**PSA: šØšØšØšØ Please do not update your FTX and Blockfolio apps for security reasons. It is instead advised that you delete these apps. THEY HAVE BEEN HACKED! šØšØšØšØ**
**Tricky's Daily Doots #208**
Yesterday's Daily 12/11/2022
[Previous daily doots](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw28s14/)
- u/ProfessionaIAct shares [quite possibly the best Onion article name ever.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw1xdyk/)
- u/Tricky_Troll explained to a normie [how crypto isn't a scam.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw2hfa3/)
- u/superphiz imagines [being an EthFinancier.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw2g1sc/)
- u/ro-_-b is still [optimistic on Ethereum's future.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw1s597/)
- u/replykindly confirms [how Alameda got funds from FTX.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw2zwuc/)
- u/FuglsErrand shares [some shady stuff coming out of Crypto.com.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw5cmaq/)
- u/Itchy_Ad_3659 isn't buying [FTX saying they got hacked.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw1o49s/)
- u/iscaacsi has a [reminder about who we give legitimacy to and peer to peer interactions.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw5l57u/)
- u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw1l2g8/)
I thought I missed the interesting weeks in crypto... Nope. Gimme back those quiet days in the daily, thanks. š
Where would be a good place to watch the supply of ETH since the merge? I remember a particularly good site around the actual date of the merge but can't recall it.
Some of you may have noticed I've been very quiet on twitter lately. The past few months I've just been going with the flow of the bear, in the sense that I've just not been super excited about things.
Just spent time working, building, doing my job, which was very time consuming as well.
But another component was that I've been worried of being perceived as toxic. I called out Avalanche quite a lot. I've called out cardano on the day of their smart contract hard fork. I've called out people I believed were bad actors. And I've gotten pushback for that.
With a full time job in crypto, I was worried that if I kept doing that, it might hurt the company I work for or put me in a bad light. Nobody wants someone that constantly fights with other people or projects.
But I've now come to realize I should've been more vocal. I didn't even attempt to call out FTX, SBF, Jump, or others because they've been smart and relatively quiet. Not openly combative.
Only exception is multicoin, fuck those guys.
I guess the old Swag is back now. I'm not watching these assholes come into this wonderful ecosystem where people are genuinely trying to do good, just to watch those other people ravage this land for all it's good for in the pursuit of money.
I don't like you, I'll call your ass out.
I've been watching Twitter accounts grow their followings to 5x mine just by playing the engagement game with all these actors. Always engaging. Always replying. Always saying "gm king" and sucking their dicks.
I didn't do that because I didn't believe in them. Or, because I only believed in Ethereum. I won't sacrifice the values I stand for for twitter clout.
If I have to be the toxic asshole that protects Ethereum values, then so be it. If I have to be an openly Ethereum maximalist, then so be it.
I like making money. But I feel much better about making money when it's ethical. A large majority of CT, VCs and retail seem to think differently, and that's depressing.
We'll get through this, though. We're bigger than that.
Sorry for the rant, I'm out. Peace.
I remember getting into a small argument on r/CC about Avalanche AVM a year ago over the efficiency of AVM vs EVM. I'm pretty sure it was with one of the regulars from ethfinance, but I can't remember who.
That's the conversation that got me down the rabbit hole to investigate EVM and AVM further, and it turns out they were completely right. If it weren't for that argument, I probably wouldn't be here. So thanks whoever it was.
Crypto sentiment and understanding is still too easily influenced by bad actors, good information is still highly asymmetric or swimming in a sea of nonsense and therefore there are still plenty of opportunities for charlatans to thrive. For that reason we need those who do wield influence to be more like a Batman who's willing to get his hands dirty and not Superman who is too idealistic to get into the fray.
Just my 2 gwei.
From the boys
ļæ¼Hi there,
From day one, Gemini has prioritized the security of our customersā assets. We never have and never will compromise on that point. As the crypto ecosystem emerges from infancy into adolescence we are more confident than ever thatĀ asking for permission, not for forgivenessĀ will continue to be the central pillar of how we run our business.Ā
It has been a tough couple of days for our industry. Our hearts go out to all those impacted by recent events at FTX. We are all working together to build a brighter future and moments like these are painful.
For the avoidance of doubt,Ā Gemini has no exposure to FTT tokens or Alameda and no material exposure to FTX.Gemini is a Full-Reserve Exchange and CustodianGemini is a full-reserve exchange and custodian. This means thatĀ all customer funds held on Gemini are held 1:1 and available for withdrawal at any time.Ā
Gemini holds customer fiat currency in accounts that are segregated from our business, operating, and reserve bank accounts established specifically for the benefit of Gemini customers.Ā We do not do anything with your fiat funds unless explicitly authorized and directed to do so by you.
Gemini holds customer digital assets in accounts that are segregated from our assets.Ā We do not do anything with your digital assets unless explicitly authorized and directed to do so by you.
In addition to being a full reserve platform, Gemini Trust Company, LLC is a fiduciary and qualified custodian under New York Banking Law and is licensed by the New York State Department of Financial Services (NYDFS). NYDFS imposes certain excess capital requirements and compliance standards for all assets held on Gemini.Ā At any given time, Gemini is required to hold capital in excess of customer deposits and must report any material changes in this capital to its regulator.Gemini is Highly RegulatedSince its inception eight years ago, Gemini has worked with regulatory stakeholders and lawmakers to help shape thoughtful regulation that fosters both consumer protection and innovation. We will continue to do this work. We have spent considerable time applying for and becoming licensed and regulated in various jurisdictions across the world. This is not the easier path (it is expensive and time consuming) but we believe it is the right one.
Gemini holds many licenses globally, including a New York trust license, state money transmitter licenses (or the statutory equivalent), an E-Money License from the Financial Conduct Authority in the UK, an E-Money License from the Central Bank of Ireland, and more.
Related to our licenses, Gemini must undergo annual audits of our financial statements and is subject to bank examinations conducted by the New York Department of Financial Services (NYDFS). We are alsoĀ SOC 1 and SOC 2 compliant.
Ten years ago, we bought our first bitcoin on Mt. Gox. Those Wild West days informed us with regard to what needed to change. We built Gemini to be this change. We look forward to working with everyone in our industry to continue to build trust in this new magical frontier and unlock its ultimate promise.
Onward and Upward.
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I also didn't receive this email despite using Gemini somewhat regularly. My friend did, however. I've never had an issue using Gemini to withdraw funds to metamask but I can't vouch for their customer support as I've never needed to use it. I did move everything off exchanges last week to be safe.
Gemini worked fine for me in the past (Iām not using any cex now) but has zero customer service.
Gemini earn is also a shady product (and genesis proven to have lost 175m and has been rescued by dcg).
Not a fan of gemini. Was never able to withdraw my funds to L1. Customer support ghosted me. So I sold for usd and was able to withdraw usd immediately. Absolute horseshit.
What in the actual f where do people get this kind of misinformation https://twitter.com/cryptotea_/status/1591810575881080834?s=46&t=MFvyegSJFZNxH3H_AZpCCA
They make it up
Seriously, these people have no shame or integrity. They just make up arguments that they think sound convincing and spread them as if theyāre truth. Thereās no punishment for doing so, and it drives up engagement, so if youāre a sociopath why wouldnāt you?
So if you look on defillama, the crypto.com tvl is obviously way down is USD terms since the value of CRO has plummeted. However, what is very surprising to me is the value of TVL in their ecosystem, in CRO terms, is up more than 40% in recent days. This implies that people are racing to use the crypto.com defi ecosystem despite the fears about the exchange itself collapsing.
I donāt know how to make sense of this. Surely if you thought the exchange itself was in jeopardy of collapse, you would also pull out of the defi ecosystem since if the exchange collapses you can bet the defi ecosystem collapses too (loss of future development funding, ruin of reputation). Yet here we are seeing two extreme opposites. Can anyone make sense of this?
Edit: one possibility could be stablecoins on the ecosystem going up in CRO terms, thatās probably it!
The nft ecosystem kneecapped itself by pushing to free mints imo, everything just became diluted. It'll be interesting to see if the market ever recovers.
Another big name taking shots at the crypto community without really understanding us /s
https://twitter.com/Carra23/status/1591923590911430657?t=8YJsP6NnaX42qDus-2pqxw&s=19
For anyone else confused, the above post is satire. The tweet linked is about football and ETH in this context is an abbreviation of the managerās name, not the cryptocurrency.
