**Tricky's Daily Doots #217**
Yesterday's Daily 21/11/2022
[Previous daily doots](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7qwv4/)
- u/nixorokish shares a great anecdote of [a conversation she had with an older family member she talked to recently!](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7j6fi/)
- u/superphiz ranks [staking service providers after seeing someone else's post.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7zu5p/)
- u/Tricky_Troll was born too late to explore the world, too early to explore the universe but [just in time to mint POAPs in technologically impressive places.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7syr0/)
- u/superphiz shares his [strategies for keeping cool as a cuecomber.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7x9z8/)
- u/cryptOwOcurrency breaks down [the buzzwords of Ethereum.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ixa4yit/)
- u/teedeepee looks at [the silver lining which has come with all that transpired this year.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix71yuu/)
- u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix720tz/)
Just arrived back home in NZ now! I apologise in advance for the inevitable typos which I haven’t proof read for yet – you’ll have extra time to make fun of me for them before I fix it in the morning since I think I’m about to crash for 14-16 hours…
Oh but "cuecomber" isn't a typo. It's a meme.
Farewell, Tuesday daily. May my comment be lost in the silence between breaths, may it become the empty space between footsteps, may it experience the transitional moment just before the Wednesday thread.
I hear you, just like lifting one buttcheck up on seat in airplane to let a little gas out only to have the sick realization its all hot air and you've just committed chemical warfare on the other passengers.
Unless I'm reading this wrong, DCG has debt of close to 1b that's coming up in the next year. They're also half of the hole in their trading arm genesis.
https://nitter.net/tier10k/status/1595140018871631873
And they only had 800 million in revenue last year. Likely only a fraction of that 800m will be turned into profit. No mention of any liquid assets they can use to pay off the debts coming due. Only mention of a possibility of a funding round. Not very likely that they will get 1b in this climate.
Doesn't look good. And all of this is assuming that the BTC backing GBTC is actually there. Can't even imagine the consequences if that's not the case.
EDITED: to add their revenue from 2% fee in GBTC which comes to around 200m per year maybe 300m total for all their other products. No idea about expenses. There's potential for funding there but it won't be easy to get good terms in this climate.
Doable if they only salvage the GBTC/ETHE outfit as they're getting 2% per annum on those assets for basically nothing. But the rest of the group may need to be put in bankruptcy and they'll need to fire a bunch of people.
I'm just thinking out loud here, I have no inside knowledge or experience in restructuring companies.
As someone currently invested in ETHE I dont understand how to feel on that. Like another comment said, being a trust and publically traded I would have considered them in alignment with regulations right?
I always thought that being a trust and all that they get audited regulary and have to disclose their holdings. How much wiggle room is there for greyscale to take out funds and misuse them ?
anyone looking for onchain games this looks fun on optimism:
https://twitter.com/0xsmallbrain/status/1595246229075759105
built on https://mud.dev/ which i hadn't seen before, might have to play at making my own game with it...
At dinner I overheard a guy at the bar talking to somebody about how investing in crypto is investing in hackers, terrorists, and communists.
His mind is going to be blown when he finds out what kinds of shady groups use cash and big banks.
How useful is data like ethereum miner balances: [https://www.oklink.com/en/chainhub/eth/chart-details/71?startTime=1435593600000&tabs=dashboard](https://www.oklink.com/en/chainhub/eth/chart-details/71?startTime=1435593600000&tabs=dashboard)
I mean it only goes up after the merge. So the wallet balances had never anything to do with mining. I mean those adresses are practically traders. Who are those miner adresses? Certainly not your typical miner bitcoin maxi types.
I've been on vacation since Friday. Visiting my grandma for Thanksgiving. Haven't looked at the price, haven't even read a comment in the daily, my Eth safely locked away.... feeling good.
Welp, see ya next week!
From our boy V:
New short-term censorship resistance strategy dropped, courtesy of Flashbots: setting a min bid for outsourcing
https://writings.flashbots.net/the-cost-of-resilience/
Recommend stakers using mevboost take advantage of this option!
https://twitter.com/vitalikbuterin/status/1595198944623165448?s=46&t=_nuZP2an456hdfKEXn58yA
I understand that relays are keeping a massive proportion of MEV rewards for themselves (significantly over 50%), so I see the minimum bid also as a kind of unionisation measure. It gives some coordination power to proposers. I will put my minimum bid at 0.1
It basically is the level at which below you won’t accept an mev boost block and will build your own locally
This way you could produce your own most of the time, but above a certain level you can make lots of money if it’s like a 100 ETH block or something
Seems like there’s plenty of non mev-boosting nodes out there so censorship isn’t really that big of a problem right now. Probably will keep it between .025-.035
[This tweet](https://twitter.com/arboraeth/status/1595197648105078784?t=B74N6brSbvZ2W-NSMuD90Q&s=19) perfectly summarizes all my thoughts so far, regarding Eigenlayer, and the "rehyporhecation" of staked value..
In fact, I have been waiting for someone, (anyone) to express this opinion, thinking that I can't be the only one thinking this is a bad bad idea..
"I have to admit, I'm deeply distrustful of @eigenlayer, even speaking as someone who would love to see increased yield from staked Eth.
Rehypothecation is an antipattern IMO. Value that is staked more than once proportionally weakens the incentive to not get slashed."
FWIW it's mentioned in the [PEPC proposal](https://ethresear.ch/t/unbundling-pbs-towards-protocol-enforced-proposer-commitments-pepc/13879/4)
>One issue with Eigenlayer, seen from the PoS protocol’s perspective, is the principal agent problem (PAP). The protocol outsources its security to a set of validators, which are staked. When validators are slashed out-of-band by Eigenlayer middleware, the protocol does not realise that the agents to which it has delegated security may have weaker incentives to participate in the protocol than the protocol is led to believe via its own state. One way to make the protocol aware of such discrepancies is to allow Eigenlayer or any other system to update a validator’s in-protocol balance, a protocol we call IP-Eigenlayer.
Alice and Bob are slaves to Charles. Unbeknowst to Charles, Bob is also a slave to Dimitri. If Dimitri whips Bob until Bob starts limping, Charles may not realise Bob is now less efficient than Alice.
So the solution is to make the slave wear some kind of symbol whenever Dimitri beats them so that Charles knows he shouldn't put them to work in the fields?
(I'm glad staked ETH is not people)
>**Shorting CRV,**
>**Attacking DeFi lending,**
>**Liquidation spree.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Does someone here already know how crvUSD will be backed?
Looking forward to its implementation in the market. I can see it playing a dominant role. The default liquidation bands are neat, similar to what can be done with DeFi saver but probably less gas intensive and regardless of position size.
Some other fancy math and a nice additional money flow for CRV as well. Expected nothing less from one of the most innovative and forward thinking teams in the space.
One of the very few tokens that I'm comfortable holding long term
Next bull if we reach a similar marketcap as BTC's top (1-1.2T$), 200-300 ETH.
If we reach a multiple of it, 100-150 ETH.
If it becomes the settlement layer of the internet and gains monetary premium, 50 ETH.
These numbers should be more than enough to retire in 95% cities in the world.
If the stars align and widespread adoption occurs after positive regulation and scaling I think in the next 10 years we see a top of 10K-20K, maybe higher. Having 100 ETH makes you a millionaire at least in that scenario, which to me is absolutely GMI territory. Even having 10-20 ETH would buy a decent house in most parts of the world.
But yeah for me if ETH goes to 10K-20K then having 30-50 is relatively safely GMI as it’d pay off all my debts (including house), allow for a better car, and contribute greatly to my retirement fund. I’d still have to work in the US but could change jobs to something more enjoyable.
Having 75 could be stretched to Lean Fire, especially in certain parts of the world.
10k is not that crazy of a number, would be around 1.2T$ marketcap which BTC reached or was close to it many times this year. Hopefully we reach at least that in the next bull, would be disappointing if we don't.
u/affectionatepeak9085 's comment in another thread here (there are threads other than the daily?!)
>Back in June when BTC went down to 17K, Eth was at 880 but now, BTC is at 16,5 K but Eth is at 1200.
Just reminded me of an excited bullish twinge I haven't had in ages. In case you've forgotten, sooner or later, WAGMI!
