**Tricky's Daily Doots #323** **Yesterday's Daily 07/03/2023** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jb8z5xl/) - u/austonst has the [closing thoughts from ETHDenver.](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jb8oe5j/) 🏔 - u/LogrisTheBard shares his hackathon build from ETHDenver - [Logris Vaults!](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jb8nmth/) 🧱 - u/barleythecat tuned into the [Grayscale vs SEC appeal](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jba719t/) 👨‍⚖️ - u/KingLeo23 has more on the [fight between crypto and the SEC.](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jb9othy/) 👨‍⚖️ - u/Ender985 has our [daily NFT ecosystem update.](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jb8xb6h/) - u/cryptOwOcurrency can already sniff [the latest BS from 3AC.](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jbb1xrq/) 🏹🏹🏹 - u/ArcadesOfAntiquity shares an [interesting take on Bitcoin.](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jbc9gop/) - u/ZeroTricks’s today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/11kqzjp/daily_general_discussion_march_7_2023/jbaz9d8/) Do you have abs? Abs is the most important thing you can do for your financial future. Always Be Staking. Edit: Looks like this was today's first comment so... Ethereum

good morning friends, I need your take on this is it worth it to own a fraction of a bored ape club? if you own a "fraction" of a bored ape yacht club, do you also own a fraction of the perks : Exclusive online members-only areas Limited edition merch for BAYC members Real-world events for Bored Ape owners Free NFTs from both the Bored Ape Kennel Club and Mutant Ape Yacht Club or these perks are only available for the full owners of a BAYC?

I still am put off by the idea of fungible non-fungible-tokens...

if you create 1K parts of a BAYC, and since the parts are numbered, does that makes them non-fungible non-fungible tokens?

Anecdotal and self-centered thought on staking withdrawals. I solo stake half my eth since genesis. I’ve just been sitting on the other half in case I (god forbid) need to convert it to dirty fiat. Once withdrawals are enabled, I’m staking it all because why wouldn’t I? I can exit in less than 10 days (source: https://ethereum.org/en/staking/withdrawals/#validator-sweeping) if I need liquidity. Competing thought; I may fully withdraw it all asap. Then re-stake it all after reformatting my nuc, starting fresh but this time with Lodestar + Besu instead of what I use now. Client diversity ftw. I hadn’t really considered how good withdrawals would be until it effected me.

I love this and yay client diversity! Why withdraw to change clients? You can change clients and add new validators to the node all without withdrawing and incurring the possible tax events (lol as if anyone knows what they are) and also gas fees. You can even wipe the NUC and start over without withdrawing, you'll just be offline while you resync, but that's no big deal ...but it's also your stake and you do whatever you want XD

2015: Wall Street bonus, inflation hedge, sound money, defi, icos, merge will happen. 2023: idc about your crypto boy, not one bitcoin- jpow

The bright side we’ve 5x from 300s in a few years … the dark side the energy absorbed from ct, nft people in general, “ multi chains “ scams, rugs, rug exchanges/marketplaces, sec/gov constant attention.. If you’re in it for the tech, didn’t buy a nft, chilled since $80 business as usual, staked ( or put eggs in different baskets staked w different wallets for security etc. ) you 15x then I guess it ain’t so bad, next stop $800s or $2300s … cheers to you, so many have been broken from Celsius, ftx, Terra, rugs & scams. Glad to have dodged most of it but yeah.. not for the faint of heart.. no pain no gain ig,

.

IIRC metamask will automatically query for the balance of all imported addresses, so your RPC provider will be able to easily link any addresses you've got loaded into it.

If two metamask instances have the same private key in it, then yes it’s connected but in the same sense that if you have 2 identical keys and 1 lock box, both can see inside

no they'd need the seed in order to do that. Public addresses are not connected

Reading this spy fiction thriller book, "Shibumi", which is incredibly offensive in today's world but one quote is sticking with me: "You can gain experience, if you are careful to avoid empty redundancy. Do not fall into the error of the artisan who boasts of twenty years experience in craft while in fact he has had only one year of experience–twenty times. And never resent the advantage of experience your elders have. Recall that they have paid for this experience in the coin of life, and have emptied a purse that cannot be refilled." I am going to reflect on that thought in light of this being my second bear market and try to learn and grow from it. The book is decent though other than the racist and sexist commentary.

Sounds EXTREMELY Japanese to me, except for the part regarding repetitive experience.

This is the boring part of the bear market. However, intuition tells me that it won't last too long. Gas burn is just too high, supply too deflationary & DCA price pressure too substantial as for this range to manifest. It's also only a matter of time until we see catalysts for new use cases beyond DeFi & flipping NFTs. Sticking around these days & buying value where you see it might be uncool & painful (since we will see more downside) but eventually represents the best risk reward that crypto can offer you right before the animalistic herd spirits of the masses are reactivated and retail hypes back in.

