What Has Happened Since I Wrote About X Topic?
Updating you on all previously written pieces. Quick and dirty.
TL;DR: I wondered what happened to all the previous things I’ve written about, and/or if I did anything differently for some of them.
Hello Curious One!
I was curious to see what happened to many previous things I’ve written on. Like that NFT Restaurant, or the ongoing Celsius Bankruptcy. So I took some time to see what’s new and have updated all below.
Enjoy the skim.
As always, you’ll find TL;DR: and graphics at the beginning of each section.
Good Reading!
In Case You Missed It
Sections You Can Skim To
What Happened After the Celsius Network Crash?
What Happened to Cryptomining?
What Happened to Solend, the Protocol that Could Crash Solana?
What Happened to that NFT Restaurant?
What Happened in the Crypto Wallet Space?
What Happened to DAO’s?
What Happened to DeFi Yield Farming?
What Happened to TerraUSD aka the biggest wreck of 2022?
What Happened After the Celsius Network Crash?
TL;DR: So…they say they have cashflow to 2023, but there are estimates saying they have negative cashflow and won’t last beyond October 2022.
I last chronicle the 3 CFOs in like 16 months debacle of the Celsius Network in August 2022.
Since declaring bankruptcy in July, there have been 3 bankruptcy hearings, with many more to come. But here’s what has happened:
The company was approved by the US Bankruptcy court to resume its cryptomining operations. In July 2022, it mined $8.8m worth of Bitcoin. It had invested a total of $500m in 2021 to get 22,000 ASIC Miners.
1 ASIC Miner is expected to earn $24.54 per day, assuming BTC is $22k.
22,000 miners would yield 539,880 per day, or $16.2m - this assumes that all hardware purchases were the latest and greatest, and operating costs aren’t sinking the operations.
Celsius expects certain loans made to other companies to mature, including a $61m loan.
Lastly, in addition to a 3rd group of sueing Celsius, there are at least 40 state securities regulators investing Celsius.
What Happened to Cryptomining?
TL;DR: Ask Cryptominings after the Merge.
I last wrote about Cryptomining in June 2022 after shutting down my rig. Just in time for the Socal Summer Heat too. I first talked about them in my first article ever in January 19, 2022.
Here’s what’s happened since then:
Ethereum, a main mining target for cryptomining, will finally complete and deploy an ecosystem wide upgrade dubbed ETH 2.0. This upgrade, which moves from Proof-of-Work (mining required) to Proof-of-Stake (no hardware mining required) will render a significant amount of cryptomining rigs out.
So what’s next?
Here are the three areas the Cryptomining folks will most likely go to:
Validator Operations: Certain hardware can be converted to support “Validators”, which are the system things that store data, process transactions, and add to the blockchain under ETH 2.0. Aka super computers. The best part? There’s a good chance that “distributed validators” or “distributed super computer”, aka basically cryptomining without mining, will be a thing and you can contribute your computing power to validating transactions. There just won’t be as big of demand.
ZK-Roll Ups - Standing for Zero-Knowledge, there is a sect of blockchain specializing in being able to process blockchain transactions and allow individuals to engage with one another, including the protocol, while doing it in the most private way. This can be called Zero Knowledge, and is currently the most private transaction type. The downside is that they require an intensive amount of computing power. Think of ZK-Roll up as a way to “Prove to be who you are and what you are without directly telling me”. Thinking about it hurts.
Old ETH - There will probably be a fork, or a literal split, between ETH 1.0 and ETH 2.0. The legacy ETH will require mining.
I am looking and exploring ZK-Roll ups for cryptomining.
What Happened to Solend, the Protocol that Could Crash Solana?
TL;DR: 60% less traffic over there.
I wrote about How One Wallet Could Take out a Network. This was related to Solana, specifically the Solend DeFi. Since then:
There is a deposit cap, preventing any user from having that high of an asset position. The cap is $50m.
The guy they “seized control of the account and liquidated”, sent a message saying “no hard feelings”. He didn’t lose any of the funds.
Solend has lost over 60% of its portfolio balances since the incident.
What Happened to that NFT Restaurant?
TL;DR: Um, it’s there.
I last wrote about the NFT Restaurant - Bored and Hungry, in April 2022. Since then:
The affiliated “Food Fighters Universe” has brought on more restaurants to be part of the network that Bored and Hungry is a member of. Those holding the NFT can get a free meal at participating restaurants during campaign months. This failed for me the first time though, so I’m not really sure.
The restaurant itself is active for NFT meetups which are done in collaboration with the Food Fighters Universe and other communities.
The burgers are okay. Its a reskin of Beleaf in Chino, and now Stanton (at least the vegan part).
What Happened in the Crypto Wallet Space?
TL;DR: I have a hardware wallet too.
I last wrote about wallets in February 2022.
I have a Ledger. It’s fun to use. That’s about it. It’s the Ledger. I hate that it’s called the Ledger. It’s more of a vault or keychain.
What Happened to DAOs?
TL;DR: A crisis breads stronger communities, should they succeed.
I wrote about DAO’s previously in June 2022, and made a comparison to them being a student organization and trade organization. As a result of many down turns in the crypto market, many DAOs have collapsed or become ghost towns. However, some DAOs have grown. So it depends.
DAO’s have the same problem as professional membership non-profits. When everything is good, everyone is there. When crisis hits, these organizations rarely can withstand it.
As of now, the most prominent one that I know of, OdysseyDAO, is enacting a fundamental transformation: changing its open membership model into a closed membership model. They are essentially exercising intense consolidation aka community density structuring.
What Happened to DeFi Yield Farming?
TL;DR: I became one. Damnit.
I previously wrote about DeFi Yield Farming in February 2022. It was my 2nd article ever.
I have personally put $1k into a DeFi Yield Protocol.
I have done professional work with DeFi Protocol
I can rip apart the required transactional components and tell you what the blockchain system is supposed to tell us from an accounting POV, but fails to do so.
What Happened to TerraUSD?
TL;DR: TerraUSD? More like TerraDEAD! Am I right?
I last wrote about them in May 2022. That crashed wiped out $40B in value, and cascaded into a Crypto wide $500B Market loss.
Since then:
I have no idea, I’m pretty sure it’s dead. Anyone want to fill me in?
...I posted this on the wrong day.
Oops ;)