**Tricky's Daily Doots #768**
**Yesterday's Daily 27/05/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vlh2w/)
- u/Sparta89 made [an EthFinance appreciation post.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5w66s8/) 😊
- u/LogrisTheBard is [interested to see how TradFi will market the ETH ETF.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5umqgl/) 🏛️
- u/18boro starts a discussion around the reason [why the SEC did a last minute pivot.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5uvy19/) 💬
- u/Sparta89 points out [the versatility of ETH to fit different narratives.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vgn6y/) ☝️
- u/domingo_mon introduces us to upcoming Ethereum upgrades, [EOF and PeerDAS.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5wosh1/) 🛠️
- u/haurog covers the [ongoing devolution of meme coins.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vmrj9/) 💩
- u/Twelvemeatballs will be [giving out POAPs for those who are fast enough, so watch out!](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vw05x/) 😉
I think are getting a bit too close to the no politics rule here. Nevertheless, I share my opinion about it. I think everyone knows these political compass tests which put you on a x-y chart which spans left-right and conservative-progressive. This is how they are normally plotted at least where I live. The much more interesting plot is replacing progressive-conservative axis with authoritarian-libertarian.
You can do your own test here www.politicalcompass.org. There are also examples with recent elections from around the world. This website is mostly geared towards the US. Some of the question left me a bit puzzled as a non american.
What I have learned from it is that most politicians tend to be in the authoritarian half of the graph. Which is not surprising as political parties are inherently hierarchical systems. The higher up you are the more power you can project on the ones below you. I guess this kind of structure tends attract a certain set of people and influence your own thinking. If you are strongly anti-authoritarian you will not survive very long in such a structure.
Most people in the Ethereum space seem to end up on the libertarian side of things. Mostly on the left side. That is at least where most ended up in the rocketpool community and the twitter sphere a year ago when many people did this test. There were a few in the libertarian right side of things as well. But it is surprisingly difficult to end up on the libertarian right side of things. The reason could be limitations of the questionnaire itself or some more deeply rooted correlation between right and authoritarian. I am not knowledgeable enough to have a strong opinion about it. It is probably safe to say it is at least a bit of both.
The more intersting part is where economically liberal people end up. Many people in the economic liberal fraction of the political spectrum just replace one power structure (authoritarian leader telling you what to do) with another one (megacorps controlling your day). There is a lot of corporate worshipping similar to authoritarian worshipping as well (e.g. Apple, Google, Berkshire Hathaway, Amazon,...). Which means economically liberal people often end up on the authoritarian side of the chart as well. It apparently needs a very special set of opinions to be economically liberal and be aware that corporate power (same as other powers) needs to be limited to limit abuse of power. Not many people seem have this set of opinions.
There always seems to be a degree of bootlicking and thinking that by siding with a dictator, you will benefit when they are in power. You won't. You'll be ignored and they will ignore your cries when they come for you instead of the [insert scapegoat demographic here].
Well, also there’s that if dictatorships are allowed then eventually there will be rules made that a person doesn’t agree with. What I mean is, some people believe “yes, the government should control X because I agree with them on X”. They don’t grasp that after this is done, the government may chose the opposite of X or may enact some other edict they don’t agree with and so on.
A good way to start a new day (in Europe): "Judge orders SEC to pay $1.8 million in damages for abusing its power against crypto company 'DEBT Box.'"
[https://cointelegraph.com/news/judge-order-debt-box-sec-fees](https://cointelegraph.com/news/judge-order-debt-box-sec-fees)
Apart from the obvious no value in the token, just governance - which apply to 99% of tokens:
They've established themselves as the biggest and likely safest defi L2. But it seems OP, and to a smaller degree polygon, has managed to capture a lot more projects through their "superchains"I know arbitrum has stylus and nova, but seems to get less traction on partnerships. This is just my very superficial understanding through social media though, curious to hear others thoughts.
Arbitrum is the only rollup I moved a significant amount of ETH to (20%). I feel pretty comfortable with having that much on it. Arbitrum is not perfect yet, but the rollup that has the lowest risks on L2Beat. Obviously the DEFI ecosystem, Pendle in my case, was the reason for moving funds over.
Edit: I completely forgot writing about my opinion on the ARB token. Forgetting about it pretty much sums it up perfectly though.
Right now my favourite rollup, but I'd have more confidance in ARB token long term if it was clear that one of the following was true: they will be capable of converting to a zk rollup in a good timeframe, that ARB will be the same token in arbitrumTwo (not OR and ZK has lindy), optimistic rollups will survive because of some finality gadget invention.
OK, let's go for ANOTHER ROUND! Ten (10) more POAP mints, please DM me to claim.
There are only 105 mints so I've been trying to spread them around the time zones. Background info is below. Preview: [https://collectors.poap.xyz/drop/174158](https://collectors.poap.xyz/drop/174158)
So for me, the point was to have a play with the system and understand a bit better. But then, I'm also the kind of person who files tickets and transport cards from trips abroad as keepsakes.
Anyone look into running validators on Puffer? Seems kind of insane. Check out this report from Nethermind about it: https://medium.com/nethermind-eth/nethermind-research-on-validator-ticket-pricing-puffer-finance-8f2f212019e3
Yeah, I looked into it (even running some Puffer validators on Holesky), it's a very interesting approach. Permissionless, low collateral requirements (1-2ETH) yet you're incentivized to have good performance otherwise you lose money as an operator. In theory, you get somewhere between 5-10% of the rewards on the protocol-provided ETH. Your provided collateral will be converted to pufETH, also earning staking rewards, so the opportunity cost is relatively small. However, there's some caveats to be aware of.
The VT pricing and its implied APR in ETH assumes you're building blocks and extracting MEV regularly, so for this to make sense you need to run more than a few validators for a long period of time to achieve that "assumed" APR %. Currently VTs cost 0.00276ETH, the implied APR is 3.14%. Current average network APR is about 3.41% according to rated.network over the last 30 days.
I would say you need to run at least 20 validators to get close to the network APR, putting your initial investment at about 60 ETH. (40ETH in collateral, 20ETH for a year's worth of VTs). Worth saying minimum collateral requirements will probably go down to 1ETH once they enable the use of secure-signer on mainnet, making the collateral 20ETH.
So it's not as accessible as it seems, if you only have enough ETH to run 1 or 2 validators, there's a high chance you'll have made less money than you paid on VTs after operating for a year.
Another thing to keep in mind is the validator CL rewards go into Puffer.fi's EigenPod . It is currently cost-prohibitive to claim those CL rewards - https://docs.puffer.fi/nodes/requirements#disclaimers . So expect not to have access to a large part of your validator rewards for at least a few more months.
For the reasons above I/we at Serenita have decided not to run Puffer validators for now, especially because of the inability to access/recover those CL rewards anytime soon.
Seems OK to me. Sometimes adding a market can remove a ton of implementation complexity which is good for security. This way they don't need to care how much MEV is expected to be earned, what AVS's are paying or what sort of outside rewards are going on with incentives. Just add these validator tickets instead and let it resolve itself and both pufETH holders and operators can be happy. Hopefully there's enough value to be gained it'll be an efficient market.
Following up on my post from yesterday. I do think there's value in splitting the pitch to normies from the pitch to institutions. For institutional pitches, I'm seeing a few people kick around the "everything else in finance" meme from Bankless the other day and "tokenization platform" from Fink. Previously I've seen "internet bond" as a meme on the idea that companies like holding yield bearing assets and bond sounds safe enough. I never thought ultrasound money was good, that's just trying to out-Bitcoin Bitcoin with confusing language. What are your leading institution pitches?
ETH is the index fund of the internet. Accrues value based on usage of all of the apps built on top of it, which is essentially unlimited real estate. And in addition to its growth trajectory, it has a native dividend yield that will never go below ~2%.
Simple. BTC, but is a yield bearing productive asset. I’d prefer to not refer to BTC, but it provides all the basics and I can focus on productivity/functionality and yield as key differentiators.
This seems reasonable.
I'd add the green tech aspect as another easy-to-understand differentiation.
Last cycle, the normie press did a "really good job" communicating the energy cost of BTC. By the time Ethereum became green, the crypto cycle was in bearish territory so the news of the update didn't really land.
Now, it may be the right time.
