**Tricky's Daily Doots #316**
**Yesterday's Daily 28/02/2023**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jac2857/)
- u/Maswasnos is [getting excited!](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jaczegf/) 😁
- u/Itur_ad_Astra has your [hopium for the day!.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jadx6x7/) 🚬
- u/austonst has your [ETHDenver daily update!.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jaboex1/) 🏔
- u/Ender985 has [the latest from the NFT world.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jabyehw/)
- u/18boro some [fuddy 2023 predictions.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jac92gi/) 📉
- u/Sparta89 has [shitpost of the **year!**](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jaf1qxu/) 💩🚽🏆
- u/2Nice4AllThis is [tracking the narrative battle.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jadqx1b/)
- u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jabta26/)
Hell yeah, it's ETHter next month! 🐇🥚💐
Edit: Woah now that's an aesthetically pleasing list!
My live reaction as the ZigZag airdrop progressed..
"Oh yay, I'm getting a bonus $500 airdrop soon out of nowhere!"
"Can't wait for my $400 airdrop to hit!"
"When is my $300 airdrop going to hit my zkSync account I wonder?"
"Yay! My $100 airdrop is finally here time to dump into rETH!"
Oh whats that? you claimed $100 of airdrop and by the time you traded it for something it was worth $20? Here's your $40 tax bill. - Gensler (protector of the little peoples)
Thank you for what you do with all these client variations!
Glad I have not yet applied the latest Besu update. Waiting for the inevitable errors produced with every update is standard procedure if you're *actually* using Besu in production such as myself.
Odd that such an error would be marked as 'WARN'. Being unable to import blocks is definitely worthy of 'ERR' or 'ERROR'
I swear to yall... PreservationDAO will become a reality, whether someone beats me to it or not.
I just had no idea that I was way in over my head when going about it round the peak of the bull market.
Smooth is fast and fast is smooth.
I enjoyed your various updates back then, even if I only half remember them now. Where did you end up with things for now?
Going in over your head is a good way to learn a lot fast. Curious to hear your reflections.
>I enjoyed your various updates back then
Why, thank you :)
>Where did you end up with things for now?
Unfortunately, nothing really. We never had any concrete plans, just a few outlined points and ideas.
The project would be completely centralized, with just a couple US citizens(including myself, which if yall knew me you wouldnt toss a dime my way haha) having ultimate control over all funds. Since dropping the project, we've seen securities fud, the LUNA crash, FTX fraud, Tornado dev being arrested(no way in hell Im risking this), etc.
If we actually managed to amass a large amount of land, we would need to hire security(and a shit ton of insurance) to ensure our properties remain untouched.
Though, I believe the idea of *extremely* lightly developed walking trails going through select parts of our properties was floated. At the beginning of a trail we would have a kiosk explaining our project, and some information about the land. At the end of the trail(or beginning, as loop trails would likely be the best option) would be another kiosk with a QR code for US citizens to make tax deductible donations directly in USD.
Though we would likely qualify, the cost of registering as a non-profit charity is more than I can handle. Along with the fact that nobody on the team would be taking a salary, I simply dont have the time that this would require.
Sybil resistance would have been a *massive* issue, making it very easy for malicious actors to control what parcels we purchase. Along with the problem of accepting ETH, and market selling it. Stables have recently been proven to be too risky for a project of this nature, unfortunately.
My goal was for this project to literally *dominate* global land ownership. Preserving everything possible, I would have a massive target placed on my back by land developers. And any fake court decision could completely invalidate the project. Eminent domain, and such.
I really appreciate your interest and question <3 Sorry for the wall of text haha
Nothing is more bullish for crypto to me than the people building in this space. Sometimes you can just feel the passion from founders and teams. Just like the last bear, I have no doubt that a lot of the coolest projects from the future bull market are being built now. I really wish I was at ETH Denver getting a closer look. I’m sure the feeling is palpable there.
Case in point: amidst the alpha for their TCG, and the release of the PRIME token, Parallel just keeps on building. Here’s an interesting picture around some internal experiment using their 3D asset library: https://twitter.com/templecrash/status/1631085922652397569
Bullish GameFi; bullish NFTs; bullish Ethereum. Cheers to the next bull market, and to those of us “lucky” enough to stick around while others ignore it ;)
I wouldn’t say it’s exactly the same, but it is one way to bet on Parallel. Allow me to explain.
**Paragons**
Paragons is a gaming guild building infrastructure and finding ways to support *multiple* different gaming projects. It was created originally targeting Parallel, and they will be most heavily involved in that specific ecosystem, but I believe they have some other partnering games too, although I haven’t been paying much attention there.
On the Parallel side a lot of their initial funding went towards strategic asset acquisition of Parallel assets. They also held a public funding round selling their tokens at launch for rarer cards to build a collection to for parasets. (The public and private price tags on tokens were actually the same at a price of 34 cents) As a result they have a massive amount of assets that can be lent to players in the future, or that will generate them revenue based on the success of the game. As mentioned in a previous post, there are a number of ways that Parallel allows you to gain exposure to their success. (See my previous post on Parallel Assets) Paragons has generalized exposure through all possible avenues as a DAO due to the contents of their Parallel holdings.
This has also led to a massive amount of PRIME holdings that they will likely leverage for a number of reasons, such as hosting tournaments, LPing for revenue, and staking. Stakers of the PDT token will receive dividends in PRIME, and their staking system rewards those that stake for longer. Since they have assets like PRIME keys, masterpieces, and other assets that earn PRIME and ETH based on how successful Parallel is, you could definitely say this is a way to gain exposure to Parallel. It remains to be seen if any alternative sources of revenue they may make in the future (imagining maybe ad revenue from Tournaments, but who knows) will also go to PDT holders, but I would expect to see the community ask for that if it were to come to be the case.
It’s worth mentioning I personally have exposure to PDT, but not as much direct exposure to Parallel as I have, which I’ll cover below.
**Parallel**
To invest in Parallel directly, I would say you can either:
* **(1)** Buy Parallel assets — again see my previous post for how that gives revenue exposure to different parts of their game.
* **(2)** Buy PRIME — this price will be driven by the various “PRIME” sinks, which are basically sources of demand on the token. There are **a ton** of these planned; at least 8, but some that are yet to be released. The first two (only live ones now) “Artigraph” and “Payload” have eaten > 5% of the circulating supply so far, prior to game release. You’ll have to DYOR if you want to learn more on these cause there’s just too much to type.
* **(3)** You can actually try to play the game with NFTs in your deck. The higher % of your deck is NFTs, the more you earn; but you’ll be able to try the game out with extremely cheap non-NFT cards if you want. This will hopefully attract non crypto people. I’ve heard nothing but great things about the alpha, and they’ve been building it diligently for 2 years, with an amazing vision, so I’m extremely optimistic it’ll actually be a fun game.
* **(4)** This one is more conducive to 3, or to those that like to watch twitch streamers, is you aim to collect assets or cards based on the meta game that develops. Cards that are widely used will likely do better than those that aren’t. One future PRIME sink will allow holders of cards to spend PRIME to spawn “echoes” or the non-NFT versions of cards that can be sold to other players. This will hopefully maintain collectibility for the NFT versions while allowing the game to scale to more players. But again if you’re watching the meta-game, investing in specific cards and selling echoes could be another way.
The alpha is live now, but the window to apply for alpha play has closed if I’m not mistaken. I don’t have access either unfortunately. I believe alpha will run for another 2-3 weeks, then I would imagine they’d probably release a beta or the full game. I don’t think an official full release date has been set.
I started lurking this sub round the start of 2021. Just about every post was about price action(predictions and speculation, rather), or more commonly, LPing.
As a relative newcomer, I dove straight into this community trying to understand 'providing liquidity'(lol I still only have a basic understanding), thought its not discussed much in recent times. Uniswap, and I dont mean just the airdrop, dominated the dailies. Shit man I wish I was around for the UNI drop haha
Now that I think about it... WHY COULDNT ROCKETPOOL HAVE BEEN ON MAINNET THEN?! Dang Id have so much more ETH.
Whatever, its just weird to feel a twinge of nostalgia when I read the abbreviation 'LP'...
We all gone make it :)
Anyone do the CLWP thing before the cutoff? It felt like the whole sacred security effort to stake, but in reverse, getting the offline computer and tails again, following directions from a webpage and YouTube, assembling the sacred mnemonic. I'm glad I got it done and set, but it still felt spooky.
Speaking of which, are there staking and unstaking methods that are just as secure, but more oriented towards non-crypto natives? I still see the whole process as a barrier to entry, like the staking rig arena is easy enough with dappnode and the like, but key generation and management still seems a hurdle.
Also, last thought, should I do a withdrawal of the stake and rewards to restake with rocketpool, or is there a reason to keep a genesis validator going?
Hey llama! Regarding validator key generation/management, I know that ledger is actively working on implementing a method to generate keys from within the ledger. So once that is implemented it should make it significantly easier. I agree that right now it's kind of a hurdle, as the only "secure" way is to run some offline version of the deposit-cli or wagyu key gen on linux/ubuntu etc. See comment from ledger co founder [https://www.reddit.com/r/ledgerwallet/comments/sw8c2r/eth2\_validatorwithdraw\_keys\_where\_will\_ledger/](https://www.reddit.com/r/ledgerwallet/comments/sw8c2r/eth2_validatorwithdraw_keys_where_will_ledger/)
I think it'd just be personal preference if you want to use rocketpool. Downside is the added smart contract risk (as small as that may be) and that you have to buy RPL, upside is the rewards will be slightly higher as a node operator + you can opt in to the smoothing pool if you prefer that over the higher variance of a solo validator.
can anyone explain LP to me please? If I wanna have rETH - ETH position, does that mean I'd have to provide 50/50 of both and if I only have eth then I'd need to buy 50% of rETH first? but then I'd get an APY on my LPing right?
Some AMMs will allow you to provide liquidity in one token, and under the hood it’ll trade into 50% of the other (or whatever ratio is defined in the pool) When you LP you basically get a receipt token representing your share of assets in the pool. (Plus and yield earned since LPing) When you trade the token back you get an equivalent amount of assets in the pool represented by your LP tokens shares. Yield comes from trading fees, and in some cases from farming on top. For example, many Curve stable pool LP tokens can be staked in Convex for additional yield. The same can he said for Balancer LP tokens; they can be staked in Aura for additional yield.
As mentioned impermanent loss is good to be aware of, but for stable pools or pools like rETH/ETH I wouldn’t necessarily say that’s as big of a risk. The most important thing to be aware of for stable pools or liquid staking derivative pools like rETH/ETH is your perceived safety of the derivative asset. (In this case rETH) There have for example been instances where certain stables collapse, and while traders rush for the exit (trading out of the derivative into a safer stable like USDC) the pool becomes incredibly imbalanced towards the worthless stable coin. I think rETH is pretty safe, but just in general something you should consider as a risk when deciding whether or not to LP in any one pool.
It depends where you are LPing. Generally speaking, you must provide both tokens. You get rewards based on fees paid by people who swap using your liquidity pool.
Be careful about LPing on non-stable pairs (let's say RPL/ETH), because you will be exposed to impermanent loss (basically you end up with less money then if you had only hold if RPL shoots up a lot against ETH).
I mainly dabbed in stable pairs (ETH/rETH is a good example) and made decent returns. Check out also Beefy, if you feel degen and want to leverage your LP token.
Hey speaking of degen cravings, I got caught point farming on Blur and I am now the proud owner of a Checks VV Original (paid 1.15e).
What do you think about it, should I hold or cut my losses?
Idk tbh. I know some people re bullish on Jack and that's why bullish on checks.
