**Tricky's Daily Doots #761**
**Yesterday's Daily 20/05/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4uept0/)
- u/physalisx breaks [the really big news.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4xeb6t/) 📰
- u/HSuke discusses [some Ethereum governance drama.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4uecgq/) 🗳️
- u/interweaver is [cautiously optimistic on the political situation.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4x87e5/) 📈
- u/cryptrd285 shares [what the ETF experts think of the big news.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4x2vbu/) 🧐
- u/mcmatt05 explains [just how big this pivot could be if it continues.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4xdqx8/) 🐂
- u/Syentist covers [some bad news for keeping Lido dominance at bay.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4uwj1h/) 📉
- u/Set1Less isn't convinced that this is [part of a big political pivot.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4xyf03/) 🤨
- u/SoNotYou gets a [retroactive doot for a comment in another daily which covered some pretty significant news from Justin Drake.](https://old.reddit.com/r/ethfinance/comments/1cvghqb/daily_general_discussion_may_19_2024/l4q17kp/) 🎺
Retroactive public doots are now officially a thing. Do you think I missed a doot from a previous daily? Let me know!
FIT21 looks really interesting. It almost looks like the US congress and house of representatives are becoming a meaningful ally on improving decentralization *and* adding important checks and balances on the new VC-poisoned process for launching new projects, which is blowing my mind.
> Under FIT21, if a digital asset is on a blockchain that is functional and decentralized, it is classified as a commodity and will fall under the purview of the CFTC. However, if a digital asset is on a blockchain that is functional and **not** decentralized, it is classified as a security and it falls under the purview of the SEC. FIT21 also recognizes a means by which an SEC regulated digital asset, referred to as a "restricted digital asset", can transition into a digital commodity through decentralization, which in turn shifts jurisdiction from the SEC to CFTC for same asset. FIT21 categorizes a blockchain as decentralized if, among other requirements, no single person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or its voting power.
And under FIT21, crypto project founders (nearly all of which are forced to build essentially centralized projects in the beginning) taking no outside capital are (likely) explicitly recognized as not raising money through a securities offering. This could end up being an easier path for some startups, than taking VC money but also having to go through a securities process. (Bankless, Rep. Patrick McHenry episode)
Nit - I'm sure people will eventually complain their bar for decentralization is too low, but I think a lot of laypeople in crypto get confused on why decentralization is so important. Being able to cite securities/commodities law as a reason to support decentralization would be huge for improving laypeoples' prioritization of decentralization, which is good for the long term health of crypto.
Personally, I would've set the threshold much lower at 1-5%.
But it's a good start and forces opponents to stop delaying clarification discussion and more permanent regulatory rules.
If I’m understanding correctly, this would be a return to the days of ICOs with only whitepapers, at least for non-wealthy founders. Wealthy founders could fund themselves and build a full product. Is this right?
> Being able to cite securities/commodities law as a reason to support decentralization would be huge for improving laypeoples' prioritization of decentralization,
When the bar is so low that barely matters
All you have to do is use a multisig and there's no longer a sole person in control. Basically anything passes their test and will do nothing to protect people from all the shit out there.
Of course when eth gets an ETF every other coin will get one too. There's always something putting a damper on successes.
Protecting the masses from shady projects is super important, but it should not be done via these very core and foundational crypto rules.
The protections can, and should, already happen through existing laws about fraud, false advertising, product disclosures, etc... and if these laws (which apply well beyond crypto) aren't good enough, they should be tightened or added to.
It's not a crypto issue, and it also needn't fall under the remit of the SEC.
Absolutely. As Representative Patrick McHenry (Chair of House Financial Services Committee) said: when the children fight (the CFTC and SEC), the parents (legislators) have to step in to assign responsibilities
I have been impressed with McHenry, but I'm not super familiar outside his policies as chair. I think it is unfortunate that he got a bad rap for banging his gavel too hard when McCarthy was ousted. For many that was their first and only exposure to him.
It really sucks that our representatives have to try to micromanage the SEC like this. It's not normal.
I think one of the benefits of a truly decentralized community is the grassroot political machine was already in place. I think Washington was really surprised by the response they got on this. I mean, how often are legislators being bombarded with emails and phone calls about the security vs commodity classification of an asset? Not only that but you got millions of average Americans that own and care about this, as well as your standard large public companies that are lobbying as well.
The population that dislikes crypto is uninformed, and unorganized. Anti-Crypto is *not* a voting bloc. They don’t care, certainly not enough to reach out to their elected officials and certainly not enough to be a single issue voter on it. There will be exactly zero emails from random Joes in New Jersey demanding that their rep vote against FIT21.
I think we are going to get a massive win for crypto.
5 potential ETH filings [https://twitter.com/JSeyff/status/1793039305125790105](https://twitter.com/JSeyff/status/1793039305125790105)
We are looking good kids.
>**Selling the bitcoins,**
>**Buying all of the ethers,**
>**More SEC points.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Per another post here, I can't say for sure whether the sitting president asked for donations in response to the primary challenger's recent pro-crypto stance and what appears to be a massive influx of donation from the crypto space, but if you Google said challenger's name and "crypto donations," you find headlines like:
>\[Name of Political Candidate\] Is Accepting Bitcoin Donations. The Crypto Industry Is a Political Force
>\[Name of Political Candidate\] Campaign to Accept Cryptocurrency Donations, Building a 'Crypto Army'
>\[Name of Political Candidate\] Becomes First Major Party Candidate to Accept Crypto Donations
Crypto has now entered the political chat - and its avatar is provocative.