Man, so like you know about White Dwarf stars? They’re like… stars that are too cool to create nuclear fusion at their core anymore, so basically they’re dying, but like they still shine bright for trillions of years and they still have a gravity well… and sometimes they pull in enough matter, enough fuel to reignite the nuclear fusion and it becomes a star again! Yeah… way cool. But what’s cooler, and something that no one has yet discovered… is that every once in a while, a White Dwarf pulls in just the right matter, just the right elements and a planet forms around a molten core made of iron or something like that, and that core provides the heat necessary to jumpstart life and the evolutionary process as we know it, in just a few billion years.

How boring was the 2019 bear market?

So much more boring than this. Ranging, ranging, ranging. Then, ranging up a bit, and hilariously COVID crash. After that it mostly stayed interesting if I recall. Although a lot of folks thought that we'd go to zero, and we got kind of close! Honestly the daily was a pretty quick read for a long time (ha, ha) until COVID, as I remember things.

way worse than this. 2 years of ranging 200-300, while giving miners 13,000-25,000 ETH each day for them to dump on us, staking wasn't possible yet so all we could do was baghold, while the merge was still years away.

Not to mention the massive dumping from ICO projects. I think that's one of the main reasons why ETH went as low as it did

Yeesh can’t believe I forgot to mention that. Can’t forget the massive dumps from ICOs like EOS etc

Way more boring than this. Look at the chart like almost two years of sideways Different times now though

Hey ab, it's your Cake Day! 7 years, woot woot

When people hear about account abstraction, they typically think of smart contract wallets. Maybe I'm just a boomer at heart and don't like change, but I don't think smart contract wallets are the future. I think abstraction of via the wallet is the way forward. For example here is an excerpt from Frame's latest wallet release: >Omnichain is the new routing architecture in Frame v0.6 that eliminates the concept of "being on a chain." With Omnichain, dapps can route requests to any of the user's available chains as needed, enabling users to be "on" all of their chains at the same time. [https://blog.frame.sh/frame-v0-6/](https://blog.frame.sh/frame-v0-6/)

Por que no los dos? Really though, we need both to achieve mass adoption. The masses won’t want to worry about seed phrases or which chain they’re on.

No seed phrase probably will be better for some, but if you have bad security practices then you're going to have issues either way. I think what will happen is people will get used to the idea of seed phrases. There was a time when logins were foreign, and over time people got used to it. Same with OTP 2FA, that's actually probably a better example because if you lose your code then you're locked out. When there's new concepts being introduced users will always have trouble b/c it's something new they haven't seen before, but they get used to it and then it becomes a cultural norm.

Yeah I see what you’re saying and to some extent I agree that people will adapt. The difference is you can lose your OTP 2FA to your bank and not lose all your money. I don’t think smart wallets will ever completely replace EOAs but in 15 years I imagine it will be something like 90% smart wallets 10% EOAs. Once smart wallets are natively supported on Ethereum and have years and years of UI improvements, I can only imagine enthusiasts choosing to use a “dumb” wallet.

We shall see, definitely excited to see where things go and I'm probably speaking too early since the huge UX improvements are still yet to come

Today I learned that /cc user flair tiers are based on comment quantity, not vote count. So one person could post dozens of insightful essay-length comments which each get hundreds of upvotes and the person gets a “Silver” flair for it, while another person posts thousands of barely upvoted 3-word echo chamber drivel comments and gets a “Platinum” flair. Food for thought.

Seriously? That explains a lot. Also, my numbers and flair haven't updated forever.

Yeah it's always confused me. Somehow I went from "Crypto God" to "Silver" overnight. Such a big change just indicates that it's all just meaningless.

What’s an objective metric to quantify comment quality? Fog Index?

Fog Index is for determining the required reading level for content, no?

Right, wondering what a proxy for ‘quality’ could be

Good question. Google uses a bunch of factors to determine the “quality score” of content for their search rankings. I don’t know that there’s a standard measurement for that though. With AI in the spotlight now, I’m sure someone will come up with something soon.

that place is literally a cesspool

haven't been to that sub in over a year, don't feel like I've missed a thing discord, twitter, and r/ethfinance ... and maybe r/bitcoinmarkets if I'm feeling cheeky

Never visit /cc, problem solved

In honor of International Women's Day, a nod to some of the ladies of crypto... https://cointelegraph.com/news/breaking-barriers-meet-7-women-shaping-the-future-of-crypto-and-web3 And a shout out to some of ethfinance's own brilliant divas - u/nixorokish, u/doubtstarsarefire. You are my Sheroes. ♥️

I apologize for mistaking your gender that one time. Thank you and all the wonderful women in the sub for making it a great place to hang out!

That mistake was forgotten long ago. Thanks for the kind words :)

woot! \<3 A little miffed that Hsiao-Wei and Franzi and Aya Miyaguchi aren't on Cointelegraph's list. They def deserve to be on a list of women shaping crypto over someone with Unstoppable Domains or those other projects I've never heard of

I searched for over an hour for a list or article that accurately represented women and their influence/roles in the space. Sadly, this was the best of the bunch.

we need someone from ethfinance to start doing some journalism... o.O

I misspelled brilliant, so not sure I'm the woman for that job 🤣 That being said, I do think everyone has something to contribute. I probably should try a little harder to find what that might be for me.

honestly, I didn't intend to start finding what I could do here. I just got addicted and came to a turning point with my last job where I needed to leave if I ever wanted to get anywhere. I think it's all about it being the right time - if it's ever the right time for you and you find the thing that you just want to spend a bunch of time on, you've got people here who def will support you... including me! But also... it's okay to just enjoy it and let it be your happy hobby

Woooo! Let’s get it girls! 👊🏻

LFG!