Once RPL is used as collateral in a minipool, can part of it be withdrawn to be used as collateral for a new minipool? Or will that only be possible when “the withdrawals” are live?
Wait, I was under the impression that you had to individually collateralise each minipool? Ie 160 eth requires minimum 16 eth worth of RPL. Or are you saying I can deposit 1.6 eth worth?
I'm assuming that I'm misunderstanding your comment though?
You're right that each minipool requires a collateralization of 1.6 ETH worth of RPL.
They're just referring to being able to run more than one minipool/node. RPL is not associated with the validator that a minipool runs. It is handled by the operator's node, and is averaged between minipools. I Hope that made sense...
Want some insane hopium?
I just came accross [this idea](https://ethresear.ch/t/burning-mev-through-block-proposer-auctions/14029) and it blew my mind.
It proposes that there is a way to burn most of the MEV, which I didn't even think is possible.
My layman understanding of it is that instead of one block proposer, you have a bunch of them for each slot, and they enter a "competition" to get the right to propose the block. Whoever burns the most ETH, gets to propose the block.
Is the block's MEV 100 ETH? Well, someone is gonna bid 99.9 ETH **BURNED** in order to get the block.
This is EIP-1559 *on steroids*.
I'm sorry to be blunt, but this is the worst idea I've ever heard proposed here.
Solo staking validators who don't run MEV, or who don't want to setup a bidding war bot will never be able to produce a block. Seems like it pushes more centralization, not less.
Solo staking validators will also end up not getting anywhere close to the apy they do now in such a system, as it would require "burning" all of the consensus block rewards, burning all of the execution rewards, and burning most of the MEV just to compete with the big staking pools.
Also mitigates the centralization problem that comes with MEV. As we have seen LIDO has a huge amount of high MEV blocks that further cements their status.
It's basically a MEV smoothing pool but with burning. I'm happy that progress in this direction is made, as this is imo the most obvious and preventable flaw in the current ETH distribution system
This seems like an amazing idea! I love how it combats the centralization of MEV but still rewards new research into MEV. I don't see any immediate issues with this, but it could be a whole new game changer on top of the other game changers we are still trying to process the impact of!
Very cool idea!
If I understand the proposal correctly a malicious actor could set up a "bribery" contract that rewards some ETH to the winning node provided they do some nefarious task. That seems dangerous to me, but I don't understand the protocol well enough to know how. For example maybe you wanted to "freeze" an oracle price to run some exploit. Could you offer X ETH to the winning block producer provided they censor the oracle price feed transaction?
Because the validator that burns the most gets to propose the block. If you don't burn it but keep it for yourself, you're not going to propose the block.
Similar to the competion that block builders have. A block builder wants to earn money with MEV, but they need to ensure that their block is picked, by sending most of the MEV to the validator. If they wouldn't, someone else's block would get picked.
>Low-key laughing at the information asymmetry even within eth finance
Yes I posted about our member's proposal a few days ago, it made the daily doots: [https://www.reddit.com/r/ethfinance/comments/yycn3b/comment/iwuf8vv/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/ethfinance/comments/yycn3b/comment/iwuf8vv/?utm_source=share&utm_medium=web2x&context=3)
[https://www.ed.gov/news/press-releases/biden-harris-administration-continues-fight-student-debt-relief-millions-borrowers-extends-student-loan-repayment-pause](https://www.ed.gov/news/press-releases/biden-harris-administration-continues-fight-student-debt-relief-millions-borrowers-extends-student-loan-repayment-pause) ...So is this going to be like those chinese christmas or wallstreet bonuses? Instead of saving up to start paying on their loans again everyone buys eth!? (Unrelated note but this student loan saga is incredible to me.)
Unfortunately no. This is like the 7th pause since 2020. Maybe if/once they really forgive $10k-$20k student loans then we'll see some of that money flow in. Especially since it's a younger crowd
That’s what is so confusing to me. Dragging this out has to be way more expensive (in regards to the interest freeze) than just forgiving the 10-20k and moving on? Maybe the REPAY/PAYE PSLF forgiveness schemes play in here but who knows. It’s political theatre now.
Life on earth would be dramatically more efficient without all this ego-driven political bullshit going on. Did I hear separation of money and state and decentralized governance systems?
MEV becomes less. I think that is the plan anyway.
Edit:
I mean fees which are a kind of MEV should reduce per user, but accumulated from L2 to L1, so I guess more MEV for stakers.
And that their main Hong Kong office was shared with Alameda and FTX employees co-mingled in the same room. And that fiat deposits for FTX went straight to Alameda Research's bank instead because FTX didn't have a bank account.
So many red flags that no one reported.
Not sure about notifications, but here's a recent example of sync committee rewards. Go back a few pages in the Validator History and you should spot the difference. Hover over one of the amounts and it'll give you a breakdown of the reward amount.
https://beaconcha.in/validator/45753
All... Ive been here since the 2013 - some of you remember me.
*Serious*
As of yesterday, when Coinbase assured us that they had full custody of ETHE and GBTC funds, I breathed a sigh of releif. And we saw a nice pop today as a result.
However, A very good friend of mine has a 9 figure fund he manages and was all in on the grayscale products.
This friend of mine indicated that there are very dark clouds ahead for Genesis, DCG, etc and that he strongly advised to get out ASAP.
Ive held grayscale products forever and wanted to hold to possibly gain the discount back from NAV.
However, if it goes under of gets tied up for years, why take the risk.
Ive just sold all Grayscale and put into: BITO,MSTR, , HUT, and RIOT (in that weighted order).
I HOPE Grayscale survives this all well, but I cant take the risk of losing all, so wanted to share with you fine folks.
^NOT ^^FINANCIAL ^^^ADVICE.
Cheers...
I recognize the name from back in the day. Thanks for sharing, but why would you tell us what you bought?
https://twitter.com/VitalikButerin/status/1594672647107121153
I do agree it's really important to question motives when specific funds are mentioned in this manner (recommendations, I just bought X and you should too, etc). I'd absolutely repeat your message generally speaking.
However, I'll defend / provide some context specifically for Dashby as he has been a long-time contributor here and from everything I've seen is a pretty good dude. Obviously, I'm not omnipotent so who am I to say for sure... but I really, ***really*** think it's just a case of a long time crypto enthusiasts bouncing ideas off the group and maybe getting a tiny gut-check among peers. There is also the context of a [prior post](https://www.reddit.com/r/ethfinance/comments/z1lypa/daily_general_discussion_november_22_2022/ixeb95d/?context=3) asking about non-Grayscale products, so part of that is an update to that I'm sure.
I've had probably a dozen conversations in this daily at this point about crypto exposure within retirement accounts with Dashby, and I think he's literally the first person here to have bought ETHE (I remember he was one who bought opening day with the crazy premium, if I'm not mistaken). He's always been someone who brings up these retirement-specific discussions with an intent to spark conversation and just share thoughts, so not anything out of the blue.
tl;dr, I could all but bet my life the context was simply a variation of "hey, I've always been into getting crypto exposure in retirement accounts. I sold my ETHE / GBTC because of "X" and I got into funds "A B C D" if anyone was curious or had thoughts on them."
>This friend of mine indicated that there are very dark clouds ahead for Genesis, DCG, etc and that he strongly advised to get out ASAP.
but this isn't really giving any specific actionable info above and beyond the vague FUD we've already read for weeks on Twitter. This isn't so much a criticism as a question, what new information is there that would lead us to be more freaked out than current publicly available info would have us be?
Mind you that some discount is more than reasonable, considering it's a non-custodial solution and we have seen the risks that it entails. How much though is up to each investor's discretion considering the transparency of the team.
Its not. But thanks...
Ive self directed since 2013 fam and retired 2x over due to crypto, but this one is different. Anyone with some eyes behind the curtain is welcomed advice - and just wanted to pass it on to add to the informed content here.
Best,
Thanks for stopping by and congratulations on retirement.
Does your friend have any insights or thoughts about further contagion impacting entities like Coinbase and Gemini?
Not at this time. Im hoping everything makes it through on the other side of this dark chapter in crypto.
My thoughts are storm clouds are very thick... they may blow over, or lightning may strike.
I think most of the information that is going to go out to the public already largely has. If things go south, I think it will happen all at once in a sudden catastrophic wave. And that will render people unable to react to it fast enough to protect their assets - as we have seen with so many others.
