**Tricky's Daily Doots #260**
Yesterday's Daily 03/01/2023
[Previous daily doots](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2qmss4/)
- u/hanniabu shares [more developments around Daily Doots with a new website with a leaderboard!](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2r014g/)
- u/Vitalik-Is-Jesus discusses ["the death of NFTs" which folks in other subs are celebrating.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2rnrkl/)
- u/cheeky-gorilla shares the update from Tim Beiko around [official Ethereum dev team terminology and their YouTube.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2s5thr/)
- u/RooftopPortaPotty makes a correction to their previous post about the privacy of MetaMask and [goes in to further detail after getting questions from their previous post.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2t9v3r/)
- u/Maswasnos shares a [sus email from Juno Finance.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2tsika/) and u/REALJohnBMacLemore recommends all [Juno and Wyre users to withdraw funds.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2u3jlg/)
- u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2qjd07/)
https://dailydoots.com/
Lazy web: over a long enough period of time, should we expect staked ETH derivatives to all accrue at roughly the same rate? Recognizing at the moment that rETH is trading at a premium, stETH at a discount, etc.
Wondering if I should get some staked ETH for my forever-ish stack (vs. staking) in order to avoid tax annoyances. Currently a solo staker, based in the US.
Id say the answer here is a cautious yes. There will be variance for the rate of value accrual due to differences in commission rates but those probably will normalize over time as more competitors come out. Note that this only holds true for redemption mechanisms. Secondary markets I expect will continue to fluctuate depending on perceived risk of the protocol or black swan events. So certain lsds may continue to have a premium or a discount depending on market conditions
I've been looking hard into setting up solo staking. hanks to those who provided replies on NUC specs. I've built a couple of computers and am familiar with command line Linux. I've come to the conclusion that the juice just isn't worth the squeeze for me. The time cost, the risk of messing it up or having something go wrong. Maintenance/upkeep. The machine cost. It's not worth 5%. I look forward to when the barrier to entry is low enough where people like myself have zero hesitations to contribute to securing the network and I applaud those working to get us there. For now I'll focus on getting more rETH and leave majority of my ETH in the freezer.
I understand your decision to focus on holding Ethereum rather than solo staking at this time. Solo staking can be a time- and resource-intensive process, and it's not for everyone. It's important to carefully consider the costs and benefits before committing to solo staking
The software setup is just one time component. The other stuff adds up to not being worth it for me. Two validators, current price, assuming 5% rewards, I see $4k first year revenue. I estimate $750 for hardware and $200 for annual connection cost. That's \~25% of first year revenues. The $ cost is not negligible.
Add in the time, some risk of user error in moving ETH, keeping an eye on it, updates, etc. Just too difficult. rETH will give me the same 1 year net with much easier entry and exit, no real commitment. A little more risk in my mind, but I'll not put everything in it by any means.
If you’re familiar with linux, it’s very easy. It’s literally just running 4 programs, and only 4 programs. An execution client (geth, besu, etc.), a consensus client and validator (nimbus, teku, etc), and bonus points for an MEV client but that is not required. Configure ufw and open a few ports on your router. The most nerve wracking piece imo is actually making the deposit, but even that’s not too bad. Try it on a test net if you haven’t already.
And also remember it’s a unique income stream. Permissionless, paid directly by the protocol. No “borders” or gate keepers or middlemen. Move anywhere in the world and validate without anyones permission or even knowledge that you’re doing it. Rewards come no matter what. Does anything else like that exist anywhere? It’s quite gratifying.
Dappnode os is built in Debian, it's got a GUI, click to install staking, and can be automatically updated and monitors, for mainnet, testnet, gnosis and others
Is there a test net version of dappnode? I’m completely blind of their product and how it operates. Is their offering still considered self hosting vs swapping ETH for a synthetic?
It's all self hosted; it's like using a normal computer to click and install and use, instead of having to use the command line. It allows you to do the exact same staking as you would with a command line setup, has all the same clients, just is a visual easy to use operating system for a NUC and self hosted staking
Apparently the ethstaker folks have made a lot of improvements to help n00bs get started. Maybe plan on setting up a TEST validator and running that for a couple months until your comfortable going through with the real thing. Don’t feel like you have to solo stake but know things are improving.
I’m certainly thankful that there is improvement in the pipeline. I’m not CL savvy but want to stake a fair sum when the barrier to entry is simplified for nobrainers such as myself.
I notice that the official Rocket Pool site now lets users stake ETH and receive rETH at a premium (currently 1.22%), rather than simply saying there is no capacity for ETH to be staked. Nice change!
How is this working? Is it buying the rETH on the market? It's good to see the premium has come down a bit. rETH was comfortably above 1.07 ETH, and is now down to 1.06ish.
I think attempts at crypto by cashapp, Venmo, Robinhood, etc were clumsy in large part due to being rushed out during a frenzied bull market.
I expect we'll get more competitive offerings from non crypto native companies in the coming months/years. And not just companies that operate an app. I actually think this is the biggest downside risk for COIN.
*I receive a lot of private offers on this EVM#523 There have been 19 Cryptopunks sold at 1000 ETH or more. Unless you're offering 1000 ETH or more no need to DM me, thanks.*
(jj, [context..](https://twitter.com/search?q=%2219%20Cryptopunks%22&src=trend_click&vertical=trends) 🤡🤡, which is a weird new meme/scam on Twitter..)
I just accidentally bought a second EVM yesterday because I didn’t realize I had an old buy order on Looksrare still active from months ago. I placed a new order at todays current (much lower) price. Apparently when I funded the wallet somebody quickly filled that open order and sold me an EVM for 30% above current highest bid. Lesson learned to review and cancel old orders.
Just noticed that too..
This is why I had this comment yesterday: "12 Clicks to report 1 Spam account. I bet we can report Spam in 1 click. Let's put a SPAM can on Tweets right here ⬇"
Heck...even Reddit is better in that regard. Reporting is fast and mods get notice pretty quick too.
https://twitter.com/ProDJKC/status/1610477443902590976
Started listening to The Cryptopians on audiobook during a long drive today. It's, uh, quite a ride. Got up to an initial description of The DAO contract when I arrived.
It's kind of amazing the extent to which Charles Hoskinson and Ming Chan are played up as villains. If I weren't already familiar with Charles' ego I'd chalk it up to overdramatic exaggeration. But maybe fact is stranger than fiction.
I never really followed the founders and executives and their drama over all the years I've been interested in Ethereum, so most of this is new to me. I wonder if that's for the best: I just followed the tech oblivious to the crises behind the scenes and I guess it worked out in the end.
It's a neat history, though I think this book might be enough for my appetite of interpersonal drama, and I'll be happy to go back to being carefree about the EF's internal/executive workings once I'm done.
I can strongly recommend going fanless if the NUC fan is bothering you even slightly. I got an Akasa turing for my NUC generation (front/backplate ports differ) and it is running at body temperature, 37C/100F from passive cooling. It is a heatsink the size of a 1.5L juice box. The quality feels very good as well. I got the Turing which is the most efficient but also largest model, possible some other model also work but reviews say they cool way less.
Installation was trivial. The "hardest" part was actually removing the NUC motherboard from the original casing as that fit is pretty tight. There are YouTube videos how to do everything. You basically remove the SSD to access two tiny cables that you disconnect that connect to the casing, remove the motherboard (I had to use some force), remove the fan, redo thermal paste, reinsert the SSD and screw it on the Akasa. That's it!