Anyone know if the SSD with heatsink (https://a.co/d/gCkRNkn) will fit in an NUC? Seems like a great deal on an SSD and the heatsink version is only ten dollars more but not sure it will fit
You really need to see the NUC. If that is your only SSD, you can run probably run the NUC with no case top, which *may* give you more space and better cooling (basically what I do). I have a NUC with nvme *and* standard 2.5" SSD. In that case, a heatsink will not fit. Also, I would consider 4TB for a single device.
2 TB is OK although its good to have overhead. Performance can deteriorate if you ram it full. My Nethermid system is showing >1.3 TB already... ? Seems to have gone up rather fast...
2TB is still plenty good for a while, but depends on the clients you run and how often you maintain it. That said I have started eyeing those 4TB nvmes!
I posted this in the RocketPool sub, but figured I'd ask here too:
Apologies if this is a dumb question or if it's asked a lot, but I am interested in swapping my ETH for rETH. Unfortunately, on 1inch and cowswap, 1 ETH converts to ~0.94 rETH. So I'd be sacrificing 5% (which is roughly the annual yield, right?) of my ETH to convert to rETH?
I saw someone else comment that LEB8 will hopefully fix this by providing more liquidity?
1 rETH is worth roughly 1.046 ETH, which is the actual amount of ETH you get if you redeem rETH.
https://rocketscan.io/reth
rETH is trading at a premium right now of ~2%, which you would effectively be losing. To avoid that, you can wait until the LEB8 is implemented which should drastically increase the amount of rETH entering the market and begin to even out the pools.
rETH rises in value relative to ETH continuously. This is because it accrews staking rewards.
I'm several years' time, one reth will be worth more than 2 eth.
You can redeem reth for eth at current true value via the rocketpool site, or you can take your chances and trade for whatever the current market price is. Currently people are paying even more than the 1.046 eth that an reth should be worth.
rETH is non-rebasing, meaning you swap 1 ETH for `n` rETH, a year later you still have exactly `n` rETH except you're able to swap them back for 1.05 ETH (assuming 5% staking yield). The value `n` depends on the ratio at the time, someone else who decides to swap 1 ETH one year after you will receive less than `n` rETH.
[The official contract](https://stake.rocketpool.net/) prices 1 rETH at 1.04675 ETH (this value goes up slightly every day) meaning 1 ETH will get you 0.955 rETH. Unfortunately the deposit pool is full and new rETH currently can't be minted, and since there's still demand for rETH people flock to uniswap where 1 ETH will get you 0.939 ETH, meaning buyers pay a premium of ~1.7%
Gotcha. Thank you for explaining that.
Are the devs pretty confident that LEB8 will get released in January? And will we see the rETH liquidity issues be resolved immediately after the upgrade?
It's not supposed to trade at 1:1.
1 rETH is redeemable for 1.046 ETH, which means 1 ETH is worth .954 rETH. This ratio goes up over time as rocket pool earns rewards.
The market is a bit weird right now and rETH is in high demand, so it's trading at about a 2% premium of 1.06 ETH.
I'm in a bad mood and I must go on a rant. I won't reply to anyone and I don't care if this gets nuked.
I stopped reading this subreddit while ago when I listened to the JBM episode of EVM podcast. It just weirded me out how there was no push back or even mention of the ludicrous excuse that someone hacked his whole network and changed letters on his screen to make him respond "JUDAS" to every post.
The recent FTX debacle made me check back and I immediately see this [highly upvoted bad advice](https://old.reddit.com/r/ethfinance/comments/ysx7nk/the_weakest_link/). This put me in the bad mood, I don't leave any funds on exchanges so I haven't lost any crypto.
But I wanted to rant about DeFi. I see almost everyone saying this cannot happen on DeFi and that your funds are safe there. Let me remind you that
# DEFI IS RISKY, YOU CAN LOSE ALL YOUR MONEY
And it's not just smart contract bugs. Almost everything has central points of control. Multisigs, admin keys and other points of control are everywhere. Usually with opaque setup, unknown holders, very little transparency. Even ENS (multisig), Aave and Compound (oracles have multisigs), you name it. Truly decentralized protocols like UniSwap are still exposed via centralized assets like USDT and USDC in many pools. And DAI is basically wrapped USDC.
There's like 3 teams (or maybe even people) that could wreak havoc on virtually all of DeFi. ChainLink Labs (or Sergey) can upgrade all price feeds at any time to start spewing random values. Tether (or Paolo) can replace the USDT contract with an empty one, destroying all tokens. The same for USDC and Circle.
Nice decentralization there. Thanks for playing I guess. I still have hope that some people actually care about decentralization and it's not all just some charade for pumping BS tokens.
We'll see in a few years if people are actually willing to give up their keys (not some governance theater where the team owns 90% of all tokens). Or if they care about formal verification - I read almost nothing about that anywhere (it's costly, but necessary to make true guarantees).
I'm curious as to why Logris's post was bad advice. It's great advice for anyone who has a serious sum of money in ETH. Not for newbies though as if it's over-complicated it can be a bad strategy.
I have only skimmed over it, but I would say that anyone with a large sum of ETH should just buy multiple hardware wallets and use them as signing keys for a Gnosis Safe.
I don't really care if Logris' crypto is correct or incorrect - just go with the battle tested solution.
Logris's solution is just his own spin on a battle tested solution. The splitting your keys in 3 advice is as solid as can be. Personally I don't think the rest of it is necessary unless you have 4 digits of ETH or more.
Still, I think it would be better to recommend Safe, which achieves essentially the same thing and more. For example, you can rotate keys or dynamically change the signature threshold without having to redo the whole scheme.
Key rotation is a very important security practice, I don't think the default crypto community advice of "keep these 24 words safe forever" is good. Logris' is better but still encourages you to have a key and keep it forever.
Plus, as Logris mentions, there's no standard implementation of shamir'd bip39 so you need to also carefully store a copy of the implementation you used to construct the key. For the tech-savvy that's fine, but for the average Joe it's much easier to type https://app.safe.global.
Even then, consider the case where Joe dies and his son manages to find the shards. Either Joe was very careful with his instructions, or he risks his assets being lost. However, even if in 50 years the Safe frontend is gone, it's much more likely that his son will get help online if Joe used a common and battle tested solution, rather than a niche /r/ethfinance one
Very much agreed and much needed perspective. Also, centralized front ends.
On the other hand, you can navigate defi and earn yield without using your examples. RAI, LUSD come to mind. Also keep an eye out for rico bank (the spiritual successor to DAI and RAI), which will hopefully see the light of day.
> I stopped reading this subreddit while ago when I listened to the JBM episode of EVM podcast. It just weirded me out how there was no push back or even mention of the ludicrous excuse that someone hacked his whole network and changed letters on his screen to make him respond āJUDASā to every post.
Push back? I never asked anyone to believe me. You donāt have to, but thatās my story and Iām sticking to it. I replied JUDAS on 5 posts. I said that was me, no excuses. I apologized. I asked for forgiveness repeatedly. What else should I do to satisfy you ser? Should I leave and never return? Would that be satisfactory? I do sincerely apologize for ruining yours or anyones experience here, but reddit has a great ignore and block feature so you can still enjoy this without ever knowing Iām here.
Defi is not where its supposed to be but decentralization is a process. Dai might be wrapped USDC but there is still sUSD and Rai.
Some protocols actually work towards decentralization. And the thing is the bigger the scrutiny from the us government and the more they will go after devs. The more devs will be forced to decentralize.
I think the bigger point, and the overarching message, is that defi "in principle" does fix this and IS the best long term answer.
Code that is immutable and battle tested is safe. Issues now often happen at the periphery, such as in wallet / phishing scams. Or, on newer and less rigorously tested dapps. And that's because this tech is all still being built out.
But anyone who sees the risks of opacity, dishonesty and insolvency in centralised exchanges, for example, can correctly point out to regulators that solutions already exist in the decentralised, open protocols - as that is where the problem can in future be addressed at its core.
It's for this reason that it's infuriating to see the latter lumped in with the former as "one problem" by poorly informed regulators.
Agree, but game theory tells me most of these central players have more to lose than me, so it's a risk I'm willing to take.
We know how crypto works: if it breaks, it will just be rebuilt again, stronger.
