeah actually that reminds me i'm going to i'm going to do that myself actually cool awesome okay so um this is so uh the presentation is about a project called cetera smart contracts 15:31uh i've created it and proposed it i have a few people uh working with me um classic suagos is our first i guess you could call it client so i'm working with them um so they're going to help us make a name for ourselves we're going to be doing audits helping them with smart contract stuff so that's going to be our first 15:51sort of interaction with the etc projects and then from there we plan on moving and uh swooping in on all the new projects and all the already ones that exist to make sure that they're all uh on the same boat okay so the main uh objectives of ceteris smart contracts is to create a sustainable 16:10environment for projects and users alike where trust is minimized through rigorous smart contract auditing uh basically that just means um every time a project comes that is using smart contracts um to do i don't know a crowd sale or minting nfts or a token or things like that in order to make sure that 16:29there's no um there's no way for them to um do a rug pull or um you know just disappear off the face of the earth and run away with everyone's money which would be really bad for etc for the whole etc community luckily that has not happened yet so i'm hoping that ceteria can make that uh you know make sure etc has 16:48a clean record for uh the rest of history um making the creation of new and safer smart contracts more accessible and affordable to also um one thing that i see a lot of is people starting projects uh who have no you know solidity experience and they're like searching up on youtube um 17:08like literally the guy doing classic swaggos i did not really know what he was doing he does have a background in nfts but not like um not the code part so he was trying to figure that out so we want to make sure that anyone who comes here and who has a really good idea um who wants to execute it has a lot of other 17:27resources but who doesn't have the resources to make smart contracts um then that's one of the main things that cetera wants to do is to create and audit smart contracts um so the next big thing is um to show that non-fungible tokens can be used for other 17:46things and not only as collectibles so the main idea for this i'll talk about in a minute um but it's basically making sure that nfts um you know you don't see a lot of use cases except for collectibles which is the number one use case not only on etc but everywhere and i i personally think that collectibles 18:04is a it's a fair use case but it's not it's not that that efficient it can be used for many other things um and then providing much needed support to those who have a hard time creating a long-term and sustainable projects due to a lack of funds or skills expertise so um uh one of the main things 18:22there is a lack of funds so if a project comes comes along and has a really good idea and they need say some money to start um uh start like a liquidity pool or or just basic um basic funding that they need in order to have a successful project while they can come 18:42to cetera and we can uh we can look into options to help them with the funds but also you know if they need marketing stuff like that we we can connect those new projects with people already on etc to make like a very seamless integration so that's that's uh so those are the main project objectives of course there's 19:02a lot of other little ones but these are the basic things that that i want to achieve through ceteria and the team that i'm putting together so the gold by products so we will have like branches which um which will uh manage each one of those other um uh main objectives uh the first one would 19:21be a project auditing and safety uh i guess you could call it a division but like a a team of people meant specifically for that so a full uh uh smart contract auditing um through a preliminary check preliminary checks developer black background checks uh smart contract and front-end testing such 19:41as making sure that it's the right smart contract that they're connected to um and then like a full report as a pdf um which can be uh which can be attached using an nft i'll say that in a minute um next would be the community protection division so if you you can see if you go on twitter there's a lot of 19:58um auditing teams that will do something like this is where they will uh keep it like around the clock monitor all the projects that they've audited and if they see you know something finicky happening like uh like a weird transaction then the first thing that they do is they go on alert um alert the the 20:16people um through twitter or through social media to ensure that everyone knows what's going on so we'll have a protocol in place in case something like that happens and then make sure that notification is as soon as possible when something like that happens and then the last one would be smart contract creation and uh technology innovation 20:36uh division so um this is like a more um all-around etc sort of thing um uh mainly for those who need smart contracts you cannot code them uh who need like a a team that is affordable and um uh easy to work with uh that's what we can do um 20:56and then uh ensuring that those smart contracts are the top quality so if we do create smart contracts we will audit them ourselves which may not seem like the best idea but uh because we have multiple people on our team such as uh well ross not just yet working with with a bunch of people um but 21:16we hope that ross you can join us in our team for um smart contract auditing um we'll i'll make sure to get run you through all the training for how that might work um implementing implementation of uh new technologies to benefit users of etc so this is where i'm talking about nfts uh as um as a smart 21:35contract audit