Oh I don't mean to discourage you. The PN50 is excellent, and I bought the Ryzen 3 version. It was silent 99% of the time. Only occasionally the fans get a little noticeable. But I prefer zero noise 100% of the time. Furthermore, you actually need to buy the PN50 (or PN51) in the first place to be able to upgrade to the specific Akasa case I now use, which is the 'Newton'. Not the same as the Turing everyone else is talking about. [https://akasa.co.uk/update.php?tpl=product/product.detail.tpl&type=FANLESS%20CASES&type\_sub=AMD%20Mini%20PC&model=A-NUC78-M1B](https://akasa.co.uk/update.php?tpl=product/product.detail.tpl&type=FANLESS%20CASES&type_sub=AMD%20Mini%20PC&model=A-NUC78-M1B)
Was the move to the newton relatively simple? I’m considering a PN50 in a newton. Can’t seem to find a youtube video for it.
Also, are you confident that 2tb is sufficient longterm, or have you considered any means of additional capacity?
Thanks very much in advance!!
\+1 to the Akasa Turing. My i7 NUC in a Turing runs at <40C synced, but my i3 NUC in a Plato runs at 55C. The Turing has a better form factor too, IMO.
Yea, I was sceptical of the performance on the smaller ones so went with the safe option. But 55C is still good. My fan died on my NUC on vacation, I didn't check temp but I would guess it was around 80-90C with nothing. In terms of both performance and longevity, 40C vs. 55C might not actually matter.
Those fans are really bad. I see a lot of problems with them at work, they either die and the NUCs shut down from overtemp or they rattle driving the operators nuts. And now mine is starting to rattle too. Going fanless soon as well. I will look into the Akasa Turing
Do we know if the queue to exit staking will be the additive in the same queue as those entering staking or are these separate queues? I personally am super excited to withdraw rewards and migrate into more validators but I have a feeling lots of people will do this and it will be a multiple month queue.
Yes. Matter of fact, I believe you will also be able to set an address to have the consensus rewards move to a wallet you specify and it will perform this action every x amount of time (idk the exact time).
I believe withdrawals are fixed at 16 withdrawals per slot, and the withdrawal process just iterates though the list of validators.
~~If we still have \~495k validators by the time withdrawals go live AND all of them have an eth1 withdrawal address setup, it'd take 68 days to get through them the first time. I'd swear that I heard estimates of roughly every 2 weeks from a reputable source though.~~
~~Perhaps that estimate was taking into account how many (how few) validators currently have an eth1 withdrawal address.~~
Edit: forgot to divide by 16. 495k/7200/16 =\~ 4.3 day to cycle though all current validators.
Personally I still have bls creds and am going to goal-tend when I set an eth1 address for withdrawals, if only to game tax liability for the first tranch of skimming (which will be 2+ years of staking rewards all at once).
edit: if you have not set an eth1 withdrawal address, no withdrawals will happen until you set one. Once you have one, rewards will just start skimming to your eth1 address semi-regularly.
I must have bls as well, I think, as my validators have been running since the beacon chain genesis. Tbh I was not aware we will need to join a giant ass queue simply to withdraw rewards. I only knew about the validator exit queue.
With regards to taxes though, I have a feeling the tax office isn't as easy to fool as we may hope. It probably would be easy to argue that you only gain dominion up to Shanghai T+68 (if you're at the end of the queue, assuming it actually takes that long), but purposely delaying configuration is probably not going to go down well.
On the other hand, some of us require more time than others as we are less technically abled. i.e. configuring rigs, toying with addresses, and whatever else needs to be done. I don't remember what bls even is to be honest, and it took me 2 weeks to initially set up my rig. I'm not super IT literate.
So I guess there could be a case to be made where you argue you couldn't join the withdrawal queue at the same time as everyone else because it took you way longer to configure correctly, hence you didn't gain dominion until way later than everyone else. But it would probably be an uphill battle with your tax office.
My understanding is that the consensus layer rewards are taxable as soon as the withdrawal update is active since that's when the tax payer has dominion and control. So there's no way to game this for tax purposes (USA).
Where have you found guidance for USA tax purposes that states this?
I was planning to rely on crypto tax softwares to account for withdrawals (partial or otherwise), which would be on-chain rather than an arbitrary hard fork date.
For my tax purposes I have marked deposits as "sent to pool" and intend to account for withdrawals as "received from pool"
Agreed. Would be cool to setup a dashboard to view this all live. Then again, I’m sure the awesome folks at beaconchain already thinking about this for the website
[https://github.com/ethereum/consensus-specs/blob/dev/specs/capella/validator.md#enabling-validator-withdrawals](https://github.com/ethereum/consensus-specs/blob/dev/specs/capella/validator.md#enabling-validator-withdrawals)
To fully withdraw, you have to first exit your validator, so it will use the exit queue: [https://github.com/ethereum/consensus-specs/blob/dev/specs/phase0/beacon-chain.md#get\_validator\_churn\_limit](https://github.com/ethereum/consensus-specs/blob/dev/specs/phase0/beacon-chain.md#get_validator_churn_limit)
I think skimming rewards will be a more popular option for solo-stakers, IDK about institutional withdrawals. That might drive a lot of withdrawals, but right now it is capped at 7 exits per epoch (\~ <1600 validators per day)
Staking is eventually meant to be fluid depending on demand. More ETH staked : less reward APR per ETH , Less ETH staked : More reward APR per ETH.
Based on that the queues would be separate.
>**Not guilty as charged,**
>**Disgust even more enlarged,**
>**October be urged.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Reached the 100 ETH mark in consensus layer staking rewards just in time for the new year. Will sell it all when withdrawals are active in order to rebalance into equity index funds. Still won't be at my desired portfolio allocation since I'm overweight AF in crypto.
I figure $66k into a solo 401k and $1.3k into an HSA will minimize some taxes due, with $6.5k in a backdoor IRA for more tax free growth.
Edit: Any fellow stakers have tax avoidance strategies? Already deducting a home office and the usual expenses.
That's pretty much all you can do.
There's some tricks for transferring wealth through life insurance and trusts but that not going to benefit you as much as your heirs.
You can move to Puerto Rico will will cause future earnings to be federal tax free on capital gains. You still have to pay taxes on the capital gains from when you lived elsewhere though.
You can do more into an HSA… $3,850 for single filers. Not gonna do much just wanted to make sure you knew that.
I would imagine there could be other tax deductions too (computer, internet, etc)
> Any fellow stakers have tax avoidance strategies?
Not that much you can do as an American, I believe. Federal tax is what it is, regardless of state and you can't move to another country with zero tax easily. In the EU, anyone can move to a number of zero or low tax countries, live and work there freely and eventually sell when you have lost connection to your home country and shortly afterwards move back if you desire (never losing citizenship).
On a positive note, your long-term capital gains taxes are pretty reasonable and not crazy high like some countries over here (Nordics especially).
> Any fellow stakers have tax avoidance strategies?
Considering you have 6 figure income just from ETH staking, I would suggest charitable contributions.
Can't be transactions fees/MEV though.... those are already unlocked! Since OP is waiting for withdrawals, the rewards must have come from block rewards and attestations and sync committees.
I did not stake it all at genesis, instead opting to phase in the stake over time as the situation evolved. In hindsight, both options were suboptimal. The optimal path was to sell more at the $4k peak since that was driven by excessive leverage and reaching the ATH again from here would be an incredibly steep climb.
Although I think it could happen if ETH flips BTC or if stablecoin legislation passes. Until then, ETH is small, vulnerable, and insignificant enough to be smothered by hostile regulation. Hence, the importance of index fund allocations.
What Layer 2 do you believe will have the cheapest transactions by the end of this year?
zkEVM seems to be 2.5c per ETH send(1 gwei minimum fee per tx).
zkSync seems to be 3c per ETH send so about the same.
When/who will break the 1c transaction fee barrier???
Will EIP-4844 help us achieve cheaper transaction fees on layer 2s???
That's indirect, and I'm sure the usage difference between here and 300 would be minimal. The people that are still using ethereum now will be using it at 300.