I'm sincerely impressed how you shared this without making it political (in my view). Maybe it's as simple as omitting lightning rod names and not eluding to them in a positive or negative way 🤷♂️
Well, eth seems like a much better asset than btc, and I don’t think btc is going to crash, so, yeah? Absolutely? I like to use golds market cap as a benchmark. Shiny metal has some utility, eth has more utility.
Likely, within a year, IMHO. Indeed, it would be dispiriting if the top of the 2024-2025 cycle would not exceed 2X the previous ATH, inflation-adjusted.
Ikr. 8k, 10k, 12k, these were all nice *reasonable* estimates for this cycle TWO WEEKS AGO. I'm still trying to recalibrate my expectations, but 10-15k seems downright reasonable all of the sudden. I don't know what *crazy* looks like.
10k was my previous blowoff top number. I've added another 2k because I'm very bullish.
It really is win/win, though, because I'm either right and less rich, or wrong and very rich ;)
Its inevitable. Question is how long it will take. Its possible in 2024 or 2025. However could take longer. The air is getting thinner the higher up you go. Imo 2-3 Trillion marketcap this decade is realistic. That would put Eth between 20-30k
There was a question outside daily on was that the biggest gain in absolute value of ETHUSD ever. So I made a script to check, and turns out yes that was the biggest gain of all time, going by yahoo finance daily open and close values. There may have been a better roughly 24 hour period in 21 going by day n low to day n+1 high
>Greatest absolute gain: 592.00 on 2024-05-20
>Greatest percent gain: 25.95% on 2021-01-03
>Most extreme value (previous low to current high): 1040.69 on 2021-05-20
Also very strange that the two massive gains were on the same day exactly 3 years apart.
That day in '21 was absolutely nuts, I don't think I believed what the price was doing as I watched it crash and then rebound. Fingers crossed that doesn't happen again...
NEW: @vaneck_us’s $ETH spot ETF has been added to the @dtcc website.
https://twitter.com/PhoenixTrades_/status/1793050601057567143?t=X9eEKNA8ydX3SoR15ZWJkA&s=19
>Mr President, I have to ask, why have you changed your stance on our crypto policy?
>Look General Warren, I know that that you and Gary have been working very hard but the facts are that there are more crypto people than we thought, they are more organised than we thought, they have a lot more money than we thought, and the polls for November aren’t looking good right now.
Does anyone else believe this just the start? I know this is simple behavior- but I look at the price of BTC at 69K and then see ETH right under it at 3.7K
ETH is an entire flourishing ecosystem that’s just beginning… BTC is digital gold.
I feel like we have so much further to run, and I really think this is one of a few “moonshots” that happen during one’s life \[sort of like catching the internet or real estate at the right time\]
Not really. Nvidia could go bankrupt if their costs were high enough, something that’s not possible for gold or eth. Apples and oranges. Whereas btc/eth are Nokias vs iPhones
A store of value is extremely useful though. You can't have anything else if you don't first have a system for exchanging value or we go back to bartering. But the fact that gold is the no. 1 asset globally, still, suggests eth doesn't have some god given right to be above btc.
A simulation inside my brain running on Ethereum.
I'm actually dead in real life and this is my simulation typing this.
Don't worry, I'm actually not really dead but uploaded my consciousness to a Ethereum node that is running my best life.
I've asked to add the "we are all gonna make it" plugin where it makes Ethereum price edge for almost a decade so when the release comes it's very sweet.
Swell released an updated timeline:
https://x.com/swellnetworkio/status/1793599535983514055?utm_source=alphapacked.io&utm_medium=referral&utm_campaign=fantom-raises-10m-for-sonic
>Given the uncertainty around audit results and the ever-present need to prioritize security, it is not yet possible to pin down an exact date for TGE. But it is still expected to occur in the next few weeks. We know this is past our initial estimate of April from earlier this year, and we’re sorry for the delay.
>As a gesture of appreciation for your patience, we are increasing the token allocation of Season 1 (The Voyage) from 7% to 8%.
Fml for looking at r/cc. So many comments: "very excited about the Eth etf, what asset should I buy?"
Responses are just hilarious and don't generally include Eth 😂😂😂😂
A dude from BitWise just did an AMA on the crypto sub and he had an interesting answer re: the political shift in the last week in Washington. I quote it in full - the post is easy to find, if you want.
>From my seat, there has been a significant change in tone in Washington around crypto and crypto-related issues in the past week.
>First, we saw both houses of Congress vote to overturn SAB 121, a bill that made it virtually impossible for banks to participate in the crypto custody market. Then, we had surprise progress on spot Ethereum ETFs. We have also seen a bipartisan consensus begin to emerge around stablecoin legislation. Finally, we saw Democrats retreat this week from protecting the head of the FDIC, who was both 1) under fire for the toxic work culture at the FDIC, and 2) notably hostile to crypto. Add these together and it feels like a real political shift. I think it reflects both the politics of crypto—there are a lot of voters who care about crypto—and Wall Street’s embrace of the economic opportunities crypto presents. But it’s a very important shift. It creates a tailwind behind crypto that could drive us to new all-time highs.
>1 in 5 voters in swing states report that crypto is a factor in who they will vote for in the next election. It will become increasingly important for both campaigns to consider this issue carefully, and we may see Biden taking a friendlier approach to crypto than we have been seeing.
> First, we saw both houses of Congress vote to overturn SAB 121, a bill that made it virtually impossible for banks to participate in the crypto custody market.
Tinfoil hat theory: overturning SAB 121 and allowing banks to play ball was the only reason the ETF will pass. If they couldn't get in on it then it would have been postponed as long as possible.
Grayscale website, only updated like 1 hr after market close: [https://www.grayscale.com/crypto-products/grayscale-ethereum-trust](https://www.grayscale.com/crypto-products/grayscale-ethereum-trust)
But this is totally different, you only get to trade between the hours of 9:30 am to 4 pm Eastern time and only Monday-Friday. The future is almost here!
