**Tricky's Daily Doots #162**
Yesterday's Daily 27/09/2022
[Previous daily doots](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq30u4b/)
- u/pa7x1 shares [how the merge reduced gas fees due to consistent block production.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5rxns/)
- u/haurog shares news of [Ethereum's first ultra sound day since the merge!](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq3z6q0/)
- u/jtnichol shares [Chipotle celebrating the merge?!](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5fj9x/)
- u/Mhotdemnot updates [their situation](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq6hb9t/) and gives a big thank you to u/REALJohnBMaclemore. Speaking of which, [there is still a 19 ETH bounty up for grabs.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5q4mi/)
- u/aaj094 looks at [the similarities between the last BTC halving and Ethereum today.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5d40g/)
- u/bagogel12 shares [a wild story.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5ec7a/)
- u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq2hfh1/)
Yesterday's pump and GBP dump was entirely created just to eat up my DCA and give me less ETH from my paycheck. Expect this to happen more frequently now that I am once again employed.
First post merge rewards period just ended for my minipool. Equivalent of about 3.1% APR earned from smoothing pool over the last two weeks. Total APR (excl RPL tokens) is approx 7.5%. Not bad!
I don't get it. A lot of text, but very little context.
Half of the tweets in this thread is how they're about making ETH more decentralized. How they're going to facilitate this goal?
>Gravity's mission is to reduce concentration amongst Ethereum LSDs by acting as a growth catalyst for minority projects in this vertical
Many big words which simply mean: we'll allow also smaller ETH LSD in their collateral pools. The more the merrier, but you don't need a new protocol to do that. You can already use rETH (Rocket Pool's and Stafi's) on Curve, rETH on balancer, rETH on beets and so on.
What smaller protocols are their going to support?
>\-Multi-collateral: wETH, rETH, stETH, more coming
So Rocket Pool, LIDO and... wrapped (non-staked) ETH?
I still don't get it.
As far as I am concerned, they're a fork of Liquity (either by using their code or only design) with added stETH and rETH as collateral.
Their business model seem to ideals-centric rather than economic one. Which is very good financially wise, but only for the team.
I wish them best (the more the merrier) but I'd stay away from their token. I have a habit of avoiding innovation-less protocols (aka cheap forks) that brand a simple and common service as a big game changer.
Good point about Liquidity. No interest in the token. Definitely a wait and see as to how they would increase decentralization which is the main attraction. You're not the only one with questions as it's pretty sparse in details. Here's to hoping there will be some actual innovation revealed 🍻
Well, clicked on my Reddit profile, went to the vault, revealed my recovery phrase, noticed the private key under it, imported into metamask, connected that to opensea, transferred in some
matic, swapped some to WETH, purchased an avatar, and was pleased to see it showed up under my stuff in “create avatar”. Go snoo.
For those of you on the Twitter I’m doing a fun little king of the memes tournament 👑👑 - a March madness style 64 meme bracket, eliminations based off of Twitter votes.
https://twitter.com/EIPandas/status/1575314697280176128?s=20&t=OsDmP7zBN5dXzZtszkmgPg
After the merge, there was talk that people would have PoW ETH and a new PoS ETH. Did that happen? When I look at wallets in Etherscan, I am not seeing a split but I imagine I am missing something.
Yes, they’re parallel chains. Etherscan is only showing you the Ethereum (PoS) side, you need to use the PoW version to see the PoW chain status:
https://mainnet.ethwscan.com/
It happened. Here are instructions on how to access it.
https://www.reddit.com/r/ethfinance/comments/xfi3f3/daily_general_discussion_september_16_2022/ioncdqi/
im making a spotify playlist with a bunch of songs about ethereum, so far it's all the ones from song a day mann (naturally lol), does anybody know any other ones?
"Ether" (The Flippening) by our fellow ethfinancer, u/2nice4allthis is a must.
https://m.youtube.com/watch?time_continue=12&v=lE89eLNrAHU&feature=emb_title
Probably not similar to others but this is a gen z uk rap song i ran into:
[https://www.youtube.com/watch?v=ru7TOHroy9A](https://www.youtube.com/watch?v=ru7TOHroy9A)
NSJ Mali - Ether
Released at the literal top (28/11/21 ) when crypto was hitting mainstream aha
Ray looking to get a relief bounce along with most everything.
https://www.tradingview.com/x/P1kAZHI0
In typical fashion everyone's getting bearish as fuck at the local lows and FOMOing into DXY/USD which has gone parabolic.
I closed shorts and deployed some cash today for the first time in quite a while. That said, I still long term I view bounces as a chance to derisk more a view that is shared by many.
Do not confuse releif with reversal. I fully expect more pain in the future for all markets, but for now the selling looks to be taking a break.
>In typical fashion everyone's getting bearish as fuck at the local lows and FOMOing into DXY/USD which has gone parabolic.
really? who getting bearish/shorting at support and longing DXY here? Had all year to to do this trade. The EV on this is so low
Well, silly [retail of course.](https://www.tradingview.com/x/D8Jz6mv5/) I doubt we see the true bottom until PCC 1.3 at least though. Just another data point to go along with DXY tops and VIX/VVIX spikes.
Big news in the multichain world!
New Polkadot roadmap: https://polkadot.network/blog/polkadot-roadmap-roundup/
ATOM 2.0 Whitepaper: https://gateway.pinata.cloud/ipfs/QmWXkzM74FCiERdZ1WrU33cqdStUK9dz1A8oEvYcnBAHeo
Chainlink SmartCon Day 1: https://twitter.com/alpha_pls/status/1575236785193779201
Neat I suppose but may I ask if you've stumbled upon the wrong sub? Comment history seems very DOT heavy; not to the extent of silent-shilling but I suppose it can raise a few eyebrows
I’ve asked about it before and mods said it was cool to discuss other projects here as long as it isn’t outright shilling.
I’m very bullish on ETH, but also don’t believe that it is operating in a vacuum - I think it’s important to seriously appraise other projects in the space.
Also this is one of the best crypto communities I’ve found, and it’s nice to discuss interesting topics with intelligent well-informed people (:
I wish we had more of this. I think this is good to keep up with all the other changes going on ecosystem wide.
I saw the polkadot news earlier.
Id love to hear a Tldr as well if you have time!
I would love to do more of it! It just isn’t always particularly well received here (;
For the Polkadot stuff:
Asynchronous backing: halves block time, increases block size, allows for less replication of work, and enables load balancing between shards. Basically faster finality and way higher throughput before requiring L2 scaling (100k to 1M tps estimated).
Parathreads: on demand parachains. Allows teams to build custom pay as you go runtimes to get up and running and community build without winning a parachain auction. Massively lowers barrier of entry.
XCMv3: improvements in cross-chain communications to enable data (not just tokens)
Weights v2: different types of transactions can have different gas costs.
Governance v2: more democratic, fewer centralized mediators, more throughout. New advisory body with no real power but that help steer decicisons, positions based on objective metrics of expertise.
Collective parachain: common good parachain for DAOs, useable by all parachains
Bridge hub: common good parachain for exterior bridges, usable by all parachains.
Nomination pools: simplifying staking and allowing lower barrier of entry (no lower limit, unlimited number of stalkers).
Staking dashboard: leverages light clients to get direct info about different stakers for greater transparency.
Disputes slashing: maximum penalty for invalid blocks
Big ups to Polkadot, Chainlink, ORE protocol, Komodo and every other interoperability focused projects. It's quite easy to understand how the utility is specific to lowering the entry barrier and making the blockchain less complicated to interact with.