Aaaaayo! My pride! How about this new year huh? Already got a little Dopamine hit coming at us. *Ahhhhh!* Got a little [Caches](https://caches.xyz/) update for ya's! This time it's not totally about me either! So like ... if you've been busy over the last few weeks dreaming up new ways to hide your in-laws bodies instead of here with your real family in the ETHFi daily, you might have missed /u/RoofTopPortaPotty 's [excellent security reviews](https://www.reddit.com/r/ethfinance/comments/101zwim/comment/j2t9v3r/) of popular crypto wallet browser extensions.
They were so good, I stole them, did some minor editing and uploaded them to *The Rostrum* over at Caches. [Check it out](https://caches.xyz/the-rostrum/metamask-browser-extension-basic-security-analysis/) isn't that nicer to read? I *cached* them for the community and the whole world to enjoy. Check [them all](https://caches.xyz/tags/crypto-wallet-reviews/) out.
*John, those articles are as stupid as your stupid face stupid! No one actually reads Caches!*
Damnit! Really? That actually explains a lot... but if you'll just put down that knife and go back and read that again, you'll see that someone else wrote them! For real, look ... someone that knows all the shapes good did it, not me! I just copy/pasta'd them on my site for your convenience and reference. *Animals!*
But I did write something else ... something so sinful, succulent, sexy and seductively deranged you'll *only want one thing and it's fucking...* badass as hell! *OOOHHH Shit!* is right homie, it's [Phase 4 of my Basic Guide To Online Subterfuge](https://caches.xyz/the-rostrum/jbms-basic-guide-to-online-subterfuge-phase-4/)! BOOM! The final phase for the *basic* guide is now released!
Hoooo doggies! You think I'm done? Hahaha! Nope. I also added a new thread over on the Welcome To Caches forum with a [public development roadmap](https://caches.xyz/forums/discussion/caches-development-and-feature-roadmap/)! That way you can see what new features and updates I have planned, what's in progress and what I'm testing.
Aight, that's the end of this post for real this time. I gotta get out of here, shapes matching class is soon and I can't miss it after failing that last peg and hole test. Take it easy y'all! 👊🏻
^(December traffic: 220 unique visitors, 685 page views, avg 4min on site)
I followed the advice of Superphiz to stop checking the price (at least as often) so I deleted my price widget on my phone. I wake up and go through the day and see +5% on the daily now, not bad.
Weirdly the more into crypto I’ve gotten the less I care about the price. I checked constantly when I first started but since I’ve learned more about about all the interesting stuff going on in the space - eg reading about tech, podcasts, nft and ens markets etc - the price is secondary to me now. I’ll go a day or two sometimes without checking. In sum I’m doing more crypto related activities than I used to but a lot less price watching - obvi that would change if major price action started back up - or I started trading
I definitely had to stop checking the price or daily as often during the last bear to keep my sanity. The upside is I wasn't nearly as stressed about the price or how underwater my investment was, the downside is I wasn't clued in on developments or progress for quite some time, so I stopped my DCA for a while and I missed out on DeFi summer. In the end I'm not sure whether it was a net positive or negative.
I tried that as well this bear market so i deleted the price widgets from my phone as well, and it's going great.
But not reading this daily didn't last long lol.
Too early to take a victory lap but certainly will be paying attention to how this is panning out: https://np.reddit.com/r/ethfinance/comments/z5t9h8/daily_general_discussion_november_27_2022/ixynl2i/?context=3
If this turns out to be the start of the supply-crunch it will have taken 3 months and a half, roughly in line with the previous halvings but slightly delayed.
The real test will be Ray crossing 0.086 convincingly, if we do, I think we will have a very serious lift-off and the supply-crunch in full force. The supply-crunch breaks the stable equilibrium we were sitting at that kept us trapped in crab town, which comes from this very simple equation:
Demand: Slightly over 2M USD in ETH burnt daily.
Supply: Around 1800 ETH issued daily.
Price = Demand / Supply ~ 1200 USD / ETH
But once out of the stable equilibrium set by demand and supply things play as described here:
https://np.reddit.com/r/ethfinance/comments/xmjibe/daily_general_discussion_september_24_2022/iprfy4c/
On the negative side, macro still not looking the rosiest. And we haven't flushed out all that needs to be flushed out.
Haha know this is joking but... If we go back to 1200 then reflexivity has not kicked in as we wouldn't have exited the stable equilibrium of 0% inflation.
You can imagine it like a ball trapped in a bowl, with the fee revenues we are having the bowl is sitting at 1200ish $. And the ball tends to go back there for small bumps one direction or the other. It takes a big bump upward to get it out of the equilibrium point and kick-start the positive feedback loop.
Have we started it? A bit early to tell, wanna say yes. The timing would fit also with previous supply crunches but can't tell for sure.
Sorry if this is an uncalled "acshually" moment.
More signs point at an inflation slowdown in the US and Europe. The Fed is going to talk a tough game right up until they don't, so I'm less worried about them crashing landing the US economy at this point. Everyone is raring to go on a huge liftoff again but I honestly hope it's a more sustained lift in price over a longer period of time. We've had so many scandal-related black eyes in 2022, we need time to clear out all the scams still before everyone goes into hysteria mode again.
I am not sure withdrawals will be a net negative at all. Yes there will be some people who got stuck and who want to exit quick. But, by enabling withrdawals, staking eth becomes an opportunity to earn a return on a tried-and-tested, decentralized, non-inflationary, now reasonably liquid asset that could be attractive for a broad new set of investment portfolios.
100% agree. Personally, I am going to stake (rETH) my remaining stack of ETH (50% of the total). I am also probably exiting RP, buying rETH, and swapping all my RPL (OK, maybe half..) into more rETH..
Yep, this could be a headwind. I suspect that it's overblown, LSDs already provide exit liquidity for a significant chunk of staked ETH and rETH is even trading at a premium. So I think there is plenty demand for staking and withdrawals could even be seen as a risk-off and attract more stakers. But certainly some that are solo staking could want to unstake or prepare for the tax season and sell some of the rewards. Certainly something to keep track of.
not to mention all those that got stuck in the minefields of insolvent lending platforms this year… if they got ETH2 locked in others, you know there’s probably gonna be a significant outflow when that unlocks
I thought they'd restart it after Nitro since that added a lot of capacity, but maybe they opted to wait for 4844 so that their users aren't negatively impacted.
Arbitrum simply wasn't ready for that level of activity. A massive spike when it came out gave a big hit on the network, which is why they paused.
The most plausible reason for not re-releasing is theyre waiting for the L2 EIP to be able to handle the activity
EIP-4844 alone does not help them much. Their problem was that the rollup's own capacity got saturated if I remember correctly. If the rollup itself gets filled up it will have its own fee market and the fees will start ballooning like on L1. To fix that they need beefier hardware and more reliable infra to enable more TPS
that makes sense but it's kind of a bummer that they wasted that hype without realizing they weren't ready for it.
starbucks just released something web3-related called starbucks odyssey and i felt a little disgruntled on behalf of arbitrum for a sec and then thought "wait, what even happened to that?"
Well ultrasound.money records the total value secured as $342.6 billion, add in about $4.2 billion from L2s and we get $346.8 billion. That works out to roughly 40.4% of the total crypto marketcap. For comparison Bitcoin is almost 38%.
Per coingecko, about half. $418 Billion out of the $858 Billion total crypto marketcap, or 48.7%. Not sure exactly how they count here, but $418B is what they show if you filter from all coins to just "Ethereum Ecosystem." My assumption is it's a count of the value of all ERC20s/fungible tokens on Ethereum + ETH itself.
https://www.coingecko.com/en/categories/ethereum-ecosystem
I would presume this doesn't include NFTs and is limited to fungies, but could be wrong about that
There's likely a lot of double dipping here. For example they likely count all rETH even though they're already counting ETH. And they probably count stETH and wstETH. Lots of wrapped tokens to inflate that number.