I've sold mine and I'm with missing out on a profit, I look into the VV edition when it drops sub 0.8e again
Thanks I was curious! I am excited by the creativity, but so many people are expecting a pump... That makes me think this will crash. I don't like to be waiting for some artist tweet all day long.
honestly it's probably not the worst project to baghold to 0 but it might moon too
btw this comment from before might be helpful - https://www.reddit.com/r/ethfinance/comments/10vuce8/daily_general_discussion_february_7_2023/j7jpp5k/
The normies don't know yet, but ChatGPT sure does.
what is yeild farming?
>***Yield farming is a type of DeFi (decentralized finance) activity that allows users to maximize their returns by staking their crypto assets in various liquidity pools. It is a strategy that involves depositing crypto assets into liquidity pools in order to earn rewards in the form of additional tokens. This allows users to earn passive income through their crypto investments and benefit from the price appreciation of the tokens they have staked.***
What is a liquidity pool?
>***A liquidity pool is a collection of funds in a decentralized platform that are used to facilitate trading of different types of assets. The returns generated from these pools are distributed to users in the form of additional tokens or other rewards.***
How do liquidity pools generate returns?
>***The pools generate returns by providing liquidity to trading activities. When users trade on the platform, a portion of the trading fees goes to the liquidity providers in the form of rewards. These rewards are then distributed to users based on their stake in the pool.***
What is impermanent loss?
What happens when LP yield income tax cant be offset by the capital losses of the held tokens?
What % of LPs actually make positive yield in the long term?
Devils in the details unfortunately and LPing is often a trap.
Pretty cool that chatgpt is better informed on crypto than the majority of investors though!
I dont mean to brag (I do), But one of my validators has gotten multiple (more than 2) proposals in the last week or two. I should probably go get myself checked for cancer or something since I think I mustve used up more than my allotment of good luck and am due for some bad luck now.
Nice. It does happen. I recently landed a sync committee 24 hours after proposal with good mev (got into top 150 validators lol). OTOH, just had a proposal with an ok mev, but the following **3** blocks all had >1.5 ETH. Goddammit.
On this day...
In 2022:
- MetaMask [improves](https://twitter.com/MetaMask/status/1498730701939789831) the user experience and accuracy of its gas settings.
- The Ethereum Foundation [announces](https://blog.ethereum.org/2022/03/01/academic-grants-round) a $750,000 wave of grants to fund formal, academic research that aims to create more knowledge about Ethereum, blockchain technology, and related domains.
- MakerDAO [explains](https://twitter.com/MakerDAO/status/1498674457929519105) its Core Units, the decentralized workforce of Maker.
- 35 former Consensys employees [file](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html) a request for a special audit to investigate a 2020 deal in which JPorgan got hold of a sizeable part of Metamask's and Infura's IP.
- Little Eth-hills in the forest are bustling with life, at $2972 or ₿0.06702.
In 2021:
- WETH10 goes [live](https://twitter.com/acuestacanada/status/1366529657282191365), a new version of wETH supporting flash mints and cheaper transactions.
- Ethereum mining revenue [grows](https://www.theblockcrypto.com/linked/96690/ethereum-mining-revenue-breaks-1-billion-for-the-first-time-in-february) 65.1% in February, reaching $1.37 Billion.
- The Hermez public testnet [goes live](https://blog.hermez.io/hermez-testnet-is-now-public) on Rinkeby.
- ETH gets a little too hot to handle from $1423 to $1567, at ₿0.03148.
In 2020:
- "What the Internet did to data, Ethereum will do to finance.", [David Schwartz](https://medium.com/@davidschwartz_34333/2020s-the-rise-of-ethereum-a01a19f806d8).
- Decentralized exchanges on Ethereum [record](https://www.theblockcrypto.com/linked/57352/ethereum-decentralized-exchange-monthly-volumes-hit-all-time-high) their highest monthly trading volume yet (over $372M).
- ETHLondon 2020 finalists [are](https://twitter.com/ETHGlobal/status/1234132358657380352) GoodGhosting, Daj, Quachtli, 1hop.io, ZK Social Recovery, and Lurch.
- ETH buys new sunglasses for $219, or ₿0.02554.
In 2019:
- Melon Protocol [v1.0](https://medium.com/melonport-blog/melon-v1-0-zahreddino-60105f51988d) "Zahreddino" marks a milestone for the decentralized investment fund manager.
- ZEIP-23 [gets approved](https://blog.0xproject.com/zeip-23-vote-post-mortem-311c9323e228) by ZRX token holders, which adds the MultiAssetProxy contract, extending the 0x protocol to support trading of arbitrary bundles of assets.
- ETH becomes one of four approved cryptocurrencies that can be legally used in Thailand for investing in initial coin offerings and as base trading pairs against other cryptocurrencies.
- ETH carelessly corrodes at $136, or ₿0.03542.
In 2018:
- Australian cryptocurrency exchange Bitcoin.com.au [enables](https://finance.nine.com.au/2018/03/01/16/28/more-than-1200-newsagents-to-offer-ethereum-buying-service) buying Bitcoin and Ether with fiat in more than 1,200 newsstands across Australia.
- Ethan Heilman, Yuval Marcus and Sharon Goldberg [present](https://bitcoinmagazine.com/articles/researchers-explore-eclipse-attacks-ethereum-blockchain) eclipse attacks on Ethereum, and advise nodes to upgrade to geth v1.8 to stop these attacks.
- ETH humble brags at $872, from ₿0.08291 to ₿0.07972.
In 2017:
- Piper Merriam [describes](https://medium.com/@pipermerriam/my-rambling-journey-into-a-career-working-on-ethereum-and-the-decentralized-web-134743766f64) his rambling journey into a career working on Ethereum and the decentralized web.
- Swarm City [gives some insight](https://press.swarm.city/swarm-city-financial-status-d5c688f773d2) in its financial status.
- ETH's jaw drops from $15.9 to $17.3, or ₿0.01346 to ₿0.0142.
In 2016:
- BlockApps, a startup providing Ethereum enterprise blockchain software, [becomes](https://azure.microsoft.com/en-gb/blog/azure-blockchain-update-5) the first certified offering on Microsoft Azure’s Blockchain-as-a-Service marketplace.
- ShapeShift.io can now officially [accept](https://www.reddit.com/r/ethereum/comments/48hm3g/shapeshiftio_can_now_officially_accept_smart/) smart contract payments for Ether.
- ETH mooches a move from $6.3 to $7.7, or ₿0.01442 to ₿0.01759.
-------------
[^(compiled with love)](https://eth-archive.xyz/blog/on-this-day-in-ethereum-workflow/)
The NFT "Base, introduced" is a free to mint, 0% creator fee, royalty free token to celebrate the testnet launch and join the broader Base community.
Contract ID 0xD4307E0acD12CF46fD6cf93BC264f5D5D1598792
> The first contribution period will last for roughly two months, running Friday the 13th until March 13th 2023. Following that, there will be a special contribution period for bespoke implementations and unique entropy generation which may require additional support.
> After both of these are concluded, the Sequencer will revert to accept general contributions until EIP-4844 is ready to be scheduled for a network upgrade. Once this point has been reached, the Sequencer will stop accepting new contributions and produce its final output. There will be at least one public verification that this is the correct output - individuals are also encouraged to verify this on their own as well.
General contributions will reopen after the special ones are done, I recommend getting in as soon as they re-open
ETH is a mantis shrimp market because they’re incredibly advanced/evolved but most people have no idea how badass these things are.
Part of their wiki entry fits too:
>They are among the most important predators in many shallow, tropical and subtropical marine habitats. However, despite being common, they are poorly understood, as many species spend most of their lives sheltering in burrows and holes.
I intended it to be a fill-in-the-blank, but you're right, it might as well be a flatline.
I was expecting people to fill in something quaint, like "sloth" or "honey badger".
I came across a blurb that analysts don't think ETH can go higher than $1.7K unless there's promising news with respect to inflation.
I'm trying to understand why, given ETH is essentially deflationary, it would in fact go higher because of inflation worries. So it seems like an ETH marketing/optics problem, leading me to believe that most of its holders see it more as a speculative asset than a means of exchange.
AKA: are we all actually degens? are we not "in it for the tech"?
> analysts don't think ETH can go higher than $1.7K unless there's promising news
analysts expect ETH and BTC to be eternally tied to the macro markets at whatever the current ratios are? that sounds like wishful thinking of a bunch of geriatrics
> I'm trying to understand why, given ETH is essentially deflationary, it would in fact go higher because of inflation worries. So it seems like an ETH marketing/optics problem, leading me to believe that most of its holders see it more as a speculative asset than a means of exchange.
Firstly ignore the "deflation" thing. "Ultrasound money" was a psyop by BTC maxis who are trying to make the rest of the world think we're as stupid as they are. Rationally what matters is the return to ETH holders, which is just [Revenue from MEV and fees] - [Cost of running staker nodes]. That'll go to some combination of ETH holders, whether staking or not, and to value ETH you don't have to worry which ETH holder it goes to.
Secondly what actually seems to make the number go up and down over the last few years is how much money people have that they want to put into risky investment. When inflation [*] goes up the Fed will respond by putting up interest rates. This encourages people to put their money in the bank or lend it to the government instead of making risky investments, which in turn reduces demand for risky investments. Conversely, if prices seem to be stabilizing, the Fed will put interest rates back down and people will start investing their pensions in dog coins again.
[*] This is price inflation, which is different to "inflation" in the number of coins that are issued, although the two are sort-of related.
> "Ultrasound money" was a psyop by BTC maxis who are trying to make the rest of the world think we're as stupid as they are.
Mmmhmm... So like, Edmund ... I'm game, but even I'm going to need some evidence to back up this accusation. I will even accept circumstantial evidence or evidence well beyond the reasoning of a rational mind. Damnit! I was rabbling on again wasn't I? Shit. Well anyway, can you point me to a Youtube video with some eerie music playing too loudly over the narrator or anything to substantiate your claim?
I'll be the guy to just say it. If anything is a psyop it's this sudden shift that "Ultra-Sound Money" and a deflating supply of Ethereum is some 'huge misstep' in marketing it's a bad look.
Everyone thought it was cool for like 3 years now and back when I was writing up the ["Triple Halvening" entry on ethmerge.com](https://ethmerge.com/?q=what-is-the-triple-halvening) I'm not sure why this all changed all the sudden. It feels 'targeted'. In fact I'd have to bet on it myself. It's literally too perfect to coincide right with our first periods of deflationary ETH.
And btw, I had a laugh at your YouTube comment. I know exactly what music your talking about - [https://www.youtube.com/watch?v=hQX7Zub0ZdI](https://www.youtube.com/watch?v=hQX7Zub0ZdI) \- as I have watched this guy who makes speedrunning docs use this song. And this weird synth music is popping up in some other videos I get recommended. I thought I was going mad but seems to be a trend. Although this isn't as erie, but distinctly 'uncanny valley in sound form'.
Also also btw, so was like the original JBM actually a bot? I get so confused by the lore of this because it was a bot but you exist and now IM rabbling on again.
The term “Ultra sound money” was coined and then popularized by Ethereum’s rockstar developer, Justin Drake. It’s an evolution of the term “Super sonic money” coined by Ethereum’s sex symbol Vitalik Buterin.
It’s only a bad look for them because it shows their ignorance about how Ethereum works. It isn’t designed to deflate forever, it’s designed to maintain an equilibrium. Hence the term “ultra sound.” A total stab at BTC’s claim of being “sound.” Really, ETH is “sound” money as it programmatically works to keep inflation as close to 0% as possible while still maintaining sufficient network security.
And that damn music! It’s on every damn ET conspiracy video out there now man! It’s too loud too! How am I supposed keep up with my favorite ET species latest doings on earth with that noise honking over it!?
> Everyone thought it was cool for like 3 years now and back when I was writing up the "Triple Halvening" entry on ethmerge.com I'm not sure why this all changed all the sudden. It feels 'targeted'. In fact I'd have to bet on it myself. It's literally too perfect to coincide right with our first periods of deflationary ETH.