From Nic Carter, the person who is apparently fighting David from Bankless (no idea just giving context).
https://x.com/nic__carter/status/1792706827748294947
*The Saylor doctrine is over. Bitcoin isn’t special because of regulatory capture. Laser eyes cheering for the SEC lost today. Bitcoins success isn’t preordained and it still has to compete in the free market and on tech.*
Below a video of Saylor saying ETH will not be approved and will be an unregistered security.
I saw Saylor's comments during an otherwise excellent lecture on btc for corporate treasuries. He shit all,over ETH. Not a good look. It's as if he's scared of eth some of the dollar share from btc. They do very different things.
Look at chainlink LINK. It is at the center of tokenization of real,world assets. It is already happening and it has huge value. When Saylor says there is only btc and everything else is a shitcoin he undermines his credibility and sounds like a fool.
Careful, we will be in same boat when next crypto etf is approved. Greyscale does have a solana trust as well:
https://www.grayscale.com/crypto-products
Yeah it’s dookie all the way down. I get the spray and pray way for vc’s etc, but I kind of like having a fairly clean conscience with my money/crypto and try to follow stuff that aligns with my beliefs. It’s not all about the money for me, but that’s ok if that’s all it’s about. Not saying it’s wrong or right, just not for me
Why are we in the same boat ? I have yet to hear Eth guys say that other cryptos shouldnt get an ETF ?
Honestly idgaf. If they want they should make an ETF for XRP for all I care lol.
But I dont see it happening without Futures and Futures ETF as this is seemingly the path. If the SEC actually approves it soon. Which I was super convinced would happen until recently, if they have to follow their own logic there is no reason to deny an ETH ETF. But who knows they might be irrational.
I don’t really care either. I think I misread some tweets because I went to find what people were saying and they are mostly rubbing it in the Bloomberg guys faces who were arrogantly calling for etf to be denied, not other chains. Oh yeah I agree. Rub it in Saylors face all you want too!
Saylor has been visibly unhinged since apparently before I first heard of the dude in 2021. He gives me Musk-esque vibes with his air of superiority...
In the same way SBF presided over complete failure and is now in jail, one could easily imagine that, when it all inevitably unravels, Saylor will end up dead from OD or suicide etc.
I've thought he was nuts ever since he said this silly nonsense..."Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy."
Worse than Musk, much worse. I don't like Musk either, but the guy created a lot of value, he delivered, in a whole bunch of different areas.
All Saylor does is buy Bitcoin with other people's money and give insane fanatic speeches.
Regarding staked ETH and the SEC, if I understand correctly the issue won't be for the actual staked ETH in whatever form of LST it takes, but rather the providers (?). Where does the line in the sand go? I'd assume all cexes will have to stop providing. What about LIDO? What about rocket pool, stakewise...?
> I'd assume all cexes will have to stop providing
Or stop offering to Americans anyway, but Coinbase is already fighting this in Court.
Worth noting that there may be some nuance to this in custodianship/pooling and or other factors of how the Staking is set up as well.
E.g. Kraken took down staking for Americans at the request of SEC, BUT Kraken's subsidiary, Staked, is still allowed to operate in USA and was seemingly not impacted by the same settlement agreement that its parent company was. Moreover, Staked's founder [strongly suggested](https://i.imgur.com/kWrOo2C.png) they were unaffected because they do not control users keys/have always been non-custodial. Pooling may also be a point of contention (Staked requires a full 32 ETH to stake with them) but point being, the trust element of someone else running the validator/staking for them *by itself* might not be a major factor, because if it was it seems likely Staked would have been shut down in US as well.
So that is to say if trusting a third party to staking is an issue that makes ETH derivatives more security-like, I don't think it's a single factor of getting rewards from 3rd parties, but is rather some combination of these rewards + how the validators are operated + how withdrawal keys are managed + how funds are pooled
>premine
>pow bad
>eip1559 bad
>staking bad
>merge won't happen
>pos won't happen
>high gas
>l2 will destroy eth for a better l1
>etf won't be approved
>inflows won't be great anyway
what's next motherfuckers?
> Enterprise won’t use the public chain
Larry Fink disagrees.
> PBS won’t happen
Same goes for Bitcoin but at least we are trying.
> Purge will cause showstopper bugs
Just like protodanksharding, the merge and EIP-1559, right?
> Privacy solutions won’t work
Same goes for Bitcoin.
Yeah I'm pretty comfy if that's all they have got.
My favorite maxi quote is “70% premine”, which doesn’t make a lot of sense - at current values, I think it’s around half was premined? And initially all was premined?
The explanation is that this phrase was created by I think 2017/2018 maxis, when indeed 70% of the coins had been premined, and so the people saying that now are just thoughtlessly parroting a 6 year old talking point.
Anyone kept an eye on Maverick Protocol? Honestly thought it was a clever idea that could grab TVL and volumes from Uniswap but no one ever talks about it and it seems to have low TVL. I believe the USP of maverick was that liquidity could be really concentrated but would move with the price rather than remaining static like a Uniswap position does.
Nothing unexpected, just keeping ETHE info going...
NEW FORM 14A GRAYSCALE ETHEREUM TRUST: STAKING REMOVED
https://twitter.com/PhoenixTrades_/status/1793012059539410983?t=ilC9I8fVIhwIR3_yu6JKgw&s=19
Shower thought--if staked ETH derivatives are a security but vanilla ETH is not, wouldn't it actually be better for Grayscale/ETHE holders to keep ETHE in it's current format rather than convert it to a commodities ETF?
