My Thoughts On Ethereum... And The London Update...

What is up? I am Crypto Mason and welcome back to the Crypto Mason YouTube channel. Shout out to the Gold Squad. We look for gold in every single aspect of our lives and we always find it. Now, one thing before we get started This video is going to be extremely helpful if you watch to the end. You will understand everything about what's about to happen to Ethereum with the London update, as well as like the, um, the ETH 2.0 as well. And you're gonna get all my thoughts on Ethereum. So drop a like right now, go and click the like button, drop a comment, and let's get right into the video. Now before we hop into the details of the Ethereum Ethereum London update, because I think this is an important thing to understand. And the reason why it's an important thing to understand is because you need to understand what is about to happen to Ethereum. And like, because this thing— I, I do believe in Ethereum. I've said this multiple times. I— my thoughts on Ethereum are a little bit different than the classic like XRP maxi person. And like maybe some Bitcoin maxis who don't like Ethereum. I'm an absolute fan of Ethereum. I'm a fan of everything about it. I'm a fan of it passing Bitcoin in market cap, of course. Um, and I've talked about the, the ramifications— is that the correct word? The ramifications of that happening. I've talked about what that would do, and we can talk about that right now. If Ethereum passes Bitcoin That would be a historical day. First of all, it would be a historical day, and there would be a psychological thing, like a— it's a psychological, like, thought form that would be killed. It would be slayed. I, I've called it on TikTok, slaying the king. To slay the king would be something passing Bitcoin, even for just a moment. If that happens, there's a psychological thing that has broken that shows us that Bitcoin no longer has to be king. Because right now Bitcoin basically has to be king. Everyone looks up to Bitcoin, right? And it leads the entire market. So if Ethereum passes Bitcoin and stays there, this shows me that XRP could do the same, that HBAR could do the same, that Quant could do the same. You see what I'm saying? Like, you know how mind-blowing it would be to see Quant at number 1 on the charts? Doesn't make sense, right? It would be the biggest day of all time in crypto. So I am hoping that either Ethereum or something— it probably will be Ethereum, maybe BNB, but that would just be kind of, kind of like ew to me, like disgusting. Because BNB, I mean, I'm not really a fan of BNB. It's a good moneymaker coin, but I'm not really a fan. I'm not really a fan. So Ethereum gets that slot and shows us that anything else can be king. It doesn't have to be Bitcoin, right? So that's one of the reasons I'm a fan of Ethereum. There's another reason, which is like, um, it owns this entire— it's the new internet. It's the new internet. You can build anything on Ethereum. And you— I bet in your portfolio right now, if you're hating on Ethereum, I bet you have a couple Ethereum tokens that wouldn't even exist without Ethereum. Maybe they would be built on other things, but Ethereum owns the whole thing right now. They have everything built. So I'm a big fan of ETH going to $10K. I'm a big fan of all of that stuff. Like, I'm a heavy ETH hodler too. Um, and as we can see, this video is dedicated to Ethereum, so we can really go into what I think about this. Currently, uh, $2,160 at the time of recording. By the way, we're going to cover this article right here. Um, we're going to cover this article in a second, but we have this bull run all the way up to around $4.1K. And if you watched my second video ever on YouTube— it wasn't actually my second video, but I privated all the older videos, but it's currently my second video ever on YouTube, um, because all the other ones are, uh, private. So look at this. I predicted that this bull run would be exactly 3 times bigger than the 2017 in terms of price. So 1.396, 1.396 was the top in 2017, times 3, we get 4,188. Okay, 4,188. Okay, what was the top over here? The top was about 4,188. Okay, exactly predicted the top of Ethereum. Um, and Bitcoin, it was about 4,000 off as well. XRP, of course, we know did not. It just had a pathetic run halfway, not even halfway its all-time high. But let's get into this article right here. This is from Mr. Zombie, and this is on the zombie dot— what, I'll leave the link to this, by the way. The link is in the description if you want to read this yourself and go over it, because this is important to study. Um, but shout out to him for this article. I thought this was a great article. I'm gonna read it and we're gonna go through it, okay? So big credits to him for that. I did not write this, he did. When is the Ethereum London update going live? He's got a little counter right here: 10 days, 9 hours, 55 minutes, 18 seconds. It's going live in less than 2 weeks. So one thing that you got to understand about this, it has It has 1, 2, 3, 4, 5 different EIPs. And what an EIP is, it's an Ethereum Improvement Protocol, which I really like. I like how they have improvement protocol. I'm all, I'm all about improvement, something that Bitcoin does not know. Bitcoin does not know what improvement is, um, and it can't even improve really. Kind of just stuck. But Ethereum has the 1559, which is the biggest, the most talked about one, 3198, 3529, 3541, and 3554. So in short, this update is going to basically, um, help declutter and decongest the network, which is really needed on Ethereum right now. It's really needed. Ethereum is like a clunky Giant, right? Clunky, just giant. Um, so here we go. We can go down here, you can track the blocks and stuff and see how far away it is, but it is coming. Deal. And the Ethereum London update is going to contain 5 different EIPs. So we're going to cover the 5 different EIPs. This is very understandable too. It, it's not hard to understand what's going to happen with this. Basically, EIP-1559, this is the one that everyone talks about. It adds a base fee to every transaction on the Ethereum blockchain, and this should help to stabilize and standardize the cost of fees, getting rid