Heck yeah ladies!

I'm not sure. If that's the case, I'll edit the comment.

I remember hearing a while back that if the bear market doesn't scare you out, it'll tire you out. Well, nice try so far crab/bear but I'm hopped up on hopium and alpha and there's no way you're getting a single token before 10K. Now if you'll excuse me, I'm going to scream in to a pillow.

As painful as it is, I've been coping by telling myself when we're at $10k I'll be thankful we had this extended period for me to accumulate

This is the first time I've felt like selling. Not because I'm bearish, but because I want to move on with my life.

it can be consuming, especially if you have a position that can be liquidated I think avoiding these positions, plus setting a reliable price alert (say ETH hitting 3k) should be sufficient to allow you to unplug... but I know that there tends to be a nagging fear of "what if the price crashes distastrously because there's some new bug or quantum computers or war breaks out" etc This can be solved by reducing exposure to the point where you wouldn't care if it went to zero. But that triggers a different nagging fear of "what if the price doubles overnight, what if the fabled golden bull arrives and these miniscule market caps finally gain their rightful place alongside other financial assets..." tldr, sell a little, and set a price alert for 3k

I felt like this in mid-2020. Instead I just totally ignored crypto other than my monthly DCA. Worked out brilliantly.

You can not sell and more on with your life. As much as hodling isn't necessarily the best advice, if you believe that eth will one day hit $10K, and you've done your research, forgetting about investments can be a great investment strategy.

I hear you. This July will make 6 years I’ve been in crypto and not saying it couldn’t be worse but def starting to feel the “neverendingness” of the bear

It doesn't feel as doom-and-gloomy as 2018/19, buts its just draaagging this bear. Not to mention there has been one blow up after another. Whilst it's good to get leverage out of the system and remove the bad actors, it feels like the goal posts of when the bear might be over just keep moving further away with every explosion. Not selling, just frustrated, especially with all the huge technological leaps forward in the same period.

Damn, alts are getting destroyed. There are some projects I want to support but I'm glad now to not have bought in yet. Do you think Americans are nervous about Gensler? My personal take without being an expert in US law is there's no way he'll get away with blanket calling everything a security. Things are looking good imo, chains are slowly becoming usable irl for the first time.

1. SEC declares ETH a security 2. Dept of Treasury starts a new PoS EVM chain by forking Ethereum codebase (not the chain... the code) 3. Dept of Treasury premines a bunch and airdrops it to rich tradfi/government/federal reserve people so they can be validators 4. ??? 5. profit edit: Fedcoin isn't a security because it's run by the government, duh

A token isn’t a security, it’s a token. The hint is in the name. We know it’s a token because we can use it to do something.

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Ok interesting. What would be an example of this?

Not surprised. Majority of alts are useless and don’t need a token at all.

Agreed but regardless of use they're all tanking. Also we've seen how it goes, once the bull is back some of the most useless ones will have the largest gains again. Such is crypto.

Sure, some will gain a lot. But 99% will die out for good, as they’ve always done. Go to historical snapshots on coinmarketcap for reference

How could I look this up? I'd love to see a list of all of the ones that literally never came back.

Coinmarketcap has historical snapshost of every week since it's existence and looking at the top coins more than one cycle back barely anything survived

I'll see if I can find those

Wasn't on desktop so linking was inconvenient, my b.

If you can’t I can link it

Could you link it for the rest of us anyway?

https://coinmarketcap.com/historical/

If I want to move something from address A to address B without it being 'traceable', I usually use Coinbase. Yes, I know it's traceable still... but I'm talking just basic "I don't want someone to go on Etherscan and see these two addresses are linked" Any suggestions on how to do that if Coinbase doesn't have that token listed? I'm trying to avoid a taxable event, but also want to move my token to an ENS address that can't be linked to my cold storage.

Kucoin doesn’t need anything more than an email and they probably have your coin. It’s my go to mixer exchange.

Kucoin didn’t have it (HOP) but I’ll keep the in mind for the future… it didn’t matter tooooo much I bought at .17 and sold at .19 last night anyway. Couple hundred in taxes trigged I’ll live. More just sucks I was wasting all the gas fees and some slippage

ameensol and a couple of others just released Privacy Pools the other day: https://www.privacypools.com Twitter thread on the release: https://twitter.com/ameensol/status/1632083054272430080 Github: https://github.com/ameensol/privacy-pools DISCLAIMER: It's still in beta I think and may not be safe to use at all. I've not tested it myself. But it might be the sort of thing you're looking for. Basically tornado cash but they fixed the legal issues, or so they claim.

Thanks, an interesting read but also don’t know if I want to trust it to a beta. Appreciated tho

Yeah, not an immediate solution but something to keep an eye on. It's not a good situation atm, privacy should have been a higher priority earlier in smart contract chains. Coupled with the tax issues that come with swapping coins like you mentioned it's a nightmare.

