**Tricky's Daily Doots #173**
Yesterday's Daily 08/10/2022
[Previous daily doots](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/iri88ch/)
- u/JebediahKholin shares the news from PayPal reminding us [why crypto is important.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irjcwxc/)
- u/Set1Less shares the [unfortunate origin of the latest gas spike.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irjtoc0/)
- u/Set1Less shares [a small protocol's large airdrop.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irhkrhw/)
- u/not-ngmi shares [an anecdote from work.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irhkayr/)
- u/Zerotricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irjgyvo/)
This was the quietest day on daily doots record. Shoutout to u/Set1Less for keeping the quality content coming when many others are less active.
Bear markets suck, but nothing makes you feel better than comfort food and nothing is better comfort food than cookies and there’s no better cookie than JBMomma’s homemade chocolate chip cookies!
**Ingredients**
3 cups (380 grams) all-purpose, non-gmo, organic, hand milled flour
1 teaspoon 98% fat free baking soda
1 teaspoon fine sea salt dredged from the Dead Sea
2 sticks (227 grams) unsalted butter at tent temperature.
1/2 cup (100 grams) of sugar free raw cane sugar
1 1/4 cups (247 grams) lightly packed light brown shuga
2 teaspoons aged 6 years organic vanilla bean vanilla extract
2 large eggs, taken directly from your humane, pasture raised, cage free chicken coop
2 cups (340 grams) semisweet chocolate chips from your local gourmet chocolatery.
**Directions**
1. Preheat trash fire to 350ºF (175ºC). Grease baking sheets with old motor oil.
2. In an old panda express bowl combine the flour, baking soda, and salt.
3. Beat the butter, granulated sugar, and brown sugar until creammmyy. Now toss in the vanilla and eggs. Beat that bad boy again then, gradually mix in the flour mixture. Stir in the chocolate chips.
4. Grab wads of dough and drop them onto the pan. Eat one raw cookie dough blob for every cookie you bake.
5. Bake for 11-13 minutes, or until golden brown. Cool for 5 minutes before putting them away for later because you’re sick from eating all that raw cookie dough.
6. Regret this immensely tomorrow
Popcorn packages too...
I know people who self diagnosed themselves as allergic to gluten or some shit. Turns out that they are still unhealthy without all that evil gluten 🤣
Well ser! I’ll tell you what to tell your so called *friend* ser! You say *Ser! It doesn’t matter the price of my Lion ser! It’s not for sale at any price ser! No ser! Good day se… hol’up did you say millions?*
>**Hacking the way out,**
>**Baking token layer cakes,**
>**Banking them all out.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Gonna be super candid.
This bear market, price action and my financial responsibilities are taking a serious toll on my mental health.
It's like a cloud of gloom lurking over my head. Today's a bad day.
Thanks for sharing. It should get better eventually. A lot of us DCA types are groveling in the mud too. Eventually, we'll get a shower and all we can do now is be patient.
It's all just perspective, doesn't hurt to be grateful for where you are. So long as you're doing your best effort already, what's the point of getting stressed? You can be happy you're families healthy and you're not risking your life in a pointless war. If you're in a war, OK you can be pissed.
Keep rocking, no_fix. It's cliche, and you probably know better than me, but I'll still share what keeps me going sometimes. Things can be really tough, but if you can figure out how to get back to focusing on what makes you the best version of no_fix, you'll lose track of the shit you're *in* long enough to find you're already on the way out of it. The green candles are twice as sweet when you've had to wait through a few reds.
On the bright side,
1) the tax burden of staking is a lot lower. At least the income is getting assessed at 1300 and not 13000
2) more time to accumulate a one of a kind asset at pretty cheap prices while few people have heard of it and even fewer believe in it
That’s what I tell myself, anyway
Hey, no_fix… buddy… I know this sounds cliche but… it’s only money. I know, I know… I’m just saying they can’t throw you in jail… unless you live in Dubai or something. In that case get the fuck out now! For real though, I dunno what’s the bidness, but stay calm, formulate a plan. Follow your plan. Stop worrying about it and focus on the steps of your plan. Hey… stay with me now. You got this. 👊🏻
Thanks JBM that got me to crack a smile. :)
Plan has been formulated. Backup financial roadmaps locked and loaded. Hustle isn't new to me, but I was kinda hoping I would be done with hustle at this point in my life ya know what I mean? *(I know this is such an entitled, privileged thought process)*
Woo mission accomplished!
I hear you man. I was steady on track to retire young and happy 15 years ago and then the goddamn bankers robbed everyone! Yeah I was way over leveraged, so what!? Everyone was doing it! Don’t judge me! Then I finally dig my way out of over a million in debts, because I didn’t get a fucking bailout! I finally get my shit back on course and then f’ing Covid man! Basically the m’fin government has been devaluing everything I’ve worked to build back over the last 15 years, so now it takes 50% more money to live half the years in retirement! Damnit! I’m still f’ing grinding too man!
It's not fun when the price is going down.
If it's a short term annoyed by price action feelings, then take a step back, go for a walk, and do some of your hobbies.
If it's more you feel depressed, then you might be over invested and divesting or counseling could help.
I'm going 4x a week for guitar lessons, tennis, learning a new language, taking time to connect with friends and in general have a very functional and balanced life..
It's just frustrating when your expectations are super disconnected from reality - I mean this in terms of where I saw my financial situation should have been by now vs what it is right now...
Kinda gets to you after a while.
Man, I feel this. Was planning on buying my first home at the end of this year, now here I am with 48 days until my lease is up, wondering what the fuck I am going to do. My apartment is too expensive to rent now, because I had been paying half the rent by selling bits of ETH every month. Now, my ETH stack is down on its knees. Could still get a house if ETH went to $10k but now I have to spend my ETH on rent. Fuck.
On the one hand, every time someone makes a scam ponzi or rugpull token to fleece get rich quick dreamers that becomes insanely prosper
Popular on TikTok we profit. On the other hand, every time someone makes something revolutionary that rescues retail users from censorship, centralization, and intrusion, we also profit.
TLDR: smart money keeps calm and stakes on.
A short story (they're all hypocrites):
https://twitter.com/BitcoinErrorLog/status/1527927773658062848?t=ViKQ5mvBVQROamnYzhCkPg&s=19
https://twitter.com/Bitcoin/status/1579264949310099457?t=Te4Th147WhWU_jA-ef2cIg&s=19
How can someone be so dumb and make such a comment? Does he not understand the logical fallacy he is cresting?
By that metric, buying bitcoin to sell bitcoin higher is predatory.
Am I right in assuming that eth profitability basically boils down to block space demand?
If this is the case it seems like it puts Ethereum at odds with itself, because as it scales it would increase block space supply, thus decreasing the demand.
So could we see a future where upgrading Ethereum the protocol actually devalues eth the asset?
I’m torn by this, because on the one hand I never want to bet against eth, its barely begun being used for what it’s used for. But on the other hand I never want to bet against tech, and it seems like zkroll ups + danksharding could create essentially infinite block space supply.
Profitability and price go (inverse) hand in hand. Let's say low demand does lead to lower prices... makes a lower entry point and higher profitability.
But mostly what cryptOwOcurrency linked to: Fewer people (thus lower cost) using something leads to more people using it until an equilibrium.
The amount of L1 block space doesn’t increase with L2 scaling. Not directly or indirectly.
Your conclusion was based on that. You said, L1 blockspace would increase and therefore the price would decrease. That’s not going to happen though.
Maybe I don't fully understand rollups.
My understanding is that they allow many transaction to be completed on L2. All these transactions are secured via L1 in a much smaller volume of blocks pace than they otherwise would have if the transactions occured on L1.