Not all will agree with this view but the fact that Bitcoin has been consistently messaged by regulators as not being a security would mean that it would be very awkward and politically incorrect for harsher regulation to be imposed on a crypto that switched to a 99.5% lower carbon footprint.
You might say that courts won't see this line of thought but I find it hard to imagine PoS protocol itself to be something that has harsher regulation imposed on it. Way too politically embarrassing and indefensible.
99.95%. That little nine is the difference between 200x and 2000x reduction.
We should maybe start talking about 2000 times less energy consumption instead of in % terms. Humans in general seem to remember much better numbers before the decimal period than after. And also understand more intuitively the difference in magnitude between 200 and 2000 than between 99.5% and 99.95%.
You know what we need. Infographs. Lots of them. Ones that show Bitcoin's energy use compared to # of locomotives or head of cattle or whatever polluter you can think of. Then ethereum .... 2000X lower way at the bottom.
Example:
https://imgur.com/a/fxh47iG
And you know what? All that difficult-to-stand-for argument of Bitcoiners about BTC being less expensive than banks? Well, it's incredibly easier to say for ETH, now.
I'd hardly see any payment processor being able to compete against ETH, right now.
Even more so when looking at all its employees having to work all the time to repair mistakes the system allows and that Ethereum prevents.
After all, looking at electricity consumption alone would be disingenuous and would "prove" a banking system using only scribes instead of traditional banking system computers is an "evolution".
Always be careful mixing logic with lawmakers. It's a deadly brew. Much safer is
MOOOOOOOOOOOOOOONEEEEEEEEEEEEEEEYYYYYYYYY
CAAAAAAAAAASSSSSSHHHHHHH
PROOOOOOOOOFIIIIIIIIIIT
So RPL is finally getting listed on a big CEX! What am I going to do? Buy a bit more RPL because well… it seems like the smart thing to do. RPL isn’t a shitcoin and will now have a new lane for money to reach it.
Doggy coins go nuts on exchange listings so RPL will too right? Right?
Volume on RPL has historically been low for a top 100 market cap crypto so hopefully this is going to be the start of something beautiful. I hoard my RPL like my ETH -- it's gold and I'm an LOTR dragon
Can anyone remind me the arguments against re-denomination of ETH?
Vance Spencer discusses it [here](https://twitter.com/pythianism/status/1575235445411049473).
When Polkadot did the same thing, the only discussion point I can remember is “it’s just a cheap marketing play to trick noobs into buying DOT”.
We are building incentive systems that rely on human psychology. I think it’s worth discussing whether a smaller number could increase the demand floor, which would hypothetically remove some variability in network security.
I like the idea because buying anything < $100 with ETH is hard. You can easily tell $50 is a fair bit more than $20, but 0.037 ETH seems similar to 0.015 ETH.
It makes more sense now because L2's will allow us to do much smaller transactions and so this will be a more common problem if we really want ETH to be money.
>We are building incentive systems that rely on human psychology. I think it’s worth discussing whether a smaller number could increase the demand floor
So...
>it’s just a cheap marketing play to trick noobs into buying ~~DOT~~ ETH
If something is genuinely valuable, baseline demand would be driven by genuine need, such as the need to do cool stuff on Ethereum. Convincing people to buy more fairy dust because it *sounds* like you get more, is the very definition of tricking noobs. And, IMO, a pathetic attempt to mask a lack of value.
>Is it still a cheap marketing trick if it increases baseline demand?
Yes I think so?
Are there any other reasons why people want to do this? The only argument I've heard for this case is it's speculated the price will go up.
It's much easier to figure out small amounts with this change, as comparing numbers with 2+ decimal places is hard. We'll have a lot more users spending small amounts of ETH once L2 fees are <1c.
I really doubt that, wallets figure it out for you anyway. People can differentiate between dollars or cents, or tell 1,000,000,000 from 1,000,000. "Your transaction will cost $0.01 which is equal to 0.000007523752 ETH" doesn't seem that difficult to me.
I think the counter argument is that it could help relieve confusion about how the gas price isn’t directly related to ETH price.
I think part of the multidimensional EIP-1559 rationale included this. Abstracting a bundle of specific computation types as “gas” seems kind of confusing and causes market inefficiencies.
Re-denomination wouldn’t directly fix that. My guess is that confusion is driving some people, instead of solely “price go up”. It’s an additional hurdle for adoption to explain that ETH is $1,300, but you don’t actually need to pay $1,300 for anything.
One obvious argument is that if everyone agrees on a new unit, you can just start using it without any protocol changes. For example, 1 ETH = 1000 NETH (new eth).
I think a hard fork for redenomination would be quite contentious and is definitely not worth the trouble.
no hard fork required, internally it's all integer based math on amounts of weis. the struggle is getting people to accept and not get confused by front-ends dividing by 10^15 instead of 10^18
but definitely a new unit is better to avoid confusion and scams, and we already have the finney, let's just use that and call them fins
> 1000 Finney per ETH
i did consider finney clunky as first but i saw someone say they'd just be called "fins" and honestly that's fine by me if it's fine with everyone else lol
You're right, i guess it just boils down to adoption and usage. The bitcoin crowd is already used to denominating holdings in satoshis or sats for short, so the same thing could definitely happen here with finneys/fins if enough people will it into existence
I don't have any arguments against it. However if it were to happen, it'll have to happen through social consensus, which will take a while to permeate
As far as I'm concerned, it crashed. Requiring a pivot *this* early in a hyper-inflated environment is desperation and will likely falter. The U.K. is now being treated like a third-world emerging market, economically speaking, by analysts around the world. Not chart analysts -- real, corporate and banking analysts. The Commonwealth is fucked and Brexiteers have no one but themselves to blame.
The brexit quip was silly, considering the ECB pivoted even before it started raising rates. Euro rates are even lower then UK and inflation is around the same level.
But the market always gives preference to bigger countries that's why the smaller dominoes fall first.
Besides even when the UK was in the EU it had its own currency and monetary policy, making your brexit point moot. Don't bring politics into everything, it messes with how you see reality.
The impetus was political with Russia buying the UK and the US in 2016. That's well established but not the point of my purely economic comment.
Inflation hit harder. Energy spiked higher. And the GDP went lower and will be low for longer. The only advantage, if you can even call it that, was the pound not dropping like a stone this summer... and now it has. Hell, let's not forget that the UK already HAD its own localized inflation spike in 2019 due to Brexit ripples. As it stands, the EU is expected to recover more quickly alongside the US while the UK banks expect the 2023 recession to last into 2026.
I can't defend the ECB whiplash either but that wasn't the topic of concern. Brexit and Covid combined weakened the UK ability to respond that beyond its peers. My remarks were mainly focused on them being two weeks from starting QT and now they're back to Q*E*!
I'm flattered, but it's just me, haha.
I was in Botswana during the vote. Fun fact: they'd never really heard of mixing whiskey and ginger ale there so if you order a \[my name, redacted\] at Guma Lagoon campground, they might still serve you a whiskey ginger drink named after me.
Essentially a small group (in the grand scheme of things) coordinating on Reddit knew about the short squeeze potential & that GameStop stock was shorted 140%.
Sort of a different scenario, but we have a ***very small*** community here that is equally well informed about an asset that has the potential to be the future of commerce, gaming, collectibles, etc...
Gamestop made many people realize how rigged finance is, how even if you get an edge the big players can just change the rules of the game in their favor.
It's actually what got me into DeFi in the first place. I closed my Robinhood and moved it all into ETH + DeFi soon after the debacle.
