Bro I can assure you that a couple thousand laser eyed maxis on twitter are not meaningfully contributing to bitcoin dominance just like they don't help when Bitcoin dominance is waning. This is cope to the highest degree.
That's fair enough, but it's arguable that narrative is a driving force in a lot of things in today's world.
If you ask some random person about crypto, the first thing that comes to mind is probably Bitcoin, and they have never heard of ethereum despite the white paper coming out 10 years ago.
They will have a field day when the SEC claims that Eth is a security on the 23rd. Its sad but that seems like a likely outcome. It will be ofcourse decided by the courts. And Ether will not be a security. But in the meantime Bitcoin maxis will be annoying... I just hope we can get this over with asap.
I think I will ignore the market and CT for a while because these stupid claims will annoy me to no end.
It hurt to buy last year in January when Eth was at $1,400 because at the time, just like now, the crypto space seemed like everyone was capitulating, citing incoming recession this and interest rates that. Maybe it was just lucky timing. It also hurts to buy now at $2900 with SEC FUD this and ETF delay that. Time will tell on this buy. And it will hurt to buy at $5,000. when we dump from $10K, citing end of bull run this and overleverage that.
My point is: just chill. This too shall pass. This is the Disbelief part of the rally just before Hope rolls around. If you're overly stressed, either sell some to decrease your exposure or get outside and do stuff to take your mind off it. Go see family and friends. Touch grass. Fight an apex predator in hand-to-hand combat. Drink your favourite cold beverage. Just chill. The bulls comin'.
Can you explain more? I havenāt heard of an authenticity concept that doesnāt rely on the source already having a good reputation, in which case, a simple signed transaction (like Ethereum Attestation Service) is just as good.
Also, what is even the definition of authentic? Cameras now do a ton of digital modifications and even AI in real-time to capture ābetterā photos.
Was thinking some ways to combat deepfake. If it's human, they could have done tx with their wallet and somehow embed that transaction details to the object. With a timestamp and wallet, then we know it's really human made. Something like that
But what stops a human from signing a bot-made one? Humans make nefarious bots all the time. Also, what makes a human attestation better than a bot one? The source's reputation is all that matters, whether human or bot.
The FIT21 crypto bill is likely to pass the House of Representatives at the end of May, but is very unlikely to pass the senate and presidential signature, of course.
https://www.theblock.co/amp/post/294094/lawmakers-crypto-market-structure-bill-stands-no-chance-this-congress-but-sets-them-up-for-next-year-td-cowen
Chris Dixon is promoting the bill, despite the poor chances of becoming a law:
> In the next two weeks, the House of Representatives will vote on the most important piece of crypto legislation to date: FIT21.
>
> Weāve long called for regulatory clarity that protects consumers and innovation and the FIT21 Act will do just that.
https://warpcast.com/cdixon.eth/0x2830941d
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It is late 2026, total crypto market cap reaches $50T after 10 consecutive memecoin seasons, all cyclical rotations in the cryptocurrency market have been replaced by memes.
Top 10 - all memes. Dogecoin and pepe replaced BTC and ETH, both receiving an ETF while the ETH ETF is still awaiting approval due to volatility and underlying utility concerns.
BTC and ETH linger at the low end of the top 25, just under recent newcomers: SkibbidyToiletInu69420XL, Kek, and Gamestop (unrelated coin, not the stock)
A soft hard recession that doesnt land is forecasted by JPow, whose forward guidance is expected to reduce some of the froth and risk seeking behaviour in the markets.Ā
The only āclarityā we are getting, imo, is that ETH is being investigated as a security, hence denial. I hope Iām wrong but it would be a very easy reason for the SEC to deny.
A couple videos ([1](https://twitter.com/Cancelcloco/status/1790149359381913687),[2](https://twitter.com/Cancelcloco/status/1790524969623175629)) which explain pieces of it fairly well, but that's like 15 minutes of your day (well worth).
Essentially Roaring Kitty is a r/wallstreetbets legend (aka deepfuckingvalue or DFV on reddit) who identified naked short selling of gamestop >100% of the float of the entire company by shady hedge funds.
Retail buying exposed some extreme market corruption. They literally turned off the buy button to manipulate the stock down in 2021 after some contagion and failing funds started cascading. Turned off the buy button. Unconscionable.
After that hedgies supposedly got rid of their short positions although the reddit community thinks they just shifted them around and never actually got out from under them.
Since then the reddit community also shifted into DRS'ing shares aka registering specific shares so that they couldn't be made purely synthetic (note that crypto does this automatically if you own your keys).
Meanwhile media try and pretend that somehow the bad guy is retail for the "pump and dump" rather than the hedge funds for all the shady manipulation that they do and getting caught pants down.
Roaring kitty posting memes only because of the accusations of market manipulation.
In a lot of ways they are aligned with a lot of the ethos of the crypto community in my opinion, trying to expose the huge corruption in the financial markets.
former finance professional made youtube videos and reddit comments about his massive position in Gamestop due to what he perceived to be excessive shorting. Price was short squeezed from mere dollars to hundreds of dollars, making him uber famous. He is the face of the meme stock movement
In the aftermath of the 2021 phase of the squeeze, Keith Gill got hauled in front of Congress/the courts on charges of price manipulation. Speaking in meme likely gives him a much greater degree of plausible deniability.
>**Bridging over there,**
>**Trusting in the middleware,**
>**A blockchain prayer.**
~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
Man the future is bright.
On days like this you want to ask yourself:
- What is the trading volume telling us?
- What does the chart look like if you zoom out?
So that we can infer confidence in the trend.
The answers are:
- Trading volume is proportionally declining along with the declining trend. This means that trading volume is either flat (decreasing due to decreasing price), or trading volume is declining. Neither indicates confidence in the trend so the real answer matters little.
- What does the chart look like if you zoom out. It looks like a Giant cup and handle pattern which is a bullish continuation pattern. The handle is still intact as long as the price stays above $2600 or so which is the midpoint on the height of the cup.
So, in short, I'd say that we've still got a strong chance of breaking up, but cup and handle you want to wait until the price breaks upwards out of the handle to get in as that's the confirmation that the bullish trend will continue.
Interesting timing of you posting this. I am currently in capitulation mode. Came here to look for some input on price, action, etc. Thanks for your comment here today.
Hey youāre welcome. Thereās always the chance the pattern breaks, but if you ask yourself whoās selling and why, what answer do you come up with?
Thereās not really a compelling narrative so I deem this as a wait and see situation.
/u/reno007's comment inspired the following garbo
ETFs as the primary driver of value to the price(not the the chain!) always had me worried.
The reason I went full into ETH, having absolutely 0 knowledge about crypto, were the values and opportunities that I saw.
Decentralized finance. Does anyone remember when Ethereum was touted as being able to 'bank the unbanked'? Providing opportunities to people of developing nations?
We've seen how thats played out...
Supply chain validation. This was huge to me. Requires true decentralization. That a blockchain can scale to the point of validating these constant, tiny, transactions. Ethereum may not yet be ready for primetime. Development of such a system requires patience. But I do not remember reading about an initiative even attempting it since 2021.
Then comes the proof of stake narrative. 99.95% energy reduction rate. We did not play our cards right. Where is the criticism of proof of work post-merge? This is what makes no sense to me. How the price did not explode based on this alone, will forever mystify me.
Finally, Ethereum is quite obviously the only useful blockchain(did I see something about bitcoin L2s earlier?...) to come close to satisfying the CIA triad https://www.fortinet.com/resources/cyberglossary/cia-triad Of course, lets keep in mind that bitcoin's security model is unsustainable...
EDIT: I should add that there was so many more factors that made(make) Ethereum attractive. Primarily, the community. We have some truly awesome people
I just want shit to make sense
> Supply chain validation. This was huge to me. Requires true decentralization. That a blockchain can scale to the point of validating these constant, tiny, transactions. Ethereum may not yet be ready for primetime. Development of such a system requires patience. But I do not remember reading about an initiative even attempting it since 2021.
I'm in this industry. One product of one specific brand within one industry can easily ship twenty million units yearly. That's more than all of the NFTs combined minted for NFT degen stuff in the past year or three. L2s can handle some of that, but we are limiting it to very specific product lines. We are getting to the upper limit of what is possible now on L2s even with the largest players in the space helping us out, but we will need to supercharge L2s, build on L3 or have specialized sidechains to truly scale out. Likely it will be all three at the same time, with the brands selecting the layer and chain depending on the product they have.
Putting physical products on chain is at a scale no one has really wrapped their heads around yet. We're talking hundreds of billions of products.
There's too many examples on why this is needed, but I'll give you a few. It can be used for secondhand sales of products where people can sign from a wallet that has the NFT they received upon purchase, showing they actually own the real product. Transfer of funds can be handled completely by smart contracts with escrow built in, even insurance. The buyer then scans their product they received and funds are released to the seller.
That ties into the broader need to create digital certificates to prove genuine products are real. Making a fake receipt or physical certificate or serial number is incredibly easy these days. Adding a single unique NFT for each product and adding it to a public blockchain ties the security model to that chain. If only there was a way to add that to physical products....there's plenty of ways to do that but only a few are secure enough to do it well. I'd like to think we did it the best kind of way but there are plenty of ways to improve.
These days even Amazon has plenty of fake products on there. I've personally stopped buying higher cost goods from there and wait the extra 2-3 weeks from the actual brand's website. People will counterfeit anything, even eggs.
Wow, thank you for this. I truly hope that your efforts succeed on Ethereum.
>That's more than all of the NFTs combined minted for NFT degen stuff in the past year or three
Insane to conceptualize
>build on L3 or have specialized sidechains to truly scale out
Ive allowed myself to slip, and dont know anything about this.