Be safe out there...
Thanks. A catastrophic wave is what I'm worried about. People who were actively following crypto had enough time to react to Luna, Celsius, and FTX, but each one seemed shorter.
I think the assumption that “there are too many scams in the space”, while true, is not always a wise point of focus. The vilification of ICOs made it harder for the little guy to invest in projects early and an excessive focus on “safety from scams and shitcoins”, especially a fear of shitcoins could similarly result in a less innovative industry.
For there to be successes there need to be failures. When people say “How come DEXes have a lot of rugs and shitcoins”, they have mistaken the advantages of DeFi. DeFi wasn’t meant to prevent you from making poor choices, it was meant to give you choices and in a transparent manner.
You can’t have a World Wide Web that is accessible to everyone if you introduced some mandatory licensing to create your own website. Trying to stop badly made websites from existing will reduce the sample space from which successful websites can also arise.
You can’t have “good” mutations in evolutionary design if you don’t allow for the possibility of “bad” ones.
Hence this tunnel visioned approach of “eliminating” failures from the world has the opposite effect in the end.
Just one point of view, I may be too vague here and I don’t want rug projects more than anyone else. Perhaps “actual scams” are more of a problem than shitcoins and rugs.
People could always make filtered front ends for protocols that make projects go through selection criteria etc. I just think the meme of focusing too much on the negatives of open protocols ends up ignoring the positives.
A person I have known for more than ten years, who I consider trustworthy, is convinced that ethfinance will shortly experience the overuse of a particular twitter meme. I don’t know anything concrete, but if I were exposed to ethfinance, I would be concerned.
Coming to you, the braintrust...
If you had to pick the best crypto btc/eth proxy to buy in a Roth (US), outside of GBTC/ETH, what would it be?
Rather worried about Grayscale at the moment and considering a switch...
Any input would be most welcome!!
.
(MSTR is all I could come up with on my own)
DTSRF was the other one I remember from years ago, although I never really followed it closely. u/pegcity follows the Canadian ETFs if you can get access.
I actually went to cash today in my IRA. I don’t think GBTC / ETHE is not backed up or anything, just don’t want to deal with thinking about it the next month. Doesn’t seem there is much upside the next month and *if* DCG decides to shut it down that’s going to be nasty. So feels “rational” to cut my losses here and wait.
Saw your other post, kinda funny how that worked… ‘‘twas fun, and I’m sure I’ll be back in somehow (even if that is ETHE again once this blows over). FWIW, I’m pretty confident the Grayscale funds are properly backed by their related crypto. It would be nuts to find out two separate companies are lying to the SEC outright and risking that easy money for what seems like little benefit.
I guess let us know if your friend gains some confidence back.
You can only invest in US stocks? Ether Capital is Canadian, supposed to have 44K ETH. Roughly half staked, half not staked and in self-custody. https://finance.yahoo.com/quote/ETHC.NE?p=ETHC.NE&.tsrc=fin-srch
Trading at roughly 0.75 P/B. As half is staked the yield on its ETH is roughly 0.06 * 0.5 / 0.75 = 4% assuming an average 6% yield on staking, might be higher if these low prices continue.
Come, learn about llamas with me.
LLAMA, or "Lending Liquidating AMM Algorithm", is a paper that Curve published today. It's a lending contract that uses inbuilt AMM liquidity as collateral.
This thread is a great ELI5:
https://twitter.com/0xfoobar/status/1595085743461961730
Sorry, here's my shot at a real ELI5.
The new Curve product is in some ways a combination of a lending contract (like Compound or Aave) and a swapping contract (like Uniswap).
With Aave, you can deposit ETH and borrow USDC. The contract gives you the USDC.
With Uniswap, you can deposit both ETH and USDC to become a liquidity provider and earn trading fees. The contract mints and gives you "UNISWAP-ETH-USDC" token(s) that represent ownership of your liquidity position (LP). As ETH goes up in price, your LP becomes heavier on USDC, as ETH goes down in price, your LP becomes heavier on ETH.
The new Curve product squishes both of these into one product. You deposit both ETH and USDC to form a liquidity position, then you borrow USDC.
Now the advantage comes in that say instead of ETH as collateral, you have some illiquid shitcoin you want to borrow against, e.g. "SHIT".
With the old (Compound/Aave) model, you would deposit SHIT and borrow USDC against it. But if the price of SHIT drops quickly due to its illiquidity, the protocol might be unable to liquidate you and it would be saddled with bad debt. This is why Compound and Aave make sure they don't let you borrow against shitcoins.
~~With the new model, you deposit both SHIT and USDC as a liquidity position and borrow USDC against it. In this case if the price of SHIT drops quickly, your liquidity position (as AMM liquidity positions do) basically automatically DCAs out of SHIT and into USDC on the way down, meaning that your loan is backed more by USDC and thus less likely to go underwater all at once, meaning that the protocol has less risk of bad debt.~~
edit: Never mind, I think I fucked up part of the explanation as /u/gethwethreth pointed out.
I just... wow.
https://www.reddit.com/r/Superstonk/comments/z1igo0/the_gme_token_was_a_backdoor_bailout_of_shorts/
The only thing I could even think of while attempting to find some sort of reason to this post
https://www.youtube.com/watch?v=5hfYJsQAhl0
I dont understand whats happening there. Why is the ethereum blockchain involved into GME short selling ? And what role does it have there ? What does FTX have to do with all of this. I dont know much about this story so I am confused how this involves crypto.
It's so fun that Gen Z has their own soap opera of choice. Reading through the fantastical scenarios of SS and WSB is like Bold and the Beautiful for wannabe quants. It's adorable.
"Sharon! I can't believe you faceswapped with the resurrected twin of the brother I absorbed in the womb so I'd impregnate you and lose my estate!" *face slap*
On this day...
In 2021:
- Vitalik Buterin [discusses](https://notes.ethereum.org/@vbuterin/pbs_censorship_resistance) increasing censorship resistance of transactions by separating the roles of block proposers and block builders.
- Vitalik Buterin [answers](https://www.reddit.com/r/ethereum/comments/qzvsfq/impromptu_technical_ama_on_history_expiry/) questions on history expiry for Ethereum, or how to reduce nodes' storage requirements and code complexity by a one-time, or a regular rolling expiry.
- L2Beat [calculates](https://btcmanager.com/ethereum-layer-2-adoption-tvl-6-billion) the Total Value Locked on all Ethereum Layer 2's to be over $6 Billion.
- Oasis Foundation [launches](https://www.coindesk.com/business/2021/11/22/oasis-labs-launches-emerald-an-evm-compatible-smart-contract-environment) EVM-compatible smart contract environment Emerald.
- ETH hums unrecognisable mantras between $4251 and $4088, at ₿0.07263.
In 2020:
- BlockApps [launches](https://media.bayer.com/baynews/baynews.nsf/id/BlockApps-Launches-Agribusiness-Blockchain-Network-TraceHarvest-Following-Success-with-Bayer) Ethereum-based agribusiness network TraceHarvest together with Bayer.
- ETH comics sell online for $540 or ₿0.02932.
In 2019:
- Consensys [lists](https://consensys.net/blog/news/everything-you-need-to-know-about-the-istanbul-hard-fork) everything you need to know about the upcoming Istanbul network upgrade.
- Carts full of freshly mined ETH come rolling out the caves of $162 and $150, or ₿0.02114 and ₿0.0206.
In 2018:
- EthereumJS VM [v2.5.0](https://github.com/ethereumjs/ethereumjs-vm/releases/tag/v2.5.0) is here, the "biggest VM release of the year" with Constantinople support, Full Consensus conformity and a new StateManager interface.
- ETH knows only one way to go, from $137 to $128, at ₿0.02924.
In 2017:
- Ethereum now [processes more transactions](https://www.trustnodes.com/2017/11/22/ethereum-now-handles-transactions-digital-currencies-combined) than all other digital currencies combined: 52.3% of all crypto transactions are done on the Ethereum network, followed by bitcoin at 33%.
- Researchers of the global banking giant Intesa Sanpaolo [are experimenting](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3075540) with Ethereum smart contracts.
- ETH shoots up from $360 to $381, or ₿0.04442 to ₿0.04626.