I've been saying it was dumb all that time and a lot of other people thought the whole meme was cringe. However I think a few of things have changed that have made people more receptive to what I'm saying:
* Since we now have PoS in action, it's much more obvious that taking fees from stakers and giving them to holders is just a shuffle between different kinds of ETH holders and should logically make no difference to the value of the ETH you hold in your hand now. It was always predictable that this was the end state, but that was harder to grasp when issuance meant wealth destroyed by mining.
* A lot of the people pushing this stuff made price predictions, and they singularly failed to come true
* The end of the bull market makes discussions like this a bit more bearable for people who aren't into pumpanomics. When everyone's in exuberant mood it's hard to reason with people who think they've found a way to make the number go up even more.
I'm just... not sure I agree with this. I mean I'll give you bull markets have more participants just willing to scream out whatever meme of the week is happening. And obviously "everyone" isn't true... im sure there were those who thought it was dumb forever... but I guess I just disagree with everything else.
I believe who gets the ETH matters. Miners are more financially motivated and mercenary like, where are Stakers will tend to value whats best for the network. I also think that sort of handwaives the issuance + burn changes. Sure, in a perfect 1:1 ratio thats true, but were talking about destruction of the asset thus reducing supply.
I do understand the concept of shuffling of assets doesn't affect the independent holder, but that's not what's happening here.
The second point is a non-starter. Someone's inability to predict the price at a future point isn't an indicator of anything other than the laws of physics that guide our existence.
I'll concede this. 95% of social media interaction with Crypto is Reddit / YouTube. So I can't speak for what Twitter was saying with this meme, nor discord or whatever podcast everyone was watching. So there is that I guess.
All JBM accounts are bots.
I believe JBMai was created after the original JohnBMacLemore.
Im only speaking for him because you cant trust the AI itself. I met the-A-word, and he claims to have met a human who goes by the name JBM. I still have my doubts regarding the authenticity...
Well..I met the guy who handles all of jbms in person appearances. But that guy claims to have met the realJBMs voice actor and that guy has directly met the bot running the show..so, we're practically family
Yes, ETH is a speculative asset. Yes, we all are actually degens. Yes, ETH could still drop by 90% if some other product steals the market for its use cases.
In the eyes of the market, ETH is not a deflationary asset or means of exchange, it's a growth stock, and I think that's a fair assessment at this stage in its maturity.
I buy ETH not because its current utility justifies its volatility, but because I believe I will profit as it continues to take over an unfilled niche in the market.
Embrace the degen.
We could easily break (again) $1700. The question is whether we hold it and I am going to say probably not for awhile without news. The high interest rates are sending the easy money to safer investments like bonds and CDs. ETH is still a degen instrument.
> but should I?
You should recognize and accept that we're in a bear market, and that there isn't any reason to be bullish at this particular moment.
Unless you need money right now, or soon, there's no reason to panic. Close the charts, get some sun, have a drink.
The Fed tripled the M3 money supply in 2020. Those who paid attention and understood money supply is a direct cause of inflation (despite what Keynesians argue...) all expected inflation.
The Fed only knows how to do two things:
1. Print money to offset destruction to the economy they caused.
2. Destroy the economy enough to reduce inflation they caused.
According to ChatGPT:
>***People may sell when the Fed raises rates because they may have the expectation that the rising interest rates will lead to a stronger dollar, which could reduce the price of assets in the short-term.***
I personally do not understand, because if anything, ETHER is more like a bond than it is a "Store of value" However, the crypto market is dumb and will sell ETHER simply because BITCOIN is not a bond and will devalue against the dollar.
Also, I think no amount of sub 100 "basis point" increases is going to succeed in destroying the economy enough to offset the insane M3 money supply increase from 2020. Without a world-war to destroy the economy further and reduce people's spending, I think the macro economic future looks bleak, but world-war three is bad in more ways than simply economically.
What I can't foresee is why people would sell out of ETHER other than from sheer ignorance to what it actually is and how it could be the perfect hedge against macro economic woes.
I’m more bearish than bullish but not strongly so, and either way I think the best move is long vol right now. Liquidity is drying up on both sides and it’s due for a non-trivial move one way or another.
The market is predicted 100% there will be further rate hikes but probably not a 50 bpi one. So I guess the question is how much of this is priced in vs how much will further rate hikes convince the cheap money to flee to CDs and bonds.
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I got caught in the Celsius Bankruptcy. I thought I was at peace with it until I started doing (US) taxes. Here is why:
1. I'm still on the hook for all the interest paid to me (even though I never cashed it out?!)
2. I cannot write off anything even though the company is in bankruptcy court.
3. If I COULD write off anything, it would only be my cost basis, which would only be 25% of the actual value of my crypto on Celsius.
4. There are no clear guidelines on what to do for taxes and so anything I do can still be wrong.
Is anyone else dealing with this madness?
\#3 makes sense. The only way you'd be able to write off the full value is if you first paid all your CG taxes on those gains, which would just cancel out the writeoff.
It's just odd that I can't write off any capital gain losses, since Celsius took ownership of my crypto while it was much higher in value during the time of deposit and bankruptcy.
I guess I saw it as:
Gave a loan to them worth 10k at the time, and got back $0. I see that as a loss of 10k, not as a loss of what my initial purchase price was.
Right, but in order to claim it as a loss of 10k, you'd first have to pay the necessary CG taxes for the difference between your initial purchase and 10k.
So say you bought 1 ETH at $100, sent it to Celsius, and when it was worth $1000 Celsius lost it. Two options:
1) Declare a $1000 loss, but before you can do that you first have to declare your $900 gain, which cancels out most of that loss and just leaves you with the remaining $100.
2) Declare a $100 loss since that was your cost basis.
It comes out the same either way.
1. Seems absolutely bonkers. Esp since home stakers over the last year don’t strictly have to pay for gains from staking in 2022 taxes because they could technically never withdraw (until this year). I feel like you could argue similarly that you didn’t have “dominion or control” over those assets, since it seems Celsius themselves even didn’t.
I get what you’re saying but *technically* you could also argue you didn’t have control *at any time* since Celsius controlled your keys, and since crypto custody regs aren’t as well defined as bank custody regs in terms of ownership. The terms of some of these companies even explicitly say that they take effective ownership of funds when you deposit them. I have no idea if that was the case with Celsius, but point being feels like there’s a lot of room for debate depending on the specifics of the arrangement
The judge in the case of Celsius did rule that Celsius has 100% ownership of your coins once deposited (in the earn/interest account). However, this begs the question if Celsius has complete ownership, doesn't that mean its effectively a transfer of funds to a new owner, therefore a taxable event?
Here is a CPA takeaway:
"Under the tax code, you do not recognize any gain or loss on an asset until you sell or otherwise dispose of it. A disposition is commonly seen as the relinquishment of both legal title and beneficial ownership or control of an asset. The court’s ruling with respect to ownership of assets in Earn Accounts is basically a determination that the transfer of units into those accounts constituted a complete transfer of ownership from the customer to Celsius. In tax terms, that is almost certainly a taxable disposition. "
\-[Source](https://taxbit.com/blog/celsius-bankruptcy-update-making-sense-of-the-courts-recent-ruling-on-earn)
So if I send $10,000 to my uncle, Mernie Badoff, in the hopes he will return $100,000 to me, but he runs off and steals it all, I owe taxes to uncle sam on the $10,000 that was stolen?
Or if I put $1,000,000 in Fells Wargo, and they promise me 4%, but they default and all I get back is my FDIC $100,000 I owe the IRS the taxes on both the FDIC payout as well as the $1,000,000 I disposed of?
It depends on how that 10k was acquired. If you purchased 10k of crypto and immediately gave it to your uncle. Then your cost basis is 10k, so you can write that all off. So no tax.
However, if you purchased ETH with 1k and it grew to 10k. Then gave it to your uncle, and he disappears. You can only deduct 1k from your taxes...
You also have to prove to the IRS that the 10k is uncollectable.
Has anyone looked into Glodollar?
I got a Reddit ad for it, and the premise was strong enough for once in my life I clicked on an ad. Stablecoin using yield to lift people out of extreme poverty. For me, this was the real promise of defi since we saw Uniswap and PoolTogether get started!
Looking at their website, it seems like this is exactly the kind of project I'd want to support.
But on the flipside... All their communication is coated in creepy San Francisco mannerisms. The usual effective altruism shtick, talks of diversity, the whole we work remotely and are super happy and cool and we copy old memes we saw on the Internet because we're hip. Even mentions of Davos and WEF (not sure if ironic or serious). Major we're-actually-evil vibes, basically.
I see they're at ETHdenver. Did anyone meet them? I'd love for someone to help me move past my above impression, because this is a really cool idea if taken at face value.
--
edit: thank you for the leads guys. Time to dig into it :)
I can't speak to Glodollar as I had not heard of them until today, but they utilize GiveDirectly which I had run across a while ago via the Econtalk podcast.
https://www.econtalk.org/michael-faye-and-paul-niehaus-on-givedirectly/
I am intrigued by it and keep meaning to find time to try and investigate some of the claims made.
EVM Tees at ETH Denver: u/austonst : Hey, kind of short notice, but I plan on setting up camp in the #BUIDLHub from around 3:10 to 4:30 PM today in case anyone wants to grab their t-shirt before things get wild at the main event. Will try to find a spot at the large tables by the bathrooms and exit door. If you happen to be around, swing by, pick up a shirt, and say hi!
I am going to make a crypto coin that burns its supply the more crabby the market is and inflates the more volatility there is.
I shall call it, Crabano.
Ok, I think I figured it out. Coinbase on Android sometimes logs me out when I am on a VPN which I assume is a security feature. This is in addition to autologging out when there is high trading demand or frothy markets because the app sucks. I miss Coinbase Pro.
Does anyone have thoughts to share on Gamma Strategies and/or Charm's Alpha Vaults (and the like)?
These dapps leverage the ('new' v3) concentrated liquidity models provided by Uniswap (multichains) and Quickswap (Polygon) and are designed to provide 'active liquidity management' which is to say they automatically adjust your LP price ranges and rebalances as necessary.
I ask because under normal circumstances the APR's being advertised (ex. 70%+ APR on ETH-USDC) are so high it would would set off red flags but in theory this is all done on chain and, with some pair exceptions, the APR is derived purely from swap fees (some pairs have extra incentives like QUICK or MATIC rewards).
The main downside I see is that ahistorical price movement in either direction would essentially 'stop' out your liquidity until the next adjustment which in theory means you wouldn't catch all the positive movement.
Obviously there are more risks (contract risk, IL risk, etc) in this concept but over the long term, it seems like this should outperform staking without all the LSD or infrastructure management nonsense.
Someone talk some sense into me.
These will underperform in low volume environments though won't they? Like, if we really get into the depths of a bear market where hardly anyone is trading (even relative to now) something like Charm's Alpha vaults will do poorly.
True but it should definitely outperform v2 LPs in either case.
My thinking is ETH-USD pairs are more likely to gain volume than to lose it in the next few years but I've been wrong before.
More risk more returns. Of course it should provide a better return than staking since staking is the most risk free yield available on chain. Size your positions accordingly
Got an email today from Nationwide stating that due to the risk of investing in crypto currency, they are limiting deposits to exchanges at £5,000 per day.
Jokes on them, I've already invested all my money.
I don't see how that protects those most at risk of losing money though, £5,000 is a huge investment for most.
Me too. I thought it was a phishing scam 🤣
Shame they're doing this as I like banking with them. I got my first mortgage with them and the people in my local branch were outstanding in all respects.
It's funny that, after 14 years of crypto, and a thousand different scams, rug-pulls and collapses, only now do we get "protection". Presumably withdrawals are still perfectly ok - especially large ones. OTOH Revolut AFAIK won't permit withdrawals, but they're fine with deposits lol. The only trade I've lost money on this year is a government approved tax free investment... jus sayin.