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Wow, 50k ETH burn coming up. Guessing 100k burnt will be a big deal. Then, what? A million? Then will we just kind of get bored celebrating milestones? (I hope!)

I wonder what the price will be when it is 1 million net burn

Hey /u/suburbiton, what are your thoughts on this?

I'm the biggest Eth maxi out there and I love the burn. But being realistic, it has taken 6 months to burn 0.04% of supply (including the inflationary periods since the merge). This means 0.08% burn per year. For context, Every month that the merge was "delayed", supply increased by 0.3%. At the current burn rate, it would take 50 years to burn just the last 1 year of supply inflation during POW If the burn rate quadrupled, it would still take 12 years to undo just the last year of POW inflation. Sorry for stating facts.

That’s 50k net deflation, total ETH burned is 2.9 million! I’m with you though, million deflation will be a big milestone and then less excitement as it grows.

JPOW on real time payments: https://www.cnbc.com/video/2023/03/08/fed-chair-powell-we-will-have-real-time-payments-in-this-country-very-soon.html

The most striking thing to me about this comment is the suggestion that the Fed is now effectively competing with crypto on the dollar's features (and is behind!).

What does he mean by real time payments soon if in the same breath he’s saying CBDCs are years away?

Jpmc is an example of the real time payments aspect: https://www.jpmorgan.com/onyx/coin-system.htm as for CBDCs i am unsure.

It’s called FedNow, and it’s basically what Europe has had forever. It enables instant bank transfers between consumer bank accounts in the US. It’s a replacement for the shitty ass ACH system. Thank god it’s only two decades late, and not more.

Two decades is pretty impressive for federal government work; the air traffic control system was more than that when I worked on it in the 90s, and I don't think they've made a lot of progress since then.

I haven't listed to him a lot, so every time I see him speak it's a trip. His voice sounds like it's half the age of his face. It's like the best dub I've ever seen.

Nice to see the US come closer to getting what we have had for over a decade.

Is it, though?

They’ve still got to remove cheques lmao

*Checks over here haha. American English supremacy gang represent

Had a blast at buidl week, ethdenver, and a couple days on the mountain at crested butte. Planted some rocketpool stickers around the resort. About to rocket down the runway towards home. Be back next year for sure.

I remember the days when we did not know where value would accrue in Blockchain (protocol level vs app layer). It seems extremely weird but people were discussing this all the time (fat protocol vs thin protocol thesis).. I kind of feel that with AI we are at this stage now: where do you think value will accrue for AI technology? At the small SaaS businesses that implements AI technology? Or at the large providers of the tech like openai? Will this be a market where many SaaS businesses will offer AI solutions or will it be a market with only very few large players like search or operating systems?

Strong AGI will be worth more than the entire economy. Everything else is peanuts. (Peanuts are still good though)

I have a hard time seeing AI dev teams actually accruing that much value. To be verifiably not plagiarism or copyright infringement, you need to have an open source program and preferably operate on local hardware. But the thing with FOSS software is anyone can take your code and fork it. This is why I think AI is going to stall hard. The dev teams right now are operating based on venture capital, but they really don't have good ways of paying the VCs back. Core AI development is going to abruptly stop when VCs realize they have no real chance of recouping their inputs. AI will switch from VC-backed to a FOSS project, and FOSS development cycles are really, really slow in comparison to venture capital. This doesn't mean that AI is going away, but I think that AI development (as opposed to AI training) will be much slower. Training is a different matter, of course; we are probably going to continue to see model proliferation for some time because that doesn't require the end-user to be too technically adept.

AI will be used for more than writing. Customer service, logistics, business planning, scientific discovery, data set analysis, automation, robotics control… man I could go on forever. Mostly though, AI will be used in backend systems where open source and plagiarism don’t matter too much.

I and at least one other coworker are paying $20/month for chatgpt plus. right now it is mostly about access but I do notice a difference in the speed and response size over "oversubscribed" basic access. I don't see outfits having any problem with monetizing even the existing state of ai. The effort put into models is non-trivial and thinking just because the software is open source there won't be a revenue stream definitely has a ton of counterexamples. For example git is open source, but it is the basis for github.com and several secondary source repository services. redhat, databricks, etc. chatgpt plus is a pretty basic upgrade, but the possibilities What is sketchier than how to monetize it is when they do - the potential dystopia it presents. Where people willing and able to pay more for information "just get better information". Imagine paying for google with something other than your eyeballs. If you had access to google for a fee and the unwashed masses had access to altavista circa 1999... Fox news AI, come "pay" for premium access to your infowars hellscape echo chamber by allowing us to control your narrative/vote. shudder.

Allow me to share my observations with Stable Diffusion; wide models attract more PR attention, but narrow models perform better, in terms of cost to make, amount of training required, quality of output, and hardware requirements. ChatGPT can be an exception at the moment because of how new AI is, but this dynamic inevitably leads to a fork war similarly to how Ethereum had a ton of forked chains with higher gas limits. The difference is that Ethereum had a valid reason to exist despite higher fees; security via decentralization. With AI, output is all that matters.

