- Jul 15, 2014
- 28,673
- 47,685
237848, member: 1608"]I just don't like cash.
As far as I know, L-boy still disagrees...
237848, member: 1608"]I just don't like cash.
A couple of weeks ago I bought a BUNCH of cryptocurrency lotto tickets - $100 amounts of currencies that had dropped 38.2% from their highs since the first of the year.
By far, the one that is doing the best is MATIC (Polygon), up 57% since buying it 10 days ago. Does anyone have any idea why? I’ve read that it is highly scalable and has low transaction fees, but that doesn’t seem like “news” that would drive a rapid price increase.
Polygon is the most popular layer 2 solution for Ethereum. It is also a Proof-of-stake system, which makes it use far lower energy than proof of work systems like Ethereum and Bitcoin. With all the energy concerns coming up from Tesla, and the fact that Ethereum 2.0 is going to a be a long way away, Polygon is seeing a massive surge in actual on chain use.
That makes sense. I knew it was a PoS system, using far less energy for transactions that Musk was complaining about. I just didn’t realize it was so far ahead of Etherium 2.0.
Now I need to research what it means to be a layer 2 system. So much to learn ...
Thanks for pointing me in the right direction.
The simplest way I can explain layer 2 is like Visa or Mastercard payments on top of our banking system. Imagine you had to wire money from one bank to another every time you buy a cup of coffee or buy something from the grocery store. It could cost you $30-$40 in fees and could take hours to settle. Instead Visa and Mastercard can support millions of purchases every minute through these systems, which makes them efficient systems, but they are not actually transferring money from one bank to another the moment the transaction is completed. Instead this second layer bunches up all these transactions, and then Visa and Mastercard become responsible to actually finalize all those transactions with the banks on a much larger scale, lowering transaction fees and speeding up transactions.
Thats not necessarily how layer 2 solutions work in crypto, but that is an example of a layer 2.
Who provides the price of Bitcoin?
When we say a stock went up 10 points, we are referring to the price on Nasdaq/NYSE, but where are the quotes for bitcoin coming from?
Who provides the price of Bitcoin?
When we say a stock went up 10 points, we are referring to the price on Nasdaq/NYSE, but where are the quotes for bitcoin coming from?
He's not talking about reporting spot price, he's talking about who/what is tracking/reporting the trades in bitcoin that determine the spot price that cnbc, yahoo finance, and everyone else in the world reports.
Reading and comprehension people... reading and comprehension! ;)
You're expecting an awful lot from Otis this early in the day....Reading and comprehension people... reading and comprehension!
Fuggin' tards...You're expecting an awful lot from Otis this early in the day....
Looks like 15k is the next level of support....
Me too, I'm just at 13% of one BTC nowI'll buy the whole damn thing if that happens!!
Looks like 15k is the next level of support....