verification so um say we have a smart contract that needs to be audited so my team uh ceteria audits it and um you know we have a full report um but if you were to go on the blockchain and look at that smart contract you wouldn't see that it's been audited so the idea here 21:54is that we have an nft from another smart contract sent to the one that's been audited that has a link to the full audit that way anyone who goes to see that smart contract one of the first things they will see is that that smart contract has been audited and it has um it's been checked throughout for all sorts 22:13of errors or possible scam stuff so that's that's an idea i need to develop one more should probably write a write paper specifically for that but we'll see if anyone has any idea any ideas because uh you know it's a it's a kind of everything sort of stuff we want to um encompass all the ideas that might be 22:33coming our way um so if you have an idea that has to do with smart contracts or nft use case so we want to help you with that um and then the creation of many projects to go along with the uh the uplifting theme and etc that smart hello am 22:51i uh did we lose uh wendergarten i think he did yes i saw his battery was low so i'm guessing his laptop died okay i'm sure i'll come back in a second do 23:10you want to continue where you left off we we hello hello yeah we hear you hear me sorry i'm my computer so i hope you enjoyed whatever that was you can go from there sorry about that did you have a closing line that you wanted to wrap up yeah if you have any questions you can just let me know i i went through all the 23:29main stuff so yeah okay when when you plan to launch this uh it's more of like a a gradual type thing so um uh you know like like a full uh full um you know website and everything like that i would say middle 23:48of february for sure uh hopefully before we'll have to see i'm not going to put any specific dates on that yet but we want to make sure that we have a like a social medias um a nice website that displays all of the stuff that we've audited uh stuff like that so we want to make sure that um that that 24:06it's a full uh a project that you know has full transparency um so we're gonna make sure we take our time to make sure that happens any other questions thank you thanks for the presentation so 24:25uh i think that covers all of the agenda that we have planned and we can move into open discussion um there was a couple of questions in the community called notes channel which i'll just read out so cosmos quark asks has anyone engaged with f minors i feel like there's a lot of assumptions that they are going to come 24:45over to etc assuming during the merge good question i don't know personally the thing is they're not going to have many options especially if they have invested a lot of money and not just money but time and infrastructure into mining rigs and they're 25:02especially large rigs they're going to be tied to that hardware and their infrastructure for some time to come and they're going to be looking for something to mine so i don't think there's many good options other than etc i believe like expanse and raven maybe but they're really small compared to etc so in terms of profitability i don't think they'll have many options other than 25:22etc that makes sense thank you very much one one thing that uh worries me is how how will they join edc hash because like 25:40there is a back channel where someone discuss with them and the hush rate will go will grow gradually like start growing every day or will just jump nuts currently ethereum has 800 26:00tera hashes so that move seems problematic to me if there isn't communication between the community or etc cop with the miners [Music] i would assume the most likely thing is that miners will just switch to whichever 26:19pool is the most profitable whichever chain is the most profitable and as soon as they stop mining f then there's probably going to be a big jump in hash rate on etc which means for a period of time the blocks are going to get bind really quickly and the difficulty adjustment will take a few hours 26:37days weeks to adjust to the new hash rate um so block times are going to speed up for a little a little bit but i don't see why this is necessarily a bad thing could you uh what was your reasoning bro let's say you move 300 26:55terahash on etc so they the way i see it it may it may affect you know uh the chain in a way that may uh reorganize it because currently we have a 27:14very small uh hash rate compared to them they'll still be mining the same chain so they will just be contributing to the hash rate as opposed to mining a separate separate head of the chain so unless they're intentionally acting maliciously it can only be good um 27:34like my expectation would be in general that um first of all things will be probably fairly chaotic because it makes sense for ethereum miners to keep mining ethereum until the end because uh film is still more profitable per hash than etc so 27:54it will all happen basically right after the merchant then people will look for for polls uh maybe some pools will have some difficulties because they don't have the capacity on the atc side and so on so they might be will be hopping around between pools for a little bit and the next thing will be that of course 28:14with a huge influx of hush rate of hash rate um you will see a massive drop in in mining returns this will not only affect affect ethereum classic but it will also affect all the or all the other um coins that also 28:34you use and or similar algorithms like ubiq because some some miners will go to these and uh gpu miners also have the option of going to other coins like for instance raven which seems to be kind of similar in size 28:53and profitability to etc and but for example all the asic miners um they they are limited to the to the etihad family so that means they can go to etc they