The Summer of Discontent

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Red greets all cryptos today as a sell-off has sent even Tether down with the global crypto market cap falling below $300 billion for the first time since April.

A brief bull run that followed in May appears to have not turned the market with anger brewing in EOS, in Tezos and more widely.

Current price action of top cryptos.

Reports of double spends where 0-confirmed transactions are utilized in BCH might be just a continuation of their blocksize debate.

But in ethereum the suggestion that the Casper FFG – which has been on testnet for months and was expected this summer – might instead come out next year, was a bit surprising. Vitalik Buterin, ethereum’s inventor, clarified to state:

“One thing that’s worth keeping in mind in all this is that “Casper v1” was always a temporary thing that would eventually be thrown out, once “Casper + sharding” was perfected (even the EVM itself will eventually become either a sidechain or a contract written in E-WASM as the rest of the chain implements EWASM).

What’s being considered here is an adjustment to the roadmap where “Casper v1” is modified so that it serves similar functions to what it did before, but where the style of the implementation is such that it’s much closer to what we already know will be a building block of the sharding design.

Even in this proposal, Casper may likely be released before sharding, and would have its “finality gadget” function; it would just do so by being a sidechain rather than by being a contract.”

This bombshell of sorts was just in time for the EOS clownshow. We all knew it would eventually come to this, but the EOS sell-off seems to have dragged much else down with it.

And just for good measure, Tezos comes out to say: give papers. While all started to think their sorting out of legal matters might clear the way for a smooth launch, now many might start to think there might be something wrong with this project itself.

Add hacks of some obscure exchanges or coins, 51% attacks of more small coins, and you get a break in bitcoin’s trendline:

Bitcoin, of course, hasn’t been much relevant since December with all other coins leading the market and its price action, but since so much is still traded against BTC, when it moves it affects much else.

That, apparently, has broken that yellow trendline, falling down to the green support. In other words that says the coin has been up and down, but effectively sidewaying since February.

Whether it will hold there and/or turn up, remains to be seen, but this summer might turn into an interesting period as all these ICO-ed projects start coming out.

So far, ethereum based ICOed projects, which have built dapps on ethereum, have seen a successful launch. While ICOs which aimed to build their own blockchain haven’t really had much initial success.

But while that might suggest the game is building on eth, rather than going on your own, ethereum is sort of in a waiting mode for that much anticipated scaling solution.

So making sharding a top priority, and thus some slight delay in Casper very understandable, but how this waiting period now develops, only time can say.

Copyrights Trustnodes.com

 

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