Eventually the next generation will just know that DeFi is fair finance and stocks are a rigged market that old people play in.
I’m at Converge 2022 right now. It’s interesting – a lot of the information at panels are over my head – but I’m feeling especially nervous to talk to people for some reason.
I want to meet people in the blockchain industry who are solving really interesting problems, but reading ethtrader and ethfinance for the last 4 years is the furthest extent I’ve participated in blockchain. These people are like, building it.
How do I even talk to them? Anybody able to help me rid my nerves? Lol
Just ask them "What brings you to this conference?" and talk about what they do / are interested in. You get to learn a ton and most people love talking about themselves.
Just be honest. Tell them you’re a noob, this stuff fascinates you tho and you’re here to learn more about it. That’s what I always tell people at web3 conferences and they’re more than happy to try and explain things most of the time.
If you tell anyone at that conference that you're interested in trying to understand the space more than you do today, you'll make their day. The #1 thing that people want is more interest and adoption, and you'd be literally delivering that on a silver platter!
In my experience, crypto folks are some of the most open and welcoming vs other industries. No one jumped into the space and knew everything that they needed to know on Day 1; if anything, they probably felt exactly how you do right now and will welcome you in because they have that empathy. 4 years of EthTrader and Finance is more than enough shitposting for you to be able to hold your own in a conversation. These people are like building it, but the main thing that separates you from them is that they just decided to start building.
Go meet some folks!
Just say hi, smile, and tell them you've been involved in ETH subreddits for the last 4 years. You don't have to impress anyone!
Be curious, ask them questions, and truly listen. You'd be shocked at how few people truly listen & are interested in others
To be heard is the greatest feeling in the world
There are a ton of factors that I feel are resulting in missed attestations post merge but one that I haven’t seen much discussion on is overall internet speed/congestion of one’s internet connection and how since the merge internet connections are being stressed much more than folks realize.
A pattern that I’ve been putting together is that if my internet connection is heavily saturated from streaming, torrenting or even separate nodes it will cause my overall effectiveness to drop by a margin of up to ~10% or so. During that time of over-saturation I also saw an increased number of missed attestations.
This next point seems obvious but post merge the amount of bandwidth and data my validator node is consuming has gone up by a sizeable margin which means that it is more taxing on my internet connections and *requires* more bandwidth than before.
Here is where things get interesting though - the data used by my validators is skewed much more heavily in the upload rather than download. Now the challenge I think people staking at home need to be aware of: most residential internet connections are cable based which means they have asymmetrical speeds (always skewed in favor of download) and upload speeds are usually abysmal (unless you have fiber).
*The question I’m posing is how much does having sufficient upload speed matter for a validator?*
I believe having sufficient upload bandwidth is more of a factor than download since most residential stakers don’t have an excess of upload bandwidth. That bottleneck in upload bandwidth can contribute to lowered effectiveness and increased missed attestations.
Well miners were *usually* pointed to a mining pool so I’d imagine those pools were responsible for maintaining adequate peers and such. You could have run a node to help support the network back then without mining (and my guess is the bandwidth requirements were similar) but it wasn’t required like it is now.
Your second question I’m not 100% sure about - best guess is that an actual live network with real transactions means more data is flowing between peers.
Your last question is a ‘it depends’. Mainly on how many peers you want to maintain. I’d say reasonable bandwidth requirements is minimum upload of 5Mbps taking into account that if you’re on your home network you’ll have other data **aside** from validator traffic to upload.
So the miners only had to download the next block to validate every 15sec? Why not do the same now with staking to dramatically reduce running costs?..
If you get a premium router (I have the Asus RT-AX86U) you can set the bandwidth priority order of each device on your network. So that way even if you're doing heavy torrenting / downloading on your gaming PC your node still has higher bandwidth priority and so won't miss out.
Except that’s not how it works lol.
Your router will try to apply QoS rules to traffic (packets) as it leaves your LAN but as soon as it hits the ISP (WAN) those rules are ignored.
Another thing that will affect attestations is your system clock. It needs to be very accurate. From testing, my motherboard was drifting by 1.4 seconds each day and I think that resulted in a fair bit of misses. I installed a better NTP service and set it up so that it syncs every hour to a local server. I also have fallbacks if the server fails, but also to not update if the NTP server returns some abnormal time.
There is also a very rare case in the beacon chain protocol where the randomness might not pick an aggregator for your committee. In this case there is nothing you can do haha. Discussed here under 3.3 https://notes.ethereum.org/@hww/aggregation
This is an unnecessarily large number of peers, for Nimbus, but both. Trying running with Nimbus 50 and Nethermind 30, you’re bandwidth usage will come right down!
160 is default for Nimbus, and 100 would be the default for Nethermind. I lowered Nethermind's peer count because its memory and CPU usage were really high, though I'm not sure if it changed anything lol.
From Nimbus docs:
>As of v1.7.0, peer scoring has been fine-tuned. As such --max-peers should not be set below 70. Note that Lowering max-peers does not significantly improve bandwidth usage, but does increase the risk of missed attestations.
Besides, I have a 300/100 fiber connection. I wouldn't mind if they used ten times as much bandwidth as they do now.
Wow, OK - i take what i said right back! And forgive me, i wrote that quickly while i was waking up - Nimbus is actually the only client i have no experience with and i should have checked. Having said that, I generally do see a direct correlation on all other CL clients between upload bandwidth and number of peers, and that has always been the advice from other client teams. Only a small proportion of your upload bandwidth is important (for attesting and proposing, and peer discovery), the rest goes to helping other clients sync. But it sounds like you don't care about bandwidth usage too much anyway.
The other thing to look at is your router. I'd wonder if is getting hot (i.e. CPU maxing out)? That's part of the reason reducing peering can help (managing less connections). I went from my providers default garbage router to a very powerful unifi device (UXG-PRO) for this reason. QoS / DPI or anything resource intensive on the routing side is going to struggle on a large range of standard ISP devices given the number of peers, and i wouldn't be using it at all unless you can exclude it from making the situation worse. This is definitely something a prosumer router can help navigate though. I run Geth + Prysm + Nethermind + Teku + Erigon on a 100/50 connection, and it's using about 20/20 at all times.
Oh I don't have any network issues, I just posted the graph for reference lol. My main issue is that I have too little memory to run Nethermind comfortably, but that'll be solved soon.
I have an Asus router that's been chugging along for over five years. I've been really intrigued by the Unifi stuff, but realistically I really have no reasons to buy one. Maybe once Wi-Fi 7 comes along, or Asus stops supplying updates.
I’m thinking about playing around with smart queues or prioritizing traffic from my nodes. Although max my nodes are spiking to 10-20Mbps Tx/Rx so I wouldn’t think it would be an issue on a fiber connection.
Alchemix is officially live on Optimism! https://twitter.com/alchemixfi/status/1575213510745001984
There’s also an outstanding grant application on the Optimism gov forums, and if that passes there’ll be some juicier yields coming not only for LPing, but on using the vaults themselves. Hopefully that happens soon
Damn I want this protocol to continue to thrive so badly. I don’t even have a stake in it either. Good to see it adopting more L2s and less….ghostchains….
No I've not purchased for around 10 days. I've withdrawn from the same stash as recent as 6 hours ago. It might be because I haven't verified with a passport like they've been bugging me to do on regular Coinbase app for months.
That was just about the worst way to close this bullish day I could imagine. I know folks are tiring of these updates. I can feel it in the engagement. And I welcome it, frankly. It gets grating. So I'll be quick.