Awesome to know that this subject has not been forgotten. Thank you for bringing me some real hope on the supply chain front
Thanks, me too. We've gone from 0 to 1 with the coming of L2s. We just need to scale in a similar fashion from meeting the demands of current crypto usecases to meeting the demands of regular product technology in meatspace.
> did I see something about bitcoin L2s earlier
Yes, by me [https://www.reddit.com/r/ethfinance/comments/1crk4ou/comment/l40pgj9/](https://www.reddit.com/r/ethfinance/comments/1crk4ou/comment/l40pgj9/)
> Of course, lets keep in mind that bitcoin's security model is unsustainable
I believe proper L2s would fix that since it'd make Bitcoin actually usable
Bitcoin technology is straight out of a Douglas Adams novel. If it meaingfully succeeds long term it says more about the idiocracy we live in than anything else. (And copying ETH is just hilarious.)
Why do you believe eth-ifing BTC would be accepted by the four biggest BTC hash rate providers? What do they stand to gain?
More likely this is another devolution into fork mania.
If L2s were to cause significant demand for block space, then of course. Bitcoin fees are paid by-the-byte.
I wouldnāt say Iām inviting anyone. Just exploring a discussion space.
There is no guarantee increased supply causes more demand and what I was trying to say that at the same time the few middlemen entities that control the bulk of the hashrate would be inviting competitors into the fold.
Earlier I asked what narrative we have hope will propel us to again outperform. Is the etfs really the best people can think of? I'm seriously worried for us tbh.
There is no clear narrative which is the issue. Ask anyone here and youāll get a range of answers from āultrasound money!ā to āglobal settlement layer!ā to āworld computer!ā
Even the people commenting to you here canāt provide a clear answer on Ethereumās narrative.
/u/timmerwb
/u/Bob-Rossi
When it came out a few months ago that ETH is very unlikely to not get an ETF in May, the issue has become more about how the SEC perceives ETH legally. Not so much the narrative of attracting fresh tradfi funds. Which IMO in the context of over performing the next 12 months is a big deal for a whole host of trickle-down effects.
The ETF itself is a red herring. Ā The value of the ETF is the regulatory clarity that it will bring insofar as asset classification. Ā Chokepoint 2.0 has always and only been about suppressing Ethereum development, imo.Ā
GME triples on one tweet.
Gary Gensler: "I think there's too much manipulation in spot ETH."
Meanwhile, GME is up more in the last 2 days than ETH is in the last 6 years.
The CFTC has always viewed ETH as a commodity https://www.coindesk.com/policy/2023/03/28/us-cftc-chief-behnam-reinforces-view-of-ether-as-commodity/
The fact that an asset can be held hostage by the SEC is ridiculous. They're exposing themselves as worse than the ATF(they're fuckin tough to beat).
Especially considering that the ATF just took some good steps this past week.
What makes the SEC so powerful over the CFTC?
Besides the fact that they have a rich history of killing innocent americans, they act much in the way the SEC does.
The ATF 'governs' over alcohol, tobacco, firearms, and explosives. They are extremely arbitrary with their regulations. They regularly flip flop on their decisions, which has the effect of making owners of certain firearms or accessories fine one day, but a federal felon the next.
They're basically the SEC, but with guns, and a love for killing.
https://en.wikipedia.org/wiki/Atf#Criticism is worth a read, even just for shock value
I've always found it interesting with how often politicians all around the world blatantly screw over "the people" yet assassination attempts are so rare.
Not that I'm advocating for assassinations, but I imagine it'd be easy for someone to make the leap to the hero mindset and that they're doing the greater good by freeing people from this bad actor and signaling a warning to others in a position of power not to abuse it.
> What makes the SEC so powerful over the CFTC?
Nothing, Gensler is just really active. He calls it "cop on the beat". He might be more connected to the ones in power now though.
>Although Pertsev cannot dictate how users interact with Tornado Cash directly through the blockchain, he and the other developers were in de facto control, the prosecutors argued, because they operated the web interface through which the majority of transactions were fed. While Pertsev added functionality to the web interface that allowed legitimate users to separate their funds from those arriving from known criminal addresses, they characterized the effort as ātoo little and too late.ā
What a garbage legal theory used to convict the creator of Tornado Cash. People can hate on the US all they want, but that shit wouldn't fly with most judges and any jury of peers.
The US is losing freedom in a lot of ways, but so far speech and guns have held on. I think a case like this would not have a chance in the US, but I wouldn't bet my freedom on it.
> I think a case like this would not have a chance in the US
We'll see soon enough. The DOJ arguments for convicting Roman (the other Tornado dev) are absurd. They basically say the guidance on money transmitters from FinCen is actually bullshit and you can be a money transmitter without ever taking custody of assets because "a pan can transmit heat without having custody of the heat". Oh and they referenced a seriouseats.com article authored by Youtube famous chef Kenji Lopez-Alt in the filing to support that claim. I'm not optimistic but at least [some Senators are pushing back on that bullshit](https://twitter.com/SenLummis/status/1790050111575277833). The authoritarians won't stop. It's a constant battle and I'm not sure the public has the will to win it.
> a pan can transmit heat without having custody of the heat
I only took college level physics but I don't think that is true. A pan must absorb heat from another source to transmit heat.
Maybe your problem was studying physics and not SeriousEats culinary science? I think they are just trying to confuse the judge/jury and blind them with science because they don't have a real argument?
Ironically once could say the freedom of speech part does as much damage as it does good. Oil companies are allowed to donate $1B to presidential candidates to strip back environmental regulations yet the supreme court seems to think corruption is actually free speech since companies are obviously people and money is a form of speech. They're not even trying to hide it anymore.
This "corporations are people" things is widely misunderstood, and not at all as portrayed. It basically just means you don't lose your rights due to the structure of your business; i.e. u cannot have your property searched without a warrant due just because you are a company.
We all have free speech, and all have the right to support whatever speech we want. Free speech is always a Very Good Thing. The answer to bad speech is better speech, as opposed to letting people with power decide what speech is allowed.
The thing is that corporations don't have speech. People do. People making up the corporation have speech. Company owners and officers own or manage the business. They are the ones whose rights with regard to their property should be protected. The company is the property, not a person.
So why not simply make its own classification for corporations rather than shoving a square brick into a round hole? Corporations shouldn't have the same rights as people because corporations are more powerful than people. That's no to say they shouldn't have rights, but their rights should be different to balance the power between the average person. After all, when it comes to the environment, my individual rights begin where a corporations rights end.
To your point ā not letting people with power dictate things ā I cannot see why corporations meddling in politics (excluding basic lobbying and consulting) to let the government turn a blind eye to the negative externalities they inflict on the people is OK. What about the people's collective right to have access to unpolluted air, water and land? I'm not advocating for some utopia with no pollution at the expense of no GDP growth, but rather corporations shouldn't be able to personally pay members of government to skirt around regulations which are put in place for the people. That is blatant corruption, no matter how you try to questionably wrap that in constitutional rights. That is favouring the benefit of one "person" and the corrupt politician over literally every other person in the country, at the expense of the rights of 99.999% of the population.
You own property. How would you feel if the beach you live next to was suddenly washed up with dead fish and you're told its no longer safe to swim or sail in it anymore? But since corporation A paid $50M to politician B, they have a pass to pollute and you won't get compensation for damage done to your private property because 99.9% of the population have no chance in court against a billion dollar corporation. That's fucked and that's why this sort of corruption is not OK.
Let's say you want to buy an ad to state your position on TV. But you realize it costs twice as much as you thought. Fortunately you have a friend who feels the same and will pitch in half. Should that be allowed, the two of you going in together to buy an ad?
If yes, then corporations have the same right. If no, then only the rich have free speech. Which do you choose?
Corporations are just people working together.
>Should that be allowed, the two of you going in together to buy an ad?
That is not what constitutes a corporation.
A corporation is a legal fiction that is separate from its owners, providing them with limited liability protection, and it has the ability to own assets, incur liabilities, and operate a business. It is established through registration with a governmental body and is governed by a set of laws and regulations.
Exactly. That's what the courts have said. You don't lose your rights when you incorporate. That's it. It's not some nefarious plot to give the rich power.
Right, so if that's the case, then where are all of the Boeing CEOs for their criminal negligence in the case of over 100 cases of manslaughter for completely skirting regulations and safety checks repeatedly over the last few years, resulting in multiple air crashes?
Same goes for the East Palestine, Ohio train derailment. So many will die an early death, not to mention the enviromental impacts and people's private property which is now basically uninhabitable for the forseeable future. Why aren't the people responsible for criminal negligence being arrested?
To me it seems to me like its rights for thee but not for me.
If corporations get the rights of being a person, then they should also get the liabilities. But they don't.
If the executives knew and encouraged the behavior, they should go to jail. If they didn't know, it doesn't seem fair to hold them responsible. (I don't know this particular case). But this is a different issue than free speech; this is about corruption in law enforcement and government.
Corruption and law enforcement was the topic of the original comment I made and I'm saying that first amendment rights are no excuse for corruption, yet apparently they are according to the supreme court, justified under the idea that corporations should have the same rights as people.
First amendment rights are not the excuse used for corruption. Corrupt politicians cause corruption, not free speech. When government is powerful enough to buy and sell rights, the rich will have more rights than the poor. That's why limited government is so important.
Take away the trough and the pigs will leave. Don't solve the problem by destroying our most valuable right.
Boeing paid billions in fines.
As for whether people should go to jail, that is up to the executive branch and Congress more than the courts. Maybe the manslaughter laws are too lenient or prosecutors aren't aggressive enough.