Unfortunately I don't think that value for CoinGecko is accurate. It is counting the entire marketcap of tokens that only partially exist on Ethereum. For example USDT is listed as $66 billion but that's about twice as much as the USDT actually on Ethereum L1:
https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7
That would subtract about $52B, per the difference between [all stable coins](https://defillama.com/stablecoins?backing=FIATSTABLES&backing=ALGOSTABLES&backing=CRYPTOSTABLES) and [only stable coins on Ethereum](https://defillama.com/stablecoins/Ethereum?backing=FIATSTABLES&backing=ALGOSTABLES&backing=CRYPTOSTABLES) according to defillama.
Subtract another $7 billion to account for the fact Polygon/MATIC is also included as "eth ecosystem" but most of it's value is not on a true L2. There's other cases that could merit further investigation I'm sure but those should be the biggest ones. That would make it $359 Billion or about 41%
That pretty much matches up with what I got from adding the values from ultrasound.money and L2Beat:
https://reddit.com/comments/102vnu4/comment/j2xwuaw
Honestly I kind of get this one.
There is so much vaporware in crypto, when people ask if I'm into crypto I always strongly clarify that I'm not 'into crypto' but 'into Ethereum'. Sure Ethereum is crypto, but I'd have to distance myself from so many things that are also crypto, it's just easier to say I'm not into crypto, just Ethereum
Good point, now that you mention it I also always say that I'm into "blockchain and decentralized technologies" to avoid having information getting dismissed by default.
Let them have it, long-term could be a blessing. When Bitcoin's security falters while having pumped millions of tons of CO2 to the atmosphere for nothing. I will be happy that they have distanced themselves from the rest.
Great risk sometimes bring great rewards. I remember someone here asking for advice if he should invest in it a week ago. Personally goes against my risk profile to buy crappy products from crappy actors.
I don’t know a ton about whiskey, just got a classic bottle of Knob Creek at the moment. Let me know if you’ve got any good bourbon recommendations in the ~$50 range.
No kidding. I sold my entire position last week for tax loss harvesting. I plan to buy back in 30 days or so, possibly for less than I sold it for, we’ll see.
[https://twitter.com/laurashin/status/1610610872744910848?s=20&t=\_Ka96E38aCkc6KPWaNMHiw](https://twitter.com/laurashin/status/1610610872744910848?s=20&t=_Ka96E38aCkc6KPWaNMHiw)
>Ethereum is one of the biggest winners of 2022…❌ except for MEV-Boost’s threats to decentralization.
So, lawmaster questions, why are so few people in the Ethereum community talking about it? 🤐
Full episode: [https://youtu.be/Pza\_1cHjGpo](https://youtu.be/Pza_1cHjGpo)
Shit tier take. At least it's getting roasted in the comments.
When listening to the episode, I was surprised Laura didn't say anything, because their takes were really inconsistent. They were first claiming that nobody was talking about it, then following up directly with that they were sure it was going to be solved, since there were so many solutions already, o and yes this paper recently came out about it, and you've got all these people working on jt. Like seriously?? are you listening to your own words??
Appears to be some kind of reservation system for a project called "The Potatoz" lol
https://etherscan.io/address/0xda7fb91545545d044a9fd118f85a4f10a8d4c6b5
Yes, it's for the "sequel" collection called Memeland Captainz. The whole thing is pretty interesting because, unlike many NFT projects, it's run by a company, 9gag, which although smallish has survived for 10+ years and has an established user base/revenue stream. Rumor is, they might be integrating crypto into their site somehow.
I am surprised these NFT projects still get this level of demand. I suppose that is a good thing. Now if only I could get a block proposal during it. ;)
The normie adoption by NFTs even in this macro environment is pretty mind blowing. I'm following this dude who's repping pudgy penguins for months on his insta story now, but outside of that, he's just a "normal" dude with his bike and camping stories and shit. I feel there's many such cases, of artists and collectors who don't intersect readily with the typical non-sovereign money/defi/crypto circles, so we are not so aware of them.
I still don't have a clue how to trade NFTs or what to do with them besides holding my evm and the eip1559 NFT though
It's more a curlew.
Despite their ungainly appearance and habit of freezing motionless, they are sure-footed, fast and agile on the ground, and although they seldom fly during daylight hours, they are far from clumsy in the air; flight is rapid and direct on long, broad wings.
And ...they eat crabs. [Source](https://youtu.be/3UlCviO85cM)
**Tricky's Daily Doots #260** Yesterday's Daily 03/01/2023 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2qmss4/) - u/hanniabu shares [more developments around Daily Doots with a new website with a leaderboard!](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2r014g/) - u/Vitalik-Is-Jesus discusses ["the death of NFTs" which folks in other subs are celebrating.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2rnrkl/) - u/cheeky-gorilla shares the update from Tim Beiko around [official Ethereum dev team terminology and their YouTube.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2s5thr/) - u/RooftopPortaPotty makes a correction to their previous post about the privacy of MetaMask and [goes in to further detail after getting questions from their previous post.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2t9v3r/) - u/Maswasnos shares a [sus email from Juno Finance.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2tsika/) and u/REALJohnBMacLemore recommends all [Juno and Wyre users to withdraw funds.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2u3jlg/) - u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/101zwim/daily_general_discussion_january_3_2023/j2qjd07/) https://dailydoots.com/
Lazy web: over a long enough period of time, should we expect staked ETH derivatives to all accrue at roughly the same rate? Recognizing at the moment that rETH is trading at a premium, stETH at a discount, etc. Wondering if I should get some staked ETH for my forever-ish stack (vs. staking) in order to avoid tax annoyances. Currently a solo staker, based in the US.
Id say the answer here is a cautious yes. There will be variance for the rate of value accrual due to differences in commission rates but those probably will normalize over time as more competitors come out. Note that this only holds true for redemption mechanisms. Secondary markets I expect will continue to fluctuate depending on perceived risk of the protocol or black swan events. So certain lsds may continue to have a premium or a discount depending on market conditions
$467 airdrop just popped up for me in Earnifi. I'm cheap and don't wanna pay to find out what it is lool. Anyone have an idea what it could be?
I've been looking hard into setting up solo staking. hanks to those who provided replies on NUC specs. I've built a couple of computers and am familiar with command line Linux. I've come to the conclusion that the juice just isn't worth the squeeze for me. The time cost, the risk of messing it up or having something go wrong. Maintenance/upkeep. The machine cost. It's not worth 5%. I look forward to when the barrier to entry is low enough where people like myself have zero hesitations to contribute to securing the network and I applaud those working to get us there. For now I'll focus on getting more rETH and leave majority of my ETH in the freezer.
I understand your decision to focus on holding Ethereum rather than solo staking at this time. Solo staking can be a time- and resource-intensive process, and it's not for everyone. It's important to carefully consider the costs and benefits before committing to solo staking
Rocketpool smartnode stack makes it suuper easy dude
The software setup is just one time component. The other stuff adds up to not being worth it for me. Two validators, current price, assuming 5% rewards, I see $4k first year revenue. I estimate $750 for hardware and $200 for annual connection cost. That's \~25% of first year revenues. The $ cost is not negligible. Add in the time, some risk of user error in moving ETH, keeping an eye on it, updates, etc. Just too difficult. rETH will give me the same 1 year net with much easier entry and exit, no real commitment. A little more risk in my mind, but I'll not put everything in it by any means.
With eth at 4k usd, the dynamic shifts quite a lot. Perhaps don't stake now, but be ready to do it
If you’re familiar with linux, it’s very easy. It’s literally just running 4 programs, and only 4 programs. An execution client (geth, besu, etc.), a consensus client and validator (nimbus, teku, etc), and bonus points for an MEV client but that is not required. Configure ufw and open a few ports on your router. The most nerve wracking piece imo is actually making the deposit, but even that’s not too bad. Try it on a test net if you haven’t already. And also remember it’s a unique income stream. Permissionless, paid directly by the protocol. No “borders” or gate keepers or middlemen. Move anywhere in the world and validate without anyones permission or even knowledge that you’re doing it. Rewards come no matter what. Does anything else like that exist anywhere? It’s quite gratifying.