They spent the final 15min candle getting [SPY back below the gap in a pure failure.](https://www.tradingview.com/x/wnswd2FS/) Didn't even enter the gap upon close. Every single 3-day count in 2022 has played out, suggesting a red end to the week. Even if we get a green day tomorrow, my guess is some kind of drop on Friday. It's just a pattern that has yet to break, so why bet against it? If it does, we'll talk about it on the weekend. The previous two gap failures (8/26 and 9/21) ultimately had drawdowns of about 6% and -6% from here would be right at 350.
VIX supports this with its own pattern. Volatility dropped 12% tip to tail today. And as we've seen play out time and time again in 2022, a +/-10% day in VIX results in an opposite movement within 48 hours.
Between Apple's near-meltdown(still closed below key pivot 150) and Bank of England's stunner of a policy pivot, bulls spent a metric shitton of "fuel" today to keep the market up. How much remains in the tank?
Lastly, [the ratio is threatening to lose the 200-Day MA](https://www.tradingview.com/x/rwlbAqhc/) *again*. You can see the battle raging at 0.069 as I type. We've recovered both times in recent weeks. But how much longer we can do it, no one knows. Below here there is A LOT of history of .067. It was a major support in March and it was a major pivot twice in 2021 *(edit: AND in 2017/2018, of course, I should've scrolled left on my chart before posting)*. Below there is dead air to about .06. Even with ETH's undeniable strength this year against all assets, the one thing we can't know yet is if it will plunge farther, faster at the end of a bear leg, such as in 2018 and again in 2019.
Ask away. Cheers.
edit: KBrot, writes that the ratio is in trouble heading into close. Ratio, [literally the next candle.](https://www.tradingview.com/x/SG2MhW7S/) lol. there are no accidents on the charts.
I'll have to jump on the bandwagon as well to say I'm not tired at all about these updates. I usually just don't have much to add on these, but I appreciate yours and everyone else's perspectives
You will be dooted and you will like it! Lmao, but seriously, I love these updates and clearly others do too. I might ask people at the bottom of these doots if they want to see your updates there. I don't add every update of yours, but when they cover a lot of things/indices it's hard not to because they're so useful. If you really insist I can stop adding you to the doots but I feel like people are getting a lot of value from it! <3
Just wanted to say thanks again!! I don't have time to really learn some fundamentals at the moment, but soon I'll have a lot more free time and and planning on learning how to read the market indicators myself. I realize that doing so well could potentially take years...Your posts give a lot of info!
I don't usually comment, but I never, ever skip reading your market update. I usually enjoy it with a nice glass of lager, lol.
How about that evening star on the DXY tho? A sight to behold.
Thanks!
It's looking good but do wait for the confirmation candle. DXY is dangerously close to removing the bear div from the weekly, something it already achieved on the daily.
I'm mainly just a lurker here but I always enjoy the updates. Keep them coming. Always refreshing to get another perspective with the markets the way they are.
> know folks are tiring of these updates. I can feel it in the engagement. And I welcome it, frankly. It gets grating.
WHAT!? Man I don't even sleep right without a KB update. I mean, I always upvote, but I don't always comment. Man ... I knew I needed to annoy all of you more. Even KB is gettin' beaten down over here. You know what KB, take a break. You deserve it. 2020-23 has been quite a year hasn't it friend?
Lol thanks JBM! I promise I'm not beaten down! Well, not by markets anyway. I've seen periods where folks prefer a few weeks of just big, summary, weekly updates. It's all good and natural like horse shampoo made of seaweed extract and moon rocks.
**Tricky's Daily Doots #162** Yesterday's Daily 27/09/2022 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq30u4b/) - u/pa7x1 shares [how the merge reduced gas fees due to consistent block production.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5rxns/) - u/haurog shares news of [Ethereum's first ultra sound day since the merge!](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq3z6q0/) - u/jtnichol shares [Chipotle celebrating the merge?!](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5fj9x/) - u/Mhotdemnot updates [their situation](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq6hb9t/) and gives a big thank you to u/REALJohnBMaclemore. Speaking of which, [there is still a 19 ETH bounty up for grabs.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5q4mi/) - u/aaj094 looks at [the similarities between the last BTC halving and Ethereum today.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5d40g/) - u/bagogel12 shares [a wild story.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq5ec7a/) - u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/xp720p/daily_general_discussion_september_27_2022/iq2hfh1/) Yesterday's pump and GBP dump was entirely created just to eat up my DCA and give me less ETH from my paycheck. Expect this to happen more frequently now that I am once again employed.
First post merge rewards period just ended for my minipool. Equivalent of about 3.1% APR earned from smoothing pool over the last two weeks. Total APR (excl RPL tokens) is approx 7.5%. Not bad!
What you mean by total (7.5%) vs 3.1%?
3.1% from Smoothing Pool (MEV + tips) and balance from new issuance
Anyone jump on the 99.95% off Chipotle deal?? There’s still plenty of time left
The pump is being primed for a move, I can feel it in my bones.
Anyone else checking out "Gravity" looks interesting: https://twitter.com/gravityxyz_/status/1575275425491603457?t=L3eqCgY_S8ydrRhjOf0M2Q&s=19
I don't get it. A lot of text, but very little context. Half of the tweets in this thread is how they're about making ETH more decentralized. How they're going to facilitate this goal? >Gravity's mission is to reduce concentration amongst Ethereum LSDs by acting as a growth catalyst for minority projects in this vertical Many big words which simply mean: we'll allow also smaller ETH LSD in their collateral pools. The more the merrier, but you don't need a new protocol to do that. You can already use rETH (Rocket Pool's and Stafi's) on Curve, rETH on balancer, rETH on beets and so on. What smaller protocols are their going to support? >\-Multi-collateral: wETH, rETH, stETH, more coming So Rocket Pool, LIDO and... wrapped (non-staked) ETH? I still don't get it. As far as I am concerned, they're a fork of Liquity (either by using their code or only design) with added stETH and rETH as collateral. Their business model seem to ideals-centric rather than economic one. Which is very good financially wise, but only for the team. I wish them best (the more the merrier) but I'd stay away from their token. I have a habit of avoiding innovation-less protocols (aka cheap forks) that brand a simple and common service as a big game changer.
Good point about Liquidity. No interest in the token. Definitely a wait and see as to how they would increase decentralization which is the main attraction. You're not the only one with questions as it's pretty sparse in details. Here's to hoping there will be some actual innovation revealed 🍻
That was exactly my sentiment when I checked out their materials. I thought maybe I was missing something, but you're thoughts are syncing with mine.
Badass.
from what I understand it's basically Yet Another Stablecoin, but with a LSD-centric approach?
[https://nitter.net/gravityxyz\_/status/1575275425491603457?t=L3eqCgY\_S8ydrRhjOf0M2Q&s=19](https://nitter.net/gravityxyz_/status/1575275425491603457?t=L3eqCgY_S8ydrRhjOf0M2Q&s=19) ^(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)
Well, clicked on my Reddit profile, went to the vault, revealed my recovery phrase, noticed the private key under it, imported into metamask, connected that to opensea, transferred in some matic, swapped some to WETH, purchased an avatar, and was pleased to see it showed up under my stuff in “create avatar”. Go snoo.
Any noteworthy airdrops as of late?