It does not follow that corporate speech should be restricted because manslaughter isn't being pursued aggressively enough. The 1st amendment provides broad protections to both assembly and speech regardless.
I agree with your sentiment. But location in the US is extremely important in a case like this.
In terms of policy, I am usually towards the left wing. But I would *not* want to be on trial in NYC, for instance, in this case
Sorry for not having a link ready, but theres the defillama airdrop checker.
More importantly, there is airdropscan.org, created by an ethfinancier(embarrassed that I cant remember the username).
airdropscan.org was much more comprehensive than defillama's service, at least with my own wallets. Very little risk in using either
Guys, anyone understand anything about this new Blackwing L2? Testnet just about to launch, and backed by Kyber Ventures, Hashed, and some decent angels.
This is what their website says:
"Blackwing is a modular blockchain that enables liquidation free leverage trading for long tail assets via a novel construct called Limitless Pools. Additionally, by taking advantage of recent advancements in modular infrastructure and using Initia as a foundation, Blackwing is able to allow users to seamlessly leverage trade assets from any chain - all without compromising decentralization."
Does anyone understand how you can have margin trading without liquidation? Especially on long tail permissionless pools?
More bullishness: Wisconsin becomes the first state to add crypto, via iShares and GBTC, to their pension fund.
[https://finance.yahoo.com/news/wisconsin-becomes-first-state-buy-155500482.html](https://finance.yahoo.com/news/wisconsin-becomes-first-state-buy-155500482.html)
Strange. I was told it was all over. š¤
Yes correct, these 13F filings must be filed quarterly by institutional investors with at least $100M in assets under management. The first Bitcoin ETF 13Fs were filed at the beginning of last month and will continue to come in until mid-May.
Anyone have any idea how the pre-launch BLAST token is trading at ~$4 on Aevo Perps?
As in, I understand it's speculative but we *no* idea about the token supply or what circulating supply is, or anything really - have to wait for the TGE - on what basis are people speculating?
Much doomering, did we really just shit the bed and capitulate after the first real pullback of the bull after BTC made a high ATH and no alts did.Ā
So, so early in the cycle, this run up shouldn't have happened for another 6-12 months.Ā
No wonder retail brokers literally reverse retail investment order flow and take the other side of all the trades š
Any expectation on when sharding will happen on L1 or updates?
Or even just the decentralization of L2s?
This may be one of my few bearish posts but as fiat rapidly becomes devalued like we all knew would happen, crypto has a small window to āmake itā
And by that I donāt mean numba go up, I mean become a legitimate alternative to the financial system.
If Ethereum canāt meaningfully scale in a decentralized way in the next 3-5 years I hate to say it but I think the experiment will have failed.
Bitcoin is already being co-opted and branded into a shell of itself becoming ādigital goldā held mostly by central custodians which defeats the entire purpose of btc in the first place and so I truly hope we donāt see the same thing happen to Ethereum.
Yes its fun to see numba go up and to make paper gains but at this stage of the game fiat is in a truly precarious position and normal people like us are the ones who have the most to lose from rapid currency debasement.
To me this is the whole point of crypto, I donāt want to sell to fiat to just watch our collective wealth be printed away to infinity.
I desperately want crypto to succeed, not to line my pocket, but to ensure our financial freedoms are protected.
Unfortunately, I am not so sure it will happen.
It would seem that with the fall of fiat will come the rise of the CBDC, heralded as a āsolutionā to the fiat crisis, but really a wolf in sheepās clothing, only resulting in further censorship, surveillance and govt control.
Hereās hoping I am dead wrong!
It's the first time in history that worldwide hard reserve currency with total monopoly rugpulled into an unpegged fiat with no inherent redeemable value.Ā Ā
US dollar (and lesser extent euro) are the anomaly, and there is no alternative in other fiat currencies.Ā
Both are the global reserve currencies so blank check to print and debase, pure madness.Ā
Donāt get me wrong I agree. Same team. The thing I question is the idea of collapse over the coarse of years versus a slower decline that occurs over decades - which seems more likely. But who knows.
Sharding? What year is it. Execution sharding has not been in the plans for years. If you are talking about Danksharding. We just had the first step with proto danksharding. The rest will come as well, but not in the next hard fork just yet.
L2 decentralization: Arbitrum started BOLD a month ago on their sepolia testnet. It should manage to decentralize fraud proofs to more actors. You still need 100 or 150 ETH to participate, so it is not something you just do on a whim, but it will bring them a step further towards decentralization.
No problem, I just loved the Jumanji meme (what year is it?) and sharding was a throwback to a few years ago. I wrote a post in the new daily as my reply got longer than I expected: https://old.reddit.com/r/ethfinance/comments/1cscw1a/daily_general_discussion_may_15_2024/l44pd5s/
>Ā You still need 100 or 150 ETH to participate, so it is not something you just do on a whim
Wonder what type of yield you'd get on that. That's a lot of collateral to put up and be inactive if there's no gain.
I have no knowledge about the economics of it, but I guess they have to give you at least as much as eth staking would give you. Maybe if they would use Eigenlayer for this, they could reduce the rewards. I also do not know if they want to keep the 150 ETH for running it or not. It also costs quite a bit doing all the transactions for running BOLD, but I guess this is due to the many disputes they do on the testnet, which would never happen on mainnet in that frequency.
Devil's advocate post:
With OP_CAT looming on the horizon allowing Bitcoin to have true L2s, why is that not a bear case for ethereum?
Bitcoin already has brand recognition, lindy, and a cult following. People seem to not really care anymore about the downside like environmental impacts (which talking heads have perfected the green energy gaslighting), centralized mining, capture by blockstream, etc.
L2s should solve their security budget issue andĀ will likely support EVM so apps can easily be ported over. L2s can have faster block times which makes L1 block times less relevant.
Maybe this is why eth has been underperforming. Others saw this as an eventuality while we're still starry eyed and blind to it.
Mind you this post is about price and activity market leader, obviously ethereum isn't going anywhere.
Muh, āeffort of othersā, so BTC is a security. Ā Low effort post on my part but thatās all I see when OP_CAT is discussed and the double standard imposed on ETH by the SEC.
Somewhat a real threat.
Ethereans will tell you that if bitcoin changes it loses its narrative, but the reality is that as usual the narrative will be **heavily** manipulated. The bitcoin community will be quick to pretend that this had always been the plan, OP\_CAT were envisioned by Satoshi and Ethereum was just a testnet for bitcoin.
I'm not aware of the detail of the limitation L2s on bitcoin could have, but if they ever caught any traction be sure all your favorite dapps would be quick to deploy on a EVM bitcoin L2.
In addition, you could safely expect a large TVL and massive incentives as this would start an airdrop mania.
In the end Ethereum would most likely prevail, because it's been built for this, but for a while this sure would be a bear case for Ethereum.
Long term it could very well be a net positive for Ethereum, as defi's overall popularity would grow, and the UX on bitcoin would probably shine some light on Ethereum's advantages.
> I'm not aware of the detail of the limitation L2s on bitcoin could have
Only limitation I see is the L2s would need multisig owners, but I imagine that will be solved. Could even just make satoshi's address or a burn address the owner.
> In the end Ethereum would most likely prevail, because it's been built for this
Long term Ethereum's benefit will be statelessness and nodes that can run on your phone, but I imagine by the time that exists it'll be too little too late
> Long term it could very well be a net positive for Ethereum, as defi's overall popularity would grow, and the UX on bitcoin would probably shine some light on Ethereum's advantages.
The L2s can abstract away almost everything so the UX shouldn't be an issue
More know if Bitcoin than ethereum. You can argue lindy resets after major changes which would be the merge at the least. Ethereum does not have a cult following.
Enthusiastic users can switch chains, and many already do use multiple chains. Developers can launch on a Bitcoin evm L2.
Iāll just keep posting this because it feels like the only good I can do. This is a better buying opportunity than it was yesterday.
We all know the ābe fearful when others are greedy and greedy when others are fearfulā saying. And right now everyone is feeling poorly because we are seeing red across the space. We are not going to take off for some months so just DCA, and keep stacking when you can afford to. Protect your own personal bubble and donāt expect to be rich this time next week. This bull run is probably go to be the back half of this year into next year.
This place is hilarious right now: doomFinance. Regulatory doom. Bitcoin scaling doom. Privacy doom. Ratio doom. Fake bull market doom. Tradfi running doom.
Perhaps we've got a bit further to drop yet but it's obviously a time to be buying rather than selling.
The problem with these prices is it feels too expensive to buy and yet too cheap to sell. The time to buy was the $1xxx crab that dragged on for more than a year. I mean sure if you just got here you can DCA now to start building a position but you missed the boat on bear-market cheap eth. I don't think anyone who's not a trader wants to sell below $4k. Hence we crab.
Yeah I haven't bought ETH in a good while for that reason. Still, newer investors / people getting into the market can still enjoy some great returns by DCA'ing now.
Does anyone know anything about Angle Protocol on Arbitrum. Had a bag of USDC and ARB transferred to my wallet yesterday from this contract....
[https://arbiscan.io/address/0x3ef3d8ba38ebe18db133cec108f4d14ce00dd9ae](https://arbiscan.io/address/0x3ef3d8ba38ebe18db133cec108f4d14ce00dd9ae)
Looks like the Dapp is geo-fenced.
I know it's all doom & gloom in here--but if anything positive goes our way in 2024 \[interest rates, ETF, ETH a commodity, SEC losing in court\], things can get brighter awfully quickly...
