The Cosmos ATOM ecosystem will EXPLODE in 2022... here's why 🤔

ladies and gentlemen people of the internet welcome back to yet another episode of crypto over coffee i hope you're doing well today and if you're new here every saturday we break down the latest news and the hottest topics in the world of technology and cryptocurrency over a cup of delicious coffee which despite my cluttered desk is right here that being said in today's episode i'm talking about the main reasons why the cosmos atom ecosystem is ready to explode in the coming years our usual 404 logic not found segment and more so make sure that you stick around for all of the updates now if you like crypto please subscribe to the channel hit the bell notification button or follow the podcast on your platform of choice so you get a heads up whenever i post new episodes of crypto over coffee i'm just a friendly reminder as well please please be aware of scammers that are all across different social media platforms including on youtube posing as me in the comments so i don't have a whatsapp i don't do outreach on telegram or whatsapp i'm not going to ask you to contact me or sell you something so if the comment does not have the name highlighted like you see on the screen if you're watching on youtube it's not me you can report them okay so please be safe out there and i want to remind you that every week i give away a keystone tablet steel seed phrase backup device by picking a random comment from the youtube video so all you have to do is enter literally any comment on the video and you'll be entered to win the winner of last week's giveaway by that hand is here on the screen congratulations i'll be in touch thank you so much now when you clicked this video the the anti-click bait gods have contractually obligated me to share with you the reasons why i think the cosmos atom ecosystem is set to explode in 2022 and beyond and jokes aside that is what i intend to do in this video well at least in this segment in short the cosmos ecosystem for those of you who are unfamiliar is a powerful interoperability network that allows for native cross-chain across blockchain communication and transactions you'll probably recall that interoperability is one of my biggest areas of interest and i believe it's going to bring full-scale mass adoption of crypto now this year cosmos has really come into its own moving from the conceptual to the reality as core features and protocols that were set forth in the white paper so long ago have been launched and now used in the real world you have decentralized finance flourishing with osmosis a massive stablecoin environment in terra luna which we've talked about before privacy-focused blockchain platforms like secret network i mean the list goes on and on for projects that have built in the cosmos ecosystem and are seeing success now in the real world now much of this success has come in the wake of the stargate upgrade which happened fairly recently which brought cosmos to sort of the mainstream right it brought the implementation of the inter-blockchain communication protocol or ibc letting many blockchains built on that common architectural framework of tendermint and cosmos sdk to communicate with one another natively in other words blockchains that are built in the cosmos ecosystem can transact with one another directly across different chains so i can build a decentralized exchange that could exchange assets and liquidity from potentially hundreds of different blockchains and it all works stargate and ibc brought cosmos to the point where the white paper was fulfilled and now upgrades are commencing that will unlock further growth for the cosmos ecosystem i mean first off you have the gravity bridge which will be sort of a connector between the plethora of cosmos chains to the ethereum mainnet and that will bridge liquidity and users from ethereum to cosmos and of course vice versa what this means is that all cosmos chains will get interoperability with ethereum transitively because gravity bridge is natively supported by the ibc connectivity protocol on top of this there's an entire 2022 plus roadmap of features that include wholesale upgrades and changes to the underlying cosmos sdk and tendermint protocols or modules that developers use to build their own cosmos chains as well as one of my favorite concepts interchain accounts basically interchain accounts would cross many different blockchains simplifying custody and wallet solutions and fixing one of the most prevalent problems of fragmentation that we have in the crypto space so the age of interoperability is here the days of siloed and isolated blockchains are over and cosmos has already delivered on its original vision and now it can innovate and build proactively to support this major shift towards true interoperability to me the cosmos ecosystem will be a huge area of focus for development and adoption in the next year and beyond and in the years to come of course the market continues to demand cross-chain functionality at scale without the added risk and complexity of one-off bridges so i can't wait to see what cosmos has in store for 2022 as the list of features they've planned come to fruition now as crypto over coffee tradition dictates after the headline story we move to our crypto market update so let's go there next it's been a fifth week in a row where the crypto markets have been in a slump with intermittent sell-offs that set prices below psychological levels like ether dropping below 4000 and bitcoin stuck beneath the 50k mark now as i sit here right now recording this on my phone the market is a mixed bag there's some big gainers like tara luna and ave and all in all though it's pretty sideways in crypto on saturday at