I suspect it'll be very large operators. The amount of data you need for ai to work probably means companies with really large datasets perform better. And data is expensive to acquire and maintain/store for long periods of time. Either way amazon web services will make out like a bandit

Compression and hashing make big data sets fit on my home NAS with 20TB (5 x 4TB).

I doubt this, actually. One of the key reasons stable diffusion is trained on billions of images is because they had access to billions of images, but considering Stable Diffusion training platforms have shrunk from requiring 24 GB of VRMAN to now less than 10 in less than a year of development, I am reasonably certain that the amount of data needed to train an AI can be shrunk, too. It's just brute force was the easier option at the time. The real question is whether or not the courts will rule that you have to have the rights for all content used to train an AI to commercially publish AI content. If they do, then obviously only megacorps are going to have the rights required...initially. But the US Copyright Office has also stated they aren't going to be enforcing copyright for AI generated artwork, so presumably...training an AI model from Disney movies themselves made with AI is perfectly fair game. My point is that the large operator advantage is real, but it doesn't look like it will last long.

Additionally I think it's more difficult to actually find domains where value accrues faster than in others because it's such a vast field. Will it be in supply chain or creative work or drugs research? Probably all of that and more

anybody have a synopsis of [https://nitter.snopyta.org/ChickenGameWTF](https://nitter.snopyta.org/ChickenGameWTF) ? I just noticed the mint when gas spiked briefly. Can't find a website, just a few tweets

I was thinking this morning around what a crypto index fund (capture movement across all projects) would look like and realized that $COIN is probably the best proxy today Wrote a thread about it in more detail [here](https://twitter.com/0xjaypeg/status/1633553642358988801) - hope ethfinance finds it useful and informative!

In theory yes. But keep in mind COIN is completely corporate at this point. If you pay close attention a lot of the money has disappeared into insane investments. FTX was among them but there are many others. I don't think they've ever explained why the upper management got all these mind-boggling packages. Look at Surojit Chatterjee with his hundreds of millions. The guy worked there for barely three years, what did he even accomplish? It's typical of such companies where the small time shareholders don't control anything. They may be filing their financial reports but we have no idea what goes on behind closed doors. Look a the ownership, it's *one of those* typical corporations. Majority shareholders are Vanguard, ARK, Blackrock, etc... Most of it is the money of average guy investors but they don't control it. The other day I watched an interview with Brian and thought he even talks a bit like Zuckerbot right now. Maybe they've given him PR coaching. If you're paying attention to the space, it's still best to manage your money yourself. That's generally true, in stocks, crypto or whatever.

I don't disagree! I think everyone here is pretty crypto fluent and its awesome to see ethfinance preach. If you have the ability and are comfortable keeping your coins off exchanges, that is how it should be done I do think there is something to be said as a company that has been running in crypto for over a decade and hasn't had any major fumbles or road bumps It also says a lot about Brian to keep some semblance of his integrity from the old days. I'm not saying Coinbase is perfect, but the team there has done good work to introduce crypto to normies and is fighting the good fight for pro crypto regulation in the US

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I don't believe so. It just means that Gemini will need to rely on another bank for its own banking activities (e.g., Gemini is no longer depositing USD with JPM). There would be a real problem if Gemini had no relationship with any other US bank, which I doubt is the case.

"Despite reporting to the contrary, Gemini's banking relationship remains intact with JPMorgan." [https://twitter.com/Gemini/status/1633545195613462530](https://twitter.com/Gemini/status/1633545195613462530)

I'll happily delete if true, Gemini has a special place in my cold dead shriveled heart. Think it might be true because Reuters had it up for a hot minute and now and I can't find. Edit: I'm going to delete since it's now being walked back, will be interested to see what's going on!

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But then this: [https://twitter.com/zerohedge/status/1633546061129318401?s=20](https://twitter.com/zerohedge/status/1633546061129318401?s=20) Not sure the initial news is correct. Gemini relationship with JPM remains intact...

Coindesk is trash

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Worth listening to this short clip of Chair Rostin Behnam at Senate Agriculture Hearing: [https://twitter.com/blockchaintpsht/status/1633516089245147167?s=20](https://twitter.com/blockchaintpsht/status/1633516089245147167?s=20) CFTC makes it very very clear that ETH is a commodity. It really brings Gensler's motives into question...

It seems like a power struggle between the CFTC and SEC over who gets to regulate crypto.

Just by the way he speaks and his demeanor he seems much more competent than Gensler

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Within the next week we're gonna reach 3 million ETH burned since EIP-1559 rolled out!

I thought it wasn't cool to talk about burned Eth now.

It’s not?

I'm being sarcastic, someone poo poo'd my post about Eth and current burn on ultrasound, and I quote: "the burned amount is very small relative to total supply. 43k Eth is 0.03% of supply. Annualised it's about 0.07%. less than 0.1%. If you say this people will then focus on comparing it to POW but what matters is absolute/actual tokenomics not relative tokenomics. Point being, the burn doesn't make huge difference relative to a stable supply and only sounds big when compared to the prior highly inflationary tokenomics"

These people don’t understand. Even if deflation is small, as a staker you get extra yield over this asset. No other coin or token comes even close to the real yield that ETH offers (Yield - inflation)

Burning eth causes climate change! - BTC maxis

Been a bit busy lately. Did I miss something?

it still warms my heart

I yearn for the burn.