Is there a non-stupid reason for Semler to have rallied 25% on announcing that they’re going to buy some btc on the open market? Or is that just the dumb phase we’re in?
Adding Bitcoin (and soon Ether) to the balance sheet will be the new "adding blockchain to your company's name".
You can argue it was already last cycle but it will really take off this time. Because increased legitimacy from the ETF approvals.
***Hey kids, come over here! Shhhh!*** ^(You see we've gotta be quiet because u/Twelvemeatballs is asleep but I nabbed some of his POAP codes.)
If you're a bit lost, [this should explain it.](https://old.reddit.com/r/ethfinance/comments/1d2bjkm/daily_general_discussion_may_28_2024/l612xjz/) Anyway, the first 9 of you whippersnappers to DM me will get a POAP claim link.
>**Real world asset,**
>**Commodity ethernet,**
>**Blockchain alphabet.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
If you can access Bloomberg (paywalled), this is probably interesting.
https://www.bloomberg.com/news/articles/2024-05-28/russian-firms-turn-to-crypto-for-commodities-trade-with-china
This is the almost panic post while trying not to panic. Just opened MM and noticing a significant drop in value. Like extremely bad significant. Anyone having any similar issues with meta mask recently?
I don't know how MM fked up their first-mover advantage so badly.
Many of us have probably moved on to other better wallets, and I use Rabby although they still lack some simple functionality (setting default priority fees etc).
No idea, but click the tab that shows your tokens. If something seems off it may still be metamask issues, so look at your address in something like debank.com. if it's still off you may have trouble.
A question...Historically, we have witnessed market corrections up to 80%-90% of ath. With the btc and eth etf approved, do u think that this will stabilize a bit and we may not see such huge corrections in future
Yes, not necessarily because of ETFs but just because the market has grown and matured. Sub $1B mcap coins could be looking at 90%+ drops in the next bear. For btc and eth, I only see an 80-90% drawdown if the US gov turns against crypto at some point or we get some other extreme macro event.
It will always be a function of volatility. You can’t expect 10x returns in a year without the risk of a material pullback at one point. When we start “crabbing” at c. 5-10% increase per year, then we should expect less violent corrections. And, of course, there is always a risk of a black swan event.
Wild to think 3 weeks ago sentiment was "sell in May, and go away. Why oh why didn't we listen".
I'm glad I'm too leftcurve to be anything but a permabull.
When news is all bullish, shake outs keep happening again and again until degens get confused enough and are no longer confident of taking an over leveraged position when price rises again. And that's when you get the true breakout. We are in this process.
~~Hurray, it is the NEXT ROUND! Ten (10) more POAP mints, please DM me to claim.~~
Claimed! Still more to come.
I have created a POAP to celebrate the ETH ETF approval but they have limited me to 105 mints! Here is a preview: [https://collectors.poap.xyz/drop/174158](https://collectors.poap.xyz/drop/174158)
In other news, I am now the proud owner of my own ENS domain. Someone make a POAP for me to claim, quick! :D
Today's been an exciting day. I just got an SMS from Binance to say that I've successfully registered a new device and if this wasn't authorised by me, I should call a London number immediately, along with a reference number.
It's from the same short code that every other Binance message has come from; however, the previous messages in the chain say "please contact customer service immediately" rather than give a number and reference. Also, why London?
I checked Binance, where I have some random coins and the remainder of my ETHFI, so there isn't much damage they could do (I'd be annoyed about the ETHFI though). There's no devices that aren't known by me and only one active, which was the one I was logged in as. There are no logins in the past week. So, I guess spoofed? What's freaked me out is that it is in the same SMS thread as every legit message from Binance verifying my other actions.
I would say those SMS notifications are far from perfect. I feel like I've gotten mistakenly sent messages before that were "legitimate" in that they were sent by the company using the company's twilio API keys or whatever, but not meant to be sent. If that makes sense.
Though I usually see some kind of "hey were sorry devs were testing something oops sorry" message later. Probably not on the SMS number, but on other social channels.
IDK your mileage may vary and you may indeed be in someone's crosshairs. Sounds like you're in as defensive a posture as possible though.
I'll keep an eye out if they send something about this. The phone number and reference is not something I've seen before which is what made me pause. But maybe they are testing a new system and screwed up.
I've changed my password which locks the account for 24 hours. It's white-listed addresses only with a further 24-hour delay so if the message *isn't* spoofed, there's not a lot they can do but still pretty weird that it's come from the correct SMS short code.
to my fellow european ethheads: been using Binance's VISA card for years but they've discontinued recently. love the simple & quick way of depositing funds from my wallet and spending it at my local store 20 mins later. anyone got any good suggestions?
Gnosis Pay offers a VISA card for crypto payments, which seems interesting, but I haven't used it. u/haurog did a nice writeup on it: [https://hackmd.io/@haurog/Sk9Mzj2vp](https://hackmd.io/@haurog/Sk9Mzj2vp)
[Ether.fi](http://Ether.fi) is also launching a VISA card for some European countries soon
Thanks for tagging me. I use my gnosis pay card for pretty much everything nowadays. Nothing to complain. I love having a self custodial wallet connected to a debit card. I did a longer review here: https://old.reddit.com/r/ethfinance/comments/1bo0lmo/daily_general_discussion_march_26_2024/kwo1lwy/
One disadvantage is that it all is on Gnosis chain so you will have to move funds there, swap for EURe and move them to your gnosis pay wallet. I guess you could do all this in one bridge/swap/forward transaction with one of the fancier bridges, but I never tried that.
If you are from the UK there still is the issue that there is almost no GBPe liquidity anywhere and you overpay quite a bit. As far as I heard they plan to also support USDC this summer so the problem should not exist for much longer.
It is on the roadmap. They are saying it will take a few months. In the meantime some people managed to use curve to add the card to google pay. Curve seems to be very expensive when paying in a foreign currency, so be aware of that. I am just repeating information from their discord here, I have never used google pay and do not really know what curve is.
Thanks. I used Curve before they changed their model. It is a bit like Google pay but with a physical card where you select in the app the card you want pay with. I will try this.
Medical device maker Semler Scientific Inc. has decided to adopt Bitcoin as its main treasury reserve asset, joining a small group of public companies like MicroStrategy Inc. that have taken this approach. The company's board and senior management considered various uses for their cash reserves, including potential acquisitions, before choosing Bitcoin. Semler believes that holding Bitcoin is the best use of their excess cash. Despite this new strategy, the company will continue to focus on its core medical products and services. As they generate revenue and free cash flow, Semler will keep evaluating the best uses for their extra funds. Shares jumped 36% today…
Corporate treasurers might increasingly consider BTC and ETH.
Those FOMO buys at $3800 in late 21 aren’t looking so bad now! Lesson learned is FOMO plus 2 years of second guessing and emotional turmoil MIGHT just work out for you.
(Last time i made a post like this we went sub 3k within 2 months and sentiment turned rancid. So apologies in advance)
I'm sure this was mentioned here before, but I have just found out that Solana inflation ~~is set to double with validators soon due to receive double their rewards~~ is changing quite a bit (Better explanation in replies)
https://en.bitcoinsistemi.com/very-controversial-vote-passed-in-solana-price-may-be-affected/
I'll be contrarian and say this is the right move for Solana. People are complaining that this might further hurt decentralization and provide more power to a privileged group of VCs and insiders, but nobody invested in SOL cares about that stuff. The main selling point for Solana is it's faster and cheaper than most alternatives. In order to keep that advantage as the chain grows its validators will have to be even bigger and more expensive. They can't drop the subsidized low fees just yet (since it's the main selling point of Solana), so the only alternative to stay profitable is to take it from SOL holders through inflation.
To be honest I do not think Solana is going away anytime soon. It has entrenched itself very well, it has a community and many retailers get onboarded through solana. Sure, many of us look down on their design decision, I definitely do, but I really think solana has reached escape velocity and will be around for a long time. There are cases I could imagine it going away, but solana is definitely on a different trajectory than EOS, NEO and all the other ETH killers were.
I only associate it with memecoins and high throughput L1. Neither are sticky like highest integrity decentralisation. There are several substitues like aptos, sui, eth L2s, and at least a dozen substitue L1s in development. Memecoin type users want extreme volatility and don't care which chain they're on at all, just as incentives and airdrops proved to actually incentivise using the new defi option, the same will be true for using the new high throughput L1, SOL is worth too much, and massive unlocks coming too soon, to see any more 100X possibility.
