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Essential Videos
Previous Stacks Video https://youtu.be/uSk8t4D2q3w
Technical Analysis Tutorial https://youtu.be/lW3eWIj3Q04
Cryptocurrencies & Securities https://youtu.be/Bmf2IILzEug
What Happens When All Bitcoin Is Mined https://youtu.be/Iyy2-FUAFcU
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- TIMESTAMPS -
0:00 Intro
1:49 Stacks Recap
4:25 Stacks BTC Mining & STX Stacking
7:03 Stacks Updates
8:45 STX Price Analysis
10:59 Stacks Concerns
13:19 Stacks & STX Potential
16:06 Conclusion
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️ Useful Links ️
► Stacks Explained In Detail: https://www.coinbureau.com/review/blockstack-stx/
► Stacks Bitcoin Mining Set Up: https://docs.stacks.co/start-mining/mainnet
► STX Stacking Guide: https://stacking.club/learn
► Stacks Mining & Stacking Statistics: https://stacking.club/learn
► Stacks Foundation: https://stacks.org/
► Stacks Governance & Roadmap: https://github.com/stacksgov
► Stacks SEC Details: https://www.hiro.so/blog/hiro-files-final-annual-report-with-the-sec
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Stacks Recap
At the conceptual level, you can think of Stacks as being a layer-2 blockchain for Bitcoin like the lightning network but for smart contracts instead of payments
The Stacks blockchain also uses a novel consensus mechanism called ‘proof of transfer’ that leverages Bitcoin’s proof of work consensus for security
Proof of transfer is conceptually similar to proof of stake, as it involves ‘stackers’ who ‘stack’ the STX token on the stacks blockchain and earn Bitcoin as a reward
Stacks BTC Mining & STX Stacking
With the current market price of STX, Stacks miners earn just over 2000 dollars per block, plus any transaction fees in that block from the Stacks blockchain
The amount of BTC miners need to commit to the Stacks blockchain to mine a block is currently about 1500 dollars. That’s about a 500$ profit in STX, which is not bad
Right now, the minimum amount of STX you need to stack is 90 thousand. That’s worth more than 180 grand! Thankfully, there are ways that you can stack less STX using exchanges and stacking pools
While the rewards for stacking are also not entirely clear, they seem to add up to about 10% in BTC relative to the dollar value of STX you’re stacking
Stacks Updates
By March, stackers had earned more than five and a half million dollars in Bitcoin rewards, which might have been what enticed the chief strategy officer of Coinshares to join the Stacks Foundation
A few weeks later, the Stacks Foundation announced their accelerator program which provides funding and guidance to any projects building on Stacks for the first 3 months
One of the people who will be guiding projects building on Stacks is Chainlink founder Sergey Nazarov, who seems to have a very close relationship with Stacks founder Muneeb Ali
STX Price Analysis
The entirety of STX’s initial supply was split between private investors, the Stacks Foundation, Hiro Systems PBC, and the project’s founders
Given how much STX has appreciated compared to its sale price, many of these tokens are probably being sold
When you combine this sell pressure with the sell pressure coming from Stacks miners, you need a lot of demand if you want prices to go higher
Stacks Concerns
Stacks has seemingly struggled with adoption despite having a solid project and raising nearly 100 million dollars in funding
This is evident in the amount of stackers, which less than 300 for this 16 day cycle. This is concerning because these 300 stackers alone are stacking more than 30% of STX’s circulating supply
This is likely because doing the STX sale by the book within the United States meant that STX was automatically designated as a security by the SEC
One of the side effects of STX being classified as a security is that it cannot be listed for trading on cryptocurrency exchanges inside the United States, which is where most of Stacks partnerships are
Stacks & STX Potential
If STX is deemed a currency by the SEC, it will explode in value. Multiple US exchanges have signaled their readiness to list STX once its cleared by the SEC, and institutions are on standby as well
In addition, Stacks may just provide the incentives required to sustain the Bitcoin network using transaction fees alone once that last BTC is mined
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Disclaimer
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Stacks #STX #bitcoin #crypto #blockchain
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