Ethereum EIP-3675 For ETH 2.0 Upgrade Launches On GitHub

The Ethereum Improvement Proposal (EIP) 3675 has now launched on GitHub. EIP-3675 contains the ETH 2.0 proof of stake merge that is coming to the network. Although this does not mean that the move to proof of stake is happening anytime soon, it is bringing the Ethereum network one step closer to the move from proof of work to proof of stake.

Consensus researcher Mikhail Kalinin creating a pull request for the EIP-3675 on GitHub formalized the chain merge as an improvement proposal for the first time ever. The pull request was made on Thursday 22nd July 2021.

Related Reading | Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst

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Ethereum developers continue to work towards the merging of the Ethereum Mainnet with the already up and running Beacon Chain, which would mark the final step for the move to proof of stake.

The EIP-3675 is meant to set the stage for “The Merge,” which is slated to be discussed at a core developers’ meeting that will be held on Friday, July 23rd.

ETH 2.0 Delays

Ethereum co-founder Vitalik Buterin had confirmed that the move to ETH 2.0 had been delayed. But according to the CEO, a couple of factors had contributed to the delay of the project.

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Firstly was that they had expected it to take a much shorter time than it would have. When the project was first proposed, the team had believed the move to proof of stake would only take a year. It turned out to be a project that would take at least six years to accomplish.

Ethereum price chart from

Ethereum price chart from

ETH price shows downwards movement post-recovery | Source: ETHUSD on

Another problem that the Ethereum upgrade had encountered had been team conflicts. It had been speculated that technical difficulties had been the reason for the continuous delays but in the end, Buterin confirmed that the problem was in fact not related to technical problems. One of the major causes for the delays had been with the people working on the project.

Related Reading | Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH

One of the biggest problems I’ve found with our project is not the technical problems,” said Buterin. “It’s problems related to people. We have a lot of internal team conflicts in these five years.”

Continous disagreements and team conflicts seem to plague the project. The CEO is quoted saying, “if you are building a team, it is important to know who you are working with.”

Ethereum Progression So Far

Expectations for the network continue to remain high. Ethereum price itself has taken hits over the past months as the crypto market continues to be beaten down by bears. But despite the declining prices, holders continue to stake their coins ahead of the move to proof of stake.

Over 6.3 million ETH have been staked on the Ethereum network, accounting for over 5% of the current circulating supply of ETH.

Related Reading | As Ethereum Price Suffers, Investors Wonder If ETH Can Become Deflationary

Investors had hoped shard chains would be rollout this year but this is unlikely as the possible date of launch for the shard chains has now been moved to 2020.

Ethereum’s price continues to trade above $2,000 after the boost it received from Elon Musk. With a current market cap of $234.05B.


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Nigeria to Launch a Pilot for Its CBDC in October

After four years of research, the Central Bank of Nigeria (CBN) will finally roll out a pilot program for its own digital currency on October 1st, 2021. The CBDC project, named “GIANT,” will run on the modular blockchain framework Hyperledger Fabric.

Nigeria Does Not Want to Fall Behind

During a recent webinar, the Central Bank of Nigeria revealed that it had set a clear date for launching a pilot for its CBDC – October 1st. The information technology director of the CBN – Rakiya Mohammed – highlighted the move as the institution spent four years researching and developing the project.

The pilot program will reportedly come under the name of “GIANT” and will run on the permissioned blockchain infrastructure Hyperledger Fabric. Additionally, Mohammed noted that the CBN could administer a proof of concept before the end of 2021.

The top Nigerian bankers reminded during the webinar that around 80% of the central banks around the globe were currently attempting to issue their own CBDC.

With the help of this future project, Nigeria hopes to focus on growing regional problems such as monetary policy effectiveness, revenue tax collection, improved payment efficiency, remittance improvement, financial inclusion, and targeted social intervention. Furthermore, the CBN pointed out that an e-naira would enable cross-border trade facilitation.


Nigerians Love Digital Assets

Nigeria is one of the leading cryptocurrency markets in Africa, as millions of the nation’s young residents use digital assets in an attempt to solve their financial problems.

Not long ago, though, the CBN imposed restrictions on trading with virtual currencies, urging local banks to stop servicing bitcoin clients. The institution explained that many criminal organizations use the asset to facilitate money laundering and even finance terrorism. However, a few weeks later, the central bank changed its stance and announced that it is okay with cryptocurrencies and is not discouraging people from trading with them.

