ETH Fees Reach ATH's

ETH fees reached an all-time high yesterday, with an ETH gas fee of $6.87. This shatters the 2nd highest fee of $4.55 in January of 2018 when ETH hit nearly $1,400. It seems that this spike in fees was due to YAM Token and a bug they had. Even if there is above-average demand, some say this isn't good for ETH's long-term prospects. The DeFi explosion in 2020, largely thanks to ETH, has also pushed gas fees higher. These DeFi protocols are willing to pay more to get their transactions through. Hey, it could be worse. You could've paid $50+ to get your transaction through like I did when BTC fees hit an all-time high.

I'll keep saying it: High fees, whether they're on ETH/BTC or anywhere else, aren't a good thing. HODL.

MicroStrategy and JP Morgan Flip-Flopping?

I alluded to MicroStrategy's monster BTC buy a few days ago. This seemed surprising given the CEO's former comments, where he said its days "are numbered." The internet doesn't forget.

It's been three years, and JP Morgan continues to act confused when it comes to Bitcoin and Blockchain technology. They're making a $20 million investment in ConsenSys. It seems like only yesterday that Jamie Dimon/Demon trashed BTC and bought the dip. Another thing many people don't know is that they've filed 175 patent applications for a Bitcoin alternative. There's only one explanation for bashing something you're trying to copy...

Read more about this fraudulent institution here.

CoinMarketCap Goes Down

CoinMarketCap went offline recently. I just went online and it seems to be back up. It was apparently a technical hiccup when they added CoinMarketCap Earn to the website. This allows users to earn crypto by reading about them. This was a trend started, or at least made popular, by Coinbase and Coinbase's "Coinbase Earn." I hate to say it, but Binance really copied them to a T. Couldn't you at least change the name and not use "earn" in your promotion?

Binance, in case you didn't know, bought CoinMarketCap. Many question its independence because of this. I've always preferred CoinGecko myself.

This article by Justin O'Connell talks about CoinGecko's desire to stay independent which I think is a good move on their part.

We also interviewed Justin on DSOTHM. He gave a lot of valuable insights on crypto and precious metals. Check it out here.

Ripple Overvalued?

Do the early-stage investors know something others don't? Or do they know what everyone knows. Ripple is massively overvalued. If you've listened to DSOTHM with any regularity, you know I'm not a fan of Ripple. I'm glad to say I called this one. The "Bankster Coin" doesn't look like it has a bright future.

Dollar Going Down? Inflating? Or Both?

Short-term, the dollar ebbs and flows. I think this article really gets the economic outlook long-term...and it's not good for the dollar. Although this is not financial advice, being in crypto/BTC/gold/silver isn't a bad idea these days. Your crypto or precious metals could go down. The purchasing power of your dollars is guaranteed to go down.

Providing Electricity to the Citizenry While Securing the Network

Greenidge Generation decides whether it's going to mine Bitcoin or provide electricity based on the competitive electricity marketplace. They do this daily. It's really cool that they were able to turn this mothballed plant into a revenue generating hybrid power plant/mining operation. It's definitely helpful if you're mining with your own self-produced electricity. They plan to expand and they're already one of the biggest crypto mining operations in North America.

Does Bitcoin Need to Learn From Gold How to Stay ‘Clean?’

Although I don't agree with all the points made in this article, it is definitely the most interesting one I've come across today. It basically says that there are two prices for gold: one for the London Bullion Market Association and everything else. Of course, the London Bullion sells at a premium.

The author compares this to Bitcoin, saying that the future of this asset could see a similar two-tiered system: a premium for Bitcoin on regulated exchanges, and everything else. It makes some sense, but do I agree with it?

No, not at all. I find this writer quite knowledgeable about finance but there are several distinctions between the two assets. First of all, you can't give someone fake BTC. You can definitely give someone a gold-ensconced tungsten bar. Beyond that, although some prefer a custodial solution for their crypto/gold, many prefer to take physical delivery of their bullion or hold their own private keys.

That being said, he is correct that people are wary of BTC that can be traced to hacks or criminal activity. If you've been around the space for a while, you may remember that institutional investors were paying a 10-20% premium for "virgin Bitcoins" a while back. I believe there is a still a slight premium for these coins.

In Conclusion

I hope you enjoyed this daily recap. I may do some long-form articles later this summer. What do you want to learn about? DeFi? Crypto Storage and Security? If the weather is nice this weekend, I'll be farming in my backyard vegetable garden. If the forecast calls for rain, I'll be yield-farming like a crypto maniac. HODL.