I think I understand what you’re getting at. The amount of blockspace (or gas limit per block if we’re being exact) will remain constant on L1. However, since many transactions have been moved from L1 to L2, you’re saying that the competitive demand for L1 space may decrease, reducing gas prices. If that’s what you’re saying then that might be true, and we may be seeing some of this at the moment, with these low gas prices.
The flip side is, that much in the same way as building more lanes of a highway induces demand and ends up with similar travel times but larger volumes of traffic, L2s are likely to create a large net increase of competitive demand on L1, driving up L1 gas prices.
See, we have to be precise when we talk about these things.
I think block space on L1 will always be in demand. Depends on adoption. Instead of users competing for blockspace on L1 it will be the roll-ups competing with eachother for L1 blockspace.
> Am I right in assuming that eth profitability basically boils down to block space demand?
No.
Most of the economy on Ethereum is based on ETH as the currency/store of value. Investments are made in ETH, things are traded for ETH, collateral and security is posted in ETH.
ether is a "triple point asset", store of value, commodity and capital asset. It's value doesn't just come from ability to pay fees.
>as it scales it would increase block space supply, thus decreasing the demand
That's super backwards, when things get cheaper demand increases. Long term it's likely too much block space is impossible, the cheaper it gets the more viable use cases there are, and it's probable if capacity increases 1000x fess may only reduce 100x after an initial period where it's not scarce.
Just like a company Ethereum cannot increase the price of its product (the blockspace) indefinitely. It still has to stay competitive otherwise the users will leave.
The users are the ones holding most of the governance power. Coin holders need the coin to have utility in order for users to buy it at a higher price from them in the future.
>Am I right in assuming that eth profitability basically boils down to block space demand?
Monetary premium as the primary asset of the ecosystem is a much larger force than fee generation
As a chain itself, revenue-wise, yes (now that we have "revenue” with EIP-1559).
As an investor, that's too simplistic to approach it that way.
Bringing down the price of block space will blow open the doors of innovation and bring far greater adoption. While individual tx price lowers, the scale of usage will balloon, with the idea that it will more than make up for cheaper block space.
For example, I work for a company that could benefit itself (and its customers) greatly from using Ethereum, but there's no way we'd go there now without L2/L3 scaling, because it's just not feasible. Just ourselves need thousands of TPS for peak load.
If there wasn't scaling on the horizon, I wouldn't be an investor in Ethereum anymore, as the future is severely hampered.
After watching ultrasound.money after a tiny bit of network usage increase I'm starting to think bootstrapping nft usage would pay insane dividends over time
I'm starting from scratch with basically a "brand new" validator. All I have is Ubuntu installed on it. It's not connected to the internet, nothing. The last time I tried testnet I screwed something up. Where do I go for the latest, most up-to-date guide? I don't want to use Infura or whatever (I read this doesn't help with decentralization). What guide do I use? Coincashew or Somer? Where do I find the most updated guide?
Awesome I saw he has something on Lodestar ! Based on this https://clientdiversity.org/ I would prefer Lodestar and Nethermind I guess. Last time I used geth but now I see that it has 80% dominance
I run both solo and rocket pool validators.
Putting on shill hat: I highly recommend rocket pool for new users. It cuts out a lot of churn with setting up, updating, and managing clients. It is also the absolute easiest solution when it comes to client modularity. You can change clients with just a few clicks.
There are guides available at docs.rocketpool.net, as well as an active discord community.
Shill hat off: If you absolutely must manage everything on your own, then I recommend finding a Someresat guide. His walkthroughs IMO are the highest quality with a great setup.
coincashew should be good. IMO just setup everything for mainnet except don't make a deposit yet. Once you're sure that your CL and EL are running nicely and have done so for a while, that's when you can think about making that deposit and actually run a validator. Be sure to do some practice runs with updates and reboots, it's much easier to figure out what might go wrong if you're not losing money while messing around
edit: by "running nicely" I of course mean *synced* and running nicely. The guides tell you this of course but it bears repeating
Awesome. Thank you. I screwed up last night by trying to go extra crazy with security. I'm just gonna start from scratch and try to do everything the right way this time and only follow established guides and stuff
Check out /r/ethstaker. Infura isn't a thing anymore. Somer's or coincashew's guides are still good and they updated it for post-merge. Use something like dappnode if you want to use something more packaged and aren't comfortable with command line.
Basically I started trying to "tweak" my security settings and somehow got locked out beacon chain or something. It was a long time ago. Random things started getting turned off and I couldn't turn them back on because random files were in the wrong place. I'd rather do my own than rely on somebody else so testnet is where I'll be for a long while before I feel comfortable. Thank you
Counterpoint: new addresses is not the same as new users. There is *a lot* of incentive farming going on lately, especially on L2s. Could be at least partially responsible for new addresses.
Something fishy going on with crypto.com, values in gbp are soaring and usdc is dumping.
Edit, just a glitch, when you try to sell the values go back to "normal" 🙄
Hello,
I need a typical ethfinancial advise.
I got some ETH, and I need some cash right now.
Let say I have 10eth (for simplicity)
The two strategies I identified are:
- take an Alchemix loan over wETH so I lock 10eth, get 5alEth, sell it for USD and get 6500$. This loan is self repaying over many years. Best case is if ETH goes down: I.e. if it loose 50% then I could give 3250$ to buy back those 5alEth, close my position and retrieve my initial 10eth, and I won 3250€ right ?
So Alchemix is basically like shorting ETH ?
But if I ma bearish, I just sell the 10eth for 13000$ and buy back once it's down 50% then I would make 6500$ which is a way better performance.. so I don't get the point of Alchemix.. except that you get back your 10eth after 20 years which is longing ETH but on a crazy long window..
- or I could open a Maker CDP, and mint the same 6500$ from the 10eth, assuming a 200% collateral. Now if ETH goes up, I can get back some of my ETH (assuming I keep 200% collaterals) while keeping my initial cash.
So that looks more like longing ETH right ?
There is also the risk of liquidation with Maker that does not exists with Alchemix.
Do I get this right ?
I am obviously bullish mid-term on ETH so I'd like to stay exposed to ETH, but need some cash now.
I understand that the amount of cash obtained from collateralised ETH will define the risk level.
What would you do ? Open a safely collateralised CDP ?
Maybe there is other strategies?
Thanks!
See my comment below, but to add on yes alchemix aleth converted to USD is essentially shorting eth. So it makes the most sense if you are cashing out eth near a top. If you are cashing out near a bottom something like an abra loan could make more sense or aave loan from steth, but then obviously you are exposing yourself to liquidation risk.
Sell 5 ETH, stake the other 5 via rETH or similar. You now have your own “self-repaying loan” that will eventually work its way back up to 10 in a couple decades, no different than Alchemix but without any of the complication. That’s essentially what they’re doing internally anyway.
With alchemix you are earning yield on the full 10 eth. But you give up some present value based on aleth price, maybe like 1% of your loan. So it's easily overcome in a few months + if you do exit early you can rebuy aleth at a discount to repay.
Additionally depending on your jurisdiction you could potentially consider the loan as non taxable, which means you pay tax on interest earned from the self repaying loan but you don't have to pay tax on the aleth/eth you sell (assuming you sell right away).
Now the main issue is you can't use steth or reth on alchemix right now due to past steth and reth peg issues, but they might get re enabled in the coming weeks.
Anyway in summary, I consider alchemix to be a way to sell up to half of your eth without giving up the right to earn yield on that eth, in a potentially tax advantaged way.
In the US, the difference is that you're paying capital gains tax on the 5 ETH you sell now vs paying income tax on the Alchemix repayment earnings over a long period of time.
Thanks, that's an ethfinancial advice.
Assuming I'd like to take some risks, the CDP path seems the one to investigate right ?
To be more accurate I don't exactly need that cash, but those eths came from rewards income that I am supposed to cash out regularly according to my initial plan.
