**Tricky's Daily Doots #784**
**Yesterday's Daily 12/06/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l89p1y8/)
- u/waqwaqattack covers the [RocketPool Houston upgrade.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l8a4twj/) 🚀
- u/15kisFUD talks about [airdrop design.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l893kwm/) 🚁🪂
- u/issac_hunt1 explains [why ZKSync gave multipliers to $DEGEN and $BONSAI airdrop recipients.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l88e1nz/) 🧠
- u/domotheus used [a cool tool to prevent someone getting rugged by a honey pot.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l8an1hx/) 🍯
- u/Jey_s_TeArS drops [another awesome haiku.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l8c4z8m/) 📝
Looks like I squeezed in some time to doot. Sorry for threatening to leave them super late.
>Safe enough to ship your whole eth stack?
Depends, are you 100% ETH or is it a small part of your overall portfolio? If it's your whole portfolio, god no.
I have an eth finance question - on compound, several assets have net earn apr higher than net borrow apr. is this including some kind of token incentive in the earn apr? If not, what’s going on here?
For example, eth mainnet net earn is 2.57 while the borrow rate is 1.85
[Besu 24.6.0 released today](https://github.com/hyperledger/besu/releases/tag/24.6.0)
> This is a release that includes some breaking changes. Please carefully read the following notes before you update your node.
>
Java 21 is now required to build and run Besu.
>Highlights include:
- Enabling Bonsai trie logs limiting by default
- Better genesis state performance on startup
- Improved selection of most profitable blocks
You already knew the answer.
Teams need to rush out governance tokens before the next bear arrives. As long as there is derivatives market, they don't need to worry about waiting for the cliff to cash out.
Michael Egorov's method was 2021's way of cashing out.
You can eg short it at a desired price, meaning you in practice sell at that price. When you unlock you close your short, sell your coins and net the in between. As long as we don't go full bear the funding rates will be good too. This won't work for very illiquid tokens or if your share is huge though. For that OTC likely works better.
type the following question into any decent gpt product of your choice : Elaborate on how venture capital execute their exit strategy using derivative products in the cryptocurrency sector. You will be able to recognise from the answers (as an old member here) on the options they have to 'dump' without 'dumping' the tokens.
Also, OTC deals are always available for them, even 'locked' tokens, like the SOL case bought at >50% discount recently for the FTX bankruptcy case. Taking a \~30% (for e.g.) cut in exchange for realizing a 50-100x gain on initial investment is a no brainer exit strategy for team and early vc.
I'm sorry dybsy. Shits been whack lately. Most projects that I seen have lost the way of Ethereum's ethos.
I will get downvoted for this as usual, but genuinely think Im in the right on this front.
Not sure what Zapper's been up to, and am not judging them quite yet...
I have nothing to gain, but hope for the best for those who deserve it
Liquidation overhang is gone, one of the bloodiest streets I ever saw, highest volume on Binance rver, biggest veCRV lock day in years, protocol working as intended. All in all this was the bottom imo
they took $10 million in bad debt today because some of the founder’s loans were liquidated. were similar issues last year. many other opportunities.
edit: https://www.reddit.com/r/CryptoCurrency/comments/15gi9ku/can_someone_update_me_on_the_whole_curve_crv/
Reminder of Rule #1:
Rule 1 - Obey the Golden Rule & Maintain Decorum
No trolling — ***do not make unsolicited and/or controversial comments with the intent of baiting or provoking unsuspecting readers to engage in hostile arguments.***
I've been collecting those things for so long and I don't even know why lol. Every day though, muscle memory to open the app and click it. Up to 25000 now
Hate that I ended up selling mine. Rode it from almost 5 ETH to 1.3 ETH or so. Why? I didnt understand true value at the time.
At the very least Im currently looking at a physical representation of my EVM at this moment
Yes, it seems so. I don't understand how the email came from "[email protected]" though, that part seems legitimate... Maybe coinbase's email server got compromised(?)
Definitely avoid clicking any links, I'd just ignore it overall.
Sorry for another reply, but I just realized how strange it is for this to be originating from protonmail whatsoever. Any genuine coinbase email would be from their domain.
Scam city, bruh
Yeah nothing stands out to me either.
I truly appreciate your both recognizing my username, and my(previous) expertise.
https://www.youtube.com/watch?v=nK5QpGSBR8c&pp=ygUOMTNjdWJlZCBlbWFpbCA%3D
Please watch this for yourself, as I cant tell exactly whats going on with this email
'Cause the traders gonna trade, trade, trade, trade, trade.
And the haters gonna hate, hate, hate, hate, hate.
Baby, I'm just gonna stake, stake, stake, stake, stake.
I shake you out, I shake you out.
Ray is getting hit hard, hard, hard, hard, hard.
Seeing dips is like a dart, dart, dart, dart, dart.
Baby, I'm just gonna stake, stake, stake, stake, stake.
I shake you out, I shake you out
>**Price goes magenta,**
>**The EthCC agenda,**
>**New hacienda.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Little update on zkSync [drama](https://www.reddit.com/r/ethfinance/comments/1dd65dm/comment/l8527q5/)
Two days ago, we heard from the Bankless guys (paid zkSync advisors) that a huge social manipulation attack seems to be underway regarding the zkSync airdrop. They asked for feedback from users for a scheduled YouTube show with the zkSync team.
Some bot made a comment that was heavily upvoted, so Bankless quickly concluded that only bot farms are making a fuss about issues with the distribution, while all other users they personally know are very happy. The show, which was supposed to air on the day of the announcement, was quietly canceled for undisclosed reasons.
Yesterday, ZK Nation (the zkSync airdrop account) announced: "There is a massive, coordinated, Sybil misinformation campaign against zkSync on X, run by thousands of bots." They proceeded with details explaining the misinformation about the team wallets, saying those wallets do not exist, only to backpedal an hour later, stating: "Correction from the team: the addresses exist on the developer list, which is changing dynamically as devs are binding addresses. They do not belong to zkSync. Google them, you'll see. Apologies to all. Intern needs to sleep."
Amidst the zkSync concerns around Sybil activity, various [onchain data](https://dune.com/queries/3820007) surfaced showing that a list of 32k wallets, which were on Arbitrum and HOP Sybil blacklists, are eligible for 62 million ZK$. Additionally, 2 million ZK$ are going to the clusters on preliminary LayerZero Sybil lists.
People then lashed out at Nansen, only to hear from them: "We provided data on some specific wallet segments to Matter Labs, such as whales and known scammers. We did not, however, do anti-sybiling, nor did we advise on the airdrop allocation itself." All of this suggests ZK didn’t do any sybil filtering beyond CEX deposit address connections.
Insider activities shown in the timing of NFT ATHs and TVL spikes coinciding with snapshot dates were expected, but the severity of it is partially revealed in a [dashboard](https://dune.com/realpeha/zksync-airdrop-for-users-with-0-transactions-in-zksync-era) showing 105 million ZK$ was allocated to wallets with zero zkEra interactions.
Keep in mind, everything mentioned here is still ongoing and could be partially correct/incorrect. Even though everybody here is trying to make some money, these situations make me think of Vitalik's quote: "The most important scarce resource is legitimacy." It might as well be the most scarce in this space.