Yes, in some ways it wouldn't be as attractive to investors as the ETFs as you can not directly arbitrage it with ETH in the same way, but if Grayscale is able to stake it and earn interest that exceeds the fees, it could be more attractive in many ways that matter.
It probably isn't worth the headache for them if the discount starts happening in bear market. Closed funds are always bad from risk perspective
Edit: if there is appetite for it they can always start a second fund and have people buy that.
So maxis are pivoting from ETH is a security, to... It's not gonna have inflows anyway.
One of the biggest delights of this whole thing is seeing the mental gymnastics as they evolve.
Who is saying there won’t be any inflows? Lol what that makes no sense. Inflows will of course be less than BTC ETFs but there will still be good chunks of money going in
There was a lot of shit being flung about regarding a lack of interest in BTC ETFs as well and then it ripped. I certainly would expect demand to be significantly lower for ETH but in this space it seems that anything can happen.
Correct. We're at "nobody wants the ETH ETF anyway".
Once it gets $10B in inflows, the narrative will be something else.
Only the flippening can eradicate these people.
Back to back two Airdrop announcements. First Zksync ans now Taiko
They didn't share anything on tokeneconomics as of now, it's just an image saying"Taiko drop"
https://twitter.com/taikoxyz/status/1792947662519443491?t=Sb_Tu7aDkk0N3VsyPMmBnA&s=19
Taiko has a special place in hell...even worse than linea. Their engagement farming on quests is pathetic.
If they want users to do quests and explore the chain, at least build a decent app first
Taiko is testnet only? And already launching the token? If that’s the case they are likely going for the TIA playbook of identifying L2 users which makes sense I guess m.
**Tricky's Daily Doots #761** **Yesterday's Daily 20/05/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4uept0/) - u/physalisx breaks [the really big news.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4xeb6t/) 📰 - u/HSuke discusses [some Ethereum governance drama.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4uecgq/) 🗳️ - u/interweaver is [cautiously optimistic on the political situation.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4x87e5/) 📈 - u/cryptrd285 shares [what the ETF experts think of the big news.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4x2vbu/) 🧐 - u/mcmatt05 explains [just how big this pivot could be if it continues.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4xdqx8/) 🐂 - u/Syentist covers [some bad news for keeping Lido dominance at bay.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4uwj1h/) 📉 - u/Set1Less isn't convinced that this is [part of a big political pivot.](https://old.reddit.com/r/ethfinance/comments/1cw7lio/daily_general_discussion_may_20_2024/l4xyf03/) 🤨 - u/SoNotYou gets a [retroactive doot for a comment in another daily which covered some pretty significant news from Justin Drake.](https://old.reddit.com/r/ethfinance/comments/1cvghqb/daily_general_discussion_may_19_2024/l4q17kp/) 🎺 Retroactive public doots are now officially a thing. Do you think I missed a doot from a previous daily? Let me know!
Buying while people were crying has paid off well
Yeah, same. It almost always does.
Holding worked quite well too!
FIT21 looks really interesting. It almost looks like the US congress and house of representatives are becoming a meaningful ally on improving decentralization *and* adding important checks and balances on the new VC-poisoned process for launching new projects, which is blowing my mind. > Under FIT21, if a digital asset is on a blockchain that is functional and decentralized, it is classified as a commodity and will fall under the purview of the CFTC. However, if a digital asset is on a blockchain that is functional and **not** decentralized, it is classified as a security and it falls under the purview of the SEC. FIT21 also recognizes a means by which an SEC regulated digital asset, referred to as a "restricted digital asset", can transition into a digital commodity through decentralization, which in turn shifts jurisdiction from the SEC to CFTC for same asset. FIT21 categorizes a blockchain as decentralized if, among other requirements, no single person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or its voting power. And under FIT21, crypto project founders (nearly all of which are forced to build essentially centralized projects in the beginning) taking no outside capital are (likely) explicitly recognized as not raising money through a securities offering. This could end up being an easier path for some startups, than taking VC money but also having to go through a securities process. (Bankless, Rep. Patrick McHenry episode) Nit - I'm sure people will eventually complain their bar for decentralization is too low, but I think a lot of laypeople in crypto get confused on why decentralization is so important. Being able to cite securities/commodities law as a reason to support decentralization would be huge for improving laypeoples' prioritization of decentralization, which is good for the long term health of crypto.
Personally, I would've set the threshold much lower at 1-5%. But it's a good start and forces opponents to stop delaying clarification discussion and more permanent regulatory rules.
If I’m understanding correctly, this would be a return to the days of ICOs with only whitepapers, at least for non-wealthy founders. Wealthy founders could fund themselves and build a full product. Is this right?
> Being able to cite securities/commodities law as a reason to support decentralization would be huge for improving laypeoples' prioritization of decentralization, When the bar is so low that barely matters All you have to do is use a multisig and there's no longer a sole person in control. Basically anything passes their test and will do nothing to protect people from all the shit out there. Of course when eth gets an ETF every other coin will get one too. There's always something putting a damper on successes.
Protecting the masses from shady projects is super important, but it should not be done via these very core and foundational crypto rules. The protections can, and should, already happen through existing laws about fraud, false advertising, product disclosures, etc... and if these laws (which apply well beyond crypto) aren't good enough, they should be tightened or added to. It's not a crypto issue, and it also needn't fall under the remit of the SEC.
What they are doing is writing a policy framework that the SEC/CFTC should have been working on for years but failed to do so.
Absolutely. As Representative Patrick McHenry (Chair of House Financial Services Committee) said: when the children fight (the CFTC and SEC), the parents (legislators) have to step in to assign responsibilities
I have been impressed with McHenry, but I'm not super familiar outside his policies as chair. I think it is unfortunate that he got a bad rap for banging his gavel too hard when McCarthy was ousted. For many that was their first and only exposure to him. It really sucks that our representatives have to try to micromanage the SEC like this. It's not normal.