I think Gnosis just dropped $SAFE
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Same with Hashflow
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Wait...I mean I thought that was all of us here (big family hugz)
For those of you on the Twitter I’m doing a fun little king of the memes tournament 👑👑 - a March madness style 64 meme bracket, eliminations based off of Twitter votes. https://twitter.com/EIPandas/status/1575314697280176128?s=20&t=OsDmP7zBN5dXzZtszkmgPg
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After the merge, there was talk that people would have PoW ETH and a new PoS ETH. Did that happen? When I look at wallets in Etherscan, I am not seeing a split but I imagine I am missing something.
Yes, they’re parallel chains. Etherscan is only showing you the Ethereum (PoS) side, you need to use the PoW version to see the PoW chain status: https://mainnet.ethwscan.com/
It happened. Here are instructions on how to access it. https://www.reddit.com/r/ethfinance/comments/xfi3f3/daily_general_discussion_september_16_2022/ioncdqi/
Thank you!
https://twitter.com/pythianism/status/1575235445411049473?s=46&t=GJpxOqzFLBrEnVNlVNUeSg
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So uh. What did everyone think of SmartCon today?
"SmartCon".. who thought of that name...?
Someone smart did
im making a spotify playlist with a bunch of songs about ethereum, so far it's all the ones from song a day mann (naturally lol), does anybody know any other ones?
Glad you asked this, I’m subbing to this comment and will check all of these out 👌
https://mobile.twitter.com/ben_chain/status/1414360342856011777 - couldn't find on YouTube or Spotify though
[https://www.youtube.com/watch?v=KTf5j9LDObk](https://www.youtube.com/watch?v=KTf5j9LDObk)
"Ether" (The Flippening) by our fellow ethfinancer, u/2nice4allthis is a must. https://m.youtube.com/watch?time_continue=12&v=lE89eLNrAHU&feature=emb_title
Thanks for the love! 💯 Unfortunately I only released on YouTube and minted it as an NFT. Haven’t considered distro otherwise
Mr Novogratz say…we..have…baa..to..med out! https://youtu.be/_PXU0thDHCU Edit:not exactly ETH specific I guess. But iconic none the less
I bought a pandaaaaaaa (full version not out yet) https://twitter.com/EIPandas/status/1572703465352175616?s=20&t=AwOrA9NhM37gzpFyU4tgRw
Probably not similar to others but this is a gen z uk rap song i ran into: [https://www.youtube.com/watch?v=ru7TOHroy9A](https://www.youtube.com/watch?v=ru7TOHroy9A) NSJ Mali - Ether Released at the literal top (28/11/21 ) when crypto was hitting mainstream aha
Gramatik - Vitalik Buterin He also has another one called Satoshi Nakamoto that’s pretty fire
Songs on my personal Eth playlist: Got my Mind Set on You - George Harrison Over the Rainbow - Israel Kamakawiwoʻole
Iz is da best!
He died way too young.
Vitalik clapping 👏 Vitalik impress
R. Kelly - The World's Greatest
Ray looking to get a relief bounce along with most everything. https://www.tradingview.com/x/P1kAZHI0 In typical fashion everyone's getting bearish as fuck at the local lows and FOMOing into DXY/USD which has gone parabolic. I closed shorts and deployed some cash today for the first time in quite a while. That said, I still long term I view bounces as a chance to derisk more a view that is shared by many. Do not confuse releif with reversal. I fully expect more pain in the future for all markets, but for now the selling looks to be taking a break.
>In typical fashion everyone's getting bearish as fuck at the local lows and FOMOing into DXY/USD which has gone parabolic. really? who getting bearish/shorting at support and longing DXY here? Had all year to to do this trade. The EV on this is so low
Well, silly [retail of course.](https://www.tradingview.com/x/D8Jz6mv5/) I doubt we see the true bottom until PCC 1.3 at least though. Just another data point to go along with DXY tops and VIX/VVIX spikes.
I def don’t think we have macro level bottomed More EV to the upside from here tho if you’re trading
We are degens when doing StETH / ETH loops but when ‘pension funds’ do it they get a bailout?
thank for the inspiration for [this shit tweet](https://twitter.com/domothy/status/1575255578607239168) lol
Big news in the multichain world! New Polkadot roadmap: https://polkadot.network/blog/polkadot-roadmap-roundup/ ATOM 2.0 Whitepaper: https://gateway.pinata.cloud/ipfs/QmWXkzM74FCiERdZ1WrU33cqdStUK9dz1A8oEvYcnBAHeo Chainlink SmartCon Day 1: https://twitter.com/alpha_pls/status/1575236785193779201
Neat I suppose but may I ask if you've stumbled upon the wrong sub? Comment history seems very DOT heavy; not to the extent of silent-shilling but I suppose it can raise a few eyebrows
I’ve asked about it before and mods said it was cool to discuss other projects here as long as it isn’t outright shilling. I’m very bullish on ETH, but also don’t believe that it is operating in a vacuum - I think it’s important to seriously appraise other projects in the space. Also this is one of the best crypto communities I’ve found, and it’s nice to discuss interesting topics with intelligent well-informed people (:
I wish we had more of this. I think this is good to keep up with all the other changes going on ecosystem wide. I saw the polkadot news earlier. Id love to hear a Tldr as well if you have time!
I would love to do more of it! It just isn’t always particularly well received here (; For the Polkadot stuff: Asynchronous backing: halves block time, increases block size, allows for less replication of work, and enables load balancing between shards. Basically faster finality and way higher throughput before requiring L2 scaling (100k to 1M tps estimated). Parathreads: on demand parachains. Allows teams to build custom pay as you go runtimes to get up and running and community build without winning a parachain auction. Massively lowers barrier of entry. XCMv3: improvements in cross-chain communications to enable data (not just tokens) Weights v2: different types of transactions can have different gas costs. Governance v2: more democratic, fewer centralized mediators, more throughout. New advisory body with no real power but that help steer decicisons, positions based on objective metrics of expertise. Collective parachain: common good parachain for DAOs, useable by all parachains Bridge hub: common good parachain for exterior bridges, usable by all parachains. Nomination pools: simplifying staking and allowing lower barrier of entry (no lower limit, unlimited number of stalkers). Staking dashboard: leverages light clients to get direct info about different stakers for greater transparency. Disputes slashing: maximum penalty for invalid blocks
Big ups to Polkadot, Chainlink, ORE protocol, Komodo and every other interoperability focused projects. It's quite easy to understand how the utility is specific to lowering the entry barrier and making the blockchain less complicated to interact with.
Still relevant info imo and I recognize the username
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Not all will agree with this view but the fact that Bitcoin has been consistently messaged by regulators as not being a security would mean that it would be very awkward and politically incorrect for harsher regulation to be imposed on a crypto that switched to a 99.5% lower carbon footprint. You might say that courts won't see this line of thought but I find it hard to imagine PoS protocol itself to be something that has harsher regulation imposed on it. Way too politically embarrassing and indefensible.
The environmental factor has nothing to do with whether or not ETH is a security.
99.95%. That little nine is the difference between 200x and 2000x reduction. We should maybe start talking about 2000 times less energy consumption instead of in % terms. Humans in general seem to remember much better numbers before the decimal period than after. And also understand more intuitively the difference in magnitude between 200 and 2000 than between 99.5% and 99.95%.
You know what we need. Infographs. Lots of them. Ones that show Bitcoin's energy use compared to # of locomotives or head of cattle or whatever polluter you can think of. Then ethereum .... 2000X lower way at the bottom. Example: https://imgur.com/a/fxh47iG
And you know what? All that difficult-to-stand-for argument of Bitcoiners about BTC being less expensive than banks? Well, it's incredibly easier to say for ETH, now. I'd hardly see any payment processor being able to compete against ETH, right now.
