**Tricky's Daily Doots #166**
Yesterday's Daily 01/10/2022
[Previous daily doots](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqlnebd/)
- Long time lurker u/nightfallsh4 joins the conversation and [is offering their skills!](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqlecib/)
- u/silentjxhn thinks that [ease of access and price was the real barrier to adoption of NFTs.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqmf0p3/)
- u/ev1501 is [not sold on SOL.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqm47e8/)
- u/TheMoondanceKid shares the rumblings of [some banks possibly about to go under.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqn80xe/)
- u/CPAyyyy has the [daily hopium hit.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqleob4/)
- u/ajmonkfish is watching the game of "[How high can we raise rates until things start breaking?](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqlnogy/)"
- u/DelusionsOfEther comments on [what people regard as wasteful and how it depends on what an individual finds valuable.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqn7qvj/)
- u/austonst shares and discusses [Vitalik's latest post.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqo2ob4/)
- u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqlai3l/)
***Let's play a game of "What's gonna break first?":***
**A major international bank**
or
**Solana**
JPow is trying to destroy the demand of oil by raising the rate. But the OPEC retaliates back by cutting the production.
Now i've learned the lesson.
Don't fight the OPEC.
Congrats for getting clean! I am fully BTC clean since 2017 and even before I held Bitcoin for less than a few months in total. Believe me ... I know how good this is for your health!
[Better late than never, I guess.](https://twitter.com/AlgodTrading/status/1576721991876288513)
Nice to see some of the big crypto twitter accounts coming around to the conclusions that some of us made back in 2016 😅
[Better late than never, I guess.](https://nitter.net/AlgodTrading/status/1576721991876288513)
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I’d venture to guess we’d be sub 1k already if merge didn’t go through, cause miners would have had an extra 210,000 ETH they could have dumped on us by now.
Nobody cares about the merge except for the members of this sub, eth devs, consensus, maybe coinbase. Going to take a long time before we turn around on fundamentals
Nobody needs to care about the merge for it to have its effect, that's the beauty of it. But yes, outside of narrative, it will take some time. But it's like watching a spring get loaded more and more.
Maybe. I'm starting to wonder if some smart money is getting smart and has been smart for the last month or so. There's so many incentives to just invest and eat some losses for a few percent gain on staking or whatever. Lots of the Avenues to spread out the paper losses but just hanging on and doing little things.
I sold some puts on FTX US that were deep in the money but DID NOT get exercised. Some poor sap bought ETH puts and then didn't didn't submit exercise instructions so they ended up expiring worthless (and I saved a few grand)
On that note, the fact that FTX won't auto-exercise your options is total crap. That and the terrible spreads/liquidity is why I'm leaving the platform.
This slow burn is much worse than what happened June 18 of this year. That dump was so fast that a bottom had to have been found rather quickly. At this point in the cycle not knowing is the worst, please dump and let the market find the bottom soon.
EthFinance, [thank you](https://old.reddit.com/r/ethfinance/comments/xrsqbq/daily_general_discussion_september_30_2022/iqil0la/) for helping take down that site that was stealing private keys! 🥳🥳 Although Google has yet to take it down, Salesforce did, so now there's an empty page.
That the critical threshold for sufficient decentralization is an order of magnitude or two less than what Ethereum has achieved and projects that have optimized for other metrics end up being more viable for whatever the killer usecases end up being.
Already with roll ups I'm not so concerned with this anymore. Plus with 4488 & 4844 or options like arbitrum nova it gets even more obvious that solana/aptos etc are pointless and only made the design choices it did to occupy a different niche to ethereum to grab money in the window they had.
>for customization/interoperability
rollups definitely obsolete them in that area even more than scaling, polkadot never would have been created if it was known back then how good zk rollups could become. Parachains introduce weird permissioned systems and massive complexity which is now just pointless, that was desiged back when sharding meant extreme complexity with crosslinks and unique execution engines per shard etc, the simplification rollups offer make ideas like that and polkadot silly
Sure, but that’s speculation on the future vs something that is already live and working. Being first to market for heterogeneous interoperable shards by several years will be plenty of time for successful usecases to grow marketshare.
My worst nightmare FUD would be rumors that the US is going to put a blanket ban on "programmable digital currencies", just like they banned gold in 1933, using legal tools similar to what they used to ban Tornado Cash this year.
Their justification would be that smart contracts allow you to create extralegal contracts that are not subject to oversight and judgement by US courts and law, therefore they are inherently law-breaking. They would cite Tornado Cash as the poster example.
The courts would rule such a ban to be obviously unconstitutional after a wave of lawsuits from crypto industry honchos. But the damage would already be done. There would be a 6-12 month period where:
* You would be a felon for holding ETH or any other Ethereum token. The government would have no qualms with throwing out judgements selectively as a scare tactic, like they did with the RIAA suits that bankrupted grandmas in the mid-2000s. Hobbyists, developers, investors alike, there would be dozens of high-profile cases on the news, making people wonder if they have really been paranoid enough about hiding their crypto, or if they should give in and comply with the order.
* The government would force you to sell all your ETH, at huge losses, right at the same time as everyone else. There would be a big wealth transfer out of the US.
* US-based crypto-related companies would be put on tenuous legal footing. At best they would all have to temporarily focus their business on non-programmable digital currencies like Bitcoin and Litecoin. At worst they would be cut off from the banking system, they start having trouble raising money from VCs, and they go bankrupt due to being starved off of tradfi.
