The Merge day has arrived. Crypto rainbows, llama unicorns, and flying saucers to the moon? It’ll be “probably nothing,” reckons Ethereum co-founder Joe Lubin.
Speaking with Bloomberg’s Crypto channel, Lubin expressed high confidence in a successful Merge (of Ethereum’s protocol to a tree-hugging Proof-of-Stake model) and thinks “it’ll be probably nothing.”
And that’s a sarcastically playful term used by crypto types to indicate something that is, well, something big.
“We think it’ll be enormously impactful,” Lubin qualified, “but it’ll also be likely nothing, in the sense that there will be no disruption that’s going to be experienced by end users.”
Yeah, cool. What about the price of ETH, then? Well, of course, he didn’t give any predictions on that, but here’s what he did say about where he thinks The Merge stands in the history of cryptocurrency.
“There have been two significant events so far… the advent of Bitcoin, and the development of Ethereum – a much more programmable and expressive blockchain technology.
Top 10 overview
With the overall crypto market cap at US$1.04 trillion and down about 1% since yesterday, here’s the current state of play among the top 10 tokens – according to CoinGecko.
The UNIVERSE’s leading smart-contract layer one blockchain, Ethereum (ETH), is leading the 24-hour… let’s not call it a “charge”… more of a desperate claw back up the cliff crypto fell off the other day.
Part of the excitement around the Merge is that the new-improved Ethereum “Beacon chain” blockchain will now use 99% less energy, providing greater scalability and security.
Kind of a big deal in the long run, then. Set to finish merging around 3 pm AEST today, the Merge requires ETH holders to do absolutely nothing. It’ll be like an “iPhone upgrade” that happens overnight, said Joe Lubin.
And that’s an important thing to remember, as there will no doubt be scammers galore trying to fleece your precious ETH from you with BS upgrade nonsense, fake airdrops, and bogus staking-pool crap. Don’t get suckered into any of it!
As for predicted price action, many analysts have been expecting a “sell the news” occurrence, so don’t be surprised if ETH dumps. But then again, it’s the old “expect the unexpected” as well.
There is reportedly a lot of shorting action with ETH traders right now, so perhaps a short squeeze isn’t entirely out of the question.
Things could be about to get volatile again, or maybe it will be closer to the literal meaning of “probably nothing.” The fence we’re sitting on is starting to feel a little uncomfortable.
Meanwhile, as for Bitcoin, it looked a little shaky a few hours ago, having dipped below the psychological (and technical) level of US$20k, but found some support again around US$19,800.
Long-term Bitcoin bull Willy Woo – a Kiwi on-chain data guru of some standing within the crypto industry – was throwing out some caution overnight, however. He thinks BTC hasn’t bottomed yet and is pointing to a, frankly pretty scary, possibility that it could be set to plunge as low as US$9,100 if the market gets a “max pain” repeat.
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