can go to ubiquito expanse 29:08to callisto and so on can i ask what is the hashing algorithm for raven they have that basically their own hashing algorithm and it's also some mixture of having a bit of memory hardness and [Music] 29:30something but it's too different from et hash to be able to to reuse specifically optimized equipment like like a6 but with a gpu you have enough flexibility to switch that's so that's entirely feasible um so what will happen next is then that um some 29:50miners who are currently on edc are not very efficient but it doesn't matter because ctc is still very profitable so if mining profitability drops and due to the now matching that much increased number of miners um they 30:09will see that their mining is no longer worth it because they pay more on energy or operations and such than they get from the mining and so this this will squeeze out the some of the least efficient miners which will also lead to a reduction of the 30:29total of the total hash rate some of these miners built by some of the minor coins but you have to understand that those the minor currents they're a lot smaller than epc it's basically if you think that's that etherium is huge compared to etc etc is huge compared to the others so the 30:48remaining etch family kind so they they will also see see a lot of disturbance due to the um due to the to the hash rate that is being liberated on on ethereum so basically we'll see a reduction of the total 31:08of the total uh hash rate because it will just not make sense for a certain group of miners and to continue and there will probably be a time when the revenue mining the revenue is generally quite low because uh um 31:27the the markets dynamics where things move at different time scales so when the hash rate jumps up then you um get a few blocks very quickly until the difficulty um calculation has has caught up with this so 31:45so at the beginning it's it's it's profitability is normal then it will drop because the difficulty goes through the roof and um then we can expect that as things as the dust settles uh that's the hashtag we will be reduced a bit so 32:05this means that profitability goes goes up a bit and also hopefully um as edc settles into the position of the of the ethereum successor for proof of work and then also you can you can hope that the coin goes up in value by 32:24essentially by by etc now becoming the new leader and but this will not happen instantly so there will be there will be some lag between all those things even if if optimistic scenarios come true there will be a time when things don't look good but 32:44essentially you just have to go through this and then we can expect that the situation will improve but but kind of mining of mining efficiency you will be able to mine epc efficiently this 33:04remains to be seen mainly could be that the epc appreciates a lot i'm certain that donald will like would like to see this and um in this case then uh the money profit for profitability could includes is but it is comparable to what we see currently 33:24so there's no need there's no need for for the for the mining probability profitability to be basically completely killed by by inflation in any case um whatever the outcome is things will settle at a point where mining is profitable and we 33:44just have to see where this point will be and this is currently a margin of about a factor of five on the profit you'll need to see profitability it might even get better over time there's there's a trends that are observed in the last 34:04weeks at least um the edc is slowly catching up with ethereum in terms of my of mining profitability uh it does it doesn't mean that ctc is appreciating it's this is a separate process that takes that takes into account a number of other factors 34:24but it used to be below 50 percent per hash so and converted to a btc or usd basis and now it's close to 60 percent and historically it has it has been around well 34:44a few months and dtc's have been very close to each other and even one day etc was leading then the next day the film was leading and so on and so i i wouldn't be entirely surprised if vtc would catch up if profitability in 35:03the next month and that would all that then also increase the the margin that miners have for for this hash rate when hashrate gets gets deluded and then we'll just have to see how the how the current price evolves and so on so that's roughly my uh my 35:22prediction of what will happen in the weeks and months after the merge i think there will be a relatively long period where things will be interesting and then eventually it will settle and some some new normal thanks for the the 35:42analysis there that's really good insight from uh someone that's closer to the mining scene that's very useful i guess there's a there's many sort of variables about how things play out it might even be that the merge is called off or something goes wrong or there's a chain split on f such 36:01that miners stay on some version of the chain so we just don't know what's going to happen at all but based on what you've said it seems like it's a good idea that um you know we try and prepare for this potential massive opportunity i.e uh if there is the potential of a bunch of 36:19miners being forced onto etc then it seems like it's in everyone's interest to try and say proselytize the chain as much as possible for everyone's best interest really because miners want to maintain profitability and i think it could really trigger this snowball 36:38effect of getting enough attention and interest in the chain and i think that the ethereum classic story and its fundamentals are strong enough to you know really sell a good thing to uh to new people that are getting into the ethereum classic story just because of this merge and the miners that are coming over yes 36:57and there's one one important uh detail and that's the the global emission of a coin and um