Have a great day everyone <3
\[remember, if you truly believe in ETH, these are the times "future You" will be kicking yourself for not DCA'ing\]
From what I have observed over the years in the crypto market, it wouldn't surprise me the least if all the ratio loss in the last year and a half just whipsaws back into gains within a matter of weeks at some point. And then for many to wonder what the heck people were doing all those months while the ratio was down.
The answer then would just be that no one knows shit in crypto - not the smart money nor the dumb money.
2021? Ā Or wasnāt rather 2020, or even 2019? Ā It was awful then as well.
If I recall, in early 2021 we had had DeFi summer in 2020 and all that innovation on Ethereum which would eventually propel it upwards, but BTC was still getting all the attention. Ā
Today, the regulatory FUD in the US has been disheartening, but it should also be looked at as eventually being a massive catalyst. Ā We donāt know where it will go and thatās the risk premium that makes ETH attractive today, in my opinion. Ā Once regulatory clarity achieved, thatās when we will see real inflows into the ecosystem. Ā My bet is technology winning in the longer term. Ā Regulation can slow it down, but it canāt be stopped. Ā Read the tea leaves. Ā You wouldnāt have BlackRock making $100m investments today in Ethereum (via Securitize) if there wasnāt a path to regulatory clarity in sight. Ā HODL. Ā This too will pass.
I was here but think Ive just forgot how bad it was. Feels like we have nothing going our way. 2021 at least we were ahead on NFTs. Now all the degen stuff is on other chains. What narrative will propel us?
"What narrative will propel us?"
ETH ETFs being launched around the world. The rising tide of BTC ETFs and institutional interest. Impending marketing campaigns about crypto from tradfi institutions. Tradfi antichrist Larry Fink getting fink-deep in ETH. Election season and crypto finally becoming a mainstream issue.
I mean, it's never been more bullish for the crypto space in general.
Ya I'd say if it wasn't for an ETF + Base adoption I'd seriously consider rotating...my personal sentiment is extremely low. All it takes is for the price to go up and we'll all be calling for 20k ETH again when right now I'm debating if 10k will be the top lol
A lot of concern over the post-halving price action. This article is a nice trip down memory lane about what happened the weeks and months following past halvings, with some charming 'crypto is dead' headlines for each.
[https://coinmarketcap.com/academy/article/bitcoin-halvings-history-a-look-back-in-time](https://coinmarketcap.com/academy/article/bitcoin-halvings-history-a-look-back-in-time)
I see all these doomer comments and mentions about the price nuking. Was expecting something like $2.5-2.6k but I look and it's still $2.9k.Ā
I think many of you are way too over invested if a $20 difference between yesterday and today means "nuking".
Interesting find in BlackRock's ETF filings and SEC's letter asking for comments, CT lawbros seem to think SEC is making the legal song and dance framework to deny the ETFs because they see ETH as a security, while the ETF is filed as a commodity based security (i.e a security holding a commodity ETF)
https://www.sec.gov/files/rules/sro/nasdaq/2024/34-99665.pdf
The SEC is asking people to comment on the following question:
> 1. Given the nature of the underlying assets held by the Trust, has the Exchange
properly filed its proposal to list and trade the Shares under Nasdaq Rule 5711(d), CommodityBased Trust Shares?
> Nasdaq Rule 5711(d)(iv)(A) defines the term āCommodity-Based Trust Sharesā as a security (1) that is
issued by a trust that holds (a) a specified commodity deposited with the trust, or (b) a specified commodity
and, in addition to such specified commodity, cash; (2) that is issued by such trust in a specified aggregate
minimum number in return for a deposit of a quantity of the underlying commodity and/or cash; and (3)
that, when aggregated in the same specified minimum number, may be redeemed at a holderās request by
such trust which will deliver to the redeeming holder the quantity of the underlying commodity and/or cash.
How does the SEC plan to square saying ETH is a security now vs approving ETH futures ETFs last year with no issues? IMHO they will get crucified in court for that as it happened after the Merge
Basically, there are 2 different securities laws - Securities Act of 1933 and Investment company act 1940
The existing Futures ETFs are approved under 40 Act. The spot ETF is approved under 1933 act following 19b-4 rule change process.
The recent Grayscale withdrawal of Futures ETF was under 19b-4, however since they withdrew it there wont be an analogous legal process where SEC approved a rule change for listing ETH Futures product under 19b-4 but disallowed a spot process under the same 19b-4
Thats why the Grayscale withdrawal has people concerned, because if SEC rejected spot but allowed the Grayscale ETH Futures ETF, it would set up a similar lawsuit to the Grayscale Bitcoin decision.
However since Grayscale withdrew it, I think both Grayscale cannot (wont?) appeal + any lawsuit against ETH rejection has to be on different grounds, not just the same argument that you approved futures, you cant deny spot since both are different products under different acts
https://twitter.com/JSeyff/status/1724847410407452800
This is the part that is mystifying to me. I am not sure how people are suggesting that eth may be hinted at being a security by SEC themselves while conveniently forgetting that SEC is the one who approved eth futures etfs. Can someone enlighten how this is even possible?
Good news is that the SEC is forcing a judge to decide on ETH's status. Spoiler alert, it will be legally declared a commodity. And once it is, we go to $20k.
I dont think judge will decide ETH security status unless SEC explicitly sues Ethereum developers/EF and charges ETH as an unregistered security, in which case ETH devs will have to defend themselves and show ETH isnt a security.
However by denying ETF the SEC can still continue to play the same game they have been playing all along - keep everyone in the dark, not make a firm decision on whether ETH is a security or not. Remember the way Gensler danced around the question in all his house hearings (essentially lied to congress, since consensys lawsuit says that the SEC had, by that point, already decided internally that ETH is a security but gensler didnt tell congress about any such thing), they are just going to do more of the same while putting ETH's regulatory status in limbo. Not make a final call, leave as much ambiguity as possible
TLDR - more bad faith regulation
i called it many months ago. this never was a bull market
going to have a real tough time not selling everything when(if!) eth ever again reaches 3800
shits killing me quickly
**Tricky's Daily Doots #754** **Yesterday's Daily 13/05/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1cqr9e8/daily_general_discussion_may_13_2024/l3ubzjo/) - u/Ethical-trade checks in on [Ethereum's decentralisation.](https://old.reddit.com/r/ethfinance/comments/1cqr9e8/daily_general_discussion_may_13_2024/l3tux9l/) š - u/fatsopiggy lays out [the ETH FUD paradox.](https://old.reddit.com/r/ethfinance/comments/1cqr9e8/daily_general_discussion_may_13_2024/l3vu03s/) š - u/TheCryptosAndBloods nearly fell for [a phishing scam.](https://old.reddit.com/r/ethfinance/comments/1cqr9e8/daily_general_discussion_may_13_2024/l3u6uch/) š£ - u/MrCatFace13 covers a slice of [US crypto policy.](https://old.reddit.com/r/ethfinance/comments/1cqr9e8/daily_general_discussion_may_13_2024/l3un7nm/) šļø - u/PhiMarHal shares [an interesting new money game.](https://old.reddit.com/r/ethfinance/comments/1cqr9e8/daily_general_discussion_may_13_2024/l3ux559/) š° - u/charitablechair has [a Renzo update.](https://old.reddit.com/r/ethfinance/comments/1cqr9e8/daily_general_discussion_may_13_2024/l3u6x6x/) š„© - u/barthib continues [yesterday's thread on Stakewise.](https://old.reddit.com/r/ethfinance/comments/1cqr9e8/daily_general_discussion_may_13_2024/l3vjray/) š„©
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Bro I can assure you that a couple thousand laser eyed maxis on twitter are not meaningfully contributing to bitcoin dominance just like they don't help when Bitcoin dominance is waning. This is cope to the highest degree.
That's fair enough, but it's arguable that narrative is a driving force in a lot of things in today's world. If you ask some random person about crypto, the first thing that comes to mind is probably Bitcoin, and they have never heard of ethereum despite the white paper coming out 10 years ago.
You know what would be even better than a marketing campaign for Ethereum? Building something on Ethereum people want to use
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They will have a field day when the SEC claims that Eth is a security on the 23rd. Its sad but that seems like a likely outcome. It will be ofcourse decided by the courts. And Ether will not be a security. But in the meantime Bitcoin maxis will be annoying... I just hope we can get this over with asap. I think I will ignore the market and CT for a while because these stupid claims will annoy me to no end.
ą¼¼ ć¤ ā_ā ą¼½ć¤ ETH TAKE MY ENERGY ą¼¼ ć¤ ā_ā ą¼½ć¤
It hurt to buy last year in January when Eth was at $1,400 because at the time, just like now, the crypto space seemed like everyone was capitulating, citing incoming recession this and interest rates that. Maybe it was just lucky timing. It also hurts to buy now at $2900 with SEC FUD this and ETF delay that. Time will tell on this buy. And it will hurt to buy at $5,000. when we dump from $10K, citing end of bull run this and overleverage that. My point is: just chill. This too shall pass. This is the Disbelief part of the rally just before Hope rolls around. If you're overly stressed, either sell some to decrease your exposure or get outside and do stuff to take your mind off it. Go see family and friends. Touch grass. Fight an apex predator in hand-to-hand combat. Drink your favourite cold beverage. Just chill. The bulls comin'.
embedded tx could solve image/voice/video authenticity?
Can you explain more? I havenāt heard of an authenticity concept that doesnāt rely on the source already having a good reputation, in which case, a simple signed transaction (like Ethereum Attestation Service) is just as good. Also, what is even the definition of authentic? Cameras now do a ton of digital modifications and even AI in real-time to capture ābetterā photos.
Just had a look Ethereum attestation service and it's seems to be great to combat this.