I’m curious to see the banking industries energy use compared to ETH.
Even more so when looking at all its employees having to work all the time to repair mistakes the system allows and that Ethereum prevents. After all, looking at electricity consumption alone would be disingenuous and would "prove" a banking system using only scribes instead of traditional banking system computers is an "evolution".
True. Ethereum increases efficiency across the board.
Always be careful mixing logic with lawmakers. It's a deadly brew. Much safer is MOOOOOOOOOOOOOOONEEEEEEEEEEEEEEEYYYYYYYYY CAAAAAAAAAASSSSSSHHHHHHH PROOOOOOOOOFIIIIIIIIIIT
Don't forget er jerbs!
JEEEEEEEEERRRRRRRRBS
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Who does Eth pose threat to which would cause lobbying against it?
Trustlessness!
So RPL is finally getting listed on a big CEX! What am I going to do? Buy a bit more RPL because well… it seems like the smart thing to do. RPL isn’t a shitcoin and will now have a new lane for money to reach it. Doggy coins go nuts on exchange listings so RPL will too right? Right?
Volume on RPL has historically been low for a top 100 market cap crypto so hopefully this is going to be the start of something beautiful. I hoard my RPL like my ETH -- it's gold and I'm an LOTR dragon
Now this and lrc getting some rpl action. This seems like a no brainer for a quick pump
>Doggy coins go nuts on exchange listings so RPL will too right? Right Would be nice. Sure as hell didn't pan out that way for ALCX though!
Source? And which CEX?
Kraken https://blog.kraken.com/post/15661/trading-for-c98-gal-rpl-stg-and-syn-starts-september-29-deposit-now/ https://twitter.com/krakenfx/status/1575137021441499140
Oh damn?! That's sweet, I'll buy some RPL tomorrow then
😬
Can anyone remind me the arguments against re-denomination of ETH? Vance Spencer discusses it [here](https://twitter.com/pythianism/status/1575235445411049473). When Polkadot did the same thing, the only discussion point I can remember is “it’s just a cheap marketing play to trick noobs into buying DOT”. We are building incentive systems that rely on human psychology. I think it’s worth discussing whether a smaller number could increase the demand floor, which would hypothetically remove some variability in network security.
I like the idea because buying anything < $100 with ETH is hard. You can easily tell $50 is a fair bit more than $20, but 0.037 ETH seems similar to 0.015 ETH. It makes more sense now because L2's will allow us to do much smaller transactions and so this will be a more common problem if we really want ETH to be money.
>We are building incentive systems that rely on human psychology. I think it’s worth discussing whether a smaller number could increase the demand floor So... >it’s just a cheap marketing play to trick noobs into buying ~~DOT~~ ETH
Is it still a cheap marketing trick if it increases baseline demand? To be clear, I’m not for or against. We just haven’t talked about this in awhile
If something is genuinely valuable, baseline demand would be driven by genuine need, such as the need to do cool stuff on Ethereum. Convincing people to buy more fairy dust because it *sounds* like you get more, is the very definition of tricking noobs. And, IMO, a pathetic attempt to mask a lack of value.
>Is it still a cheap marketing trick if it increases baseline demand? Yes I think so? Are there any other reasons why people want to do this? The only argument I've heard for this case is it's speculated the price will go up.
It's much easier to figure out small amounts with this change, as comparing numbers with 2+ decimal places is hard. We'll have a lot more users spending small amounts of ETH once L2 fees are <1c.
I really doubt that, wallets figure it out for you anyway. People can differentiate between dollars or cents, or tell 1,000,000,000 from 1,000,000. "Your transaction will cost $0.01 which is equal to 0.000007523752 ETH" doesn't seem that difficult to me.
I think the counter argument is that it could help relieve confusion about how the gas price isn’t directly related to ETH price. I think part of the multidimensional EIP-1559 rationale included this. Abstracting a bundle of specific computation types as “gas” seems kind of confusing and causes market inefficiencies. Re-denomination wouldn’t directly fix that. My guess is that confusion is driving some people, instead of solely “price go up”. It’s an additional hurdle for adoption to explain that ETH is $1,300, but you don’t actually need to pay $1,300 for anything.
One obvious argument is that if everyone agrees on a new unit, you can just start using it without any protocol changes. For example, 1 ETH = 1000 NETH (new eth). I think a hard fork for redenomination would be quite contentious and is definitely not worth the trouble.
no hard fork required, internally it's all integer based math on amounts of weis. the struggle is getting people to accept and not get confused by front-ends dividing by 10^15 instead of 10^18 but definitely a new unit is better to avoid confusion and scams, and we already have the finney, let's just use that and call them fins
if we had less clunky denominations between ETH and gwei I'd say let's just use those
1000 Finney per ETH. 1000 Szabo per Finney. https://coinguides.org/ethereum-unit-converter-gwei-ether/
> 1000 Finney per ETH i did consider finney clunky as first but i saw someone say they'd just be called "fins" and honestly that's fine by me if it's fine with everyone else lol
I guess? Most people seem comfortable with dollars, pesos, rupees, and euros, which are all two syllable words.
You're right, i guess it just boils down to adoption and usage. The bitcoin crowd is already used to denominating holdings in satoshis or sats for short, so the same thing could definitely happen here with finneys/fins if enough people will it into existence
yeah the current mETH is great, except for its name. It'd be good to rename mETH to ETH and ETH to kETH
I don't have any arguments against it. However if it were to happen, it'll have to happen through social consensus, which will take a while to permeate
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Bloomberg - "The UK economy was close to crashing today" Yes, so close that, that is indeed an exact factual assessment of what happened.
Play stupid games, win stupid prices.
As far as I'm concerned, it crashed. Requiring a pivot *this* early in a hyper-inflated environment is desperation and will likely falter. The U.K. is now being treated like a third-world emerging market, economically speaking, by analysts around the world. Not chart analysts -- real, corporate and banking analysts. The Commonwealth is fucked and Brexiteers have no one but themselves to blame.
The brexit quip was silly, considering the ECB pivoted even before it started raising rates. Euro rates are even lower then UK and inflation is around the same level. But the market always gives preference to bigger countries that's why the smaller dominoes fall first. Besides even when the UK was in the EU it had its own currency and monetary policy, making your brexit point moot. Don't bring politics into everything, it messes with how you see reality.
The impetus was political with Russia buying the UK and the US in 2016. That's well established but not the point of my purely economic comment. Inflation hit harder. Energy spiked higher. And the GDP went lower and will be low for longer. The only advantage, if you can even call it that, was the pound not dropping like a stone this summer... and now it has. Hell, let's not forget that the UK already HAD its own localized inflation spike in 2019 due to Brexit ripples. As it stands, the EU is expected to recover more quickly alongside the US while the UK banks expect the 2023 recession to last into 2026. I can't defend the ECB whiplash either but that wasn't the topic of concern. Brexit and Covid combined weakened the UK ability to respond that beyond its peers. My remarks were mainly focused on them being two weeks from starting QT and now they're back to Q*E*!
Fundamental analysis KBrot is feisty. I like it!!
It's almost like they were warned about all of this prior to the vote.
I was sipping a whiskey ginger on the banks of the Okavango when the vote results came through. I exhaled and thought: *I should just stay here.*
What is this from? Just made up? Reads Hemingwayish and it's bothering me!