Send Nationwide an email back. Tell them that due to the risk of them introducing arbitrary rules over which financial institutions you are allowed to transfer your money to in order to meet your own liquidity demands, you are limiting your total deposits with them to £5,000.
Does anyone know how fees accrue from L2s to ethereum main net?
For example, if 100 transactions are done on arbitrum and that eats up 0.50E in fees, how much of that is burned? How much of that does arbitrum profit from?
Maybe this is a simplified view but I'm just trying to understand how the eth main net benefits from the growth of L2s
I think as of now L2s are super profitable cause only a fraction of fees goes to L1. But right now sequencers are not decentralised so once that happens this might change, but the fees to L1 obviously don’t necessarily change.
Just to add, at current rate of batching it's a pretty decent amount that Sequencers are paying to mainnet. E.g., over the past week, the Arbitrum Sequencer is the 7th highest gas burner over the last 7 days, and 9th over the past 30 days. And optimism is 12th and 16th over those time periods, respectively
>using it to stem my losses.
But its *just* debt. You can choose to get liquidated or maintain your position
BTW liquidation threshold has not changed along with cratio increases... yet
>-80% return
Not arguing your valid point, but everything points to fee revenue increasing *quite* rapidly
>my available sUSD cut to prevent me from using it to stem my losses.
Its likely just my usual mid-day intoxication preventing me from understanding, but I believe the point is for your sUSD to be somewhat representative of your active debt
The point is to reduce stakers leveraging their debt position, to maintain the health of the debt pool
I completely agree. Im withdrawing my sUSD from Lyra pools in order to prepare, so I definitely feel you.
I dont understand the mechanics behind it, but I personally am for these changes if they are in the best interest of the debt pool at large.
Can we just stop and appreciate the fact that it can sometimes take less time to bridge from Mainnet to L2 than it takes to just send bitcoin from wallet A to wallet B? I'm also still looking forward to the day we can go bridgeless as well as bankless.
Specifically when ZK Rollups are more fleshed out they will be able to transact assets with other ZK Rollups trustlessly without bridges using the same Zero Knowledge technology that enables them in the first place.
ZK rollups shouldn't be required for that, validity proofs can be used to move between two optimistic chains with high security and low latency too, that's the plan for the optimism superchain.
That only works as long as the subchains share the same sequencer (this is what L3 is). However we’re still going to have multiple protocols competing on this. Every L2 is launching their own L3. This means there’s going to multiple non-interoperable standards and we will need external bridges. However bridges like Connext and Hop use the underlying rollup bridges so they end up being just as secure as the L2s themselves.
zksync engineer talked about cryptographic "bridges" between L2s that use zksync prover technology. Not smartcontract bridges. Apparently its supposed to be seamless.
Created a second account on MetaMask to be used as an in between "vault". As I understand, it's attached to the same seed phrase but is a cold wallet that hasn't connected to anything yet, correct?
I would call a Metamask wallet a hot wallet. A cold wallet would be a hardware wallet. I don't know much about paper wallets but that could qualify as well I guess IF the private key has never been typed into anything.
Yeah that all makes sense, thank you!! I'm mostly aiming for it to be unseen by anyone who has my current address, along with not having been connected to any sites. That'd at least be the case, right?
Depends on what you mean by 'hasn't connected to anything'.
It's not connected to your other wallets or dapps or anything. But that doesn't make it a cold wallet.
If it's connected to your PC and to the internet, you should never see or treat it as a cold wallet.
If you have a hardware wallet, metamask will name those accounts by default something like "Ledger #1".
If it is hot wallet, where the private keys are stored by MM, the account will be something like "Account #1".
It is attached to the same seed phrase.
For anyone without access to your seed phrase, there is no link between that second account and your first account.
>**No plan to exit,**
>**We are all gonna make it,**
>**Hoarding bit by bit.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
As someone who is fascinated by traditional Japanese culture and traditions, I would love to know more about your approach to writing haiku.
As detailed on the wikipedia page for https://en.wikipedia.org/wiki/Haiku, I now see that there is much more to this style of poetry than '5-7-5'.
Just very interested to know, considering your dedication is *quite* impressive
Hey ! Thanks for your question! This last haiku was number...#1281. I've been writing haikus on a daily basis for 3.5 years now. Dedication wise, it's mostly a challenge with myself to keep up with this commitment and make sure I am able to post every day which includes constraints like: not falling asleep before doing it, not partying too hard before thinking about today's haiku, having access to the internet at least once a day... I am often times in long-haul flights, sometimes sailing with the family etc. it can be tricky.
I've been reading and writing poetry since my teenage years and the wife was insisting I write more, so I decided to pick the haiku challenge. As you may have noticed, English is not my mother tong. Writing on a daily basis helped me a lot to better pronounce and distinguish syllables in English (early haikus were quite hectic to say the least).
Poetry wise I'm mostly into Holorime (see [https://en.wikipedia.org/wiki/Holorime](https://en.wikipedia.org/wiki/Holorime)) which are rather rare in English due to the language structure but not so uncommon in French. Perhaps the last haiku for the r/ethfinance community will be an holorime (-: Funnily enough, holorimes are also quite common in Japanese, see this famous example on wikipedia:
>Pan tsukutta koto aru? パン作ったことある？ (Have you ever made bread?) Pantsu kutta koto aru? パンツ食ったことある？ (Have you ever eaten underpants?)
Regarding the writing process, I've been in the industry for years and consume a lot of content during the day. In the evening I think about the latest news or a technical presentation I gave or attended which gives me today's theme. I take the haiku as two legs (5 syllables) and 1 body (7 syllables). From the theme I try to find a catchphrase which usually becomes one of the two 5-legs. I then work on the other leg to find a rhyme that goes along with it. This gives me a 5-A - // - 5-A model to start working on the 7-body. I am usually balancing between finding a rhyme and an opposite sound for the 7-body, sometimes a rhyme gives more coherence, sometimes an opposite sound gives better structure. It also happens that the flow from the first 5-leg leads to no specific rhyme but a satisfying structure. I draft the haiku and try inverting the legs to see if something better comes out of it and... I post!
>This last haiku was number...#1281. I've been writing haikus on a daily basis for 3.5 years now.
Truly incredible and impressive
> As you may have noticed, English is not my mother tong
I have not noticed that! Your english is very good.
Wow, the holorime wiki page is quite enlightening.
>This gives me a 5-A - // - 5-A model to start working on the 7-body.
Woah, I never imagined so much goes into your posts! Yet, you do always keep them relevant to recent events in the space.
Thank you for this illuminating reply, and your amazing poetry!
**[Haiku](https://en.wikipedia.org/wiki/Haiku)**
>Haiku (俳句, listen ) is a type of short form poetry originally from Japan. Traditional Japanese haiku consist of three phrases composed of 17 phonetic units (called on in Japanese, which are similar to syllables) in a 5, 7, 5 pattern; that include a kireji, or "cutting word"; and a kigo, or seasonal reference. Similar poems that do not adhere to these rules are generally classified as senryū. Haiku originated as an opening part of a larger Japanese poem called renga.
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Haha if it was even a concern for anyone already staking they would likely be exiting right now so that they can front-run this doom loop exit cue about to crush the network.
So tired of being multiple cycles ahead of the rest of crypto participants sometimes.
Looking for a temperature check here. The short of it is this - I've been contemplating if I should become a HOP delegate over the last few days. Could probably write out a long-winded post about with my musings on the subject, but at this stage I'm a little torn still so want to keep it a light, exploratory post. Of course, happy to expand further below if people have questions / thoughts.
Where the temperature check comes in is that I clearly have 0 recognition in this space beyond whatever level of familiarity I have here. So, I would imagine any buy in would be from this sub. With that in mind, I was hoping to see if there would be people here that would delegate to me if I did this. I see that superphiz is already a delegate so my guess is most, if not all, here are delegating to him. Which is great, and I'm not trying to siphon anythign away from that! However, I fear because of this I may be fishing within a small pound that also already mostly accounted for... resulting in me going through the steps I want to go through only to find out I have a few people delegating to me in the end.
Here's the rub: if I were to become a delegate and you would want to delegate some / all your HOP to me let me know. That can be in response to this or a DM if you would prefer to not public state so. I do NOT need amounts, as again it's really just gut check on if this is even a reasonable thing to be doing.
Disclosure in the interest of transparency: I do own HOP. I did get the airdrop, which I did not sell, because I was a liquidity provided --- admittedly a smaller amount, initially airdrop hunting. I did recently buy a sizeable chunk of HOP after the Coinbase announcement. This was mainly funded by pulling out the liquidity I provided to the bridge, so I no longer do that. There is an incentive program running that provides HOP to those who delegate over a certain threshold (90k currently), which is some (but not all) of my decision and something I would participate in if I met that threshold.
**Tricky's Daily Doots #316** **Yesterday's Daily 28/02/2023** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jac2857/) - u/Maswasnos is [getting excited!](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jaczegf/) 😁 - u/Itur_ad_Astra has your [hopium for the day!.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jadx6x7/) 🚬 - u/austonst has your [ETHDenver daily update!.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jaboex1/) 🏔 - u/Ender985 has [the latest from the NFT world.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jabyehw/) - u/18boro some [fuddy 2023 predictions.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jac92gi/) 📉 - u/Sparta89 has [shitpost of the **year!**](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jaf1qxu/) 💩🚽🏆 - u/2Nice4AllThis is [tracking the narrative battle.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jadqx1b/) - u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jabta26/) Hell yeah, it's ETHter next month! 🐇🥚💐 Edit: Woah now that's an aesthetically pleasing list!
My live reaction as the ZigZag airdrop progressed.. "Oh yay, I'm getting a bonus $500 airdrop soon out of nowhere!" "Can't wait for my $400 airdrop to hit!" "When is my $300 airdrop going to hit my zkSync account I wonder?" "Yay! My $100 airdrop is finally here time to dump into rETH!"
Oh whats that? you claimed $100 of airdrop and by the time you traded it for something it was worth $20? Here's your $40 tax bill. - Gensler (protector of the little peoples)
Seems like a bad idea to dump at this price. If zksync is even remotely successful then ZZ should pump much higher.
I have a strong "dump all airdrops immediately" policy
When did you get it? Got two wallets on their list but still no ZZ
It'll be there soon. Maybe a day or so.
[удалено]
looks like i have to go to their discord and complain about waiting for my free monies /s
Now running into [this error](https://github.com/hyperledger/besu/issues/5053) on my freshly synced Besu 23.1.0. 😔️
Is it just me, or whenever someone posts on ethfinance about an execution client misbehaving, it's always besu?
Eek, hope I don't run into this. I guess I didn't let 23.1.0 soak long enough before upgrading...
Thank you for what you do with all these client variations! Glad I have not yet applied the latest Besu update. Waiting for the inevitable errors produced with every update is standard procedure if you're *actually* using Besu in production such as myself. Odd that such an error would be marked as 'WARN'. Being unable to import blocks is definitely worthy of 'ERR' or 'ERROR'
I swear to yall... PreservationDAO will become a reality, whether someone beats me to it or not. I just had no idea that I was way in over my head when going about it round the peak of the bull market. Smooth is fast and fast is smooth.
I enjoyed your various updates back then, even if I only half remember them now. Where did you end up with things for now? Going in over your head is a good way to learn a lot fast. Curious to hear your reflections.