And while many expected that the hurdle would threaten and reduce the size of the market, such a thing did not occur. Nigerians continued to remain bullish, and the country emerged as the biggest peer-to-peer market for Paxful amid the CBN’s prohibition. Over 1.5 million local platform users have reportedly hit a remarkable trading volume of $1.5 billion.


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What Do Bitcoin, Antifragility And Fantasy Football Have In Common?


“Nassim Nicholas Taleb is a Lebanese-American essayist, scholar, mathematical statistician, and former option trader and risk analyst, whose work concerns problems of randomness, probability, and uncertainty.” — Nassim Nicholas Taleb


Life is a constant stream of decisions, the outcomes of which shape our futures. In this constant churn of decisions, we seek to improve our odds against the inevitability of randomness, whenever possible. We want to make well-informed decisions to best position ourselves to benefit from these external uncertainties. All people use this probabilistic approach in their daily lives, whether it is realized or not, i.e., “If I want the best outcome, should I do X or Y? Which one has the higher probability of a favorable outcome? That’s the one I choose.”

In order to make a decision, you need to focus on the consequences (which you can know) rather than the probability (which you can’t know) — Nassim Nicholas Taleb

As it turns out, Bitcoin believers and fantasy football players are kindred spirits when it comes to making decisions that benefit from chaos. Bitcoiners and a certain sect of fantasy football drafters are both betting on probabilistic outcomes using the same foundational principle. A principle that was conceived and popularized by scholar, mathematical statistician, and former risk analyst, Nassim Nicholas Taleb. That principle is called “antifragility.”

Qualities of the antifragile are outlined by Taleb as follows:

“Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors. Yet in spite of the ubiquity of the phenomenon, there is no word for the exact opposite of fragile. Let us call it antifragile. Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.”


As exposure to stressors accumulate over time, the “fragile” break, but the “antifragile” grow stronger.

In recent years, many fantasy footballers gravitated towards a new drafting strategy, popularized by Shawn Siegele in 2013. That strategy is called “Zero-RB” drafting. Simply put, not drafting any running back position players until the later rounds in their drafts.

How Does The “Zero RB” Draft Strategy Work?

The aim for the Zero RB draft strategy is to utilize your early round, higher draft capital on players with less downside risk. Since the running back position experiences significantly more injuries than other player positions, Zero RB drafters look to avoid spending high draft capital on players that carry added risk. Instead, they load up on positions with more favorable risk profiles in early rounds, like the wide receiver. This allows them to use the middle and late rounds of drafts to take a bunch of antifragile bets, by accumulating low-cost, high-upside running backs.

Not only does avoiding drafting running backs in early rounds minimize risk exposure, but taking a bunch of late-round dart throws at Running Backs pays off at a higher risk/return rate than any other position. Why? Because running backs disproportionately benefit from the highly fragile landscape that the NFL offers. Like any antifragile bet, mid-late round running backs benefit from chaos, disorder, and/or random events like multi-week or season ending injuries. These events can cripple a fantasy team, and break what once seemed like a well-balanced roster construction.

“Running backs are at the highest risk of injury, and their injuries average significantly longer in length than any other position.” — Michael Gertz,

Some direct examples of the NFL’s highly fragile landscape:

  • Player sustains injury in training camp.
  • Player sustains multi-week or season-ending injury.
  • Player fails a drug test; suspended multiple weeks.
  • Rookie player outshines expectations; unseats incumbent player.
  • Player has a psychotic breakdown and gets released by multiple teams.
  • Player involved in sexual assault allegations, put on Commisioner’s exempt list rendering him unable to play.

Those that gain from these fragile circumstances are not typically the teams that drafted running backs in the early rounds. Instead, many of these fragile events increase the probability that a Zero RB roster construction is the winning strategy. These multi-week or season-ending injuries cause the running backs accumulated in the mid-late draft rounds to increase in value, as it becomes more likely that they crack the starting lineup for their team.

These players are the low-risk, high-upside bets that you want to have made in the wake of “Black Swan” events. They are the backups, the rookies, and the players with freak athletic profiles who’s opportunities to accrue fantasy points for your team are about to increase significantly in the face of chaos.

TL;DR: The Zero-RB strategy is simple. Flip fragility on it’s head, and find a way to benefit from it. Build an antifragile roster in a fragile NFL landscape.