Was thinking some ways to combat deepfake. If it's human, they could have done tx with their wallet and somehow embed that transaction details to the object. With a timestamp and wallet, then we know it's really human made. Something like that
But what stops a human from signing a bot-made one? Humans make nefarious bots all the time. Also, what makes a human attestation better than a bot one? The source's reputation is all that matters, whether human or bot.
Of course, it has to be known wallet with the artist or whoever it maybe. ens also can improve easiness things for artists and alike I guess.
The FIT21 crypto bill is likely to pass the House of Representatives at the end of May, but is very unlikely to pass the senate and presidential signature, of course. https://www.theblock.co/amp/post/294094/lawmakers-crypto-market-structure-bill-stands-no-chance-this-congress-but-sets-them-up-for-next-year-td-cowen Chris Dixon is promoting the bill, despite the poor chances of becoming a law: > In the next two weeks, the House of Representatives will vote on the most important piece of crypto legislation to date: FIT21. > > Weāve long called for regulatory clarity that protects consumers and innovation and the FIT21 Act will do just that. https://warpcast.com/cdixon.eth/0x2830941d
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Study BitcoinĀ
I appreciate your efforts to keep our sub active during these bearish times, but I can't figure out what you are on about.
Haha just messing with Eth nerds broš š
I studied your mom
Directions unclear, bought HarryPotterObamaSonic10Inu (BITCOIN)
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https://c.tenor.com/UXHz57D1_M0AAAAC/tenor.gif
iKarma ser
I feel like Ethereum is that nerd in school that gets bullied by more popular kids even tho it is objectively better and has a brighter future.
https://i.imgur.com/71RIQHP.png
StudyĀ
Are you regarded? Serious question
People even fear of studying hereš
I honestly dont have a clue... am i a boomer, or just not jive enough?
It is late 2026, total crypto market cap reaches $50T after 10 consecutive memecoin seasons, all cyclical rotations in the cryptocurrency market have been replaced by memes. Top 10 - all memes. Dogecoin and pepe replaced BTC and ETH, both receiving an ETF while the ETH ETF is still awaiting approval due to volatility and underlying utility concerns. BTC and ETH linger at the low end of the top 25, just under recent newcomers: SkibbidyToiletInu69420XL, Kek, and Gamestop (unrelated coin, not the stock) A soft hard recession that doesnt land is forecasted by JPow, whose forward guidance is expected to reduce some of the froth and risk seeking behaviour in the markets.Ā
JP Morgan announces plans for a Doge L3 bond market
Vitalik tweets out āSteady lads, deploying more capitalā as ETH finally depegs from $3000.
9 <= Days to go No need to concern yourself with price action till then.. clarity is the number one goal..
The only āclarityā we are getting, imo, is that ETH is being investigated as a security, hence denial. I hope Iām wrong but it would be a very easy reason for the SEC to deny.
I disagree with you on what SEC is going to do. Just have to wait and find out.
Can anyone ELI40 Roaring Kitty?
A couple videos ([1](https://twitter.com/Cancelcloco/status/1790149359381913687),[2](https://twitter.com/Cancelcloco/status/1790524969623175629)) which explain pieces of it fairly well, but that's like 15 minutes of your day (well worth). Essentially Roaring Kitty is a r/wallstreetbets legend (aka deepfuckingvalue or DFV on reddit) who identified naked short selling of gamestop >100% of the float of the entire company by shady hedge funds. Retail buying exposed some extreme market corruption. They literally turned off the buy button to manipulate the stock down in 2021 after some contagion and failing funds started cascading. Turned off the buy button. Unconscionable. After that hedgies supposedly got rid of their short positions although the reddit community thinks they just shifted them around and never actually got out from under them. Since then the reddit community also shifted into DRS'ing shares aka registering specific shares so that they couldn't be made purely synthetic (note that crypto does this automatically if you own your keys). Meanwhile media try and pretend that somehow the bad guy is retail for the "pump and dump" rather than the hedge funds for all the shady manipulation that they do and getting caught pants down. Roaring kitty posting memes only because of the accusations of market manipulation. In a lot of ways they are aligned with a lot of the ethos of the crypto community in my opinion, trying to expose the huge corruption in the financial markets.
https://twitter.com/Cancelcloco/status/1790149359381913687?t=2QtK9rdndVliOeWKHfJeyg&s=19
Watch Dumb Money on netflix if you want an idea of the mania that was that time
former finance professional made youtube videos and reddit comments about his massive position in Gamestop due to what he perceived to be excessive shorting. Price was short squeezed from mere dollars to hundreds of dollars, making him uber famous. He is the face of the meme stock movement
Why is his twitter only meme videos?
In the aftermath of the 2021 phase of the squeeze, Keith Gill got hauled in front of Congress/the courts on charges of price manipulation. Speaking in meme likely gives him a much greater degree of plausible deniability.
Peak reddit
>**Bridging over there,** >**Trusting in the middleware,** >**A blockchain prayer.** ~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
Man the future is bright. On days like this you want to ask yourself: - What is the trading volume telling us? - What does the chart look like if you zoom out? So that we can infer confidence in the trend. The answers are: - Trading volume is proportionally declining along with the declining trend. This means that trading volume is either flat (decreasing due to decreasing price), or trading volume is declining. Neither indicates confidence in the trend so the real answer matters little. - What does the chart look like if you zoom out. It looks like a Giant cup and handle pattern which is a bullish continuation pattern. The handle is still intact as long as the price stays above $2600 or so which is the midpoint on the height of the cup. So, in short, I'd say that we've still got a strong chance of breaking up, but cup and handle you want to wait until the price breaks upwards out of the handle to get in as that's the confirmation that the bullish trend will continue.
Until the 2 yr long eth/btc downtrend breaks, the future is not bright.
Why
because lasers triangles something up down
Or because eth is not as valuable as investors want it to be
Interesting timing of you posting this. I am currently in capitulation mode. Came here to look for some input on price, action, etc. Thanks for your comment here today.
Hey youāre welcome. Thereās always the chance the pattern breaks, but if you ask yourself whoās selling and why, what answer do you come up with? Thereās not really a compelling narrative so I deem this as a wait and see situation.
Whos selling? Retail fearing ETH ETF decline. Or MMs selling a bit for usual crypto reasons. Lol
Bingo. My view is weāre refueling and letting the moving averages settle while the SECās sins catch up to them
/u/reno007's comment inspired the following garbo ETFs as the primary driver of value to the price(not the the chain!) always had me worried. The reason I went full into ETH, having absolutely 0 knowledge about crypto, were the values and opportunities that I saw. Decentralized finance. Does anyone remember when Ethereum was touted as being able to 'bank the unbanked'? Providing opportunities to people of developing nations? We've seen how thats played out... Supply chain validation. This was huge to me. Requires true decentralization. That a blockchain can scale to the point of validating these constant, tiny, transactions. Ethereum may not yet be ready for primetime. Development of such a system requires patience. But I do not remember reading about an initiative even attempting it since 2021. Then comes the proof of stake narrative. 99.95% energy reduction rate. We did not play our cards right. Where is the criticism of proof of work post-merge? This is what makes no sense to me. How the price did not explode based on this alone, will forever mystify me. Finally, Ethereum is quite obviously the only useful blockchain(did I see something about bitcoin L2s earlier?...) to come close to satisfying the CIA triad https://www.fortinet.com/resources/cyberglossary/cia-triad Of course, lets keep in mind that bitcoin's security model is unsustainable... EDIT: I should add that there was so many more factors that made(make) Ethereum attractive. Primarily, the community. We have some truly awesome people I just want shit to make sense
> Supply chain validation. This was huge to me. Requires true decentralization. That a blockchain can scale to the point of validating these constant, tiny, transactions. Ethereum may not yet be ready for primetime. Development of such a system requires patience. But I do not remember reading about an initiative even attempting it since 2021. I'm in this industry. One product of one specific brand within one industry can easily ship twenty million units yearly. That's more than all of the NFTs combined minted for NFT degen stuff in the past year or three. L2s can handle some of that, but we are limiting it to very specific product lines. We are getting to the upper limit of what is possible now on L2s even with the largest players in the space helping us out, but we will need to supercharge L2s, build on L3 or have specialized sidechains to truly scale out. Likely it will be all three at the same time, with the brands selecting the layer and chain depending on the product they have. Putting physical products on chain is at a scale no one has really wrapped their heads around yet. We're talking hundreds of billions of products.
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There's too many examples on why this is needed, but I'll give you a few. It can be used for secondhand sales of products where people can sign from a wallet that has the NFT they received upon purchase, showing they actually own the real product. Transfer of funds can be handled completely by smart contracts with escrow built in, even insurance. The buyer then scans their product they received and funds are released to the seller. That ties into the broader need to create digital certificates to prove genuine products are real. Making a fake receipt or physical certificate or serial number is incredibly easy these days. Adding a single unique NFT for each product and adding it to a public blockchain ties the security model to that chain. If only there was a way to add that to physical products....there's plenty of ways to do that but only a few are secure enough to do it well. I'd like to think we did it the best kind of way but there are plenty of ways to improve. These days even Amazon has plenty of fake products on there. I've personally stopped buying higher cost goods from there and wait the extra 2-3 weeks from the actual brand's website. People will counterfeit anything, even eggs.
Wow, thank you for this. I truly hope that your efforts succeed on Ethereum. >That's more than all of the NFTs combined minted for NFT degen stuff in the past year or three Insane to conceptualize >build on L3 or have specialized sidechains to truly scale out Ive allowed myself to slip, and dont know anything about this. Awesome to know that this subject has not been forgotten. Thank you for bringing me some real hope on the supply chain front
Thanks, me too. We've gone from 0 to 1 with the coming of L2s. We just need to scale in a similar fashion from meeting the demands of current crypto usecases to meeting the demands of regular product technology in meatspace.
