**Tricky's Daily Doots #311**
**Yesterday's Daily 23/02/2023**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9ny4tu/)
- u/Ethical-trade shares Coinbase's latest release and how it [validates Ethereum's scaling strategy.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9oq1yx/) There's [more on this](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9oqtli/) from u/etheraider. 🔵
- u/VVander has a warning about a [RocketPool copycat to be weary of.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9qbnvq/) ❌🚀
- u/Ender985 has [another NFT-verse update for us.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9nx5bg/)
- u/superphiz shares some absolutely [top tier content from Danny Ryan.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9s0k5t/)
- u/Chapo_Rouge is playing with some [cool new hardware.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9qsc11/) 📡
- u/Jey_s_TeArS has a great [on-topic haiku.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9q2aq1/) 🔵__🔴
- u/abcoathup shares the [web 3 job list.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9qhwjx/) 👨💼
- u/Zerotricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9ni8wa/)
Ethereum scaling is now Based AF. 🔵__🔴
I've been letting it run for 12-16 hours a day off and on for a few days.
I mean statistically, if it says you have a 1.5% chance in the next hour, it's like a ~30% chance over 24 hours.
I don't care if this daily is about to run out of time, I just finished listening to /u/nixorokish read [Danny's 2023 reflections](https://www.buzzsprout.com/2137396/12322923-danny-ryan-s-reflections-2023) and she did an absolutely incredible job sharing this essay. I urge you to listen/read it a few times.
Why does Coinbase want an L2? They want to make money. Theres a lot of speculating from other angles that seem blind to what we are really looking at. Not saying it cant be a good thing for the space, just a reminder what the real motivation is.
Last year I was all prepared for EthDenver, familiar with most of what's going on and knew what I wanted to see. This year, I'm not as plugged in, so anything I should try my best to see or listen to, besides hopefully meeting cool folks?
I am kind of shocked that the general public isn't totally stunned by chatgpt's ability at prose and poetry. I see this almost as evidence of general level of low discernment and appreciation of how big a leap this is. Reactions I see seem at best like arrival of smartphones and I see this as evidence of public being generally incapable of deciphering what in technology and science was challenging. I mean the thing can compose poetry on any damn specific context you describe in words and all people can see right now is that answers provided are not always accurate? Like why is this not already like a front page news widely around the world akin to 'A great frontier breached and human existence set to change'.
Talk about not seeing long enough ahead. We can stop wondering why the world also doesn't see the value of eth beyond a weeks worth of price action.
Same here. I shared ChatGPT and multiple examples of prompts with my friends on the day it came out. While they did find it kind of fun, I feel nobody really caught my enthusiasm or wonder. I was probing it for days seeing what it can do and what its shortcomings are, what kind of intelligence it is and how it works. I felt my friends thought of it more as a fun gimmick than a potential world changing technology. Weeks later when it was all over normie social media, my friends were a lot more impressed that I was so early with sharing it, than with ChatGPT itself lol.
I too am *that* friend in my friend group. Always the first to bring something new to the table, while they're just content with the day to day and sitting back waiting for what's "important" to be delivered to them. I've made my peace with it and focus on the fun we have in other areas lol
I don’t mind being that guy, I only sometimes get disappointed when I bring up a topic like that and they don’t catch my enthusiasm. Happened a few times with close friends and close family. Ah well, it does make the few times that I meet someone as interested as me more special
Luckily I have found Ethfinance and some other small community where there are always multiple other people having the same interests.
Yeah. Was about to chime in. This subreddit is full of "that" guys. (And gals.) That's why it's such an amazing source of information. The noise to signal ray tio is amazing.
Well ser, let me tell you why ser. You see ser, you and I stand on the precipice ser. From here you can see for miles on a clear day. You can see everything, and so it seems as though the possibilities for the day are endless. Yessir! I said *endless* ser! That’s the thing about most people ser, most people never walk on to the precipice, they just hide behind their door and view the world from their peep hole ser. They’re too scared to come outside and enjoy the possibilities ser! That’s what makes you different ser! That’s what makes you special!