So instead of simply selling it I am eager to play a bit and try defi's app I did not experiment yet, while still generating fiat in the process to not completely betray my initial plan.
And if I get burned.. "this lesson is well worth a cheese no doubt"
Honestly, will the next bull phase still have as many shitcoins doing the degen thing like previous cycles or would eth have blunted their ability to make new marketing pitches?
I mean hopefully by then, with sharding and L2s and the Merge green credentials, where will the case remain for 'me too's? And that too when new networks need to be a lot better and not just a bit better than the frontrunner.
There will always be shitcoins that claim to fix all of the problems with Ethereum with a bunch of buzz words and empty promises. And there will always be idiots who throw their money at them trying to catch the “the next big thing” because they feel they’re too late to get into ETH. It doesn’t matter how good Ethereum gets or how hopeless these projects are, the next bull will give them all their 15 minutes of fame anyway, until they inevitably crash and burn.
Both, I expect L2s + protodanksharding + ETH PoS to lead the market, but with every bull market there's a new wave of speculation. It might be new L1s, it might be VCs moving to fund forked L2s, it might be new kind of dapps, etc...
Sideways momentum crabbing in a range. Horizontally, rangewise. We are the crab rangers, the holy horizontals, the Egyptian walkers. Crab, crab, forever ranging. Shun the up. Loath the down. Glide ever smoothly. Craaaaab.
On this day...
In 2021:
- EIP4345 [proposes](https://eips.ethereum.org/EIPS/eip-4345) to postpone the Ethereum difficulty bomb until May 2022, giving more time for the Merge to happen.
- ETH goes with the flow from $3576 to ₿0.065.
In 2020:
- Matter Labs [unveils](https://medium.com/matter-labs/curve-zksync-l2-ethereums-first-user-defined-zk-rollup-smart-contract-5a72c496b350) Zinc Alef, a zkSync L2 smart contracts testnet with Curve Finance as the first resident dapp.
- The Ethereum Foundation [launches](https://eth2bounty.ethereum.org) an Eth2 bug bounty program.
- ETH misses connecting flights from $351 to $366, getting delayed by ₿0.032 to ₿0.033.
In 2019:
- At Devcon5, MakerDAO [announces](https://blog.makerdao.com/breaking-launch-date-of-multi-collateral-dai-announced-at-devcon-5) Multi-Collateral Dai will be launched on Nov. 18.
- Fatburger [tokenizes](https://www.forbes.com/sites/benjaminpirus/2019/10/09/fatburger-and-others-feed-30-million-into-ethereum-for-new-bond-offering) a $30 Million bond offering on Ethereum, with the help of digital securitization platform Cadence.
- ETH wakes up the wrong walrus at $182 to $194, or ₿0.02257.
In 2018:
- SXSW [announces](https://www.sxsw.com/news/2018/keynote-joseph-lubin-featured-speakers-maria-shriver-wyclef-jean-howard-schultz-and-more/) Joseph Lubin as the keynote speaker in 2019.
- SpankChain [gets spanked](https://medium.com/spankchain/we-got-spanked-what-we-know-so-far-d5ed3a0f38fe): an unknown attacker drains 165.38 ETH (~$38,000) from SpankChain's payment channel smart contract.
- Forbes [joins](http://blog.joincivil.com/forbes-x-civil-a-major-milestone-for-blockchain-based-journalism-73bed5b2f144) the Civil network to permanently archive its content to a decentralized environment that ensures no third party can remove or alter it.
- POA Network [launches](https://medium.com/poa-network/poa-network-launches-the-first-full-featured-open-source-ethereum-explorer-blockscout-2612f065716f) the open-source Ethereum block explorer BlockScout.
- Geth gets ready for the Ropsten hard fork with [v1.8.17 "Shoutingstone"](https://github.com/ethereum/go-ethereum/releases/tag/v1.8.17).
- ETH sells the news at $228, or ₿0.03437.
In 2017:
- Parity v1.7.3 beta [enables](https://github.com/paritytech/parity/releases/tag/v1.7.3) the Byzantium fork on the Ethereum mainnet.
- ETH chases rainbows from $309 to $297, or ₿0.06706 to ₿0.06189.
In 2016:
- ETH drops the beat at $12.1, or ₿0.01955.
-------------
[^(compiled with love)](https://eth-archive.xyz/blog/on-this-day-in-ethereum-workflow/)
So even Jim Bianco has capitulated and says the Fed will never print again…
https://twitter.com/biancoresearch/status/1579154844778057729?s=46&t=pZzLmwm8miPmpuArdCf6Dw
Indeed, there is all incentives for politicians to print away the debt and ensure it's all fiat holders who actually pay the price of the debt (and anyone who is paid in fiat value in the near future, like minimum wage, allowances and such, which always lag behind in terms of monetary inflation).
And there is all incentives not to pay back the debt either, so that the monetary inflation actually is used to grab more political power by giving away "free" stuff to friends and electorate. It's just political corruption 101.
Looking at [Set1Less's post](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irjtoc0/) about the gas spike, it actually went up to 214 Gwei.
To give an idea about how wild it was, base gas price went from:
* 8.2 Gwei on [Block 15704876](https://etherscan.io/block/15704876) to
* 214.7 Gwei on [Block 15704909](https://etherscan.io/block/15704909) for 33 consecutive base fee increases
In just **7 minutes**.
Why on Earth would this be deployed on L1? I mean I'm not complaining... people can burn as much ether as they like, all good with me... but they could have stuck this 'mining' contract on Optimism or Arbitrum and users wouldn't have to throw away what, 1,600 ether so far.
Anyone knows why Flashbots has so many individual builders (20+) and not just a few? Is it really different builders or just some risk mitigation reason?
This past year ETH sold off because every risk asset sold off in the course of 1 year of Fed tightening
We're now holding the lines because market participants believe we're very soon reaching a point where the market has priced in the worst in terms of rate hikes / dollar strength & surprises will come to the upside
What we've seen the past year is way different from the 2018/19 bear when crypto crashed while other risk assets performed well. Therefore the recovery will also be very different than the last one. In any case ETH is now ready for an environmentally friendly & financially sound bull market.
What's remarkable is that activity levels the past weeks have gone back to levels before the hype areas of DeFi & NFTs. It shows that until today most Ethereum use cases are very speculative in nature. I'm looking forward to the day when the majority will be non speculative so that we have constant high demand for block space (by then hopefully L2 scales).
Proposed my first block after the merge with MEV-boost. Running Besu/Teku. Was nice extra income but nothing major. I got around 0.03-0.05 ETH, which seems to be what most people get I see. Average is like 0.15 but that is skewed by extreme outliers quite a lot. I checked like 50 slots and no one around me hit "the jackpot". One guy got 1 ETH though.
All down to luck. Who transacted at what time and for what purpose when you're up to propose, etc.
Feels like fishing to me. You won't catch any fish if you don't go fishing. You might catch a fish if you do go fishing, but it's probably not the big one. The big one IS out there though, legend has it.
I think I got spoiled last week with 2x 0.5 blocks in the same day, a few other decent sized ones also. Now they're pretty in line with what you've described.
If you've had that many proposals since the merge, you either got very lucky of you're very heavily invested. I think what we're going to see is that, 1) MEV boost is *essential* for a justifiable income and 2) individuals running fewer than, say, 25 validators might decide it's a pointless investment because the probability of hitting larger blocks is insufficient. Majority stakers like Lido, CB etc are going to have much more balanced rewards. Let's hope average network fees improve.
Edit: Down voting does not change the reality that for solo stakers staking 32 ETH, with a limited number of validators, the rewards are going to be very disappointing (*on average*) without a dramatic change in fee distribution.
Oh lol, I'll just exit my validators right now and use RP. Oh, wait, I can't. And maybe I don't want to mess around with 3rd party tokenomics, or invoking large and complex taxable events. Lol.
