PLUS: Who's winning The Crypto Race? June 13, 2023 | [Read Online]( Todayâs edition is brought to you by [eTukTuk]( - the first automobile project on Cardano that hopes to shake up the EV industry and support developing countries. GM. This is Milk Road, the Baby Bearâs bed of crypto newsletters - weâre just right. Hereâs what we got for you today: - ETH will fail without these 3 moves - Vitalik ð - Meet the 4 crypto race contenders ð - Milk Roaders Index: How are you feeling about the crypto market? ð¤ - A DAO is âa personâ - the CFTC ðª Prices as of 10:00 AM ET ETH WILL FAIL WITHOUT THESE 3 MOVES - VITALIK ð Vitalik Buterin (co-creator of Ethereum and our lanky king) dropped a new [blog post]( last week. Itâs called âThe Three Transitionsâ. Now Iâll be honest, Vitaliks blog posts are a lot like the Fast & Furious movies - theyâre long, confusing, and sometimes put me to sleep. (sorry, VDog) But this one really caught my attention. Vitalik believes there are 3 things that are crucial to Ethereumâs future. Without them, Ethereum will fail. Plain and simple. Itâs a 15-minute read, but hereâs the 2-minute MilkNotes⢠summary: There are three âtransitionsâ needed to turn Ethereum from an experimental tech â open, global, and permissionless tech. Here they are: 1/ The L2 scaling transition - everyone moving to rollups. [Ethereum rollups]( are a type of Layer 2 scaling technology that processes a batch of transactions off-chain and then submits them all together on-chain. Optimism, Arbitrum, and zkSync are some of the most popular roll-ups. (But none are better than Fruit By The Foot.) Why this transition needs to happen: Rollups make transactions A LOT cheaper. Right now, - It costs about $3.65 to swap tokens on the Ethereum mainnet - It costs ~$0.10 to do the same thing on other rollups And when Ethereum sees a lot of activity, those [fees]( can get really high. (~$100) According to Vitalik - without cheap fees, Ethereum adoption will fail. 2/ The wallet security transition - everyone moving to smart contract wallets. Thereâs a big dilemma in crypto right now: whereâs the safest place to store your assets? Central exchanges are shutting down. Software wallets are getting hacked. Hardware wallets have more trust issues than Drake. Vitalikâs answer: [smart contract wallets](. These have: - No single point of failure: there is no single thing (and ideally, no collection of things that travel together) that, if stolen, can give an attacker access to your funds. - Low mental overhead: it shouldnât take rocket science to use it. - Maximum ease of transacting: most normal activities should not require much more effort than they do in regular wallets (eg. Metamask) Itâs the Secure Trinity. Two popular smart contract wallets are the Argent wallet and the Loopring wallet. Why this transition needs to happen: Without a safe place to store crypto - users will keep losing funds, lose trust, and just end up moving back to centralized solutions. 3/ The privacy transition - everyone moving to âprivacy-preservingâ tools. Right now the blockchain is an open book. Everyone can see everything. Transactions. Wallet balances. You name it. But not everyone loves that concept. Imagine if your current bank account and all your daily purchases were made public⦠Why this transition needs to happen: Vitalik believes that having all transactions available for anyone to see is far too high a privacy sacrifice for many users. Because of this, he thinks most users would move onto centralized solutions that at least (somewhat) hide your data. And those are the three big things Vitalik thinks Ethereum needs: rollups, smart contract wallets, and privacy tools. He says all 3 need to happen too. Now, I know what youâre thinking: âVitalik, my G, you created Ethereum - why donât you just implement the transitions yourself?â Simple. Itâs not up to him. You see, unlike Zuck at Facebook, Vitalik isnât the CEO of Ethereum. There is no CEO. Itâs decentralized. But he does have influence and a voice. So even though his blogs arenât commandments, ââitâs always cool to get his opinions and thoughts. Ultimately, it comes down to the Ethereum community and if they want to make these moves. Only time will tell⦠[THE NEXT BIG THING IN ELECTRIC VEHICLES]( The electric vehicle industry is firing on all cylinders. Between new models and competitors, innovation around batteries, and Elonâs focus returning to Tesla, the future's looking bright. And when it comes to new initiatives, the EV industry is full of them. The latest? EV ð¤ Blockchain Thatâs right, the first automotive project is arriving on Cardano. Introducing [eTukTuk](. [eTukTuk]( has BIG ambitions: To build an affordable network of charging stations and electric vehicles for the developing world. Hereâs some more info on them: - Their initiative cuts carbon emissions and improves