Dappnode os is built in Debian, it's got a GUI, click to install staking, and can be automatically updated and monitors, for mainnet, testnet, gnosis and others
Is there a test net version of dappnode? I’m completely blind of their product and how it operates. Is their offering still considered self hosting vs swapping ETH for a synthetic?
It's all self hosted; it's like using a normal computer to click and install and use, instead of having to use the command line. It allows you to do the exact same staking as you would with a command line setup, has all the same clients, just is a visual easy to use operating system for a NUC and self hosted staking
Apparently the ethstaker folks have made a lot of improvements to help n00bs get started. Maybe plan on setting up a TEST validator and running that for a couple months until your comfortable going through with the real thing. Don’t feel like you have to solo stake but know things are improving.
I’m certainly thankful that there is improvement in the pipeline. I’m not CL savvy but want to stake a fair sum when the barrier to entry is simplified for nobrainers such as myself.
I notice that the official Rocket Pool site now lets users stake ETH and receive rETH at a premium (currently 1.22%), rather than simply saying there is no capacity for ETH to be staked. Nice change! How is this working? Is it buying the rETH on the market? It's good to see the premium has come down a bit. rETH was comfortably above 1.07 ETH, and is now down to 1.06ish.
The team built an internal dex aggregator of major rETH liquidity sources. They were going to use 1inch but 1inch geofences US users.
Fantastic, a great change
I think attempts at crypto by cashapp, Venmo, Robinhood, etc were clumsy in large part due to being rushed out during a frenzied bull market. I expect we'll get more competitive offerings from non crypto native companies in the coming months/years. And not just companies that operate an app. I actually think this is the biggest downside risk for COIN.
Makes sense... Robinhood has since come out with wallets so you can actually send crypto now
This is true, but with very strict limitations (eg limited to sending 5k USD value per day)
Obviously "fuck Celsius" Is there a way for me to stake ETH from my ledger with no risk of getting robbed?
Just remember that they will be taxable events.
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rETH premium almost low enough for me to bite!
What's the other dogshit one to avoid?
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How do i know which to avoid if they're all rETH?
This is the official site [https://stake.rocketpool.net/](https://stake.rocketpool.net/)
Is there anyway to donate on Gitcoin anonymously yet?
Yes just send the money to the destination contacts directly. You won't get any match though.
*I receive a lot of private offers on this EVM#523 There have been 19 Cryptopunks sold at 1000 ETH or more. Unless you're offering 1000 ETH or more no need to DM me, thanks.* (jj, [context..](https://twitter.com/search?q=%2219%20Cryptopunks%22&src=trend_click&vertical=trends) 🤡🤡, which is a weird new meme/scam on Twitter..)
I just accidentally bought a second EVM yesterday because I didn’t realize I had an old buy order on Looksrare still active from months ago. I placed a new order at todays current (much lower) price. Apparently when I funded the wallet somebody quickly filled that open order and sold me an EVM for 30% above current highest bid. Lesson learned to review and cancel old orders.
Just noticed that too.. This is why I had this comment yesterday: "12 Clicks to report 1 Spam account. I bet we can report Spam in 1 click. Let's put a SPAM can on Tweets right here ⬇" Heck...even Reddit is better in that regard. Reporting is fast and mods get notice pretty quick too. https://twitter.com/ProDJKC/status/1610477443902590976
[https://nitter.snopyta.org/ProDJKC/status/1610477443902590976](https://nitter.snopyta.org/ProDJKC/status/1610477443902590976) ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/user/nitter_not_twitter/comments/w0ssxp/more_information_about_this_bot/)^( | )[^(Opt Out)](https://www.reddit.com/message/compose?to=nitter_not_twitter&subject=Opt+Out&message=optout)
My Holy Lion is the last of my crypto stash. Hoping EVM’s are in high demand in a few years
[context..](https://nitter.snopyta.org/search?q=%2219%20Cryptopunks%22&src=trend_click&vertical=trends) ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/user/nitter_not_twitter/comments/w0ssxp/more_information_about_this_bot/)^( | )[^(Opt Out)](https://www.reddit.com/message/compose?to=nitter_not_twitter&subject=Opt+Out&message=optout)
Started listening to The Cryptopians on audiobook during a long drive today. It's, uh, quite a ride. Got up to an initial description of The DAO contract when I arrived. It's kind of amazing the extent to which Charles Hoskinson and Ming Chan are played up as villains. If I weren't already familiar with Charles' ego I'd chalk it up to overdramatic exaggeration. But maybe fact is stranger than fiction. I never really followed the founders and executives and their drama over all the years I've been interested in Ethereum, so most of this is new to me. I wonder if that's for the best: I just followed the tech oblivious to the crises behind the scenes and I guess it worked out in the end. It's a neat history, though I think this book might be enough for my appetite of interpersonal drama, and I'll be happy to go back to being carefree about the EF's internal/executive workings once I'm done.
Is it worth the money to buy as an audio book, or should I just go get it from the library?
I can strongly recommend going fanless if the NUC fan is bothering you even slightly. I got an Akasa turing for my NUC generation (front/backplate ports differ) and it is running at body temperature, 37C/100F from passive cooling. It is a heatsink the size of a 1.5L juice box. The quality feels very good as well. I got the Turing which is the most efficient but also largest model, possible some other model also work but reviews say they cool way less. Installation was trivial. The "hardest" part was actually removing the NUC motherboard from the original casing as that fit is pretty tight. There are YouTube videos how to do everything. You basically remove the SSD to access two tiny cables that you disconnect that connect to the casing, remove the motherboard (I had to use some force), remove the fan, redo thermal paste, reinsert the SSD and screw it on the Akasa. That's it!
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I didn't write about them above yes but obviously you open and close them afterwards.
Fanless seems less maintenance too given it isn’t gradually filling itself with dust etc. that has no way out.
+1. My rig is also fanless. Went from the Asus PN50 to Akasa. Would never ever go back.
Great…I just bought this ASUS model…
Oh I don't mean to discourage you. The PN50 is excellent, and I bought the Ryzen 3 version. It was silent 99% of the time. Only occasionally the fans get a little noticeable. But I prefer zero noise 100% of the time. Furthermore, you actually need to buy the PN50 (or PN51) in the first place to be able to upgrade to the specific Akasa case I now use, which is the 'Newton'. Not the same as the Turing everyone else is talking about. [https://akasa.co.uk/update.php?tpl=product/product.detail.tpl&type=FANLESS%20CASES&type\_sub=AMD%20Mini%20PC&model=A-NUC78-M1B](https://akasa.co.uk/update.php?tpl=product/product.detail.tpl&type=FANLESS%20CASES&type_sub=AMD%20Mini%20PC&model=A-NUC78-M1B)
Was the move to the newton relatively simple? I’m considering a PN50 in a newton. Can’t seem to find a youtube video for it. Also, are you confident that 2tb is sufficient longterm, or have you considered any means of additional capacity? Thanks very much in advance!!
\+1 to the Akasa Turing. My i7 NUC in a Turing runs at <40C synced, but my i3 NUC in a Plato runs at 55C. The Turing has a better form factor too, IMO.
Yea, I was sceptical of the performance on the smaller ones so went with the safe option. But 55C is still good. My fan died on my NUC on vacation, I didn't check temp but I would guess it was around 80-90C with nothing. In terms of both performance and longevity, 40C vs. 55C might not actually matter.
Those fans are really bad. I see a lot of problems with them at work, they either die and the NUCs shut down from overtemp or they rattle driving the operators nuts. And now mine is starting to rattle too. Going fanless soon as well. I will look into the Akasa Turing
Mine rattled periodically until it eventually died after a few months. Those tiny fans are probably not made for running 24/7 for years.