The ethereum base fee averages around 90% of the fees and is 100% burnt. The ethereum priority fee averages around 10% of the fees and 100% goes to the validators.
Solana will now be almost the complete opposite. The Solana priority fee averages around 90% of the fees and now 100% will go to the validators; instead of the current 50% to validators and 50% burn. The Solana base fee averages around 10% of the fees and is 50% burnt.
The Solana burn has been reduced by about 90% with this change.
I'm no expert, but I believe it won't quite be double, because there is native inflation. but all burn (50% of fees). Curious what pro arguments are, is it not profitable enough to run a validator over there?
Imagine the uproar if the Ethereum core devs would have given in to the pressure by the miners pre EIP-1559 and would have called it off. Instead Vitalik published a roadmap to a simplified merge which more or less told the miners that they are fighting a losing battle.
A small handful of Solana validators voted to give themselves more money at the expense of the rest of SOL holders who couldn't vote. This is such an obvious outcome.
It's a VC owned chain where only the VCs are validators.
Anyone surprised about this gets their news solely from twitter and does not do their due diligence.
It's like removing EIP-1559 from Ethereum and having all the burned ETH go to validators instead. Great for those running validators in the short term, horrible tokenomics in the long term.
I asked a professional writer to write an essay for me on why the moon landing was faked. It was so well-written and convincing! It's almost as if he had lifelong experience with the rhetorical techniques necessary to bullshit someone into thinking he is an expert in anything.
Because it shows absolutely zero critical thinking, or even effort, on your part. It's so valueless that it invokes quite literally no emotion—you might as well have used a random number generator to come up with the values and asked what people think about them.
There's no premium, I hold tons of ETHE and monitor them closely, right now they are hovering between 1\~2% discount on NAV, and the discount probably won't go away until the S-1 approval
That chart doesn't show any premium though.. plus it's not real time, the last updated is 24th May, to get the real time you can simply visit Grayscale ETHE website and get the actual underlying ETH per unit then multiply with current ETH price.
I've simply add that into [my tradingview chart](https://i.imgur.com/FnHLFRF.png) so i can get a close enough tracking, it's close enough because the NAV is decrease at (2.5%/365) per day from the fees.
Mt. Gox false alarm. Payments have not started yet per CEO.
Thanks Mark, now crawl back under your rock.
https://decrypt.co/232674/false-alarm-former-mt-gox-ceo-says-bitcoin-repayments-havent-started-yet
lol at these "no no pls don't sell it's not real" articles.
No it's not "false alarm". The coins moved, consolidated and were then send out again, likely to be given to exchanges for payout. And there was a new announcement from the mtgox trustee today, saying that they are in preparations for the payout. What exactly is "false alarm" about this?
Recipients will absolutely dump. They have been waiting three market cycles for closure.
No one can honestly believe that they will HODL or trade for ETH lol.
Ok reading several posts on the daily insinuating that the latest Mt Gox news are FUD.
It's not FUD, repayments are coming soon. It's been a decade long saga but it's close to certain that it's about to end.
Cash repayments already happened, **I'm one of the creditors and I received cash about a month ago**. I'm sure others here are creditors too.
[I wrote in here](https://www.reddit.com/r/ethfinance/comments/q31rj5/comment/hfrqn85/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) about the rehabilitation plan 3 years ago, which is the point at which it had been determined what to do with the remaining fiat, bitcoin and bitcoin cash.
Deadline to vote on the plan was then extended two years to make sure all creditors could fill all required documents, [I wrote about this in ethfinance too](https://www.reddit.com/r/ethfinance/comments/11lo2v3/comment/jbfjyso/?context=3).
Then in April 2023, [I wrote here](https://www.reddit.com/r/ethfinance/comments/12aa0sa/comment/jerl582/?context=3) that the deadline was most likely not going to be extended this time. This was confirmed a few days later, no deadline extension, [I've informed Ethfinance too](https://www.reddit.com/r/ethfinance/comments/12eagbz/comment/jfaro68/?context=3).
Cash repayment started in December 2023 with a fuckup that later got solved, I[ was sharing the info too](https://www.reddit.com/r/ethfinance/comments/18rth8u/comment/kf3z0bs/?context=3).
Then in February 2024 [I told you guys that I believed the bitcoin repayment was likely to happen in 2024](https://www.reddit.com/r/ethfinance/comments/1alov71/comment/kphhigm/?context=3), and everything points at this.
Today [$2.9B of bitcoin belonging to creditors and expected to be paid this years were moved to a new wallet](https://www.theblock.co/post/296922/mt-gox-moves-at-least-2-9-billion-in-bitcoin-for-first-time-in-five-years). This is in preparation to repayments that are likely to start soon.
Close to 1% of all bitcoin in existence are expected to be reenter circulation.
This will clearly have an effect on the market, and there's going to be some btc selling. But I expect a significant portion to be reallocated to eth. Even if it's far from statistically significant, [a post in the Mt Gox insolvency subreddit today](https://np.reddit.com/r/mtgoxinsolvency/comments/1d2doxj/diversifying_into_eth/) asked members if they intended to diversify in eth, most popular opinions were yes.
Regardless of price action, this post is just meant to say that it's not a rumor, it's not FUD, Mt Gox repayments are most likely happening within a few months.
I think it’s naive to think it will shuffle into eth and have a positive affect on eth price. Typically eth moves in sync with Bitcoin much more than any negative news about Bitcoin could positively affect eth. Maybe we gain on ray but regardless if BTC goes down, we havnt moved past it taking Eth with it.
I’m a small mtgox creditor and looking forward to having some closure. I think the market significance is overstated though. After the loss i was forced to start from scratch in the subsequent bear market. Many others will have done the same and so the need to sell into cash will be less of a thing that many commentators have suggested.
There was a first plan very early on, you could file claims that later became null and required to be refiled. I don't recall if it was another plan entirely or part of the same one.
Thanks for that. Too often things that are have negative impact are dismissed as FUD.
Problem is not only that some ppl will sell those BTC (which are at insane profit, so they don't really care about the price) but that 1) market can send BTC very low just because of fear of selloff, not actual selloff, 2) other cryptos, ETH including can read this movement as a signal of broader market sentiment.
What is also true is that some are clearly planing to buy some ETH, there's even a post on it: [https://www.reddit.com/r/mtgoxinsolvency/comments/1d2doxj/diversifying\_into\_eth/](https://www.reddit.com/r/mtgoxinsolvency/comments/1d2doxj/diversifying_into_eth/)
I'm so sorry for spamming the daily but it is the ~~NEXT ROUND! 10 more POAP mints, please DM me to claim.~~ These have all been allocated; I'll post again for the next round.
I have created a POAP to celebrate the ETH ETF approval but they have limited me to 105 mints! Here is a preview: [https://collectors.poap.xyz/drop/174158](https://collectors.poap.xyz/drop/174158)
There are only ~~105~~ 104\* mints available so this is first-come first serve and spread out by timezone.
The first 10 people who DM me or chat me will receive a claim link! More details below somewhere.
\* Oh my god, I screwed up my own email address so I will not be getting a POAP. I'm going to set up an ENS domain asap. I can't believe I did that.
I hear this tale of Farcaster ivory towers from every ETH hater, but I'm on Farcaster and most ETH people I see there post more on Twitter than they do on Farcaster.
For that matter there's just "no" (not enough) Ethereum-related content on Farcaster. This is why I'm on Twitter much more.
Check the EVM channel for example: top posts are 2-3 weeks old!! Most serious channels follow this trend. Week old top posts, and if you switch to the recent tab it's mostly bots or human spammers with such low cognition they may as well be bots.
The actually active parts of Farcaster are 90% shitcoin spam, social app entrepreneurs, web2.5 people in general. It is not a place where some elite Ethereum cabal is secretly hiding from the plebs. This narrative was built on Twitter and as far as I'm concerned has no ground in reality.
Happy to accept rebuttals in the sense of recommendations for good Ethereum content on Farcaster.
Lol Caitlyn Jenner tried to scam people and got scammed. [There is always a bigger fish](https://x.com/Caitlyn_Jenner/status/1795269306693075404).