the time of recording things move fast so it might be different now but frankly i'd much prefer sideways than the alternative which is a big red day people ask me fairly often though whether i think we are in a bear market and if we will still see prices skyrocket again in the near future and my answer mostly remains the same technically you could argue that we are in a bear market yes because the definition of a bear market is generally agreed upon as market conditions where prices drop 20 below highs and sentiment takes a kind of long-standing dive i mean we're here 30 off of bitcoin's highs and we've been in that range for weeks now so yes technically on paper this is a bear market but is this a multi-year bear market like we had in 2018 no i really don't think so and i think once we clear the tax year period the tax end year period and if we can shake off some of the regulatory and traditional market fear uncertainty and doubt crypto could resume its overarchingly bullish patterns in 2022 when we turn the year that said like i alluded to in my recent video about the biggest mistakes people make in the crypto markets it's best to have a plan in place to prepare for both bare and bull market scenarios now in other news i want to bring you back to the cosmos universe for one moment because i want to talk about secret network a privacy focused blockchain on which many rich applications can be built with privacy features by default in the cosmos ecosystem it's not a secret that yes pun intended i just realized that but i am a fan of secret network okay that is no secret i've made plenty of content about them in the past in fact i've talked about the topic of this segment in a past script over coffee show several months ago and that topic is secret nfts which are effectively non-fungible tokens with all the properties of uniqueness and transferability that you've come to expect from nfts on various networks but with a few key additional features that make them a powerful tool for the future of nfts so secret nfts built on the secret network token standard allow for public or private ownership and public or private metadata and they also inherit private transaction logic or private transactions from the underlying secret network chain itself this means that having a public by default wallet with all your expensive nfts you can instead shift make your nft's private property until you decide to share them and the option for private metadata opens up a world of possibilities for gaming d5 and more in terms of fun things you can do here's an example of that mystic skulls is a gamified nft experience built with the technology it allows users to excavate skull nfts with various attributes that are private by default and then progressively reveal those attributes by using alchemic potions this private metadata option adds a post mint gamification opportunity that can be facilitated on chain which i don't think people quite realize the significance of yet so keep secret nfts and private ownership and metadata standard at the top of your mind because i think we're going to see it play a bigger and bigger role in the futures of nfts and gaming because privacy is a really powerful thing this past week also metamask the ubiquitous chrome extension and mobile wallet that powers basically everything in the ethereum virtual machine based blockchain world announced that it would support a whole new family of hardware wallets on their apps so in partnership with keystone yes that is the same keystone who sponsors the weekly giveaway here on the show metamask launched an open source qr code standard for hardware wallets that use qr code scanning for transaction signing flow so instead of using usb inputs like you would with your trezor for example wallets like the keystone use an inbuilt camera to scan a qr code that encapsulates the raw transaction to be signed then the user checks the transaction before signing that's key and then prompts the wallet to sign the transaction and then finally you need metamax to broadcast that transaction so using the camera on the mobile device or computer where metamask is running scans the qr code that's on the keystone screen to pass back the now signed transaction remember a transaction is just data you can transfer it in many ways not just with the usb the news here is not big because of qr signing alone but because metamask is now easier to use with yet another powerful hardware wallet i use keystone wallets all the time and now i can use it for basically everything so my hat goes off to both teams for pushing this to the mainstream and now i can use keystone for d5 which is great so keystone is just one of those companies that really focuses on providing niche features for their users which is part of the reason why i love working with them so much right now folks it's time for rational reactions a new segment on the show where i read headlines from tech and crypto related publications and give you my instant rational reactions a lot of reactions to news is irrational so let's switch over to the computer and get started with the segment all right we are back here on the first article of the day for rational reactions uh and this is from coin telegraph i often find that coin telegraph has really kind of interesting headlines both good and bad at times but anyways first article creating a pathway for crypto market growth through better regulation the crypto industry as a whole needs to recognize the long-term problems inherit and the current lack of regulation and find ways to work with legislators now this is one way to get people really pissed off from the crypto space and to cause these incendiary arguments around regulation it's just like a hot button topic for