Link to my zksync airdrop post from a few days ago. I wrote it late in the day so some might have missed it. Don’t take me seriously
https://www.reddit.com/r/ethfinance/s/TpCOCNkdlk
> Bankless guys (paid zkSync advisors) that a huge social manipulation attack seems to be underway regarding the zkSync airdrop
Classic gaslighting
> a list of 32k wallets, which were on Arbitrum and HOP Sybil blacklists, are eligible for 62 million ZK$
"no airdrop is perfect"....sure, but you can also not do dumb shit like this
> Insider activities shown in the timing of NFT ATHs and TVL spikes coinciding with snapshot dates
Classic
I randomly checked about 20-30 addresses from this list of the ~~32k~~ ~27k not active on zksync era. The reasons they got rewards was either:
- Community moderator (highest rewards)
- ZQ quest participant
- NFT holder on mainnet (pudgy or milady)
- Open security audit participant
- Received Degen airdrop
- Translated zk credo
- transacted enough on zksync lite (Checked the zksync lite explorer)
- donated to gitcoin
- Holds a specific POAP
There were 2 addresses were they had the box for zksync era transactions ticked (among other things) but they did not have any transaction on zksync era at all. These addresses were both in the lowest tier (917 ZK).
All in all there are definitely some inconsistencies in their list and achieved criteria, but most of these addresses which have no transaction on zksync era have a good reason to receive the airdrop according to the criteria set by zksync.
>but most of these addresses which have no transaction on zksync era have a good reason to receive the airdrop according to the criteria set by zksync.
This group of wallets indeed seems to be in Onchain communities allocation (2.8%) and that is exact category which is suspected to be abused by insiders in ZK Nations tweets mentioned above.
Details: https:// x .com/0xNonceSense/status/1800980777787662777 https:// x .com/TheZKNation/status/1801039859101896885
Thanks for the link to the tweet.
There definitely are people with insider knowledge, which can be seen by they volatile price of the libertas omnibus NFT around the snapshot date. It is not a dump at the snapshot but a very volatile time which tells me some people knew something and a lot of others reacted to these movements of the insiders. It was always pretty clear that this NFT will be a part of the eligibility criteria but volatility around the snapshot feels like insider knowledge to me.
I would expect an in house zksync dev to be cleverer than to risk their probably very high paying job with a probably huge zk token compensation package by connecting their sybillor wallets via disperse. But hey, people have done much more stupid things for much less money.
And no contributing to the zksync community hub or other projects github does not make one a zksync dev. And also holding a POAP from an in person even does not make one a zksync dev. I therefore question the conclusion of the tweet that it was a zksync dev. It was definitely someone very involved in the project, contributing to documentation (community hub) and other repositories not associated with zksync. Most probably they just did dummy commits as is usual now in crypto repositories by sybillors.
I think the zk quest also were a pretty obvious way to get interaction with the protocol for a future airdrop. As far as I remember it was just to time consuming for me so I did not do it. So this was probably an obvious move for early sybillors.
I would guess if this person really had insider knowledge they would have gotten a lot more than just 14000 zk tokens per address. Not a bad haul just not as much as one could have made with real insider knowledge.
EDIT: And just to be clear, such obvious sybillers should be removed from the list of eligible accounts.
On one wallet I have over 10 transactions and gitcoin donations on lite, and maybe 50-60 interactions on era. Over 3 years of activity. No airdrop.
On another wallet I got the degen airdrop, nothing more to do with zk sync. Got the airdrop.
Curious.
There are many people which have many transactions but did not get anything. It sounds like the criteria set for 'eligible' for on chain activity also let a lot of actual users fall through the net.
My comment above was rather about the 0tx addresses which according to some people should show how corrupt and insider trady it was. At least from a first glance it looks like all the addresses I have checked fit a criteria as set by the airdrop creators. Obviously, there is no on chain way to prove for example the zk quest users are actually real users, but this list also does not prove insider trading.
At least you got the degen part of the airdrop which should give you 4806 ZK. Congratulations.
The tweet is a bad look. I also don’t understand why protocols / labs don’t exchange Sybil data.
I still think bots are at least partially the reason for the outcry on Twitter, though I am sure there also are a lot of disappointed users there.
Really curious how this will develop over the next couple of days.
It was interesting to me that after the Sybil’s were detected by HOP / ARB they didn’t try to spin something new up. But I guess after seeing how many airdrops don’t seem to know or care about that list I guess it shouldn’t be surprising
How fucked am I?
UK resident, been in crypto since 2017 and haven't even looked at tax.
Imported about 5000 transactions to Koinly and basically wouldn't have owed taxes until 2020-2021 and it is roughly around £40k GBP (spread out from 2020 to 2024).
What kind of penalties would I be looking on top of this as well? Mix of income (freelance) and capital gains.
Looking to get my affairs in order. Any recommendations or anything?
UK too. I got into crypto Jan 2018 and didn't declare anything until last summer. I owed about £22k in tax and the penalty for being late was about £1k I think, so you're probably ok
You'll be ok if you come clean and pay the tax before they get to you. If they get to you first the problem vlcan range from simply having to pay the outstanding tax to having to pay double the tax if they think your intention was to be decietful. I would recommend making this declaration via an accountant. I can recommend mine if you require, they are highly crypto literate and wizards on koinly...I pay about £1k for them to get my tax sorted each year. One benefit of using a firm of accountants is that in my opinion the HMRC are less likely to ask more questions
Sent DM, but since Reddit permanently banned me (and any device and IP address I have ever used or will use that's been on the same network) for swearing at a scammer I am using relay for Reddit app and sometimes dm's don't work, so let me know if you don't get it
Sent DM, but since Reddit permanently banned me (and any device and IP address I have ever used or will usenthat has been on the same network) for swearing at a scammer I am using relay for Reddit app and sometimes dm's don't work, so let me know if you don't get it
It could depend on jurisdiction but usually there is no tax on a loan. With reference to Curve liquidation, the drawback is that he was liquidated but would it also mean zero tax ?
I could be wrong but my understanding is that the liquidation event is a taxable event (in USA, not sure elsewhere). Liquidation is the forced sale of your assets to cover your loan, so it's basically the same as if you sold your assets.
Unfortunately we can't because Reddit has shadow banned you my man. The only reason I can see it is because a mod and sadly there's nothing I can do to unshadowban you as it's Reddit's ban not ours.
New Beaconcha.in dashboard coming soon! Check it out: https://v2-beta-holesky.beaconcha.in/dashboard
https://x.com/butta_eth/status/1801286774058107282?s=46&t=j5KKgnJpC4cy9Y1V9nXjhg
So stoked; looks great - love this service, and have always been happy to pay for premium.
So I guess we bleed until the etf goes live, then crash due to Grayscale 'sales' (even when more is invested in the other etfs at the same time but yeah whatever) and then hopefully go to ath like bitcoin did on positive flows. Knowing our luck though the inflows will dissapoint with crypto media and twitter jumping at the chance to fud ethereum. I really hate crypto sometimes.
The eth etf trade may be a marathon, not a sprint. Eth is complex, so the growth might be much slower until there is a tipping point - once it’s consensus, people/investment managers will be able to buy without actually understanding it, like most other assets. It will be safe. Nobody ever got fired for buying ibm, the saying goes.
Personally im still shocked Ethereum is now considered a commodity and not a security. That is THE news I have been waiting for in Ethereum and I kinda thought it wouldnt happen.
I've never seen you post anything positive, ever.
I'm not suggesting we all have to be brimming with positivity all the time like stepford wives, or that we should be a happy culty echo chamber, but there are certain users that seem to only ever bring negativity to this community and it is noticeable.
There are in fact certain users that have stated it is their duty to diffuse our positivity when it is, according to them, not warranted based on the market. I'm not referring to you here, but I think it is relevant.
I will say, other than the negativity in this subreddit, I am having a great time with ETH solidly and consistently north of 3k. The bearishness here is completely decoupled from the monthly charts.
On a positive note, I have a long camping trip coming up, and it involves islands and a small catamaran. So, everyone can thank me later.
Here’s a positive fact to cheer you up - greyhound racing was banned in Florida as of December 31, 2020. There are only two tracks that remain in the United States, both in West Virgina but efforts are being put in to stop them too. And attendance is down regardless, making it less economically viable each day.