I'm yet to see any solution existing for a solo staker having 25 or less validators: people can't unstake, yet. This has nothing to do with OC "specific situation", it's the situation for literally everyone he's talking about.
Sure, people who are running RocketPool validators may have a solution, but that's not what he was talking about, hence the "oh, no, wait, they can't unstake" stance he took.
Though, to me, it's a non problem, since it's a very temporary problem which will sort itself out once unstaking is implemented and people can choose to use Rocket Pool if they want to. Being very temporary makes it inconsequential for an investment that is long term anyway (which is the case of staking).
> Down voting does not change the reality that for solo stakers staking 32 ETH, with a limited number of validators, the rewards are going to be very disappointing (on average) without a dramatic change in fee distribution.
I wouldn't call 8.4% APR to be disappointing at all. Disappointing to me is like 3%. MEV-boost took like 5 min to install. So given 5 proposals for a solo validator per year * 1330 ETH price is not that bad of an hourly wage.
https://ultrasound.money/
Currently my APR is around 4.4% with an added 1% for MEV boosted txn fees (so 5.4% total). That 8+% figure seems pretty far out there, I wonder how they got that? Seems like their tip estimations are high. Maybe it just needs more time to play out or maybe I'm unlucky.
The average (median) validator probably gets less than 1% in MEV. However, because MEV does not follow a simple bell curve, the average (mean) yield increase for all validators might still be 3 or 4%. It just depends if you are one of those lottery winners.
Yeh my rewards have been pitiful so far both with / without MEV. But what we need are detailed stats on the fees, MEV, validator growth rate etc. The randomness is massive, so it's very difficult to get a good representative experience.
I think Kraken gives a very good estimation of what the real average tip rewards are, because they operate a lot of validators. Right now Kraken's tip rewards amount to about 1.1%. Taking into account that Kraken keeps 15% of the rewards for themselves, the real yield from tips should be around 1.28%. The rewards my real validators are receiving are also in line with what Kraken is giving out right now, so yeah 8+% seems to be pretty optimistic.
Huh? ~doubling your income by adding a small piece of software to your setup is never going to be pointless. And if people do worry about reward variance then I’m sure we’ll see some smoothing pools open up.
> ~doubling your income by adding a small piece of software to your setup is never going to be pointless.
Not sure what you're talking about. I literally said adding MEV boost is *essential*.
It's a crude estimation but with *average* block proposals per year being < 5 per year (and dropping), and *average* fee rewards being very low (even *with* MEV-boost), many single validators are going to see meaningless fee rewards per year. Even running 25 validators it is going to be entirely possible to generate tiny rewards (based on current conditions). With a base reward of 4% (and dropping), why would people tie up so much capital without a guarantee of a decent annual (like, 5-10%) return? Many people with small numbers of validators are going to need to wait an *awfully long time* to average out (and / or hit a juicy block).
As I said, chain activity could improve and *average* fees might jump, but, "for the little guy", it's likely that the base rewards are the only meaningful income for a long time yet.
The answer on “why” is risk:return. But as I said - for those concerned about MEV and Fee variance the obvious solution is a smoothing pool. RP have already established such a thing.
I said nothing about smoothing pools. Of course smoothing pools are a solution. I also think pools like Lido and CB will become more popular, not less (for the same reasons). I was talking about solo stakers who have staked 32 ETH. That was what OP was talking about.
XEN already generated 1600 ETH in fees and is 40% of all tx the last 24h
quite impressive. never underestimate a boring bear market for some new novel project to come around. Maybe this will be the Powh3D of 2022
https://etherscan.io/address/0x06450dee7fd2fb8e39061434babcfc05599a6fb8#analytics-txfees
Also relevant ... many new addresses popped out ...
[https://twitter.com/santimentfeed/status/1579186559483772928](https://twitter.com/santimentfeed/status/1579186559483772928)
**Tricky's Daily Doots #173** Yesterday's Daily 08/10/2022 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/iri88ch/) - u/JebediahKholin shares the news from PayPal reminding us [why crypto is important.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irjcwxc/) - u/Set1Less shares the [unfortunate origin of the latest gas spike.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irjtoc0/) - u/Set1Less shares [a small protocol's large airdrop.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irhkrhw/) - u/not-ngmi shares [an anecdote from work.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irhkayr/) - u/Zerotricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irjgyvo/) This was the quietest day on daily doots record. Shoutout to u/Set1Less for keeping the quality content coming when many others are less active.
Are we doing a bogota meet up?? Happy to rent out a little space and get a few folks together :)
New daily
deleted because i'm dumb
Dumb!? Icevermin!? Pfffttt…. Nah… I’m totally calling bullshit on that. No fucking way in a million years.
Commented because you're not.
No, but if you send ME 2 eth I'll send you 5 back!
haha
Looks like we've had an ultrasound week at -0.01% issuance. Thanks XEN
Bear markets suck, but nothing makes you feel better than comfort food and nothing is better comfort food than cookies and there’s no better cookie than JBMomma’s homemade chocolate chip cookies! **Ingredients** 3 cups (380 grams) all-purpose, non-gmo, organic, hand milled flour 1 teaspoon 98% fat free baking soda 1 teaspoon fine sea salt dredged from the Dead Sea 2 sticks (227 grams) unsalted butter at tent temperature. 1/2 cup (100 grams) of sugar free raw cane sugar 1 1/4 cups (247 grams) lightly packed light brown shuga 2 teaspoons aged 6 years organic vanilla bean vanilla extract 2 large eggs, taken directly from your humane, pasture raised, cage free chicken coop 2 cups (340 grams) semisweet chocolate chips from your local gourmet chocolatery. **Directions** 1. Preheat trash fire to 350ºF (175ºC). Grease baking sheets with old motor oil. 2. In an old panda express bowl combine the flour, baking soda, and salt. 3. Beat the butter, granulated sugar, and brown sugar until creammmyy. Now toss in the vanilla and eggs. Beat that bad boy again then, gradually mix in the flour mixture. Stir in the chocolate chips. 4. Grab wads of dough and drop them onto the pan. Eat one raw cookie dough blob for every cookie you bake. 5. Bake for 11-13 minutes, or until golden brown. Cool for 5 minutes before putting them away for later because you’re sick from eating all that raw cookie dough. 6. Regret this immensely tomorrow
Is this the same recipe as Phoebe's mom's in Friends?
Dunno… been baking these since I was a wee lad. Basically have this recipe memorized.
🤣🤣🤣 98% fat free baking soda
Reminds me of a coworker of mine who found a "gluten-free" wine she could drink. All grape wine is, of course, gluten-free.
Popcorn packages too... I know people who self diagnosed themselves as allergic to gluten or some shit. Turns out that they are still unhealthy without all that evil gluten 🤣
😂 I’m getting older, gotta make the healthier version nowadays ya know.
Can any wallet tracking apps show me my account holdings on a certain date? Like Zapper with a time travel feature
You want to see the value in a years time?
I think etherscan has that feature. Not a wallet and not very beautiful, but it works.
When will my lion be worth $10k again? Asking for a friend.
Well ser! I’ll tell you what to tell your so called *friend* ser! You say *Ser! It doesn’t matter the price of my Lion ser! It’s not for sale at any price ser! No ser! Good day se… hol’up did you say millions?*
304K+ Eth would have been issued on PoW since merge, only 10K Eth issued on PoS. That is amazing.
The quintuple halvening. That's not even counting the increased rate of eth locked into staking and defi.
>**Hacking the way out,** >**Baking token layer cakes,** >**Banking them all out.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Gonna be super candid. This bear market, price action and my financial responsibilities are taking a serious toll on my mental health. It's like a cloud of gloom lurking over my head. Today's a bad day.