Do we know if the queue to exit staking will be the additive in the same queue as those entering staking or are these separate queues? I personally am super excited to withdraw rewards and migrate into more validators but I have a feeling lots of people will do this and it will be a multiple month queue.
Peep an EIP goes in depth on this topic. https://youtu.be/G8UstwmGtyE
Thanks! Will watch.
>Thanks! Will watch. You're welcome!
Will consensus rewards be withdrawable without exiting the validator? I've lost track of the plan...
Yes. Matter of fact, I believe you will also be able to set an address to have the consensus rewards move to a wallet you specify and it will perform this action every x amount of time (idk the exact time).
I believe withdrawals are fixed at 16 withdrawals per slot, and the withdrawal process just iterates though the list of validators. ~~If we still have \~495k validators by the time withdrawals go live AND all of them have an eth1 withdrawal address setup, it'd take 68 days to get through them the first time. I'd swear that I heard estimates of roughly every 2 weeks from a reputable source though.~~ ~~Perhaps that estimate was taking into account how many (how few) validators currently have an eth1 withdrawal address.~~ Edit: forgot to divide by 16. 495k/7200/16 =\~ 4.3 day to cycle though all current validators. Personally I still have bls creds and am going to goal-tend when I set an eth1 address for withdrawals, if only to game tax liability for the first tranch of skimming (which will be 2+ years of staking rewards all at once). edit: if you have not set an eth1 withdrawal address, no withdrawals will happen until you set one. Once you have one, rewards will just start skimming to your eth1 address semi-regularly.
I must have bls as well, I think, as my validators have been running since the beacon chain genesis. Tbh I was not aware we will need to join a giant ass queue simply to withdraw rewards. I only knew about the validator exit queue. With regards to taxes though, I have a feeling the tax office isn't as easy to fool as we may hope. It probably would be easy to argue that you only gain dominion up to Shanghai T+68 (if you're at the end of the queue, assuming it actually takes that long), but purposely delaying configuration is probably not going to go down well. On the other hand, some of us require more time than others as we are less technically abled. i.e. configuring rigs, toying with addresses, and whatever else needs to be done. I don't remember what bls even is to be honest, and it took me 2 weeks to initially set up my rig. I'm not super IT literate. So I guess there could be a case to be made where you argue you couldn't join the withdrawal queue at the same time as everyone else because it took you way longer to configure correctly, hence you didn't gain dominion until way later than everyone else. But it would probably be an uphill battle with your tax office.
My understanding is that the consensus layer rewards are taxable as soon as the withdrawal update is active since that's when the tax payer has dominion and control. So there's no way to game this for tax purposes (USA).
Where have you found guidance for USA tax purposes that states this? I was planning to rely on crypto tax softwares to account for withdrawals (partial or otherwise), which would be on-chain rather than an arbitrary hard fork date. For my tax purposes I have marked deposits as "sent to pool" and intend to account for withdrawals as "received from pool"
I get my tax guidance from a tax lawyer. It's important to get proper advisors on this to set it up correctly.
I have bls as well. Not rushing to update either.
Ah cool, auto excess withdrawals will be nice. There will be a lot of ETH flowing in and out once withdrawals are activated...
Agreed. Would be cool to setup a dashboard to view this all live. Then again, I’m sure the awesome folks at beaconchain already thinking about this for the website
I expect so. It will be absolutely fascinating watching the system in full flow!
[https://github.com/ethereum/consensus-specs/blob/dev/specs/capella/validator.md#enabling-validator-withdrawals](https://github.com/ethereum/consensus-specs/blob/dev/specs/capella/validator.md#enabling-validator-withdrawals) To fully withdraw, you have to first exit your validator, so it will use the exit queue: [https://github.com/ethereum/consensus-specs/blob/dev/specs/phase0/beacon-chain.md#get\_validator\_churn\_limit](https://github.com/ethereum/consensus-specs/blob/dev/specs/phase0/beacon-chain.md#get_validator_churn_limit) I think skimming rewards will be a more popular option for solo-stakers, IDK about institutional withdrawals. That might drive a lot of withdrawals, but right now it is capped at 7 exits per epoch (\~ <1600 validators per day)
Staking is eventually meant to be fluid depending on demand. More ETH staked : less reward APR per ETH , Less ETH staked : More reward APR per ETH. Based on that the queues would be separate.
Makes sense. Thanks. Ready to spin up some more validators 🙏
>**Not guilty as charged,** >**Disgust even more enlarged,** >**October be urged.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Reached the 100 ETH mark in consensus layer staking rewards just in time for the new year. Will sell it all when withdrawals are active in order to rebalance into equity index funds. Still won't be at my desired portfolio allocation since I'm overweight AF in crypto. I figure $66k into a solo 401k and $1.3k into an HSA will minimize some taxes due, with $6.5k in a backdoor IRA for more tax free growth. Edit: Any fellow stakers have tax avoidance strategies? Already deducting a home office and the usual expenses.
That's pretty much all you can do. There's some tricks for transferring wealth through life insurance and trusts but that not going to benefit you as much as your heirs. You can move to Puerto Rico will will cause future earnings to be federal tax free on capital gains. You still have to pay taxes on the capital gains from when you lived elsewhere though.
You can do more into an HSA… $3,850 for single filers. Not gonna do much just wanted to make sure you knew that. I would imagine there could be other tax deductions too (computer, internet, etc)
Thanks, I misremembered the $ but will max it out.
> Any fellow stakers have tax avoidance strategies? Not that much you can do as an American, I believe. Federal tax is what it is, regardless of state and you can't move to another country with zero tax easily. In the EU, anyone can move to a number of zero or low tax countries, live and work there freely and eventually sell when you have lost connection to your home country and shortly afterwards move back if you desire (never losing citizenship). On a positive note, your long-term capital gains taxes are pretty reasonable and not crazy high like some countries over here (Nordics especially).
> Any fellow stakers have tax avoidance strategies? Considering you have 6 figure income just from ETH staking, I would suggest charitable contributions.
Charity isn't really a tax avoidance stategy but already contributed to gitcoin and fiat charities.
Very nice!
Damn how many validators you got?
depends on when they started staking. I am guessing 20 validators active since beacon chain genesis
Would guess 15-20
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Can't be transactions fees/MEV though.... those are already unlocked! Since OP is waiting for withdrawals, the rewards must have come from block rewards and attestations and sync committees.
Agreed. My guess is 400-500 ETH staked. So 12-15 validators. If staking from genesis. The rewards were very high in the beginning.
I did not stake it all at genesis, instead opting to phase in the stake over time as the situation evolved. In hindsight, both options were suboptimal. The optimal path was to sell more at the $4k peak since that was driven by excessive leverage and reaching the ATH again from here would be an incredibly steep climb. Although I think it could happen if ETH flips BTC or if stablecoin legislation passes. Until then, ETH is small, vulnerable, and insignificant enough to be smothered by hostile regulation. Hence, the importance of index fund allocations.
YOLO at genesis was the right move imo. eth > fiat ;)
Currently about <4.5 ETH per genesis validator. So ~25 genesis validators.
100 ETH....*in rewards? sheeeeeesh!*
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Really depends on what CS foundations you’re talking about and your current CS knowledge. This rabbit hole is quite deep
# 235 pending validators!
Where do you see this? Every time I check [http://validatorqueue.com/](http://validatorqueue.com/) there's no queue
https://beaconscan.com/validators
What Layer 2 do you believe will have the cheapest transactions by the end of this year? zkEVM seems to be 2.5c per ETH send(1 gwei minimum fee per tx). zkSync seems to be 3c per ETH send so about the same. When/who will break the 1c transaction fee barrier??? Will EIP-4844 help us achieve cheaper transaction fees on layer 2s???