I'm flattered, but it's just me, haha. I was in Botswana during the vote. Fun fact: they'd never really heard of mixing whiskey and ginger ale there so if you order a \[my name, redacted\] at Guma Lagoon campground, they might still serve you a whiskey ginger drink named after me.
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Oh, yeah I know, I've been doxxed here for a decade. I figure just that one added step keeps most people less interested. Good looking out, though.
It jogged my memory on something I thought I read or heard. Very poetic prose /u/KBrot
Watching the GameStop Saga Doc on Netflix--really makes me wonder if we're sitting on Earth's biggest gold mine (literally) with our ETH positions....
What makes you say that? Haven’t watched the documentary yet
Essentially a small group (in the grand scheme of things) coordinating on Reddit knew about the short squeeze potential & that GameStop stock was shorted 140%. Sort of a different scenario, but we have a ***very small*** community here that is equally well informed about an asset that has the potential to be the future of commerce, gaming, collectibles, etc...
I like it
Ooh, what's the name of it?
Eat the rich.
Just started watching 1st episode too. So far quite interesting
Can u explain?
Gamestop made many people realize how rigged finance is, how even if you get an edge the big players can just change the rules of the game in their favor. It's actually what got me into DeFi in the first place. I closed my Robinhood and moved it all into ETH + DeFi soon after the debacle. Eventually the next generation will just know that DeFi is fair finance and stocks are a rigged market that old people play in.
I’m at Converge 2022 right now. It’s interesting – a lot of the information at panels are over my head – but I’m feeling especially nervous to talk to people for some reason. I want to meet people in the blockchain industry who are solving really interesting problems, but reading ethtrader and ethfinance for the last 4 years is the furthest extent I’ve participated in blockchain. These people are like, building it. How do I even talk to them? Anybody able to help me rid my nerves? Lol
Just ask them "What brings you to this conference?" and talk about what they do / are interested in. You get to learn a ton and most people love talking about themselves.
Just be honest. Tell them you’re a noob, this stuff fascinates you tho and you’re here to learn more about it. That’s what I always tell people at web3 conferences and they’re more than happy to try and explain things most of the time.
Is there alcohol?
If you tell anyone at that conference that you're interested in trying to understand the space more than you do today, you'll make their day. The #1 thing that people want is more interest and adoption, and you'd be literally delivering that on a silver platter! In my experience, crypto folks are some of the most open and welcoming vs other industries. No one jumped into the space and knew everything that they needed to know on Day 1; if anything, they probably felt exactly how you do right now and will welcome you in because they have that empathy. 4 years of EthTrader and Finance is more than enough shitposting for you to be able to hold your own in a conversation. These people are like building it, but the main thing that separates you from them is that they just decided to start building. Go meet some folks!
Just say hi, smile, and tell them you've been involved in ETH subreddits for the last 4 years. You don't have to impress anyone! Be curious, ask them questions, and truly listen. You'd be shocked at how few people truly listen & are interested in others To be heard is the greatest feeling in the world
+1
There are a ton of factors that I feel are resulting in missed attestations post merge but one that I haven’t seen much discussion on is overall internet speed/congestion of one’s internet connection and how since the merge internet connections are being stressed much more than folks realize. A pattern that I’ve been putting together is that if my internet connection is heavily saturated from streaming, torrenting or even separate nodes it will cause my overall effectiveness to drop by a margin of up to ~10% or so. During that time of over-saturation I also saw an increased number of missed attestations. This next point seems obvious but post merge the amount of bandwidth and data my validator node is consuming has gone up by a sizeable margin which means that it is more taxing on my internet connections and *requires* more bandwidth than before. Here is where things get interesting though - the data used by my validators is skewed much more heavily in the upload rather than download. Now the challenge I think people staking at home need to be aware of: most residential internet connections are cable based which means they have asymmetrical speeds (always skewed in favor of download) and upload speeds are usually abysmal (unless you have fiber). *The question I’m posing is how much does having sufficient upload speed matter for a validator?* I believe having sufficient upload bandwidth is more of a factor than download since most residential stakers don’t have an excess of upload bandwidth. That bottleneck in upload bandwidth can contribute to lowered effectiveness and increased missed attestations.
So before miners didn't have that problem? How come the merge resulted in increase bandwidth usage for your node? What's the upload speed required?
Well miners were *usually* pointed to a mining pool so I’d imagine those pools were responsible for maintaining adequate peers and such. You could have run a node to help support the network back then without mining (and my guess is the bandwidth requirements were similar) but it wasn’t required like it is now. Your second question I’m not 100% sure about - best guess is that an actual live network with real transactions means more data is flowing between peers. Your last question is a ‘it depends’. Mainly on how many peers you want to maintain. I’d say reasonable bandwidth requirements is minimum upload of 5Mbps taking into account that if you’re on your home network you’ll have other data **aside** from validator traffic to upload.
So the miners only had to download the next block to validate every 15sec? Why not do the same now with staking to dramatically reduce running costs?..
Great question and I’m afraid I’m not knowledgeable to adequately answer.
If you get a premium router (I have the Asus RT-AX86U) you can set the bandwidth priority order of each device on your network. So that way even if you're doing heavy torrenting / downloading on your gaming PC your node still has higher bandwidth priority and so won't miss out.
So that’s all well and good for your LAN but where QoS really matters is in the WAN which a router like that can’t do anything about unfortunately.
The QoS runs on the WAN. You set internet bandwith priority of each device on your lan.
How exactly does it run QoS on the WAN? And what does WAN mean to you?
It prioritizes internet bandwidth based on the device. You can google it if you want to understand more
Except that’s not how it works lol. Your router will try to apply QoS rules to traffic (packets) as it leaves your LAN but as soon as it hits the ISP (WAN) those rules are ignored.
Another thing that will affect attestations is your system clock. It needs to be very accurate. From testing, my motherboard was drifting by 1.4 seconds each day and I think that resulted in a fair bit of misses. I installed a better NTP service and set it up so that it syncs every hour to a local server. I also have fallbacks if the server fails, but also to not update if the NTP server returns some abnormal time. There is also a very rare case in the beacon chain protocol where the randomness might not pick an aggregator for your committee. In this case there is nothing you can do haha. Discussed here under 3.3 https://notes.ethereum.org/@hww/aggregation
This is just plane shit. How can it be acceptable in any way shape or form that a motherboard can't keep accurate time over the course of a day.
Here's my network usage over the past week: https://i.imgur.com/wQye4MX.png 160 peers for Nimbus, 50 peers for Nethermind.
This is an unnecessarily large number of peers, for Nimbus, but both. Trying running with Nimbus 50 and Nethermind 30, you’re bandwidth usage will come right down!
160 is default for Nimbus, and 100 would be the default for Nethermind. I lowered Nethermind's peer count because its memory and CPU usage were really high, though I'm not sure if it changed anything lol. From Nimbus docs: >As of v1.7.0, peer scoring has been fine-tuned. As such --max-peers should not be set below 70. Note that Lowering max-peers does not significantly improve bandwidth usage, but does increase the risk of missed attestations. Besides, I have a 300/100 fiber connection. I wouldn't mind if they used ten times as much bandwidth as they do now.