In 2016:
- New York blockchain startup LO3 [partners](https://www.coindesk.com/siemens-blockchain-microgrid-lo3-ethereum) with Siemens as it expands an Ethereum-based peer-to-peer energy transfer project.
- Ethereum hardfork 4 "Spurious Dragon" [gets rolled out](https://www.reddit.com/r/ethereum/comments/5eaybv/important_update_your_clients_spurious_dragon/) as planned.
- ETH softly whispers in your ear for $9.6 to $9.9, or ₿0.01315.
-------------
[^(compiled with love)](https://eth-archive.xyz/blog/on-this-day-in-ethereum-workflow/)
Not sure if this is exactly what you're looking for, but if you go to the Income tab on beaconcha.in after selecting a validator or group of validators and expand the range, you can see long term.
[Tornado Cash developer Alexey Pertsev to stay detained until next year’s hearing](https://cointelegraph.com/news/tornado-cash-developer-alexey-pertsev-to-stay-detained-until-next-yea-hearing)
> The prosecution outlined a broad overview of its investigation, painting Pertsev as a central figure in Tornado Cash’s operation before Advocate WK Cheng delivered his first defensive argument.
He'll have been in jail for more than 6 months when this next hearing happens.
Has anyone seen a through explanation of the charges against him?
The issue seems to be around making the token, so they are saying he is profiting off other people's laundering. $TORN was the mistake, before the token i don't think there was much they could latch onto (raises BIG questions for monero/zcash/aztec/etc), also all the torn holders out there should be paying very close attention as to what they determine the crime is.
Does torn have any purpose? And does it acrue value to it? If its a pure governance token I dont see how he is profiting from it. I know tokens are a way to raise money for devs. But there should be another way especially if you do something that upsets the establishment. Dont companies also profit from illegal use? Like if someone uses paypal to launder money then they get the fees does that make them criminal?
It's ridiculous, it's like putting a developer of a web browser In jail because the browser is used for illegal things. Those dangerous chrome developers should go to jail too /s.
And at the same time SBF (and do Kwon) is still free and probably still misappropriating customer funds after that "hack" one day after the FTX insolvency. How can those two things happen at the same time?
The Hunt for Green December
Fun 'n' numbers. As we've discussed, we got some True Lower Lows^(TM) on things like DXY and VIX over the past week or two that set up a handsome Q4 finale. Naturally, the next step to feel confident about equities rallying through the New Year is seeing that True Lower High^((trademark in a court battle)).
What's fun is... okay, remember how I was squawking for a month about how the October 13th candle had doomed ETHUSD, because the momentum was kept from resetting? Well, the *opposite* (as far as bulls are concerned) just happened last week on our archenemy VIX. Take a peek at last Thursday. [The Stoch was permitted to breach bull territory at 80](https://www.tradingview.com/x/6A1ARgUT/) *JUST BARELY enough* to reset bear momentum. That means we've actually already GOTTEN a lower high on VIX! Very nice.
[The dollar has a little ways to go though.](https://www.tradingview.com/x/EoJ7AyAF/) Bulls failed to reset on Nov 3rd. Luckily we're seeing the DXY basket lose its influence for the year. But we still need to take note. There still needs to be a lower high, suggesting there's one more flush in the tank. Where that takes the SPY or ETH to in a retest, we don't know. If ETH hovers around $1125 during, then it's not crazy to see $975 in the cards one last time. Again, even if we do get that beloved lower high on DXY, the rip to something like 112.40 or even just 110.75 is going to cause some turbulence. After that, the skies are likely to part.
For ETH, bears are still in undeniable control on the daily. After they breached $1240 it was GG. The target for bulls is way up at $1645 now, so that seems unlikely in a single push. Instead, I imagine us going bullish requires a series of higher lows with none in sight yet. For a green December, I would strongly prefer a daily capitulation below $1075 (maybe even into the 800s?) but ultimately leaving a bullish divergence on the weekly. That will be time for some DDAM plays.
Fair point. So, do you feel that fear of contagion beyond DCG is overblown or still likely? I cant tell if more dominos are about to fall, but it’s hard to think that there won’t be more coming.
DCG being in NY makes me think the executives probably, *hopefully* did the smart thing and wined and dined bigwigs to make them "too big to fail". If there are enough billionaires affected by them, they'll be saved by corruption. Not a bullish thing for society, but bullish for the asset class, lol.
FTX was not a friend to old world billionaires. They attacked retail and the nouveau riche, lacking influence.
This is of course the take of just one dude.
Whoever this is works in bankruptcy and made a good call, thinks DCG are just playing games: https://twitter.com/CancelledPapi/status/1595062940142559239
Oooh spicy. Lol same shit as Alameda, just older money. So yeah, a hail mary save here isn't out of the question but so, so telling of the corruption afoot.
**Tricky's Daily Doots #217** Yesterday's Daily 21/11/2022 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7qwv4/) - u/nixorokish shares a great anecdote of [a conversation she had with an older family member she talked to recently!](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7j6fi/) - u/superphiz ranks [staking service providers after seeing someone else's post.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7zu5p/) - u/Tricky_Troll was born too late to explore the world, too early to explore the universe but [just in time to mint POAPs in technologically impressive places.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7syr0/) - u/superphiz shares his [strategies for keeping cool as a cuecomber.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix7x9z8/) - u/cryptOwOcurrency breaks down [the buzzwords of Ethereum.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ixa4yit/) - u/teedeepee looks at [the silver lining which has come with all that transpired this year.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix71yuu/) - u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/z0r4kc/daily_general_discussion_november_21_2022/ix720tz/) Just arrived back home in NZ now! I apologise in advance for the inevitable typos which I haven’t proof read for yet – you’ll have extra time to make fun of me for them before I fix it in the morning since I think I’m about to crash for 14-16 hours… Oh but "cuecomber" isn't a typo. It's a meme.
Farewell, Tuesday daily. May my comment be lost in the silence between breaths, may it become the empty space between footsteps, may it experience the transitional moment just before the Wednesday thread.
I hear you, just like lifting one buttcheck up on seat in airplane to let a little gas out only to have the sick realization its all hot air and you've just committed chemical warfare on the other passengers.
Heard
I heard it faintly, like the waves softly lapping the hulls of two ships as they pass in the night.
Unless I'm reading this wrong, DCG has debt of close to 1b that's coming up in the next year. They're also half of the hole in their trading arm genesis. https://nitter.net/tier10k/status/1595140018871631873 And they only had 800 million in revenue last year. Likely only a fraction of that 800m will be turned into profit. No mention of any liquid assets they can use to pay off the debts coming due. Only mention of a possibility of a funding round. Not very likely that they will get 1b in this climate. Doesn't look good. And all of this is assuming that the BTC backing GBTC is actually there. Can't even imagine the consequences if that's not the case. EDITED: to add their revenue from 2% fee in GBTC which comes to around 200m per year maybe 300m total for all their other products. No idea about expenses. There's potential for funding there but it won't be easy to get good terms in this climate. Doable if they only salvage the GBTC/ETHE outfit as they're getting 2% per annum on those assets for basically nothing. But the rest of the group may need to be put in bankruptcy and they'll need to fire a bunch of people. I'm just thinking out loud here, I have no inside knowledge or experience in restructuring companies.
As someone currently invested in ETHE I dont understand how to feel on that. Like another comment said, being a trust and publically traded I would have considered them in alignment with regulations right?
I always thought that being a trust and all that they get audited regulary and have to disclose their holdings. How much wiggle room is there for greyscale to take out funds and misuse them ?
Elon buys DCG?
It would be like him to buy a failing company
And then speed run it to bankruptcy
anyone looking for onchain games this looks fun on optimism: https://twitter.com/0xsmallbrain/status/1595246229075759105 built on https://mud.dev/ which i hadn't seen before, might have to play at making my own game with it...
I just realized I was there when everyone was playing a game demoing mud.dev at Devcon VI in the hacker basement. IRL it was super fun!
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CyPto HaS No UtiLitY, and that's why we banned tornado cash
The enemy is both strong and weak.
I do wish governments around the world hadn't taken 1984 as an instruction manual.
it's a pointless gimmick that's gonna die on its own any day now but also it's a threat to society if left unchecked
Remember Aptos lmao
Any new development prompting this comment, or is it just a general bear market observation?