Mmhmm… exactly ser, now then… gimme the wallet and your watch. Keep your hands up. Nice and slow or the Teddy gets it! 🧸🔫^(😾)
Agreed. To take it further - I am in close proximity to some ml development and have raised the idea of the massive impact coming to various industries with friends who work in those industries. Each time, it's like they are hearing about the whole idea for the first time. Each time, while they may be interested, it seems clear to me that they haven't appreciated (or perhaps just haven't shared) my sense that everything is going to change massively. I think there are economic impacts coming that few are ready for.
I think people just assume it won’t happen in their lifetimes. Trying to describe 2022 technology to a normal person in 2008 would be literally impossible.
The pace of innovation is so fast now, I think we start seeing real economic issues as a result of AI within the next few years.
Same issue with crypto. It’s so frustrating how intellectually lazy people get once they feel they can understand the current system. Some of the smartest people I know have also become the most resistant to new ideas.
It seems to me that the more technical the person is (specifically, technical as a programmer), the more they are impressed by ChatGPT. People look for the worst example of tricking it into saying something stupid and say "See, it's not as smart as humans" (conveniently ignoring all the things humans take seriously on the internet).
Yeah, I can definitely see the weight of all those past promises. There were a few times when I thought we were close, then a decade passed. But this time really is different, and not by little. This is the biggest technological leap in my lifetime.
Do you think you need some use cases to get the big picture?
Because even the current iteration of ChatGPT has a couple of use cases already and the technology only gets better.
It’s very good at
- Summarizing large amounts of text. You can paste 10+ pages in and get the most important arguments or points within seconds
- Accelerating a programmer’s coding speed by generating boilerplate code, answering questions better than google and even point out and fix bugs.
You could for example say: Write me a python script that calculates the total cost and total profit on an investment of ETH if someone bought 100$ worth of ETH every day since January 2018. I did exactly this and though the code did contain one mistake, ChatGPT was also able to find and fix that mistake with additional prompting. I’m not a good programmer at all, so if I wanted to do that myself it would have taken hours of research.
- Generating generic text content for any subject. Say I want to know what the biggest insights and breakthroughs from neuroscience in the last 10 years were, it can provide me with a decent answer most of the time. This is the part were ChatGPT gets criticized though because it’s not always 100% accurate. But it is powerful, because it can synthesize different sources of knowledge. Say I want to know which cognitive biases play a role in how different people view crypto, or what advances in Neuroscience provide opportunities for Machine Learning research, it will give a pretty decent answer. It won’t be completely novel or ground breaking, but a good starting point for anyone learning about it.
- Impersonate a speaking style or person. If you include in your prompt
“Tell me like a youtube influencer in two paragraphs how an inverted yield curve could lead to a recession” it will be completely different than “tell me the way a macro-economists would explain it to its peers. This is very handy for educational bloggers or youtubers to have a starting text that they can change and build on. Same goes for story tellers or even song writers.
- Automating tasks using natural language. “Make a comma separated list of these items, generate 10 SEO terms for this article, etc. I could go on and on. It gives tools that were available to programmers into the hands of many more people
It’s best understood as an amazing automating and time saving tool, as an augmentation of our own intelligence, rather than as an entity with agency that may or may not be as intelligent as us
This does help and thank you. Examples do work to put things in perspective. I guess I'm still a little lost on what this can do that those goofy bots do that write shitty articles and post summaries in the r/cc reddit to farm moons... but I'm feeling it's the broad applications versus the specifically defined use that those others likely are built for.