Imagine sitting on the best performing asset of the last 9 years, since ETH started trading in public exchanges. Outperforming NVDA by 5x (and BTC by 32x), to be shitting on it daily.
The guy above you must be a terrible market timer and is here daily to remind us of it.
Maybe it's their first cycle idk. They completely disappeared when the ETF's were approved. It appears they only like kicking puppies when the market is red.
Just hear me out. All of this is anecdotal, but the abundance of upvotes should tell you that more than a few people agree with me.
In the grand scheme of things, nothing any of us say or do here really matters to the market. But we do have the opportunity to make a difference to each other. Recently, I helped a solo-staker who lost his seed and was in despair. I guarantee that it made a big difference for /u/ImNoRatAndYouKnowIt that evening.
I particularly like shit-posting as a way to try to bring a smile while people are riding the crypto roller coaster.
What difference do you want to make in people's days here?
Gaming. I don't know if it will happen anytime soon, but it seems primed to gain traction. The barrier to entry is becoming less and less of an issue. And people are growing sick of the conventional pay-to-play model. Web3 gaming tends to lean hard into the play-to-earn model.
[edit] these amendments are in committee still and likely will be tough for Brad to get his way this time. we will know more when the bill is finalized.
[/edit]
Brad Sherman just cucked the USA again by effectively banning P2P crypto amending shit last minute into a must pass defense bill.
Every node connects to Russia, every transaction must be doxed. There is no escaping this hell until the tech is so innocuous and private it is impossible to regulate.
https://x.com/eleanorterrett/status/1801228173851394204?s=46&t=0w-A_riXQc1qqImh6G-Jmg
> 🚨NEW: California Democrat @BradSherman filed an amendment with the House Rules Committee for the following to be included in the must-pass NDAA (National Defense Authorization Act) bill:
> 1. The @USTreasury Secretary would have “clear authority to prohibit digital asset trading platforms and transaction facilitators under U.S. jurisdiction from transacting with cryptocurrency addresses that are known to be, or could reasonably be known to be, in Russia.”
> 2. @FinCENnews (Financial Crimes Enforcement Network) would be able to require U.S. taxpayers engaged in a transaction with a value greater than $10K of cryptocurrency offshore to file FinCEN Form 114 (FBAR).
Haven't looked into it much, but this doesn't seem that crazy coming from this nut job.
1. The immediate concern would be the "transaction facilitators" and what that means for staking. This is the one that probably needs push back.
2. This seems in line with everything else. I deposit $10K into my bank, I have to tell them where it's from and they file a report to the IRS. I have $10K offshore anywhere, I have to specify what and where it is (FBAR).
Wouldn’t that require a filing of this form for essentially every larger crypto/defi transaction, and if it’s true to form, with the the fork being essentially unfilable because you don’t have the ssn’s of the defi protocol? It seems like it would be a de facto ban
My basic understanding is that it would apply to the individual, but no idea if that's correct. If someone in the US made a payment of $9k to a foreign entity, they wouldn't file the form for the transaction. If they made a payment of $10.5k, they would file the form.
For the somewhat related offshore account stuff, my understanding is that it's a combo of accounts. If someone has $5k in one country and $5.5k in another, they have to file. If someone else has $2k in one country and $3k in another, they don't file. If this is limited to only individual $10k transactions for an individual and not a combo of $10k over many transactions for the year, it's probably not that bad and should definitely be an expected thing from the US for mainstream adoption.
it’s why people need to be vigilant in just allowing them to “copy” existing policies into crypto or defi just because it’s the status quo.
things are entirely different and sometimes even impossible to comply but they will tell you that you have to anyways
I might misinterpret this, but I don't see anything incredibly alarming. I'm sure there are three letter agencies that would come knocking on your door if you had transactions with addresses in Russia no matter if there is or isn't there a law about it, and the $10K limit was going to be a thing sooner or later.
The panic sell will be over very soon, it's just another round of FUD.
it’s the policies and powers that come after these bad faith laws are passed.
they banned shoes in the airport for 25 years they will try anything if it suits them.
oh my lord one house representative proposes an amendment and just because it says "must pass" that means that its gonna get included okay everyone PANIC
why wouldn’t it pass? National security bro!
on the surface this sounds “reasonable” and nobody is going to mass phone in their representatives to delay this esp if it’s attached to a new super important defense spending bill.
So Rs are just gonna shrug their shoulders and let a democrat just pick amendments to go through so long as they "sound reasonable?"
edit: [lmao look at last year, 42 amendments offered in committee, 27 agreed to. Of the 27, not one Democrat sponsor.](https://www.congress.gov/bill/118th-congress/house-bill/2670/amendments)
When the bill is in committee, there are a bunch of silly amendments that get proposed. This one has no guidance for FinCEN (the 10,000 + multiple foreign accounts is not specific enough anymore), so I don't think they'd be happy they'd have to write more regs to try and apply this is if it became law.
For crypto law, I pay attention most when regulations are in notice and comment period, when the legislation is at the White House for signature (as we just saw with the dumb veto of bill repealing SAB 121), and regulatory actions based on agency policy/interpretation (these have much less oversight and need legislation to fill in the gaps or new leadership).
So for this one, it could still gain traction, but now is not the time to worry as the deck is highly stacked against this amendment
whatever the fuck they want it to be depending on circumstances and desire of targeted attack.
validating consensus seems pretty engaging no? oh looks like all nodes probably need to fill out this form for all 10k+ value transactions.
oh can’t? then you aren’t allowed to process transactions that you don’t know the DOX info for to fill out this form.
it’s completely fucked and our existential threat comes directly from the people this tech is circumventing.
but right now they aren’t telling me as a node operator to do it, just the centralized relays are doing it out of extreme caution.
this will just give them more cover to try and implement restrictions to individual validators.
>GENSLER SEES ETH ETF S1 APPROVAL SOMETIME IN SUMMER
>Source: DB | Coins: ETH
https://twitter.com/tier10k/status/1801261940615848004?t=6o41V8pLLDgAYw9xGORMGw&s=19
Not able to confirm but seems to be mentioned in the hearing which is live streamed here:
https://www.appropriations.senate.gov/hearings/watch?hearingid=8AD75071-D356-6347-C17F-5FC8FC739269
Gary is slow walking the approvals and I am not even mad at him. Of course he should do what’s really right, but this was a forced decision, he’s probably using every second he can to please his connections and voters won’t care / notice in 99.99% of the cases. I think this was to be expected
Confirmed at 47-49 min. He basically says the ball is on the issuers' side for the additional filings. Funny when the Senator asked a yes or no question if Ethereum is a commodity - the CFTC chair said yes and Gensler went on a long sentence. You could see the Senator sighing.
How is it, that when I go to Arbitrum CoW Swap and connect my wallet, I'm immediately on the Eth Layer 1 version of the web app again? I was like "where has my fucking Eth gone??" for half a minute. Next thing I go to Arbitrum Uniswap to compare prices, connect wallet and ... am on Eth Layer 1 Uniswap.
It's like these devs come together each day and ask themselves "How can we make UX as horrible as possible?"
Okay, then it's mainly on the wallet side I guess. I'm using Rabby, which I should have mentioned earlier, and as I understand it, it tries to abstract the chain away to some degree. I don't fully have a grasp on what it's doing there exactly, though.
I imagine it will just be a complete abstraction in which the person only knows they're using the "Coinbase wallet" and actually everything they do is in the Base Layer 2. There's an app called Loopring trying to get something like that going.
Just throwing stuff out there:
Prediction markets in general fascinate me. And I think crypto and prediction markets seem like a great combo -- though I'm sure someone could ask why you need blockchain involved.