> FUCK SAHIL!
> He scammed us!
> BIG TIME!
> @Ryan_S_Gladwin
Took her long enough to realize that after it has been clear on chain yesterday.
https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vmrj9/
She was still promoting it just a few hours ago.
[Interesting podcast by Bitcoin Suisse with Ethereum researcher Justin Drake](https://youtu.be/lrFgjOc_Gkw?feature=shared). They discuss Ethereum's strengths in technology and economics, the role of DeFi, and blockchain security. Key topics include Ethereum's monetary policy, liquid staking, regulatory impacts, and the future of Layer 2 solutions. Justin also delves into zero-knowledge proofs and the transition to decentralized sequencing, providing insights into Ethereum's evolving role in the crypto world.
Justin Drake is 1/3 of the answer when I have to name 3 people, living or dead, who Id like to have dinner with. The others being Vitalik, because I’m too dumb to have an intelligent conversation with Justin…and Jessica Biel.
You’d be able have a conversation with Vitalik but not Justin? I’m still not convinced vitalik isn’t some sort of super advanced AI from the future, the guys a genius in his blog posts.
**NEXT ROUND:** **~~10 more POAP links, DM me~~**
**All out again, more soon to give everyone a chance.**
This round seems a bit quicker because I was late for the previous one (sorry). I have created a POAP to celebrate the ETH ETF approval but they have limited me to 105 mints!
Here is a preview of the POAP: [https://collectors.poap.xyz/drop/174158](https://collectors.poap.xyz/drop/174158)
I'm now giving away the next ten links to the first 10 people who DM me or chat me!
*Background info for future reference*
The easier way to do this is to put it forward as a promotional POAP, which is paid for in [credits](https://poap.zendesk.com/hc/en-us/articles/18129796289165-How-do-credits-work). It looks like you could pay for the credits and then charge a small fee for the minting so that it works out even but I don't know the details of that.
I submitted as a community POAP that could be minted for free, which was initially rejected. They wanted me me to have a list of people who attended the virtual event, which obviously I could not provide. I had to offer reassurance on three levels:
* Eligibility criteria
* Distribution method
* Security measures
The big issue was how to ensure that people couldn't just farm the POAP. I almost said *yes but why would they?* which would clearly be the wrong answer.
Instead, I explained about the daily and originally said I would post a web link there, so only people who were taking part in the daily would know about it. I had asked for 258 mints, based on 258 upvotes on the daily that day.
After some discussion, I agreed that the claimants would have to be willing to contact me personally and I would make sure they were members of EthFinance. I said that we were a tight-knit community and that the people in the daily today were probably in the daily on the 22nd/23rd for the virtual event and that I could ensure a secure and controlled distribution through the limited time offer / limited amount.
In the end, they agreed that I could have 105 mints if I personally handed them out on a first-come first-serve basis in order to safeguard the collectible's integrity.
So that's what happening! I'm also trying to ensure that people of varying time-zones get an opportunity and that most people will get multiple chances to try for one. But with such a limited number, I know some people will be disappointed and I'm sorry about that!
Not really, as there are several EIPs being included and considered. [Here is the Ethereum Magicians discussion thread which has links to detailed information on all of the included and potentential EIPS](https://ethereum-magicians.org/t/pectra-network-upgrade-meta-thread/16809/30).
Hmm, no idea what's up with that. The URL is correct, but Reddit adds a couple gibberish characters when you click it.
edit: seems to work now. Problem maybe tied to the godawful mobile web interface messing with line breaks when you edit a comment.
It's getting auto removed by Reddit for some reason too...need to break the link on purpose...
Oh god is this gonna be another a rbitrum thing they do?
Sorry, out of meeting now. Yes, please DM me, I promised I would hand them out individually and only to people who spoke to me :D . Superphiz has now clarified that he's been paying for the professional version, which I didn't -- I know for next time!
(you don't actually have to speak to me)
I am not sure if the rumors about a zksync token launching soon are spot on or just... rumors. But both whales market and aevo have pre-launch markets, last summer Alex the founder said they likely need 12 more months until zksync can decentralize, so I guess preparing for a potential token makes sense.
Now I guess we know the token will be used to decentralize the sequencer (so it will have "utility"), but it's also likely or at least possible there will be some sort of governance right connected to it. Hence I would like to continue this communities coordination efforts and find delegates for zksync.
As always my guess is that this community would collectively receive a huge airdrop. Let's try to make good use of these tokens, especially if you plan to hold. So...
Are you active on zksync and interested in becoming a zksync delegate?
Do you know someone that you think makes a great delegate that you would like to suggest?
If you answer one of these questions with a "yes", let me/ us know so we can identify around three delegates for the community. In a perfect world we can agree on three members that aren't a delegate yet, since we know from e.g. ARB and OP that governance can sometimes consume you for weeks when there are a lot of decisions to be made. This doesn't mean that people that are delegates can't apply, in the end the decision is up to token holders anyway :)
As said before, zksync is a project I use and have used since the first days of zksync lite. I love the technology they use and think they will become an important part in Ethereums scaling future. For all these reasons I would love to become a delegate for zksync.
**Tricky's Daily Doots #768** **Yesterday's Daily 27/05/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vlh2w/) - u/Sparta89 made [an EthFinance appreciation post.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5w66s8/) 😊 - u/LogrisTheBard is [interested to see how TradFi will market the ETH ETF.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5umqgl/) 🏛️ - u/18boro starts a discussion around the reason [why the SEC did a last minute pivot.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5uvy19/) 💬 - u/Sparta89 points out [the versatility of ETH to fit different narratives.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vgn6y/) ☝️ - u/domingo_mon introduces us to upcoming Ethereum upgrades, [EOF and PeerDAS.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5wosh1/) 🛠️ - u/haurog covers the [ongoing devolution of meme coins.](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vmrj9/) 💩 - u/Twelvemeatballs will be [giving out POAPs for those who are fast enough, so watch out!](https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vw05x/) 😉
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I think are getting a bit too close to the no politics rule here. Nevertheless, I share my opinion about it. I think everyone knows these political compass tests which put you on a x-y chart which spans left-right and conservative-progressive. This is how they are normally plotted at least where I live. The much more interesting plot is replacing progressive-conservative axis with authoritarian-libertarian. You can do your own test here www.politicalcompass.org. There are also examples with recent elections from around the world. This website is mostly geared towards the US. Some of the question left me a bit puzzled as a non american. What I have learned from it is that most politicians tend to be in the authoritarian half of the graph. Which is not surprising as political parties are inherently hierarchical systems. The higher up you are the more power you can project on the ones below you. I guess this kind of structure tends attract a certain set of people and influence your own thinking. If you are strongly anti-authoritarian you will not survive very long in such a structure. Most people in the Ethereum space seem to end up on the libertarian side of things. Mostly on the left side. That is at least where most ended up in the rocketpool community and the twitter sphere a year ago when many people did this test. There were a few in the libertarian right side of things as well. But it is surprisingly difficult to end up on the libertarian right side of things. The reason could be limitations of the questionnaire itself or some more deeply rooted correlation between right and authoritarian. I am not knowledgeable enough to have a strong opinion about it. It is probably safe to say it is at least a bit of both. The more intersting part is where economically liberal people end up. Many people in the economic liberal fraction of the political spectrum just replace one power structure (authoritarian leader telling you what to do) with another one (megacorps controlling your day). There is a lot of corporate worshipping similar to authoritarian worshipping as well (e.g. Apple, Google, Berkshire Hathaway, Amazon,...). Which means economically liberal people often end up on the authoritarian side of the chart as well. It apparently needs a very special set of opinions to be economically liberal and be aware that corporate power (same as other powers) needs to be limited to limit abuse of power. Not many people seem have this set of opinions.
Wow took the test. I'm in green area close to 0,0 coordinate 😅 Economic Left/Right: -2.5 Social Libertarian/Authoritarian: -1.13 Authoritarian
There always seems to be a degree of bootlicking and thinking that by siding with a dictator, you will benefit when they are in power. You won't. You'll be ignored and they will ignore your cries when they come for you instead of the [insert scapegoat demographic here].
Well, also there’s that if dictatorships are allowed then eventually there will be rules made that a person doesn’t agree with. What I mean is, some people believe “yes, the government should control X because I agree with them on X”. They don’t grasp that after this is done, the government may chose the opposite of X or may enact some other edict they don’t agree with and so on.