What Does This Have To Do With Bitcoin?

The strategic balancing of economic incentives has allowed Bitcoin to achieve something that has never before been achievable by humankind; absolute scarcity. A provably finite supply which is easily verifiable, and openly displayed to anyone across the world.

Bitcoin may be the most significant alignment of computer science, economics, and game theory ever discovered. Since 2009, its network has continued to grow consistently and globally. Bitcoin’s core value proposition is not that you can pay people instantly and cheaply. It’s not coming for the likes of PayPal or Visa. It’s coming for store of value assets like gold, real estate, or fine art, and eventually the U.S. dollar. Bitcoin is being accumulated by investors because they are recognizing that not only does it have similar monetary properties to gold, but that bitcoin significantly outperforms them across most of those measures. It also offers a few additional properties that we’ve never seen before in a monetary asset. Being purely digital information, bitcoin is incredibly portable, highly divisible, and openly programmable.

“Macro investor Paul Tudor Jones is buying Bitcoin as a hedge against the inflation he sees coming from central bank money printing, telling clients it reminds him of the role gold played in the 1970s.” — Bloomberg

As of today, the opportunity cost is low because we are still early in Bitcoin’s technology adoption cycle. While being early also does mean it carries more risk, the potential upside if bitcoin succeeds in becoming an internet-native global money significantly outweighs that downside. It’s a strategy that Nassim Taleb would say has highly favorable “asymmetry.” Taleb explains this opportunity as follows:

“Antifragility implies more to gain than to lose, equals more upside than downside, equals (favorable) asymmetry.” — Nassim Nicholas Taleb


In contrast to Zero RB draft strategy, where players seek to accumulate running backs in the later stages of a draft, Bitcoiners seek to accumulate bitcoin in the early stages of its technology adoption life cycle.

In similarity to Zero RB draft strategy, where players seek to construct an antifragile roster, Bitcoiners seek to accumulate bitcoin, strengthening their position in the face of a precarious and highly uncertain surrounding environment.

When you’re allocating some of your money into bitcoin, no matter how big or small your holdings, you’re placing an antifragile bet. It is a bet that bitcoin has the properties, qualities and ability to outperform other store of value assets, and forms of money. Bitcoin also carries the much lower probability outcome of replacing the U.S. dollar as the global monetary base in the longer time horizon. The potential returns in these scenarios highly outweigh the current opportunity cost, creating an investment opportunity with asymmetric upside potential.

Why Does Bitcoin Benefit From Fragile Events?

Bitcoin is programmable. This allows it to adapt, maneuver around and overcome the roadblocks that it faces. Bitcoin is an antifragile choice that exists inside a fragile complex system, just like the injury-wrought fantasy football landscape. It is antifragile because it runs on a decentralized, globally-distributed network of computers and is built with open-source code that is fully verifiable to any and all observers. This assures that two key rules stay in place:

  • RULE #1: There will never be more than 21 million bitcoin. The entire supply must be openly auditable by anyone.
  • RULE #2: No one can change Rule #1 without an overwhelming consensus from 51% of the network’s users.

Bitcoin does not merely just resist change with these rules. Each failed attempt also means that Bitcoin adapts, improves, and belief in its permanence grows stronger as a result.

For a deeper dive into the specific traits that make Bitcoin so antifragile, I highly recommend reading Parker Lewis’ series “Gradually, Then Suddenly”.

Here is a quick snapshot:

“Its decentralized and permissionless state eliminates single points of failure and drives innovation, ultimately ensuring both its survival and a constant strengthening of its immune system as a function of time, trial and error. Bitcoin is beyond resilient. The resilient resists shocks and stays the same; the Bitcoin network gets better. While it is easy to fall into a trap, believing Bitcoin to be untested, unproven and not permanent, it is precisely the opposite. Bitcoin has been constantly tested for going on 12 years, each time proving to be up to the challenge and emerging from each test in a stronger state.” — Parker Lewis

On A Long Enough Timescale…

The timescale for the antifragile bets of fantasy football players to play out is about 17 weeks, the length of the NFL regular season. However, for Bitcoin the timescale is unknowable and indefinitely extending. One potential timescale to consider for context might be the historical timeline of world reserve currencies, visualized below:


The reserve currency transition is a cycle that has typically lasted in history somewhere between 80 to 110 years. The U.S. dollar has been the official global reserve currency for 73 years now.