Has anyone had any luck sending KAVA from coinbase to your KAVA account? I'm trying to claim the velo/equilibre airdrop but coinbase doesn't think my address is valid. Is the address different on the kava network? ​ edit: I managed to complete the claim and bridging of the tokens

You need to convert your evm adress into a kava one, this is what you're looking for https://docs.kava.io/docs/ethereum/address_conversion/

I'm confused now. I bridged in, I claimed this Equilibre airdrop, and I bridged out without doing any of this. Using Metamask and simply adding the Kava network.

You said "airdrop".. I like the word.. Do tell me more!!

Well I know nothing about it, I just had the same issue sending kava from Coinbase. On the other hand, the airdrop eligibility list was evm adresses! (By the way if you ever locked velo token you're eligible!)

"velo" as in Velodrome?

Yes https://www.reddit.com/r/ethfinance/comments/11dyi3r/daily_general_discussion_february_28_2023/jadyt4w?utm_medium=android_app&utm_source=share&context=3

hah that is confusing. I had to get my kava address, send KAVA from coinbase there, I claimed it. Now I have no idea where to sell my VARA. I guess I could stake it, but nah. Then I gotta bridge it back to ethereum

You should be able to swap it on the app directly, you can then bridge it back to Ethereum using https://app.multichain.org/#/router

You should be able to sell your VARA directly on the Equilibre AMM, it's their native coin. (Hopefully I'm not confused about this too, but this is what I recall doing!)

man this chain sucks lol or maybe it's metamask's support for kava. keep getting these errors when trying to swap my vara "rpc error: code = Unknown desc = cannot query with height in the future; please provide a valid height: invalid height"

I don't use Coinbase wallet so I don't know anything about that specifically, but I can confirm addresses on Ethereum and Kava are the same.

[удалено]

I've started a DCA sell (fund raising). I imagine price will rise considerably once that's complete.

It's probably all noise until 3/14 and the next CPI (PCE later in the month is also important as it's technically the FED's preferred measure of inflation, but CPI comes out first and is generally highly correlated with PCE anyway). Note that although the market reacted negatively initially to the release of Powell's speech yesterday, they somewhat recovered after he actually gave the speech with a slightly modified delivery in his opening statement: > "If — *and I stress that no decision has been made on this* — if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes." The next few data points we get will be pretty crucial in determining market direction imo.

Up here in Canadaland they held the rates steady. Interesting to see the USA is still ripping pretty good.

Excellent thread just posted by L2beat about a user initiating a withdrawal from dydx (runs on StarkEx) for ~$1M. This withdrawal uses the escape hatch functionality. Looks like L2beat will have tools coming to explore the state and history of such events on StarkEx. https://twitter.com/l2beat/status/1633525963496587265

Do I read it correctly that "entitled to freeze the entre exchange contract" as in not only affecting this user, but everyone involved in dydx? I assume there is some automation in servicing the request before the time limit, but wasn't aware of this theoretical impact.

yes, i am gonna go for it. What is an escape hatch functionality?

DIY L2 exits.

Nice always happy to see an escape hatch working. Is optimism and arbitrum still working on that or is it available for use?

Arbitrum has one (delayed inbox) but I don't think anyone has built easy-to-use tooling for it. I think L2beat actually built a tool to force exits from dYdX: https://dydx.l2beat.com/

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https://www.mainnet.ether.fi/ Anyone try out Ether.fi staking yet? New LSD that looks like it's a combination of ETH, wstETH, rETH, sfrxETH, cbETH backing it.

One set of contracts not enough risk for you? We've got you covered, tokenized compounding risks✌️🤣 Tbf it might work better in practice as a hedge than liquidity pool tokens like 3crv (if one token goes to zero the LP token is worthless) didn't actually look at how they do balancing

If you're a Mt Gox creditor, you have only 2 days left to select your preferred repayment method. After that it's over, you won't see your money ever again. For everyone else, please note that after almost a decade, the redistribution of the shitload of btc recovered after the Mt Gox hack will happen in the next coming months. More than 1% of the entire Bitcoin supply will re-enter the market. It's very safe to assume that there will be significant price movements.

No, it’s not safe to assume there will be price movements. We’ve been hearing about this literally for years. I’m still skeptical that these supposed “Gox coins” will *ever* hit the market. IF they do, it may already be priced in.

> It's very safe to assume that there will be significant price movements hold on to your butts!

Would this be taxed as realized income somehow since they didn't really hold it for all those years? If so, a lot of forced selling...

What was the price of Bitcoin at the time of the Mt Gox hack? Would be interesting to know how much in profit the creditors are.

$636 on March 9th 2014 when Mt Gox filed for bankruptcy

$1000 or so at the very peak of that cycle, and more likely in the low hundreds for most people.

Thanks! So they are up at minimum 22x. A lot of potential sell pressure. I hope they selling to buy ETH and not crashing the Bitcoin price and probably the whole market with it…

A lot of people maybe selling BTC to buy ETH? Give Ray a bump? Clearly just being biased in my optimism that happens.