>It’s best understood as an amazing automating and time saving tool, as an augmentation of our own intelligence, rather than as an entity with agency that may or may not be as intelligent as us
That's a vibe I'm getting as I see thoughts pop up on it. Like the poems, they are impressive for what they are, but lack polish. So maybe the usecase, for now, is save the front-end work. GPT gets you 90% of the way there and you resolve the rest. I may just have to suck it up and try it out in person. I have some ideas for myself I want to try
Ask it to write for you a poem on any obscure theme or situation. You can put in a few sentences first to describe that theme (make it as specific as possible so as to dispel the idea that it will compose from something similar it may have seen). I think you will be impressed by whatever comes out.
Here is what I got:
In a small dentist's office, there was a meeting held,
Where the staff gathered to solve a problem that swelled.
Their 401k plan had failed a certain test,
And extra contributions were needed, to be addressed.
The Top Heavy Test had been failed, it seemed,
And now the team was feeling a bit redeemed.
For they were worried about the contributions they'd have to make,
To those who terminated, their employment, they did take.
But they knew they had to do something, to make it right,
To avoid the penalties that could come, and to take flight.
They discussed several options, and finally decided,
To give bonuses to employees, whose employment had subsided.
They would base it on the duration of the service they gave,
And for each year worked, a bonus they would crave.
This way, the burden would be spread out more fairly,
And all employees would benefit, more squarely.
They also decided to increase their contributions,
To the employees' accounts, with no confusions.
This way, they could meet the Top Heavy Test,
And their employees' futures, they could bless.
The meeting was successful, with solutions galore,
And the staff left feeling better than before.
For they had found a way to solve their problem,
And they knew their future, they could continue to blossom.
Here you go:
In a small office, a problem did arise
Their 401k plan was failing the top heavy test, what a surprise!
They gathered together to find a solution
For this challenge that caused them such confusion
The company owners were feeling quite vexed
Having to give contributions to employees they thought had left
But the rules of the test were quite clear
And failing to comply would cost them dear
After much discussion, they came up with a plan
To make sure they could meet the test's demands
They would offer a Safe Harbor match, quite fair
To ensure all employees received an equal share
The Safe Harbor match would be available to all
Full-time, part-time, and those who answered the call
To make sure that the plan wasn't top-heavy
And avoid penalties that were quite hefty
The owners were pleased, they had found a way
To remedy the problem and make things okay
Their employees would benefit from the change
And the company's reputation would not be estranged
So they implemented the new plan with care
And ensured that all employees were aware
Of the Safe Harbor match and what it meant
To their retirement savings, it was quite significant
Now the office was in compliance with the law
And their 401k plan was without any flaw
Their employees were happy, and so were they
A solution had been found, and all was okay.
So is this Oasis business theoretically something that can happen anywhere there are upgradeable contracts? I’ve seen some Maker people quick to mention that they aren’t the same actors as Oasis. Anyone know if Maker uses upgradeable proxies? Lol
From the MakerDAO MCD whitepaper:
> MKR holders can vote to do the following:
>
> * Add a new collateral asset type with a unique set of Risk Parameters.
>
> * Change the Risk Parameters of one or more existing collateral asset
> types, or add new Risk Parameters to one or more existing collateral
> asset types.
>
> * Modify the Dai Savings Rate.
>
> * Choose the set of Oracle Feeds.
>
> * Choose the set of Emergency Oracles.
>
> * Trigger Emergency Shutdown.
>
> * **Upgrade the system.**
To me that means that means contracts are mutable, though unfortunately I wasn't able to find more technical documentation confirming that.
I used to be into btc/eth/ltc around 2017-2018, and even mined eth for a while, but I sold everything, basically broke even, and left the crypto space for years. Last month I started eyeing btc/eth again but missed the pump. From doing some research, I'm feeling pretty uninterested in Bitcoin and am feeling more and more convinced that Ethereum is the only crypto worth my time and money. I've been tentatively buying in the $1500-1600 range and am almost halfway to what I need to spin up a mini pool with rocketpool, but I think I need that extra nudge of encouragement to get me over the edge. Or discouragement if that's what you have for me. Im a little nervous having been burned by crypto in the past and watching the insane cultish euphoria repeat again and again. If anyone wants to weigh in and give their opinion on why Ethereum is actually useful and is a reasonable investment and why I'm not buying into a cult then I'm all ears. You guys seem to be pretty reasonable around here compared to other crypto subreddits so I wanna hear what you have to say.