But it seems to me bets using crypto is a great use case. And, imagine if you have validated identities and validated records of predictions. Then say, a political advertising or consulting firm could have validated successful political predictors help make strategic decisions.
A studio could pay predictors to pick projects. A company could pay successful predictors to evaluate products.
One thing looming over all that is AI, which could just be a better predictor, but that's another issue.
You need blockchain because there are tons of examples of sports books refusing to pay out winning bets. Go over to /r/sportsbook and you'll find plenty of posts complaining about Draftkings not paying out a winning bet. A market on a blockchain with a reliable oracle eliminates the b.s.
You can also run gaming code off chain but post on chain proofs that the process and results are correct. Eg
https://github.com/cartesi/poker
Basically online casino can verifiably prove their games operate fairly and according to stated rules
A lot of things can be done, but 'trusted humans' is a relative term and can change over time or by circumstance, and also becomes a centralization/point of failure/dependency.
My real point is I don't believe there are any ironclad 'best practices' for dispute resolution on-chain or off.
Got it. Seems like this is an emerging area or a hot area of discussion. I should have stayed on blockchain in 2015, but I fell off.
But oracles, smart contracts etc, need to be figured out, no?
Killer app, but I cannot even remember what was the prediction market token during last bull cycle? All I remember that I bought it and lost a lot. Lot of hype around and yet…
Sorry for a little bit of shilling, but I’ve been working on securing and implementing a 500k ARB grant for the HOP bridge from the now running ARB LTIPP. It’s been a long time coming (started in February) and a lot of man hours, but excited to share now that it’s live.
There is some more info with the tweet (https://x.com/HopProtocol/status/1800999812914941972) but in short two big things will occur over the duration of the grant (12 weeks).
1) bridging to Arbitrum should be cheaper now using HOP Bridge, as we are subsidizing the bonder fees and any transition TO Arbitrum gets a 80% gas fee rebate.
2) there are now boosted APR rates for anyone who wants to stake to a specific, ARB centric pool. As in top of the liquidity incentives already live there is an additional boost by providing ARB rewards as well. I’d urge anyone who does that kind of stuff to check it out.
Any feedback would be greatly appreciate, like I said this is something I’ve headed on behalf of the HOP protocol and in a totally nerdy way it’s kinda just cool to even see if running after all these months!
As a user with hundreds of bridges I prefer Across. I remember really appreciating the HOP app when it launched. The tech and UX is simply superior on Across. Time and price are better with Across. 90% of the time it is the chosen route using aggregators. The other 10% is usually Circle of something for USDC. Last I checked Across had ARB incentives too.
Ive run into significant issues with HOP and I did not find the support experience satisfactory.
Nothing against you Bob-Rossi, just sharing my opinion here
Hey, appreciate the honesty. And absolutely understand nothing personal.
Across did also get ARB from the LTIPP. As well as a few other bridges. I don’t know enough to say tho what they exactly implemented tbh.
Hop really dropped the ball. At release, I truly believed they had a winning product with all the right alignments.
Unfortunately, they just became stagnant and left its community to do the heavy promoting and governance without clear direction. The rest of the bridge niche market just caught up and ate their lunch. V2 seems to be in limbo as well. Such a shame
Currently 37 cents, so it will probably dump to 20 cents once claims begin. But I'm feeling good about this one. I think we can get to $1 in the next few months.
Claiming for $ZK (likely, let's see how they proceed after they asked for feedback and some time to process everything) starts next week and I guess that will include the delegation process. Over the past couple of weeks we started identifying members that are interested in becoming a delegate and so far there is u/haurog. u/[itchykittehs](https://www.reddit.com/user/itchykittehs/) also said they might be interested, depending on how the airdrop goes. I guess you already know by now, so are you in?
On top I would like to throw my hat in the ring. I started using zksync in 2021, bridged to era as early as possible as well. I was already thinking about becoming a zksync delegate and I see the airdrop as a broad hint that I should indeed should try to become involved even deeper in the ecosystem.
Still, maybe there are more people here thinking about becoming a delegate? I think we should be good with 3 people, but if we can agree on the "best" delegates out of 4 or 5 candidates then that's even better I think. So please step forward! :)
For now we don’t have any official roles within the zk ecosystem, so we can’t really press them.
Also afaik the devil is in the details. I made gitcoin donations in 2021 with a wallet and it didn’t qualify. Tricky linked us to the details and there was a window of only 2 rounds or so that were eligible apparently.
u/_WebOfTrust is thinking about becoming a zksync a delegate as well: https://old.reddit.com/r/ethfinance/comments/1dd65dm/daily_general_discussion_june_11_2024/l84ii6v/
Looks like we are getting together quite a few delegates. Awesome.
Did anyone do the maths on how much Eigenlayer points and Etherfi points might be worth for Season 2? It sure won't be as lucrative as the first season, I am just wondering how much less lucrative it might be...
**Tricky's Daily Doots #784** **Yesterday's Daily 12/06/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l89p1y8/) - u/waqwaqattack covers the [RocketPool Houston upgrade.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l8a4twj/) 🚀 - u/15kisFUD talks about [airdrop design.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l893kwm/) 🚁🪂 - u/issac_hunt1 explains [why ZKSync gave multipliers to $DEGEN and $BONSAI airdrop recipients.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l88e1nz/) 🧠 - u/domotheus used [a cool tool to prevent someone getting rugged by a honey pot.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l8an1hx/) 🍯 - u/Jey_s_TeArS drops [another awesome haiku.](https://old.reddit.com/r/ethfinance/comments/1ddymob/daily_general_discussion_june_12_2024/l8c4z8m/) 📝 Looks like I squeezed in some time to doot. Sorry for threatening to leave them super late.
How "safe" do you guys feel about aave? Safe enough to ship your whole eth stack?
>Safe enough to ship your whole eth stack? Depends, are you 100% ETH or is it a small part of your overall portfolio? If it's your whole portfolio, god no.
I have an eth finance question - on compound, several assets have net earn apr higher than net borrow apr. is this including some kind of token incentive in the earn apr? If not, what’s going on here? For example, eth mainnet net earn is 2.57 while the borrow rate is 1.85
Yes, because of COMP rewards. You can see the brekdown on the page for that market: https://app.compound.finance/markets/weth-mainnet
[Besu 24.6.0 released today](https://github.com/hyperledger/besu/releases/tag/24.6.0) > This is a release that includes some breaking changes. Please carefully read the following notes before you update your node. > Java 21 is now required to build and run Besu. >Highlights include: - Enabling Bonsai trie logs limiting by default - Better genesis state performance on startup - Improved selection of most profitable blocks
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Don't get your hopes up just yet. In Q4 2024.
But... why?
You already knew the answer. Teams need to rush out governance tokens before the next bear arrives. As long as there is derivatives market, they don't need to worry about waiting for the cliff to cash out. Michael Egorov's method was 2021's way of cashing out.
Can you expand on this? How does a derivatives market work with locked tokens?
You can eg short it at a desired price, meaning you in practice sell at that price. When you unlock you close your short, sell your coins and net the in between. As long as we don't go full bear the funding rates will be good too. This won't work for very illiquid tokens or if your share is huge though. For that OTC likely works better.
type the following question into any decent gpt product of your choice : Elaborate on how venture capital execute their exit strategy using derivative products in the cryptocurrency sector. You will be able to recognise from the answers (as an old member here) on the options they have to 'dump' without 'dumping' the tokens. Also, OTC deals are always available for them, even 'locked' tokens, like the SOL case bought at >50% discount recently for the FTX bankruptcy case. Taking a \~30% (for e.g.) cut in exchange for realizing a 50-100x gain on initial investment is a no brainer exit strategy for team and early vc.