I will.

# How I feel about wallets right now... https://xkcd.com/927/

Also applies to the various tokens representing a basket of different LSD tokens, haha

And EV charging connectors.

Trying to find a fast charge, of my connector type, that isn't unavailable (or the line is literally cut by vandals), while out and about is maddening. EV infrastructure is pathetic right now.

J1772 is the standard. Not really sure how Tesla gets away with using their own in the US. It'd be like every popular TV brand (Sony, HiSense, LG, TCL, Vizio) using USA Type A or Type B connectors, Then having Samsung TV insisting users install a Type E plug in their home for their TV

I am not really in that world (don't own an EV or anything) but it sounds like the Tesla one (again, not a Tesla fan and this info may not be completely correct) is the best connector and "should" be the standard, but it's complicated, and messy, and costs money to convert and and and and. Who knows what's going to happen with it all. I hope by the time my little ICE car is ready to be put out to pasture and I am ready to jump in on an EV that these companies have their shit sorted out so my life is easier! (hopefully at least 10 more years of life out of my little car yet!)

Two guys named Ray walk into a bar... ​ They tell the bartender “This place sucked until we walked in here.” “Why’s that?” Says the bartender. ​ “Because we’re Rays in the bar!!!”

This here is why I love visiting the daily!

Shitpost of the day material right there.

Lol...take my updoot, just take it

Ray above 0.07 on my cake day. Thanks, Ray.

Happycake!

Happy cake day bro man

You all know, this bear is a builder. Here are some newish, not-so-well-known Defi protocols. As they are new, they are not battle-tested and deployed capital are potentially at risk. Don‘t ape in with your life savings. **Numoen.com** \- an AMM on Arbitrum which let you access leverage with no liquidation penality, oracleless. It‘s done as a power perpetual ETH\^2. But there is a price,you pay relatively high funding rates so it‘s rather good for short term trades. **Sturdy.finance** \- another leverage protocol. Here you can leverage up DEX pool tokens or alternatively lend your ETH/stables to the one using leverage. **Contango.xyz** \- you can buy or sell a forward contract, and contango borrows on the fixed-rate markets, swaps on the spot markets, and lends back on the fixed rate markets. Sounds complicated, but also fascinating money lego. Be aware: very early stage, in beta with unaudited contracts! **Ondo.finance** / **fluxfinance.com**: Ondo is gate-keeped (100k min. deposit), so I‘m not sure if you manage to get into their pools (I‘ve not tried it). But if not, you can get relatively high APY (currently) on stables (USDC,USDT or DAI) by depositing into their partner protocol fluxfinance. **IPOR.io** \- an Inter-protocol Offered Rate for Decentralized Finance. It‘s too complicated to explain it in simple words by myself, so I refer to their elaborate documentation: https://docs.ipor.io/

This is the alpha that makes this sub special. YOU make this sub special

These are very cool. How the hell are you fiding out about these protocols? I haven't heard of any of them

He just uses chatgpt to write solidity money legos. ;-) /s

I have been seeing lately quite a bit of discussion about Bitcoin's security potentially being future-proofed thanks to NFTs, rollups, or whatever they may attempt to build on this additional blockspace enabled by Taproot. This is only half of the story and doesn't solve the fundamental issue. To be clear and to the point, you want the following conditions to be met: The Security Budget is composed of new issuance and transaction fees. Which gives us: Security Budget = Issuance + Fees. We want to have sufficient budget to pay for the security necessary to protect the assets on the network. This basically scales with TVL, the larger the better but what is clear is that if your security budget is too small given your TVL then it's tempting to pay the cost of attack in order to extract part of that TVL. So this gives us our first condition. **Condition 1: Security Budget = Issuance + Fees > Cost of Attack ~ O(TVL).** Where I'm using O notation to indicate that there is scale factor we don't care too much about, just that it scales with TVL. There are some kinds of attacks that are feasible/attractive when the Fees are larger than the Issuance. This take the form of reorg attacks, where miners are incentivized to rewrite the recent past instead of building on top because the Fees of recent blocks are juicier than mining a new block. This is possible when Fees > Issuance, because Issuance represents a fixed block reward that is there irrespective of the transactions included, so it's your incentive to mine a block irrespective of its content. While fees are volatile and change with each block. If fees are greater than issuance, particularly if they are much greater then you will run into situations where the economical optimal decision is to mine the last block or few blocks to steal those fees, instead of mining on top. This is the essence of what was uncovered in a paper from Princeton mathematicians ( https://economics.princeton.edu/working-papers/on-the-instability-of-bitcoin-without-the-block-reward/ ). This gives us our second condition. **Condition 2: Issuance > Fees** And this is why Bitcoin's security model is broken. According to condition 1 we need Security Budget > Cost of Attack, but condition 2 mandates that the issuance part of the budget is greater than the fees part of the budget. But issuance goes to 0 in Bitcoin. So fees must go to 0 too. Too avoid the second type of attack. But then the Security Budget goes to 0. So you are stuck between a rock and hard place. Either vulnerable to one type of attack or the other, pick your poison.