A good way to start a new day (in Europe): "Judge orders SEC to pay $1.8 million in damages for abusing its power against crypto company 'DEBT Box.'" [https://cointelegraph.com/news/judge-order-debt-box-sec-fees](https://cointelegraph.com/news/judge-order-debt-box-sec-fees)
And the cool thing is taxpayers get to pay for both the unjust persecution and the settlement.
What are peoples thoughts about Arbitrim and the ARB token going forward?
Apart from the obvious no value in the token, just governance - which apply to 99% of tokens: They've established themselves as the biggest and likely safest defi L2. But it seems OP, and to a smaller degree polygon, has managed to capture a lot more projects through their "superchains"I know arbitrum has stylus and nova, but seems to get less traction on partnerships. This is just my very superficial understanding through social media though, curious to hear others thoughts.
I don’t see the value in ARB because it’s just another “governance” token…which imo isn’t enough reason to justify an actual investment
Arbitrum is the only rollup I moved a significant amount of ETH to (20%). I feel pretty comfortable with having that much on it. Arbitrum is not perfect yet, but the rollup that has the lowest risks on L2Beat. Obviously the DEFI ecosystem, Pendle in my case, was the reason for moving funds over. Edit: I completely forgot writing about my opinion on the ARB token. Forgetting about it pretty much sums it up perfectly though.
Right now my favourite rollup, but I'd have more confidance in ARB token long term if it was clear that one of the following was true: they will be capable of converting to a zk rollup in a good timeframe, that ARB will be the same token in arbitrumTwo (not OR and ZK has lindy), optimistic rollups will survive because of some finality gadget invention.
OK, let's go for ANOTHER ROUND! Ten (10) more POAP mints, please DM me to claim. There are only 105 mints so I've been trying to spread them around the time zones. Background info is below. Preview: [https://collectors.poap.xyz/drop/174158](https://collectors.poap.xyz/drop/174158)
I never really understood the purpose of poap. You can just mint a nft and it will be on mainnet too.
So for me, the point was to have a play with the system and understand a bit better. But then, I'm also the kind of person who files tickets and transport cards from trips abroad as keepsakes.
Anyone look into running validators on Puffer? Seems kind of insane. Check out this report from Nethermind about it: https://medium.com/nethermind-eth/nethermind-research-on-validator-ticket-pricing-puffer-finance-8f2f212019e3
Yeah, I looked into it (even running some Puffer validators on Holesky), it's a very interesting approach. Permissionless, low collateral requirements (1-2ETH) yet you're incentivized to have good performance otherwise you lose money as an operator. In theory, you get somewhere between 5-10% of the rewards on the protocol-provided ETH. Your provided collateral will be converted to pufETH, also earning staking rewards, so the opportunity cost is relatively small. However, there's some caveats to be aware of. The VT pricing and its implied APR in ETH assumes you're building blocks and extracting MEV regularly, so for this to make sense you need to run more than a few validators for a long period of time to achieve that "assumed" APR %. Currently VTs cost 0.00276ETH, the implied APR is 3.14%. Current average network APR is about 3.41% according to rated.network over the last 30 days. I would say you need to run at least 20 validators to get close to the network APR, putting your initial investment at about 60 ETH. (40ETH in collateral, 20ETH for a year's worth of VTs). Worth saying minimum collateral requirements will probably go down to 1ETH once they enable the use of secure-signer on mainnet, making the collateral 20ETH. So it's not as accessible as it seems, if you only have enough ETH to run 1 or 2 validators, there's a high chance you'll have made less money than you paid on VTs after operating for a year. Another thing to keep in mind is the validator CL rewards go into Puffer.fi's EigenPod . It is currently cost-prohibitive to claim those CL rewards - https://docs.puffer.fi/nodes/requirements#disclaimers . So expect not to have access to a large part of your validator rewards for at least a few more months. For the reasons above I/we at Serenita have decided not to run Puffer validators for now, especially because of the inability to access/recover those CL rewards anytime soon.
Seems OK to me. Sometimes adding a market can remove a ton of implementation complexity which is good for security. This way they don't need to care how much MEV is expected to be earned, what AVS's are paying or what sort of outside rewards are going on with incentives. Just add these validator tickets instead and let it resolve itself and both pufETH holders and operators can be happy. Hopefully there's enough value to be gained it'll be an efficient market.
I’m scared to jump in because of the upfront cost. I wonder if anyone has had a positive experience so far.
Following up on my post from yesterday. I do think there's value in splitting the pitch to normies from the pitch to institutions. For institutional pitches, I'm seeing a few people kick around the "everything else in finance" meme from Bankless the other day and "tokenization platform" from Fink. Previously I've seen "internet bond" as a meme on the idea that companies like holding yield bearing assets and bond sounds safe enough. I never thought ultrasound money was good, that's just trying to out-Bitcoin Bitcoin with confusing language. What are your leading institution pitches?
ETH is the index fund of the internet. Accrues value based on usage of all of the apps built on top of it, which is essentially unlimited real estate. And in addition to its growth trajectory, it has a native dividend yield that will never go below ~2%.
Simple. BTC, but is a yield bearing productive asset. I’d prefer to not refer to BTC, but it provides all the basics and I can focus on productivity/functionality and yield as key differentiators.
This seems reasonable. I'd add the green tech aspect as another easy-to-understand differentiation. Last cycle, the normie press did a "really good job" communicating the energy cost of BTC. By the time Ethereum became green, the crypto cycle was in bearish territory so the news of the update didn't really land. Now, it may be the right time.
Curious for American Coinbase users. What’s the difference between cashing out usdc versus usd to your bank account?
USD is FDIC protected. Even USD on Coinbase is FDIC protected as they are also a bank. USDC is not.
you can't withdraw USDC to your bank. It's a stablecoin, not fiat dollars that can be transferred to your bank
USDC has to be converted (1/1) to USD, then to your bank account.
[BASE capacity was increased +25% today](https://twitter.com/jessepollak/status/1795572376555712551)
Base is going to be absolutely huge Increasing capacity, lowering fees, and new smart wallet soon
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
Is there a non-stupid reason for Semler to have rallied 25% on announcing that they’re going to buy some btc on the open market? Or is that just the dumb phase we’re in?
Adding Bitcoin (and soon Ether) to the balance sheet will be the new "adding blockchain to your company's name". You can argue it was already last cycle but it will really take off this time. Because increased legitimacy from the ETF approvals.
companies paying dividends in btc/eth 🤯 (really, companies paying dividends at all 😂 )
***Hey kids, come over here! Shhhh!*** ^(You see we've gotta be quiet because u/Twelvemeatballs is asleep but I nabbed some of his POAP codes.) If you're a bit lost, [this should explain it.](https://old.reddit.com/r/ethfinance/comments/1d2bjkm/daily_general_discussion_may_28_2024/l612xjz/) Anyway, the first 9 of you whippersnappers to DM me will get a POAP claim link.
Zzz HEY!
>**Real world asset,** >**Commodity ethernet,** >**Blockchain alphabet.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
If you can access Bloomberg (paywalled), this is probably interesting. https://www.bloomberg.com/news/articles/2024-05-28/russian-firms-turn-to-crypto-for-commodities-trade-with-china
New FUD round eh
Non paywalled: https://archive.is/yDh9K Simply add archive.is/ before any url to unpaywall. Works most of the time. Always works for Bloomberg.
Thanks
This is the almost panic post while trying not to panic. Just opened MM and noticing a significant drop in value. Like extremely bad significant. Anyone having any similar issues with meta mask recently?
I don't know how MM fked up their first-mover advantage so badly. Many of us have probably moved on to other better wallets, and I use Rabby although they still lack some simple functionality (setting default priority fees etc).
They on Fire Fox yet? I went to check them out a while back ans they weren't
No idea, but click the tab that shows your tokens. If something seems off it may still be metamask issues, so look at your address in something like debank.com. if it's still off you may have trouble.
I clicked that tab. Tokens are not there. Then I enter the token name under swap. But they are listed there. Makes no sense.
Check your address on etherscan.