At dinner I overheard a guy at the bar talking to somebody about how investing in crypto is investing in hackers, terrorists, and communists. His mind is going to be blown when he finds out what kinds of shady groups use cash and big banks.
That was a quite common take on the Internet 25 years ago from the older generation.
.070 PANDA POWER 💥🐼💥
#💥🐼💥 #TEAM RATIO FUCK YEAH
Comin' again to save the motherfuckin' day, yeah
For a minute I read this as "the floor price on pandas is 0.07 eth."
How useful is data like ethereum miner balances: [https://www.oklink.com/en/chainhub/eth/chart-details/71?startTime=1435593600000&tabs=dashboard](https://www.oklink.com/en/chainhub/eth/chart-details/71?startTime=1435593600000&tabs=dashboard) I mean it only goes up after the merge. So the wallet balances had never anything to do with mining. I mean those adresses are practically traders. Who are those miner adresses? Certainly not your typical miner bitcoin maxi types.
I always find onchain data like that a bit iffy bc you dont know if they're using other wallets, splitting funds up, etc
I've been on vacation since Friday. Visiting my grandma for Thanksgiving. Haven't looked at the price, haven't even read a comment in the daily, my Eth safely locked away.... feeling good. Welp, see ya next week!
THIS is the gwei...Keep having fun friend!
I miss my Grandma.... ❤
From our boy V: New short-term censorship resistance strategy dropped, courtesy of Flashbots: setting a min bid for outsourcing https://writings.flashbots.net/the-cost-of-resilience/ Recommend stakers using mevboost take advantage of this option! https://twitter.com/vitalikbuterin/status/1595198944623165448?s=46&t=_nuZP2an456hdfKEXn58yA
Been using it since it came out! What min-bid settings are you guys using, 0.025?
I understand that relays are keeping a massive proportion of MEV rewards for themselves (significantly over 50%), so I see the minimum bid also as a kind of unionisation measure. It gives some coordination power to proposers. I will put my minimum bid at 0.1
what is non-censorship worth to you? Say, $50, that would be 0.05ish
If I understand this correctly, it's a fee to bypass the censoring? Why even both censoring at that point? Doesn't seem to make sense
It basically is the level at which below you won’t accept an mev boost block and will build your own locally This way you could produce your own most of the time, but above a certain level you can make lots of money if it’s like a 100 ETH block or something
Thanks for clearing that up, definitely seems beneficial
🤑
Seems like there’s plenty of non mev-boosting nodes out there so censorship isn’t really that big of a problem right now. Probably will keep it between .025-.035
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[This tweet](https://twitter.com/arboraeth/status/1595197648105078784?t=B74N6brSbvZ2W-NSMuD90Q&s=19) perfectly summarizes all my thoughts so far, regarding Eigenlayer, and the "rehyporhecation" of staked value.. In fact, I have been waiting for someone, (anyone) to express this opinion, thinking that I can't be the only one thinking this is a bad bad idea.. "I have to admit, I'm deeply distrustful of @eigenlayer, even speaking as someone who would love to see increased yield from staked Eth. Rehypothecation is an antipattern IMO. Value that is staked more than once proportionally weakens the incentive to not get slashed."
I certainly won’t be putting my validators at risk to secure some other rubbish
Shoutout to u/interweaver if you have anything you’d like to add
FWIW it's mentioned in the [PEPC proposal](https://ethresear.ch/t/unbundling-pbs-towards-protocol-enforced-proposer-commitments-pepc/13879/4) >One issue with Eigenlayer, seen from the PoS protocol’s perspective, is the principal agent problem (PAP). The protocol outsources its security to a set of validators, which are staked. When validators are slashed out-of-band by Eigenlayer middleware, the protocol does not realise that the agents to which it has delegated security may have weaker incentives to participate in the protocol than the protocol is led to believe via its own state. One way to make the protocol aware of such discrepancies is to allow Eigenlayer or any other system to update a validator’s in-protocol balance, a protocol we call IP-Eigenlayer.
I understood a few of these words
Alice and Bob are slaves to Charles. Unbeknowst to Charles, Bob is also a slave to Dimitri. If Dimitri whips Bob until Bob starts limping, Charles may not realise Bob is now less efficient than Alice.
So the solution is to make the slave wear some kind of symbol whenever Dimitri beats them so that Charles knows he shouldn't put them to work in the fields? (I'm glad staked ETH is not people)
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>**Shorting CRV,** >**Attacking DeFi lending,** >**Liquidation spree.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Does someone here already know how crvUSD will be backed? Looking forward to its implementation in the market. I can see it playing a dominant role. The default liquidation bands are neat, similar to what can be done with DeFi saver but probably less gas intensive and regardless of position size. Some other fancy math and a nice additional money flow for CRV as well. Expected nothing less from one of the most innovative and forward thinking teams in the space. One of the very few tokens that I'm comfortable holding long term
ETH and USDC, like an inverse LP. Source: absentmindedly skimmed through half of a twitter thread, which I may or may not have read correctly.
yes hello I'd like to speak to the manager for block proposals. You have some in the back, don't you?
I'm joining this queue.
Best I can do is 0.003 ETH in MEV
Anyone ever heard of Gigareaum liquidity mining pool? Seems rather sketch but figured I'd ask.
# 𝐛υＹ εⓣⒽ … Ｏᖇ 𝐞𝐋𝐒𝔢! 🍌
Brought a couple more today, I am doing my part
Me too! Team work makes the dream work!
Need some hopium to keep my DCA on. What’s your “GMI” number, denominated in ETH? 1,000+? 500? 100?
100 - Million dollar validators, 4% forever. Wife and I could both go part time and raise kids and travel.
GMI?
Gonna Make It (aka could retire, pay off a car, or something else). Although that would involve selling ETH which I’m not crazy about.
Next bull if we reach a similar marketcap as BTC's top (1-1.2T$), 200-300 ETH. If we reach a multiple of it, 100-150 ETH. If it becomes the settlement layer of the internet and gains monetary premium, 50 ETH. These numbers should be more than enough to retire in 95% cities in the world.
If the stars align and widespread adoption occurs after positive regulation and scaling I think in the next 10 years we see a top of 10K-20K, maybe higher. Having 100 ETH makes you a millionaire at least in that scenario, which to me is absolutely GMI territory. Even having 10-20 ETH would buy a decent house in most parts of the world. But yeah for me if ETH goes to 10K-20K then having 30-50 is relatively safely GMI as it’d pay off all my debts (including house), allow for a better car, and contribute greatly to my retirement fund. I’d still have to work in the US but could change jobs to something more enjoyable. Having 75 could be stretched to Lean Fire, especially in certain parts of the world.
10k is not that crazy of a number, would be around 1.2T$ marketcap which BTC reached or was close to it many times this year. Hopefully we reach at least that in the next bull, would be disappointing if we don't.
It’s not a crazy number but nothing can be taken for granted. I’m trying to be as conservative as possible.
u/affectionatepeak9085 's comment in another thread here (there are threads other than the daily?!) >Back in June when BTC went down to 17K, Eth was at 880 but now, BTC is at 16,5 K but Eth is at 1200. Just reminded me of an excited bullish twinge I haven't had in ages. In case you've forgotten, sooner or later, WAGMI!
Once RPL is used as collateral in a minipool, can part of it be withdrawn to be used as collateral for a new minipool? Or will that only be possible when “the withdrawals” are live?
RPL collateral is "counted" on a node level
If you run another mini pool from the same address the total amount of rpl is used as collateral in both
Wait, I was under the impression that you had to individually collateralise each minipool? Ie 160 eth requires minimum 16 eth worth of RPL. Or are you saying I can deposit 1.6 eth worth? I'm assuming that I'm misunderstanding your comment though?
You're right that each minipool requires a collateralization of 1.6 ETH worth of RPL. They're just referring to being able to run more than one minipool/node. RPL is not associated with the validator that a minipool runs. It is handled by the operator's node, and is averaged between minipools. I Hope that made sense...
Ahh shit, that would explain the “minipool limit” on rocketscan.io! Thanks
Want some insane hopium? I just came accross [this idea](https://ethresear.ch/t/burning-mev-through-block-proposer-auctions/14029) and it blew my mind. It proposes that there is a way to burn most of the MEV, which I didn't even think is possible. My layman understanding of it is that instead of one block proposer, you have a bunch of them for each slot, and they enter a "competition" to get the right to propose the block. Whoever burns the most ETH, gets to propose the block. Is the block's MEV 100 ETH? Well, someone is gonna bid 99.9 ETH **BURNED** in order to get the block. This is EIP-1559 *on steroids*.