As it stands today for Bitcoin, we’re currently in the late rounds of the draft. As more time goes by, assuming Bitcoin continues to strengthen and gain adoption, the opportunity cost becomes higher. Today, it might cost you a twelveth or thirteenth round pick for some bitcoin. In a few years, you might be paying up with your first rounder.

TL;DR: The Bitcoiner’s strategy is simple. Flip fragility on it’s head, and find a way to benefit from it. Build an antifragile portfolio in a fragile financial landscape.


Zero RB drafters and Bitcoiners are both using the same decision-making principle (antifragility) to aid them in decision making amongst inevitable randomness. They put faith in provable math instead of human error. Each uses computer science as a tool for enhancing their decision making, in the hopes of increasing their odds of an advantageous future outcome.

As Tyler Winklevoss has said of himself and other Bitcoiner believers:

“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” — Tyler Winklevoss


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Roc-A-Fella Cofounder Is Selling NFT for $10M in Ethereum Amid Jay-Z Lawsuit

In brief

  • Last month, Roc-A-Fella Records sued co-owner Damon Dash for trying to sell an NFT tied to Jay-Z’s album “Reasonable Doubt.”
  • A judge stopped the sale.
  • Now Dash is trying to sell his stake in the company as an NFT.

Last month, Roc-A-Fella Records sued co-owner Damon Dash for trying to sell an NFT tied to Jay-Z’s album “Reasonable Doubt.”

Typically, when artists try to cash in by “making an NFT of” a song or an album, they’re talking about a file (typically an image or video) associated with the music. An NFT is just a kind of unique cryptocurrency that’s attached to a file. Buying an NFT gets you the token and a copy of the file—nothing more.

But according to Roc-A-Fella’s filing, Dash was allegedly trying to sell the “ownership of the copyright” to “Reasonable Doubt” along with the NFT. The label goes on to say that while Dash may own one third of the company, he doesn’t own the copyright to any individual recordings, and “can’t sell what he doesn’t own.”

Now, instead of auctioning off the copyright to “Reasonable Doubt,” Dash is trying to auction off his entire stake in Roc-A-Fella. Three days ago, he announced a new NFT called “It’s The Roc,” which a description promises “will be gifted to the highest bidder on Damon Dash’s 1/3 interest in Roc-A-Fella Inc.”

“Damon Dash is auctioning his ⅓ interest in Roc-A-Fella Inc. which owns Reasonable Doubt, Jay-Z’s first album,” reads an explanatory blurb on the website

Selling this kind of equity is not something you can do via an NFT auction alone; “It’s The Roc” is essentially a non-binding promise from Dash that he’ll sell you his stake in the company, at some unspecified point in the future.

Though the NFT is available to view on OpenSea and Foundation, it hasn’t been officially listed. Instead, Dash is asking interested parties to send their bids to an Ethereum address linked on the website. The bidding is described as “private,” but when we scanned the QR code on the site, we were just asked to send the money directly:

There’s no cap on what you can send the address, but the site is asking for a minimum bid of $10,000,000 “or equivalent in the following currencies: Bitcoin, Ethereium [sic], Pounds, Euros.”

Scanning the same QR code on the Coinbase Wallet app gets you this:

The auction ends July 26 at 5pm Pacific.


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Macro Guru Raoul Pal Says He’s Accumulating New Crypto Asset in Addition to Bitcoin and Ethereum

Macro analyst and former Goldman Sachs executive Raoul Pal says he’s expanding his portfolio beyond Bitcoin and Ethereum.

In a new interview on Real Vision, Pal says he’s gravitating toward social platforms with strong network effects.



Pal also says he’s devoting some of his net worth to the crypto sports entertainment project Chiliz (CHZ).

Chiliz, which has a market cap of just over $1 billion, is the crypto asset that fuels the fan token app Socios. Socios allows users to purchase Chiliz, exchange it for their favorite team’s tokens, and use the tokens to vote in polls and receive various incentives.

Pal argues that as blockchain develops and the world becomes more digitally focused, crypto will power a new ecosystem of virtual communities and business structures.

I’m a huge believer that community is the future of all business models and that tokenization is going to be the predominant way that we organize these large, complex groups – now whether that’s sports fans, or whether it’s around music artists, or even businesses themselves.”

Bitcoin did the same thing, argues Pal, unleashing a whole new network of value and connecting a novel community.