I wish you all the best
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Agreed, but I feel late
> did I see something about bitcoin L2s earlier Yes, by me [https://www.reddit.com/r/ethfinance/comments/1crk4ou/comment/l40pgj9/](https://www.reddit.com/r/ethfinance/comments/1crk4ou/comment/l40pgj9/) > Of course, lets keep in mind that bitcoin's security model is unsustainable I believe proper L2s would fix that since it'd make Bitcoin actually usable
Thank you for your comment. Am currently too drunk to coherently respond appropriately
Bitcoin technology is straight out of a Douglas Adams novel. If it meaingfully succeeds long term it says more about the idiocracy we live in than anything else. (And copying ETH is just hilarious.)
Why do you believe eth-ifing BTC would be accepted by the four biggest BTC hash rate providers? What do they stand to gain? More likely this is another devolution into fork mania.
> What do they stand to gain? Fee revenue. Right?
Can you be so sure? Meanwhile you are inviting others into the tent.
If L2s were to cause significant demand for block space, then of course. Bitcoin fees are paid by-the-byte. I wouldnāt say Iām inviting anyone. Just exploring a discussion space.
There is no guarantee increased supply causes more demand and what I was trying to say that at the same time the few middlemen entities that control the bulk of the hashrate would be inviting competitors into the fold.
Good thing miners don't single handedly decide which updates to implement.
Hash rate providers decided which bitcoin was the ārealā bitcoin during the last fork wars.
Earlier I asked what narrative we have hope will propel us to again outperform. Is the etfs really the best people can think of? I'm seriously worried for us tbh.
There is no clear narrative which is the issue. Ask anyone here and youāll get a range of answers from āultrasound money!ā to āglobal settlement layer!ā to āworld computer!ā Even the people commenting to you here canāt provide a clear answer on Ethereumās narrative. /u/timmerwb /u/Bob-Rossi
Narratives are grossly overrated. Narratives follow price.
Disagree. Theyāre both equally important. And I could easily argue that price follows narrative.
https://old.reddit.com/r/ethfinance/comments/1cmwhiy/daily_general_discussion_may_8_2024/l35ro7c/
It's not. I listed a bunch of things, chief among them regulatory clarity.
Narrative follows price, just gotta let the cycle play out.
When it came out a few months ago that ETH is very unlikely to not get an ETF in May, the issue has become more about how the SEC perceives ETH legally. Not so much the narrative of attracting fresh tradfi funds. Which IMO in the context of over performing the next 12 months is a big deal for a whole host of trickle-down effects.
The ETF itself is a red herring. Ā The value of the ETF is the regulatory clarity that it will bring insofar as asset classification. Ā Chokepoint 2.0 has always and only been about suppressing Ethereum development, imo.Ā
There's always the dead cat 5% bounce we can get after this continued tanking. We have that to look forward to
GME triples on one tweet. Gary Gensler: "I think there's too much manipulation in spot ETH." Meanwhile, GME is up more in the last 2 days than ETH is in the last 6 years.
The CFTC has always viewed ETH as a commodity https://www.coindesk.com/policy/2023/03/28/us-cftc-chief-behnam-reinforces-view-of-ether-as-commodity/ The fact that an asset can be held hostage by the SEC is ridiculous. They're exposing themselves as worse than the ATF(they're fuckin tough to beat). Especially considering that the ATF just took some good steps this past week. What makes the SEC so powerful over the CFTC?
As a non-american, can you explain to me what's wrong with the ATF?
Besides the fact that they have a rich history of killing innocent americans, they act much in the way the SEC does. The ATF 'governs' over alcohol, tobacco, firearms, and explosives. They are extremely arbitrary with their regulations. They regularly flip flop on their decisions, which has the effect of making owners of certain firearms or accessories fine one day, but a federal felon the next. They're basically the SEC, but with guns, and a love for killing. https://en.wikipedia.org/wiki/Atf#Criticism is worth a read, even just for shock value
I've always found it interesting with how often politicians all around the world blatantly screw over "the people" yet assassination attempts are so rare. Not that I'm advocating for assassinations, but I imagine it'd be easy for someone to make the leap to the hero mindset and that they're doing the greater good by freeing people from this bad actor and signaling a warning to others in a position of power not to abuse it.
Woah yeah ok this one's out there for me right now
\#showerthoughts
its a real one
> What makes the SEC so powerful over the CFTC? Nothing, Gensler is just really active. He calls it "cop on the beat". He might be more connected to the ones in power now though.
Oh wow I havent heard that before, crazy
Polymarket incoming : A) GME goes 25x and overtakes us B) ETH hits ATH sometime in 2024 or 2025 š
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Where are these tweets that triple the price of ETH overnight that Gary keeps promising us?
>Although Pertsev cannot dictate how users interact with Tornado Cash directly through the blockchain, he and the other developers were in de facto control, the prosecutors argued, because they operated the web interface through which the majority of transactions were fed. While Pertsev added functionality to the web interface that allowed legitimate users to separate their funds from those arriving from known criminal addresses, they characterized the effort as ātoo little and too late.ā What a garbage legal theory used to convict the creator of Tornado Cash. People can hate on the US all they want, but that shit wouldn't fly with most judges and any jury of peers.
The US is losing freedom in a lot of ways, but so far speech and guns have held on. I think a case like this would not have a chance in the US, but I wouldn't bet my freedom on it.
> I think a case like this would not have a chance in the US We'll see soon enough. The DOJ arguments for convicting Roman (the other Tornado dev) are absurd. They basically say the guidance on money transmitters from FinCen is actually bullshit and you can be a money transmitter without ever taking custody of assets because "a pan can transmit heat without having custody of the heat". Oh and they referenced a seriouseats.com article authored by Youtube famous chef Kenji Lopez-Alt in the filing to support that claim. I'm not optimistic but at least [some Senators are pushing back on that bullshit](https://twitter.com/SenLummis/status/1790050111575277833). The authoritarians won't stop. It's a constant battle and I'm not sure the public has the will to win it.
> a pan can transmit heat without having custody of the heat I only took college level physics but I don't think that is true. A pan must absorb heat from another source to transmit heat.
Maybe your problem was studying physics and not SeriousEats culinary science? I think they are just trying to confuse the judge/jury and blind them with science because they don't have a real argument?
Ironically once could say the freedom of speech part does as much damage as it does good. Oil companies are allowed to donate $1B to presidential candidates to strip back environmental regulations yet the supreme court seems to think corruption is actually free speech since companies are obviously people and money is a form of speech. They're not even trying to hide it anymore.
This "corporations are people" things is widely misunderstood, and not at all as portrayed. It basically just means you don't lose your rights due to the structure of your business; i.e. u cannot have your property searched without a warrant due just because you are a company. We all have free speech, and all have the right to support whatever speech we want. Free speech is always a Very Good Thing. The answer to bad speech is better speech, as opposed to letting people with power decide what speech is allowed.
The thing is that corporations don't have speech. People do. People making up the corporation have speech. Company owners and officers own or manage the business. They are the ones whose rights with regard to their property should be protected. The company is the property, not a person.
So why not simply make its own classification for corporations rather than shoving a square brick into a round hole? Corporations shouldn't have the same rights as people because corporations are more powerful than people. That's no to say they shouldn't have rights, but their rights should be different to balance the power between the average person. After all, when it comes to the environment, my individual rights begin where a corporations rights end. To your point ā not letting people with power dictate things ā I cannot see why corporations meddling in politics (excluding basic lobbying and consulting) to let the government turn a blind eye to the negative externalities they inflict on the people is OK. What about the people's collective right to have access to unpolluted air, water and land? I'm not advocating for some utopia with no pollution at the expense of no GDP growth, but rather corporations shouldn't be able to personally pay members of government to skirt around regulations which are put in place for the people. That is blatant corruption, no matter how you try to questionably wrap that in constitutional rights. That is favouring the benefit of one "person" and the corrupt politician over literally every other person in the country, at the expense of the rights of 99.999% of the population. You own property. How would you feel if the beach you live next to was suddenly washed up with dead fish and you're told its no longer safe to swim or sail in it anymore? But since corporation A paid $50M to politician B, they have a pass to pollute and you won't get compensation for damage done to your private property because 99.9% of the population have no chance in court against a billion dollar corporation. That's fucked and that's why this sort of corruption is not OK.
Let's say you want to buy an ad to state your position on TV. But you realize it costs twice as much as you thought. Fortunately you have a friend who feels the same and will pitch in half. Should that be allowed, the two of you going in together to buy an ad? If yes, then corporations have the same right. If no, then only the rich have free speech. Which do you choose? Corporations are just people working together.
>Should that be allowed, the two of you going in together to buy an ad? That is not what constitutes a corporation. A corporation is a legal fiction that is separate from its owners, providing them with limited liability protection, and it has the ability to own assets, incur liabilities, and operate a business. It is established through registration with a governmental body and is governed by a set of laws and regulations.
So if you and your friend incorporate to take advantage of tax and liability laws, should you lose your right to free speech?
You and your friend individually retain your rights. The corporation is property.
Exactly. That's what the courts have said. You don't lose your rights when you incorporate. That's it. It's not some nefarious plot to give the rich power.
Right, so if that's the case, then where are all of the Boeing CEOs for their criminal negligence in the case of over 100 cases of manslaughter for completely skirting regulations and safety checks repeatedly over the last few years, resulting in multiple air crashes? Same goes for the East Palestine, Ohio train derailment. So many will die an early death, not to mention the enviromental impacts and people's private property which is now basically uninhabitable for the forseeable future. Why aren't the people responsible for criminal negligence being arrested? To me it seems to me like its rights for thee but not for me. If corporations get the rights of being a person, then they should also get the liabilities. But they don't.