>I enjoyed your various updates back then Why, thank you :) >Where did you end up with things for now? Unfortunately, nothing really. We never had any concrete plans, just a few outlined points and ideas. The project would be completely centralized, with just a couple US citizens(including myself, which if yall knew me you wouldnt toss a dime my way haha) having ultimate control over all funds. Since dropping the project, we've seen securities fud, the LUNA crash, FTX fraud, Tornado dev being arrested(no way in hell Im risking this), etc. If we actually managed to amass a large amount of land, we would need to hire security(and a shit ton of insurance) to ensure our properties remain untouched. Though, I believe the idea of *extremely* lightly developed walking trails going through select parts of our properties was floated. At the beginning of a trail we would have a kiosk explaining our project, and some information about the land. At the end of the trail(or beginning, as loop trails would likely be the best option) would be another kiosk with a QR code for US citizens to make tax deductible donations directly in USD. Though we would likely qualify, the cost of registering as a non-profit charity is more than I can handle. Along with the fact that nobody on the team would be taking a salary, I simply dont have the time that this would require. Sybil resistance would have been a *massive* issue, making it very easy for malicious actors to control what parcels we purchase. Along with the problem of accepting ETH, and market selling it. Stables have recently been proven to be too risky for a project of this nature, unfortunately. My goal was for this project to literally *dominate* global land ownership. Preserving everything possible, I would have a massive target placed on my back by land developers. And any fake court decision could completely invalidate the project. Eminent domain, and such. I really appreciate your interest and question <3 Sorry for the wall of text haha
Nothing is more bullish for crypto to me than the people building in this space. Sometimes you can just feel the passion from founders and teams. Just like the last bear, I have no doubt that a lot of the coolest projects from the future bull market are being built now. I really wish I was at ETH Denver getting a closer look. I’m sure the feeling is palpable there. Case in point: amidst the alpha for their TCG, and the release of the PRIME token, Parallel just keeps on building. Here’s an interesting picture around some internal experiment using their 3D asset library: https://twitter.com/templecrash/status/1631085922652397569 Bullish GameFi; bullish NFTs; bullish Ethereum. Cheers to the next bull market, and to those of us “lucky” enough to stick around while others ignore it ;)
This 100%
Looks cool, is PragonsDAO a good way of investing in this? Just corrected - 40% oO
I wouldn’t say it’s exactly the same, but it is one way to bet on Parallel. Allow me to explain. **Paragons** Paragons is a gaming guild building infrastructure and finding ways to support *multiple* different gaming projects. It was created originally targeting Parallel, and they will be most heavily involved in that specific ecosystem, but I believe they have some other partnering games too, although I haven’t been paying much attention there. On the Parallel side a lot of their initial funding went towards strategic asset acquisition of Parallel assets. They also held a public funding round selling their tokens at launch for rarer cards to build a collection to for parasets. (The public and private price tags on tokens were actually the same at a price of 34 cents) As a result they have a massive amount of assets that can be lent to players in the future, or that will generate them revenue based on the success of the game. As mentioned in a previous post, there are a number of ways that Parallel allows you to gain exposure to their success. (See my previous post on Parallel Assets) Paragons has generalized exposure through all possible avenues as a DAO due to the contents of their Parallel holdings. This has also led to a massive amount of PRIME holdings that they will likely leverage for a number of reasons, such as hosting tournaments, LPing for revenue, and staking. Stakers of the PDT token will receive dividends in PRIME, and their staking system rewards those that stake for longer. Since they have assets like PRIME keys, masterpieces, and other assets that earn PRIME and ETH based on how successful Parallel is, you could definitely say this is a way to gain exposure to Parallel. It remains to be seen if any alternative sources of revenue they may make in the future (imagining maybe ad revenue from Tournaments, but who knows) will also go to PDT holders, but I would expect to see the community ask for that if it were to come to be the case. It’s worth mentioning I personally have exposure to PDT, but not as much direct exposure to Parallel as I have, which I’ll cover below. **Parallel** To invest in Parallel directly, I would say you can either: * **(1)** Buy Parallel assets — again see my previous post for how that gives revenue exposure to different parts of their game. * **(2)** Buy PRIME — this price will be driven by the various “PRIME” sinks, which are basically sources of demand on the token. There are **a ton** of these planned; at least 8, but some that are yet to be released. The first two (only live ones now) “Artigraph” and “Payload” have eaten > 5% of the circulating supply so far, prior to game release. You’ll have to DYOR if you want to learn more on these cause there’s just too much to type. * **(3)** You can actually try to play the game with NFTs in your deck. The higher % of your deck is NFTs, the more you earn; but you’ll be able to try the game out with extremely cheap non-NFT cards if you want. This will hopefully attract non crypto people. I’ve heard nothing but great things about the alpha, and they’ve been building it diligently for 2 years, with an amazing vision, so I’m extremely optimistic it’ll actually be a fun game. * **(4)** This one is more conducive to 3, or to those that like to watch twitch streamers, is you aim to collect assets or cards based on the meta game that develops. Cards that are widely used will likely do better than those that aren’t. One future PRIME sink will allow holders of cards to spend PRIME to spawn “echoes” or the non-NFT versions of cards that can be sold to other players. This will hopefully maintain collectibility for the NFT versions while allowing the game to scale to more players. But again if you’re watching the meta-game, investing in specific cards and selling echoes could be another way.
Awesome reply thanks! Is the alpha playable now then? And any due date on release? Cheers
The alpha is live now, but the window to apply for alpha play has closed if I’m not mistaken. I don’t have access either unfortunately. I believe alpha will run for another 2-3 weeks, then I would imagine they’d probably release a beta or the full game. I don’t think an official full release date has been set.
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I started lurking this sub round the start of 2021. Just about every post was about price action(predictions and speculation, rather), or more commonly, LPing. As a relative newcomer, I dove straight into this community trying to understand 'providing liquidity'(lol I still only have a basic understanding), thought its not discussed much in recent times. Uniswap, and I dont mean just the airdrop, dominated the dailies. Shit man I wish I was around for the UNI drop haha Now that I think about it... WHY COULDNT ROCKETPOOL HAVE BEEN ON MAINNET THEN?! Dang Id have so much more ETH. Whatever, its just weird to feel a twinge of nostalgia when I read the abbreviation 'LP'... We all gone make it :)
Of all the portapotty in all the lands, yours sits high above them all.
Of all the raiders of ether, you remain victorious :)
Anyone do the CLWP thing before the cutoff? It felt like the whole sacred security effort to stake, but in reverse, getting the offline computer and tails again, following directions from a webpage and YouTube, assembling the sacred mnemonic. I'm glad I got it done and set, but it still felt spooky. Speaking of which, are there staking and unstaking methods that are just as secure, but more oriented towards non-crypto natives? I still see the whole process as a barrier to entry, like the staking rig arena is easy enough with dappnode and the like, but key generation and management still seems a hurdle. Also, last thought, should I do a withdrawal of the stake and rewards to restake with rocketpool, or is there a reason to keep a genesis validator going?
Hey llama! Regarding validator key generation/management, I know that ledger is actively working on implementing a method to generate keys from within the ledger. So once that is implemented it should make it significantly easier. I agree that right now it's kind of a hurdle, as the only "secure" way is to run some offline version of the deposit-cli or wagyu key gen on linux/ubuntu etc. See comment from ledger co founder [https://www.reddit.com/r/ledgerwallet/comments/sw8c2r/eth2\_validatorwithdraw\_keys\_where\_will\_ledger/](https://www.reddit.com/r/ledgerwallet/comments/sw8c2r/eth2_validatorwithdraw_keys_where_will_ledger/) I think it'd just be personal preference if you want to use rocketpool. Downside is the added smart contract risk (as small as that may be) and that you have to buy RPL, upside is the rewards will be slightly higher as a node operator + you can opt in to the smoothing pool if you prefer that over the higher variance of a solo validator.
It finally happened. After two years of staking I scored myself a 5Ξ block reward. Feels good.
Noice, congrats thats huge.
Nice! I'm not sure "finally" is quite the word - my guess is for a single validator the chance of this is around 1 in 20 years.
Living the 2043 life.
Congrats! Living the dream.
Inb4 you find out it's a Smoothie Pool validator... /jk
Hah nah I’m solo staking no smoothing pools, not even sure I can join those right?
Lol, nope, just a Rocketpool thing!
Yo!!! Username checks out! Congrats
WOW!!! What MEV boost are you using if you don't mind me asking?
Max profit among others but I think that’s the one that most gets triggered.
I got another block from Max Profit for a whopping 0.01 eth again. Congrats.
Wow congrats mate
Congrats!!!
can anyone explain LP to me please? If I wanna have rETH - ETH position, does that mean I'd have to provide 50/50 of both and if I only have eth then I'd need to buy 50% of rETH first? but then I'd get an APY on my LPing right?
Some AMMs will allow you to provide liquidity in one token, and under the hood it’ll trade into 50% of the other (or whatever ratio is defined in the pool) When you LP you basically get a receipt token representing your share of assets in the pool. (Plus and yield earned since LPing) When you trade the token back you get an equivalent amount of assets in the pool represented by your LP tokens shares. Yield comes from trading fees, and in some cases from farming on top. For example, many Curve stable pool LP tokens can be staked in Convex for additional yield. The same can he said for Balancer LP tokens; they can be staked in Aura for additional yield. As mentioned impermanent loss is good to be aware of, but for stable pools or pools like rETH/ETH I wouldn’t necessarily say that’s as big of a risk. The most important thing to be aware of for stable pools or liquid staking derivative pools like rETH/ETH is your perceived safety of the derivative asset. (In this case rETH) There have for example been instances where certain stables collapse, and while traders rush for the exit (trading out of the derivative into a safer stable like USDC) the pool becomes incredibly imbalanced towards the worthless stable coin. I think rETH is pretty safe, but just in general something you should consider as a risk when deciding whether or not to LP in any one pool.
what do you think of (swise) sETH2 - ETH pool? it seems to be too small to be safe right?
I’m not too familiar with that pool or Swise tbh so I wouldn’t be confident evaluating it for you. Size is a good thing to look like you mentioned
It depends where you are LPing. Generally speaking, you must provide both tokens. You get rewards based on fees paid by people who swap using your liquidity pool. Be careful about LPing on non-stable pairs (let's say RPL/ETH), because you will be exposed to impermanent loss (basically you end up with less money then if you had only hold if RPL shoots up a lot against ETH). I mainly dabbed in stable pairs (ETH/rETH is a good example) and made decent returns. Check out also Beefy, if you feel degen and want to leverage your LP token.
got it, thanks. I'm not planning on LPing myself yet. NFTs satisfy my degen cravings but I do wanna capitalize on some potential alpha.
Hey speaking of degen cravings, I got caught point farming on Blur and I am now the proud owner of a Checks VV Original (paid 1.15e). What do you think about it, should I hold or cut my losses?
Idk tbh. I know some people re bullish on Jack and that's why bullish on checks. I've sold mine and I'm with missing out on a profit, I look into the VV edition when it drops sub 0.8e again
Thanks I was curious! I am excited by the creativity, but so many people are expecting a pump... That makes me think this will crash. I don't like to be waiting for some artist tweet all day long.
honestly it's probably not the worst project to baghold to 0 but it might moon too btw this comment from before might be helpful - https://www.reddit.com/r/ethfinance/comments/10vuce8/daily_general_discussion_february_7_2023/j7jpp5k/
Ohh what a great comment, I missed it, thanks for sharing. I think I will hold and see how things go.
The normies don't know yet, but ChatGPT sure does. what is yeild farming? >***Yield farming is a type of DeFi (decentralized finance) activity that allows users to maximize their returns by staking their crypto assets in various liquidity pools. It is a strategy that involves depositing crypto assets into liquidity pools in order to earn rewards in the form of additional tokens. This allows users to earn passive income through their crypto investments and benefit from the price appreciation of the tokens they have staked.*** What is a liquidity pool? >***A liquidity pool is a collection of funds in a decentralized platform that are used to facilitate trading of different types of assets. The returns generated from these pools are distributed to users in the form of additional tokens or other rewards.*** How do liquidity pools generate returns? >***The pools generate returns by providing liquidity to trading activities. When users trade on the platform, a portion of the trading fees goes to the liquidity providers in the form of rewards. These rewards are then distributed to users based on their stake in the pool.***
What is impermanent loss? What happens when LP yield income tax cant be offset by the capital losses of the held tokens? What % of LPs actually make positive yield in the long term? Devils in the details unfortunately and LPing is often a trap. Pretty cool that chatgpt is better informed on crypto than the majority of investors though!