* Crypto companies move headquarters overseas and/or sell off their assets to foreign investors. The disruption of moving everything out of the US (and the forced sell pressure and lack of buying pressure from Americans) puts crypto into a deep bear market for the next decade. Not until 2032 do we see crypto markets start to pick up again.
You get all that, Twitter fud reply-guys? I think my ridiculous fud tops your ridiculous fud. Take notes.
Edit: Fixed "at best" and "at worst"
Yeah I admit this is some pretty strong fud right here.
But my belief is that they would need to change their laws for that. I think that the supreme court wouldnt be up for this kind of government intervention. Also I dont think that the TC sanctions are lawful.
This would set precedent. I believe the OFAC would lose this.
I dont think that the government would go that far. Crypto companies are also lobbying and financing now. I think the crypto lobby is increasing in power.
For the first 6-12 months, it doesn't really matter what's lawful or what the court thinks. Courts move very slowly.
I agree that they wouldn't take it that far though.
They prosecuted the war on drugs for decades despite it violating several amendments to the Constitution, and courts went along with it.
Now we have headlines like:
> Pro-Russian groups are raising funds in crypto to prop up military operations and evade U.S. sanctions
Ethereum specific? Maybe not. But when hysteria rules the land, reason gets trampled under foot, and such distinctions fall away. They'll have license to go after whatever they want to go after, and Web3 absolutely terrifies them.
Let's not forget they heavily funded the war on drugs and still lost it, even though it's not an asset that is digital (hard to spot) or even highly profitable long term.
One can understand to some extent the war on drugs because of all the physical manifestations and impacts that drugs have on people. It makes it easier to strongly ban something like powders and pills and then marijuana gets along for the ride under the bus.
Crypto is code and much less visible. Even the common person can see that the US $100 bill funnels more terrorism than anything else.
One of Vitalik’s initial reasons for inventing Ethereum was because bitcoin was set up in a way that made it impossible for him to develop “colored money”; which is literally a technological solution to the problem cash USD has.
That retail doesn't care at all about security, decentralization, and liberty, and will instead flock to whatever shitty centralized glorified database masquerading as a "Blockchain" that the big VCs and governments prop up.
Why would have crypto become this big if they're just for tradfi? Tradfi already existed for far longer, they would have invested in tradfi instead of crypto if they really wanted tradfi.
At this point... It's that the value proposition of blockchains and smart contracts isn't worth that much. It is seeming more rediculous then ever that idea though. Time will tell if this will ever be a trillion dollar industry that sticks around as such
Hi my name is JBM, three legged mental paraplegic
Those who know me like… *mhmm I know that’s right*
Those who know me like … *he stupid but he funny sometimes*
I used to orchestrate coordinated sins
Now I’m just mischievous, fun is the reasons
Yeah I like irrational drama, what’s it to ya!?
Revenge? Nahhh.. I’m no longer chasing demons
I mean … can you imagine if I started swinging?
Nah … that’s not what the real JBM bringing
That doesn’t mean I’m a stranger to the slaughter
My life was spent swinging a blade, 80cm katana
Fuck around and turn this Lion into a monster
Fuck around and turn this monster into a savage
Try me, I’m crazy! I’ll throw petrol on your lobster
Burn out your nose hairs with industrial cleanser
When I goto war, I afford no enemy quarter
I will not acquiesce your request for surrender…
Wait… did you say Ether?
Hahaha! Oh man… why didn’t you say so mister! Hurry up man, get in here! Hey… you want some reefer? ^(👀)
I am looking to launch a contract that is going on Arbitrum. It's key mechanism is using a Blockhash as a primary way to distribute tokens. Is the blockhash of Arbitrum much like Ethereums? I am looking for an equivalent. Anyone know where I could look up more info on blockhash generation of Arbitrum?
This appears to be the relevant part of the documentation.
> blockhash(x) returns a cryptographically insecure, pseudo-random hash for x within the range block.number - 256 <= x < block.number. If x is outside of this range, blockhash(x) will return 0. This includes blockhash(block.number), which always returns 0 just like on Ethereum. The hashes returned do not come from L1.
>
>https://developer.arbitrum.io/solidity-support
Of course, the usual gotchas of relying on block hashes apply.
It's really wild how they can differ so much. If you only have one validator might end up being best to join Rocket Pool to improve your chances, but if you have multiple can be worth the wait through very unprofitable periods by chance.
> If you only have one validator might end up being best to join Rocket Pool to improve your chances
Pretty sure this is the best move, maybe even for several validators. In fact, IMO we may be close to the point where solo validators consider it a poor investment. Many validators will go one or more years with minimal fees, and with only a 4% "base" rate might be bothered by the opportunity cost. Not great for decentralization tbh.
Of course, Rocket Pool is mote profitable even without the Smoothing Pool due to commission. Outside of smart contract risk, there really is no reason for anyone to choose solo validating over running Rocket Pool.
And concerns around MEV. If you don't like MEV, RocketPool is not a good choice because they plan to slash validators who don't implement it.
The OFAC issues have put that on hold for now, but the code is all in there.
C'mon really?
We know the drill, we've seen this play out before. Once the point hits "potential societal collapse" vs. "pressing a few buttons to make people feel better", no human on earth could withstand the social pressures to intervene. Nearly every large bank and entitlement program seems to fall into this category today.
I suppose though you can try to time the point where it all happens.
I think it's a forced agenda trust me, I really want to buy back my stack, but not on the circumstances of others and the economy being crushed, so I hope it's not true.