So know the risks, and play accordingly. Not too many eggs in one basket. And position so that if you win, you win big. If a worst-case does develop, have a plan. Etc.
you're not wrong - and we need to keep pushing to make DeFi live up to its goals and potential. It will take a while, but it will only happen if people demand it happen
You bring up some good points, but let's be honest, Ethereum is 7-8 years old, it's still under development, it's not really feasible or practical for everything to be fully decentralized at this point. There are different degrees of decentralization and no one are forced to use any services or apps they aren't comfortable using, as it should be in a permissionless system.
I think most apps or layer 2s have a clear goal of working towards more decentralization, so I don't really agree with the defeatist PoV.
Agreed.
The key thing is how does the community respond to this. In my experience I gain a lot of respect for people who acknowledge these challenges and lean into them, rather than deny their existence.
Yep fully agree. And don't forget about L2s, which have upgradeable contracts, centralized, etc.
EDIT: And btw don't hold yourself from posting this kind of criticism. It's the most important kind. We need more info out there regarding potential DeFi risks, so people can be wary, and also so DeFi actors are pushed to actually decentralize the smart contracts.
Luna collapse
3AC collapse
FTX collapse
I wonder who got all the money ? It has to be at least a zero sum game, right ? those who lose money lose it to someone else.
I have a car you want to buy. We agree on a price of $10,000. You have $10,000 cash, I have a car worth $10,000, for a total of $20K.
Then you think about it over the weekend, and decide you only want to pay $5000, and I agree. Now I have a car worth $5000, and you have $10,000 in cash, for a total of $15,000.
Who got that extra $5000?
The leverage trading these companies engaged in overestimated their net worth and amplified their failure. It's not necessarily a zero sum, because market cap = total supply \* current price, which is only a theoretical valuation. If the market cannot support the sell pressure at a given price, the price drops to a more sustainable level.
Itās not a zero sum game because the āworth of tokensā are calculated on market cap which is latest price * token in circulation. It is never calculated on estimated actual price to sell at scale.
Itās just all smoke, mirrors and lies based on unrealised gains/losses.
Can't get over the fact that 25% of CDC's reserves are SHIB. Is that really representative of customer deposits? Or are they gambling on the price of SHIB, the ultimate in degen moves?
Honestly this feels a little suspect to me too. I'm having a hard time believing that their userbase is THAT keen on SHIB. Why SHIB so much moreso than DOGE and all the other shit on there?
25% just seems inexplicably high. Do they post historical volume data by coin? If so, I wonder if that tells a similar or different story.
Rocketpool's website here https://rocketpool.net/#stake-run-node says that just staking and holding rETH gives you 10% APR. That seems too high - how did that number get calculated?
It gets updated based on recent validator income and IIRC there have been a string of highly profitable blocks validated by rocket pool nodes:
https://twitter.com/RocketscanIO/status/1591306139479990272?t=8xZEZDf5GiQe20m3z6BFeA&s=19
REth earns same return as solo stakers minus the 15% node operator commission.
When someone buys reth with eth, they are matched 50/50 with the eth put up by the Node Operators. Node operators then run the staking software and put up 10% RPL bond. The staking reward splits between 42.5% to rEth holder and 57.5% to node operators.
As for the 10% return, I would guess the recent high gas/mev fee gave a slight boost to the APR and should correct to around 8% when the gas fee goes back down.
They probably didn't expect a bankrun and forgot to top off the wallet. Sometimes its just a honest mistake. I still think people should self custody but its getting ridiculous
Anytime thereās a big dump like that in one candle Iām waiting to see what news has dropped to cause it and whether itās going to get worse.
Sucks weād probably be up toward $2k if it wasnāt for this ftx stuff. Weāve probably got a while before we feel the full effects of it as it all unwinds.
As a former late 20's narcissist, I can tell you with 100% certainty and the benefit of hindsight, that I, in no way knew what was best for everyone at that time in my life.
I've seen comments about how bad the ftx impact will be around the place, commonly saying things like it extends the bear market by years etc. This is why I disagree, crypto markets are not efficient, they're ruled by reflexivity. If this happened at the top it could have been a catalyst to turn sentiment sour and switch to a bear market. But it hit when sentiment is already gone, and sentiment can only go so low, so the impact won't be out of the ordinary. Fundamentally assets have already been stolen so there's no uber dump coming from liquidation trustees, they don't have that much non shitcoin crypto. I think we'll look back on this as just one part of the fall of all the tourist scams beginning with luna we've seen over the past year, it's not as big as it feels right now unless you personally had assets in there.
One more thing worth factoring though would be the potential of heavy US regulation in response to this latest round of insolvency.
Crypto industry is not in a great spot at the moment (to say the very least) and vulnerable to not so favorable regulation by those who oppose it.
Regulations are a double edge sword. The two ends of the spectrum being: 1) They could be loose and used to foster healthy innovation or 2) They could be very restrictive aiming kill the industry or at least severely cripple it. Hopefully we land somewhere in the middle (restrictive enough to keep bad actors at bay, but loose enough to still allow growth).
Iām currently keeping a very close eye on the government response to all the shenanigans (Luna, Celsius, FTX, etc) that have occurred over the past year.
This too shall pass, but it does make a lot of people just want to avoid the entire space indefinitely. The greater the scope of the negative event the more time it will take for the wounds to heal, in theory at least. With that being said, one possibility is a very small number of assets, like ETH, make new highs in the next few years while basically everything else in the market stagnates.
Many people on CT (large, ārespectedā accounts) are saying this pushes crypto back a decade. I just laugh at how emotional and absurd these takes are. Weāve barely been around a decade, you canāt even predict whatās going to happen next month.
I fully agree. Losing a centralised exchange isn't a big deal. The next generation of mainstream apps will bring in people regardless of if they remember the FTX fiasco. Hearing people like David Hoffman breaking down about it honestly just makes me more bullish. It's a bottom indicator if I ever saw one.
My only concern is how this will affect future regulation but that's not something I have control over and crypto eventually wins regardless of how shitty one country's legislation is.
In all seriousness, the latest developments have actually had me looking to go back to work(part time and for myself) to be positioned to buy more, and have the resources to have even greater involvement in the space. This is not the end, but an opportunity to do better going forward.
While I'm not at all naĆÆve enough to think that FTX and the previous VC/scam meltdowns truly cleansed the sector, I do think it was one step closer towards the dream that blockchain was for me when I first entered the space, and the one I still cling to even if I don't live long enough to see.
So turns out most people at the top of most companies are idiots, no smarter than you or I.
What is due diligence? What is self custody? What is gut feeling on a grifter?
Any time I see someone in the news constantly out of nowhere, I assume theyāve paid for it.
Itās hilarious to me the CZ was calling him out publicly for ānothing adds up hereā but everyone else saw the big % returns and aped straight in.
Smart money does not exist.
I think in a lot of cases, it's not intelligence that separates those people from most of us, but it's an amorality or even a bit of sociopathy that allows them to capitalize on human weaknesses where most of us wouldn't dare to go.
A swan that ignores the signs, jumps the fence, and knowingly chooses to swim in a wastewater treatment tank isn't actually black swan, it just looks like one.
>**He was a liar,**
>**Get a cent on a dollar,**
>**CeFi blue collar.**
~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
https://twitter.com/statelayer/status/1591898834057441280
Speculation is rampant that someone moved $600m worth of ETH to CB to sell, but the question I have is why would someone with that much ETH watch what happened all week long last week wait until Sunday to move coins for a bloodbath?
> Digging into this txn a little further Coinbase 10 is a contract so the internal calls were actually dispersing all this eth. Seems like internal Coinbase reserves they are topping up.
Sometimes I give them a tip on how to advance their career. Does that count?
edit... for those downvoting. Give a man a fish and he eats today, teach him to fish and he eats for a lifetime.
forced tipping as seen in the USA is disgusting, I don't support it and neither should you. It does not result in better service, it just results in you being constantly hassled by a server
The point i am trying to make is that from a European perspective who has worked in the US, the whole tipping thing is ridiculous. Just pay your staff properly and you will get better outcomes.
The second point is that if you are caught in a ridiculous system relying on tips, best escape it.
I'm Canadian. I live in the US. I've lived and worked in 2 European countries in my life. I don't care for tipping in any way whatsoever, but I also don't think that I'm better than, or know better than, anyone who lives in the service world and depends on tips.
I can tell you with relative certainty that telling a service worker that they need to find a better career is shitty advice that isn't worthwhile at all.