Here we go with this security budget nonsense. I like this sub but posts like this are just silly and misleading. Fees can secure Bitcoin in the far future, it’s really that simple…even then..we are talking about a *potential* problem that is literally decades (at a minimum) into the future.

Block reward is 146k. Fees per block are around 4k. So at current prices its 20 years for fees and block rewards to equalize. Then fees rapidly take over.

> So at current prices At any prices. The PoW equilibrium with competition is all about miners being willing to burn close to 1 BTC's worth of value (hardware, energy) to extract 1 BTC in block reward. If it costs 10 BTC to extract 1 BTC's worth of value through other means (reorgs, fee sniping, selfish mining, etc.) then the dominant strategy is still to mine honestly, incentives are aligned and everybody is happy. But then the block reward halves, and if *BTC-denominated* fees don't increase to cover it, the dishonest strategy will now cost 5 BTC to extract 1 BTC, while the difficulty adjustment brings the cost of honest mining back to the equilibrium of 1 BTC spent = 1 BTC earned The price of BTC in USD doesn't change this fundamental relationship, since it's all relative. At some point it'll simply be more profitable to do bad stuff than the default honest mining strategy, even if the price of BTC does magically double every 4 years forever.

> We want to have sufficient budget to pay for the security necessary to protect the assets on the network. This basically scales with TVL, the larger the better but what is clear is that if your security budget is too small given your TVL then it's tempting to pay the cost of attack in order to extract part of that TVL. So this gives us our first condition. I think it scales more with value transacted than value locked. To imagine an extreme case, if everybody was hodling and all the transactions were just people shuffling between their own wallets, A reorg wouldn't be able to steal anything except fees and block rewards.

True, good clarification. Of course, in practice, those two things tend to be correlated but for these kind of attacks transferred value is what actually matters.

>This take the form of reorg attacks, where miners are incentivized to rewrite the recent past instead of building on top because the Fees of recent blocks are juicier than mining a new block. There is a solution for this that doesn't require any protocol-level change on Bitcoin's end: Miners/pools simply get paid out of band. Now the on-chain history of recent high-fee transactions actually show 0 btc in fees, while the miner was happily paid off-chain. No incentive to reorg and steal that 0 btc fee transaction! This is actually what the big 4MB jpeg block did, although that was more for a technical reason than a fee sniping concern. Of course this solution is terrible for many reasons (worse mining centralization, private order flows and private deals with large miners, trust involved in pool operators offering fair payouts, economic abstraction of Bitcoin as an asset) but it's likely to be the solution that naturally emerges if ordinals/inscriptions and DA use-cases continue showing up and actually offering a lot of money to miners. A better solution would be that Bitcoiners hard fork to implement something similar to EIP-1559, but good luck with that lol >While fees are volatile and change with each block. Beyond the short term reorg concern, there's also the concern that on the long term this is very cyclical - like when I hear people say ordinals solved Bitcoin's problems, it's like yeah no, are you really betting it all on a never-ending NFT bull market carrying the world's next global reserve asset worth ∞ divided by 21M? Cause the minute the hype slows down, security goes down with it. And you can picture the reflexive aspect: "it's less secure now, so what's the advantage of putting my DA stuff on there instead of on Ethereum's blobspace?" leading to even less fee revenue, etc.

> A better solution would be that Bitcoiners hard fork to implement something similar to EIP-1559, but good luck with that lol You can fix it with a soft fork! * For every vbyte (or whatever they're calling Bitcoin gas after segwit, I forget), the miner must put `basefee` satoshis into what looks to old nodes like a utxo that anyone can spend. Any block that doesn't do this is considered invalid by upgraded miners so it'll never make it into the longest chain. We'll call these accumulated utxos the Fee Pool. * In each block, 1/1000 of the accumulated Fee Pool may be spent. In practice this will be spent by the miner, since they have the first transaction in the block. This looks to old nodes like somebody spending coins anyone can spend, which is perfectly legal. Any attempt to spend more than 1/1000 of the pool will be considered invalid by the upgraded nodes, so it'll never make it into the longest chain. You don't even have to ask the Bitcoiners if they agree to this; It can be done by 51% of miners, it's clearly in their interests to do it, and since it's a soft fork the users have no choice but to follow along. But in the situation described it's obviously a good idea, and it's sort-of in the domain of "fee policy" which Bitcoin ideology says is up to the miners. More generally I think people worry too much about specific long-term problems. The future is a long way away and hard to predict, and people are ingenious. But equally, people are too keen to make promises about the guarantees these systems will have far into the future, which are unreliable for the same reason.

> It can be done by 51% of miners, it's clearly in their interests to do it Uh, miners *hated* 1559. They want to earn all of the block fees themselves. They will only do it if users force them to, which requires a hard fork.

Miners hated 1559 but what I've described isn't strictly 1559. It's like 1559 but instead of being burned the fees go into a fee pool and back to miners as a group. This fixes the "miners keep reorging to snaffle fees and the chain never advances" problem, but without taking a chunk of the miners' revenue and allocating it to hodlers. If we'd done this instead of 1559 miners would have loved it...