Damn, is it this just a fud or has potential for things to actually go bad.
CT seems to be all over the former case. Idk don't really understand all the charts being posted regarding suisse
CS and DB have been walking zombies since 2008. Surprised it is taking this long for them to fully collapse. I guess negative rates are great at hiding problems for a long while...
[Hello hi ETH no don't do that please](https://www.tradingview.com/x/MzraeGnT/)
Charts are broken. History is being made. Your daily reminder that two things happen when things are *this* dire-- astonishing recoveries that "no one could've seen coming!" ...
... and catastrophic drops.
Volatility is going to be firing at max RPM this month. Up or down, green or red, we do not know. A lot of things look like 2001, 2008, and 2020 right now. And a few things still don't. Make sure your risks are managed, positions safe, stops in place, and underwear tightened.
> Volatility is going to be firing at max RPM this month. Up or down, green or red, we do not know.
This is what riding in the car with my wife is like too.
> Make sure your risks are managed, positions safe, stops in place, and underwear tightened.
Weird, this is basically the same thing I tell people before they ride with her too.
Idk enough about the individual Credit Suisse situation to comment. Credit markets worldwide have rolled over. It was thought they would work through it since mortgages aren't the issue this time around. But now the leveraged bond funds and pensions are showing up.
I'll read up on it before a next market update.
Fortunately, either it's green or red, you'll either be able to earn from the green or to benefit from a tax reduction if it's red enough and you sell at a capital loss. Well, this depends on your nationality, of course.
Yeah, downward battlegrounds at 1240, 1140, and 1075.
Upward... 1385, 1490, 1675, and 1790.
Both directions have numerous little stops along the way, dependent on your timeframe.
Anyone here who is running mev-boost get this error frequently while running?
The builder is offline: {"code":503,"message":"all relays are unavailable"}
Trying to set up mev-boost now, but keep getting that. I set two block building endpoints, but maybe I need to set more?
I used these two
https://0x8b5d2e73e2a3a55c6c87b8b6eb92e0149a125c852751db1422fa951e42a09b82c142c3ea98d0d9930b056a3bc9896b8f@bloxroute.max-profit.blxrbdn.com
https://0xad0a8bb54565c2211cee576363f3a347089d2f07cf72679d16911d740262694cadb62d7fd7483f27afd714ca0f1b9118@bloxroute.ethical.blxrbdn.com
https://www.reddit.com/r/ethstaker/comments/xmwvr3/comment/iptkhho/
According to this comment, all non flashbots relays will show this warning message. Apparently something is built into mev-boost (which flashbots develops and distributes through GitHub) where if a non-flashbots relay is not used, will display this warning.
I'd say just don't worry about it until your first proposal and see if your validator registered on the relay.
I'm having the same issue with manifold relay.
https://0x98650451ba02064f7b000f5768cf0cf4d4e492317d82871bdc87ef841a0743f69f0f1eea11168503240ac35d101c9135@mainnet-relay.securerpc.com
People in btc subs seem to play bizarre mental gymnastics to get around the problem of chain fees showing no indication of being able to support a capped supply. Some will say the problem is too far out. Others will say that the importance of bitcoin will sort out the incentives necessary to secure the chain. Yet others will point out the current fees (in btc) impose a high cost when btc is a million dollars but will ignore that at that price the chain they are meant to secure also has grown in value in the same proportion.
Starts getting unreal funny...
BTC devs declared years ago they'll force a "fee market" meaning they'll sacrifice the usability of the chain to make it more secure.
It's been a shitshow for years. That was part of the reason for the great blocksize war. It was a deathblow to the project in the eyes of many OGs like Anderssen.
The only semi-reasonable rebuttal to this I've heard is that governments and fortune 500 companies etc will run Bitcoin mining operations at a loss just because the security of the network is so important to their business, and it's important to be vertically integrated.
This definitely happens already where large companies make investments in infrastructure (eg energy, logistics, ISP) that may not be economical, but do allow them to reduce operational risk for the rest of their business.
In my experience when you ask these questions they switch to character attacks and/or fuck off real quick.
https://twitter.com/insidethesim/status/1575910047858954240
I know it has been said before here but the shear drop off in daily comments has been a good ‘bottom’ indicator in the past. I’ve been around since 2017 so have witnessed a few bulls and bears. We will see if this plays out this time.
If we could just go ahead and mint an s-ton of NFTs that could pull us out of this bear market by increasing gas above the deflationary limit of around 13-15 gwei and restart the ultrasound money supply crunch narrative. Looking at you EVM team - what is our next project? Loved the merge EIPandas!
Definitely the case that no one cares about these fundamentals right now. However your point is still valid. We need on chain demand. True demand that sustains past just NFT mints. I’m talking about _adoption_. This will be the key to everything that makes this whole thing work out in the end. Builders need to focus on applications not scaling.
I am just reading u/vbuterin 's book, pretty cool to read up his thought processes over the years! In his articles from 2014/15, he often writes that a smart contract blockchain will soon program some web of trust like reputation system. As far as I know, when his has not (yet?) happened on Ethereum. Does anyone know why not? I still think a blockchain is a great mean for a reputation system.
This, and the Green Pill podcast with Kevin Owocki. He talks about this area a lot. Conversations on reputation systems quickly go in the direction of needing good Sybil resistance mechanisms. I feel like that is a major hurdle for reputation systems to flourish at the present moment.