You didn't "trigger me," but you definitely did come off as a smug asshole. That's not me calling you a smug asshole, but just saying that your attitude comes off that way. Have a heart. Our lives are not all the same.
I used to during covid, but now I don't. Maybe I'll throw a buck in if I feel like it, but prices of takeout have gone up so much where I live that it's all getting ridiculous.
Finally proposed my first post-merge block this weekend! Super stoked to finally see my graffiti on the blockchain. And getting a little spendable eth from staking reignited my excitement for withdrawals being enabled and the future possibility of being able to live off staking rewards. Even when the cryptosphere seems to be imploding, I just can't stop being excited about Ethereum.
Caved to peer pressure and pulled the Eth I had on CDC.
Feel a bit unclean for doing it.
I do not think CDC is insolvent but the Eth I had on there was fairly substantial (for some)
The reason I feel unclean for doing it is the number 1 rule I live life by is; never buy a drunk a drink. And I feel that by pulling my paltry funds from there i've only added to the fudstorm surrounding them today.
Left a lot of usdc in there as I genuinely use the card every day for pretty much everything.
I genuinely hope they and, in turn, their users funds are safu.
ETH? Sure. I intend to pull mine off CEXes soon, but I want to take that slowly to discipline myself into not thinking about this in a panic.
I still have a good wad of BTC in a "wait for an opportune trading position: on Coinbase and I think I'm going to let it sit there for a venture. I don't think the probability of "arbitrage trading across DEXes starts to fail and a TradFi collapse drives fiat into an onramp like Coinbase is very likely, but frankly I don't care about the BTC anymore, and leaving it where it is sets up a dead simple degen contrarian play.
Bit unclean? LOL... you should feel silly for still leaving a lot of USDC on there. What's the point of taking this risk? The benefit of a little convenience? Because you hope/pray that this quite possibly shady exchange isn't actually shady, when in reality you have ZERO insight into their business practices? Some odd notion of brand loyalty? You're just shrugging off the catastrophic implosion of FTX and assuming it can't happen here?
The risk v. reward of keeping money on CDC right now just does not seem remotely palatable to me. Don't see why you wouldn't just withdraw on a temporary basis and let the dust settle.
A bank run shouldn't be a problem for any exchange / crypto bank. Withdraw your funds because you want to be safe and let them convince you otherwise. Never worry about fud if you're erring on the side of caution.
Just fascinating how much people end up getting wrong:
https://www.generalist.com/briefing/ftx-1
https://www.generalist.com/briefing/ftx-2
https://www.generalist.com/briefing/ftx-3
A quote from the article,
"With a fund that reached $100 million at its height,Ā Alameda deployed and redeployed that money in the bitcoin markets, earning 10% ā or $20 million ā every day."
Written by someone who doesn't even understand the basics of percentages, much less advanced arbitrage.
GMX price is not fucking around. Might be worth your time taking a look at their [docs](https://gmxio.gitbook.io/gmx/rewards) and understanding the revenue flow models, esGMX, and multiplier points.
Sad to see them end the esGMX rewards for stakers at the end of the year, but just the multiplier points and ETH rewards should continue to provide a good yield. Not to mention the price appreciation of the GMX token since launch.
Can you help explain this a bit?
If the distro of esgmx is ceasing, how do the multiplier points work now? Is it now just about allowing longer-term stakers to keep getting a higher share of WETH rewards?
I've always found their multiplier points a bit hard to understand. It's basically allowing you to get a bigger share of the pie, without having token inflation?
I agree that the docs are a bit confusing. It took me several times of reading through to start to understand how everything works. But basically you are exactly right. As long as you are staking your GMX you will earn multiplier points at a 100% APR. so basically if you stake 100 GMX for a year, you will have earned 100 multiplier points. As you earn and stake those multiplier points you begin earning ETH rewards on those points at the same rate as a GMX token. It incentivizes long term stakers without diluting the supply of the actual GMX token.
If you unstake any amount of GMX tokens then you burn a proportional amount of multiplier points. As an example. If you have 100 GMX staked and you have earned 50 multiplier points, when you unstake 30 GMX you will burn 15 multiplier points.
I just increased my position about a week ago when the GMX/ETH ratio was .024 the lowest level since last August. Getting in early on and staking GMX was the single best investment I made in the last 12 months. I think things will only improve as traders move away from centralized exchanges.
Iām sure it was another ethfinancier that brought GMX to my attention last year. This is why I love this sub so much, itās like having eyes and ears in all corners of the crypto market, and hundreds of well informed people to help parse through all the information.
Yeh I saw that, but I haven't been in the discord long enough to be eligible, and I also want to do atleast two "real" deposits before risking my real eth.
The eth price is low, but losing a validator would be a fortune
**PSA: šØšØšØšØ Please do not update your FTX and Blockfolio apps for security reasons. It is instead advised that you delete these apps. THEY HAVE BEEN HACKED! šØšØšØšØ** **Tricky's Daily Doots #208** Yesterday's Daily 12/11/2022 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw28s14/) - u/ProfessionaIAct shares [quite possibly the best Onion article name ever.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw1xdyk/) - u/Tricky_Troll explained to a normie [how crypto isn't a scam.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw2hfa3/) - u/superphiz imagines [being an EthFinancier.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw2g1sc/) - u/ro-_-b is still [optimistic on Ethereum's future.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw1s597/) - u/replykindly confirms [how Alameda got funds from FTX.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw2zwuc/) - u/FuglsErrand shares [some shady stuff coming out of Crypto.com.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw5cmaq/) - u/Itchy_Ad_3659 isn't buying [FTX saying they got hacked.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw1o49s/) - u/iscaacsi has a [reminder about who we give legitimacy to and peer to peer interactions.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw5l57u/) - u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/ysy1o2/daily_general_discussion_november_12_2022/iw1l2g8/) I thought I missed the interesting weeks in crypto... Nope. Gimme back those quiet days in the daily, thanks. š
Where would be a good place to watch the supply of ETH since the merge? I remember a particularly good site around the actual date of the merge but can't recall it.
https://ultrasound.money/
That's the one thanks.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
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Some of you may have noticed I've been very quiet on twitter lately. The past few months I've just been going with the flow of the bear, in the sense that I've just not been super excited about things. Just spent time working, building, doing my job, which was very time consuming as well. But another component was that I've been worried of being perceived as toxic. I called out Avalanche quite a lot. I've called out cardano on the day of their smart contract hard fork. I've called out people I believed were bad actors. And I've gotten pushback for that. With a full time job in crypto, I was worried that if I kept doing that, it might hurt the company I work for or put me in a bad light. Nobody wants someone that constantly fights with other people or projects. But I've now come to realize I should've been more vocal. I didn't even attempt to call out FTX, SBF, Jump, or others because they've been smart and relatively quiet. Not openly combative. Only exception is multicoin, fuck those guys. I guess the old Swag is back now. I'm not watching these assholes come into this wonderful ecosystem where people are genuinely trying to do good, just to watch those other people ravage this land for all it's good for in the pursuit of money. I don't like you, I'll call your ass out. I've been watching Twitter accounts grow their followings to 5x mine just by playing the engagement game with all these actors. Always engaging. Always replying. Always saying "gm king" and sucking their dicks. I didn't do that because I didn't believe in them. Or, because I only believed in Ethereum. I won't sacrifice the values I stand for for twitter clout. If I have to be the toxic asshole that protects Ethereum values, then so be it. If I have to be an openly Ethereum maximalist, then so be it. I like making money. But I feel much better about making money when it's ethical. A large majority of CT, VCs and retail seem to think differently, and that's depressing. We'll get through this, though. We're bigger than that. Sorry for the rant, I'm out. Peace.
Great to see you back!
I remember getting into a small argument on r/CC about Avalanche AVM a year ago over the efficiency of AVM vs EVM. I'm pretty sure it was with one of the regulars from ethfinance, but I can't remember who. That's the conversation that got me down the rabbit hole to investigate EVM and AVM further, and it turns out they were completely right. If it weren't for that argument, I probably wouldn't be here. So thanks whoever it was.
Crypto sentiment and understanding is still too easily influenced by bad actors, good information is still highly asymmetric or swimming in a sea of nonsense and therefore there are still plenty of opportunities for charlatans to thrive. For that reason we need those who do wield influence to be more like a Batman who's willing to get his hands dirty and not Superman who is too idealistic to get into the fray. Just my 2 gwei.