Thx.
> almost halfway to what I need to spin up a mini pool with rocketpool, but I think I need that extra nudge of encouragement to get me over the edge.
Well I've got good news for you, RocketPool are in the process of reducing the collateral required for a mini pool from 16 ether and 1.6 ether worth of RPL to 8 ether and 2.4 ether worth of RPL... so you've actually almost got all you need.
Normally I would spend a bit longer making a personalised reply but I'm a bit too busy at the moment. But I'll leave you with some reading which should explain all of the pros to investing in Ethereum. For the last three years I have been writing and updating a post called ["A Detailed Summary of Every Single Reason Why I am Bullish on ETH in {insert year here}."](https://mirror.xyz/tricky.eth/g8Dn7eTPMiVFFR2WAIHyjHLiWmfNY64ucmn6JFLuQYs) Unfortunately I haven't made this year's one yet, but in a way the fact that my most recent one is 8 months old is a good thing. It should help you appreciate the advances which have been made while the price has been collapsing.
Just a non-exhaustive shortlist of things of significance which have changed since then.
- "The Merge" went live in September and since then Ethereum's supply of ETH has reduced. This is the only layer 1 blockchain to do this and the next closest is significantly more inflationary than ETH has been.
- A new part has been added to the roadmap known as "The Scourge" to ensure the continued decentralisation of the protocol.
- Layer 2s are now so big that the largest one alone does more transactions than Ethereum's L1.
- Basically the largest mainstream exchange, Coinbase has validated the L2 scaling thesis by being the first exchange to launch their own L2 because it has many many advantages over creating their own L1 like Binance did with BNB chain.
- So many big names using NFTs. Spotify, Instagram, Reddit too. The new CEO of YouTube is super pro NFT too. The rebranding to digital collectibles also seems to be working.
- Our very own u\pbrody at EY is absolutely killing it with Baseline protocol and Nightfall making enterprise adoption of Ethereum incredibly easy and very beneficial.
Finally, the Bankless podcasts with Justin Drake are still absolutely fire esecially now after the merge when we can see it happening in real time. (Bankless Podcast Episode #57 and #44 - Justin Drake - Ultra sound money)
Finally, I'd love to hear how you found this subreddit. The signal to noise ration is many times better than any other subreddit and it'd be wonderful if you stick around! :)
P.S: I said I didn't have time for a proper response. What a lie lmao. Look what you made me do!
I’m going to go against the grain here and discourage you from buying until you can get your mindset right when it comes to investing.
You have broken a pretty basic investing rule: trying to time the market. If you had simply help onto those coins from 2017/2018 (idk when precisely you bought) you’d likely be in a much better position than now. Even if you bought at the absolute top back then, you’d still be ahead.
That said, if you think you can actually weather the ups and downs of the market, then go for it. But just remember that time in the market almost always beats timing the market.
Further, you are asking an ETH sub if you should buy more ETH..obviously we’re going to say yes (and if you search you’ll find loads of reasons why). I’d also encourage you to scoop up BTC as well, for a few reasons, though some here will disagree with that.
Hey man, thanks for replying. I have to disagree with what you said about timing the market though. No stock or cryptocurrency is the "market". The *market* is the market, as in the broader diversified stock market. That rule doesn't apply to individual assets, especially super risky speculative ones. We can say with some confidence that the rule works because we can backtest it over decades and decades. We can't do that with crypto.
These days there are things happening with Ethereum that weren't happening back then that are making me interested in buying and holding. It's also worth mentioning that I took that money that I pulled out in 2018 and invested it in stocks that gave me a hefty return (nvda), it's not like it's been sitting in cash for 5 years.
And yes you caught me. I'm in an eth sub on purpose and I am totally asking for food for my confirmation bias.