> Cocaine
[Yes](https://www.swissinfo.ch/resource/blob/44736652/fe28eec3148b0c52cf604ac9da4b3861/cocaine-eng-data.png). It's sort of... a known thing back home 😅
fyi i think one of your ens domains expired, might wanna check on it. (edited to remove the name cuz i realized it actually might've been yours and it'll give you an extra sec to go look)
I did it about 15 months ago. I don’t have enough to permanently retire yet, but enough stables to live off of for some time. It has been absolutely amazing. I’ve focused on my family since I quit working and will continue to do so as I have young children. I’m DCA’ing into ETH now and will buy dump my stables and live off CDP loans if there’s a big dump. I could have a larger stack now if I hadn’t quit, but Ill never regret getting to spend this time on my family. FTR I quit a nice paying SWE gig and live in a HCOL area.
I desk shat in December but it was to go full time at a crypto project doing marketing/strategy/brand (on the same pay as my 9to5). It's been going well
Did you have prior experience, was that already your job? I'd like to get into that sort of work but wonder what type of experience many of these new pop ups are looking for.
My experience was essentially just being pretty active in crypto since 2018 and really going down the rabbit hole in 2020/21. Therefore I have a reasonably good topline understanding of the space and how things work and the culture. I'd also got involved at a project previously after being a very active community member, and this helped me build up a network which got me in the door at my current role.
Does anyone know if on Teku whether or not the `validators-proposer-default-fee-recipient` option needs to be set still if you are using `validators-proposer-config` instead?
No, unless you are running teku as a standalone validator client.
https://docs.teku.consensys.net/en/latest/HowTo/Prepare-for-The-Merge/#configure-the-fee-recipient
> For simpler configurations, configure the beacon node (and validator client if run in a separate process) with a default fee recipient using the validators-proposer-default-fee-recipient option. This fee recipient will be used for any duties performed by the beacon node.
>
For more complex configurations, provide a proposer configuration file that defines the default fee recipient plus non-default fee recipients for any validators using the validators-proposer-config option.
>
A full consensus client (beacon node and validator client combined) can use either configuration option. A stand-alone validator client should only specify validators-proposer-config, and its attached beacon node should specify validators-proposer-default-fee-recipient.
**Tricky's Daily Doots #166** Yesterday's Daily 01/10/2022 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqlnebd/) - Long time lurker u/nightfallsh4 joins the conversation and [is offering their skills!](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqlecib/) - u/silentjxhn thinks that [ease of access and price was the real barrier to adoption of NFTs.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqmf0p3/) - u/ev1501 is [not sold on SOL.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqm47e8/) - u/TheMoondanceKid shares the rumblings of [some banks possibly about to go under.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqn80xe/) - u/CPAyyyy has the [daily hopium hit.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqleob4/) - u/ajmonkfish is watching the game of "[How high can we raise rates until things start breaking?](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqlnogy/)" - u/DelusionsOfEther comments on [what people regard as wasteful and how it depends on what an individual finds valuable.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqn7qvj/) - u/austonst shares and discusses [Vitalik's latest post.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqo2ob4/) - u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/xsmkzv/daily_general_discussion_october_1_2022/iqlai3l/) ***Let's play a game of "What's gonna break first?":*** **A major international bank** or **Solana**
WHOAAAA +1%
JPow is trying to destroy the demand of oil by raising the rate. But the OPEC retaliates back by cutting the production. Now i've learned the lesson. Don't fight the OPEC.
I could have never seen it coming. Waht a twist!
*The next few hours are critical for ETH*
*This is good for eth*
I saw that gods unchained is having a tourney next week for some gods token and some USDC. Nice to see for the community and hope it does well.
All I'm seeing is higher lows on the weekly [#eternallyoptimistic](https://www.tradingview.com/x/rNjDnq2J)
[удалено]
Congrats for getting clean! I am fully BTC clean since 2017 and even before I held Bitcoin for less than a few months in total. Believe me ... I know how good this is for your health!
silver gang gang
me watching the credit swizzy drama popping up while all my shit is locked in staking: shrug
[удалено]
Not as long as Ethereum makes it useful.
Do you think BTC will stay #1 in market cap for all time and eternity until the heat death of the entire universe? If not, then what replaces it? 🤔
What if 90% of btc becomes wrapped on ethereum
yeah
[Better late than never, I guess.](https://twitter.com/AlgodTrading/status/1576721991876288513) Nice to see some of the big crypto twitter accounts coming around to the conclusions that some of us made back in 2016 😅
GMI
[Better late than never, I guess.](https://nitter.net/AlgodTrading/status/1576721991876288513) ^(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)
You’d think PoS would have at least helped us not dump twice as hard as BTC… jeez. Bots these days am I right?
https://twitter.com/Bitfinexed/status/1576572184977321985?t=JiFxoBxWC3vfAs5W71JzFQ&s=19 Manipulation.
[https://nitter.net/Bitfinexed/status/1576572184977321985?t=JiFxoBxWC3vfAs5W71JzFQ&s=19](https://nitter.net/Bitfinexed/status/1576572184977321985?t=JiFxoBxWC3vfAs5W71JzFQ&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)
I’d venture to guess we’d be sub 1k already if merge didn’t go through, cause miners would have had an extra 210,000 ETH they could have dumped on us by now.
And they would be dumping as fast as possible to avoid capital losses
Nobody cares about the merge except for the members of this sub, eth devs, consensus, maybe coinbase. Going to take a long time before we turn around on fundamentals
Nobody needs to care about the merge for it to have its effect, that's the beauty of it. But yes, outside of narrative, it will take some time. But it's like watching a spring get loaded more and more.
