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November 6th News On The Cryptoverse

The Cryptoverse news with Chris Coney on ALTCOIN MAGAZINE


On today’s episode of The Cryptoverse…

  1. People are saying we’ve started the new bull run, I’ll give my perspective on that
  2. A research paper is floating around suggesting EOS is not actually a blockchain, I’ll give my perspective on that
  3. BancorX is now live enabling tokens to be traded between EOS and Ethereum
  4. The Ledger hardware wallet now supports IOTA, I’ve tested it and it works as expected
  5. And a German economist from the Bundesbank is suggesting that Italian citizens have 20% of the net wealth taken from them to purchase government bonds
  6. Just a bit of fun, I was fighting BitMex on CSGO last night and took a screenshot

People are saying this is new bull run I say not yet

There is an uptrend established on the total market cap chart but we really need to clear that previous resistance at 240B.

And on top of that Bitcoin needs to break 7500 as part of that. So until that happens I’m not

XRP has contributed a lot to the increase in market cap. There’s a bit of excitement about XRP adoption in the Middle East and their intention to establish an office in Dubai.

A research paper is being passed around suggesting that EOS is not actually a blockchain

The bottom line is that the only people qualified to write a comprehensive response to this report are the developers.

In the past Dan Larimer has taken the time to fire back when EOS technology has been criticised so maybe he’ll do so again.

While we wait for that I picked out a few things I’d like highlight.


The first thing to point out is that the first two authors of this report are researchers from ConsenSys, whose entire businesses is based on the success of Ethereum.

It’s going to be rather difficult for them to analyse the biggest threat to Ethereum and do it objectively.


“Since the public release of the EOS main-net, multiple parties have speculated and made claims of the system’s ability to provide processing capabilities in the range of 5,000 to 1,000,000 transactions per second. However, such performance has yet to be observed in a production network.”

That’s false. EOS has recorded a throughput of 3,996 transactions on the production network that is the EOS mainnet.

You could say that sharding and plasma technology is supposed to allow Ethereum to scale but no such thing has been demonstrated on a production network.



The introduction refers to 2017 and the number of ICOs used to raise money to fund projects in excess of $12b.

Block One did not conduct a token offering to raise money. They said publicly that they are already had enough money to develop the eosio software thanks to their prior investment from private firms.

The purpose of the token sale was a mechanism to distribute tokens widely, since wide distribution of tokens is essential for DPOS to work.

Whenever this method of token distribution is criticised I have yet to come across a suggestion as to what method would have been superior. Please do let me know.

Those are my observations in principle.

One other thing I will say is that the paper focuses on the fact that EOS uses accounts as a layer of abstraction from a key pair.

That’s an important feature that allows all manner of flexibility in EOS.

BitShares and Steem are also structured like this, I’m just wondering why EOS came along and threatened Ethereum before this paper was written.

Why feel the need to write such a paper anyway? That’s a lot of researchers time defending against a competitor.

I don’t seem them doing this with every other Ethereum competitor do you?

Why do you suppose that is?

As always please do your own research and decide for yourself. The only conclusion that matters is the one you come to yourself.

And speaking of EOS being a threat to Ethereum…

BancorX is now live, allowing tokens to be traded between EOS and Ethereum blockchains for the first time

You have most likely encountered this problem where you have for example some Basic Attention Token and you want to sell it and buy some Everipedia tokens.

The problem is they don’t trade against each other and they are on two different networks.

Now thanks to BancorX you will be able to do that one trade directly in a decentralised way, without an exchange.

This is a huge improvement other selling your Basic Attention Token for ethereum. Selling your Ethereum for EOS and then selling your EOS for Everipedia.

You’d just get eaten with fees and it’s a lot of friction.

Here’s a wee diagram of how it works:

The key to the whole system is the Bancor tokens ability to exist on both chains while keeping the same total coin supply overall as it moves back and forth.

If you are interested in getting into more details checkout the sources in the show notes.

A quick note for anyone who holds IOTA…

Long story short, IOTA is now supported by the Ledger hardware wallet.

I have tested it myself, and you install the IOTA app on the device through the Ledger Manager software, then I downloaded the Trinity wallet from IOTAs website to interact with it.

I did then make a transfer of IOTA from Binance to the wallet but after sitting there for 10 minutes I had to get on with the video. Binance were taking their time letting go of it.

Another quick story…

Basic Attention Token is the latest asset to begin trading on Coinbase Pro.

And guess what it’s trading against?

The good old USDC stablecoin created by Coinbase in collaboration with Circle.

I think this trend will bring a lot more traditional traders to the crypto space since everything is measured in dollars.

More traders means more liquidity, and more liquidity is always a good thing, especially if we want mass adoption.

Switching gears now to a macroeconomic trend, and one of the biggest reasons to be in crypto…

Bottom line is that this genius economist from the Bundesbank is suggesting that they take 20% of an individual’s net wealth and convert it into “Italian Solidarity Bonds”.

Well that’s an example of mind control if I ever saw one.

“We’re doing this for the greater good of Italy” they will say, “Don’t think about yourself when your country needs help, share the burden”.

Er excuse me, you want me to share the burden that I didn’t create? I don’t think so.

It’s the same old approach that breaks every spiritual law in the book.

You cannot override the rights of the individual for the good of the collective.

And the reason you can’t do that is because there is no such thing as the collective. The collective is a group of individuals.

So if you violate the right of the individuals for the good of the collective, you just end up with a collective full of individuals who have been violated, all of whom are worse off as a result.

You have to honour the rights of every individual so that when put together you have a thriving collective.

Until governments get their head around this, people are going to do whatever they can to protect themselves.

The reason why governments behave like this is that the politicians will never have to face the negative consequences themselves.

I’m sure you’ve seen president Maduro of Venezuela sitting down with his cloth napkin while his personal chef slices this prime slab of beef.

Meanwhile the poor citizens of Venezuela browser the shelves of empty supermarkets.

If a government is spending more than it earns, what good is stealing a bunch of money from the people going to do?

Unless the government starts spending less than it earns, the problem remains.


And that’s all I’ve got for you today…

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Other than that I’ll be back with the next episode of The Cryptoverse, so until then it’s me Chris Coney saying bye for now.

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