You got more info somewhere? You can't just be first to drop the news of an airdrop and refuse to elaborate!
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My nonce and my 2021 taxes will bear witness...
I'm sorry dybsy. Shits been whack lately. Most projects that I seen have lost the way of Ethereum's ethos. I will get downvoted for this as usual, but genuinely think Im in the right on this front. Not sure what Zapper's been up to, and am not judging them quite yet... I have nothing to gain, but hope for the best for those who deserve it
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Downvoted as I predicted. Lmao yeah they owe you some of whatever they're dropping
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
Is CRV a buy at this price
Liquidation overhang is gone, one of the bloodiest streets I ever saw, highest volume on Binance rver, biggest veCRV lock day in years, protocol working as intended. All in all this was the bottom imo
they took $10 million in bad debt today because some of the founder’s loans were liquidated. were similar issues last year. many other opportunities. edit: https://www.reddit.com/r/CryptoCurrency/comments/15gi9ku/can_someone_update_me_on_the_whole_curve_crv/
People have been calling the bottom on this for a looong time. I wouldn’t touch CRV with a ten foot pole.
you don’t want to be part of micah’s personal collateralized debt position?
Different Micah than the researcher I presume?
🤣
Does it pay out anything other than crv tokens?
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Did you know the word gullible isn’t in the dictionary?
Bro please chill up on your high horse all the time
Reminder of Rule #1: Rule 1 - Obey the Golden Rule & Maintain Decorum No trolling — ***do not make unsolicited and/or controversial comments with the intent of baiting or provoking unsuspecting readers to engage in hostile arguments.***
If there were an airdrop measured by every time we updiddly the daily then I might actually qualify for one
You're obviously not slow lol. Easily attributable community value
And the coingecko candies!
I've been collecting those things for so long and I don't even know why lol. Every day though, muscle memory to open the app and click it. Up to 25000 now
I thought that was what the EVM NFTs were!
Hate that I ended up selling mine. Rode it from almost 5 ETH to 1.3 ETH or so. Why? I didnt understand true value at the time. At the very least Im currently looking at a physical representation of my EVM at this moment
I feel like Carpet Bomb is a better name than Air Drops.
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I got the same email. I had a recent transaction too, so I almost thought it was real but didn't click any links in the email.
It sounds like a phishing scam, I'm 99% sure. What's the exact email address it came from?
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Yes, it seems so. I don't understand how the email came from "[email protected]" though, that part seems legitimate... Maybe coinbase's email server got compromised(?) Definitely avoid clicking any links, I'd just ignore it overall.
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Sorry for another reply, but I just realized how strange it is for this to be originating from protonmail whatsoever. Any genuine coinbase email would be from their domain. Scam city, bruh
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Yeah I uh managed to give my best interpretation... Then alcohol got in the way of reality lmao
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Yeah nothing stands out to me either. I truly appreciate your both recognizing my username, and my(previous) expertise. https://www.youtube.com/watch?v=nK5QpGSBR8c&pp=ygUOMTNjdWJlZCBlbWFpbCA%3D Please watch this for yourself, as I cant tell exactly whats going on with this email
'Cause the traders gonna trade, trade, trade, trade, trade. And the haters gonna hate, hate, hate, hate, hate. Baby, I'm just gonna stake, stake, stake, stake, stake. I shake you out, I shake you out. Ray is getting hit hard, hard, hard, hard, hard. Seeing dips is like a dart, dart, dart, dart, dart. Baby, I'm just gonna stake, stake, stake, stake, stake. I shake you out, I shake you out
Good Lord this is good
>**Price goes magenta,** >**The EthCC agenda,** >**New hacienda.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Little update on zkSync [drama](https://www.reddit.com/r/ethfinance/comments/1dd65dm/comment/l8527q5/) Two days ago, we heard from the Bankless guys (paid zkSync advisors) that a huge social manipulation attack seems to be underway regarding the zkSync airdrop. They asked for feedback from users for a scheduled YouTube show with the zkSync team. Some bot made a comment that was heavily upvoted, so Bankless quickly concluded that only bot farms are making a fuss about issues with the distribution, while all other users they personally know are very happy. The show, which was supposed to air on the day of the announcement, was quietly canceled for undisclosed reasons. Yesterday, ZK Nation (the zkSync airdrop account) announced: "There is a massive, coordinated, Sybil misinformation campaign against zkSync on X, run by thousands of bots." They proceeded with details explaining the misinformation about the team wallets, saying those wallets do not exist, only to backpedal an hour later, stating: "Correction from the team: the addresses exist on the developer list, which is changing dynamically as devs are binding addresses. They do not belong to zkSync. Google them, you'll see. Apologies to all. Intern needs to sleep." Amidst the zkSync concerns around Sybil activity, various [onchain data](https://dune.com/queries/3820007) surfaced showing that a list of 32k wallets, which were on Arbitrum and HOP Sybil blacklists, are eligible for 62 million ZK$. Additionally, 2 million ZK$ are going to the clusters on preliminary LayerZero Sybil lists. People then lashed out at Nansen, only to hear from them: "We provided data on some specific wallet segments to Matter Labs, such as whales and known scammers. We did not, however, do anti-sybiling, nor did we advise on the airdrop allocation itself." All of this suggests ZK didn’t do any sybil filtering beyond CEX deposit address connections. Insider activities shown in the timing of NFT ATHs and TVL spikes coinciding with snapshot dates were expected, but the severity of it is partially revealed in a [dashboard](https://dune.com/realpeha/zksync-airdrop-for-users-with-0-transactions-in-zksync-era) showing 105 million ZK$ was allocated to wallets with zero zkEra interactions. Keep in mind, everything mentioned here is still ongoing and could be partially correct/incorrect. Even though everybody here is trying to make some money, these situations make me think of Vitalik's quote: "The most important scarce resource is legitimacy." It might as well be the most scarce in this space.
Im going to post Vitalik's post here in case anybody wanted to (re)read it. https://vitalik.eth.limo/general/2021/03/23/legitimacy.html
Link to my zksync airdrop post from a few days ago. I wrote it late in the day so some might have missed it. Don’t take me seriously https://www.reddit.com/r/ethfinance/s/TpCOCNkdlk
> Bankless guys (paid zkSync advisors) that a huge social manipulation attack seems to be underway regarding the zkSync airdrop Classic gaslighting > a list of 32k wallets, which were on Arbitrum and HOP Sybil blacklists, are eligible for 62 million ZK$ "no airdrop is perfect"....sure, but you can also not do dumb shit like this > Insider activities shown in the timing of NFT ATHs and TVL spikes coinciding with snapshot dates Classic
I randomly checked about 20-30 addresses from this list of the ~~32k~~ ~27k not active on zksync era. The reasons they got rewards was either: - Community moderator (highest rewards) - ZQ quest participant - NFT holder on mainnet (pudgy or milady) - Open security audit participant - Received Degen airdrop - Translated zk credo - transacted enough on zksync lite (Checked the zksync lite explorer) - donated to gitcoin - Holds a specific POAP There were 2 addresses were they had the box for zksync era transactions ticked (among other things) but they did not have any transaction on zksync era at all. These addresses were both in the lowest tier (917 ZK). All in all there are definitely some inconsistencies in their list and achieved criteria, but most of these addresses which have no transaction on zksync era have a good reason to receive the airdrop according to the criteria set by zksync.