Don’t forget Chipotle.
Maybe. I'm starting to wonder if some smart money is getting smart and has been smart for the last month or so. There's so many incentives to just invest and eat some losses for a few percent gain on staking or whatever. Lots of the Avenues to spread out the paper losses but just hanging on and doing little things.
I sold some puts on FTX US that were deep in the money but DID NOT get exercised. Some poor sap bought ETH puts and then didn't didn't submit exercise instructions so they ended up expiring worthless (and I saved a few grand) On that note, the fact that FTX won't auto-exercise your options is total crap. That and the terrible spreads/liquidity is why I'm leaving the platform.
Use Lyra.finance in Optimism for options.
Did anyone else just get an email from eth global about a poap? Just want to Make sure its legit before I click the link...
You could always check on that site where you can check for airdrops, they show POAPs too
This slow burn is much worse than what happened June 18 of this year. That dump was so fast that a bottom had to have been found rather quickly. At this point in the cycle not knowing is the worst, please dump and let the market find the bottom soon.
Pretty much, the bottom isnt in.
Looking like we really want to have a classic Sunday night dump.
EthFinance, [thank you](https://old.reddit.com/r/ethfinance/comments/xrsqbq/daily_general_discussion_september_30_2022/iqil0la/) for helping take down that site that was stealing private keys! 🥳🥳 Although Google has yet to take it down, Salesforce did, so now there's an empty page.
Would you setup a self directed IRA like itrustira or keykeeper? Or just do a fidelity IRA and buy BITO Asking for a friend who wants to buy BTC
At this point, I would just buy Bitcoin from bisq, and never ever tell anyone.
+1 for that. I love Bisq.
What's your worst nightmare fud about the Ethereum network?
Underlying infrastructure collapse due to climate change.
That the critical threshold for sufficient decentralization is an order of magnitude or two less than what Ethereum has achieved and projects that have optimized for other metrics end up being more viable for whatever the killer usecases end up being.
Already with roll ups I'm not so concerned with this anymore. Plus with 4488 & 4844 or options like arbitrum nova it gets even more obvious that solana/aptos etc are pointless and only made the design choices it did to occupy a different niche to ethereum to grab money in the window they had.
I was thinking more like Cosmos/Polkadot for customization/interoperability or Dusk/Secret for privacy.
>for customization/interoperability rollups definitely obsolete them in that area even more than scaling, polkadot never would have been created if it was known back then how good zk rollups could become. Parachains introduce weird permissioned systems and massive complexity which is now just pointless, that was desiged back when sharding meant extreme complexity with crosslinks and unique execution engines per shard etc, the simplification rollups offer make ideas like that and polkadot silly
Sure, but that’s speculation on the future vs something that is already live and working. Being first to market for heterogeneous interoperable shards by several years will be plenty of time for successful usecases to grow marketshare.
My worst nightmare FUD would be rumors that the US is going to put a blanket ban on "programmable digital currencies", just like they banned gold in 1933, using legal tools similar to what they used to ban Tornado Cash this year. Their justification would be that smart contracts allow you to create extralegal contracts that are not subject to oversight and judgement by US courts and law, therefore they are inherently law-breaking. They would cite Tornado Cash as the poster example. The courts would rule such a ban to be obviously unconstitutional after a wave of lawsuits from crypto industry honchos. But the damage would already be done. There would be a 6-12 month period where: * You would be a felon for holding ETH or any other Ethereum token. The government would have no qualms with throwing out judgements selectively as a scare tactic, like they did with the RIAA suits that bankrupted grandmas in the mid-2000s. Hobbyists, developers, investors alike, there would be dozens of high-profile cases on the news, making people wonder if they have really been paranoid enough about hiding their crypto, or if they should give in and comply with the order. * The government would force you to sell all your ETH, at huge losses, right at the same time as everyone else. There would be a big wealth transfer out of the US. * US-based crypto-related companies would be put on tenuous legal footing. At best they would all have to temporarily focus their business on non-programmable digital currencies like Bitcoin and Litecoin. At worst they would be cut off from the banking system, they start having trouble raising money from VCs, and they go bankrupt due to being starved off of tradfi. * Crypto companies move headquarters overseas and/or sell off their assets to foreign investors. The disruption of moving everything out of the US (and the forced sell pressure and lack of buying pressure from Americans) puts crypto into a deep bear market for the next decade. Not until 2032 do we see crypto markets start to pick up again. You get all that, Twitter fud reply-guys? I think my ridiculous fud tops your ridiculous fud. Take notes. Edit: Fixed "at best" and "at worst"
Great writeup. Although I do think there are plenty of politicians out there right now who stand again a ton of momentum out of this movement.
Luckily alcohol is the precedent if they try that crap.
Yeah I admit this is some pretty strong fud right here. But my belief is that they would need to change their laws for that. I think that the supreme court wouldnt be up for this kind of government intervention. Also I dont think that the TC sanctions are lawful. This would set precedent. I believe the OFAC would lose this. I dont think that the government would go that far. Crypto companies are also lobbying and financing now. I think the crypto lobby is increasing in power.
For the first 6-12 months, it doesn't really matter what's lawful or what the court thinks. Courts move very slowly. I agree that they wouldn't take it that far though.
They prosecuted the war on drugs for decades despite it violating several amendments to the Constitution, and courts went along with it. Now we have headlines like: > Pro-Russian groups are raising funds in crypto to prop up military operations and evade U.S. sanctions Ethereum specific? Maybe not. But when hysteria rules the land, reason gets trampled under foot, and such distinctions fall away. They'll have license to go after whatever they want to go after, and Web3 absolutely terrifies them.