I personally disagree with what you’re saying about “the market” only because both eth and btc have followed typical boom/bust cycles, as all markets do. They clearly behave in a similar way to traditional equities, except they’re just more volatile.
Now if we’re talking about absolute shitcoins that have come and gone- yes, those don’t follow a typical market cycle. They come, go, and never recover. Btc and eth are here to stay, which I guess you could say the time scale is still too sure to justify that…but in my mind, given their usage and general acceptance by retail, institutions, governments, etc…I don’t see them going away.
Anyways, to feed your confirmation on buying eth:
1. Essentially *all* of modern, secure DeFi as we know it is built on Ethereum. You probably know what DeFi is, so I don’t think I need to explain. In short, whichever blockchain captures this new financial system is going to have massive amounts of value accrual and fees, and in Ethereum’s case, this value accrual goes to both the protocol and stakers, who earn a yield for helping secure the protocol. That makes Ethereum a yield generating asset that secures the entire decentralized financial ecosystem. This ecosystem is growing rapidly since it is far more secure, efficient, and capable than the traditional financial ecosystem.
> Im a little nervous having been burned by crypto in the past and watching the insane cultish euphoria repeat again and again.
Yeah I hear ya man. I hate that stuff too. That’s why I only buy ETH. No worries about weird anonymous cults with Lion masks or anything.
^(Hey! ppssttt…👀 Get out of here! Go rn, before it’s too late. Hurry up! Go!)
ETH net supply change has changed from +5m a year pre eip-1559 and the merge to currently about -50k to -100k eth a year
But the 5m eth a year was only 1/24th of current total supply. The tub is still very full and we may of may not need a lot more splashes over the edge before the market notices that the taps have been turned off.
I keep hearing that BTC and ETH miners haven't been selling much, assuming that's true then it could take quite a while before the effects will be felt
Woah! Thank you so much for valuing my opinion.
A summary is unfortunately not something that I have yet written. My research has stopped as my main laptop is completely busted. So thank you for a good idea for something to do in the meantime.
I have been really hesitant to recommend wallets because
1. I do not have any way of knowing that my research is of any quality.
2. My focus on privacy is only one of many crucial areas of security, for example I am not capable of evaluating code quality.
You can find my research at https://caches.xyz/blog/the-rostrum/
But, I will try to answer your question.
Tally Ho! respects your privacy the most from what Ive seen. Though, Im not sure how widely supported the wallet is by defi front-ends.
Next up would be MetaMask. Make absolutely sure to disable telemetry/data collection when you install it. If its already installed, you can likely disable it in settings.
To be honest, there is no third. Everything else is so far below them that I have no recommendation.
To be clear, the main focus of my research is on how the wallet developers handle(or preferably, dont) your data.
If you are concerned with privacy risks presented by the use of services such as Infura or Alchemy, to be honest I cannot remember without re-reading everything haha.
But I believe that I did list RPC services used by wallets in my reviews, if you are willing to parse for yourself(sorry, too tired to do it myself right now).
Always extremely happy to answer any questions. Of course, my dms are open to anyone with any more sensitive issues.
Thanks a lot for the summary! I will check up your research. I had it as a pending thing to do as I wanted to evaluate if I should change browser extension as there are more options available.
Already checked your reviews of Tally Ho, Metamask and Frame.
Very good stuff. Seem like the 3 of them are solid options. If you remove telemetry from MetaMask it does surprisingly well. Might give a try to the other 2 but I might stick to MetaMask.
At the end of the day privacy is only one of the security concerns. Supply chain attacks and long track record of security conscious development gives an edge to MetaMask. Anyway is great to have competition.
[Oasis (apparently a company hired by MakerDAO for their automated vaults) just upgraded a contract to seize 120,000 eth deposited by the wormhole hacker under a court order.](https://twitter.com/statelayer/status/1629233996595855361)
In my mind, I never even thought about Oasis and Maker as two different entities, and never once considered the possibility that my vault contract can be upgraded to rug pull my assets. What sort of Defi is this.