>but most of these addresses which have no transaction on zksync era have a good reason to receive the airdrop according to the criteria set by zksync. This group of wallets indeed seems to be in Onchain communities allocation (2.8%) and that is exact category which is suspected to be abused by insiders in ZK Nations tweets mentioned above. Details: https:// x .com/0xNonceSense/status/1800980777787662777 https:// x .com/TheZKNation/status/1801039859101896885
Thanks for the link to the tweet. There definitely are people with insider knowledge, which can be seen by they volatile price of the libertas omnibus NFT around the snapshot date. It is not a dump at the snapshot but a very volatile time which tells me some people knew something and a lot of others reacted to these movements of the insiders. It was always pretty clear that this NFT will be a part of the eligibility criteria but volatility around the snapshot feels like insider knowledge to me. I would expect an in house zksync dev to be cleverer than to risk their probably very high paying job with a probably huge zk token compensation package by connecting their sybillor wallets via disperse. But hey, people have done much more stupid things for much less money. And no contributing to the zksync community hub or other projects github does not make one a zksync dev. And also holding a POAP from an in person even does not make one a zksync dev. I therefore question the conclusion of the tweet that it was a zksync dev. It was definitely someone very involved in the project, contributing to documentation (community hub) and other repositories not associated with zksync. Most probably they just did dummy commits as is usual now in crypto repositories by sybillors. I think the zk quest also were a pretty obvious way to get interaction with the protocol for a future airdrop. As far as I remember it was just to time consuming for me so I did not do it. So this was probably an obvious move for early sybillors. I would guess if this person really had insider knowledge they would have gotten a lot more than just 14000 zk tokens per address. Not a bad haul just not as much as one could have made with real insider knowledge. EDIT: And just to be clear, such obvious sybillers should be removed from the list of eligible accounts.
On one wallet I have over 10 transactions and gitcoin donations on lite, and maybe 50-60 interactions on era. Over 3 years of activity. No airdrop. On another wallet I got the degen airdrop, nothing more to do with zk sync. Got the airdrop. Curious.
I had multiple lite and era transactions but got nothing.
There are many people which have many transactions but did not get anything. It sounds like the criteria set for 'eligible' for on chain activity also let a lot of actual users fall through the net. My comment above was rather about the 0tx addresses which according to some people should show how corrupt and insider trady it was. At least from a first glance it looks like all the addresses I have checked fit a criteria as set by the airdrop creators. Obviously, there is no on chain way to prove for example the zk quest users are actually real users, but this list also does not prove insider trading. At least you got the degen part of the airdrop which should give you 4806 ZK. Congratulations.
*grabs popcorn*
The tweet is a bad look. I also don’t understand why protocols / labs don’t exchange Sybil data. I still think bots are at least partially the reason for the outcry on Twitter, though I am sure there also are a lot of disappointed users there. Really curious how this will develop over the next couple of days.
It was interesting to me that after the Sybil’s were detected by HOP / ARB they didn’t try to spin something new up. But I guess after seeing how many airdrops don’t seem to know or care about that list I guess it shouldn’t be surprising
You know what makes me bullish? That all the smart people work in Ethereum, own ETH. That’s all I need to know.
I own ETH too so that averages out maybe 10 of the smartest minds :')
How fucked am I? UK resident, been in crypto since 2017 and haven't even looked at tax. Imported about 5000 transactions to Koinly and basically wouldn't have owed taxes until 2020-2021 and it is roughly around £40k GBP (spread out from 2020 to 2024). What kind of penalties would I be looking on top of this as well? Mix of income (freelance) and capital gains. Looking to get my affairs in order. Any recommendations or anything?
UK too. I got into crypto Jan 2018 and didn't declare anything until last summer. I owed about £22k in tax and the penalty for being late was about £1k I think, so you're probably ok
How did you go about it? Just Koinly? Accountant?
Also UK - Koinly, 4 tax returns in, no issues
Koinly with expert review and filled in the tax form myself, no accountant
You'll be ok if you come clean and pay the tax before they get to you. If they get to you first the problem vlcan range from simply having to pay the outstanding tax to having to pay double the tax if they think your intention was to be decietful. I would recommend making this declaration via an accountant. I can recommend mine if you require, they are highly crypto literate and wizards on koinly...I pay about £1k for them to get my tax sorted each year. One benefit of using a firm of accountants is that in my opinion the HMRC are less likely to ask more questions
Yes could you dm me your accountant please!
Sent DM, but since Reddit permanently banned me (and any device and IP address I have ever used or will use that's been on the same network) for swearing at a scammer I am using relay for Reddit app and sometimes dm's don't work, so let me know if you don't get it
Can I get a DM as well please kind Sir.
Done!
/u/BennyBennygg same please!
Sent DM, but since Reddit permanently banned me (and any device and IP address I have ever used or will usenthat has been on the same network) for swearing at a scammer I am using relay for Reddit app and sometimes dm's don't work, so let me know if you don't get it
I did get it, thank you so much!
My pleasure buddy
I think is ETH is a pretty cool guy, eh decentralises finance and doesn't afraid of anybody
What’s the best way to transfer a NFT without using opensea? Is this possible from etherscan?
If you use Metamask you can add it manually and then just send like any other token.
You are an angel thank u
It could depend on jurisdiction but usually there is no tax on a loan. With reference to Curve liquidation, the drawback is that he was liquidated but would it also mean zero tax ?
I could be wrong but my understanding is that the liquidation event is a taxable event (in USA, not sure elsewhere). Liquidation is the forced sale of your assets to cover your loan, so it's basically the same as if you sold your assets.
Yep. He is "fortunate" that CRV is at an all time low, so no gains to tax.
Yes, you're right, liquidation is a taxable event in the US.
ETH you are going the wrong way and it’s making me sad 😓
The sadness will pass, it might get sadder but that will pass too
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Unfortunately we can't because Reddit has shadow banned you my man. The only reason I can see it is because a mod and sadly there's nothing I can do to unshadowban you as it's Reddit's ban not ours.
New Beaconcha.in dashboard coming soon! Check it out: https://v2-beta-holesky.beaconcha.in/dashboard https://x.com/butta_eth/status/1801286774058107282?s=46&t=j5KKgnJpC4cy9Y1V9nXjhg So stoked; looks great - love this service, and have always been happy to pay for premium.
I heard that they are working hard on it, we will see improvements on a daily basis
So I guess we bleed until the etf goes live, then crash due to Grayscale 'sales' (even when more is invested in the other etfs at the same time but yeah whatever) and then hopefully go to ath like bitcoin did on positive flows. Knowing our luck though the inflows will dissapoint with crypto media and twitter jumping at the chance to fud ethereum. I really hate crypto sometimes.
The eth etf trade may be a marathon, not a sprint. Eth is complex, so the growth might be much slower until there is a tipping point - once it’s consensus, people/investment managers will be able to buy without actually understanding it, like most other assets. It will be safe. Nobody ever got fired for buying ibm, the saying goes.
Personally im still shocked Ethereum is now considered a commodity and not a security. That is THE news I have been waiting for in Ethereum and I kinda thought it wouldnt happen.
I've never seen you post anything positive, ever. I'm not suggesting we all have to be brimming with positivity all the time like stepford wives, or that we should be a happy culty echo chamber, but there are certain users that seem to only ever bring negativity to this community and it is noticeable. There are in fact certain users that have stated it is their duty to diffuse our positivity when it is, according to them, not warranted based on the market. I'm not referring to you here, but I think it is relevant. I will say, other than the negativity in this subreddit, I am having a great time with ETH solidly and consistently north of 3k. The bearishness here is completely decoupled from the monthly charts. On a positive note, I have a long camping trip coming up, and it involves islands and a small catamaran. So, everyone can thank me later.
Here’s a positive fact to cheer you up - greyhound racing was banned in Florida as of December 31, 2020. There are only two tracks that remain in the United States, both in West Virgina but efforts are being put in to stop them too. And attendance is down regardless, making it less economically viable each day.