ethereum is much more emission in terms of um basically dollars that are given to the mining community and than 37:16any of the of the smaller coins that are also competing for hash rate so if with all that hash rates um on the smaller coins there simply wouldn't be enough emission for to to make it worth for for the miners to go there in large numbers so this is this is 37:36also a limiting factor and yeah and etc is in a much better position there so uh it's definitely a good idea to to to let miners know where where the right place place is so that they won't have any bad surprises on on some of the smaller coins and also that the smaller clients don't turn up once i won't 37:55have any hello as an analysis of the revenue of miners sorry i'm coughing because i have omicron um in the from block 15 million when we when we do the halving to from 3.2 to 2.56 38:16to block 20 25 million which is the end of the next era the block payout is going to be 2.048 um etc is going to pay minus 23.04 million etc in in those 10 million blocks 38:35from 15 million to 25 million and that is more or less in the next five years starting in april may and um those 23 million um at 50 say that's nothing happens and in the next five years nothing happens and it stays at around 38:5350. it's uh 1.15 billion dollars of revenue and um if it were to go to a hundred it's 2.3 billion in revenue if it reaches a thousand or it stays at an average of a thousand in that period it would be 23 billion dollars 39:11of revenue so i think that this is what the mining pools and mining companies and mining operations do to to know how much to invest in each blockchain i think that sometimes they don't um they don't invest just because the next block is profitable and then they jump to another one on a block by blocks block by block basis 39:31they they i think they usually do judging by the companies in bitcoin they do like long term projections i think that the etc has a good opportunity of attracting those miners from ethereum just because of these revenue potentials yeah 39:51and the other thing is that ethereum classic is maintaining proof of work unlike ethereum so uh we can kind of gain additional trust in that sense i i see like big potential for a minor outreach program from the etc community just to reach out and say miners uh we're gonna look after you so uh my chain 40:11please it's gonna be difficult to uh to push bashar three before july um i don't see it happening to be honest uh there's there's enough pushback for it to cause a chain split yeah unless 40:30people are winning yeah it's not happening sorry that's not gonna happen yep oh yeah i'm saying it's not gonna happen that shot three whatever it's not gonna happen by the time my july comes around or whenever that 2.0 thing comes around yeah that being said a 40:48good point was raised in that we don't really want everything that we do to be dictated by another chain and at some point if if a theorem just keeps delaying and delaying and delaying like it has done for the last what six years then at some point i don't know maybe it would be time to consider doing it even before the merge but 41:07uh it's difficult to tell and it's difficult to put a deadline in there so i'll be open to hearing people's thoughts on that yeah sam's got to set uh atc apart because um heath is still proof of work i'm in the mindset that it's not i'm already in the mindset that it's not i'm 41:27waiting on 2.0 to roll out so i can watch each slide i feel like something about the protocol someone's going to get like majority control or the consensus this is going to get all messed up how much of smart contracts you get compromised nobody's going to know what the true value is where 41:46the records are something like that yeah i think uh switching to previous stake opens up a whole new category of potential uh social economic attacks against the chain that just don't exist in proof of work yeah but that's the that's the path they chose to take so um 42:05by doing nothing we can take advantage of that sha-3 is definitely an upgrade and uh as a means to get there without causing a chain split uh one idea is to do it in a way so that you phase out miners 42:24so that they don't lose profitability um instead they they can slowly stop mining etc as their hardware becomes obsolete as they would have done anyway and like slowly switch to a new uh mining algorithm and that way you don't piss the miners off and cause a chain split 42:47um again ross i think i heard brother law gonna say something so i'm gonna let him speak before i yeah 43:07do my so uh i have a question for webrack do you know how much money is invested in others hardware well 43:27like let me think about this this um i guess we can we can do some estimates um based on but what say like gpus and asics cost and what's good global hash rate is there it's it's a it's certainly a fair amount i 43:46mean many millions of dollars certainly and that's that's it's not only only the miners it's also infrastructure um there may be some um some joint ventures with power plants and so on another 44:06question is it uh is it safe to say that at least 20 percent of ether's hush rate would would move to edc yeah i would definitely expect at least that much my 44:24guess would be more around half of it okay thank you and as a percentage of the current hash rate what would that equate to you mean of of 80 series this would be about something 44:41like 10 10 to 15 times the current edc hash rate i think let me check the numbers i did the i did the calculation and if only 20 of the hash rate would move to edc that 45:00would mean a 7x increase of the current harsh rate yeah so 15 sounds about right if it's 50. 