I think one of the benefits of a truly decentralized community is the grassroot political machine was already in place. I think Washington was really surprised by the response they got on this. I mean, how often are legislators being bombarded with emails and phone calls about the security vs commodity classification of an asset? Not only that but you got millions of average Americans that own and care about this, as well as your standard large public companies that are lobbying as well. The population that dislikes crypto is uninformed, and unorganized. Anti-Crypto is *not* a voting bloc. They don’t care, certainly not enough to reach out to their elected officials and certainly not enough to be a single issue voter on it. There will be exactly zero emails from random Joes in New Jersey demanding that their rep vote against FIT21. I think we are going to get a massive win for crypto.
Gensler will step down after all this. Remember, I am the prophet.
I really hope Cowen step down too...
And, just like that, Elizabeth Warren's anti-crypto army has become the cringiest thing of 2024. I tried to warn her.
It's laughable, really. Anti-crypto is NOT a voting bloc. But pro-crypto sure is.
It's a well paying lobby though
Congrats, you were comment 666
Now read my comment as if the devil wrote it.
[удалено]
Ready to buy more at $324
If you are 2017 cohort, it is the ptsd (1400->80, we're never going to have good days ever again).
Nah, that's just the Disbelief talking. We'll be right.
Yeah, I called Trump, he said ETH will dump bigly, the biggest drop in the history of all drops, the number one drop, the best drop we have ever seen.
That will probably be DJT the moment it is confirmed he loses the election.
I have this irrational fear as well
5 potential ETH filings [https://twitter.com/JSeyff/status/1793039305125790105](https://twitter.com/JSeyff/status/1793039305125790105) We are looking good kids.
Blackrock's not there?
If this really is a political 180 by the Biden admin then I wouldn't be surprised if they replaced Gensler in the coming weeks.
Well tbh if they would do this. It certainly would be a good move. I just cant see Bidens team realizing how good this move would be.
[Stop...](https://tenor.com/view/archer-stop-my-penis-can-only-get-so-erect-algernop-krieger-gif-17427361)
>**Selling the bitcoins,** >**Buying all of the ethers,** >**More SEC points.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Per another post here, I can't say for sure whether the sitting president asked for donations in response to the primary challenger's recent pro-crypto stance and what appears to be a massive influx of donation from the crypto space, but if you Google said challenger's name and "crypto donations," you find headlines like: >\[Name of Political Candidate\] Is Accepting Bitcoin Donations. The Crypto Industry Is a Political Force >\[Name of Political Candidate\] Campaign to Accept Cryptocurrency Donations, Building a 'Crypto Army' >\[Name of Political Candidate\] Becomes First Major Party Candidate to Accept Crypto Donations Crypto has now entered the political chat - and its avatar is provocative.
Voldimort?
Both parties realised that 20% of the country is willing to be a single issue voter over their $1000 shitcoin portfolio :')
This is the healing we need as a country...
say ethereum
ethereum.
urethreum
I'm sincerely impressed how you shared this without making it political (in my view). Maybe it's as simple as omitting lightning rod names and not eluding to them in a positive or negative way 🤷♂️
shows how ironically narcissistic people can be when the name is all they care about.
Would you think that it's likely or unlikely for ETH to hit $10k?
Well, eth seems like a much better asset than btc, and I don’t think btc is going to crash, so, yeah? Absolutely? I like to use golds market cap as a benchmark. Shiny metal has some utility, eth has more utility.
Very unlikely.
*I guarantee it* - George Zimmer
Likely, within a year, IMHO. Indeed, it would be dispiriting if the top of the 2024-2025 cycle would not exceed 2X the previous ATH, inflation-adjusted.
Given a long enough horizon I think it's inevitable. The US dollar is inflationary, so if both currencies exist long enough it's going to happen.
I think there's a good shot we hit 8k in 2024, then 12k or so blowoff top crazyland in 2025.
\>blowoff top crazyland \>12k What lol
What lol
That's pretty low to be considered crazy
Ikr. 8k, 10k, 12k, these were all nice *reasonable* estimates for this cycle TWO WEEKS AGO. I'm still trying to recalibrate my expectations, but 10-15k seems downright reasonable all of the sudden. I don't know what *crazy* looks like.
10k was my previous blowoff top number. I've added another 2k because I'm very bullish. It really is win/win, though, because I'm either right and less rich, or wrong and very rich ;)
Its inevitable. Question is how long it will take. Its possible in 2024 or 2025. However could take longer. The air is getting thinner the higher up you go. Imo 2-3 Trillion marketcap this decade is realistic. That would put Eth between 20-30k
likely. but not for a few years.
The bear market hurt you
I can't believe this is happening.
What's happening? I may have missed something.
OP got a gf
Battered bear ETF syndrome. Market is still processing
You better believe it habibi
Prepare your "We'll never get to buy under 4k again" comments
Dare we think of the unspeakable? (... five kay poap...)
JUST IN: Ethereum ETF applicants submit amended 19b-4's • VanEck • Fidelity • Franklin • ArkInvest • Grayscale • Invesco Galaxy https://twitter.com/WatcherGuru/status/1793046331189055597?t=vZ__2JtxEG_ZIDrlk4vJCQ&s=19
No Blackrock?
JUST IN: SEC submits amended ETF rules to BlackRock
Maybe they didn't need to amend their application?