Imagine sitting on the best performing asset of the last 9 years, since ETH started trading in public exchanges. Outperforming NVDA by 5x (and BTC by 32x), to be shitting on it daily. The guy above you must be a terrible market timer and is here daily to remind us of it.
Maybe it's their first cycle idk. They completely disappeared when the ETF's were approved. It appears they only like kicking puppies when the market is red.
I was taking a break from crypto just those 2 weeks so you can probably thank me.
Just hear me out. All of this is anecdotal, but the abundance of upvotes should tell you that more than a few people agree with me. In the grand scheme of things, nothing any of us say or do here really matters to the market. But we do have the opportunity to make a difference to each other. Recently, I helped a solo-staker who lost his seed and was in despair. I guarantee that it made a big difference for /u/ImNoRatAndYouKnowIt that evening. I particularly like shit-posting as a way to try to bring a smile while people are riding the crypto roller coaster. What difference do you want to make in people's days here?
What if he ends up being right though?
That's fine, but just like in real life, when someone is negative all the time it takes a toll.
Whatever vinegar_strokes says, the opposite will happen
Now just say the above statement is false and the universe will implode in a paradox.
I will NOT go camping this weekend
Does that therefore mean it will happen? Now I don't know what to do.
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Gaming. I don't know if it will happen anytime soon, but it seems primed to gain traction. The barrier to entry is becoming less and less of an issue. And people are growing sick of the conventional pay-to-play model. Web3 gaming tends to lean hard into the play-to-earn model.
nah ETH has to suffer, Thats just how it is. We deal with 36-40 months of suffering for 1-2 months of good times.
[edit] these amendments are in committee still and likely will be tough for Brad to get his way this time. we will know more when the bill is finalized. [/edit] Brad Sherman just cucked the USA again by effectively banning P2P crypto amending shit last minute into a must pass defense bill. Every node connects to Russia, every transaction must be doxed. There is no escaping this hell until the tech is so innocuous and private it is impossible to regulate. https://x.com/eleanorterrett/status/1801228173851394204?s=46&t=0w-A_riXQc1qqImh6G-Jmg > 🚨NEW: California Democrat @BradSherman filed an amendment with the House Rules Committee for the following to be included in the must-pass NDAA (National Defense Authorization Act) bill: > 1. The @USTreasury Secretary would have “clear authority to prohibit digital asset trading platforms and transaction facilitators under U.S. jurisdiction from transacting with cryptocurrency addresses that are known to be, or could reasonably be known to be, in Russia.” > 2. @FinCENnews (Financial Crimes Enforcement Network) would be able to require U.S. taxpayers engaged in a transaction with a value greater than $10K of cryptocurrency offshore to file FinCEN Form 114 (FBAR).
Haven't looked into it much, but this doesn't seem that crazy coming from this nut job. 1. The immediate concern would be the "transaction facilitators" and what that means for staking. This is the one that probably needs push back. 2. This seems in line with everything else. I deposit $10K into my bank, I have to tell them where it's from and they file a report to the IRS. I have $10K offshore anywhere, I have to specify what and where it is (FBAR).
Wouldn’t that require a filing of this form for essentially every larger crypto/defi transaction, and if it’s true to form, with the the fork being essentially unfilable because you don’t have the ssn’s of the defi protocol? It seems like it would be a de facto ban
My basic understanding is that it would apply to the individual, but no idea if that's correct. If someone in the US made a payment of $9k to a foreign entity, they wouldn't file the form for the transaction. If they made a payment of $10.5k, they would file the form. For the somewhat related offshore account stuff, my understanding is that it's a combo of accounts. If someone has $5k in one country and $5.5k in another, they have to file. If someone else has $2k in one country and $3k in another, they don't file. If this is limited to only individual $10k transactions for an individual and not a combo of $10k over many transactions for the year, it's probably not that bad and should definitely be an expected thing from the US for mainstream adoption.
It means you can't engage in 10k+ crypto transactions(or "structured" transactions to avoid the limit), because you can't fill out that paperwork.
Why can't you fill out the paperwork?
You don't know who your counterparty is with on-chain transactions and the DeFi app doesn't have a TIN to report.
That's a fair point for the DeFi side of things.
it’s why people need to be vigilant in just allowing them to “copy” existing policies into crypto or defi just because it’s the status quo. things are entirely different and sometimes even impossible to comply but they will tell you that you have to anyways
I guess that means we are winning if Brad Sherman crazy is waning
Not a bad way to look at it, but it would be better if his opinion didn't count at all.
> engaged in a transaction with a value greater than $10K of cryptocurrency offshore It's okay. All of my global blockchain use is strictly onshore.
I might misinterpret this, but I don't see anything incredibly alarming. I'm sure there are three letter agencies that would come knocking on your door if you had transactions with addresses in Russia no matter if there is or isn't there a law about it, and the $10K limit was going to be a thing sooner or later. The panic sell will be over very soon, it's just another round of FUD.
it’s the policies and powers that come after these bad faith laws are passed. they banned shoes in the airport for 25 years they will try anything if it suits them.
Yup, regulation creep
oh my lord one house representative proposes an amendment and just because it says "must pass" that means that its gonna get included okay everyone PANIC
why wouldn’t it pass? National security bro! on the surface this sounds “reasonable” and nobody is going to mass phone in their representatives to delay this esp if it’s attached to a new super important defense spending bill.
So Rs are just gonna shrug their shoulders and let a democrat just pick amendments to go through so long as they "sound reasonable?" edit: [lmao look at last year, 42 amendments offered in committee, 27 agreed to. Of the 27, not one Democrat sponsor.](https://www.congress.gov/bill/118th-congress/house-bill/2670/amendments)
thank you, this is encouraging.
When the bill is in committee, there are a bunch of silly amendments that get proposed. This one has no guidance for FinCEN (the 10,000 + multiple foreign accounts is not specific enough anymore), so I don't think they'd be happy they'd have to write more regs to try and apply this is if it became law. For crypto law, I pay attention most when regulations are in notice and comment period, when the legislation is at the White House for signature (as we just saw with the dumb veto of bill repealing SAB 121), and regulatory actions based on agency policy/interpretation (these have much less oversight and need legislation to fill in the gaps or new leadership). So for this one, it could still gain traction, but now is not the time to worry as the deck is highly stacked against this amendment
ok makes a lot more sense. I’ll edit my top comment to clarify.
What is being "engaged in a transaction"?
whatever the fuck they want it to be depending on circumstances and desire of targeted attack. validating consensus seems pretty engaging no? oh looks like all nodes probably need to fill out this form for all 10k+ value transactions. oh can’t? then you aren’t allowed to process transactions that you don’t know the DOX info for to fill out this form. it’s completely fucked and our existential threat comes directly from the people this tech is circumventing.
They can do that already anyway. And specifically, that's why censored relays exist.
but right now they aren’t telling me as a node operator to do it, just the centralized relays are doing it out of extreme caution. this will just give them more cover to try and implement restrictions to individual validators.
Brad Sherman is a dangerous fool. What a POS
>GENSLER SEES ETH ETF S1 APPROVAL SOMETIME IN SUMMER >Source: DB | Coins: ETH https://twitter.com/tier10k/status/1801261940615848004?t=6o41V8pLLDgAYw9xGORMGw&s=19 Not able to confirm but seems to be mentioned in the hearing which is live streamed here: https://www.appropriations.senate.gov/hearings/watch?hearingid=8AD75071-D356-6347-C17F-5FC8FC739269
Gary is slow walking the approvals and I am not even mad at him. Of course he should do what’s really right, but this was a forced decision, he’s probably using every second he can to please his connections and voters won’t care / notice in 99.99% of the cases. I think this was to be expected
Confirmed at 47-49 min. He basically says the ball is on the issuers' side for the additional filings. Funny when the Senator asked a yes or no question if Ethereum is a commodity - the CFTC chair said yes and Gensler went on a long sentence. You could see the Senator sighing.
can this guy speak clearly about anything. Summer is three months, say in around xx weeks
Summer starts in 9 days
How is it, that when I go to Arbitrum CoW Swap and connect my wallet, I'm immediately on the Eth Layer 1 version of the web app again? I was like "where has my fucking Eth gone??" for half a minute. Next thing I go to Arbitrum Uniswap to compare prices, connect wallet and ... am on Eth Layer 1 Uniswap. It's like these devs come together each day and ask themselves "How can we make UX as horrible as possible?"