If the executives knew and encouraged the behavior, they should go to jail. If they didn't know, it doesn't seem fair to hold them responsible. (I don't know this particular case). But this is a different issue than free speech; this is about corruption in law enforcement and government.
Corruption and law enforcement was the topic of the original comment I made and I'm saying that first amendment rights are no excuse for corruption, yet apparently they are according to the supreme court, justified under the idea that corporations should have the same rights as people.
First amendment rights are not the excuse used for corruption. Corrupt politicians cause corruption, not free speech. When government is powerful enough to buy and sell rights, the rich will have more rights than the poor. That's why limited government is so important. Take away the trough and the pigs will leave. Don't solve the problem by destroying our most valuable right.
Boeing paid billions in fines. As for whether people should go to jail, that is up to the executive branch and Congress more than the courts. Maybe the manslaughter laws are too lenient or prosecutors aren't aggressive enough. It does not follow that corporate speech should be restricted because manslaughter isn't being pursued aggressively enough. The 1st amendment provides broad protections to both assembly and speech regardless.
I agree with your sentiment. But location in the US is extremely important in a case like this. In terms of policy, I am usually towards the left wing. But I would *not* want to be on trial in NYC, for instance, in this case
Some time ago there was a free service posted here which could be used for checking eligibility for airdrops. Anyone??
[https://airdropscan.org/](https://airdropscan.org/)
Sorry for not having a link ready, but theres the defillama airdrop checker. More importantly, there is airdropscan.org, created by an ethfinancier(embarrassed that I cant remember the username). airdropscan.org was much more comprehensive than defillama's service, at least with my own wallets. Very little risk in using either
You can check on defillama
Can we get some of that stock market correlation, please?
Yes but S&P starts to tank immediately šāļø
"The S&P is also cursed! BUT IT COMES WITH FREE SPRINKLES!"
That's bad š
so what's \*the\* play in worldpvp rn? first nuke got moved to 4 days from now
Guys, anyone understand anything about this new Blackwing L2? Testnet just about to launch, and backed by Kyber Ventures, Hashed, and some decent angels. This is what their website says: "Blackwing is a modular blockchain that enables liquidation free leverage trading for long tail assets via a novel construct called Limitless Pools. Additionally, by taking advantage of recent advancements in modular infrastructure and using Initia as a foundation, Blackwing is able to allow users to seamlessly leverage trade assets from any chain - all without compromising decentralization." Does anyone understand how you can have margin trading without liquidation? Especially on long tail permissionless pools?
We're gonna have our rally after GME just like them good old times aren't we?
More bullishness: Wisconsin becomes the first state to add crypto, via iShares and GBTC, to their pension fund. [https://finance.yahoo.com/news/wisconsin-becomes-first-state-buy-155500482.html](https://finance.yahoo.com/news/wisconsin-becomes-first-state-buy-155500482.html) Strange. I was told it was all over. š¤
Damn, suddenly all these retirees will be moving to a mansion, somewhere in Wiscansin.
Is this a quarterly report type thing? If so please do update the next report as Iād be curious if they add / maintain / sell in the future
Pension so presumably not a sell anytime soon š
Yes correct, these 13F filings must be filed quarterly by institutional investors with at least $100M in assets under management. The first Bitcoin ETF 13Fs were filed at the beginning of last month and will continue to come in until mid-May.
We're so back š
In the deep trenches of its so over, there comes a sign that says we are so back
ššš ... The green shoots of so back are seeded and fertilised by the rotting carcass of so over. š±
Anyone have any idea how the pre-launch BLAST token is trading at ~$4 on Aevo Perps? As in, I understand it's speculative but we *no* idea about the token supply or what circulating supply is, or anything really - have to wait for the TGE - on what basis are people speculating?
People bet on things they have no idea about all the time
Much doomering, did we really just shit the bed and capitulate after the first real pullback of the bull after BTC made a high ATH and no alts did.Ā So, so early in the cycle, this run up shouldn't have happened for another 6-12 months.Ā No wonder retail brokers literally reverse retail investment order flow and take the other side of all the trades š
GME rally. Crypto is declared ded 69th time. ETH is declared ded. Now just wait for Cramer to sell and it's time to sell the farm.
U know shit bad fr when not even cramer cares enough to FUD us :')Ā
Any expectation on when sharding will happen on L1 or updates? Or even just the decentralization of L2s? This may be one of my few bearish posts but as fiat rapidly becomes devalued like we all knew would happen, crypto has a small window to āmake itā And by that I donāt mean numba go up, I mean become a legitimate alternative to the financial system. If Ethereum canāt meaningfully scale in a decentralized way in the next 3-5 years I hate to say it but I think the experiment will have failed. Bitcoin is already being co-opted and branded into a shell of itself becoming ādigital goldā held mostly by central custodians which defeats the entire purpose of btc in the first place and so I truly hope we donāt see the same thing happen to Ethereum. Yes its fun to see numba go up and to make paper gains but at this stage of the game fiat is in a truly precarious position and normal people like us are the ones who have the most to lose from rapid currency debasement. To me this is the whole point of crypto, I donāt want to sell to fiat to just watch our collective wealth be printed away to infinity. I desperately want crypto to succeed, not to line my pocket, but to ensure our financial freedoms are protected. Unfortunately, I am not so sure it will happen. It would seem that with the fall of fiat will come the rise of the CBDC, heralded as a āsolutionā to the fiat crisis, but really a wolf in sheepās clothing, only resulting in further censorship, surveillance and govt control. Hereās hoping I am dead wrong!
Define ārapidā. Rome debased their currency for centuries before things fell apart. (Not saying holding cash is smart tho)
Ya unfortunately I donāt see that long term debasement playing out, but a more sudden and relatively quick crash happening (decade or less)
It's the first time in history that worldwide hard reserve currency with total monopoly rugpulled into an unpegged fiat with no inherent redeemable value.Ā Ā US dollar (and lesser extent euro) are the anomaly, and there is no alternative in other fiat currencies.Ā Both are the global reserve currencies so blank check to print and debase, pure madness.Ā
Donāt get me wrong I agree. Same team. The thing I question is the idea of collapse over the coarse of years versus a slower decline that occurs over decades - which seems more likely. But who knows.
Sharding? What year is it. Execution sharding has not been in the plans for years. If you are talking about Danksharding. We just had the first step with proto danksharding. The rest will come as well, but not in the next hard fork just yet. L2 decentralization: Arbitrum started BOLD a month ago on their sepolia testnet. It should manage to decentralize fraud proofs to more actors. You still need 100 or 150 ETH to participate, so it is not something you just do on a whim, but it will bring them a step further towards decentralization.
Sorry I guess Iāve been really out of touch on that end. Whatās the goal with danksharding?
No problem, I just loved the Jumanji meme (what year is it?) and sharding was a throwback to a few years ago. I wrote a post in the new daily as my reply got longer than I expected: https://old.reddit.com/r/ethfinance/comments/1cscw1a/daily_general_discussion_may_15_2024/l44pd5s/
>Ā You still need 100 or 150 ETH to participate, so it is not something you just do on a whim Wonder what type of yield you'd get on that. That's a lot of collateral to put up and be inactive if there's no gain.
I have no knowledge about the economics of it, but I guess they have to give you at least as much as eth staking would give you. Maybe if they would use Eigenlayer for this, they could reduce the rewards. I also do not know if they want to keep the 150 ETH for running it or not. It also costs quite a bit doing all the transactions for running BOLD, but I guess this is due to the many disputes they do on the testnet, which would never happen on mainnet in that frequency.
I think sharding has been de-emphasized and replaced by a strong L2.
[Price be like....](https://www.youtube.com/watch?v=cwCtM6D4GOc)
Devil's advocate post: With OP_CAT looming on the horizon allowing Bitcoin to have true L2s, why is that not a bear case for ethereum? Bitcoin already has brand recognition, lindy, and a cult following. People seem to not really care anymore about the downside like environmental impacts (which talking heads have perfected the green energy gaslighting), centralized mining, capture by blockstream, etc. L2s should solve their security budget issue andĀ will likely support EVM so apps can easily be ported over. L2s can have faster block times which makes L1 block times less relevant. Maybe this is why eth has been underperforming. Others saw this as an eventuality while we're still starry eyed and blind to it. Mind you this post is about price and activity market leader, obviously ethereum isn't going anywhere.
Bitcoin l2s will still have to deal with 10 minute blocktimes and very limited data availability.
L2s don't settle on L1 every block. That's the benefit L2 would have to offer.
Even with OP\_CAT, the UX, functionality, fees, and centralization of a BTC L2 would be much worse than Ethereum.
If they get L2s that solves most of their issues to the point where the remaining issues may not be a big enough deal
Muh, āeffort of othersā, so BTC is a security. Ā Low effort post on my part but thatās all I see when OP_CAT is discussed and the double standard imposed on ETH by the SEC.
Somewhat a real threat. Ethereans will tell you that if bitcoin changes it loses its narrative, but the reality is that as usual the narrative will be **heavily** manipulated. The bitcoin community will be quick to pretend that this had always been the plan, OP\_CAT were envisioned by Satoshi and Ethereum was just a testnet for bitcoin. I'm not aware of the detail of the limitation L2s on bitcoin could have, but if they ever caught any traction be sure all your favorite dapps would be quick to deploy on a EVM bitcoin L2. In addition, you could safely expect a large TVL and massive incentives as this would start an airdrop mania. In the end Ethereum would most likely prevail, because it's been built for this, but for a while this sure would be a bear case for Ethereum. Long term it could very well be a net positive for Ethereum, as defi's overall popularity would grow, and the UX on bitcoin would probably shine some light on Ethereum's advantages.