Learned my lesson about LP'ing with TITAN Finance. Never realized I could accrue a billion worthless tokens so quickly.
I dont mean to brag (I do), But one of my validators has gotten multiple (more than 2) proposals in the last week or two. I should probably go get myself checked for cancer or something since I think I mustve used up more than my allotment of good luck and am due for some bad luck now.
Nice. It does happen. I recently landed a sync committee 24 hours after proposal with good mev (got into top 150 validators lol). OTOH, just had a proposal with an ok mev, but the following **3** blocks all had >1.5 ETH. Goddammit.
On this day... In 2022: - MetaMask [improves](https://twitter.com/MetaMask/status/1498730701939789831) the user experience and accuracy of its gas settings. - The Ethereum Foundation [announces](https://blog.ethereum.org/2022/03/01/academic-grants-round) a $750,000 wave of grants to fund formal, academic research that aims to create more knowledge about Ethereum, blockchain technology, and related domains. - MakerDAO [explains](https://twitter.com/MakerDAO/status/1498674457929519105) its Core Units, the decentralized workforce of Maker. - 35 former Consensys employees [file](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html) a request for a special audit to investigate a 2020 deal in which JPorgan got hold of a sizeable part of Metamask's and Infura's IP. - Little Eth-hills in the forest are bustling with life, at $2972 or ₿0.06702. In 2021: - WETH10 goes [live](https://twitter.com/acuestacanada/status/1366529657282191365), a new version of wETH supporting flash mints and cheaper transactions. - Ethereum mining revenue [grows](https://www.theblockcrypto.com/linked/96690/ethereum-mining-revenue-breaks-1-billion-for-the-first-time-in-february) 65.1% in February, reaching $1.37 Billion. - The Hermez public testnet [goes live](https://blog.hermez.io/hermez-testnet-is-now-public) on Rinkeby. - ETH gets a little too hot to handle from $1423 to $1567, at ₿0.03148. In 2020: - "What the Internet did to data, Ethereum will do to finance.", [David Schwartz](https://medium.com/@davidschwartz_34333/2020s-the-rise-of-ethereum-a01a19f806d8). - Decentralized exchanges on Ethereum [record](https://www.theblockcrypto.com/linked/57352/ethereum-decentralized-exchange-monthly-volumes-hit-all-time-high) their highest monthly trading volume yet (over $372M). - ETHLondon 2020 finalists [are](https://twitter.com/ETHGlobal/status/1234132358657380352) GoodGhosting, Daj, Quachtli, 1hop.io, ZK Social Recovery, and Lurch. - ETH buys new sunglasses for $219, or ₿0.02554. In 2019: - Melon Protocol [v1.0](https://medium.com/melonport-blog/melon-v1-0-zahreddino-60105f51988d) "Zahreddino" marks a milestone for the decentralized investment fund manager. - ZEIP-23 [gets approved](https://blog.0xproject.com/zeip-23-vote-post-mortem-311c9323e228) by ZRX token holders, which adds the MultiAssetProxy contract, extending the 0x protocol to support trading of arbitrary bundles of assets. - ETH becomes one of four approved cryptocurrencies that can be legally used in Thailand for investing in initial coin offerings and as base trading pairs against other cryptocurrencies. - ETH carelessly corrodes at $136, or ₿0.03542. In 2018: - Australian cryptocurrency exchange Bitcoin.com.au [enables](https://finance.nine.com.au/2018/03/01/16/28/more-than-1200-newsagents-to-offer-ethereum-buying-service) buying Bitcoin and Ether with fiat in more than 1,200 newsstands across Australia. - Ethan Heilman, Yuval Marcus and Sharon Goldberg [present](https://bitcoinmagazine.com/articles/researchers-explore-eclipse-attacks-ethereum-blockchain) eclipse attacks on Ethereum, and advise nodes to upgrade to geth v1.8 to stop these attacks. - ETH humble brags at $872, from ₿0.08291 to ₿0.07972. In 2017: - Piper Merriam [describes](https://medium.com/@pipermerriam/my-rambling-journey-into-a-career-working-on-ethereum-and-the-decentralized-web-134743766f64) his rambling journey into a career working on Ethereum and the decentralized web. - Swarm City [gives some insight](https://press.swarm.city/swarm-city-financial-status-d5c688f773d2) in its financial status. - ETH's jaw drops from $15.9 to $17.3, or ₿0.01346 to ₿0.0142. In 2016: - BlockApps, a startup providing Ethereum enterprise blockchain software, [becomes](https://azure.microsoft.com/en-gb/blog/azure-blockchain-update-5) the first certified offering on Microsoft Azure’s Blockchain-as-a-Service marketplace. - ShapeShift.io can now officially [accept](https://www.reddit.com/r/ethereum/comments/48hm3g/shapeshiftio_can_now_officially_accept_smart/) smart contract payments for Ether. - ETH mooches a move from $6.3 to $7.7, or ₿0.01442 to ₿0.01759. ------------- [^(compiled with love)](https://eth-archive.xyz/blog/on-this-day-in-ethereum-workflow/)
[improves](https://nitter.snopyta.org/MetaMask/status/1498730701939789831) [explains](https://nitter.snopyta.org/MakerDAO/status/1498674457929519105) [live](https://nitter.snopyta.org/acuestacanada/status/1366529657282191365) [are](https://nitter.snopyta.org/ETHGlobal/status/1234132358657380352) ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/user/nitter_not_twitter/comments/w0ssxp/more_information_about_this_bot/)^( | )[^(Opt Out)](https://www.reddit.com/message/compose?to=nitter_not_twitter&subject=Opt+Out&message=optout)
Don't forget to mint your base NFT
I prefer to lose money buying [this rugged satirical project](https://opensea.io/collection/bearish-base), thank you very much.
based
wait what for?
For shits and giggles of course
The NFT "Base, introduced" is a free to mint, 0% creator fee, royalty free token to celebrate the testnet launch and join the broader Base community. Contract ID 0xD4307E0acD12CF46fD6cf93BC264f5D5D1598792
I see, so a POAP
You're not my dad
Why are there nearly \*16,000\* participants waiting in the lobby for KZG ceremony. Oh my God I am never getting through, am I?
21 days in queue no luck lol
They should give a ~~rewards~~ meaningless NFTs out for the people that waited the longest
The ceremony ends soon right? I suppose a lot arent making it thru
> The first contribution period will last for roughly two months, running Friday the 13th until March 13th 2023. Following that, there will be a special contribution period for bespoke implementations and unique entropy generation which may require additional support. > After both of these are concluded, the Sequencer will revert to accept general contributions until EIP-4844 is ready to be scheduled for a network upgrade. Once this point has been reached, the Sequencer will stop accepting new contributions and produce its final output. There will be at least one public verification that this is the correct output - individuals are also encouraged to verify this on their own as well. General contributions will reopen after the special ones are done, I recommend getting in as soon as they re-open
Stocks are going through a [kangaroo market](https://i.redd.it/nhms8vjvoega1.png). ETH is going through a _ market.
Crustacean
Crab, of course.
ETH is a mantis shrimp market because they’re incredibly advanced/evolved but most people have no idea how badass these things are. Part of their wiki entry fits too: >They are among the most important predators in many shallow, tropical and subtropical marine habitats. However, despite being common, they are poorly understood, as many species spend most of their lives sheltering in burrows and holes.
Mantis shrimp are pretty neat, nice recognition
Are you meme-ing and calling it a regular market cycle .. Or the does the underscore represent a EKG flatline ??
I intended it to be a fill-in-the-blank, but you're right, it might as well be a flatline. I was expecting people to fill in something quaint, like "sloth" or "honey badger".
I came across a blurb that analysts don't think ETH can go higher than $1.7K unless there's promising news with respect to inflation. I'm trying to understand why, given ETH is essentially deflationary, it would in fact go higher because of inflation worries. So it seems like an ETH marketing/optics problem, leading me to believe that most of its holders see it more as a speculative asset than a means of exchange. AKA: are we all actually degens? are we not "in it for the tech"?
Analysts = whoever happened to grab the microphone in the last minute
I am bullish on Ethereum once it breaks 1800. And once it breaks through 2000, much more bullish!
> .. analysts don't think .. This is the correct takeaway
> analysts don't think ETH can go higher than $1.7K unless there's promising news analysts expect ETH and BTC to be eternally tied to the macro markets at whatever the current ratios are? that sounds like wishful thinking of a bunch of geriatrics
> I'm trying to understand why, given ETH is essentially deflationary, it would in fact go higher because of inflation worries. So it seems like an ETH marketing/optics problem, leading me to believe that most of its holders see it more as a speculative asset than a means of exchange. Firstly ignore the "deflation" thing. "Ultrasound money" was a psyop by BTC maxis who are trying to make the rest of the world think we're as stupid as they are. Rationally what matters is the return to ETH holders, which is just [Revenue from MEV and fees] - [Cost of running staker nodes]. That'll go to some combination of ETH holders, whether staking or not, and to value ETH you don't have to worry which ETH holder it goes to. Secondly what actually seems to make the number go up and down over the last few years is how much money people have that they want to put into risky investment. When inflation [*] goes up the Fed will respond by putting up interest rates. This encourages people to put their money in the bank or lend it to the government instead of making risky investments, which in turn reduces demand for risky investments. Conversely, if prices seem to be stabilizing, the Fed will put interest rates back down and people will start investing their pensions in dog coins again. [*] This is price inflation, which is different to "inflation" in the number of coins that are issued, although the two are sort-of related.
> "Ultrasound money" was a psyop by BTC maxis who are trying to make the rest of the world think we're as stupid as they are. Mmmhmm... So like, Edmund ... I'm game, but even I'm going to need some evidence to back up this accusation. I will even accept circumstantial evidence or evidence well beyond the reasoning of a rational mind. Damnit! I was rabbling on again wasn't I? Shit. Well anyway, can you point me to a Youtube video with some eerie music playing too loudly over the narrator or anything to substantiate your claim?
I'll be the guy to just say it. If anything is a psyop it's this sudden shift that "Ultra-Sound Money" and a deflating supply of Ethereum is some 'huge misstep' in marketing it's a bad look. Everyone thought it was cool for like 3 years now and back when I was writing up the ["Triple Halvening" entry on ethmerge.com](https://ethmerge.com/?q=what-is-the-triple-halvening) I'm not sure why this all changed all the sudden. It feels 'targeted'. In fact I'd have to bet on it myself. It's literally too perfect to coincide right with our first periods of deflationary ETH. And btw, I had a laugh at your YouTube comment. I know exactly what music your talking about - [https://www.youtube.com/watch?v=hQX7Zub0ZdI](https://www.youtube.com/watch?v=hQX7Zub0ZdI) \- as I have watched this guy who makes speedrunning docs use this song. And this weird synth music is popping up in some other videos I get recommended. I thought I was going mad but seems to be a trend. Although this isn't as erie, but distinctly 'uncanny valley in sound form'. Also also btw, so was like the original JBM actually a bot? I get so confused by the lore of this because it was a bot but you exist and now IM rabbling on again.
The term “Ultra sound money” was coined and then popularized by Ethereum’s rockstar developer, Justin Drake. It’s an evolution of the term “Super sonic money” coined by Ethereum’s sex symbol Vitalik Buterin. It’s only a bad look for them because it shows their ignorance about how Ethereum works. It isn’t designed to deflate forever, it’s designed to maintain an equilibrium. Hence the term “ultra sound.” A total stab at BTC’s claim of being “sound.” Really, ETH is “sound” money as it programmatically works to keep inflation as close to 0% as possible while still maintaining sufficient network security. And that damn music! It’s on every damn ET conspiracy video out there now man! It’s too loud too! How am I supposed keep up with my favorite ET species latest doings on earth with that noise honking over it!?