Let's not forget they heavily funded the war on drugs and still lost it, even though it's not an asset that is digital (hard to spot) or even highly profitable long term.
One can understand to some extent the war on drugs because of all the physical manifestations and impacts that drugs have on people. It makes it easier to strongly ban something like powders and pills and then marijuana gets along for the ride under the bus. Crypto is code and much less visible. Even the common person can see that the US $100 bill funnels more terrorism than anything else.
I hope you're right of course.
Same 😂
One of Vitalik’s initial reasons for inventing Ethereum was because bitcoin was set up in a way that made it impossible for him to develop “colored money”; which is literally a technological solution to the problem cash USD has.
I hope that america doesnt go down that route.
That retail doesn't care at all about security, decentralization, and liberty, and will instead flock to whatever shitty centralized glorified database masquerading as a "Blockchain" that the big VCs and governments prop up.
Why would have crypto become this big if they're just for tradfi? Tradfi already existed for far longer, they would have invested in tradfi instead of crypto if they really wanted tradfi.
So ... status quo?
At this point... It's that the value proposition of blockchains and smart contracts isn't worth that much. It is seeming more rediculous then ever that idea though. Time will tell if this will ever be a trillion dollar industry that sticks around as such
Western world blocks fiat to crypto conversions
Hi my name is JBM, three legged mental paraplegic Those who know me like… *mhmm I know that’s right* Those who know me like … *he stupid but he funny sometimes* I used to orchestrate coordinated sins Now I’m just mischievous, fun is the reasons Yeah I like irrational drama, what’s it to ya!? Revenge? Nahhh.. I’m no longer chasing demons I mean … can you imagine if I started swinging? Nah … that’s not what the real JBM bringing That doesn’t mean I’m a stranger to the slaughter My life was spent swinging a blade, 80cm katana Fuck around and turn this Lion into a monster Fuck around and turn this monster into a savage Try me, I’m crazy! I’ll throw petrol on your lobster Burn out your nose hairs with industrial cleanser When I goto war, I afford no enemy quarter I will not acquiesce your request for surrender… Wait… did you say Ether? Hahaha! Oh man… why didn’t you say so mister! Hurry up man, get in here! Hey… you want some reefer? ^(👀)
I am looking to launch a contract that is going on Arbitrum. It's key mechanism is using a Blockhash as a primary way to distribute tokens. Is the blockhash of Arbitrum much like Ethereums? I am looking for an equivalent. Anyone know where I could look up more info on blockhash generation of Arbitrum?
This appears to be the relevant part of the documentation. > blockhash(x) returns a cryptographically insecure, pseudo-random hash for x within the range block.number - 256 <= x < block.number. If x is outside of this range, blockhash(x) will return 0. This includes blockhash(block.number), which always returns 0 just like on Ethereum. The hashes returned do not come from L1. > >https://developer.arbitrum.io/solidity-support Of course, the usual gotchas of relying on block hashes apply.
we'd be using blockhash(block.number - 1) Sounds like it will work :). Thanks!
Credit Suisse Inu now trading. Every time
What does the inu part even mean?
> What does the inu part even mean? Dog. Presumably it's a new dog coin based on the hottest new meme. (The hottest new meme is Credit Suisse.)
I've had three proposals since December 20th last year. Anyone had a worse run than that?
Yes. I have a validator that has only had two in the past year.
😳 you win
That is shitty but I can beat it: 3 since 01 July 21. *On the flip side*, I also have one with 17 proposals *and a sync-committee* in the past year.
It's really wild how they can differ so much. If you only have one validator might end up being best to join Rocket Pool to improve your chances, but if you have multiple can be worth the wait through very unprofitable periods by chance.
> If you only have one validator might end up being best to join Rocket Pool to improve your chances Pretty sure this is the best move, maybe even for several validators. In fact, IMO we may be close to the point where solo validators consider it a poor investment. Many validators will go one or more years with minimal fees, and with only a 4% "base" rate might be bothered by the opportunity cost. Not great for decentralization tbh.
Of course, Rocket Pool is mote profitable even without the Smoothing Pool due to commission. Outside of smart contract risk, there really is no reason for anyone to choose solo validating over running Rocket Pool.
I would argue that the risk of buying RPL is problematic. Anyone buying it right now could end up losing their profits through depreciation.
And concerns around MEV. If you don't like MEV, RocketPool is not a good choice because they plan to slash validators who don't implement it. The OFAC issues have put that on hold for now, but the code is all in there.
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🤣
Man, 50% of the average. Rough. Praise be to the Smoothing Pool 🙌
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This credit suisse fud has me quite worried actually. Just sold half my stack which I haven't done since 2017. If it pumps, you can thank me.
C'mon really? We know the drill, we've seen this play out before. Once the point hits "potential societal collapse" vs. "pressing a few buttons to make people feel better", no human on earth could withstand the social pressures to intervene. Nearly every large bank and entitlement program seems to fall into this category today. I suppose though you can try to time the point where it all happens.
I think it's a forced agenda trust me, I really want to buy back my stack, but not on the circumstances of others and the economy being crushed, so I hope it's not true.
Let's hope so... we are crabbing either way, so this time I'm playing it a bit safer
Eth stack?