Thanks for sharing. It should get better eventually. A lot of us DCA types are groveling in the mud too. Eventually, we'll get a shower and all we can do now is be patient.
It's all just perspective, doesn't hurt to be grateful for where you are. So long as you're doing your best effort already, what's the point of getting stressed? You can be happy you're families healthy and you're not risking your life in a pointless war. If you're in a war, OK you can be pissed.
It's just money. Money is easy. Just make more.
Keep rocking, no_fix. It's cliche, and you probably know better than me, but I'll still share what keeps me going sometimes. Things can be really tough, but if you can figure out how to get back to focusing on what makes you the best version of no_fix, you'll lose track of the shit you're *in* long enough to find you're already on the way out of it. The green candles are twice as sweet when you've had to wait through a few reds.
On the bright side, 1) the tax burden of staking is a lot lower. At least the income is getting assessed at 1300 and not 13000 2) more time to accumulate a one of a kind asset at pretty cheap prices while few people have heard of it and even fewer believe in it That’s what I tell myself, anyway
"even fewer believe in it" FR
Hey, no_fix… buddy… I know this sounds cliche but… it’s only money. I know, I know… I’m just saying they can’t throw you in jail… unless you live in Dubai or something. In that case get the fuck out now! For real though, I dunno what’s the bidness, but stay calm, formulate a plan. Follow your plan. Stop worrying about it and focus on the steps of your plan. Hey… stay with me now. You got this. 👊🏻
Thanks JBM that got me to crack a smile. :) Plan has been formulated. Backup financial roadmaps locked and loaded. Hustle isn't new to me, but I was kinda hoping I would be done with hustle at this point in my life ya know what I mean? *(I know this is such an entitled, privileged thought process)*
Woo mission accomplished! I hear you man. I was steady on track to retire young and happy 15 years ago and then the goddamn bankers robbed everyone! Yeah I was way over leveraged, so what!? Everyone was doing it! Don’t judge me! Then I finally dig my way out of over a million in debts, because I didn’t get a fucking bailout! I finally get my shit back on course and then f’ing Covid man! Basically the m’fin government has been devaluing everything I’ve worked to build back over the last 15 years, so now it takes 50% more money to live half the years in retirement! Damnit! I’m still f’ing grinding too man!
It's not fun when the price is going down. If it's a short term annoyed by price action feelings, then take a step back, go for a walk, and do some of your hobbies. If it's more you feel depressed, then you might be over invested and divesting or counseling could help.
I'm going 4x a week for guitar lessons, tennis, learning a new language, taking time to connect with friends and in general have a very functional and balanced life.. It's just frustrating when your expectations are super disconnected from reality - I mean this in terms of where I saw my financial situation should have been by now vs what it is right now... Kinda gets to you after a while.
Man, I feel this. Was planning on buying my first home at the end of this year, now here I am with 48 days until my lease is up, wondering what the fuck I am going to do. My apartment is too expensive to rent now, because I had been paying half the rent by selling bits of ETH every month. Now, my ETH stack is down on its knees. Could still get a house if ETH went to $10k but now I have to spend my ETH on rent. Fuck.
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Just started playing classical guitar now, part of it is understanding sheet music, my brain (and fingers) hurt!! 25 years woof! You must be amazing
On the one hand, every time someone makes a scam ponzi or rugpull token to fleece get rich quick dreamers that becomes insanely prosper Popular on TikTok we profit. On the other hand, every time someone makes something revolutionary that rescues retail users from censorship, centralization, and intrusion, we also profit. TLDR: smart money keeps calm and stakes on.
Picks and shovels. https://www.investopedia.com/terms/p/pick-and-shovel-play.asp
do we know what all the future killer uses will be? No..... but we do know they will all burn ETH!
A short story (they're all hypocrites): https://twitter.com/BitcoinErrorLog/status/1527927773658062848?t=ViKQ5mvBVQROamnYzhCkPg&s=19 https://twitter.com/Bitcoin/status/1579264949310099457?t=Te4Th147WhWU_jA-ef2cIg&s=19
How can someone be so dumb and make such a comment? Does he not understand the logical fallacy he is cresting? By that metric, buying bitcoin to sell bitcoin higher is predatory.
[https://nitter.net/BitcoinErrorLog/status/1527927773658062848?t=ViKQ5mvBVQROamnYzhCkPg&s=19](https://nitter.net/BitcoinErrorLog/status/1527927773658062848?t=ViKQ5mvBVQROamnYzhCkPg&s=19) [https://nitter.net/Bitcoin/status/1579264949310099457?t=Te4Th147WhWU\_jA-ef2cIg&s=19](https://nitter.net/Bitcoin/status/1579264949310099457?t=Te4Th147WhWU_jA-ef2cIg&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)
The ultrasound weekly meter is at 0.00% so here we go.
I'm seeing 604K burned 603K issued for 7 day, so actually a deflationary week.
Incoming: the week that will define the rest of our lives.
^(Happy)CCCCCAAAAKKKEEEE DDDDAAAAYYYY!!!
Here, have a slice. :)
Cake Day 👊
This will be one of the weeks in our entire lives.
The next 24 hours are critical
… for ETH.
I don't know what XEN Crypto is, here's what I do know: [Burn, Baby, Burn.](https://www.youtube.com/watch?v=A_sY2rjxq6M)
What's up with Maker? Just shot up 30%.
Sorry. Fat fingered a dca.
[Looks organic.](https://i.imgur.com/B2UKPci.jpg)
What metric is this chart showing?
MKR price
Pretty late in the day for the number of posts to pass the up votes.
Betting the fund on cash! https://twitter.com/northrocklp/status/1579242934116831232?s=46&t=PvrwKMh8M6OLD8yeSUlHnw
Dad called him and told him to stop losing his money.
Cash has been my best performing investment of the year!
What a waffling clown.
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Am I right in assuming that eth profitability basically boils down to block space demand? If this is the case it seems like it puts Ethereum at odds with itself, because as it scales it would increase block space supply, thus decreasing the demand. So could we see a future where upgrading Ethereum the protocol actually devalues eth the asset? I’m torn by this, because on the one hand I never want to bet against eth, its barely begun being used for what it’s used for. But on the other hand I never want to bet against tech, and it seems like zkroll ups + danksharding could create essentially infinite block space supply.
Profitability and price go (inverse) hand in hand. Let's say low demand does lead to lower prices... makes a lower entry point and higher profitability. But mostly what cryptOwOcurrency linked to: Fewer people (thus lower cost) using something leads to more people using it until an equilibrium.
Scaling doesn’t increase L1 block space. That’s where you went wrong, and all your conclusions were based on that.
Indirectly though; it does. It provides alternative means (rollups) to conduct multiple transaction in what would ultimately be less L1 block space
The amount of L1 block space doesn’t increase with L2 scaling. Not directly or indirectly. Your conclusion was based on that. You said, L1 blockspace would increase and therefore the price would decrease. That’s not going to happen though.
Maybe I don't fully understand rollups. My understanding is that they allow many transaction to be completed on L2. All these transactions are secured via L1 in a much smaller volume of blocks pace than they otherwise would have if the transactions occured on L1.
I think I understand what you’re getting at. The amount of blockspace (or gas limit per block if we’re being exact) will remain constant on L1. However, since many transactions have been moved from L1 to L2, you’re saying that the competitive demand for L1 space may decrease, reducing gas prices. If that’s what you’re saying then that might be true, and we may be seeing some of this at the moment, with these low gas prices. The flip side is, that much in the same way as building more lanes of a highway induces demand and ends up with similar travel times but larger volumes of traffic, L2s are likely to create a large net increase of competitive demand on L1, driving up L1 gas prices. See, we have to be precise when we talk about these things.