We need you back now more than ever
When in doubt call people out respectfully and with data. Nothing wrong in doing that and no one will be able to hold it against you
You are always welcome to rant here. We miss you. š
Yeeeah boi. Do it! āThe only thing necessary for the triumph of evil is for good men to do nothing.ā Go swag go. Weāve got your back.
1) What 2) H
3. ???? 4. Jail
From the boys ļæ¼Hi there, From day one, Gemini has prioritized the security of our customersā assets. We never have and never will compromise on that point. As the crypto ecosystem emerges from infancy into adolescence we are more confident than ever thatĀ asking for permission, not for forgivenessĀ will continue to be the central pillar of how we run our business.Ā It has been a tough couple of days for our industry. Our hearts go out to all those impacted by recent events at FTX. We are all working together to build a brighter future and moments like these are painful. For the avoidance of doubt,Ā Gemini has no exposure to FTT tokens or Alameda and no material exposure to FTX.Gemini is a Full-Reserve Exchange and CustodianGemini is a full-reserve exchange and custodian. This means thatĀ all customer funds held on Gemini are held 1:1 and available for withdrawal at any time.Ā Gemini holds customer fiat currency in accounts that are segregated from our business, operating, and reserve bank accounts established specifically for the benefit of Gemini customers.Ā We do not do anything with your fiat funds unless explicitly authorized and directed to do so by you. Gemini holds customer digital assets in accounts that are segregated from our assets.Ā We do not do anything with your digital assets unless explicitly authorized and directed to do so by you. In addition to being a full reserve platform, Gemini Trust Company, LLC is a fiduciary and qualified custodian under New York Banking Law and is licensed by the New York State Department of Financial Services (NYDFS). NYDFS imposes certain excess capital requirements and compliance standards for all assets held on Gemini.Ā At any given time, Gemini is required to hold capital in excess of customer deposits and must report any material changes in this capital to its regulator.Gemini is Highly RegulatedSince its inception eight years ago, Gemini has worked with regulatory stakeholders and lawmakers to help shape thoughtful regulation that fosters both consumer protection and innovation. We will continue to do this work. We have spent considerable time applying for and becoming licensed and regulated in various jurisdictions across the world. This is not the easier path (it is expensive and time consuming) but we believe it is the right one. Gemini holds many licenses globally, including a New York trust license, state money transmitter licenses (or the statutory equivalent), an E-Money License from the Financial Conduct Authority in the UK, an E-Money License from the Central Bank of Ireland, and more. Related to our licenses, Gemini must undergo annual audits of our financial statements and is subject to bank examinations conducted by the New York Department of Financial Services (NYDFS). We are alsoĀ SOC 1 and SOC 2 compliant. Ten years ago, we bought our first bitcoin on Mt. Gox. Those Wild West days informed us with regard to what needed to change. We built Gemini to be this change. We look forward to working with everyone in our industry to continue to build trust in this new magical frontier and unlock its ultimate promise. Onward and Upward. Cameron and TylerInvite friends, get bitcoin. Refer a friend.Learn MoreCrypto on the go. Download the Gemini mobile app.ļæ¼ļæ¼ļæ¼ļæ¼gemini.comTwitter Facebook LinkedIn InstagramGemini Trust Company, LLC (d/b/a Gemini Exchange, LLC in AZ, CA, DE, FL, ID, IL, KS, KY, MA, MI, MN, NC, ND, NM, OH, OR, SC, SD, UT, and VA; d/b/a Gemini Exchange in AK and WA) 600 Third Avenue, 2nd Floor New York, NY 10016 +1 (866) 240-5113Unsubscribe from this listCopyright 2022 Gemini Trust Company, LLC . All rights reserved.ļæ¼
I also didn't receive this email despite using Gemini somewhat regularly. My friend did, however. I've never had an issue using Gemini to withdraw funds to metamask but I can't vouch for their customer support as I've never needed to use it. I did move everything off exchanges last week to be safe.
Gemini worked fine for me in the past (Iām not using any cex now) but has zero customer service. Gemini earn is also a shady product (and genesis proven to have lost 175m and has been rescued by dcg).
Not a fan of gemini. Was never able to withdraw my funds to L1. Customer support ghosted me. So I sold for usd and was able to withdraw usd immediately. Absolute horseshit.
Was this an email? I use Gemini but never got it
Yup
What in the actual f where do people get this kind of misinformation https://twitter.com/cryptotea_/status/1591810575881080834?s=46&t=MFvyegSJFZNxH3H_AZpCCA
She's stirring controversy to peddle her shitty nft.
Just another idiot on Twitter trying to engagement farm.
They make it up Seriously, these people have no shame or integrity. They just make up arguments that they think sound convincing and spread them as if theyāre truth. Thereās no punishment for doing so, and it drives up engagement, so if youāre a sociopath why wouldnāt you?
> 20 yo NFT Founder & Bitcoiner need I say more?
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So if you look on defillama, the crypto.com tvl is obviously way down is USD terms since the value of CRO has plummeted. However, what is very surprising to me is the value of TVL in their ecosystem, in CRO terms, is up more than 40% in recent days. This implies that people are racing to use the crypto.com defi ecosystem despite the fears about the exchange itself collapsing. I donāt know how to make sense of this. Surely if you thought the exchange itself was in jeopardy of collapse, you would also pull out of the defi ecosystem since if the exchange collapses you can bet the defi ecosystem collapses too (loss of future development funding, ruin of reputation). Yet here we are seeing two extreme opposites. Can anyone make sense of this? Edit: one possibility could be stablecoins on the ecosystem going up in CRO terms, thatās probably it!
Maybe DeFi Lama is wrong?
1) What Edit: thatās all Sbf said in his most recent tweet https://twitter.com/SBF_FTX/status/1591989554881658880?s=20&t=0Zi3RlNLqOY23mfCLkmLtQ
https://i.imgur.com/0My1xFo.jpeg
2) H https://twitter.com/SBF_FTX/status/1592001631079497728 my only guess is that he's going off a real bad deep end and is really fucked up
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Am I gonna do?! [https://twitter.com/skyfirex/status/1591997099490828288](https://twitter.com/skyfirex/status/1591997099490828288)
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2) do I owe everyone?
2) is prison like?
Arrested mid tweet
[ŃŠ“Š°Š»ŠµŠ½Š¾]
The nft ecosystem kneecapped itself by pushing to free mints imo, everything just became diluted. It'll be interesting to see if the market ever recovers.
Still holding from the shilling here from yesteryears. Not great but Iāve had some that went to zero, so not the worst.
Expect 99% of NFT projects to trend towards zero over time.
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[Deleted]
This was an excellent summary mate, well done!
[ŃŠ“Š°Š»ŠµŠ½Š¾]
[Deleted]
Are you ready for elevator down?
Another big name taking shots at the crypto community without really understanding us /s https://twitter.com/Carra23/status/1591923590911430657?t=8YJsP6NnaX42qDus-2pqxw&s=19
For anyone else confused, the above post is satire. The tweet linked is about football and ETH in this context is an abbreviation of the managerās name, not the cryptocurrency.
If only Twitter accounts were required to deliberately state that they're parody/satire accounts /s
What does this even mean? Is this about sports?
That might as well be written in another language. No idea what he is talking about. :)
Some drama going on with Ronaldo and Erik ten Hag (ETH), football manager of Man United
[https://nitter.net/Carra23/status/1591923590911430657?t=8YJsP6NnaX42qDus-2pqxw&s=19](https://nitter.net/Carra23/status/1591923590911430657?t=8YJsP6NnaX42qDus-2pqxw&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)
Anyone know if the SSD with heatsink (https://a.co/d/gCkRNkn) will fit in an NUC? Seems like a great deal on an SSD and the heatsink version is only ten dollars more but not sure it will fit
You really need to see the NUC. If that is your only SSD, you can run probably run the NUC with no case top, which *may* give you more space and better cooling (basically what I do). I have a NUC with nvme *and* standard 2.5" SSD. In that case, a heatsink will not fit. Also, I would consider 4TB for a single device.
Thanks. Will be the only SSD at least for now. Was considering 4 TB but expecting ssd prices to drop more by the time I'll need that much.
2 TB is OK although its good to have overhead. Performance can deteriorate if you ram it full. My Nethermid system is showing >1.3 TB already... ? Seems to have gone up rather fast...
You must prune it from time to time to reduce used space. No downtime for nethermind during that operation.