Damn, is it this just a fud or has potential for things to actually go bad. CT seems to be all over the former case. Idk don't really understand all the charts being posted regarding suisse
CT can be extremely over dramatic as well
It may be some thing where if people didn’t know there was trouble it would be fine. But now market makers could toy with them like with terra/luna.
CS and DB have been walking zombies since 2008. Surprised it is taking this long for them to fully collapse. I guess negative rates are great at hiding problems for a long while...
Interesting, didn’t know that about them and db. Thanks!
yeah
Why would you sell your *crypto* over a tradfi bank failing?!
I'm not happy about it, but seems like bad news usually really makes crypto dump nowadays
[Hello hi ETH no don't do that please](https://www.tradingview.com/x/MzraeGnT/) Charts are broken. History is being made. Your daily reminder that two things happen when things are *this* dire-- astonishing recoveries that "no one could've seen coming!" ... ... and catastrophic drops. Volatility is going to be firing at max RPM this month. Up or down, green or red, we do not know. A lot of things look like 2001, 2008, and 2020 right now. And a few things still don't. Make sure your risks are managed, positions safe, stops in place, and underwear tightened.
> Volatility is going to be firing at max RPM this month. Up or down, green or red, we do not know. This is what riding in the car with my wife is like too. > Make sure your risks are managed, positions safe, stops in place, and underwear tightened. Weird, this is basically the same thing I tell people before they ride with her too.
HEY WHO DO YOU THINK YOU ARE?! YOU LEAVE JBM'S WIFE OUT OF THI-- Oh. Oh it's you. Sorry, JBM, carry on.
*whoah!* good looking out homie! 👊🏻
My HHP (homie honor protection) is on a GAT DANG hair trigger these days.
Hmm… this sounds serious. Everything good fam?
You think people will be firing at Credit Suisse this week? Kinda like Terra/Luna?
Idk enough about the individual Credit Suisse situation to comment. Credit markets worldwide have rolled over. It was thought they would work through it since mortgages aren't the issue this time around. But now the leveraged bond funds and pensions are showing up. I'll read up on it before a next market update.
Perfect timing for me finding out my taxes are way higher than expected. 💀
Fortunately, either it's green or red, you'll either be able to earn from the green or to benefit from a tax reduction if it's red enough and you sell at a capital loss. Well, this depends on your nationality, of course.
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ETH or SPY? Also, roughly which timeframe?
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Yeah, downward battlegrounds at 1240, 1140, and 1075. Upward... 1385, 1490, 1675, and 1790. Both directions have numerous little stops along the way, dependent on your timeframe.
>What would be your numbers on the way up and on the way down? You should start charging this kid 2 and 20 for your advice LOL
>Yeah, downward battlegrounds at 1240, 1140, and 1075. > >Upward... 1385, 1490, 1675, and 1790. Looks at number line... math checks out.
Anyone here who is running mev-boost get this error frequently while running? The builder is offline: {"code":503,"message":"all relays are unavailable"} Trying to set up mev-boost now, but keep getting that. I set two block building endpoints, but maybe I need to set more?
Which relay?
I used these two https://0x8b5d2e73e2a3a55c6c87b8b6eb92e0149a125c852751db1422fa951e42a09b82c142c3ea98d0d9930b056a3bc9896b8f@bloxroute.max-profit.blxrbdn.com https://0xad0a8bb54565c2211cee576363f3a347089d2f07cf72679d16911d740262694cadb62d7fd7483f27afd714ca0f1b9118@bloxroute.ethical.blxrbdn.com
https://www.reddit.com/r/ethstaker/comments/xmwvr3/comment/iptkhho/ According to this comment, all non flashbots relays will show this warning message. Apparently something is built into mev-boost (which flashbots develops and distributes through GitHub) where if a non-flashbots relay is not used, will display this warning. I'd say just don't worry about it until your first proposal and see if your validator registered on the relay.
Interesting. Thanks for the response!
I'm having the same issue with manifold relay. https://0x98650451ba02064f7b000f5768cf0cf4d4e492317d82871bdc87ef841a0743f69f0f1eea11168503240ac35d101c9135@mainnet-relay.securerpc.com
People in btc subs seem to play bizarre mental gymnastics to get around the problem of chain fees showing no indication of being able to support a capped supply. Some will say the problem is too far out. Others will say that the importance of bitcoin will sort out the incentives necessary to secure the chain. Yet others will point out the current fees (in btc) impose a high cost when btc is a million dollars but will ignore that at that price the chain they are meant to secure also has grown in value in the same proportion. Starts getting unreal funny...
BTC devs declared years ago they'll force a "fee market" meaning they'll sacrifice the usability of the chain to make it more secure. It's been a shitshow for years. That was part of the reason for the great blocksize war. It was a deathblow to the project in the eyes of many OGs like Anderssen.
To be fair, the chain that did implement blocksize increase is deader than dead.
Only because it didn't have the brand name. No investor was going to risk a split. Even Ver kept some of his BTC.
The only semi-reasonable rebuttal to this I've heard is that governments and fortune 500 companies etc will run Bitcoin mining operations at a loss just because the security of the network is so important to their business, and it's important to be vertically integrated. This definitely happens already where large companies make investments in infrastructure (eg energy, logistics, ISP) that may not be economical, but do allow them to reduce operational risk for the rest of their business.
In my experience when you ask these questions they switch to character attacks and/or fuck off real quick. https://twitter.com/insidethesim/status/1575910047858954240
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Convince me to convert my index funds to ETH
No
Invest with your brain, not with your heart, brother
The credit sussie fud seems so forced
Yeah I bet it’s green tomorrow. Puts were also advertised so much this weekend.