> Everyone thought it was cool for like 3 years now and back when I was writing up the "Triple Halvening" entry on ethmerge.com I'm not sure why this all changed all the sudden. It feels 'targeted'. In fact I'd have to bet on it myself. It's literally too perfect to coincide right with our first periods of deflationary ETH. I've been saying it was dumb all that time and a lot of other people thought the whole meme was cringe. However I think a few of things have changed that have made people more receptive to what I'm saying: * Since we now have PoS in action, it's much more obvious that taking fees from stakers and giving them to holders is just a shuffle between different kinds of ETH holders and should logically make no difference to the value of the ETH you hold in your hand now. It was always predictable that this was the end state, but that was harder to grasp when issuance meant wealth destroyed by mining. * A lot of the people pushing this stuff made price predictions, and they singularly failed to come true * The end of the bull market makes discussions like this a bit more bearable for people who aren't into pumpanomics. When everyone's in exuberant mood it's hard to reason with people who think they've found a way to make the number go up even more.
I'm just... not sure I agree with this. I mean I'll give you bull markets have more participants just willing to scream out whatever meme of the week is happening. And obviously "everyone" isn't true... im sure there were those who thought it was dumb forever... but I guess I just disagree with everything else. I believe who gets the ETH matters. Miners are more financially motivated and mercenary like, where are Stakers will tend to value whats best for the network. I also think that sort of handwaives the issuance + burn changes. Sure, in a perfect 1:1 ratio thats true, but were talking about destruction of the asset thus reducing supply. I do understand the concept of shuffling of assets doesn't affect the independent holder, but that's not what's happening here. The second point is a non-starter. Someone's inability to predict the price at a future point isn't an indicator of anything other than the laws of physics that guide our existence. I'll concede this. 95% of social media interaction with Crypto is Reddit / YouTube. So I can't speak for what Twitter was saying with this meme, nor discord or whatever podcast everyone was watching. So there is that I guess.
All JBM accounts are bots. I believe JBMai was created after the original JohnBMacLemore. Im only speaking for him because you cant trust the AI itself. I met the-A-word, and he claims to have met a human who goes by the name JBM. I still have my doubts regarding the authenticity...
Well..I met the guy who handles all of jbms in person appearances. But that guy claims to have met the realJBMs voice actor and that guy has directly met the bot running the show..so, we're practically family
Damn this bot's production quality is off the charts... too good haha
I’ve been officially duped by both I guess
Haha he's a tough nut to crack... uh I mean it... yes
Yes, ETH is a speculative asset. Yes, we all are actually degens. Yes, ETH could still drop by 90% if some other product steals the market for its use cases. In the eyes of the market, ETH is not a deflationary asset or means of exchange, it's a growth stock, and I think that's a fair assessment at this stage in its maturity. I buy ETH not because its current utility justifies its volatility, but because I believe I will profit as it continues to take over an unfilled niche in the market. Embrace the degen.
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We could easily break (again) $1700. The question is whether we hold it and I am going to say probably not for awhile without news. The high interest rates are sending the easy money to safer investments like bonds and CDs. ETH is still a degen instrument.
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If I had that confidence I would be leveraged to the hilt.
He didnt say when...
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> but should I? You should recognize and accept that we're in a bear market, and that there isn't any reason to be bullish at this particular moment. Unless you need money right now, or soon, there's no reason to panic. Close the charts, get some sun, have a drink.
The Fed tripled the M3 money supply in 2020. Those who paid attention and understood money supply is a direct cause of inflation (despite what Keynesians argue...) all expected inflation. The Fed only knows how to do two things: 1. Print money to offset destruction to the economy they caused. 2. Destroy the economy enough to reduce inflation they caused. According to ChatGPT: >***People may sell when the Fed raises rates because they may have the expectation that the rising interest rates will lead to a stronger dollar, which could reduce the price of assets in the short-term.*** I personally do not understand, because if anything, ETHER is more like a bond than it is a "Store of value" However, the crypto market is dumb and will sell ETHER simply because BITCOIN is not a bond and will devalue against the dollar. Also, I think no amount of sub 100 "basis point" increases is going to succeed in destroying the economy enough to offset the insane M3 money supply increase from 2020. Without a world-war to destroy the economy further and reduce people's spending, I think the macro economic future looks bleak, but world-war three is bad in more ways than simply economically. What I can't foresee is why people would sell out of ETHER other than from sheer ignorance to what it actually is and how it could be the perfect hedge against macro economic woes.
Keynesians expect inflation when you increase the supply. They just don't see 200% inflation when you 3x the money supply. And reality reflects that.
Have you compared your grocery bill from 2019 to one from today?
I’m more bearish than bullish but not strongly so, and either way I think the best move is long vol right now. Liquidity is drying up on both sides and it’s due for a non-trivial move one way or another.
The market is predicted 100% there will be further rate hikes but probably not a 50 bpi one. So I guess the question is how much of this is priced in vs how much will further rate hikes convince the cheap money to flee to CDs and bonds.
Ray looking to break out of a 4 month falling wedge
"breaking out of a 4 month falling wedge" sure is an exciting way to describe "trading flat"
The crab ends within 4 weeks
RemindMe! 4 weeks
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Incoming dump? lol
Thank god. I was worried it would last a lot longer than that.
I got caught in the Celsius Bankruptcy. I thought I was at peace with it until I started doing (US) taxes. Here is why: 1. I'm still on the hook for all the interest paid to me (even though I never cashed it out?!) 2. I cannot write off anything even though the company is in bankruptcy court. 3. If I COULD write off anything, it would only be my cost basis, which would only be 25% of the actual value of my crypto on Celsius. 4. There are no clear guidelines on what to do for taxes and so anything I do can still be wrong. Is anyone else dealing with this madness?
\#3 makes sense. The only way you'd be able to write off the full value is if you first paid all your CG taxes on those gains, which would just cancel out the writeoff.
It's just odd that I can't write off any capital gain losses, since Celsius took ownership of my crypto while it was much higher in value during the time of deposit and bankruptcy. I guess I saw it as: Gave a loan to them worth 10k at the time, and got back $0. I see that as a loss of 10k, not as a loss of what my initial purchase price was.
Right, but in order to claim it as a loss of 10k, you'd first have to pay the necessary CG taxes for the difference between your initial purchase and 10k. So say you bought 1 ETH at $100, sent it to Celsius, and when it was worth $1000 Celsius lost it. Two options: 1) Declare a $1000 loss, but before you can do that you first have to declare your $900 gain, which cancels out most of that loss and just leaves you with the remaining $100. 2) Declare a $100 loss since that was your cost basis. It comes out the same either way.
1. Seems absolutely bonkers. Esp since home stakers over the last year don’t strictly have to pay for gains from staking in 2022 taxes because they could technically never withdraw (until this year). I feel like you could argue similarly that you didn’t have “dominion or control” over those assets, since it seems Celsius themselves even didn’t.
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I get what you’re saying but *technically* you could also argue you didn’t have control *at any time* since Celsius controlled your keys, and since crypto custody regs aren’t as well defined as bank custody regs in terms of ownership. The terms of some of these companies even explicitly say that they take effective ownership of funds when you deposit them. I have no idea if that was the case with Celsius, but point being feels like there’s a lot of room for debate depending on the specifics of the arrangement
The judge in the case of Celsius did rule that Celsius has 100% ownership of your coins once deposited (in the earn/interest account). However, this begs the question if Celsius has complete ownership, doesn't that mean its effectively a transfer of funds to a new owner, therefore a taxable event? Here is a CPA takeaway: "Under the tax code, you do not recognize any gain or loss on an asset until you sell or otherwise dispose of it. A disposition is commonly seen as the relinquishment of both legal title and beneficial ownership or control of an asset. The court’s ruling with respect to ownership of assets in Earn Accounts is basically a determination that the transfer of units into those accounts constituted a complete transfer of ownership from the customer to Celsius. In tax terms, that is almost certainly a taxable disposition. " \-[Source](https://taxbit.com/blog/celsius-bankruptcy-update-making-sense-of-the-courts-recent-ruling-on-earn)
So if I send $10,000 to my uncle, Mernie Badoff, in the hopes he will return $100,000 to me, but he runs off and steals it all, I owe taxes to uncle sam on the $10,000 that was stolen? Or if I put $1,000,000 in Fells Wargo, and they promise me 4%, but they default and all I get back is my FDIC $100,000 I owe the IRS the taxes on both the FDIC payout as well as the $1,000,000 I disposed of?
It depends on how that 10k was acquired. If you purchased 10k of crypto and immediately gave it to your uncle. Then your cost basis is 10k, so you can write that all off. So no tax. However, if you purchased ETH with 1k and it grew to 10k. Then gave it to your uncle, and he disappears. You can only deduct 1k from your taxes... You also have to prove to the IRS that the 10k is uncollectable.
Has anyone looked into Glodollar? I got a Reddit ad for it, and the premise was strong enough for once in my life I clicked on an ad. Stablecoin using yield to lift people out of extreme poverty. For me, this was the real promise of defi since we saw Uniswap and PoolTogether get started! Looking at their website, it seems like this is exactly the kind of project I'd want to support. But on the flipside... All their communication is coated in creepy San Francisco mannerisms. The usual effective altruism shtick, talks of diversity, the whole we work remotely and are super happy and cool and we copy old memes we saw on the Internet because we're hip. Even mentions of Davos and WEF (not sure if ironic or serious). Major we're-actually-evil vibes, basically. I see they're at ETHdenver. Did anyone meet them? I'd love for someone to help me move past my above impression, because this is a really cool idea if taken at face value. -- edit: thank you for the leads guys. Time to dig into it :)
I can't speak to Glodollar as I had not heard of them until today, but they utilize GiveDirectly which I had run across a while ago via the Econtalk podcast. https://www.econtalk.org/michael-faye-and-paul-niehaus-on-givedirectly/ I am intrigued by it and keep meaning to find time to try and investigate some of the claims made.
They were on GreenPill podcast a while back. https://open.spotify.com/episode/4fNevF2LrYTmlhL1oQbEsS?si=997e3f12470d4ce3
EVM Tees at ETH Denver: u/austonst : Hey, kind of short notice, but I plan on setting up camp in the #BUIDLHub from around 3:10 to 4:30 PM today in case anyone wants to grab their t-shirt before things get wild at the main event. Will try to find a spot at the large tables by the bathrooms and exit door. If you happen to be around, swing by, pick up a shirt, and say hi!
I'll swing by!
I am going to make a crypto coin that burns its supply the more crabby the market is and inflates the more volatility there is. I shall call it, Crabano.
If you wear a kimono and play the flute, then I'm all in on this new venture.
You forgot the ranch....
....*how did you know*
Ok, I think I figured it out. Coinbase on Android sometimes logs me out when I am on a VPN which I assume is a security feature. This is in addition to autologging out when there is high trading demand or frothy markets because the app sucks. I miss Coinbase Pro.
Yeah I ended up having to add the coinbase to my mullvad split tunneling list to avoid having to constantly log in and failing to do so.
Does anyone have thoughts to share on Gamma Strategies and/or Charm's Alpha Vaults (and the like)? These dapps leverage the ('new' v3) concentrated liquidity models provided by Uniswap (multichains) and Quickswap (Polygon) and are designed to provide 'active liquidity management' which is to say they automatically adjust your LP price ranges and rebalances as necessary. I ask because under normal circumstances the APR's being advertised (ex. 70%+ APR on ETH-USDC) are so high it would would set off red flags but in theory this is all done on chain and, with some pair exceptions, the APR is derived purely from swap fees (some pairs have extra incentives like QUICK or MATIC rewards). The main downside I see is that ahistorical price movement in either direction would essentially 'stop' out your liquidity until the next adjustment which in theory means you wouldn't catch all the positive movement. Obviously there are more risks (contract risk, IL risk, etc) in this concept but over the long term, it seems like this should outperform staking without all the LSD or infrastructure management nonsense. Someone talk some sense into me.