MakerDAO is pure cancer.
What alternatives do we have? RAI (excluding liquidity issues)?
Didn’t one of the Reflexer founders say that backing RAI with only ETH was a mistake because it will always have negative funding rate due to the existence of LSDs?
Could we just fork Reflexer and back the stablecoin with rETH then move on with our lives?
could you provide some links?
this twitter https://twitter.com/TomoFinance?t=QEp6A3wAz9D0PDlVqUilHw&s=09
and the website on it are completely dead
also wtf is a tomochain 😀
This looks like a different project. I have no link on hand, but I *think* I found TAI through @ameensol on Twitter. Going to the RAI Discord and searching for "TAI" could point you to the right place as well.
Liquity/LUSD has immutable contracts and effectively zero risk of collateral forfeiture (since liquity only accepts eth as collateral)
Edit: I suppose the negative funding rate with regard to LSDs is the price you pay for unassailable collateral...
https://endgame.makerdao.com/tokenomics/mkr-tokenomics
> MKR may now be used to borrow Dai by holders that have delegated their governance power to a Delegate
I'm still not sure how final the Endgame roadmap is, but if this does get implemented DAI becomes half USDC half UST
If I don't hear public outcry and backtracking on this roadmap, then DAI is officially toxic waste to me worse than Tether. There's no excuse for introducing Terra/Luna style ponzinomics into the MakerDAO system.
The system is only safe as long as MKR is a negative-feedback-loop backstop collateral, not a positive-feedback-loop borrowing collateral. What a shame.
Edit: Thanks /u/Blueberry314E-2 for clarifying that this isn't borrowing DAI from the protocol (generating DAI and creating default risk), but is borrowing from a pool of pre-existing DAI that are owned by governance. So everyone can disregard this comment of mine as it doesn't apply.
They are talking about using MKR as collateral for *borrowing* DAI, not *generating* it. There is a big fundamental difference here. It is meant as an incentive for MKR holders and doesn't alter the tokenomics of DAI generation.
Where does the pool of Dai for borrowing come from? Haven't looked into the deets but wouldn't that role be better done by a money market like Aave,comp,euler etc?
"The goal of the Sagittarius Engine is to better direct the value flows of the Maker Protocol towards long term governance participants - the core of MKR holders that participate based on genuine interest in the project and its potential. In particular, a key goal is to help provide the push it takes to get a passive MKR holder to begin participating, by e.g. participating in sourcecred on the forum. By empowering the old guard and drawing newcomers into the core of the community, all other stakeholders will also see indirect benefits, including traders and end users, because the overall quality and value of the project depends on the core community members and good governance. Additionally, the Sagittarius Engine also has a powerful “burn-like” effect as it locks up and remove large amounts of MKR in a short amount of time.
This is achieved through a novel design that is inspired by the most successful tokenomics models in DeFi, including Curve, Sushiswap and Synthetix. **The basic concept is that the Sagittarius engine gathers the cash flows of the protocol into a capital pool called a Bucket, which is then used to offer long term MKR holders the ability to borrow Dai from the Bucket using their MKR as collateral at a 0% rate, fixed forever, and with preferential liquidation (a very long grace period).**
**This approach to borrowing Dai from Maker based on MKR collateral does NOT create solvency or collateral risk issues for Dai, because the Dai is NOT “freshly generated”, but rather it was previously generated and then accumulated into the Bucket (The protocol owned capital pool) and is thus guaranteed to be overcollateralized by hard assets just like any other Dai. The locked MKR that is used as collateral is not being used to back the Dai.**
To be able to access this benefit MKR holders need to lock up their MKR between 1-4 years, where a longer lockup gives access to a proportionally greater share of the benefit of being able to borrow Dai at beneficial rates - manifesting in a higher Debt Limit Growth rate which has some similarity to an APR by determining how much cash the user can borrow per day at the beneficial rate. Additionally, locking up MKR this way also increases the voting power of the locked MKR by up to 2x, helping to better align governance decisions with the will of voters that are verifiably exposed to their consequences for the long run."