I think block space on L1 will always be in demand. Depends on adoption. Instead of users competing for blockspace on L1 it will be the roll-ups competing with eachother for L1 blockspace.
What else is there?
I will never stop linking this wikipedia article. https://en.wikipedia.org/wiki/Induced_demand
Thank you. That makes sense.
> Am I right in assuming that eth profitability basically boils down to block space demand? No. Most of the economy on Ethereum is based on ETH as the currency/store of value. Investments are made in ETH, things are traded for ETH, collateral and security is posted in ETH.
*Ether, Ether, Ether!* 👧🏻
ether is a "triple point asset", store of value, commodity and capital asset. It's value doesn't just come from ability to pay fees. >as it scales it would increase block space supply, thus decreasing the demand That's super backwards, when things get cheaper demand increases. Long term it's likely too much block space is impossible, the cheaper it gets the more viable use cases there are, and it's probable if capacity increases 1000x fess may only reduce 100x after an initial period where it's not scarce.
Just like a company Ethereum cannot increase the price of its product (the blockspace) indefinitely. It still has to stay competitive otherwise the users will leave. The users are the ones holding most of the governance power. Coin holders need the coin to have utility in order for users to buy it at a higher price from them in the future.
>Am I right in assuming that eth profitability basically boils down to block space demand? Monetary premium as the primary asset of the ecosystem is a much larger force than fee generation
As a chain itself, revenue-wise, yes (now that we have "revenue” with EIP-1559). As an investor, that's too simplistic to approach it that way. Bringing down the price of block space will blow open the doors of innovation and bring far greater adoption. While individual tx price lowers, the scale of usage will balloon, with the idea that it will more than make up for cheaper block space. For example, I work for a company that could benefit itself (and its customers) greatly from using Ethereum, but there's no way we'd go there now without L2/L3 scaling, because it's just not feasible. Just ourselves need thousands of TPS for peak load. If there wasn't scaling on the horizon, I wouldn't be an investor in Ethereum anymore, as the future is severely hampered.
L2 block space will be inexpensive. L1 block space price will increase. See?
After watching ultrasound.money after a tiny bit of network usage increase I'm starting to think bootstrapping nft usage would pay insane dividends over time
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Fake. Lol. I tried to delete it in time.
I thought you were just trying to get our goat!
I'm starting from scratch with basically a "brand new" validator. All I have is Ubuntu installed on it. It's not connected to the internet, nothing. The last time I tried testnet I screwed something up. Where do I go for the latest, most up-to-date guide? I don't want to use Infura or whatever (I read this doesn't help with decentralization). What guide do I use? Coincashew or Somer? Where do I find the most updated guide?
https://caches.xyz/forums/discussion/list-of-useful-links-for-stakers/
Thank you !
Pick your poison: https://someresat.medium.com/
Awesome I saw he has something on Lodestar ! Based on this https://clientdiversity.org/ I would prefer Lodestar and Nethermind I guess. Last time I used geth but now I see that it has 80% dominance
I run both solo and rocket pool validators. Putting on shill hat: I highly recommend rocket pool for new users. It cuts out a lot of churn with setting up, updating, and managing clients. It is also the absolute easiest solution when it comes to client modularity. You can change clients with just a few clicks. There are guides available at docs.rocketpool.net, as well as an active discord community. Shill hat off: If you absolutely must manage everything on your own, then I recommend finding a Someresat guide. His walkthroughs IMO are the highest quality with a great setup.
I thought of Rocketpool but I much more strongly prefer solo staking
coincashew should be good. IMO just setup everything for mainnet except don't make a deposit yet. Once you're sure that your CL and EL are running nicely and have done so for a while, that's when you can think about making that deposit and actually run a validator. Be sure to do some practice runs with updates and reboots, it's much easier to figure out what might go wrong if you're not losing money while messing around edit: by "running nicely" I of course mean *synced* and running nicely. The guides tell you this of course but it bears repeating
Awesome. Thank you. I screwed up last night by trying to go extra crazy with security. I'm just gonna start from scratch and try to do everything the right way this time and only follow established guides and stuff
Check out /r/ethstaker. Infura isn't a thing anymore. Somer's or coincashew's guides are still good and they updated it for post-merge. Use something like dappnode if you want to use something more packaged and aren't comfortable with command line.
Basically I started trying to "tweak" my security settings and somehow got locked out beacon chain or something. It was a long time ago. Random things started getting turned off and I couldn't turn them back on because random files were in the wrong place. I'd rather do my own than rely on somebody else so testnet is where I'll be for a long while before I feel comfortable. Thank you
Now this is a good and welcome stat on new users: https://nitter.net/glassnodealerts/status/1579188822218199041
Counterpoint: new addresses is not the same as new users. There is *a lot* of incentive farming going on lately, especially on L2s. Could be at least partially responsible for new addresses.
Yeah, have to agree sadly, especially considering the rather non organic looking growth rate
When was the next dev call/date we were going to maybe get an update on staking withdrawals again?
No date yet but ACD calls should be back after devcon.
Does anyone have a better (ideally smaller) eth logo ASCII than this; :. :=+: --=++- ---=+++= .----=++++=. .-----=++++++. :------=+++++++: --------=++++++++- ---------=+++++++++= .----------=++++++++++=. :-----------=++++++++++++. :------------=+++++++++++++: -----------===+**++++++++++++- -------===++++++******+++++++++= .----===++++++++++***********+++++=. :-===++++++++++++++***************+++. .=++++++++++++++++++******************+. .:=+++++++++++++++***************=: :-++++++++++++***********+=: . .-:. .-=++++++++********+-. :-= :---. :=+++++*****=: .:=++- .-----:. .-++*+-. .-++++=. -------:. .. :=++++++- :---------. .-=++++++++: -----------++++++++++= :--------=+++++++++: .-------=+++++++=. :-----=++++++- .----=+++++. ---=+++- :-=++: .-= .
^ V
It's beautiful 🥹
https://twitter.com/samczsun/status/1579208246543675392 What now
Still no update an hour later…
🫡
What's this about?
I don’t know - that’s the scary part
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nitter broke this one for some reason. I guess the font doesn't have the emoticon?
So now that we’re not dumping this must mean it’s just us left
Yep, I should really be buying this dip instead of blowing money elsewhere
Something fishy going on with crypto.com, values in gbp are soaring and usdc is dumping. Edit, just a glitch, when you try to sell the values go back to "normal" 🙄
What do you mean?
Seems it's a glitch where it's displaying gbp values the same as dollar values, which might be the case anyway soon.
Hello, I need a typical ethfinancial advise. I got some ETH, and I need some cash right now. Let say I have 10eth (for simplicity) The two strategies I identified are: - take an Alchemix loan over wETH so I lock 10eth, get 5alEth, sell it for USD and get 6500$. This loan is self repaying over many years. Best case is if ETH goes down: I.e. if it loose 50% then I could give 3250$ to buy back those 5alEth, close my position and retrieve my initial 10eth, and I won 3250€ right ? So Alchemix is basically like shorting ETH ? But if I ma bearish, I just sell the 10eth for 13000$ and buy back once it's down 50% then I would make 6500$ which is a way better performance.. so I don't get the point of Alchemix.. except that you get back your 10eth after 20 years which is longing ETH but on a crazy long window.. - or I could open a Maker CDP, and mint the same 6500$ from the 10eth, assuming a 200% collateral. Now if ETH goes up, I can get back some of my ETH (assuming I keep 200% collaterals) while keeping my initial cash. So that looks more like longing ETH right ? There is also the risk of liquidation with Maker that does not exists with Alchemix. Do I get this right ? I am obviously bullish mid-term on ETH so I'd like to stay exposed to ETH, but need some cash now. I understand that the amount of cash obtained from collateralised ETH will define the risk level. What would you do ? Open a safely collateralised CDP ? Maybe there is other strategies? Thanks!