people which i get so i'm not blaming anyone but i actually really agree with this i agree with this idea because the gray area that we have in the crypto regulation space causes all the fear uncertainty and doubt in the space when we don't know what's gonna happen when people are getting enforcement actions for doing the same things that someone else was doing but they didn't get an enforcement action it just creates problems the best way is to work with regulators and with legislators to make sure they understand what this stuff is before they regulate it and before they make laws about it so people might hate me for saying that but i think that that's the best outcome second article bitcoin bears lack the balls to continue selling into 2022 after the cascade to 42 000 it's likely that bears will show themselves to be quote unquote stoneless says popular analyst light okay um whenever we start talking about balls i think we're moving away from data-driven analysis of the market and we are moving into theatrics okay bears could continue selling and could continue nuking the market especially whales well into 2022 not having balls quote unquote is not really an analysis in my book nothing personal but you know it could continue into 2022 we don't know that so we shouldn't be saying that next one is u.s financial stability oversight council identifies stable coins and cryptos as threats to the financial system the council recommends that state and federal regulators review available regulations and tools that can be applied to digital assets says the fsoc you know what's very threatening to the financial system the fact that 80 of the us dollar supply has been printed in the last two years that that is that is what's a real risk so there are a lot of risks to the financial system and i agree that regulation is in some cases good to have but we need to get a check on those other things it's not just crypto that presents this sort of problem okay that's my thought next one is goldman sachs says blockchain is key to metaverse and web 3 development it looks like goldman sachs has just figured out the thing that we've all known since the very beginning the thing that facebook well now meta clearly does not understand as well so hopefully goldman sachs can talk some sense into meta and making sure that people actually can own things in that meta metaverse um that's just my perspective and you know what this next headline kind of relates to that and it relates to it in a way that proves that they might not have this fully down okay her instagram handle was quote metaverse last month it vanished five days after facebook changed its name to meta an australian artist found herself blocked with seemingly no recourse from an account documenting nearly a decade of her life and work in other words metta just didn't ask no question took back that handle and got rid of all the content this person was de-platformed just by being at the wrong place at the wrong time because meta they wanted the metaverse handle on their platform that they own that's a problem because that just shows in this meta metaverse unless proven otherwise based on this evidence we can only assume that you will not own anything in that meta will own everything in that space and they will be able to take it away from you at any time to me that's pretty concerning sounds like this is an irrational reaction but this is just based on the data that we have so thank you for watching this segment let's go back over and let's do 404 logic not found switching away from the computer now ladies and gentlemen it is time for 404 logic not found and for those of you who are as of yet uninitiated in this little firecracker of a segment i highlight notable tech related fails or otherwise stupid moves in the world that need to get some attention and speaking of attention if you want to help this episode of crypto over coffee get some attention from the algorithm robots please please do hit the like button get subscribed follow the podcast it tells those robots that you're enjoying the content that you are watching or that you're listening to and others might enjoy it so thank you for that in advance now today's absence of logic centers around the confirmation of the appointed chair to lead the commodity futures trading commission or the cftc as commissioner uh by the name of roston benham and i might have mispronounced the name so i apologize for that not my intention at the confirmation hearing benham made a statement to the effect that crypto is a risk to financial stability and that the cftc would be the quote unquote primary cop on the beat listen i think that there is a lot of cash grabbing scamming and all that jazz and crypto no doubt but the casino-like risk in crypto to me is no different than the casino-like risk in other markets as well i'm all for providing guidelines that make it harder for scammers and frauds to take money from retail investors but here's my main issue with that cop on the beat comment you know what's a prerequisite to having a cop on the beat rules and not just rules but clear rules that have been made collaboratively with the people the current state of crypto regulatory enforcement is like building a modern city with hundreds of thousands of people in it and modern new wave technology but only having vague rules that are designed for stone age villages that had no technology at the time no one knows what's allowed and what's not you have individuals and groups in different areas subjectively enforcing the vague rules based on their interpretation that day that week that month and this long-winded analogy suffices to say that without clear rules and regulations you cannot expect a people to follow the rules and