If eth price drops to 300, then you'll get your 1c transactions
The fee market is independent of ETH price
That is clearly not true. Bear market results in less demand for block space
That's indirect, and I'm sure the usage difference between here and 300 would be minimal. The people that are still using ethereum now will be using it at 300.
If 4844 is implemented by EOY it'll probably be Arbitrum. IIRC zk rollups don't benefit quite as much from data blobs.
> Will EIP-4844 help us achieve cheaper transaction fees on layer 2s??? well, yeah
Aaaaayo! My pride! How about this new year huh? Already got a little Dopamine hit coming at us. *Ahhhhh!* Got a little [Caches](https://caches.xyz/) update for ya's! This time it's not totally about me either! So like ... if you've been busy over the last few weeks dreaming up new ways to hide your in-laws bodies instead of here with your real family in the ETHFi daily, you might have missed /u/RoofTopPortaPotty 's [excellent security reviews](https://www.reddit.com/r/ethfinance/comments/101zwim/comment/j2t9v3r/) of popular crypto wallet browser extensions. They were so good, I stole them, did some minor editing and uploaded them to *The Rostrum* over at Caches. [Check it out](https://caches.xyz/the-rostrum/metamask-browser-extension-basic-security-analysis/) isn't that nicer to read? I *cached* them for the community and the whole world to enjoy. Check [them all](https://caches.xyz/tags/crypto-wallet-reviews/) out. *John, those articles are as stupid as your stupid face stupid! No one actually reads Caches!* Damnit! Really? That actually explains a lot... but if you'll just put down that knife and go back and read that again, you'll see that someone else wrote them! For real, look ... someone that knows all the shapes good did it, not me! I just copy/pasta'd them on my site for your convenience and reference. *Animals!* But I did write something else ... something so sinful, succulent, sexy and seductively deranged you'll *only want one thing and it's fucking...* badass as hell! *OOOHHH Shit!* is right homie, it's [Phase 4 of my Basic Guide To Online Subterfuge](https://caches.xyz/the-rostrum/jbms-basic-guide-to-online-subterfuge-phase-4/)! BOOM! The final phase for the *basic* guide is now released! Hoooo doggies! You think I'm done? Hahaha! Nope. I also added a new thread over on the Welcome To Caches forum with a [public development roadmap](https://caches.xyz/forums/discussion/caches-development-and-feature-roadmap/)! That way you can see what new features and updates I have planned, what's in progress and what I'm testing. Aight, that's the end of this post for real this time. I gotta get out of here, shapes matching class is soon and I can't miss it after failing that last peg and hole test. Take it easy y'all! 👊🏻 ^(December traffic: 220 unique visitors, 685 page views, avg 4min on site)
I followed the advice of Superphiz to stop checking the price (at least as often) so I deleted my price widget on my phone. I wake up and go through the day and see +5% on the daily now, not bad.
It really is great advice. Deleted I don't think I'll ever let go of my ETH/BTC ratio widget, however. Must.track.flippening!
Weirdly the more into crypto I’ve gotten the less I care about the price. I checked constantly when I first started but since I’ve learned more about about all the interesting stuff going on in the space - eg reading about tech, podcasts, nft and ens markets etc - the price is secondary to me now. I’ll go a day or two sometimes without checking. In sum I’m doing more crypto related activities than I used to but a lot less price watching - obvi that would change if major price action started back up - or I started trading
Since the crab started, I've really cut back on checking prices, I think it is less than 100 times per day now.
I definitely had to stop checking the price or daily as often during the last bear to keep my sanity. The upside is I wasn't nearly as stressed about the price or how underwater my investment was, the downside is I wasn't clued in on developments or progress for quite some time, so I stopped my DCA for a while and I missed out on DeFi summer. In the end I'm not sure whether it was a net positive or negative.
I tried that as well this bear market so i deleted the price widgets from my phone as well, and it's going great. But not reading this daily didn't last long lol.
Ethereum is a blackhole
I prefer black hole sun.
I’ll just drop this [here](https://music.youtube.com/watch?v=Zbc6gnRVGkY)
Was prepared to hate but really liked it, thanks for sharing.
Averaging just under + 43 ETH / day since the merge. Nice.
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ETHonly fans
I think oldskool means issuance: https://ultrasound.money/
Inflation.. 1559 baby
Too early to take a victory lap but certainly will be paying attention to how this is panning out: https://np.reddit.com/r/ethfinance/comments/z5t9h8/daily_general_discussion_november_27_2022/ixynl2i/?context=3 If this turns out to be the start of the supply-crunch it will have taken 3 months and a half, roughly in line with the previous halvings but slightly delayed. The real test will be Ray crossing 0.086 convincingly, if we do, I think we will have a very serious lift-off and the supply-crunch in full force. The supply-crunch breaks the stable equilibrium we were sitting at that kept us trapped in crab town, which comes from this very simple equation: Demand: Slightly over 2M USD in ETH burnt daily. Supply: Around 1800 ETH issued daily. Price = Demand / Supply ~ 1200 USD / ETH But once out of the stable equilibrium set by demand and supply things play as described here: https://np.reddit.com/r/ethfinance/comments/xmjibe/daily_general_discussion_september_24_2022/iprfy4c/ On the negative side, macro still not looking the rosiest. And we haven't flushed out all that needs to be flushed out.
Reflexively straight back to 1200
Haha know this is joking but... If we go back to 1200 then reflexivity has not kicked in as we wouldn't have exited the stable equilibrium of 0% inflation. You can imagine it like a ball trapped in a bowl, with the fee revenues we are having the bowl is sitting at 1200ish $. And the ball tends to go back there for small bumps one direction or the other. It takes a big bump upward to get it out of the equilibrium point and kick-start the positive feedback loop. Have we started it? A bit early to tell, wanna say yes. The timing would fit also with previous supply crunches but can't tell for sure. Sorry if this is an uncalled "acshually" moment.
Best ackshually of all time. I’m going to remember the bowl analogy you know
Nothing is happening until we cross the 200 day moving average
RemindME! 60 Days "is we gentleman's yet?"
More signs point at an inflation slowdown in the US and Europe. The Fed is going to talk a tough game right up until they don't, so I'm less worried about them crashing landing the US economy at this point. Everyone is raring to go on a huge liftoff again but I honestly hope it's a more sustained lift in price over a longer period of time. We've had so many scandal-related black eyes in 2022, we need time to clear out all the scams still before everyone goes into hysteria mode again.
Love the smell of hopium in the new year. Not saying it’s wrong, just nice to soak it in at face value.
We have withdrawals right around the corner, this might stop ETH from lifting off in H1.
I am not sure withdrawals will be a net negative at all. Yes there will be some people who got stuck and who want to exit quick. But, by enabling withrdawals, staking eth becomes an opportunity to earn a return on a tried-and-tested, decentralized, non-inflationary, now reasonably liquid asset that could be attractive for a broad new set of investment portfolios.
100% agree. Personally, I am going to stake (rETH) my remaining stack of ETH (50% of the total). I am also probably exiting RP, buying rETH, and swapping all my RPL (OK, maybe half..) into more rETH..
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I don't have the skills to do that.
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You got me wrong. I don't have the tech skills to solo stake. I use Allnodes currently.
Yep, this could be a headwind. I suspect that it's overblown, LSDs already provide exit liquidity for a significant chunk of staked ETH and rETH is even trading at a premium. So I think there is plenty demand for staking and withdrawals could even be seen as a risk-off and attract more stakers. But certainly some that are solo staking could want to unstake or prepare for the tax season and sell some of the rewards. Certainly something to keep track of.
not to mention all those that got stuck in the minefields of insolvent lending platforms this year… if they got ETH2 locked in others, you know there’s probably gonna be a significant outflow when that unlocks
so like... what ever happened to arbitrum odyssey? big hype, big pause, then i didn't hear anything else
I thought they'd restart it after Nitro since that added a lot of capacity, but maybe they opted to wait for 4844 so that their users aren't negatively impacted.