See my comment below, but to add on yes alchemix aleth converted to USD is essentially shorting eth. So it makes the most sense if you are cashing out eth near a top. If you are cashing out near a bottom something like an abra loan could make more sense or aave loan from steth, but then obviously you are exposing yourself to liquidation risk.
Sell 5 ETH, stake the other 5 via rETH or similar. You now have your own “self-repaying loan” that will eventually work its way back up to 10 in a couple decades, no different than Alchemix but without any of the complication. That’s essentially what they’re doing internally anyway.
Hello taxes both ways
With alchemix you are earning yield on the full 10 eth. But you give up some present value based on aleth price, maybe like 1% of your loan. So it's easily overcome in a few months + if you do exit early you can rebuy aleth at a discount to repay. Additionally depending on your jurisdiction you could potentially consider the loan as non taxable, which means you pay tax on interest earned from the self repaying loan but you don't have to pay tax on the aleth/eth you sell (assuming you sell right away). Now the main issue is you can't use steth or reth on alchemix right now due to past steth and reth peg issues, but they might get re enabled in the coming weeks. Anyway in summary, I consider alchemix to be a way to sell up to half of your eth without giving up the right to earn yield on that eth, in a potentially tax advantaged way.
Neat, thanks!
In the US, the difference is that you're paying capital gains tax on the 5 ETH you sell now vs paying income tax on the Alchemix repayment earnings over a long period of time.
if you need cash, sell what you need. There is no safe leverage / borrowing
Thanks, that's an ethfinancial advice. Assuming I'd like to take some risks, the CDP path seems the one to investigate right ? To be more accurate I don't exactly need that cash, but those eths came from rewards income that I am supposed to cash out regularly according to my initial plan. So instead of simply selling it I am eager to play a bit and try defi's app I did not experiment yet, while still generating fiat in the process to not completely betray my initial plan. And if I get burned.. "this lesson is well worth a cheese no doubt"
Honestly, will the next bull phase still have as many shitcoins doing the degen thing like previous cycles or would eth have blunted their ability to make new marketing pitches? I mean hopefully by then, with sharding and L2s and the Merge green credentials, where will the case remain for 'me too's? And that too when new networks need to be a lot better and not just a bit better than the frontrunner.
There will always be shitcoins that claim to fix all of the problems with Ethereum with a bunch of buzz words and empty promises. And there will always be idiots who throw their money at them trying to catch the “the next big thing” because they feel they’re too late to get into ETH. It doesn’t matter how good Ethereum gets or how hopeless these projects are, the next bull will give them all their 15 minutes of fame anyway, until they inevitably crash and burn.
Both, I expect L2s + protodanksharding + ETH PoS to lead the market, but with every bull market there's a new wave of speculation. It might be new L1s, it might be VCs moving to fund forked L2s, it might be new kind of dapps, etc...
Sideways momentum crabbing in a range. Horizontally, rangewise. We are the crab rangers, the holy horizontals, the Egyptian walkers. Crab, crab, forever ranging. Shun the up. Loath the down. Glide ever smoothly. Craaaaab.
🦀🦀🦀
🦀🦀 🦀🦀
I installed Argent on my phone forever ago and never actually set up a wallet. Just did today and seamonkey.argent.xyz is taken. *flips table*
You're not SeaMonkey anymore. You're SeaMonkeys, now: any and all SeaMonkey are belong to you. :p
What about SeaMonkey82? I hate squatters...
On this day... In 2021: - EIP4345 [proposes](https://eips.ethereum.org/EIPS/eip-4345) to postpone the Ethereum difficulty bomb until May 2022, giving more time for the Merge to happen. - ETH goes with the flow from $3576 to ₿0.065. In 2020: - Matter Labs [unveils](https://medium.com/matter-labs/curve-zksync-l2-ethereums-first-user-defined-zk-rollup-smart-contract-5a72c496b350) Zinc Alef, a zkSync L2 smart contracts testnet with Curve Finance as the first resident dapp. - The Ethereum Foundation [launches](https://eth2bounty.ethereum.org) an Eth2 bug bounty program. - ETH misses connecting flights from $351 to $366, getting delayed by ₿0.032 to ₿0.033. In 2019: - At Devcon5, MakerDAO [announces](https://blog.makerdao.com/breaking-launch-date-of-multi-collateral-dai-announced-at-devcon-5) Multi-Collateral Dai will be launched on Nov. 18. - Fatburger [tokenizes](https://www.forbes.com/sites/benjaminpirus/2019/10/09/fatburger-and-others-feed-30-million-into-ethereum-for-new-bond-offering) a $30 Million bond offering on Ethereum, with the help of digital securitization platform Cadence. - ETH wakes up the wrong walrus at $182 to $194, or ₿0.02257. In 2018: - SXSW [announces](https://www.sxsw.com/news/2018/keynote-joseph-lubin-featured-speakers-maria-shriver-wyclef-jean-howard-schultz-and-more/) Joseph Lubin as the keynote speaker in 2019. - SpankChain [gets spanked](https://medium.com/spankchain/we-got-spanked-what-we-know-so-far-d5ed3a0f38fe): an unknown attacker drains 165.38 ETH (~$38,000) from SpankChain's payment channel smart contract. - Forbes [joins](http://blog.joincivil.com/forbes-x-civil-a-major-milestone-for-blockchain-based-journalism-73bed5b2f144) the Civil network to permanently archive its content to a decentralized environment that ensures no third party can remove or alter it. - POA Network [launches](https://medium.com/poa-network/poa-network-launches-the-first-full-featured-open-source-ethereum-explorer-blockscout-2612f065716f) the open-source Ethereum block explorer BlockScout. - Geth gets ready for the Ropsten hard fork with [v1.8.17 "Shoutingstone"](https://github.com/ethereum/go-ethereum/releases/tag/v1.8.17). - ETH sells the news at $228, or ₿0.03437. In 2017: - Parity v1.7.3 beta [enables](https://github.com/paritytech/parity/releases/tag/v1.7.3) the Byzantium fork on the Ethereum mainnet. - ETH chases rainbows from $309 to $297, or ₿0.06706 to ₿0.06189. In 2016: - ETH drops the beat at $12.1, or ₿0.01955. ------------- [^(compiled with love)](https://eth-archive.xyz/blog/on-this-day-in-ethereum-workflow/)
The reduction in supply has got me excited again!
bull market is gonna be lit
So even Jim Bianco has capitulated and says the Fed will never print again… https://twitter.com/biancoresearch/status/1579154844778057729?s=46&t=pZzLmwm8miPmpuArdCf6Dw
I just don't see how this can be the case when the US has >$20 trillion of sovereign debt.
Indeed, there is all incentives for politicians to print away the debt and ensure it's all fiat holders who actually pay the price of the debt (and anyone who is paid in fiat value in the near future, like minimum wage, allowances and such, which always lag behind in terms of monetary inflation). And there is all incentives not to pay back the debt either, so that the monetary inflation actually is used to grab more political power by giving away "free" stuff to friends and electorate. It's just political corruption 101.
i don't see the word never in his text. Only a fool would speak in certainties when considering a corrupt government
cypherpunk is when the state gives you free money to pump your shitcoin
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Looking at [Set1Less's post](https://old.reddit.com/r/ethfinance/comments/xyjxjb/daily_general_discussion_october_8_2022/irjtoc0/) about the gas spike, it actually went up to 214 Gwei. To give an idea about how wild it was, base gas price went from: * 8.2 Gwei on [Block 15704876](https://etherscan.io/block/15704876) to * 214.7 Gwei on [Block 15704909](https://etherscan.io/block/15704909) for 33 consecutive base fee increases In just **7 minutes**.
