Ethereum is Changing Forever (Last Chance for Cheap ETH)

ethereum's eagerly anticipated london hard fork is upon us the market seems to be responding price of ease has blasted through previous resistance at around two thousand dollars dominance is rising the short-term downtrend has just been broken and the stage appears to be set for a climb back to all-time highs in this video we're going to take a dive into some of the upgrades coming to the ethereum blockchain which many expect could see prices explode in the months ahead would you look at that breakout yep london is calling so make yourself a cup of tea settle in and get ready for a new episode of mr bean let's get it welcome to bitboy crypto the largest crypto community in all the interwebs and home to the bit squad my name is ben or as they call me in london town big ben every day i show you how to make money in crypto if you like money and crypto make sure to hit that subscribe button ethereum's path to 2.0 continues and london is set to provide a hugely important pit stop along the way the road towards a hyper scalable super efficient proof of stake consensus mechanism has been long it's been rocky and let's face it it costs us all a serious amount of gas while 2.0 is still a year away from being deployed the london hartford can resolve some of these issues with a few significant updates to the network now if you've been in the space for a while you'll have heard the buzz surrounding eip-1559 some of you might still be wondering what it actually means well i can tell you it isn't walking supercomputer vitalik buterin's middle name instead eip simply stands for ethereum improvement proposal first rule of east club according to eip1 is for each proposal to provide a concise technical specification of the feature and rationale for the feature which will ultimately be decided by consensus of the community eip 1559 was first proposed in 2019 by buterin and a team of fellow ethereum magicians the rationale behind it was clear as anyone sending eath in recent months will happily or unhappily confirm ethereum has been a major grey guzzler with fees rising parabolically during the may peak many of you experienced this firsthand when insane gas fees made sending small amounts of eat or using dexes a pretty expensive business the long anticipated eip 1559 will see a major overhaul to the transaction fee mechanism which until now is operated as a kind of bidding system users would set a gas fee to pay for their transactions which would in turn be prioritized by miners in order of value since miners earn gas fees as a reward for adding transactions to a block this naturally led to a situation where users found themselves competing for miners attention and paying an arm and a leg to do so in short things got way overpriced eip 1559 seeks to solve this by setting a base heap or transaction block which will adjust according to factors such as network demand and how full the blocks are at any given time the update should include a mechanism designed to keep blocks at around 50 capacity when this equilibrium is exceeded the base fee will increase with it but don't worry this is london not linen grad meaning users will still be able to get ahead of the pack by offering an additional tip of course smash that like button for capitalism best of all though these are expected to cost a fraction of the fees we've reluctantly grown accustomed to sounds great but it's worth pointing out that the two-tier payment system has been met with its fair share of controversy in the ethereum community as some have argued it disproportionately benefits users at the expense of the miners who are themselves poised to jump to other coins once 2.0 is deployed in full with gas fees going down the next burning question is how eip-1559 will cause prices to go up see see what i did there yep changes to the transaction fee model will now include the introduction of eth burning this means the base fees we've just discussed won't be going to minors why because they won't be going anywhere they'll be self-destructing burn baby burn so let's zoom out a little t5 has exploded everyone and their dog is making nfts and underpinning it all is first mover ethereum you really don't need to be a monetary einstein to grasp the positive price impact of increasing demand and diminishing supply speaking of financial geniuses the mad money man and professional flip-flopper jim cramer went full bull on ethereum this weekend only a few days after causing some fud by allegedly selling his bitcoin position allegedly kramer said he liked ethereum because people actually use it much more to be able to buy things and described it as being more of a currency while this may not be the world's most sophisticated assessment of the ethereum blockchain kramer pretty much nails the use case scenario we've been looking at citing deep eye and nfts is a reason to keep stacking those eats the numbers are pretty redonkulous sure we may not be quiet at the levels we saw in mid-may but with over 52 billy locked into ethereum based evita applications it's hard to disagree with kramer's overall sentiment but like we've said before be careful with jim cramer he's a mouthpiece for the institutions when they want to manipulate watch what the whales do and compare it to what jim cramer is saying but even a broken clock is right two times a day we put out crypto content like clockwork here at bitboy crypto so make sure to hit that subscribe button so you stay on top of the latest crypto info and news on the subject of redonkulous numbers data for crypto quant shows that last week saw over 100 000 eth with a street value of around 200 million dollars is taken into ethereum 2.0 in one day one day shout out to crypto potato for reporting on this but overall about five percent of all the ethan circulation is now locked up in the 2.0 staking contract i know we all like to joke about actually living long enough to see the launch of e 2.0 but the numbers speak for themselves and they just go to show the belief both in vitalik and the ethereum network's almost unlimited potential once it makes the move to proof of stake i remain extremely extremely bullish on east's long-term price potential but even in the short to midterm as soon as we're out of the woods and into a certifiably bear-free zone pretty confident we're going to see a rally similar to that of april fundamentals are lining up slowly but surely the technicals appear to be recovering so when it comes not if it comes it could be faster and crazier than we could ever possibly imagine in other eth news ethereum classic the forgotten step brother of ethereum has been a project in limbo until recently when reddit meme coin buyers pumped the price almost 700 percent since the beginning of 2021.

Like any good meme coin interest died down and the ethereum classic gains seemed to be a thing of the past recently though prices have surged again up eight percent in 24 hours the pump was largely attributed to a new hard fork announced called the magneto network upgrade this is the first time we've seen any action in the ethereum classic network in terms of upgrades ethereum classic came to be when a device of hard fork came to ethereum in 2016. it all began when a blockchain startup called slot.it launched an organization called the dao on the ethereum network its creation was venture capital fund for ethereum and 168 million dollars got invested in the project dow turned out to be a hugely vulnerable network and the code was hacked 14 of all the ether that had been mined at the time was stolen this was where the divide came in what to do with the stolen eat one camp headed by charles hoskinson believe that since ethereum is decentralized the money should be considered gone and can't be a retreat the other side headed up by vitalik said no way we're gonna go get it all back and go they did a hard work was created on block 1920 and the funds were retrieved the nodes who did not agree with this hardware continue to run the old ethereum without the update this og ethereum is now what we call ethereum classic or etc ethic has had some issues since the hard work including a 51 attack in 2019 but the interesting change has been the renewed development on etc from none other than the cardano team at iohk they made updates to the etc mantis wallet and have rolled in many upgrades from ethereum including the berlin hard fork into the etc in the latest magneto update is there some behind-the-scenes development between cardano and ethereum classic well we're looking into this i promise since this flurry of development news price predictions were ethereum classic range from three hundred dollars all the way to you guessed it the moon what the outcome will be for ethereum classic we don't know but the bit squad djinns can't ignore a good price pump so for now this zombie project is on our radar that's all i got be blessed

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