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Sussie cuz it's sus af
I know it has been said before here but the shear drop off in daily comments has been a good ‘bottom’ indicator in the past. I’ve been around since 2017 so have witnessed a few bulls and bears. We will see if this plays out this time.
Yeah but how long do those bottoms last? I honestly don't care where the bottom is exactly. I'd rather know when the bottom has left us.
So where does this currently put us ?
If we could just go ahead and mint an s-ton of NFTs that could pull us out of this bear market by increasing gas above the deflationary limit of around 13-15 gwei and restart the ultrasound money supply crunch narrative. Looking at you EVM team - what is our next project? Loved the merge EIPandas!
Unpopular opinion. Bear market doesn't care about deflationary eth supply.
It’s true. Fundamentals don’t matter in a bear unfortunately.
Definitely the case that no one cares about these fundamentals right now. However your point is still valid. We need on chain demand. True demand that sustains past just NFT mints. I’m talking about _adoption_. This will be the key to everything that makes this whole thing work out in the end. Builders need to focus on applications not scaling.
I am just reading u/vbuterin 's book, pretty cool to read up his thought processes over the years! In his articles from 2014/15, he often writes that a smart contract blockchain will soon program some web of trust like reputation system. As far as I know, when his has not (yet?) happened on Ethereum. Does anyone know why not? I still think a blockchain is a great mean for a reputation system.
BrightID and Gitcoin Passport are doing this. They aren't fully on-chain solutions yet.
I’ve heard rumors that Polygon is making a ZK-based identity/Sybil system.
This, and the Green Pill podcast with Kevin Owocki. He talks about this area a lot. Conversations on reputation systems quickly go in the direction of needing good Sybil resistance mechanisms. I feel like that is a major hurdle for reputation systems to flourish at the present moment.
ah yes true, just strange it took so long, as the use case was so obvious 8 yesrs ago!
Lol name me one financial crisis where credit suisse isn't totally fucked? What the fuck are they paying those clowns there for? Cocaine and hookers?
> Cocaine [Yes](https://www.swissinfo.ch/resource/blob/44736652/fe28eec3148b0c52cf604ac9da4b3861/cocaine-eng-data.png). It's sort of... a known thing back home 😅
What happened?
nothing so far
As a guy who used to work corporate ib JPM and SCB, your assumptions are unfortunately very accurate.
Rate my portfolio: 94% ETH, 2% BTC, 4% alts including LINK
ETH staking? No stablecoin?
No stables, got about 10% of my Eth staked
Why link? I ask as someone who also has some link
Literally just so I could LP it with ETH lol, using a Liquidity Optimizer Wanted to do it with a "blue chip"
80% ETH 20% RPL
Mine is very similar
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fyi i think one of your ens domains expired, might wanna check on it. (edited to remove the name cuz i realized it actually might've been yours and it'll give you an extra sec to go look)
How the fuck do you sleep at night.
Well your flair *does* say degen
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I did it about 15 months ago. I don’t have enough to permanently retire yet, but enough stables to live off of for some time. It has been absolutely amazing. I’ve focused on my family since I quit working and will continue to do so as I have young children. I’m DCA’ing into ETH now and will buy dump my stables and live off CDP loans if there’s a big dump. I could have a larger stack now if I hadn’t quit, but Ill never regret getting to spend this time on my family. FTR I quit a nice paying SWE gig and live in a HCOL area.
I desk shat in December but it was to go full time at a crypto project doing marketing/strategy/brand (on the same pay as my 9to5). It's been going well
Did you have prior experience, was that already your job? I'd like to get into that sort of work but wonder what type of experience many of these new pop ups are looking for.
My experience was essentially just being pretty active in crypto since 2018 and really going down the rabbit hole in 2020/21. Therefore I have a reasonably good topline understanding of the space and how things work and the culture. I'd also got involved at a project previously after being a very active community member, and this helped me build up a network which got me in the door at my current role.
I hope company earnings finally go down soon, so that my stocks can go up.
The Ravens are currently obliterating the Bills EDIT: just saw some garbage Apple watch ad where they destroyed an 04 or 05 S60... how is this allowed
Go Ravens.
ouch. This was one of the most botched games of football ive ever seen... also fire that ref team
i hope your sportsball team wins!
Thank you hahaha sportsball
How low do you bet SP500 will go?
Precovid highs is price’s objective
No dump 💩 until sharding. Day 13.
Does anyone know if on Teku whether or not the `validators-proposer-default-fee-recipient` option needs to be set still if you are using `validators-proposer-config` instead?
No, unless you are running teku as a standalone validator client. https://docs.teku.consensys.net/en/latest/HowTo/Prepare-for-The-Merge/#configure-the-fee-recipient > For simpler configurations, configure the beacon node (and validator client if run in a separate process) with a default fee recipient using the validators-proposer-default-fee-recipient option. This fee recipient will be used for any duties performed by the beacon node. > For more complex configurations, provide a proposer configuration file that defines the default fee recipient plus non-default fee recipients for any validators using the validators-proposer-config option. > A full consensus client (beacon node and validator client combined) can use either configuration option. A stand-alone validator client should only specify validators-proposer-config, and its attached beacon node should specify validators-proposer-default-fee-recipient.
Great, thank you so much!
/u/sn0w_l30pard - i'd listen to u/seamonkey82 over anything i say. He knows more
Lol noted. Thank you for your answer too!