“I’ve thought of this as an entirely different value layer that sits above equity that didn’t exist before, because for, let’s say, sports teams to access their fans, they had to pay social media. They had to go onto different platforms, and they had to lease their audiences back from Facebook and everybody else. And this way, it aligns the benefits…

Facebook is a classic example of a network effect business – and they have this structure where the shareholders get all the economic value and the network users get the network benefit, but they don’t get the monetary value. Then Bitcoin comes along and changes everything, because the network user gets the value, the token. And that unlocks this whole community thing or fandom, because then, now suddenly, above equity is this whole other thing that is potentially larger than the equity itself.”

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Altcoin roundup: Crypto credit cards could be the missing link to mass adoption

Out of the many routes available to the mass adoption of cryptocurrencies, which includes decentralized finance (DeFi), layer-one protocols, nonfungible tokens and stablecoins, perhaps the simplest and most applicable path for the public at large is the ability to utilize cryptocurrency for everyday purchases with an integrated debit or credit card.

2021 has seen a growing number of companies offer cryptocurrency-based credit cards that give holders the chance to tap into the value of their cryptocurrencies for daily purchases, but is this just the latest gimmick being used by businesses to earn a buck or a real sign of mass adoption?

While the traditional financial sector isn’t discussed much in this newsletter because its focus is on exploring the various sub-sectors of the cryptocurrency ecosystem, crypto assets are quickly becoming a new investment class recognized by the global financial system.

Debit cards tap into crypto holdings

It’s important to clarify the differences between the card services offered by some of the largest players in the game including, BlockFi and Coinbase.

Debit cards like the one offered by allow users to convert their cryptocurrency holdings to a stablecoin that can then be transacted on Visa’s global network.

The Coinbase card and crypto debit card offered by Uphold provide a similar service, with both offering rewards for use in the form of a percentage of each purchase, paid back in Bitcoin (BTC) or another cryptocurrency, depending on the platform.

Being able to make purchases with your holdings may help bring a good use case to the cryptocurrency ecosystem, but it also goes against the “hodl” nature of many investors who subscribe to Gresham’s Law that “bad money drives out good money in circulation.”

When it comes to which money is spent and which money is saved, good money, or cryptocurrencies, in this case, will be saved while fiat currencies will be spent in daily transactions.

Crypto credit allows hodlers to continue accumulating

Credit cards like the recently launched BlockFi Rewards Visa Signature Credit Card do not require an upfront conversion of a user’s crypto holdings to pay for transactions. Instead, it offers a credit limit with an attached interest rate.

Gemini exchange plans to offer a BTC cashback rewards card on the Mastercard network. This is another example that has taken the approach of the legacy credit system by offering rewards and charging interest on carried balances.

Users can spend fiat currencies and earn cashback rewards that are paid back in the form of Bitcoin.

Paying in dollars while stacking stats lines up more with the idea of spending bad money in daily transactions while earning more crypto, but it does require users to have fiat currencies to spend.

In the case where someone only has cryptocurrencies, they would be forced to convert some of their holdings to the accepted form of repayment and possibly incur a taxable event, depending on the laws where they live.

Currently, most of the world’s population either still uses the traditional financial system or is part of the large population of the unbanked who are outside of all systems. The injection of blockchain technology and cryptocurrency is either adding another step to the process or offering a new way into a financial network.

For die-hard crypto fans that hold as much of their wealth as possible in cryptocurrency, debit card options that allow users to spend their holdings may provide the best option.

Since many crypto investors work jobs that still pay in fiat currencies, credit card options offer a way to use their income to make purchases while also continuing to accumulate without having to conduct the conversion to crypto themselves.

Related: Bitcoin payments for real estate gain traction as crypto holders seek monetization

Legacy networks will eventually integrate blockchain technology

Visa and Mastercard have fully embraced the integration of cryptocurrencies and blockchain technology into their networks. Visa recently reported that its crypto-enabled cards holders spent more than $1 billion during the first half of 2021.

It’s possible that in the near future, the entire network could be blockchain-based and users will be interacting with digital currencies on a regular basis without even knowing it.

How it all plays out long-term is anyone’s guess, but the current trend of companies releasing cryptocurrency-related debit and credit cards shows no signs of slowing down. They are a tried-and-true marketing tactic used in industries large and small to help entice new users.

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.