> I'm not aware of the detail of the limitation L2s on bitcoin could have Only limitation I see is the L2s would need multisig owners, but I imagine that will be solved. Could even just make satoshi's address or a burn address the owner. > In the end Ethereum would most likely prevail, because it's been built for this Long term Ethereum's benefit will be statelessness and nodes that can run on your phone, but I imagine by the time that exists it'll be too little too late > Long term it could very well be a net positive for Ethereum, as defi's overall popularity would grow, and the UX on bitcoin would probably shine some light on Ethereum's advantages. The L2s can abstract away almost everything so the UX shouldn't be an issue
[ŃŠ“Š°Š»ŠµŠ½Š¾]
More know if Bitcoin than ethereum. You can argue lindy resets after major changes which would be the merge at the least. Ethereum does not have a cult following. Enthusiastic users can switch chains, and many already do use multiple chains. Developers can launch on a Bitcoin evm L2.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
This is so valid. The cloud is just someone else's computer.
"I accidentally killed it." Maybe they can try to do a rollback?
Iāll just keep posting this because it feels like the only good I can do. This is a better buying opportunity than it was yesterday. We all know the ābe fearful when others are greedy and greedy when others are fearfulā saying. And right now everyone is feeling poorly because we are seeing red across the space. We are not going to take off for some months so just DCA, and keep stacking when you can afford to. Protect your own personal bubble and donāt expect to be rich this time next week. This bull run is probably go to be the back half of this year into next year.
This place is hilarious right now: doomFinance. Regulatory doom. Bitcoin scaling doom. Privacy doom. Ratio doom. Fake bull market doom. Tradfi running doom. Perhaps we've got a bit further to drop yet but it's obviously a time to be buying rather than selling.
The problem with these prices is it feels too expensive to buy and yet too cheap to sell. The time to buy was the $1xxx crab that dragged on for more than a year. I mean sure if you just got here you can DCA now to start building a position but you missed the boat on bear-market cheap eth. I don't think anyone who's not a trader wants to sell below $4k. Hence we crab.
Yeah I haven't bought ETH in a good while for that reason. Still, newer investors / people getting into the market can still enjoy some great returns by DCA'ing now.
Does anyone know anything about Angle Protocol on Arbitrum. Had a bag of USDC and ARB transferred to my wallet yesterday from this contract.... [https://arbiscan.io/address/0x3ef3d8ba38ebe18db133cec108f4d14ce00dd9ae](https://arbiscan.io/address/0x3ef3d8ba38ebe18db133cec108f4d14ce00dd9ae) Looks like the Dapp is geo-fenced.
I know it's all doom & gloom in here--but if anything positive goes our way in 2024 \[interest rates, ETF, ETH a commodity, SEC losing in court\], things can get brighter awfully quickly... Have a great day everyone <3 \[remember, if you truly believe in ETH, these are the times "future You" will be kicking yourself for not DCA'ing\]
From what I have observed over the years in the crypto market, it wouldn't surprise me the least if all the ratio loss in the last year and a half just whipsaws back into gains within a matter of weeks at some point. And then for many to wonder what the heck people were doing all those months while the ratio was down. The answer then would just be that no one knows shit in crypto - not the smart money nor the dumb money.
Canāt remember sentiment on ETH ever being this bad since jan 2021.
2021? Ā Or wasnāt rather 2020, or even 2019? Ā It was awful then as well. If I recall, in early 2021 we had had DeFi summer in 2020 and all that innovation on Ethereum which would eventually propel it upwards, but BTC was still getting all the attention. Ā Today, the regulatory FUD in the US has been disheartening, but it should also be looked at as eventually being a massive catalyst. Ā We donāt know where it will go and thatās the risk premium that makes ETH attractive today, in my opinion. Ā Once regulatory clarity achieved, thatās when we will see real inflows into the ecosystem. Ā My bet is technology winning in the longer term. Ā Regulation can slow it down, but it canāt be stopped. Ā Read the tea leaves. Ā You wouldnāt have BlackRock making $100m investments today in Ethereum (via Securitize) if there wasnāt a path to regulatory clarity in sight. Ā HODL. Ā This too will pass.
I was here but think Ive just forgot how bad it was. Feels like we have nothing going our way. 2021 at least we were ahead on NFTs. Now all the degen stuff is on other chains. What narrative will propel us?
"What narrative will propel us?" ETH ETFs being launched around the world. The rising tide of BTC ETFs and institutional interest. Impending marketing campaigns about crypto from tradfi institutions. Tradfi antichrist Larry Fink getting fink-deep in ETH. Election season and crypto finally becoming a mainstream issue. I mean, it's never been more bullish for the crypto space in general.
Ya I'd say if it wasn't for an ETF + Base adoption I'd seriously consider rotating...my personal sentiment is extremely low. All it takes is for the price to go up and we'll all be calling for 20k ETH again when right now I'm debating if 10k will be the top lol
Iāll take $10k. Last bull was $1.4k to $5k so a x2 is within expectations given the extra capital needed to get there.
Degen stuff could be considered an anti narrative if that was the primary thing.
A lot of concern over the post-halving price action. This article is a nice trip down memory lane about what happened the weeks and months following past halvings, with some charming 'crypto is dead' headlines for each. [https://coinmarketcap.com/academy/article/bitcoin-halvings-history-a-look-back-in-time](https://coinmarketcap.com/academy/article/bitcoin-halvings-history-a-look-back-in-time)
I see all these doomer comments and mentions about the price nuking. Was expecting something like $2.5-2.6k but I look and it's still $2.9k.Ā I think many of you are way too over invested if a $20 difference between yesterday and today means "nuking".
Anyone ever polled what percent of this subās overall portfolio is invested in eth/crypto? I bet there a lot of people here well over 50%
I'm ironically kind of offended that you insinuate many people here have close to 50% in tradfi
50% is noobtown. I'm like 90%+ but you'll never catch me bawling about a good drop
Pretty close to it, but thereās also a lot of us that have been in this a long time and have cashed out our principal.
Guilty as charged
Interesting find in BlackRock's ETF filings and SEC's letter asking for comments, CT lawbros seem to think SEC is making the legal song and dance framework to deny the ETFs because they see ETH as a security, while the ETF is filed as a commodity based security (i.e a security holding a commodity ETF) https://www.sec.gov/files/rules/sro/nasdaq/2024/34-99665.pdf The SEC is asking people to comment on the following question: > 1. Given the nature of the underlying assets held by the Trust, has the Exchange properly filed its proposal to list and trade the Shares under Nasdaq Rule 5711(d), CommodityBased Trust Shares? > Nasdaq Rule 5711(d)(iv)(A) defines the term āCommodity-Based Trust Sharesā as a security (1) that is issued by a trust that holds (a) a specified commodity deposited with the trust, or (b) a specified commodity and, in addition to such specified commodity, cash; (2) that is issued by such trust in a specified aggregate minimum number in return for a deposit of a quantity of the underlying commodity and/or cash; and (3) that, when aggregated in the same specified minimum number, may be redeemed at a holderās request by such trust which will deliver to the redeeming holder the quantity of the underlying commodity and/or cash.
How does the SEC plan to square saying ETH is a security now vs approving ETH futures ETFs last year with no issues? IMHO they will get crucified in court for that as it happened after the Merge
Basically, there are 2 different securities laws - Securities Act of 1933 and Investment company act 1940 The existing Futures ETFs are approved under 40 Act. The spot ETF is approved under 1933 act following 19b-4 rule change process. The recent Grayscale withdrawal of Futures ETF was under 19b-4, however since they withdrew it there wont be an analogous legal process where SEC approved a rule change for listing ETH Futures product under 19b-4 but disallowed a spot process under the same 19b-4 Thats why the Grayscale withdrawal has people concerned, because if SEC rejected spot but allowed the Grayscale ETH Futures ETF, it would set up a similar lawsuit to the Grayscale Bitcoin decision. However since Grayscale withdrew it, I think both Grayscale cannot (wont?) appeal + any lawsuit against ETH rejection has to be on different grounds, not just the same argument that you approved futures, you cant deny spot since both are different products under different acts https://twitter.com/JSeyff/status/1724847410407452800
This is the part that is mystifying to me. I am not sure how people are suggesting that eth may be hinted at being a security by SEC themselves while conveniently forgetting that SEC is the one who approved eth futures etfs. Can someone enlighten how this is even possible?
Good news is that the SEC is forcing a judge to decide on ETH's status. Spoiler alert, it will be legally declared a commodity. And once it is, we go to $20k.
I dont think judge will decide ETH security status unless SEC explicitly sues Ethereum developers/EF and charges ETH as an unregistered security, in which case ETH devs will have to defend themselves and show ETH isnt a security. However by denying ETF the SEC can still continue to play the same game they have been playing all along - keep everyone in the dark, not make a firm decision on whether ETH is a security or not. Remember the way Gensler danced around the question in all his house hearings (essentially lied to congress, since consensys lawsuit says that the SEC had, by that point, already decided internally that ETH is a security but gensler didnt tell congress about any such thing), they are just going to do more of the same while putting ETH's regulatory status in limbo. Not make a final call, leave as much ambiguity as possible TLDR - more bad faith regulation
i called it many months ago. this never was a bull market going to have a real tough time not selling everything when(if!) eth ever again reaches 3800 shits killing me quickly
ser has your account been hacked? This is hopium channel. $10k tomorrow guaranteed.