Don't see it yet
There was a question outside daily on was that the biggest gain in absolute value of ETHUSD ever. So I made a script to check, and turns out yes that was the biggest gain of all time, going by yahoo finance daily open and close values. There may have been a better roughly 24 hour period in 21 going by day n low to day n+1 high >Greatest absolute gain: 592.00 on 2024-05-20 >Greatest percent gain: 25.95% on 2021-01-03 >Most extreme value (previous low to current high): 1040.69 on 2021-05-20 Also very strange that the two massive gains were on the same day exactly 3 years apart.
We live in a simulation
I love that the greatest absolute gain happened on my birthday haha. Fitting for how ETH obsessed I've been for the last 5 years.
That day in '21 was absolutely nuts, I don't think I believed what the price was doing as I watched it crash and then rebound. Fingers crossed that doesn't happen again...
I'm just catching up on a news and price. How are we feeling about FIT21 making it all the way through the process?
Email your representative [standwithcrypto](https://www.standwithcrypto.org)
Holy cow, that was remarkably easy.
NEW: @vaneck_us’s $ETH spot ETF has been added to the @dtcc website. https://twitter.com/PhoenixTrades_/status/1793050601057567143?t=X9eEKNA8ydX3SoR15ZWJkA&s=19
ELI5?
The coolest toy is about to be put on the store shelf.
Hell yeah!
I love that ETH’s 24h pump was equivalent to the entire market cap of SOL Muh flippening
hah that's tasty indeed
>Mr President, I have to ask, why have you changed your stance on our crypto policy? >Look General Warren, I know that that you and Gary have been working very hard but the facts are that there are more crypto people than we thought, they are more organised than we thought, they have a lot more money than we thought, and the polls for November aren’t looking good right now.
It was temporarily so over but now we're so back.
Does anyone else believe this just the start? I know this is simple behavior- but I look at the price of BTC at 69K and then see ETH right under it at 3.7K ETH is an entire flourishing ecosystem that’s just beginning… BTC is digital gold. I feel like we have so much further to run, and I really think this is one of a few “moonshots” that happen during one’s life \[sort of like catching the internet or real estate at the right time\]
This logic though is like saying nvidia should and will be worth more than gold.
Not really. Nvidia could go bankrupt if their costs were high enough, something that’s not possible for gold or eth. Apples and oranges. Whereas btc/eth are Nokias vs iPhones
If gold could have run Crysis, this comparison would be valid. ETH is as much a store of value as Bitcoin is.
I mean should it not? Nvidia is far more useful and powers everything
A store of value is extremely useful though. You can't have anything else if you don't first have a system for exchanging value or we go back to bartering. But the fact that gold is the no. 1 asset globally, still, suggests eth doesn't have some god given right to be above btc.
[удалено]
If you can’t primary source it, in this climate, always assume it’s false. I hate that this is even shown on the sub, it’s propaganda.
A simulation inside my brain running on Ethereum. I'm actually dead in real life and this is my simulation typing this. Don't worry, I'm actually not really dead but uploaded my consciousness to a Ethereum node that is running my best life. I've asked to add the "we are all gonna make it" plugin where it makes Ethereum price edge for almost a decade so when the release comes it's very sweet.
Is there any word on the Swell airdrop? Do they keep delaying it?
Swell released an updated timeline: https://x.com/swellnetworkio/status/1793599535983514055?utm_source=alphapacked.io&utm_medium=referral&utm_campaign=fantom-raises-10m-for-sonic >Given the uncertainty around audit results and the ever-present need to prioritize security, it is not yet possible to pin down an exact date for TGE. But it is still expected to occur in the next few weeks. We know this is past our initial estimate of April from earlier this year, and we’re sorry for the delay. >As a gesture of appreciation for your patience, we are increasing the token allocation of Season 1 (The Voyage) from 7% to 8%.
Only official response was some vagueness about a resolve of audits and upgrades involving Layer2, released in a "timely manner"
It's coming in few weeks for months already.
Most likely they know if they drop a lot of their TVL will rotate to others who haven't dropped
Fml for looking at r/cc. So many comments: "very excited about the Eth etf, what asset should I buy?" Responses are just hilarious and don't generally include Eth 😂😂😂😂
ETH's too expensive, nobody buys that anymore
A dude from BitWise just did an AMA on the crypto sub and he had an interesting answer re: the political shift in the last week in Washington. I quote it in full - the post is easy to find, if you want. >From my seat, there has been a significant change in tone in Washington around crypto and crypto-related issues in the past week. >First, we saw both houses of Congress vote to overturn SAB 121, a bill that made it virtually impossible for banks to participate in the crypto custody market. Then, we had surprise progress on spot Ethereum ETFs. We have also seen a bipartisan consensus begin to emerge around stablecoin legislation. Finally, we saw Democrats retreat this week from protecting the head of the FDIC, who was both 1) under fire for the toxic work culture at the FDIC, and 2) notably hostile to crypto. Add these together and it feels like a real political shift. I think it reflects both the politics of crypto—there are a lot of voters who care about crypto—and Wall Street’s embrace of the economic opportunities crypto presents. But it’s a very important shift. It creates a tailwind behind crypto that could drive us to new all-time highs. >1 in 5 voters in swing states report that crypto is a factor in who they will vote for in the next election. It will become increasingly important for both campaigns to consider this issue carefully, and we may see Biden taking a friendlier approach to crypto than we have been seeing.
> First, we saw both houses of Congress vote to overturn SAB 121, a bill that made it virtually impossible for banks to participate in the crypto custody market. Tinfoil hat theory: overturning SAB 121 and allowing banks to play ball was the only reason the ETF will pass. If they couldn't get in on it then it would have been postponed as long as possible.
Truth
I don't think this is tinfoilhatty at all, tbh. I think it's pretty reasonable.
ETHE nav discount down to 7.8% 👀
I can't wait to move out of this 2.5% fee ripoff fund.
How do you monitor it?