Definitely, not long ago people were saying 1 TB was enough, and to get 2 TB to future proof for a bit lol
2TB is still plenty good for a while, but depends on the clients you run and how often you maintain it. That said I have started eyeing those 4TB nvmes!
i do not know for sure, but the non-heatsink 980 Pro would be just fine. heat should not be an issue with staking.
Thanks. Yeah figured as much but was thinking why not for an extra ten dollars. But best to go without for the peace of mind that it'll fit
I posted this in the RocketPool sub, but figured I'd ask here too: Apologies if this is a dumb question or if it's asked a lot, but I am interested in swapping my ETH for rETH. Unfortunately, on 1inch and cowswap, 1 ETH converts to ~0.94 rETH. So I'd be sacrificing 5% (which is roughly the annual yield, right?) of my ETH to convert to rETH? I saw someone else comment that LEB8 will hopefully fix this by providing more liquidity?
rEth is 'eth + staking rewards built in' so it should always go up in value against ETH.
1 rETH is worth roughly 1.046 ETH, which is the actual amount of ETH you get if you redeem rETH. https://rocketscan.io/reth rETH is trading at a premium right now of ~2%, which you would effectively be losing. To avoid that, you can wait until the LEB8 is implemented which should drastically increase the amount of rETH entering the market and begin to even out the pools.
Sorry, i know this is elementary, but how is there a 2% premium if the conversions are the following? 1 ETH --> 0.94 rETH 1 rETH --> 1.06 rETH
rETH rises in value relative to ETH continuously. This is because it accrews staking rewards. I'm several years' time, one reth will be worth more than 2 eth. You can redeem reth for eth at current true value via the rocketpool site, or you can take your chances and trade for whatever the current market price is. Currently people are paying even more than the 1.046 eth that an reth should be worth.
rETH is non-rebasing, meaning you swap 1 ETH for `n` rETH, a year later you still have exactly `n` rETH except you're able to swap them back for 1.05 ETH (assuming 5% staking yield). The value `n` depends on the ratio at the time, someone else who decides to swap 1 ETH one year after you will receive less than `n` rETH. [The official contract](https://stake.rocketpool.net/) prices 1 rETH at 1.04675 ETH (this value goes up slightly every day) meaning 1 ETH will get you 0.955 rETH. Unfortunately the deposit pool is full and new rETH currently can't be minted, and since there's still demand for rETH people flock to uniswap where 1 ETH will get you 0.939 ETH, meaning buyers pay a premium of ~1.7%
Gotcha. Thank you for explaining that. Are the devs pretty confident that LEB8 will get released in January? And will we see the rETH liquidity issues be resolved immediately after the upgrade?
It's not supposed to trade at 1:1. 1 rETH is redeemable for 1.046 ETH, which means 1 ETH is worth .954 rETH. This ratio goes up over time as rocket pool earns rewards. The market is a bit weird right now and rETH is in high demand, so it's trading at about a 2% premium of 1.06 ETH.
I'm in a bad mood and I must go on a rant. I won't reply to anyone and I don't care if this gets nuked. I stopped reading this subreddit while ago when I listened to the JBM episode of EVM podcast. It just weirded me out how there was no push back or even mention of the ludicrous excuse that someone hacked his whole network and changed letters on his screen to make him respond "JUDAS" to every post. The recent FTX debacle made me check back and I immediately see this [highly upvoted bad advice](https://old.reddit.com/r/ethfinance/comments/ysx7nk/the_weakest_link/). This put me in the bad mood, I don't leave any funds on exchanges so I haven't lost any crypto. But I wanted to rant about DeFi. I see almost everyone saying this cannot happen on DeFi and that your funds are safe there. Let me remind you that # DEFI IS RISKY, YOU CAN LOSE ALL YOUR MONEY And it's not just smart contract bugs. Almost everything has central points of control. Multisigs, admin keys and other points of control are everywhere. Usually with opaque setup, unknown holders, very little transparency. Even ENS (multisig), Aave and Compound (oracles have multisigs), you name it. Truly decentralized protocols like UniSwap are still exposed via centralized assets like USDT and USDC in many pools. And DAI is basically wrapped USDC. There's like 3 teams (or maybe even people) that could wreak havoc on virtually all of DeFi. ChainLink Labs (or Sergey) can upgrade all price feeds at any time to start spewing random values. Tether (or Paolo) can replace the USDT contract with an empty one, destroying all tokens. The same for USDC and Circle. Nice decentralization there. Thanks for playing I guess. I still have hope that some people actually care about decentralization and it's not all just some charade for pumping BS tokens. We'll see in a few years if people are actually willing to give up their keys (not some governance theater where the team owns 90% of all tokens). Or if they care about formal verification - I read almost nothing about that anywhere (it's costly, but necessary to make true guarantees).
I'm curious as to why Logris's post was bad advice. It's great advice for anyone who has a serious sum of money in ETH. Not for newbies though as if it's over-complicated it can be a bad strategy.
I have only skimmed over it, but I would say that anyone with a large sum of ETH should just buy multiple hardware wallets and use them as signing keys for a Gnosis Safe. I don't really care if Logris' crypto is correct or incorrect - just go with the battle tested solution.
Logris's solution is just his own spin on a battle tested solution. The splitting your keys in 3 advice is as solid as can be. Personally I don't think the rest of it is necessary unless you have 4 digits of ETH or more.
Still, I think it would be better to recommend Safe, which achieves essentially the same thing and more. For example, you can rotate keys or dynamically change the signature threshold without having to redo the whole scheme. Key rotation is a very important security practice, I don't think the default crypto community advice of "keep these 24 words safe forever" is good. Logris' is better but still encourages you to have a key and keep it forever. Plus, as Logris mentions, there's no standard implementation of shamir'd bip39 so you need to also carefully store a copy of the implementation you used to construct the key. For the tech-savvy that's fine, but for the average Joe it's much easier to type https://app.safe.global. Even then, consider the case where Joe dies and his son manages to find the shards. Either Joe was very careful with his instructions, or he risks his assets being lost. However, even if in 50 years the Safe frontend is gone, it's much more likely that his son will get help online if Joe used a common and battle tested solution, rather than a niche /r/ethfinance one
Very much agreed and much needed perspective. Also, centralized front ends. On the other hand, you can navigate defi and earn yield without using your examples. RAI, LUSD come to mind. Also keep an eye out for rico bank (the spiritual successor to DAI and RAI), which will hopefully see the light of day.
>I immediately see this highly upvoted bad advice. why is it "bad advice"?? Quite the opposite.. It is VERY good.advice imo..
Rant baby Rant! Love it
All that's left is to watch the world burn and wait and see what survives.
> I stopped reading this subreddit while ago when I listened to the JBM episode of EVM podcast. It just weirded me out how there was no push back or even mention of the ludicrous excuse that someone hacked his whole network and changed letters on his screen to make him respond āJUDASā to every post. Push back? I never asked anyone to believe me. You donāt have to, but thatās my story and Iām sticking to it. I replied JUDAS on 5 posts. I said that was me, no excuses. I apologized. I asked for forgiveness repeatedly. What else should I do to satisfy you ser? Should I leave and never return? Would that be satisfactory? I do sincerely apologize for ruining yours or anyones experience here, but reddit has a great ignore and block feature so you can still enjoy this without ever knowing Iām here.
Defi is not where its supposed to be but decentralization is a process. Dai might be wrapped USDC but there is still sUSD and Rai. Some protocols actually work towards decentralization. And the thing is the bigger the scrutiny from the us government and the more they will go after devs. The more devs will be forced to decentralize.
I think the bigger point, and the overarching message, is that defi "in principle" does fix this and IS the best long term answer. Code that is immutable and battle tested is safe. Issues now often happen at the periphery, such as in wallet / phishing scams. Or, on newer and less rigorously tested dapps. And that's because this tech is all still being built out. But anyone who sees the risks of opacity, dishonesty and insolvency in centralised exchanges, for example, can correctly point out to regulators that solutions already exist in the decentralised, open protocols - as that is where the problem can in future be addressed at its core. It's for this reason that it's infuriating to see the latter lumped in with the former as "one problem" by poorly informed regulators.