regulations because they're not clear and b people to react in any way other than angrily at the inconsistent enforcement of said unclear rules and regulations there can be no more gray area a cop on the beat needs to have clear rules to enforce otherwise they're just vigilantes acting on their interpretation of the law i have nothing personal against commissioner benham who has only just been confirmed but i take issue with the idea that we're discussing what seems to be aggressive enforcement action when the rules are not even clear to those who are building in this space and they're building innovative products and technology in an honest and conscientious way very often but still have to fear regulatory intervention in enforcement to me the result of this is stifled innovation good people being wrongfully targeted for enforcement and a general feeling of anxiety in this space which is a 404 logic not found in my book all right folks it's sponsor time which helps keep coffee flowing and this show coming to you every weekend so i first want to shout out the long-term sponsor of crypto over coffee leaden who are my go-to spot for bitcoin and usdc yield earning in their savings account product you will not find a bank paying out 9.5 apy on usd like leaden does for usdc you just won't find it and i also want to congratulate ledden on their huge 70 million dollar series b funding round which will help them build upon their already fantastic product offering one such new offering is their recently announced bitcoin backed mortgage product which lets bitcoin holders get mortgage lending with their bitcoin as collateral for the loan the goal is to give more people the ability to qualify to buy property without explicitly requiring them to divest from their bitcoin holdings the focus on providing opportunities for people around the world is one main reason why i'm proud to support leaden as both a customer and evangelist for their platform so please do check out ledden using my link in the description and pin comment if you would like to learn more or sign up i also want to talk about my friends at unstoppable domains who provide blockchain based domain names with extensions like dot nft dot crypto etc with these domains you can provide your friends a human readable name that maps to many crypto addresses to send and receive cryptocurrency transactions and even build your own decentralized website that is routed using those domain names so i have my own website at hashoshi.crypto for example where all of the content the code is hosted in ipfs now if you want to learn more about all the things you can do with your own domain from unstoppable domains check out my referral link in the description and pin comment below to find more and yes these links are available on spotify or wherever you get your podcasts alright folks finally let's wrap up the show with community q a i always answer questions from folks who watch the show and i've got questions from last week's episode that i'm going to answer here and i want to remind you that if you have a question that you want answered leave them in the comments below on youtube or if you're listening on the podcast you can tweet me at hishoshi4 i'm always looking for questions and any question is a good question so let's dive in and answer these questions which i have here on the computer ready to go all right so the first question that we've got on the books today is from average occupy what are your thoughts on tax lost harvesting and crypto sell your losses and immediately re-buy it's not illegal now but that doesn't mean it's illegal i'm wondering if the irs in the u.s will dispute it in the future so what you're describing here is what we would call wash trading and that's something that isn't allowed in equities markets and tradition a lot of traditional markets in crypto there's no rule explicitly saying that you can't do this which is basically selling crypto when you're in a lost position and then immediately buying back in at that same price or close to it to establish your cost basis so your entry point at that new amount or at that new value now this is like i mentioned before this is not necessarily banned now but you could theoretically say that the irs will retroactively apply this as a rule that you can't do this i think it would be more likely that they would change the rules in mid-year and then apply that to the rest of the time prior so like maybe in june they create this rule you're not allowed to do this anymore so anytime you've done this and from january to june you have to go back and kind of re-account those things and pay your capital gains on that asset okay the thing is is that we really don't have any clarity on whether or not this will happen so for now it's really up to you whether you want to take that risk do you have the resources and do you have a plan in place that will allow you to pay the taxes that you would owe if you are participating in this type of strategy the reality is your situation will be different from everyone else's what i would recommend to you is you reach out to one of the folks out there in the crypto tax space the people that i work with the most would be cointracker dot io i'll leave a link in the description below or in the description of the podcast as well they're fantastic and they have folks on hand that can kind of explain to you the rules how things work and all that jazz so thank you for your question next question is from karen borquez hello again thank you for the great work thank you very much for watching i'd like to know your opinion on crypto index funds such as c20 from invictus capital to diversify the portfolio now i don't know specifically about the c20 and the invictus