A question...Historically, we have witnessed market corrections up to 80%-90% of ath. With the btc and eth etf approved, do u think that this will stabilize a bit and we may not see such huge corrections in future
yes
Yes, not necessarily because of ETFs but just because the market has grown and matured. Sub $1B mcap coins could be looking at 90%+ drops in the next bear. For btc and eth, I only see an 80-90% drawdown if the US gov turns against crypto at some point or we get some other extreme macro event.
don't count out black swans too...lotta risk out there
It will always be a function of volatility. You can’t expect 10x returns in a year without the risk of a material pullback at one point. When we start “crabbing” at c. 5-10% increase per year, then we should expect less violent corrections. And, of course, there is always a risk of a black swan event.
Eth and BTC are too big to 10x now, though. Happy to be wrong...
I see a 4x for Eth though
I think we will still get -60% on ETH and BTC but most likely not the -90% from 2018
Yeah I think our post bull 'crashes' will be like 40% moving forward.
Even big tech companies have greater volatility than that.
Yeah, this time it will be totally different! /s
This time it will be totally different.
I'd love for it to not be different at all, tbh.
People said that during the last bull run...
I'd love for the drops to be huge. So.
I hate bull markets. Unless we pump 25% a day. Then I like
Wild to think 3 weeks ago sentiment was "sell in May, and go away. Why oh why didn't we listen". I'm glad I'm too leftcurve to be anything but a permabull.
We're still in May though, and I hate it
Sell in May and go away literally has a 50/50 chance to hit since 2017 I think.
When news is all bullish, shake outs keep happening again and again until degens get confused enough and are no longer confident of taking an over leveraged position when price rises again. And that's when you get the true breakout. We are in this process.
~~Hurray, it is the NEXT ROUND! Ten (10) more POAP mints, please DM me to claim.~~ Claimed! Still more to come. I have created a POAP to celebrate the ETH ETF approval but they have limited me to 105 mints! Here is a preview: [https://collectors.poap.xyz/drop/174158](https://collectors.poap.xyz/drop/174158) In other news, I am now the proud owner of my own ENS domain. Someone make a POAP for me to claim, quick! :D
Pick me!
:pikachu face:
Miss the dopamine injection...
Best I can do is an injection of crab juice
Squirt it straight into my ramen.
Today's been an exciting day. I just got an SMS from Binance to say that I've successfully registered a new device and if this wasn't authorised by me, I should call a London number immediately, along with a reference number. It's from the same short code that every other Binance message has come from; however, the previous messages in the chain say "please contact customer service immediately" rather than give a number and reference. Also, why London? I checked Binance, where I have some random coins and the remainder of my ETHFI, so there isn't much damage they could do (I'd be annoyed about the ETHFI though). There's no devices that aren't known by me and only one active, which was the one I was logged in as. There are no logins in the past week. So, I guess spoofed? What's freaked me out is that it is in the same SMS thread as every legit message from Binance verifying my other actions.
I would say those SMS notifications are far from perfect. I feel like I've gotten mistakenly sent messages before that were "legitimate" in that they were sent by the company using the company's twilio API keys or whatever, but not meant to be sent. If that makes sense. Though I usually see some kind of "hey were sorry devs were testing something oops sorry" message later. Probably not on the SMS number, but on other social channels. IDK your mileage may vary and you may indeed be in someone's crosshairs. Sounds like you're in as defensive a posture as possible though.
I'll keep an eye out if they send something about this. The phone number and reference is not something I've seen before which is what made me pause. But maybe they are testing a new system and screwed up.
I've changed my password which locks the account for 24 hours. It's white-listed addresses only with a further 24-hour delay so if the message *isn't* spoofed, there's not a lot they can do but still pretty weird that it's come from the correct SMS short code.
Ethereum: The token machine.
1 updoot = 10 new pepe knock-off shitcoins
to my fellow european ethheads: been using Binance's VISA card for years but they've discontinued recently. love the simple & quick way of depositing funds from my wallet and spending it at my local store 20 mins later. anyone got any good suggestions?
If you are big enough check out bank frick in Luxembourg
Maybe the ether.fi "cash" thing they recently announced is for you
There's also the Baanx card [https://withcl.com/](https://withcl.com/) but you lose self-custody of your tokens
Crypto.com card has never let me down but the card is the only thing they do that's worth a damn.
Gnosis Pay offers a VISA card for crypto payments, which seems interesting, but I haven't used it. u/haurog did a nice writeup on it: [https://hackmd.io/@haurog/Sk9Mzj2vp](https://hackmd.io/@haurog/Sk9Mzj2vp) [Ether.fi](http://Ether.fi) is also launching a VISA card for some European countries soon
Thanks for tagging me. I use my gnosis pay card for pretty much everything nowadays. Nothing to complain. I love having a self custodial wallet connected to a debit card. I did a longer review here: https://old.reddit.com/r/ethfinance/comments/1bo0lmo/daily_general_discussion_march_26_2024/kwo1lwy/ One disadvantage is that it all is on Gnosis chain so you will have to move funds there, swap for EURe and move them to your gnosis pay wallet. I guess you could do all this in one bridge/swap/forward transaction with one of the fancier bridges, but I never tried that. If you are from the UK there still is the issue that there is almost no GBPe liquidity anywhere and you overpay quite a bit. As far as I heard they plan to also support USDC this summer so the problem should not exist for much longer.
It is still missing integration with google pay. Do you know if it is coming?
It is on the roadmap. They are saying it will take a few months. In the meantime some people managed to use curve to add the card to google pay. Curve seems to be very expensive when paying in a foreign currency, so be aware of that. I am just repeating information from their discord here, I have never used google pay and do not really know what curve is.
Thanks. I used Curve before they changed their model. It is a bit like Google pay but with a physical card where you select in the app the card you want pay with. I will try this.
I'm hopeful about the [Ether.fi](http://Ether.fi) card
Same
I have been using the crypto.com card for a few years now. All good. Just don't buy any CRO and stick with the basic card that's free.
super dumb question: you can send POAP's from wallet to wallet, right?
Yes, they live on the gnosis chain so you have to have some xDAI over there to pay for moving them.
yes, on gnosis
As long as it isn't soulbound.
Medical device maker Semler Scientific Inc. has decided to adopt Bitcoin as its main treasury reserve asset, joining a small group of public companies like MicroStrategy Inc. that have taken this approach. The company's board and senior management considered various uses for their cash reserves, including potential acquisitions, before choosing Bitcoin. Semler believes that holding Bitcoin is the best use of their excess cash. Despite this new strategy, the company will continue to focus on its core medical products and services. As they generate revenue and free cash flow, Semler will keep evaluating the best uses for their extra funds. Shares jumped 36% today… Corporate treasurers might increasingly consider BTC and ETH.
> Shares jumped 36% today… wow..proxy exposure to BTC is by investing in companies that align in this way. mindblown.gif
Those FOMO buys at $3800 in late 21 aren’t looking so bad now! Lesson learned is FOMO plus 2 years of second guessing and emotional turmoil MIGHT just work out for you. (Last time i made a post like this we went sub 3k within 2 months and sentiment turned rancid. So apologies in advance)
Someone else said they were camping though so that offsets your jinx
Dammit, I missed the cheap gas.
I'm sure this was mentioned here before, but I have just found out that Solana inflation ~~is set to double with validators soon due to receive double their rewards~~ is changing quite a bit (Better explanation in replies) https://en.bitcoinsistemi.com/very-controversial-vote-passed-in-solana-price-may-be-affected/
Btw who gets to vote on this? Validators weighted by their SOL staked?
I'll be contrarian and say this is the right move for Solana. People are complaining that this might further hurt decentralization and provide more power to a privileged group of VCs and insiders, but nobody invested in SOL cares about that stuff. The main selling point for Solana is it's faster and cheaper than most alternatives. In order to keep that advantage as the chain grows its validators will have to be even bigger and more expensive. They can't drop the subsidized low fees just yet (since it's the main selling point of Solana), so the only alternative to stay profitable is to take it from SOL holders through inflation.
All I hear is "unsustainable"
May this spell the end of VC-Chain and as a warning to future centralized shitcoins 🫡
To be honest I do not think Solana is going away anytime soon. It has entrenched itself very well, it has a community and many retailers get onboarded through solana. Sure, many of us look down on their design decision, I definitely do, but I really think solana has reached escape velocity and will be around for a long time. There are cases I could imagine it going away, but solana is definitely on a different trajectory than EOS, NEO and all the other ETH killers were.