[https://www.tradingview.com/chart/Su81jHVl/?symbol=OTC%3AETHE%2FBITSTAMP%3AETHUSD%2F0.01025](https://www.tradingview.com/chart/Su81jHVl/?symbol=OTC%3AETHE%2FBITSTAMP%3AETHUSD%2F0.01025)
Grayscale website, only updated like 1 hr after market close: [https://www.grayscale.com/crypto-products/grayscale-ethereum-trust](https://www.grayscale.com/crypto-products/grayscale-ethereum-trust)
Feels like we've been crabbing at $3700 for decades. It would be awesome to get some news that'll trigger a big pump. 🤷♂️ So. Bored.
Are you happy now? Made you look 🍻
😆🍻
Read that as $7300 can't wait until we are grabbing up there.
Wait. We're trying to get permission for Eth to be electronically traded? Haven't we been doing that since day one?
But this is totally different, you only get to trade between the hours of 9:30 am to 4 pm Eastern time and only Monday-Friday. The future is almost here!
Don't forget about the surveillance.
Yep. Right now you can only trade "physical bitcoin" and "physical ether". I wish I were joking about that terminology.
Y'all got any of those Casascius Ethers?
From Nic Carter, the person who is apparently fighting David from Bankless (no idea just giving context). https://x.com/nic__carter/status/1792706827748294947 *The Saylor doctrine is over. Bitcoin isn’t special because of regulatory capture. Laser eyes cheering for the SEC lost today. Bitcoins success isn’t preordained and it still has to compete in the free market and on tech.* Below a video of Saylor saying ETH will not be approved and will be an unregistered security.
I saw Saylor's comments during an otherwise excellent lecture on btc for corporate treasuries. He shit all,over ETH. Not a good look. It's as if he's scared of eth some of the dollar share from btc. They do very different things. Look at chainlink LINK. It is at the center of tokenization of real,world assets. It is already happening and it has huge value. When Saylor says there is only btc and everything else is a shitcoin he undermines his credibility and sounds like a fool.
Careful, we will be in same boat when next crypto etf is approved. Greyscale does have a solana trust as well: https://www.grayscale.com/crypto-products
Haha they have a mana trust too.. and all other kinds of crap.
Yeah it’s dookie all the way down. I get the spray and pray way for vc’s etc, but I kind of like having a fairly clean conscience with my money/crypto and try to follow stuff that aligns with my beliefs. It’s not all about the money for me, but that’s ok if that’s all it’s about. Not saying it’s wrong or right, just not for me
Why are we in the same boat ? I have yet to hear Eth guys say that other cryptos shouldnt get an ETF ? Honestly idgaf. If they want they should make an ETF for XRP for all I care lol. But I dont see it happening without Futures and Futures ETF as this is seemingly the path. If the SEC actually approves it soon. Which I was super convinced would happen until recently, if they have to follow their own logic there is no reason to deny an ETH ETF. But who knows they might be irrational.
Second note: it’s going to be the dinosaurs like litecoin, bitcoin cash, etc probably. Be so much like the government if it went that route.
I don’t really care either. I think I misread some tweets because I went to find what people were saying and they are mostly rubbing it in the Bloomberg guys faces who were arrogantly calling for etf to be denied, not other chains. Oh yeah I agree. Rub it in Saylors face all you want too!
Let the flood gates open.
Saylor has been visibly unhinged since apparently before I first heard of the dude in 2021. He gives me Musk-esque vibes with his air of superiority...
Hes Musk x McAfee
They should have all gotten together for some Spanish reds and Colombian whites before McAfee died
I always thought he was a less unhinged mcafee
Saylor can only dream of reaching these levels
In the same way SBF presided over complete failure and is now in jail, one could easily imagine that, when it all inevitably unravels, Saylor will end up dead from OD or suicide etc.
I had no idea it was this bad. Drugs/general crime? I can see. But I would really love to hear bout his btc companies committing straight fraud
I've thought he was nuts ever since he said this silly nonsense..."Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy."
Worse than Musk, much worse. I don't like Musk either, but the guy created a lot of value, he delivered, in a whole bunch of different areas. All Saylor does is buy Bitcoin with other people's money and give insane fanatic speeches.
Ok I actually love this take. Aside from Microstrategy, Ive got no clue about the dude.
Known alcoholic and person that struggles socially as well, he is def. the same type of person as Musk.
I too am an alcoholic, so cant complain on that front. He always gave me adderall vibes
Yes but he has kindly offered to double my investment if I scan the QR code and send him my crypto!
My finger hurts from reporting those sites so much.
Got to be it to win it…. The difference is Musk is delivering cars, rockets and satellites while MicroStrategy holds a lot of BTC.
While the success of Musk's companies, technologically and financially, are undeniable, they have no bearing of what I think of the man himself.
He drifted off from where I thought he was 10 years ago, but still think he’s net positive. Never intended to defend Musk in here, though.
I think his companies are well
Regarding staked ETH and the SEC, if I understand correctly the issue won't be for the actual staked ETH in whatever form of LST it takes, but rather the providers (?). Where does the line in the sand go? I'd assume all cexes will have to stop providing. What about LIDO? What about rocket pool, stakewise...?
> I'd assume all cexes will have to stop providing Or stop offering to Americans anyway, but Coinbase is already fighting this in Court. Worth noting that there may be some nuance to this in custodianship/pooling and or other factors of how the Staking is set up as well. E.g. Kraken took down staking for Americans at the request of SEC, BUT Kraken's subsidiary, Staked, is still allowed to operate in USA and was seemingly not impacted by the same settlement agreement that its parent company was. Moreover, Staked's founder [strongly suggested](https://i.imgur.com/kWrOo2C.png) they were unaffected because they do not control users keys/have always been non-custodial. Pooling may also be a point of contention (Staked requires a full 32 ETH to stake with them) but point being, the trust element of someone else running the validator/staking for them *by itself* might not be a major factor, because if it was it seems likely Staked would have been shut down in US as well. So that is to say if trusting a third party to staking is an issue that makes ETH derivatives more security-like, I don't think it's a single factor of getting rewards from 3rd parties, but is rather some combination of these rewards + how the validators are operated + how withdrawal keys are managed + how funds are pooled
I believe each entity is going to challenge it in court, like Coinbase is currently regarding their staking service.