45:08that's pretty impressive and i also wonder how many actual individuals that would also bring over rather than just uh hash rate because a lot of miners will bring more than just their equipment but also their mind share and their influence into the ecosystem so that 45:27could even be more important than the hash rate itself yeah that's what i'm thinking it's going to be their influence and then like everybody on social media that's what it's going to be that's going to be the big wave i'm trying to get ready for that i'm trying to catch catch all that momentum yeah it's going to be huge yeah 45:49single person coming over to hit the oracles for some reason or another whether it be a stable coin or sports betting or the story game thing yeah so that's what i gotta push that's what i gotta let everybody know about i mean i know a few several people in here know about what i work on the oracle's the dow um 46:16it's probably not most appropriate for me to talk about it right now i'm not well prepared um also i know that i've got a lot of room to improve as far as my presentation of the website and the protocol and everything i'm more you know i'm focused on just being an engineer so i got the i got the main meat of it done and 46:35then i just got burnt out doing everything else but um hopefully i'll have something ready next week something to show something to say a little bit more put together and then also uh lay out kind of like options for how to leverage it with the incoming incoming 46:55flux of people because i think it really is like i mean i don't want to toot my own horn but like it is i i it's kind of a big deal it is kind of a big deal like it's kind of like you it's hard to hit this thing it's hard to compromise the uh protocol it's a pretty good 47:15dial where this thing works so um yeah i'm just waiting on this whole switchover and and not just the switch but the uh the next pumping crypto in general cool we're looking forward to uh to hearing more about that in the in a future call thanks the update yeah you 47:35wanted to say something um yeah i looked at the numbers and so if if about half the the ethereum hash rate moves over to etc this would be an increase of about a factor of 20 of the global hash rate and yeah i also like to like 47:52to add that indeed i think one of the big things that will come out of the of the of the marriage is that etc will become a lot more visible and this can only mean good things yeah absolutely stevie uh i i don't know if you need permission to talk 48:12but uh i don't have permission to let you i'm afraid does anyone here have a moderation tools tonight to allow steph to uh oh yeah you can talk now we hear you stev uh greetings um 48:34yeah we got you okay perfect um well for now i'll be going by uh sorry for any background noise i'm in public but um i'm working right now on a project to bring a dial to the classic it's going to be like collection 48:54now it's going to help like like fun projects that try to work uh 49:15ideas for projects that you're planning to have fun with um well one one thing that we wanted to do oh like after the dial launches and has been fully looked over by the community we we would look we would want to have a community 49:32funded mining facility sounds great we'll be in talks um i'll send you a message um one thing that we're trying to do we're we're trying to launch our website as soon as possible so we can give the community 49:52more of an outlook on what our progress is we've actually released a mine are like a little bit of on a road but we plan to get more in depth and um that's great to hear it's always good to see 50:11new projects launching on classic and we would of course be happy to add your project to the the website and uh feel free if you uh have a presentation to uh to explain more in detail on this call in a future call in the meantime is there like a link that you wanted to share for people and we 50:30can add it to the video description um probably maybe thanks for the uh uh for bringing this so good thank you you should be able to speak steve [Music] steph 50:49we can't hear you i think uh maybe it's a microphone issue or uh it was it was briefly flashing earlier but it's not it's not working anymore us later to 51:10bring anything up please feel free to jump in according to to my analysis edc is entering a new cycle and in a few days in four days i think it 51:29will enter a new cycle i can see that on on a gun box trader traders know what it is so let's see what happens going to be a very very good year for a throne classic i've got a good feeling steph 51:48if you had a question feel free to type it or otherwise uh maybe you can join us in a future call once you get your microphone sorted are there any other questions comments people want to add i think that um when edc multiplies its hash 52:08rate to maybe five times i think it's going to be a sinking ship who didn't get that joke it was a reference to uh i believe uh charles from iot iohk who was uh previously referring 52:27to etc as a sinking ship because uh funding and no treasury so uh hopefully this year proves all of that wrong and proves that the whole treasury thing is not essential at all and i have a good feeling that we're going to be right on that we we have some that might not have got that 52:47but uh i just want to involve everyone in your comedy thank you very much for organizing the call thanks for joining us bye-bye good having you comment 53:08uh we're reaching the hour so uh unless there's some someone else that wants to pitch in uh we can wrap it up i'm okay okay so uh we're gonna wrap things up now so thanks for joining us for uh community call number eight we're gonna have 53:26this again next week and hopefully be joined by cody to talk about the treasury uh sorry about the multi-sig and uh yeah thanks for everyone for coming and contributing and we hope to continue the conversation this will be uploaded to youtube shortly so have a great week and see you next week bye-bye thank 53:46you bye

Mystique Hard Fork, Soteria, Mining Analysis

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