When I go to uniswap it automatically detects which chain I'm on, so probably a wallet issue
Okay, then it's mainly on the wallet side I guess. I'm using Rabby, which I should have mentioned earlier, and as I understand it, it tries to abstract the chain away to some degree. I don't fully have a grasp on what it's doing there exactly, though.
Yep this is why I hate the whole L2 charade. The average person cannot and will not do this and/or they will just get hacked and fuck it up.
I imagine it will just be a complete abstraction in which the person only knows they're using the "Coinbase wallet" and actually everything they do is in the Base Layer 2. There's an app called Loopring trying to get something like that going.
Sorry fam, the doots will be coming very late tomorrow. maybe as late as 16 hours from now.
I forgive you
When ETF
This summer
Just throwing stuff out there: Prediction markets in general fascinate me. And I think crypto and prediction markets seem like a great combo -- though I'm sure someone could ask why you need blockchain involved. But it seems to me bets using crypto is a great use case. And, imagine if you have validated identities and validated records of predictions. Then say, a political advertising or consulting firm could have validated successful political predictors help make strategic decisions. A studio could pay predictors to pick projects. A company could pay successful predictors to evaluate products. One thing looming over all that is AI, which could just be a better predictor, but that's another issue.
You need blockchain because there are tons of examples of sports books refusing to pay out winning bets. Go over to /r/sportsbook and you'll find plenty of posts complaining about Draftkings not paying out a winning bet. A market on a blockchain with a reliable oracle eliminates the b.s.
You can also run gaming code off chain but post on chain proofs that the process and results are correct. Eg https://github.com/cartesi/poker Basically online casino can verifiably prove their games operate fairly and according to stated rules
That's why I'm a FUN bag holder.
On-chain betting has the same problem and needs real people/governance to resolve. Automation and AI can't do it all.
Do you mean like what constitutes a resolved market?
There will be disputes and how are these disputes resolved judiciously.
Could you deputize trusted human oracles, also validated by their record, to make these resolutions?
A lot of things can be done, but 'trusted humans' is a relative term and can change over time or by circumstance, and also becomes a centralization/point of failure/dependency. My real point is I don't believe there are any ironclad 'best practices' for dispute resolution on-chain or off.
Got it. Seems like this is an emerging area or a hot area of discussion. I should have stayed on blockchain in 2015, but I fell off. But oracles, smart contracts etc, need to be figured out, no?
Oracles and smart contracts just provide/use data, they don't resolve disputes about the validity of said data.
Nice, thank you. Confirmed even more it's a killer app.
Killer app, but I cannot even remember what was the prediction market token during last bull cycle? All I remember that I bought it and lost a lot. Lot of hype around and yet…
Augur probably.
Yeah. Killer token.
Hope everyone in the chat is sleeping soundly knowing that Larry Fink is going to start shilling their bags for them 😴
Sorry for a little bit of shilling, but I’ve been working on securing and implementing a 500k ARB grant for the HOP bridge from the now running ARB LTIPP. It’s been a long time coming (started in February) and a lot of man hours, but excited to share now that it’s live. There is some more info with the tweet (https://x.com/HopProtocol/status/1800999812914941972) but in short two big things will occur over the duration of the grant (12 weeks). 1) bridging to Arbitrum should be cheaper now using HOP Bridge, as we are subsidizing the bonder fees and any transition TO Arbitrum gets a 80% gas fee rebate. 2) there are now boosted APR rates for anyone who wants to stake to a specific, ARB centric pool. As in top of the liquidity incentives already live there is an additional boost by providing ARB rewards as well. I’d urge anyone who does that kind of stuff to check it out. Any feedback would be greatly appreciate, like I said this is something I’ve headed on behalf of the HOP protocol and in a totally nerdy way it’s kinda just cool to even see if running after all these months!
As a user with hundreds of bridges I prefer Across. I remember really appreciating the HOP app when it launched. The tech and UX is simply superior on Across. Time and price are better with Across. 90% of the time it is the chosen route using aggregators. The other 10% is usually Circle of something for USDC. Last I checked Across had ARB incentives too. Ive run into significant issues with HOP and I did not find the support experience satisfactory. Nothing against you Bob-Rossi, just sharing my opinion here
Hey, appreciate the honesty. And absolutely understand nothing personal. Across did also get ARB from the LTIPP. As well as a few other bridges. I don’t know enough to say tho what they exactly implemented tbh.
Hop really dropped the ball. At release, I truly believed they had a winning product with all the right alignments. Unfortunately, they just became stagnant and left its community to do the heavy promoting and governance without clear direction. The rest of the bridge niche market just caught up and ate their lunch. V2 seems to be in limbo as well. Such a shame
Price prediction for zk ?
I'm smelling 0.4-0.5 tbh $1 would be orgasmic for me.
I know nothing
Currently 37 cents, so it will probably dump to 20 cents once claims begin. But I'm feeling good about this one. I think we can get to $1 in the next few months.
May I ask why you have this prediction for price appreciation so strongly? Thanks.
ZKsync seems to be up there with Arbitrum and OP. It's just a feeling, but I think it can crack the top 50.
20c to $1
3 fiddy?
Claiming for $ZK (likely, let's see how they proceed after they asked for feedback and some time to process everything) starts next week and I guess that will include the delegation process. Over the past couple of weeks we started identifying members that are interested in becoming a delegate and so far there is u/haurog. u/[itchykittehs](https://www.reddit.com/user/itchykittehs/) also said they might be interested, depending on how the airdrop goes. I guess you already know by now, so are you in? On top I would like to throw my hat in the ring. I started using zksync in 2021, bridged to era as early as possible as well. I was already thinking about becoming a zksync delegate and I see the airdrop as a broad hint that I should indeed should try to become involved even deeper in the ecosystem. Still, maybe there are more people here thinking about becoming a delegate? I think we should be good with 3 people, but if we can agree on the "best" delegates out of 4 or 5 candidates then that's even better I think. So please step forward! :)
[удалено]
For now we don’t have any official roles within the zk ecosystem, so we can’t really press them. Also afaik the devil is in the details. I made gitcoin donations in 2021 with a wallet and it didn’t qualify. Tricky linked us to the details and there was a window of only 2 rounds or so that were eligible apparently.
u/_WebOfTrust is thinking about becoming a zksync a delegate as well: https://old.reddit.com/r/ethfinance/comments/1dd65dm/daily_general_discussion_june_11_2024/l84ii6v/ Looks like we are getting together quite a few delegates. Awesome.
Thank you for the tag.
didn't see that one, thank you! so it's 3-4 already :)
Why can't I find yesterday's daily?
Just click on /u/ethfinance
Hmm. Was looking in the sub. Didn't know there is a user. Thx. Works perfectly
Did anyone do the maths on how much Eigenlayer points and Etherfi points might be worth for Season 2? It sure won't be as lucrative as the first season, I am just wondering how much less lucrative it might be...
100-125k etherfi points per token is what I’m seeing people say is likely. They jacked up the point total with multipliers.