According to Chandler Guo, who initiated the latest Ethereum hardfork, the U.S. dollar price of the newly airdropped coin natively to the forked Ethereum Proof-of-Work (PoW), blockchain will be equal to that of ether. Guo stated that the token's value, currently "very low," will grow 100x over the next ten years.
Inflation in ETHW Trade Volumes
Chandler Guo, self-proclaimed organizer of the Ethereum hard fork, stated that Ether (ETH), and the newly airdropped proof-of-work ETHW, will have the same USD values in ten years. Guo claimed that the new token, currently trading at a fraction of its September 15 peak, still has the potential for growth by 100x.
Guo stated that the current price for the forked currency is "very low," thus allowing it to grow 100x. Guo, an ex-ethereum and bitcoin miner, admits that there is still much work to be done before the forked blockchain can grow 100x. He explained:
Currently, ETH prices are high due to the number of developers and more than 200 projects that run on top Ethereum PoS [proof–of-stake] blockchain. There are only 10 projects running on the ETHW.
Guo said that "The ETH proof of work chain already has two DEXs [decentralized exchanges], two bridges and two NFT [non-fungible token] exchanges" in four days. This is to show that the work to ensure the forked chain matches the PoS one has begun.
He said, "Things are happening slowly and I think after one year there will be more than 100 projects running on the PoW chain."
The protocol's daily trading volume has increased since The Merge, despite the addition of bridges and exchanges to the new chain. Although Coinmarketcap data on September 21st 2022 suggests that the ETHW's daily trade volume was just over $100 million, Guo insists that it is closer to $1billion.
"ETHW's trading volume is enormous. It's now worth almost a billion dollars. [As of today] ETHW is supported by more than 20 mining pool and 2000 miners around the globe. The former miner claimed that ETHW has been listed on more than 30 exchanges.
Bitcoin.com News reported less than a month prior to The Merge that Guo's team had confirmed the imminent split of another Ethereum chain. Two alternative chains emerged as soon as PoS's migration was completed: the ETHW and Ethereumfair (ETF).
Abandoned Energy
Guo commented on the prospects of the other coin. Guo gained fame after playing a role in the 2016 Ethereum blockchain hard fork.
Another team has forked ETH, but no one is mining there or listing their token. There are only a handful of mining pools and exchanges. The success of a fork depends on the person who forked the ETH. This was not to my benefit. Others fork for their benefit or personal gain. They get rich because of that. I don't do that.
It was widely reported that the Ethereum blockchain would see its energy use drop by more than 91%, before it switched from a PoW consensus mechanism to a PoS one. Climate change advocates applauded September 15 Merge as expected. However, some miners fear that this will encourage opponents to the PoW consensus mechanism.
The argument that bitcoin mining is harmful to the environment was raised by a former miner, who flatly denied it. He stated that instead of purchasing electricity from power companies, many bitcoin miners, especially from China prefer to use "abandoned" energy which is often cheaper.
He said that abandoned energy could be hydroelectricity or natural gas which is not being used. Guo says that local communities have benefitted from the use of abandoned energy in areas like Russia and Kazakhstan where miners harness such energy to mine Bitcoin.
Guo made the following comment regarding reports that the Ethereum merger may have given grounds for the U.S. Securities and Exchange Commission to institute or launch proceedings against some of the blockchain's cofounders:
"I believe Vitalik [Buterin] is the boss. His name is Joseph Lubin. Because he is connected to Wall Street, this guy can solve the problem. He is able to deal with the SEC."
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Frequently Asked Questions
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Roth IRAs allow you to deposit your money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, you can't touch your principal (the initial amount that was deposited). This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.
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So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. On top of that, you'd lose half of the earnings you had taken out because they would be taxed again at 50% (half of 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
Two types of Roth IRAs are available: Roth and traditional. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. You can withdraw as much as you want from a traditional IRA.
A Roth IRA doesn't allow you to deduct your contributions. You can withdraw your entire contribution, plus accrued interests, after you retire. There is no minimum withdrawal requirement, unlike traditional IRAs. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
What is the cost of gold IRA fees
An Individual Retirement Account (IRA) fee is $6 per month. This includes account maintenance fees and investment costs for your chosen investments.
If you want to diversify, you may be required to pay extra fees. These fees will vary depending upon the type of IRA chosen. Some companies offer free checking, but charge monthly fees for IRAs.
In addition, most providers charge annual management fees. These fees range from 0% to 1%. The average rate per year is.25%. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
finance.yahoo.com
cftc.gov
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
How To
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. It is best to start saving for retirement as soon you can (typically at age 50). It is essential to save enough money each year in order to maintain a steady growth rate.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
Savings should be done consistently and regularly over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
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By: Terence Zimwara
Title: Ethereum Hard Fork Instigator Chandler Guo Claims the Value of ETH and Forked ETHW Will Be the Same in 10 Years
Sourced From: news.bitcoin.com/ethereum-hard-fork-instigator-chandler-guo-claims-the-value-of-eth-and-forked-ethw-will-be-the-same-in-10-years/
Published Date: Fri, 23 Sep 2022 07:30:32 +0000
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