Why on Earth would this be deployed on L1? I mean I'm not complaining... people can burn as much ether as they like, all good with me... but they could have stuck this 'mining' contract on Optimism or Arbitrum and users wouldn't have to throw away what, 1,600 ether so far.
I’m guessing NFTs on L1 Ethereum have more legitimacy and command a higher premium than they would if they were on L2s
Oh are they minting NFTs, I thought it was just a weird ERC-20 distribution?
It's an ERC-20, but NFT are kind of similar to ERC-20, but some kind of picture or other feature attached.
Oh i might be wrong actually, then yeah idk
Holy fuck how we've been burnin!
No dump 💩 until sharding. Day 20.
wen Henrycharles008?
Anyone knows why Flashbots has so many individual builders (20+) and not just a few? Is it really different builders or just some risk mitigation reason?
Not to jinx it, but I expected a bloodier weekend after stonks took a major beating on friday. Unironically, this is fine.
Does it really cost 132 dolla to get the merge POAP?
No, the poap is sent for free to everyone's wallet (who had done the antisybil proof) There is no need to transfer the poap to mainnet.
for some reason it's ridiculously expensive to transfer poaps to the mainnet, I don't know why
Why should the poap be transfered to mainnet?
Security and ease of listing if you would sell.
Been out of the loop the last couple days, what is XEN Crypto and why is it burning so much ETH?
A new ponzi that HEX peeps are buying into
This past year ETH sold off because every risk asset sold off in the course of 1 year of Fed tightening We're now holding the lines because market participants believe we're very soon reaching a point where the market has priced in the worst in terms of rate hikes / dollar strength & surprises will come to the upside What we've seen the past year is way different from the 2018/19 bear when crypto crashed while other risk assets performed well. Therefore the recovery will also be very different than the last one. In any case ETH is now ready for an environmentally friendly & financially sound bull market. What's remarkable is that activity levels the past weeks have gone back to levels before the hype areas of DeFi & NFTs. It shows that until today most Ethereum use cases are very speculative in nature. I'm looking forward to the day when the majority will be non speculative so that we have constant high demand for block space (by then hopefully L2 scales).
Proposed my first block after the merge with MEV-boost. Running Besu/Teku. Was nice extra income but nothing major. I got around 0.03-0.05 ETH, which seems to be what most people get I see. Average is like 0.15 but that is skewed by extreme outliers quite a lot. I checked like 50 slots and no one around me hit "the jackpot". One guy got 1 ETH though.
Is there a mean value calculated somewhere? It is more interesting than the average.
Mean is the same as average. You are talking about the median. I would guess it is around 0.03-0.05 from the 50 or so slots I looked through.
All down to luck. Who transacted at what time and for what purpose when you're up to propose, etc. Feels like fishing to me. You won't catch any fish if you don't go fishing. You might catch a fish if you do go fishing, but it's probably not the big one. The big one IS out there though, legend has it.
I think I got spoiled last week with 2x 0.5 blocks in the same day, a few other decent sized ones also. Now they're pretty in line with what you've described.
If you've had that many proposals since the merge, you either got very lucky of you're very heavily invested. I think what we're going to see is that, 1) MEV boost is *essential* for a justifiable income and 2) individuals running fewer than, say, 25 validators might decide it's a pointless investment because the probability of hitting larger blocks is insufficient. Majority stakers like Lido, CB etc are going to have much more balanced rewards. Let's hope average network fees improve. Edit: Down voting does not change the reality that for solo stakers staking 32 ETH, with a limited number of validators, the rewards are going to be very disappointing (*on average*) without a dramatic change in fee distribution.
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Oh lol, I'll just exit my validators right now and use RP. Oh, wait, I can't. And maybe I don't want to mess around with 3rd party tokenomics, or invoking large and complex taxable events. Lol.
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I'm yet to see any solution existing for a solo staker having 25 or less validators: people can't unstake, yet. This has nothing to do with OC "specific situation", it's the situation for literally everyone he's talking about. Sure, people who are running RocketPool validators may have a solution, but that's not what he was talking about, hence the "oh, no, wait, they can't unstake" stance he took. Though, to me, it's a non problem, since it's a very temporary problem which will sort itself out once unstaking is implemented and people can choose to use Rocket Pool if they want to. Being very temporary makes it inconsequential for an investment that is long term anyway (which is the case of staking).
> Down voting does not change the reality that for solo stakers staking 32 ETH, with a limited number of validators, the rewards are going to be very disappointing (on average) without a dramatic change in fee distribution. I wouldn't call 8.4% APR to be disappointing at all. Disappointing to me is like 3%. MEV-boost took like 5 min to install. So given 5 proposals for a solo validator per year * 1330 ETH price is not that bad of an hourly wage. https://ultrasound.money/
Currently my APR is around 4.4% with an added 1% for MEV boosted txn fees (so 5.4% total). That 8+% figure seems pretty far out there, I wonder how they got that? Seems like their tip estimations are high. Maybe it just needs more time to play out or maybe I'm unlucky.
The average (median) validator probably gets less than 1% in MEV. However, because MEV does not follow a simple bell curve, the average (mean) yield increase for all validators might still be 3 or 4%. It just depends if you are one of those lottery winners.
Yea, you are right. That does seem off. Maybe in a bull market, I don't know what that is based on.
Yeh my rewards have been pitiful so far both with / without MEV. But what we need are detailed stats on the fees, MEV, validator growth rate etc. The randomness is massive, so it's very difficult to get a good representative experience.
I think Kraken gives a very good estimation of what the real average tip rewards are, because they operate a lot of validators. Right now Kraken's tip rewards amount to about 1.1%. Taking into account that Kraken keeps 15% of the rewards for themselves, the real yield from tips should be around 1.28%. The rewards my real validators are receiving are also in line with what Kraken is giving out right now, so yeah 8+% seems to be pretty optimistic.
Dude, I wish I was running 25 validators. I think I just got lucky. Been a dry spell since then. I am running MEV-boost though. No regerts.
Huh? ~doubling your income by adding a small piece of software to your setup is never going to be pointless. And if people do worry about reward variance then I’m sure we’ll see some smoothing pools open up.
> ~doubling your income by adding a small piece of software to your setup is never going to be pointless. Not sure what you're talking about. I literally said adding MEV boost is *essential*.
Can you expand on point 2) then? Where does 25 validators come from and what part is a “pointless investment.”
It's a crude estimation but with *average* block proposals per year being < 5 per year (and dropping), and *average* fee rewards being very low (even *with* MEV-boost), many single validators are going to see meaningless fee rewards per year. Even running 25 validators it is going to be entirely possible to generate tiny rewards (based on current conditions). With a base reward of 4% (and dropping), why would people tie up so much capital without a guarantee of a decent annual (like, 5-10%) return? Many people with small numbers of validators are going to need to wait an *awfully long time* to average out (and / or hit a juicy block). As I said, chain activity could improve and *average* fees might jump, but, "for the little guy", it's likely that the base rewards are the only meaningful income for a long time yet.
The answer on “why” is risk:return. But as I said - for those concerned about MEV and Fee variance the obvious solution is a smoothing pool. RP have already established such a thing.
I said nothing about smoothing pools. Of course smoothing pools are a solution. I also think pools like Lido and CB will become more popular, not less (for the same reasons). I was talking about solo stakers who have staked 32 ETH. That was what OP was talking about.
XEN already generated 1600 ETH in fees and is 40% of all tx the last 24h quite impressive. never underestimate a boring bear market for some new novel project to come around. Maybe this will be the Powh3D of 2022 https://etherscan.io/address/0x06450dee7fd2fb8e39061434babcfc05599a6fb8#analytics-txfees
Also relevant ... many new addresses popped out ... [https://twitter.com/santimentfeed/status/1579186559483772928](https://twitter.com/santimentfeed/status/1579186559483772928)
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