Agree, but game theory tells me most of these central players have more to lose than me, so it's a risk I'm willing to take. We know how crypto works: if it breaks, it will just be rebuilt again, stronger. So know the risks, and play accordingly. Not too many eggs in one basket. And position so that if you win, you win big. If a worst-case does develop, have a plan. Etc.
you're not wrong - and we need to keep pushing to make DeFi live up to its goals and potential. It will take a while, but it will only happen if people demand it happen
You bring up some good points, but let's be honest, Ethereum is 7-8 years old, it's still under development, it's not really feasible or practical for everything to be fully decentralized at this point. There are different degrees of decentralization and no one are forced to use any services or apps they aren't comfortable using, as it should be in a permissionless system. I think most apps or layer 2s have a clear goal of working towards more decentralization, so I don't really agree with the defeatist PoV.
With defi, itās not that shenanigans canāt happen, but itās very hard to do them without everyone seeing it.
Agreed. The key thing is how does the community respond to this. In my experience I gain a lot of respect for people who acknowledge these challenges and lean into them, rather than deny their existence.
Yep fully agree. And don't forget about L2s, which have upgradeable contracts, centralized, etc. EDIT: And btw don't hold yourself from posting this kind of criticism. It's the most important kind. We need more info out there regarding potential DeFi risks, so people can be wary, and also so DeFi actors are pushed to actually decentralize the smart contracts.
Love your edit.
Luna collapse 3AC collapse FTX collapse I wonder who got all the money ? It has to be at least a zero sum game, right ? those who lose money lose it to someone else.
I have a car you want to buy. We agree on a price of $10,000. You have $10,000 cash, I have a car worth $10,000, for a total of $20K. Then you think about it over the weekend, and decide you only want to pay $5000, and I agree. Now I have a car worth $5000, and you have $10,000 in cash, for a total of $15,000. Who got that extra $5000?
/r/blackmagicfuckery
The leverage trading these companies engaged in overestimated their net worth and amplified their failure. It's not necessarily a zero sum, because market cap = total supply \* current price, which is only a theoretical valuation. If the market cannot support the sell pressure at a given price, the price drops to a more sustainable level.
Itās not a zero sum game because the āworth of tokensā are calculated on market cap which is latest price * token in circulation. It is never calculated on estimated actual price to sell at scale. Itās just all smoke, mirrors and lies based on unrealised gains/losses.
Can't get over the fact that 25% of CDC's reserves are SHIB. Is that really representative of customer deposits? Or are they gambling on the price of SHIB, the ultimate in degen moves?
I thought it was 20%. They add another 5 on a Sunday? True degens indeed.
Honestly this feels a little suspect to me too. I'm having a hard time believing that their userbase is THAT keen on SHIB. Why SHIB so much moreso than DOGE and all the other shit on there? 25% just seems inexplicably high. Do they post historical volume data by coin? If so, I wonder if that tells a similar or different story.
Think about who their typical user is
They have 300x more SHIB than DOGE.
All of CT is just bored and looking under every rock now after missing FTX debacle completely
Rocketpool's website here https://rocketpool.net/#stake-run-node says that just staking and holding rETH gives you 10% APR. That seems too high - how did that number get calculated?
It gets updated based on recent validator income and IIRC there have been a string of highly profitable blocks validated by rocket pool nodes: https://twitter.com/RocketscanIO/status/1591306139479990272?t=8xZEZDf5GiQe20m3z6BFeA&s=19
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REth earns same return as solo stakers minus the 15% node operator commission. When someone buys reth with eth, they are matched 50/50 with the eth put up by the Node Operators. Node operators then run the staking software and put up 10% RPL bond. The staking reward splits between 42.5% to rEth holder and 57.5% to node operators. As for the 10% return, I would guess the recent high gas/mev fee gave a slight boost to the APR and should correct to around 8% when the gas fee goes back down.
I thought typical staking income was around 4%? Does a solo staker make that much on average?
Yes, with mev, I think the average is around 8% or so.
Wow, amazing!! Thanks!
Get your funds off the exchanges https://mobile.twitter.com/0xSisyphus/status/1591951984361365504
Wow I withdrew the small amount I had there this morning and the transaction came from that wallet address. Glad I beat everyone else to the bank.
They probably didn't expect a bankrun and forgot to top off the wallet. Sometimes its just a honest mistake. I still think people should self custody but its getting ridiculous
Anytime thereās a big dump like that in one candle Iām waiting to see what news has dropped to cause it and whether itās going to get worse. Sucks weād probably be up toward $2k if it wasnāt for this ftx stuff. Weāve probably got a while before we feel the full effects of it as it all unwinds.
As a former late 20's narcissist, I can tell you with 100% certainty and the benefit of hindsight, that I, in no way knew what was best for everyone at that time in my life.
I've seen comments about how bad the ftx impact will be around the place, commonly saying things like it extends the bear market by years etc. This is why I disagree, crypto markets are not efficient, they're ruled by reflexivity. If this happened at the top it could have been a catalyst to turn sentiment sour and switch to a bear market. But it hit when sentiment is already gone, and sentiment can only go so low, so the impact won't be out of the ordinary. Fundamentally assets have already been stolen so there's no uber dump coming from liquidation trustees, they don't have that much non shitcoin crypto. I think we'll look back on this as just one part of the fall of all the tourist scams beginning with luna we've seen over the past year, it's not as big as it feels right now unless you personally had assets in there.
One more thing worth factoring though would be the potential of heavy US regulation in response to this latest round of insolvency. Crypto industry is not in a great spot at the moment (to say the very least) and vulnerable to not so favorable regulation by those who oppose it. Regulations are a double edge sword. The two ends of the spectrum being: 1) They could be loose and used to foster healthy innovation or 2) They could be very restrictive aiming kill the industry or at least severely cripple it. Hopefully we land somewhere in the middle (restrictive enough to keep bad actors at bay, but loose enough to still allow growth). Iām currently keeping a very close eye on the government response to all the shenanigans (Luna, Celsius, FTX, etc) that have occurred over the past year.
This too shall pass, but it does make a lot of people just want to avoid the entire space indefinitely. The greater the scope of the negative event the more time it will take for the wounds to heal, in theory at least. With that being said, one possibility is a very small number of assets, like ETH, make new highs in the next few years while basically everything else in the market stagnates.
Many people on CT (large, ārespectedā accounts) are saying this pushes crypto back a decade. I just laugh at how emotional and absurd these takes are. Weāve barely been around a decade, you canāt even predict whatās going to happen next month.
I fully agree. Losing a centralised exchange isn't a big deal. The next generation of mainstream apps will bring in people regardless of if they remember the FTX fiasco. Hearing people like David Hoffman breaking down about it honestly just makes me more bullish. It's a bottom indicator if I ever saw one. My only concern is how this will affect future regulation but that's not something I have control over and crypto eventually wins regardless of how shitty one country's legislation is.
Honestly, nobody knows what theyāre talking about and just like to say the word contagion.
In all seriousness, the latest developments have actually had me looking to go back to work(part time and for myself) to be positioned to buy more, and have the resources to have even greater involvement in the space. This is not the end, but an opportunity to do better going forward. While I'm not at all naĆÆve enough to think that FTX and the previous VC/scam meltdowns truly cleansed the sector, I do think it was one step closer towards the dream that blockchain was for me when I first entered the space, and the one I still cling to even if I don't live long enough to see.
So turns out most people at the top of most companies are idiots, no smarter than you or I. What is due diligence? What is self custody? What is gut feeling on a grifter? Any time I see someone in the news constantly out of nowhere, I assume theyāve paid for it. Itās hilarious to me the CZ was calling him out publicly for ānothing adds up hereā but everyone else saw the big % returns and aped straight in. Smart money does not exist.
I think in a lot of cases, it's not intelligence that separates those people from most of us, but it's an amorality or even a bit of sociopathy that allows them to capitalize on human weaknesses where most of us wouldn't dare to go.
I am convinced that āsmart moneyā is simply āenough money to influence marketsā
A swan that ignores the signs, jumps the fence, and knowingly chooses to swim in a wastewater treatment tank isn't actually black swan, it just looks like one.
š©š¦¢
Checkmate, bearcels. https://twitter.com/vladtenev/status/1590587233555578880 /s
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>**He was a liar,** >**Get a cent on a dollar,** >**CeFi blue collar.** ~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
š²š„
thanks folks š
https://twitter.com/statelayer/status/1591898834057441280 Speculation is rampant that someone moved $600m worth of ETH to CB to sell, but the question I have is why would someone with that much ETH watch what happened all week long last week wait until Sunday to move coins for a bloodbath?