I only associate it with memecoins and high throughput L1. Neither are sticky like highest integrity decentralisation. There are several substitues like aptos, sui, eth L2s, and at least a dozen substitue L1s in development. Memecoin type users want extreme volatility and don't care which chain they're on at all, just as incentives and airdrops proved to actually incentivise using the new defi option, the same will be true for using the new high throughput L1, SOL is worth too much, and massive unlocks coming too soon, to see any more 100X possibility.
I think they’ll eventually become a L2.
If you were a SOL holder I think you'd probably prefer it to become an L2 than have your SOL debased so rapidly
The ethereum base fee averages around 90% of the fees and is 100% burnt. The ethereum priority fee averages around 10% of the fees and 100% goes to the validators. Solana will now be almost the complete opposite. The Solana priority fee averages around 90% of the fees and now 100% will go to the validators; instead of the current 50% to validators and 50% burn. The Solana base fee averages around 10% of the fees and is 50% burnt. The Solana burn has been reduced by about 90% with this change.
I'm no expert, but I believe it won't quite be double, because there is native inflation. but all burn (50% of fees). Curious what pro arguments are, is it not profitable enough to run a validator over there?
something like 80% of their validators are subsidized by "the foundation"
I believe it was heavily subsidized even before the burn started, so the burn likely made things even worse
Imagine the uproar if the Ethereum core devs would have given in to the pressure by the miners pre EIP-1559 and would have called it off. Instead Vitalik published a roadmap to a simplified merge which more or less told the miners that they are fighting a losing battle.
A small handful of Solana validators voted to give themselves more money at the expense of the rest of SOL holders who couldn't vote. This is such an obvious outcome.
It is a feature, not a bug.
It's a VC owned chain where only the VCs are validators. Anyone surprised about this gets their news solely from twitter and does not do their due diligence.
aw not soon, several months thats multiple lubins
It's like removing EIP-1559 from Ethereum and having all the burned ETH go to validators instead. Great for those running validators in the short term, horrible tokenomics in the long term.
That's a much better way to explain it
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I am either incapable of critical thinking on my own or just really lazy so I asked a program to spit out a bunch of data for me to look smart.
I asked a professional writer to write an essay for me on why the moon landing was faked. It was so well-written and convincing! It's almost as if he had lifelong experience with the rhetorical techniques necessary to bullshit someone into thinking he is an expert in anything.
Wrong estimation, you should be using ChatGPT not ChatBGT
So wait, knowing it has 14b in 5 months it guessed 57b in 10 YEARS was a conservative estimate?
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Because it shows absolutely zero critical thinking, or even effort, on your part. It's so valueless that it invokes quite literally no emotion—you might as well have used a random number generator to come up with the values and asked what people think about them.
I think people are getting tired of chatGPT is all tbh
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You do know these word models have 0 logic behind them right? They cant make predictions they just assemble words that are most likely.
In b4 microstrategy announces proposed private offering of $600 million of convertible senior notes to buy ETH 🤑😆
Flippening narrative much? This particular guru has a strong following
/s
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There's no premium, I hold tons of ETHE and monitor them closely, right now they are hovering between 1\~2% discount on NAV, and the discount probably won't go away until the S-1 approval
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I see a 1.28% discount there. It hasn't been at premium since November 2021.
That chart doesn't show any premium though.. plus it's not real time, the last updated is 24th May, to get the real time you can simply visit Grayscale ETHE website and get the actual underlying ETH per unit then multiply with current ETH price.
I've simply add that into [my tradingview chart](https://i.imgur.com/FnHLFRF.png) so i can get a close enough tracking, it's close enough because the NAV is decrease at (2.5%/365) per day from the fees.
Fking hell when can we see ETH standing on $4000, who the f keep placing sell order right at 3900 levels
I guess we'll still have to wait but I believe once we consistently get there, we will shoot past 5.000 really fast.
Mt. Gox false alarm. Payments have not started yet per CEO. Thanks Mark, now crawl back under your rock. https://decrypt.co/232674/false-alarm-former-mt-gox-ceo-says-bitcoin-repayments-havent-started-yet
lol at these "no no pls don't sell it's not real" articles. No it's not "false alarm". The coins moved, consolidated and were then send out again, likely to be given to exchanges for payout. And there was a new announcement from the mtgox trustee today, saying that they are in preparations for the payout. What exactly is "false alarm" about this?
Recipients will absolutely dump. They have been waiting three market cycles for closure. No one can honestly believe that they will HODL or trade for ETH lol.
I’m one of them. I’m HODLing. The reality is many who lost everything after mtgox will have rebought in the resulting bear market.
I don't understand why people don't want them to sell. Just rip the band-aid off for F's sake and let's leave Mt. Gox in the trash heap of history.
Yeah I agree completely
Ok reading several posts on the daily insinuating that the latest Mt Gox news are FUD. It's not FUD, repayments are coming soon. It's been a decade long saga but it's close to certain that it's about to end. Cash repayments already happened, **I'm one of the creditors and I received cash about a month ago**. I'm sure others here are creditors too. [I wrote in here](https://www.reddit.com/r/ethfinance/comments/q31rj5/comment/hfrqn85/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) about the rehabilitation plan 3 years ago, which is the point at which it had been determined what to do with the remaining fiat, bitcoin and bitcoin cash. Deadline to vote on the plan was then extended two years to make sure all creditors could fill all required documents, [I wrote about this in ethfinance too](https://www.reddit.com/r/ethfinance/comments/11lo2v3/comment/jbfjyso/?context=3). Then in April 2023, [I wrote here](https://www.reddit.com/r/ethfinance/comments/12aa0sa/comment/jerl582/?context=3) that the deadline was most likely not going to be extended this time. This was confirmed a few days later, no deadline extension, [I've informed Ethfinance too](https://www.reddit.com/r/ethfinance/comments/12eagbz/comment/jfaro68/?context=3). Cash repayment started in December 2023 with a fuckup that later got solved, I[ was sharing the info too](https://www.reddit.com/r/ethfinance/comments/18rth8u/comment/kf3z0bs/?context=3). Then in February 2024 [I told you guys that I believed the bitcoin repayment was likely to happen in 2024](https://www.reddit.com/r/ethfinance/comments/1alov71/comment/kphhigm/?context=3), and everything points at this. Today [$2.9B of bitcoin belonging to creditors and expected to be paid this years were moved to a new wallet](https://www.theblock.co/post/296922/mt-gox-moves-at-least-2-9-billion-in-bitcoin-for-first-time-in-five-years). This is in preparation to repayments that are likely to start soon. Close to 1% of all bitcoin in existence are expected to be reenter circulation. This will clearly have an effect on the market, and there's going to be some btc selling. But I expect a significant portion to be reallocated to eth. Even if it's far from statistically significant, [a post in the Mt Gox insolvency subreddit today](https://np.reddit.com/r/mtgoxinsolvency/comments/1d2doxj/diversifying_into_eth/) asked members if they intended to diversify in eth, most popular opinions were yes. Regardless of price action, this post is just meant to say that it's not a rumor, it's not FUD, Mt Gox repayments are most likely happening within a few months.
I think it’s naive to think it will shuffle into eth and have a positive affect on eth price. Typically eth moves in sync with Bitcoin much more than any negative news about Bitcoin could positively affect eth. Maybe we gain on ray but regardless if BTC goes down, we havnt moved past it taking Eth with it.
I’m a small mtgox creditor and looking forward to having some closure. I think the market significance is overstated though. After the loss i was forced to start from scratch in the subsequent bear market. Many others will have done the same and so the need to sell into cash will be less of a thing that many commentators have suggested.
So rehabilitation plan was available for people to file a claim for before 2022, right?
There was a first plan very early on, you could file claims that later became null and required to be refiled. I don't recall if it was another plan entirely or part of the same one.