of the first-price auction system currently being used. So this literally replaces a whole fee system. This, this, uh EIP-1559. So remember, there's 5 of these contained in the London update, right? Um, so the second thing it does is it changes the fee payout. Now, this was the main point that I was really harping on and thinking about. Basically, this portion is gonna burn the fees instead of giving them to miners. I think this is the most important portion of this. Um, because this affects Ethereum miners and this affects, um, this affects the fees heavily. So instead of giving them to the miners, they're burning them, which is a deflationary aspect, right? So right here it says this should increase the price of ETH as the supply becomes more limited, right? So that's a super good aspect. It's a deflationary aspect. Um, because the supply is slowly becoming more limited as the fees are burned. So here's a little graph on how it works. Now we're getting into the second one, which is 3198 right here. The 3198 is going to address smart contract fees. It will stabilize and lower the fees that smart contracts like decentralized exchanges are paying. So that's an interesting one too. I don't really hear anybody, uh, talk about this part. It's always the 1559 headline, right? But these are all grouped into the London update. Um, here is the 3529, and basically this aims to declutter the network by removing or reducing gas refunds. And as we can see, here's a graph. ETH transaction fee dropped back to December 2020 levels. Right there. Look at that huge run-up, huge, uh, fall, and then another lower, um, lower top, but still went almost to the top of that. $60? Are you serious? $60 for some fees in USD? Insanity. Um, so 3541 is going to, um, hold on. Yeah, yeah. In short, this will allow smart contracts to more accurately estimate gas fee costs, making the network— okay, so it's— this is all about decluttering and decongesting the network, right? So we've got 3541 and then 3554 right here. So, uh, this article says that it is perhaps the most misunderstood, misunderstood or uncovered part of the Ethereum update. Which is 3541. So what this one does is it rever— it reserves space within the network for future projects, allowing for new types of smart contracts. And right here it says, most importantly, this will allow the developers to add new functionality in the future without breaking the Ethereum virtual machine, right? And the one thing I do know about Ethereum virtual machine is that Flare actually uses this. FLAIR has something to do with this right now. The last one, 3554, right here, it addresses the bit of code that's known as the difficulty bomb. And the difficulty bomb increases the time between block creation. So basically, uh, to, to address this issue of increasing block time, EIP-3554 4 will delay the difficulty bomb until December of 2021. So it is being delayed until December 2021, this difficulty bomb. Now I'm not huge on knowing the code and all of this crazy stuff. I know a different code. I know a different code. I don't know about coding and, and Python and crazy shit like that. But so I wouldn't, I wouldn't fully understand the difficulty bomb. But this is interesting, and it says, fun fact, this bit of code was put in in 2015 to incentivize the Ethereum developers to implement ETH 2.0 sooner than later. And the ETH 2.0 update will switch Ethereum from proof-of-work to proof-of-stake. Now this article puts a great little conclusion right here. So the goal of the London update, so you understand in short, is number 1, to standardize the fees by implementing a base fee. Number 2, to tackle network congestion and lag. So both of those are amazing points right away. Number 3, allow for new types of smart contracts. Number 4, slow down the rate at which mining difficulty increases. And number 5, increase the price of Ethereum by burning a portion of the transaction fees. That is insane. And it says if miners disagree, they might continue running the old version, and this would subsequently result in a hard fork of the current Ethereum blockchain. Um, so that would be insane if, if they did— if they disagree or something, that would be insane. But there you go. That is an overview of the Ethereum London update. I think it's so important to understand that because now you can apply that knowledge to all the other ones. So if you ever see an Ethereum update in the future, you know that there's— you know about EIPs, you know that there can be ones grouped into one main update, right? And you know that Ethereum's going from proof-of-work to proof-of-stake. Um, we know that it's about to get a lot less congested and less, um, just cluttered, right? This is all about decluttering and decongesting the network. And the one thing I want to talk about at the end here is basically we're seeing the Binance Smart Chain pop off, right? We're seeing the Binance Smart Chain go crazy with just scam projects shitcoins, meme coins, hype coins, every type of coin you could ever imagine is going on there. My opinion is that this would have been happening on Ethereum, but they chose to go with Binance Smart Chain because of the fees were so small. The fees were so small, transactions were so fast with BNB. You can just boom boom boom, you could just trade things and it actually makes sense. Because it does not make sense to trade tokens with Ethereum because you're paying like $5, $10. We saw up to $60 in fees, right? So basically, Ethereum preserved their credibility. Ethereum preserved their credibility because all of these scam coins— I, I think Binance Smart Chain is going to come to some kind of screeching halt almost. When Binance faces regulations, which they already kind of are. But there are legitimate— I'm not legitimate because scams are not legitimate. There are straight up scams being ran on that chain that need to be handled, right? And there's unregistered securities going on, so it's a big issue. But that is going to wrap up this video. Now you know my opinion on Ethereum. There you go. So make sure you follow on Instagram right here, Twitter as well, TikTok, all of that. Check the link in the bio, join the Crypto Knight Discord, um, and goodbye.