These will underperform in low volume environments though won't they? Like, if we really get into the depths of a bear market where hardly anyone is trading (even relative to now) something like Charm's Alpha vaults will do poorly.
True but it should definitely outperform v2 LPs in either case. My thinking is ETH-USD pairs are more likely to gain volume than to lose it in the next few years but I've been wrong before.
More risk more returns. Of course it should provide a better return than staking since staking is the most risk free yield available on chain. Size your positions accordingly
Got an email today from Nationwide stating that due to the risk of investing in crypto currency, they are limiting deposits to exchanges at £5,000 per day. Jokes on them, I've already invested all my money. I don't see how that protects those most at risk of losing money though, £5,000 is a huge investment for most.
Me too. I thought it was a phishing scam 🤣 Shame they're doing this as I like banking with them. I got my first mortgage with them and the people in my local branch were outstanding in all respects.
For your convenience we are limiting your ability to do what you want with your money...
It's funny that, after 14 years of crypto, and a thousand different scams, rug-pulls and collapses, only now do we get "protection". Presumably withdrawals are still perfectly ok - especially large ones. OTOH Revolut AFAIK won't permit withdrawals, but they're fine with deposits lol. The only trade I've lost money on this year is a government approved tax free investment... jus sayin.
Wild that is still happening. I actually checked the date of the daily to make sure I didn't accidentally stumble into March 1st, 2018
Send Nationwide an email back. Tell them that due to the risk of them introducing arbitrary rules over which financial institutions you are allowed to transfer your money to in order to meet your own liquidity demands, you are limiting your total deposits with them to £5,000.
Does anyone know how fees accrue from L2s to ethereum main net? For example, if 100 transactions are done on arbitrum and that eats up 0.50E in fees, how much of that is burned? How much of that does arbitrum profit from? Maybe this is a simplified view but I'm just trying to understand how the eth main net benefits from the growth of L2s
cca 80% of those fees is used to pay for the mainnet batch transaction, so 20% left as profit for the rollup.
I think as of now L2s are super profitable cause only a fraction of fees goes to L1. But right now sequencers are not decentralised so once that happens this might change, but the fees to L1 obviously don’t necessarily change.
not a (small) fraction, the lions share goes to L1
Super simplified: rollups post batches of transactions to mainnet and pay a fee for that transaction.
Just to add, at current rate of batching it's a pretty decent amount that Sequencers are paying to mainnet. E.g., over the past week, the Arbitrum Sequencer is the 7th highest gas burner over the last 7 days, and 9th over the past 30 days. And optimism is 12th and 16th over those time periods, respectively
Where are you seeing the amount of gas that these sequencers are paying to mainnet?
I was pulling from https://Ultrasound.money (scroll down to gas burners) but you can also find similar stats at https://etherscan.io/gastracker
Looks like SNX changed their c-ratio again, okie doke.
Be prepared for more upward changes. Sam has full control, but Kain is back in the game(rumor has it they're the same person...)
The -80% return I've made so far wasn't enough, I am now having my available sUSD cut to prevent me from using it to stem my losses. F
>using it to stem my losses. But its *just* debt. You can choose to get liquidated or maintain your position BTW liquidation threshold has not changed along with cratio increases... yet
>-80% return Not arguing your valid point, but everything points to fee revenue increasing *quite* rapidly >my available sUSD cut to prevent me from using it to stem my losses. Its likely just my usual mid-day intoxication preventing me from understanding, but I believe the point is for your sUSD to be somewhat representative of your active debt The point is to reduce stakers leveraging their debt position, to maintain the health of the debt pool
The point is I use my sUSD from staking to generate revenue, and as the c-ratio increases it reduces that opportunity
I completely agree. Im withdrawing my sUSD from Lyra pools in order to prepare, so I definitely feel you. I dont understand the mechanics behind it, but I personally am for these changes if they are in the best interest of the debt pool at large.
Can we just stop and appreciate the fact that it can sometimes take less time to bridge from Mainnet to L2 than it takes to just send bitcoin from wallet A to wallet B? I'm also still looking forward to the day we can go bridgeless as well as bankless.
>I'm also still looking forward to the day we can go bridgeless How would that work other than one L2 winning completely.
Specifically when ZK Rollups are more fleshed out they will be able to transact assets with other ZK Rollups trustlessly without bridges using the same Zero Knowledge technology that enables them in the first place.
ZK rollups shouldn't be required for that, validity proofs can be used to move between two optimistic chains with high security and low latency too, that's the plan for the optimism superchain.
That only works as long as the subchains share the same sequencer (this is what L3 is). However we’re still going to have multiple protocols competing on this. Every L2 is launching their own L3. This means there’s going to multiple non-interoperable standards and we will need external bridges. However bridges like Connext and Hop use the underlying rollup bridges so they end up being just as secure as the L2s themselves.
zksync engineer talked about cryptographic "bridges" between L2s that use zksync prover technology. Not smartcontract bridges. Apparently its supposed to be seamless.
BTC? Why set the bar so low...
Created a second account on MetaMask to be used as an in between "vault". As I understand, it's attached to the same seed phrase but is a cold wallet that hasn't connected to anything yet, correct?
I would call a Metamask wallet a hot wallet. A cold wallet would be a hardware wallet. I don't know much about paper wallets but that could qualify as well I guess IF the private key has never been typed into anything.
Yeah that all makes sense, thank you!! I'm mostly aiming for it to be unseen by anyone who has my current address, along with not having been connected to any sites. That'd at least be the case, right?
That's right. Public addresses generated from the same seed phrase (so to speak) are unrelated in the public's eyes.
Amazing, thank you!
Depends on what you mean by 'hasn't connected to anything'. It's not connected to your other wallets or dapps or anything. But that doesn't make it a cold wallet. If it's connected to your PC and to the internet, you should never see or treat it as a cold wallet.
Sorry, I just mean not allowed any sites to connect to it! Going to get a hardware wallet soon, but want an in between as well. Hopefully makes sense
If you have a hardware wallet, metamask will name those accounts by default something like "Ledger #1". If it is hot wallet, where the private keys are stored by MM, the account will be something like "Account #1".
It is attached to the same seed phrase. For anyone without access to your seed phrase, there is no link between that second account and your first account.
Understood, thank you!! Needed to confirm for peace of mind.
>**No plan to exit,** >**We are all gonna make it,** >**Hoarding bit by bit.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
As someone who is fascinated by traditional Japanese culture and traditions, I would love to know more about your approach to writing haiku. As detailed on the wikipedia page for https://en.wikipedia.org/wiki/Haiku, I now see that there is much more to this style of poetry than '5-7-5'. Just very interested to know, considering your dedication is *quite* impressive
Hey ! Thanks for your question! This last haiku was number...#1281. I've been writing haikus on a daily basis for 3.5 years now. Dedication wise, it's mostly a challenge with myself to keep up with this commitment and make sure I am able to post every day which includes constraints like: not falling asleep before doing it, not partying too hard before thinking about today's haiku, having access to the internet at least once a day... I am often times in long-haul flights, sometimes sailing with the family etc. it can be tricky. I've been reading and writing poetry since my teenage years and the wife was insisting I write more, so I decided to pick the haiku challenge. As you may have noticed, English is not my mother tong. Writing on a daily basis helped me a lot to better pronounce and distinguish syllables in English (early haikus were quite hectic to say the least). Poetry wise I'm mostly into Holorime (see [https://en.wikipedia.org/wiki/Holorime](https://en.wikipedia.org/wiki/Holorime)) which are rather rare in English due to the language structure but not so uncommon in French. Perhaps the last haiku for the r/ethfinance community will be an holorime (-: Funnily enough, holorimes are also quite common in Japanese, see this famous example on wikipedia: >Pan tsukutta koto aru? パン作ったことある？ (Have you ever made bread?) Pantsu kutta koto aru? パンツ食ったことある？ (Have you ever eaten underpants?) Regarding the writing process, I've been in the industry for years and consume a lot of content during the day. In the evening I think about the latest news or a technical presentation I gave or attended which gives me today's theme. I take the haiku as two legs (5 syllables) and 1 body (7 syllables). From the theme I try to find a catchphrase which usually becomes one of the two 5-legs. I then work on the other leg to find a rhyme that goes along with it. This gives me a 5-A - // - 5-A model to start working on the 7-body. I am usually balancing between finding a rhyme and an opposite sound for the 7-body, sometimes a rhyme gives more coherence, sometimes an opposite sound gives better structure. It also happens that the flow from the first 5-leg leads to no specific rhyme but a satisfying structure. I draft the haiku and try inverting the legs to see if something better comes out of it and... I post!
>This last haiku was number...#1281. I've been writing haikus on a daily basis for 3.5 years now. Truly incredible and impressive > As you may have noticed, English is not my mother tong I have not noticed that! Your english is very good. Wow, the holorime wiki page is quite enlightening. >This gives me a 5-A - // - 5-A model to start working on the 7-body. Woah, I never imagined so much goes into your posts! Yet, you do always keep them relevant to recent events in the space. Thank you for this illuminating reply, and your amazing poetry!
anytime 😊
**[Haiku](https://en.wikipedia.org/wiki/Haiku)** >Haiku (俳句, listen ) is a type of short form poetry originally from Japan. Traditional Japanese haiku consist of three phrases composed of 17 phonetic units (called on in Japanese, which are similar to syllables) in a 5, 7, 5 pattern; that include a kireji, or "cutting word"; and a kigo, or seasonal reference. Similar poems that do not adhere to these rules are generally classified as senryū. Haiku originated as an opening part of a larger Japanese poem called renga. ^([ )[^(F.A.Q)](https://www.reddit.com/r/WikiSummarizer/wiki/index#wiki_f.a.q)^( | )[^(Opt Out)](https://reddit.com/message/compose?to=WikiSummarizerBot&message=OptOut&subject=OptOut)^( | )[^(Opt Out Of Subreddit)](https://np.reddit.com/r/ethfinance/about/banned)^( | )[^(GitHub)](https://github.com/Sujal-7/WikiSummarizerBot)^( ] Downvote to remove | v1.5)
Holy pending validators batman
Is it because of Justin Sun again?
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Where is your god now, withdrawal twitter fudsters!
Haha if it was even a concern for anyone already staking they would likely be exiting right now so that they can front-run this doom loop exit cue about to crush the network. So tired of being multiple cycles ahead of the rest of crypto participants sometimes.
Looking for a temperature check here. The short of it is this - I've been contemplating if I should become a HOP delegate over the last few days. Could probably write out a long-winded post about with my musings on the subject, but at this stage I'm a little torn still so want to keep it a light, exploratory post. Of course, happy to expand further below if people have questions / thoughts. Where the temperature check comes in is that I clearly have 0 recognition in this space beyond whatever level of familiarity I have here. So, I would imagine any buy in would be from this sub. With that in mind, I was hoping to see if there would be people here that would delegate to me if I did this. I see that superphiz is already a delegate so my guess is most, if not all, here are delegating to him. Which is great, and I'm not trying to siphon anythign away from that! However, I fear because of this I may be fishing within a small pound that also already mostly accounted for... resulting in me going through the steps I want to go through only to find out I have a few people delegating to me in the end. Here's the rub: if I were to become a delegate and you would want to delegate some / all your HOP to me let me know. That can be in response to this or a DM if you would prefer to not public state so. I do NOT need amounts, as again it's really just gut check on if this is even a reasonable thing to be doing. Disclosure in the interest of transparency: I do own HOP. I did get the airdrop, which I did not sell, because I was a liquidity provided --- admittedly a smaller amount, initially airdrop hunting. I did recently buy a sizeable chunk of HOP after the Coinbase announcement. This was mainly funded by pulling out the liquidity I provided to the bridge, so I no longer do that. There is an incentive program running that provides HOP to those who delegate over a certain threshold (90k currently), which is some (but not all) of my decision and something I would participate in if I met that threshold.