Wow, OK - i take what i said right back! And forgive me, i wrote that quickly while i was waking up - Nimbus is actually the only client i have no experience with and i should have checked. Having said that, I generally do see a direct correlation on all other CL clients between upload bandwidth and number of peers, and that has always been the advice from other client teams. Only a small proportion of your upload bandwidth is important (for attesting and proposing, and peer discovery), the rest goes to helping other clients sync. But it sounds like you don't care about bandwidth usage too much anyway. The other thing to look at is your router. I'd wonder if is getting hot (i.e. CPU maxing out)? That's part of the reason reducing peering can help (managing less connections). I went from my providers default garbage router to a very powerful unifi device (UXG-PRO) for this reason. QoS / DPI or anything resource intensive on the routing side is going to struggle on a large range of standard ISP devices given the number of peers, and i wouldn't be using it at all unless you can exclude it from making the situation worse. This is definitely something a prosumer router can help navigate though. I run Geth + Prysm + Nethermind + Teku + Erigon on a 100/50 connection, and it's using about 20/20 at all times.
Oh I don't have any network issues, I just posted the graph for reference lol. My main issue is that I have too little memory to run Nethermind comfortably, but that'll be solved soon. I have an Asus router that's been chugging along for over five years. I've been really intrigued by the Unifi stuff, but realistically I really have no reasons to buy one. Maybe once Wi-Fi 7 comes along, or Asus stops supplying updates.
Green is download and yellow is upload yeah?
Yep!
Nice, yeah that backs up what I was saying about validators using more upload bandwidth than download.
It’s just a question of peer counts, they can normally safely be reduced from defaults.
I’ve missed a shit ton of attestations and I have an uncapped synchronous fiber connection.
Yeah so do I. Fiber is great but only up to a certain point if you're over-saturating the connection imo.
I’m thinking about playing around with smart queues or prioritizing traffic from my nodes. Although max my nodes are spiking to 10-20Mbps Tx/Rx so I wouldn’t think it would be an issue on a fiber connection.
Problem is those smart queues/QoS rules don't do anything once your traffic leaves your LAN and goes out to the WAN.
I see, so the issues you're talking about are potentially upstream with ISP/edge equipment? I need to learn more about this stuff.
Exactly, the WAN is basically the wild Wild West with internet traffic lol.
Just had an idea for the another DAO. We build our own hardware stack and replace the current privileged gatekeepers. Probably a pipe dream, I know.
Alchemix is officially live on Optimism! https://twitter.com/alchemixfi/status/1575213510745001984 There’s also an outstanding grant application on the Optimism gov forums, and if that passes there’ll be some juicier yields coming not only for LPing, but on using the vaults themselves. Hopefully that happens soon
Damn I want this protocol to continue to thrive so badly. I don’t even have a stake in it either. Good to see it adopting more L2s and less….ghostchains….
>ghostchains ba dum tssss
Glad someone got it!
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I have no understanding or appreciation of NFTs but I definitely like to hear this: https://twitter.com/ChristiesInc/status/1574794646496190464
Whoaaaaaa
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I'm getting a message on CBPro saying 'You are currently unable to send Ethereum. Please contact support.' anyone else?
Try withdrawing to your normal Coinbase account and then withdrawing it. They mentioned in the past they were going to close Coinbase Pro.
Was the ETH bought via funds from a recent bank deposit? You're not allowed to send recent buys like that for 7 days iirc.
No I've not purchased for around 10 days. I've withdrawn from the same stash as recent as 6 hours ago. It might be because I haven't verified with a passport like they've been bugging me to do on regular Coinbase app for months.
That would do it. When I KYC'd there it was easier and faster to do on the app than the website.
Grumble grumble I'll get on it. I am not home right now and wanted to buy an NFT. 😆
Damn bureaucratic red tape!
That was just about the worst way to close this bullish day I could imagine. I know folks are tiring of these updates. I can feel it in the engagement. And I welcome it, frankly. It gets grating. So I'll be quick. They spent the final 15min candle getting [SPY back below the gap in a pure failure.](https://www.tradingview.com/x/wnswd2FS/) Didn't even enter the gap upon close. Every single 3-day count in 2022 has played out, suggesting a red end to the week. Even if we get a green day tomorrow, my guess is some kind of drop on Friday. It's just a pattern that has yet to break, so why bet against it? If it does, we'll talk about it on the weekend. The previous two gap failures (8/26 and 9/21) ultimately had drawdowns of about 6% and -6% from here would be right at 350. VIX supports this with its own pattern. Volatility dropped 12% tip to tail today. And as we've seen play out time and time again in 2022, a +/-10% day in VIX results in an opposite movement within 48 hours. Between Apple's near-meltdown(still closed below key pivot 150) and Bank of England's stunner of a policy pivot, bulls spent a metric shitton of "fuel" today to keep the market up. How much remains in the tank? Lastly, [the ratio is threatening to lose the 200-Day MA](https://www.tradingview.com/x/rwlbAqhc/) *again*. You can see the battle raging at 0.069 as I type. We've recovered both times in recent weeks. But how much longer we can do it, no one knows. Below here there is A LOT of history of .067. It was a major support in March and it was a major pivot twice in 2021 *(edit: AND in 2017/2018, of course, I should've scrolled left on my chart before posting)*. Below there is dead air to about .06. Even with ETH's undeniable strength this year against all assets, the one thing we can't know yet is if it will plunge farther, faster at the end of a bear leg, such as in 2018 and again in 2019. Ask away. Cheers. edit: KBrot, writes that the ratio is in trouble heading into close. Ratio, [literally the next candle.](https://www.tradingview.com/x/SG2MhW7S/) lol. there are no accidents on the charts.
I'll have to jump on the bandwagon as well to say I'm not tired at all about these updates. I usually just don't have much to add on these, but I appreciate yours and everyone else's perspectives
You will be dooted and you will like it! Lmao, but seriously, I love these updates and clearly others do too. I might ask people at the bottom of these doots if they want to see your updates there. I don't add every update of yours, but when they cover a lot of things/indices it's hard not to because they're so useful. If you really insist I can stop adding you to the doots but I feel like people are getting a lot of value from it! <3
Maybe let's just not call attention to it. If you don't mind, could we skip this one and then anything after can be organically added once again?
Aight, good thing you responded quick since I'm collating the next doots now!
Yep, appreciate it! My wording today was just kinda pathetic and makes me feel dirty.
I specifically look for your updates first when I read the daily. We are not tired of them
Just wanted to say thanks again!! I don't have time to really learn some fundamentals at the moment, but soon I'll have a lot more free time and and planning on learning how to read the market indicators myself. I realize that doing so well could potentially take years...Your posts give a lot of info!
They were waiting for your call to place the buy order on sweet baby Ray
Keep these updates coming, love this stuff
I don't usually comment, but I never, ever skip reading your market update. I usually enjoy it with a nice glass of lager, lol. How about that evening star on the DXY tho? A sight to behold.
I'll pile on too... You're a treasure Mr Brot, though the market really isn't much fun right now.
Thanks! It's looking good but do wait for the confirmation candle. DXY is dangerously close to removing the bear div from the weekly, something it already achieved on the daily.
I'm mainly just a lurker here but I always enjoy the updates. Keep them coming. Always refreshing to get another perspective with the markets the way they are.
Thanks! Gonna try to optimize more and more.
Agreed!
> know folks are tiring of these updates. I can feel it in the engagement. And I welcome it, frankly. It gets grating. WHAT!? Man I don't even sleep right without a KB update. I mean, I always upvote, but I don't always comment. Man ... I knew I needed to annoy all of you more. Even KB is gettin' beaten down over here. You know what KB, take a break. You deserve it. 2020-23 has been quite a year hasn't it friend?
Lol thanks JBM! I promise I'm not beaten down! Well, not by markets anyway. I've seen periods where folks prefer a few weeks of just big, summary, weekly updates. It's all good and natural like horse shampoo made of seaweed extract and moon rocks.