air quality, with a focus on developing nations that need it most - Their team is made up of seasoned professionals with a background in Finance, Tech, Automotive, and Blockchain - Utilizing the blockchain allows them to create digital identities, provide wider access for users, and reward network participants through the $TUK token Learn more about eTukTuk and $TUK below! [Learn More]( THE U.S. IS LOSING THE CRYPTO RACE ð Countries want one thing: to be the crypto hub of the world. It's a global race. And thereâs gonna be winners⦠and losers. Let's take a look at the contenders: 1/ The U.S. Itâs cracking down harder on crypto than my mom did on me after I stole from her vodka stash in the 10th grade. [The SEC sued Binance & Coinbase](, everyoneâs leaving for greener, foreign pastures, and 50% of BTC on U.S.-based exchanges has left for ones overseas. Folks are spooked⦠2/ The U.K. Our friends across the pond are reaping some of the benefits of that though - a16z just announced itâs setting up shop there. Thatâs partly because the UKâs Prime Minister is pro-crypto - the Royal Mint, for example, dropped an NFT for sale in March. 3/ Hong Kong China may be on the fence about crypto, but Hong Kongâs going all in. - Just opened crypto trading to retail investors - Invited Coinbase to apply for an exchange license there - Has had a bunch of crypto companies apply to set up shop there Not too shabby. 4/ Dubai It has (heads up, here comes the âRâ word) regulations when it comes to the crypto space. Clear rules for companies that want to operate there = muy bueno. Everyone & their mother wants a slice of the market: Crypto.com and Coinbase have applied for a license. And Binance has been there for a while now. Plus, they are building a cool-ass Bitcoin tower there⦠The Results: We don't know who's gonna win, but we do know who's losing⦠The U.S. Itâs fixing to learn the hard way how a lack of clear crypto laws will put it behind. MILK ROADERS INDEX: HOW ARE YOU FEELING ABOUT CRYPTO? ð¤ Last week, we asked you a question⦠how are you feeling about the crypto markets? Well, the results are inâ¦. Most Roaders are feelinâ like Switzerland - neutral. Then we asked you why you felt that way, here were some of our favorite responses: - Stefan: âNo matter what will happen to exchanges and with regulators, Bitcoin, and crypto can't be controlled or manipulated. Sure, they might tank the price for a while (let's say that the US chooses to ban every crypto transaction, that'd cause a massive dump). At the same time, they can't ban crypto itself. They can't control it. That's the power of it.â - Jeremy: âNo storm lasts forever.â - Mack: âThere is a big discount in the market. But first to get back confidence, The fed is forcing a lot of pain and putting some kids on the naughty step from some needed "time out". Hopefully they will learn the lesson so itâs not the wild wild west where anything goes. Short-term pain, long-term gain. â - Zinemoun: âI have been in the crypto realm since 2013 so I have seen all kinds of attempts to shake down the disruptive revolution from governments, banking institutions, and authorities around the world! The crypto world will prevail against the conventional financial system! ;) â - Bas: âDarwin at play in a high-risk industry/asset class. Likely this is a âmass extinctionâ cycle that will clear the way for new growth and life. If weâre honest, most of this is well deserved on the principals playing fast and loose - if not outright dishonest. â - JJ: âWhile the regulatory headwinds are strong, Iâve learned from past bear cycles. This is an opportunity to buy. Especially some L1s that are in the down â P.S. - If you didnât get a chance to vote last week, hit reply to this email and let us know how youâre feeling about the crypto market! MILK & COOKIES ðª [A federal judge ruled in favor of the CFTCâs belief that a DAO (decentralized autonomous organization) is âa person.â]( Watch out DAOs⦠[Sturdy Finance (DeFi lending protocol) got hacked for $800K.]( Another day, another attack [Tether issued 1B USDT tokens in the Ethereum blockchain.]( Theyâre permitted but unissued, meaning theyâre for future swap requests. [House Republicans filed a bill to fire Gary Gensler and restructure the SEC.]( This is textbook âf*ck around and find outâ. MILKY MEMES 𤣠Share Milk Road You currently have 0 referrals, only 1 away from receiving The Next 10x Opportunity in Crypto for 2023. [The Next 10x Opportunity in Crypto for 2023]( [Click to Share]( Or copy and paste this link to others: HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with Milk Road to get your brand in front of the Who's Who of crypto. The Roadies are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. What'd you think of today's edition? - [ð¥ð¥ð¥ð¥ð¥ F**king great](
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