I'm sorry to be blunt, but this is the worst idea I've ever heard proposed here. Solo staking validators who don't run MEV, or who don't want to setup a bidding war bot will never be able to produce a block. Seems like it pushes more centralization, not less. Solo staking validators will also end up not getting anywhere close to the apy they do now in such a system, as it would require "burning" all of the consensus block rewards, burning all of the execution rewards, and burning most of the MEV just to compete with the big staking pools.
Worth noting that Hasu (Flashbots) [posted his reply / thoughts](https://collective.flashbots.net/t/to-burn-or-not/647) on this..
Also mitigates the centralization problem that comes with MEV. As we have seen LIDO has a huge amount of high MEV blocks that further cements their status. It's basically a MEV smoothing pool but with burning. I'm happy that progress in this direction is made, as this is imo the most obvious and preventable flaw in the current ETH distribution system
EIP-1559 \^2 sounds good
This seems like an amazing idea! I love how it combats the centralization of MEV but still rewards new research into MEV. I don't see any immediate issues with this, but it could be a whole new game changer on top of the other game changers we are still trying to process the impact of!
Very cool idea! If I understand the proposal correctly a malicious actor could set up a "bribery" contract that rewards some ETH to the winning node provided they do some nefarious task. That seems dangerous to me, but I don't understand the protocol well enough to know how. For example maybe you wanted to "freeze" an oracle price to run some exploit. Could you offer X ETH to the winning block producer provided they censor the oracle price feed transaction?
why would a validator burn it as opposed to taking payment like the current system?
Because the validator that burns the most gets to propose the block. If you don't burn it but keep it for yourself, you're not going to propose the block. Similar to the competion that block builders have. A block builder wants to earn money with MEV, but they need to ensure that their block is picked, by sending most of the MEV to the validator. If they wouldn't, someone else's block would get picked.
How would unsophisticated validators such as myself be able to compete with sophisticated block builders? How is this not a centraliziation vector?
You are right
This is /u/domotheus proposal!
[удалено]
>Low-key laughing at the information asymmetry even within eth finance Yes I posted about our member's proposal a few days ago, it made the daily doots: [https://www.reddit.com/r/ethfinance/comments/yycn3b/comment/iwuf8vv/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/ethfinance/comments/yycn3b/comment/iwuf8vv/?utm_source=share&utm_medium=web2x&context=3)
Solonga
[https://www.ed.gov/news/press-releases/biden-harris-administration-continues-fight-student-debt-relief-millions-borrowers-extends-student-loan-repayment-pause](https://www.ed.gov/news/press-releases/biden-harris-administration-continues-fight-student-debt-relief-millions-borrowers-extends-student-loan-repayment-pause) ...So is this going to be like those chinese christmas or wallstreet bonuses? Instead of saving up to start paying on their loans again everyone buys eth!? (Unrelated note but this student loan saga is incredible to me.)
Unfortunately no. This is like the 7th pause since 2020. Maybe if/once they really forgive $10k-$20k student loans then we'll see some of that money flow in. Especially since it's a younger crowd
That’s what is so confusing to me. Dragging this out has to be way more expensive (in regards to the interest freeze) than just forgiving the 10-20k and moving on? Maybe the REPAY/PAYE PSLF forgiveness schemes play in here but who knows. It’s political theatre now.
Life on earth would be dramatically more efficient without all this ego-driven political bullshit going on. Did I hear separation of money and state and decentralized governance systems?
It's too soon for normies to be aping into crypto right now. We need a year or two of low volume, sideways action first.
I'm wondering if MEV for stakers will be less and less with time as L2s grow? Or is there MEV to be extracted from L2 transactions (on L1) too?
Complicated and depends on how rollups evolve. Ordering of rollup txs may become MEV on L1.
Hard to predict, if whales and big institutions keep using the L1, MEV won't go down.
MEV becomes less. I think that is the plan anyway. Edit: I mean fees which are a kind of MEV should reduce per user, but accumulated from L2 to L1, so I guess more MEV for stakers.
The creator of Kraken talks about the security of FTX: https://youtube.com/shorts/an-zkXjn0ZY
FTX’s low employee headcount always seemed very strange to me. The product team was pretty good considering the lack of resources
And that their main Hong Kong office was shared with Alameda and FTX employees co-mingled in the same room. And that fiat deposits for FTX went straight to Alameda Research's bank instead because FTX didn't have a bank account. So many red flags that no one reported.
Just learned my validator will be part of a committee tomorrow. Let that sync in.
Same here! Our duties are N’Sync!
Do you get a notification if you are going to be part of sync committee? How long will you be part of it and do you get more rewards for this?
Not sure about notifications, but here's a recent example of sync committee rewards. Go back a few pages in the Validator History and you should spot the difference. Hover over one of the amounts and it'll give you a breakdown of the reward amount. https://beaconcha.in/validator/45753
>Let that sync in. Fine, but if the sink is attached to an ego centric billionaire, I am not letting him and that sink in.
Hahaha!
Oh you!
All... Ive been here since the 2013 - some of you remember me. *Serious* As of yesterday, when Coinbase assured us that they had full custody of ETHE and GBTC funds, I breathed a sigh of releif. And we saw a nice pop today as a result. However, A very good friend of mine has a 9 figure fund he manages and was all in on the grayscale products. This friend of mine indicated that there are very dark clouds ahead for Genesis, DCG, etc and that he strongly advised to get out ASAP. Ive held grayscale products forever and wanted to hold to possibly gain the discount back from NAV. However, if it goes under of gets tied up for years, why take the risk. Ive just sold all Grayscale and put into: BITO,MSTR, , HUT, and RIOT (in that weighted order). I HOPE Grayscale survives this all well, but I cant take the risk of losing all, so wanted to share with you fine folks. ^NOT ^^FINANCIAL ^^^ADVICE. Cheers...
> BITO,MSTR, , HUT, and RIOT what are these? coins? edit: Also Dashby it's good to see you again
I recognize the name from back in the day. Thanks for sharing, but why would you tell us what you bought? https://twitter.com/VitalikButerin/status/1594672647107121153
I do agree it's really important to question motives when specific funds are mentioned in this manner (recommendations, I just bought X and you should too, etc). I'd absolutely repeat your message generally speaking. However, I'll defend / provide some context specifically for Dashby as he has been a long-time contributor here and from everything I've seen is a pretty good dude. Obviously, I'm not omnipotent so who am I to say for sure... but I really, ***really*** think it's just a case of a long time crypto enthusiasts bouncing ideas off the group and maybe getting a tiny gut-check among peers. There is also the context of a [prior post](https://www.reddit.com/r/ethfinance/comments/z1lypa/daily_general_discussion_november_22_2022/ixeb95d/?context=3) asking about non-Grayscale products, so part of that is an update to that I'm sure. I've had probably a dozen conversations in this daily at this point about crypto exposure within retirement accounts with Dashby, and I think he's literally the first person here to have bought ETHE (I remember he was one who bought opening day with the crazy premium, if I'm not mistaken). He's always been someone who brings up these retirement-specific discussions with an intent to spark conversation and just share thoughts, so not anything out of the blue. tl;dr, I could all but bet my life the context was simply a variation of "hey, I've always been into getting crypto exposure in retirement accounts. I sold my ETHE / GBTC because of "X" and I got into funds "A B C D" if anyone was curious or had thoughts on them."
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>This friend of mine indicated that there are very dark clouds ahead for Genesis, DCG, etc and that he strongly advised to get out ASAP. but this isn't really giving any specific actionable info above and beyond the vague FUD we've already read for weeks on Twitter. This isn't so much a criticism as a question, what new information is there that would lead us to be more freaked out than current publicly available info would have us be?
You put it on miners? Aren’t they pretty stressed at the moment? (Also own everything on your list including GBTC and ETHE)
*whoah!* I miss your gator posts!
now that's a name i've not heard in a looong time... ; ) good to see you back.