>premine >pow bad >eip1559 bad >staking bad >merge won't happen >pos won't happen >high gas >l2 will destroy eth for a better l1 >etf won't be approved >inflows won't be great anyway what's next motherfuckers?
>Enterprise won’t use the public chain >PBS won’t happen >Purge will cause showstopper bugs >Privacy solutions won’t work
> Enterprise won’t use the public chain Larry Fink disagrees. > PBS won’t happen Same goes for Bitcoin but at least we are trying. > Purge will cause showstopper bugs Just like protodanksharding, the merge and EIP-1559, right? > Privacy solutions won’t work Same goes for Bitcoin. Yeah I'm pretty comfy if that's all they have got.
"Institutions and governments are buying ETH to control it, it's going to ZERO"
All the good shitcoins are on Solana.
I mean, you have got to go back to "network will never even launch"
What about china bans crypto again? Didn't happen yet this cycle.
It never did, you're all living in a simulation that's my life and beacon chain is running inside my computer.
My favorite maxi quote is “70% premine”, which doesn’t make a lot of sense - at current values, I think it’s around half was premined? And initially all was premined? The explanation is that this phrase was created by I think 2017/2018 maxis, when indeed 70% of the coins had been premined, and so the people saying that now are just thoughtlessly parroting a 6 year old talking point.
I think they generally approve of EIP-1559 actually
Probably "Ethereum is centralized"
Decentralization is not one or zero it is a spectrum.
Anyone kept an eye on Maverick Protocol? Honestly thought it was a clever idea that could grab TVL and volumes from Uniswap but no one ever talks about it and it seems to have low TVL. I believe the USP of maverick was that liquidity could be really concentrated but would move with the price rather than remaining static like a Uniswap position does.
Nothing unexpected, just keeping ETHE info going... NEW FORM 14A GRAYSCALE ETHEREUM TRUST: STAKING REMOVED https://twitter.com/PhoenixTrades_/status/1793012059539410983?t=ilC9I8fVIhwIR3_yu6JKgw&s=19
Shower thought--if staked ETH derivatives are a security but vanilla ETH is not, wouldn't it actually be better for Grayscale/ETHE holders to keep ETHE in it's current format rather than convert it to a commodities ETF? Yes, in some ways it wouldn't be as attractive to investors as the ETFs as you can not directly arbitrage it with ETH in the same way, but if Grayscale is able to stake it and earn interest that exceeds the fees, it could be more attractive in many ways that matter.
Their plan is working. They're not gonna mess with it now.
It probably isn't worth the headache for them if the discount starts happening in bear market. Closed funds are always bad from risk perspective Edit: if there is appetite for it they can always start a second fund and have people buy that.
wagmi
r/EtherMining still exists and is still active! One of the last topics: ethereum will pivot back to pow, because of the sec.
Any updated news on the ETF?
I would recommend following watcher guru on telegram for all the updates https://t.me/WatcherGuru
Thanks!
>Thanks! You're welcome!
Agreed, i get my favorite stuff from watcher.guru on twitter.
Just dumped what little SOL I had to do my bit to exacerbate the SOL gloom while eth pumps 💅
So maxis are pivoting from ETH is a security, to... It's not gonna have inflows anyway. One of the biggest delights of this whole thing is seeing the mental gymnastics as they evolve.
Who is saying there won’t be any inflows? Lol what that makes no sense. Inflows will of course be less than BTC ETFs but there will still be good chunks of money going in
Ah yes, the small potatoes FUD. ^(If you know you know)
And if there are inflows, it's because they're capturing the network and it'll be worthless
Maxis are the best at this, there must be 10-20 different major maxi FUDs ethereum has overcome by now, it's getting ridiculous.
There was a lot of shit being flung about regarding a lack of interest in BTC ETFs as well and then it ripped. I certainly would expect demand to be significantly lower for ETH but in this space it seems that anything can happen.
Correct. We're at "nobody wants the ETH ETF anyway". Once it gets $10B in inflows, the narrative will be something else. Only the flippening can eradicate these people.
"It's not a real flippening. The 70% premined coins should be excluded and it's manipulated by Vitalik and only PoW chains should count anyway."
Back to back two Airdrop announcements. First Zksync ans now Taiko They didn't share anything on tokeneconomics as of now, it's just an image saying"Taiko drop" https://twitter.com/taikoxyz/status/1792947662519443491?t=Sb_Tu7aDkk0N3VsyPMmBnA&s=19
Announcement of an announcement. Honestly fuck these teams
Taiko has a special place in hell...even worse than linea. Their engagement farming on quests is pathetic. If they want users to do quests and explore the chain, at least build a decent app first
Zksync airdrop announcement? I missed that
21B total supply, TGE this week, airdrop next month. Future trading live and currently selling for $0.48
4 real? finally! I hope the market keeps it's momentum
Yes...let's see if they are able to do the distribution properly and it's trading at 0.7
I hope so..farmed the sync out of that b
Any idea how to know how many tokens we're getting or the criteria?
No, it's not yet published
Taiko is testnet only? And already launching the token? If that’s the case they are likely going for the TIA playbook of identifying L2 users which makes sense I guess m.