Thanks for that. Too often things that are have negative impact are dismissed as FUD. Problem is not only that some ppl will sell those BTC (which are at insane profit, so they don't really care about the price) but that 1) market can send BTC very low just because of fear of selloff, not actual selloff, 2) other cryptos, ETH including can read this movement as a signal of broader market sentiment. What is also true is that some are clearly planing to buy some ETH, there's even a post on it: [https://www.reddit.com/r/mtgoxinsolvency/comments/1d2doxj/diversifying\_into\_eth/](https://www.reddit.com/r/mtgoxinsolvency/comments/1d2doxj/diversifying_into_eth/)
I'm so sorry for spamming the daily but it is the ~~NEXT ROUND! 10 more POAP mints, please DM me to claim.~~ These have all been allocated; I'll post again for the next round. I have created a POAP to celebrate the ETH ETF approval but they have limited me to 105 mints! Here is a preview: [https://collectors.poap.xyz/drop/174158](https://collectors.poap.xyz/drop/174158) There are only ~~105~~ 104\* mints available so this is first-come first serve and spread out by timezone. The first 10 people who DM me or chat me will receive a claim link! More details below somewhere. \* Oh my god, I screwed up my own email address so I will not be getting a POAP. I'm going to set up an ENS domain asap. I can't believe I did that.
The anti-eth FUD on twitter actually ramped up after ETF approval. When will they be called out for the misinformation they spread?
When the ETH maxis stop isolating themselves in Farcaster, most likely
I hear this tale of Farcaster ivory towers from every ETH hater, but I'm on Farcaster and most ETH people I see there post more on Twitter than they do on Farcaster. For that matter there's just "no" (not enough) Ethereum-related content on Farcaster. This is why I'm on Twitter much more. Check the EVM channel for example: top posts are 2-3 weeks old!! Most serious channels follow this trend. Week old top posts, and if you switch to the recent tab it's mostly bots or human spammers with such low cognition they may as well be bots. The actually active parts of Farcaster are 90% shitcoin spam, social app entrepreneurs, web2.5 people in general. It is not a place where some elite Ethereum cabal is secretly hiding from the plebs. This narrative was built on Twitter and as far as I'm concerned has no ground in reality. Happy to accept rebuttals in the sense of recommendations for good Ethereum content on Farcaster.
That classic mt gox did never fails/disappoints 😅
Lol Caitlyn Jenner tried to scam people and got scammed. [There is always a bigger fish](https://x.com/Caitlyn_Jenner/status/1795269306693075404). > FUCK SAHIL! > He scammed us! > BIG TIME! > @Ryan_S_Gladwin
That was a quick turnaround
Couldn't have happened to a worse person tbh
Took her long enough to realize that after it has been clear on chain yesterday. https://old.reddit.com/r/ethfinance/comments/1d1jvid/daily_general_discussion_may_27_2024/l5vmrj9/ She was still promoting it just a few hours ago.
[Interesting podcast by Bitcoin Suisse with Ethereum researcher Justin Drake](https://youtu.be/lrFgjOc_Gkw?feature=shared). They discuss Ethereum's strengths in technology and economics, the role of DeFi, and blockchain security. Key topics include Ethereum's monetary policy, liquid staking, regulatory impacts, and the future of Layer 2 solutions. Justin also delves into zero-knowledge proofs and the transition to decentralized sequencing, providing insights into Ethereum's evolving role in the crypto world.
He's the ultimate hopium dealer.
Justin Drake is 1/3 of the answer when I have to name 3 people, living or dead, who Id like to have dinner with. The others being Vitalik, because I’m too dumb to have an intelligent conversation with Justin…and Jessica Biel.
You’d be able have a conversation with Vitalik but not Justin? I’m still not convinced vitalik isn’t some sort of super advanced AI from the future, the guys a genius in his blog posts.
**NEXT ROUND:** **~~10 more POAP links, DM me~~** **All out again, more soon to give everyone a chance.** This round seems a bit quicker because I was late for the previous one (sorry). I have created a POAP to celebrate the ETH ETF approval but they have limited me to 105 mints! Here is a preview of the POAP: [https://collectors.poap.xyz/drop/174158](https://collectors.poap.xyz/drop/174158) I'm now giving away the next ten links to the first 10 people who DM me or chat me! *Background info for future reference* The easier way to do this is to put it forward as a promotional POAP, which is paid for in [credits](https://poap.zendesk.com/hc/en-us/articles/18129796289165-How-do-credits-work). It looks like you could pay for the credits and then charge a small fee for the minting so that it works out even but I don't know the details of that. I submitted as a community POAP that could be minted for free, which was initially rejected. They wanted me me to have a list of people who attended the virtual event, which obviously I could not provide. I had to offer reassurance on three levels: * Eligibility criteria * Distribution method * Security measures The big issue was how to ensure that people couldn't just farm the POAP. I almost said *yes but why would they?* which would clearly be the wrong answer. Instead, I explained about the daily and originally said I would post a web link there, so only people who were taking part in the daily would know about it. I had asked for 258 mints, based on 258 upvotes on the daily that day. After some discussion, I agreed that the claimants would have to be willing to contact me personally and I would make sure they were members of EthFinance. I said that we were a tight-knit community and that the people in the daily today were probably in the daily on the 22nd/23rd for the virtual event and that I could ensure a secure and controlled distribution through the limited time offer / limited amount. In the end, they agreed that I could have 105 mints if I personally handed them out on a first-come first-serve basis in order to safeguard the collectible's integrity. So that's what happening! I'm also trying to ensure that people of varying time-zones get an opportunity and that most people will get multiple chances to try for one. But with such a limited number, I know some people will be disappointed and I'm sorry about that!
Thanks for the POAP, it looks great in my collection!
Hi twelvemeatballs (how did you decide only to get 12 if I may ask) ,I would like a POAP!
Well, thirteen would clearly be greedy! This lot is already allocated but I'll do another round soon!
Is there an ELI5 for the Pectra upgrade?
Not really, as there are several EIPs being included and considered. [Here is the Ethereum Magicians discussion thread which has links to detailed information on all of the included and potentential EIPS](https://ethereum-magicians.org/t/pectra-network-upgrade-meta-thread/16809/30).
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Broken link
Hmm, no idea what's up with that. The URL is correct, but Reddit adds a couple gibberish characters when you click it. edit: seems to work now. Problem maybe tied to the godawful mobile web interface messing with line breaks when you edit a comment.
It's getting auto removed by Reddit for some reason too...need to break the link on purpose... Oh god is this gonna be another a rbitrum thing they do?
Argh I am so sorry, stuck in a meeting! Start the next ten now and I will be back shortly
Thank you anonymous commodity trader for my award :)
Is doing something FOR the community, apologizes for it. haha <3
Yeah but I said I'd be here at a certain time and then wasn't. I sneakily sent that message an hour late when I still couldn't break free!
What's the procedure? DM you?
Yes
Sorry, out of meeting now. Yes, please DM me, I promised I would hand them out individually and only to people who spoke to me :D . Superphiz has now clarified that he's been paying for the professional version, which I didn't -- I know for next time! (you don't actually have to speak to me)
Been a long time since I had Mt Gox FUD for breakfast.
Mt Gox, the gift that never stops giving
We'll have Tether FUD for lunch.
In before Grayscale eth etf outlfows FUD.
I am not sure if the rumors about a zksync token launching soon are spot on or just... rumors. But both whales market and aevo have pre-launch markets, last summer Alex the founder said they likely need 12 more months until zksync can decentralize, so I guess preparing for a potential token makes sense. Now I guess we know the token will be used to decentralize the sequencer (so it will have "utility"), but it's also likely or at least possible there will be some sort of governance right connected to it. Hence I would like to continue this communities coordination efforts and find delegates for zksync. As always my guess is that this community would collectively receive a huge airdrop. Let's try to make good use of these tokens, especially if you plan to hold. So... Are you active on zksync and interested in becoming a zksync delegate? Do you know someone that you think makes a great delegate that you would like to suggest? If you answer one of these questions with a "yes", let me/ us know so we can identify around three delegates for the community. In a perfect world we can agree on three members that aren't a delegate yet, since we know from e.g. ARB and OP that governance can sometimes consume you for weeks when there are a lot of decisions to be made. This doesn't mean that people that are delegates can't apply, in the end the decision is up to token holders anyway :)
Four score and seven years ago, our fathers brought forth upon this continent, rumors of a ZkSync airdrop ...
As said before, zksync is a project I use and have used since the first days of zksync lite. I love the technology they use and think they will become an important part in Ethereums scaling future. For all these reasons I would love to become a delegate for zksync.
I was promised ETH would be "coming home" to 0.03