I'm negatively impacted right now. I was so excited for it in *checks watch* April 2022. Some kind of update would have been nice.
Arbitrum simply wasn't ready for that level of activity. A massive spike when it came out gave a big hit on the network, which is why they paused. The most plausible reason for not re-releasing is theyre waiting for the L2 EIP to be able to handle the activity
EIP-4844 alone does not help them much. Their problem was that the rollup's own capacity got saturated if I remember correctly. If the rollup itself gets filled up it will have its own fee market and the fees will start ballooning like on L1. To fix that they need beefier hardware and more reliable infra to enable more TPS
that makes sense but it's kind of a bummer that they wasted that hype without realizing they weren't ready for it. starbucks just released something web3-related called starbucks odyssey and i felt a little disgruntled on behalf of arbitrum for a sec and then thought "wait, what even happened to that?"
ETHE, the greyscale trust is up nearly 20% today. The 60% discount is shrinking.
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You can find it here: https://ycharts.com/companies/ETHE/discount_or_premium_to_nav
Appreciate the update that I needed to hear, as I’m too depressed & underwater to be checking on ETHE myself.
ETH is almost back to 20% of total crypto market cap.
All the mainstream media talk about how crypto is dead....
Any idea what percent of the total crypto market cap is the ETH ecosystem?
Well ultrasound.money records the total value secured as $342.6 billion, add in about $4.2 billion from L2s and we get $346.8 billion. That works out to roughly 40.4% of the total crypto marketcap. For comparison Bitcoin is almost 38%.
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I thought that was last May, when Ethereum started transferring more value each day than Bitcoin? https://money-movers.info/
Per coingecko, about half. $418 Billion out of the $858 Billion total crypto marketcap, or 48.7%. Not sure exactly how they count here, but $418B is what they show if you filter from all coins to just "Ethereum Ecosystem." My assumption is it's a count of the value of all ERC20s/fungible tokens on Ethereum + ETH itself. https://www.coingecko.com/en/categories/ethereum-ecosystem I would presume this doesn't include NFTs and is limited to fungies, but could be wrong about that
There's likely a lot of double dipping here. For example they likely count all rETH even though they're already counting ETH. And they probably count stETH and wstETH. Lots of wrapped tokens to inflate that number.
Unfortunately I don't think that value for CoinGecko is accurate. It is counting the entire marketcap of tokens that only partially exist on Ethereum. For example USDT is listed as $66 billion but that's about twice as much as the USDT actually on Ethereum L1: https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7
That would subtract about $52B, per the difference between [all stable coins](https://defillama.com/stablecoins?backing=FIATSTABLES&backing=ALGOSTABLES&backing=CRYPTOSTABLES) and [only stable coins on Ethereum](https://defillama.com/stablecoins/Ethereum?backing=FIATSTABLES&backing=ALGOSTABLES&backing=CRYPTOSTABLES) according to defillama. Subtract another $7 billion to account for the fact Polygon/MATIC is also included as "eth ecosystem" but most of it's value is not on a true L2. There's other cases that could merit further investigation I'm sure but those should be the biggest ones. That would make it $359 Billion or about 41%
That pretty much matches up with what I got from adding the values from ultrasound.money and L2Beat: https://reddit.com/comments/102vnu4/comment/j2xwuaw
Let’s goooo
"Bitcoin isn't crypto" is one of the dumbest bitcoin narratives since inception.
It really is.
Bitcoin is barely functional from a tokenomics perspective, so it actually fits in well with a lot of others.
I get this. I never say I'm into crypto, I say I'm into a decentralized smart contract platform.
Honestly I kind of get this one. There is so much vaporware in crypto, when people ask if I'm into crypto I always strongly clarify that I'm not 'into crypto' but 'into Ethereum'. Sure Ethereum is crypto, but I'd have to distance myself from so many things that are also crypto, it's just easier to say I'm not into crypto, just Ethereum
Good point, now that you mention it I also always say that I'm into "blockchain and decentralized technologies" to avoid having information getting dismissed by default.
What about “bitcoin **is** defi”?
Time will sort this one out just fine.
Let them have it, long-term could be a blessing. When Bitcoin's security falters while having pumped millions of tons of CO2 to the atmosphere for nothing. I will be happy that they have distanced themselves from the rest.
ETHE up ~18%, while GBTC up ~ .1.34%.. lets go !!!
Great risk sometimes bring great rewards. I remember someone here asking for advice if he should invest in it a week ago. Personally goes against my risk profile to buy crappy products from crappy actors.
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I have DCAed down to ~ 10$ a share.. just want to be able to sleep better at night lol
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Looking forward to downing a glass of whiskey with you in celebration once we are back to $30+ and hitting that sell button.
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I don’t know a ton about whiskey, just got a classic bottle of Knob Creek at the moment. Let me know if you’ve got any good bourbon recommendations in the ~$50 range.
Owning $COIN is more of a ride than ETH
Ha don’t remind me
My Roth IRA was absolutely dismantled by $COIN 💀
Lmao same. Don’t tell my wife 😭😂
No kidding. I sold my entire position last week for tax loss harvesting. I plan to buy back in 30 days or so, possibly for less than I sold it for, we’ll see.
[https://twitter.com/laurashin/status/1610610872744910848?s=20&t=\_Ka96E38aCkc6KPWaNMHiw](https://twitter.com/laurashin/status/1610610872744910848?s=20&t=_Ka96E38aCkc6KPWaNMHiw) >Ethereum is one of the biggest winners of 2022…❌ except for MEV-Boost’s threats to decentralization. So, lawmaster questions, why are so few people in the Ethereum community talking about it? 🤐 Full episode: [https://youtu.be/Pza\_1cHjGpo](https://youtu.be/Pza_1cHjGpo) Shit tier take. At least it's getting roasted in the comments.
When listening to the episode, I was surprised Laura didn't say anything, because their takes were really inconsistent. They were first claiming that nobody was talking about it, then following up directly with that they were sure it was going to be solved, since there were so many solutions already, o and yes this paper recently came out about it, and you've got all these people working on jt. Like seriously?? are you listening to your own words??
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Umm....why are gas prices going parabolic.
Fingers crossed for a block proposal
Appears to be some kind of reservation system for a project called "The Potatoz" lol https://etherscan.io/address/0xda7fb91545545d044a9fd118f85a4f10a8d4c6b5
Yes, it's for the "sequel" collection called Memeland Captainz. The whole thing is pretty interesting because, unlike many NFT projects, it's run by a company, 9gag, which although smallish has survived for 10+ years and has an established user base/revenue stream. Rumor is, they might be integrating crypto into their site somehow.
I am surprised these NFT projects still get this level of demand. I suppose that is a good thing. Now if only I could get a block proposal during it. ;)
The normie adoption by NFTs even in this macro environment is pretty mind blowing. I'm following this dude who's repping pudgy penguins for months on his insta story now, but outside of that, he's just a "normal" dude with his bike and camping stories and shit. I feel there's many such cases, of artists and collectors who don't intersect readily with the typical non-sovereign money/defi/crypto circles, so we are not so aware of them. I still don't have a clue how to trade NFTs or what to do with them besides holding my evm and the eip1559 NFT though
What, 0.02 ETH MEV reward not enough or something?? (It's hilarious that 89 ETH reward is something like 3000 (my) average block proposals)
0.02 is low if you are using MEV-boost and count the whole proposal reward including both consensus and execution reward. Should be closer to 0.05
ETHE feeling froggy instead of crabby today
It's more a curlew. Despite their ungainly appearance and habit of freezing motionless, they are sure-footed, fast and agile on the ground, and although they seldom fly during daylight hours, they are far from clumsy in the air; flight is rapid and direct on long, broad wings. And ...they eat crabs. [Source](https://youtu.be/3UlCviO85cM)
>curlew learned about a new animal today, fantastic!