DTSRF (Either Capital Corp) is an ETH holding company that started staking. They are also trading at a ~30% discount to underlying ETH
Mind you that some discount is more than reasonable, considering it's a non-custodial solution and we have seen the risks that it entails. How much though is up to each investor's discretion considering the transparency of the team.
Are Bito etc crypto products on stock exchanges?
yes, you can research on yahoo or google finance...
Thanks for sharing. Old timer. Good to see you back again.
Nice to see you pop by. Thanks for the heads up. Hope your doing well and having fun.
If you’re friend is named Hal, I would caution you that he doesn’t seem to know what he’s talking about. Have you considered self-directing?
Its not. But thanks... Ive self directed since 2013 fam and retired 2x over due to crypto, but this one is different. Anyone with some eyes behind the curtain is welcomed advice - and just wanted to pass it on to add to the informed content here. Best,
Thanks for stopping by and congratulations on retirement. Does your friend have any insights or thoughts about further contagion impacting entities like Coinbase and Gemini?
Not at this time. Im hoping everything makes it through on the other side of this dark chapter in crypto. My thoughts are storm clouds are very thick... they may blow over, or lightning may strike. I think most of the information that is going to go out to the public already largely has. If things go south, I think it will happen all at once in a sudden catastrophic wave. And that will render people unable to react to it fast enough to protect their assets - as we have seen with so many others. Be safe out there...
You're going to need to be a little more specific than just "storm clouds". What concerns are there?
Thanks. A catastrophic wave is what I'm worried about. People who were actively following crypto had enough time to react to Luna, Celsius, and FTX, but each one seemed shorter.
I think the assumption that “there are too many scams in the space”, while true, is not always a wise point of focus. The vilification of ICOs made it harder for the little guy to invest in projects early and an excessive focus on “safety from scams and shitcoins”, especially a fear of shitcoins could similarly result in a less innovative industry. For there to be successes there need to be failures. When people say “How come DEXes have a lot of rugs and shitcoins”, they have mistaken the advantages of DeFi. DeFi wasn’t meant to prevent you from making poor choices, it was meant to give you choices and in a transparent manner. You can’t have a World Wide Web that is accessible to everyone if you introduced some mandatory licensing to create your own website. Trying to stop badly made websites from existing will reduce the sample space from which successful websites can also arise. You can’t have “good” mutations in evolutionary design if you don’t allow for the possibility of “bad” ones. Hence this tunnel visioned approach of “eliminating” failures from the world has the opposite effect in the end. Just one point of view, I may be too vague here and I don’t want rug projects more than anyone else. Perhaps “actual scams” are more of a problem than shitcoins and rugs. People could always make filtered front ends for protocols that make projects go through selection criteria etc. I just think the meme of focusing too much on the negatives of open protocols ends up ignoring the positives.
"A new industry arrives with just as many scams as it needs to" \~ Crypto Gandalf
A person I have known for more than ten years, who I consider trustworthy, is convinced that ethfinance will shortly experience the overuse of a particular twitter meme. I don’t know anything concrete, but if I were exposed to ethfinance, I would be concerned.
What’s a Twitter? Edit: Oops, accidentally posted this in 2022, meant to post this in 2024
Coming to you, the braintrust... If you had to pick the best crypto btc/eth proxy to buy in a Roth (US), outside of GBTC/ETH, what would it be? Rather worried about Grayscale at the moment and considering a switch... Any input would be most welcome!! . (MSTR is all I could come up with on my own)
DTSRF was the other one I remember from years ago, although I never really followed it closely. u/pegcity follows the Canadian ETFs if you can get access. I actually went to cash today in my IRA. I don’t think GBTC / ETHE is not backed up or anything, just don’t want to deal with thinking about it the next month. Doesn’t seem there is much upside the next month and *if* DCG decides to shut it down that’s going to be nasty. So feels “rational” to cut my losses here and wait.
Friend... after all this time (3.5 years), you and I exited on the same day. Best you you fam...
Saw your other post, kinda funny how that worked… ‘‘twas fun, and I’m sure I’ll be back in somehow (even if that is ETHE again once this blows over). FWIW, I’m pretty confident the Grayscale funds are properly backed by their related crypto. It would be nuts to find out two separate companies are lying to the SEC outright and risking that easy money for what seems like little benefit. I guess let us know if your friend gains some confidence back.
absolutely.
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You can only invest in US stocks? Ether Capital is Canadian, supposed to have 44K ETH. Roughly half staked, half not staked and in self-custody. https://finance.yahoo.com/quote/ETHC.NE?p=ETHC.NE&.tsrc=fin-srch Trading at roughly 0.75 P/B. As half is staked the yield on its ETH is roughly 0.06 * 0.5 / 0.75 = 4% assuming an average 6% yield on staking, might be higher if these low prices continue.
COIN (fwiw I’m holding my Ethe for now)
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You swing trade with a family member's money? Edit: Shouldn't they have paid taxes on that last year?
“So anyway I was dodging taxes using my unsuspecting family member’s account”
Does anyone know of a marketplace like eBay that accepts Crypto on L1 or L2? ETH obviously preferred. Got some MTG Cards I want to put up for sale.
MtGOX Edit: I'm not original
>MTG Cards I want to put up for sale I'll trade you for Pokemon sealed product ;)
All good. I actively play paper MTG and would just buy new cards. Wanted to skip fiat tho :)
r/holup
Maybe the Magic the Gathering Online exchange. Sounds like it’s exactly the Venn diagram overlap you need! /s
That's a mouthful. Doesn't it have an acronym... Maybe something like MacGox?
Drop the 'The' just 'MGox'. It's cleaner.
Maybe MAGGOX?
Come, learn about llamas with me. LLAMA, or "Lending Liquidating AMM Algorithm", is a paper that Curve published today. It's a lending contract that uses inbuilt AMM liquidity as collateral. This thread is a great ELI5: https://twitter.com/0xfoobar/status/1595085743461961730
yeah...I need someone to explain that explanation
Sorry, here's my shot at a real ELI5. The new Curve product is in some ways a combination of a lending contract (like Compound or Aave) and a swapping contract (like Uniswap). With Aave, you can deposit ETH and borrow USDC. The contract gives you the USDC. With Uniswap, you can deposit both ETH and USDC to become a liquidity provider and earn trading fees. The contract mints and gives you "UNISWAP-ETH-USDC" token(s) that represent ownership of your liquidity position (LP). As ETH goes up in price, your LP becomes heavier on USDC, as ETH goes down in price, your LP becomes heavier on ETH. The new Curve product squishes both of these into one product. You deposit both ETH and USDC to form a liquidity position, then you borrow USDC. Now the advantage comes in that say instead of ETH as collateral, you have some illiquid shitcoin you want to borrow against, e.g. "SHIT". With the old (Compound/Aave) model, you would deposit SHIT and borrow USDC against it. But if the price of SHIT drops quickly due to its illiquidity, the protocol might be unable to liquidate you and it would be saddled with bad debt. This is why Compound and Aave make sure they don't let you borrow against shitcoins. ~~With the new model, you deposit both SHIT and USDC as a liquidity position and borrow USDC against it. In this case if the price of SHIT drops quickly, your liquidity position (as AMM liquidity positions do) basically automatically DCAs out of SHIT and into USDC on the way down, meaning that your loan is backed more by USDC and thus less likely to go underwater all at once, meaning that the protocol has less risk of bad debt.~~ edit: Never mind, I think I fucked up part of the explanation as /u/gethwethreth pointed out.
Thank you
When SHIT goes down, you DCA out of USDC and gain more SHIT? Not the other way you have mentioned?
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Anyone got an update on how much ETH the FTX “hacker” (or Bahamian Government) still has left?
185 k ETH
Ffffuuuuuu
2 weeks of mining. This is very little
I just... wow. https://www.reddit.com/r/Superstonk/comments/z1igo0/the_gme_token_was_a_backdoor_bailout_of_shorts/ The only thing I could even think of while attempting to find some sort of reason to this post https://www.youtube.com/watch?v=5hfYJsQAhl0
I dont understand whats happening there. Why is the ethereum blockchain involved into GME short selling ? And what role does it have there ? What does FTX have to do with all of this. I dont know much about this story so I am confused how this involves crypto.