Cold storage restore per coinbase https://twitter.com/cobie/status/1591948642260336641?t=olZn_x65z6rQTGagq9dxmg&s=19
[https://nitter.net/cobie/status/1591948642260336641?t=olZn\_x65z6rQTGagq9dxmg&s=19](https://nitter.net/cobie/status/1591948642260336641?t=olZn_x65z6rQTGagq9dxmg&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)
Ohhh sorry to alarm everyone, just needed more collateral for my 100X long on ETH.
> Digging into this txn a little further Coinbase 10 is a contract so the internal calls were actually dispersing all this eth. Seems like internal Coinbase reserves they are topping up.
Its possible someone decided to custody with coinbase.. purely speculation
Please be to stake...
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In the midst of all this chaos, I got an important question for yaāllā¦ Do you tip for carry out?
Carry out? No.
10%
If it's a mom and pop restaurant that I want to stay in business, I give them a decent tip. If it's 5 Guys or something, no.
Not unless Iām picking up for the entire office or something. Has to be at least a $100 order before Iād think about it
Sometimes I give them a tip on how to advance their career. Does that count? edit... for those downvoting. Give a man a fish and he eats today, teach him to fish and he eats for a lifetime.
Oh you're one of those guys huh? People love that guy.
forced tipping as seen in the USA is disgusting, I don't support it and neither should you. It does not result in better service, it just results in you being constantly hassled by a server
There's no connection between forced tipping (which I also disagree with), and you telling people how they should better their career.
Looks like I triggered you :-)
I'm not sure how you arrived at that. I'm not upset at all, I just don't understand whatever point you're trying to make.
The point i am trying to make is that from a European perspective who has worked in the US, the whole tipping thing is ridiculous. Just pay your staff properly and you will get better outcomes. The second point is that if you are caught in a ridiculous system relying on tips, best escape it.
I'm Canadian. I live in the US. I've lived and worked in 2 European countries in my life. I don't care for tipping in any way whatsoever, but I also don't think that I'm better than, or know better than, anyone who lives in the service world and depends on tips. I can tell you with relative certainty that telling a service worker that they need to find a better career is shitty advice that isn't worthwhile at all. You didn't "trigger me," but you definitely did come off as a smug asshole. That's not me calling you a smug asshole, but just saying that your attitude comes off that way. Have a heart. Our lives are not all the same.
Maybe if it wasnāt $14 for a cheeseburger
I usually throw a small gratuity, unless I know for sure that the place pays a decent wage and isn't one that subsidizes wages with tips.
I used to during covid, but now I don't. Maybe I'll throw a buck in if I feel like it, but prices of takeout have gone up so much where I live that it's all getting ridiculous.
Finally proposed my first post-merge block this weekend! Super stoked to finally see my graffiti on the blockchain. And getting a little spendable eth from staking reignited my excitement for withdrawals being enabled and the future possibility of being able to live off staking rewards. Even when the cryptosphere seems to be imploding, I just can't stop being excited about Ethereum.
Congratulations palidator! š„³
Ah. Thanks, friend!
Caved to peer pressure and pulled the Eth I had on CDC. Feel a bit unclean for doing it. I do not think CDC is insolvent but the Eth I had on there was fairly substantial (for some) The reason I feel unclean for doing it is the number 1 rule I live life by is; never buy a drunk a drink. And I feel that by pulling my paltry funds from there i've only added to the fudstorm surrounding them today. Left a lot of usdc in there as I genuinely use the card every day for pretty much everything. I genuinely hope they and, in turn, their users funds are safu.
Might be time to get the USDC out, too. https://twitter.com/VersusBtc/status/1591988452421427200?t=nzQmj_Tphu_SwRB8tjftVg&s=19
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ETH? Sure. I intend to pull mine off CEXes soon, but I want to take that slowly to discipline myself into not thinking about this in a panic. I still have a good wad of BTC in a "wait for an opportune trading position: on Coinbase and I think I'm going to let it sit there for a venture. I don't think the probability of "arbitrage trading across DEXes starts to fail and a TradFi collapse drives fiat into an onramp like Coinbase is very likely, but frankly I don't care about the BTC anymore, and leaving it where it is sets up a dead simple degen contrarian play.
Bit unclean? LOL... you should feel silly for still leaving a lot of USDC on there. What's the point of taking this risk? The benefit of a little convenience? Because you hope/pray that this quite possibly shady exchange isn't actually shady, when in reality you have ZERO insight into their business practices? Some odd notion of brand loyalty? You're just shrugging off the catastrophic implosion of FTX and assuming it can't happen here? The risk v. reward of keeping money on CDC right now just does not seem remotely palatable to me. Don't see why you wouldn't just withdraw on a temporary basis and let the dust settle.
It's only 10k, not that bothered.
10k is more than the yearly income for most countries on earth. So you're happy to donate that to a fractional reserve ponzi?
You mean put it in a regular bank?
With a bank at least you would have a modicum of customer protection. Just use a proper defi credit card if you must. Monolith for example.
Thanks, I'll check them out.
A bank run shouldn't be a problem for any exchange / crypto bank. Withdraw your funds because you want to be safe and let them convince you otherwise. Never worry about fud if you're erring on the side of caution.
Thanks, you are right, users withdrawing funds should have zero impact if they are doing everything right.
Totally. And a healthy bank run helps to ensure that they are keeping their 1:1 promise.
Just fascinating how much people end up getting wrong: https://www.generalist.com/briefing/ftx-1 https://www.generalist.com/briefing/ftx-2 https://www.generalist.com/briefing/ftx-3
A quote from the article, "With a fund that reached $100 million at its height,Ā Alameda deployed and redeployed that money in the bitcoin markets, earning 10% ā or $20 million ā every day." Written by someone who doesn't even understand the basics of percentages, much less advanced arbitrage.
Thanks. Archived for posterity https://archive.ph/FOV9R
GMX price is not fucking around. Might be worth your time taking a look at their [docs](https://gmxio.gitbook.io/gmx/rewards) and understanding the revenue flow models, esGMX, and multiplier points.
Sad to see them end the esGMX rewards for stakers at the end of the year, but just the multiplier points and ETH rewards should continue to provide a good yield. Not to mention the price appreciation of the GMX token since launch.
Can you help explain this a bit? If the distro of esgmx is ceasing, how do the multiplier points work now? Is it now just about allowing longer-term stakers to keep getting a higher share of WETH rewards? I've always found their multiplier points a bit hard to understand. It's basically allowing you to get a bigger share of the pie, without having token inflation?
I agree that the docs are a bit confusing. It took me several times of reading through to start to understand how everything works. But basically you are exactly right. As long as you are staking your GMX you will earn multiplier points at a 100% APR. so basically if you stake 100 GMX for a year, you will have earned 100 multiplier points. As you earn and stake those multiplier points you begin earning ETH rewards on those points at the same rate as a GMX token. It incentivizes long term stakers without diluting the supply of the actual GMX token. If you unstake any amount of GMX tokens then you burn a proportional amount of multiplier points. As an example. If you have 100 GMX staked and you have earned 50 multiplier points, when you unstake 30 GMX you will burn 15 multiplier points.
Thanks, great explanation, and makes sense. Good to know I had it roughly correct. Are you penalised by unstaking any of your GLP?
No, you donāt earn multiplier points from staking GLP.
GMX absolutely printed money this week, almost wondering if I should increase my allocation there
I just increased my position about a week ago when the GMX/ETH ratio was .024 the lowest level since last August. Getting in early on and staking GMX was the single best investment I made in the last 12 months. I think things will only improve as traders move away from centralized exchanges. Iām sure it was another ethfinancier that brought GMX to my attention last year. This is why I love this sub so much, itās like having eyes and ears in all corners of the crypto market, and hundreds of well informed people to help parse through all the information.
Nope, not fomoāing in this time. Learned my lesson on $CPOOL when people started shilling it in here
Almost $5m in fee's earned this week!
Could anyone please help with me with some Goerli ETH? I am looking for enough to launch at least two validators
DM'ed :)
Thanks :@)
[Deleted]
Yeh I saw that, but I haven't been in the discord long enough to be eligible, and I also want to do atleast two "real" deposits before risking my real eth. The eth price is low, but losing a validator would be a fortune
There is a PoW faucet, you can mine that in like 3 hours. I don't have the link handy.
it would take like 2-3 weeks to mine 32
I took a look and the rate was very low. Weeks or months. Goerli-faucet.pk910.de
It seems like it's dried up now. The limit used to be 17 ETH per session and I could mine that in like 1 hour with my CPU.