capital offering and what that's all about so i can't comment on that specifically but as a general rule of thumb i think crypto index funds are an interesting thing for people who don't have the time to do all the research to individually and pick crypto to like to buy cryptocurrencies i think it's great for people who are pretty good at identifying that crypto is an area they want to invest in but they don't understand it well enough to plan for when to sell how to make that plan around investing that's perfectly fine i think that would be a great opportunity you can get exposure to a basket of assets maybe it's like you know 25 ether 25 bitcoin and then a handful of old coins you pay one thing maybe you buy it in fiat currency and it accrues in value based on the whole net value of that basket of assets you're basically buying shares this is good i think the regulatory space is a little bit murky around this and i'm by no means an expert on the regulatory around basically the securitization of cryptocurrencies or baskets of assets that being said i do think generally speaking if it's allowed in your region and there are products available to you if you want to get exposure to crypto but you don't want to deal with it on a day-to-day basis you don't want to have your own funds deployed and cryptocurrencies that you pick you don't want to deal with wallets it could be a pretty good option so what do you think let me know in the comments next question is from body2 how do you track your crypto portfolio especially nfts do you use a spreadsheet or other crypto portfolio software i'm struggling to keep up with all my crypto transactions so this is a great question and unfortunately there's no single great answer for all my fungible tokens and some of my nfts i use that aforementioned cointracker.io software does all my taxes for me and it aggregates all my wallets i can keep track of everything there it doesn't track everything though because no system can track everything that's going on in the space so i have to do some manual stuff too so i do have an excel sheet that i keep interesting things related to like the nfts for example or tokens that i buy that aren't supported on cointracker.io so that i have those two things together are what i use for sort of my main accounting purposes for just tracking portfolio use coin stats and that's just a way for me to keep track of what's in my portfolio get price alerts and warnings when things are moving and things are volatile so it's like something's up five percent or 10 i want to get a notification on my phone so i can go and maybe make a a sell move right maybe i need to sell something's going down i can just be aware of that so that combination cointracker.io an excel spreadsheet and coinstats is my well-rounded sort of portfolio tracking and decision-making tool set thank you for your question and finally we have cypher monk does i trust do self-directed roth and so this is a question about i trust capital partner of the channel folks that i work with all the time and i have my own i trust capital uh individual retirement account or ira with them so they do offer traditional pre-tax iras and roth iras so yes the answer to your question is they do they are also by nature using the self-directed type of ira where you can invest in things that are not traditional so not equities markets for example and so you can in your itrust capital ira you can purchase gold you can purchase cryptocurrency so it's self-directed in that sense that's the the sort of the the holding term for what itrest capital is doing in terms of their offering around traditional and roth iras here in the u.s but of course you can also set up your own self-directed ira and there are plenty of examples of people doing this to invest in a variety of different things but of course you should consult a tax professional if you are looking to do something like that because there are unique situations for everyone and there are rules specific rules about this how much you can contribute what you can buy what you can do how to structure it to protect yourself all that stuff so please if you're trying to set your own up make sure you talk to somebody about it first that is a professional because i am not one but if you want to sign up for i trust capital as always links in the description as it is in every single video and really appreciate your questions about uh cryptocurrency about really anything again if you have questions for future episodes leave them in the comments or tweet me now folks i want to thank you so much for watching or listening to crypto over coffee i appreciate you so much i will be back with an episode on christmas day i'm gonna record it the day before because christmas day is family day but we're gonna have a really cool uh episode we're gonna be doing some giveaways for christmas day but most of all if you're celebrating and even if you're not celebrating i hope you have a wonderful week ahead in the lead up to the holiday hope you have a fantastic weekend what that encapsulates the holiday and i would encourage you to take some time off from the crypto markets and really decompress and enjoy that time with family thank you so much for watching if you have time to stick around you can check out some other crypto videos right here but until next time cheers

Channel: Hashoshi

Views: 6,136

Keywords: hashoshi, blockchain, cryptocurrency, bitcoin, ethereum, crypto, btc, crypto news, hashoshi crypto, crypto over coffee, cosmos atom, cosmos atom crypto, cosmos atom news, cosmos crypto, secret network, secret nfts, secret network nfts, itrustcapital, itrustcapital ira review, ledn

Id: s34I66a9JfI

Length: 28min 21sec (1701 seconds)

Published: Sat Dec 18 2021