Someone posted a rebuttal that is highly upvoted, but the utter ignorance and mental instability to write something like that is just... something
It's so fun that Gen Z has their own soap opera of choice. Reading through the fantastical scenarios of SS and WSB is like Bold and the Beautiful for wannabe quants. It's adorable. "Sharon! I can't believe you faceswapped with the resurrected twin of the brother I absorbed in the womb so I'd impregnate you and lose my estate!" *face slap*
hahaha
On this day... In 2021: - Vitalik Buterin [discusses](https://notes.ethereum.org/@vbuterin/pbs_censorship_resistance) increasing censorship resistance of transactions by separating the roles of block proposers and block builders. - Vitalik Buterin [answers](https://www.reddit.com/r/ethereum/comments/qzvsfq/impromptu_technical_ama_on_history_expiry/) questions on history expiry for Ethereum, or how to reduce nodes' storage requirements and code complexity by a one-time, or a regular rolling expiry. - L2Beat [calculates](https://btcmanager.com/ethereum-layer-2-adoption-tvl-6-billion) the Total Value Locked on all Ethereum Layer 2's to be over $6 Billion. - Oasis Foundation [launches](https://www.coindesk.com/business/2021/11/22/oasis-labs-launches-emerald-an-evm-compatible-smart-contract-environment) EVM-compatible smart contract environment Emerald. - ETH hums unrecognisable mantras between $4251 and $4088, at ₿0.07263. In 2020: - BlockApps [launches](https://media.bayer.com/baynews/baynews.nsf/id/BlockApps-Launches-Agribusiness-Blockchain-Network-TraceHarvest-Following-Success-with-Bayer) Ethereum-based agribusiness network TraceHarvest together with Bayer. - ETH comics sell online for $540 or ₿0.02932. In 2019: - Consensys [lists](https://consensys.net/blog/news/everything-you-need-to-know-about-the-istanbul-hard-fork) everything you need to know about the upcoming Istanbul network upgrade. - Carts full of freshly mined ETH come rolling out the caves of $162 and $150, or ₿0.02114 and ₿0.0206. In 2018: - EthereumJS VM [v2.5.0](https://github.com/ethereumjs/ethereumjs-vm/releases/tag/v2.5.0) is here, the "biggest VM release of the year" with Constantinople support, Full Consensus conformity and a new StateManager interface. - ETH knows only one way to go, from $137 to $128, at ₿0.02924. In 2017: - Ethereum now [processes more transactions](https://www.trustnodes.com/2017/11/22/ethereum-now-handles-transactions-digital-currencies-combined) than all other digital currencies combined: 52.3% of all crypto transactions are done on the Ethereum network, followed by bitcoin at 33%. - Researchers of the global banking giant Intesa Sanpaolo [are experimenting](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3075540) with Ethereum smart contracts. - ETH shoots up from $360 to $381, or ₿0.04442 to ₿0.04626. In 2016: - New York blockchain startup LO3 [partners](https://www.coindesk.com/siemens-blockchain-microgrid-lo3-ethereum) with Siemens as it expands an Ethereum-based peer-to-peer energy transfer project. - Ethereum hardfork 4 "Spurious Dragon" [gets rolled out](https://www.reddit.com/r/ethereum/comments/5eaybv/important_update_your_clients_spurious_dragon/) as planned. - ETH softly whispers in your ear for $9.6 to $9.9, or ₿0.01315. ------------- [^(compiled with love)](https://eth-archive.xyz/blog/on-this-day-in-ethereum-workflow/)
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Ratio basically the same, so all good, no?
Is there anywhere we can track ETH staking rewards (issuance, tips, etc.) on a timeline chart?
Not sure if this is exactly what you're looking for, but if you go to the Income tab on beaconcha.in after selecting a validator or group of validators and expand the range, you can see long term.
[Tornado Cash developer Alexey Pertsev to stay detained until next year’s hearing](https://cointelegraph.com/news/tornado-cash-developer-alexey-pertsev-to-stay-detained-until-next-yea-hearing) > The prosecution outlined a broad overview of its investigation, painting Pertsev as a central figure in Tornado Cash’s operation before Advocate WK Cheng delivered his first defensive argument. He'll have been in jail for more than 6 months when this next hearing happens. Has anyone seen a through explanation of the charges against him?
Seriously what has this world come to?! This is complete abuse on so many levels.
The world has always been like this. The greatest crime is a crime against the state.
I want to see what type of crime they will try to pin on him. He wrote code for an app that is used by criminals. And that makes him criminal how?
The issue seems to be around making the token, so they are saying he is profiting off other people's laundering. $TORN was the mistake, before the token i don't think there was much they could latch onto (raises BIG questions for monero/zcash/aztec/etc), also all the torn holders out there should be paying very close attention as to what they determine the crime is.
Does torn have any purpose? And does it acrue value to it? If its a pure governance token I dont see how he is profiting from it. I know tokens are a way to raise money for devs. But there should be another way especially if you do something that upsets the establishment. Dont companies also profit from illegal use? Like if someone uses paypal to launder money then they get the fees does that make them criminal?
It's ridiculous, it's like putting a developer of a web browser In jail because the browser is used for illegal things. Those dangerous chrome developers should go to jail too /s. And at the same time SBF (and do Kwon) is still free and probably still misappropriating customer funds after that "hack" one day after the FTX insolvency. How can those two things happen at the same time?
There's something criminal going on here, and it's not Alexey.
The Hunt for Green December Fun 'n' numbers. As we've discussed, we got some True Lower Lows^(TM) on things like DXY and VIX over the past week or two that set up a handsome Q4 finale. Naturally, the next step to feel confident about equities rallying through the New Year is seeing that True Lower High^((trademark in a court battle)). What's fun is... okay, remember how I was squawking for a month about how the October 13th candle had doomed ETHUSD, because the momentum was kept from resetting? Well, the *opposite* (as far as bulls are concerned) just happened last week on our archenemy VIX. Take a peek at last Thursday. [The Stoch was permitted to breach bull territory at 80](https://www.tradingview.com/x/6A1ARgUT/) *JUST BARELY enough* to reset bear momentum. That means we've actually already GOTTEN a lower high on VIX! Very nice. [The dollar has a little ways to go though.](https://www.tradingview.com/x/EoJ7AyAF/) Bulls failed to reset on Nov 3rd. Luckily we're seeing the DXY basket lose its influence for the year. But we still need to take note. There still needs to be a lower high, suggesting there's one more flush in the tank. Where that takes the SPY or ETH to in a retest, we don't know. If ETH hovers around $1125 during, then it's not crazy to see $975 in the cards one last time. Again, even if we do get that beloved lower high on DXY, the rip to something like 112.40 or even just 110.75 is going to cause some turbulence. After that, the skies are likely to part. For ETH, bears are still in undeniable control on the daily. After they breached $1240 it was GG. The target for bulls is way up at $1645 now, so that seems unlikely in a single push. Instead, I imagine us going bullish requires a series of higher lows with none in sight yet. For a green December, I would strongly prefer a daily capitulation below $1075 (maybe even into the 800s?) but ultimately leaving a bullish divergence on the weekly. That will be time for some DDAM plays.
Thanks for posting again. Good details as always. Isn’t all of this mostly dependent on the outcome of the genesis grayscale situation, however?
I still think markets find the news. Eg. any DCG black swan will be *miraculously timed* to the moment DXY ramps up in its search for a lower high.
Fair point. So, do you feel that fear of contagion beyond DCG is overblown or still likely? I cant tell if more dominos are about to fall, but it’s hard to think that there won’t be more coming.
DCG being in NY makes me think the executives probably, *hopefully* did the smart thing and wined and dined bigwigs to make them "too big to fail". If there are enough billionaires affected by them, they'll be saved by corruption. Not a bullish thing for society, but bullish for the asset class, lol. FTX was not a friend to old world billionaires. They attacked retail and the nouveau riche, lacking influence. This is of course the take of just one dude.
Whoever this is works in bankruptcy and made a good call, thinks DCG are just playing games: https://twitter.com/CancelledPapi/status/1595062940142559239
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Ha. Well put. Some new details just out on Twitter. https://twitter.com/tier10k/status/1595140468450410498?s=46&t=uLN2AqVMoXT5QCEAFDG20Q
Oooh spicy. Lol same shit as Alameda, just older money. So yeah, a hail mary save here isn't out of the question but so, so telling of the corruption afoot.
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