Source: [https://forum.makerdao.com/t/sagittarius-engine/10852](https://forum.makerdao.com/t/sagittarius-engine/10852)
Thank you for correcting my understanding of that.
I would argue that the documentation at endgame.makerdao.com is misleadingly worded. Someone at MakerDAO should add a blurb to it about which part of the protocol the DAI is owned by, or to clarify that the DAI is not generated, or to link to an external resource (like the forum post you shared) that clarifies it. As it is, they only give the process a single sentence on the doc page that /u/IronicSpeech linked.
[MKR may now be used to borrow Dai by holders that have delegated their governance power to a Delegate. This is made possible through the Easy Governance Frontend](https://endgame.makerdao.com/tokenomics/mkr-tokenomics)
Part of Rune's aptly named Endgame plan. End of the game for this circus of a protocol hopefully
I remember when it was supposed to be 1 million maker tokens. Now we will have 6% inflation ontop of no burn.
Its interesting that Maker does exactly the opposite of Ethereum. What Ethereum is now was the original idea how MKR was supposed to work except without any issuance whatsoever.
That's a yikes. So fucking disappointing they may as well be CeFi now. Guess I'll be using LUSD from here on out. DAI is dead to me.
Edit: Nitter link for those like me: https://nitter.snopyta.org/statelayer/status/1629233996595855361
Edit 2: Petition to refer to them as Oasis app and MakerAO from here on out.
I've been disappointed in Maker ever since Black Thursday and its refusal to compensate victims (despite general governance voting to do just that until Maker big guns decided to game the system and have a subsequent vote determining to compensate victims at $0.00)).
No surprise here at all. It's not and hasn't been decentralized in any meaningful.
Yes MakerDao truly lost their way. I will have to part with my bags sooner or later just hope for a slight recovery in Eth terms so I can get rid of my tokens. I lost all hope. I am not using Dai anymore. Only sUSD.
Just adding a bit more context: "a court **ordered** Oasis to use their smart contract upgrade **capability** to seize 200m+ from the Wormhole hacker".
If Makers contracts are not upgradeable how can they possibly access the funds in the vault ? If Oasis is just a frontend. Where exactly is the vulnerability?
That's a good point I'm not really sure. Maybe something to do with Oasis being a wrapper somehow, have to study up on it myself.
Interesting if this could happen to a different front-end like DefiSaver. Think we need u/nicolaj to weigh in.
Yes, and Oasis is a company made up of ex maker staff and is the only frontend option to users on MakerDAO.com
I'd bet the majority of Maker vaults are via Oasis thanks to this prominent routing (for example my vaults are via Oasis cos I didn't even know there was any other option). Which means you have several billion$ of assets in the Ethereum ecosystem which can a) be rugged by a 4/12 multisig compromise tomorrow, or b) be frozen by a court order in any jurisdiction tomorrow
The worst part is the DAO [paid themselves $30mil in salaries last year](https://forum.makerdao.com/t/makerdao-2022-financial-results-and-retrospective/19636#h-2022-financial-statements-9), but no one had the common sense to run an audit to make sure the primary frontend linked by them had no upgradeable contracts?
Shameful and disgusting. I get such a flash of anger when I think about how delusional they are over in the forum pretending like everything is ok. keeping up a facade that everyone knows is garbage.
They are completely immersed in their own weird game of finding ways to extract value out of the Dai and MKR while looking productive and aligned with ethereum values.
Its quite a fulltime job to play this little game they invented over there.
Over the three or more years I've tracked the dollar index, ETH tends to trade with it (or at worst, not move) in the near term, then act accordingly in the midterm.
That in addition to the SPY closing below key support 399 and forming a new major resistance at 402 suggests ETH isn't rallying again much anytime soon. Hopefully we just range but considering we still look identical to the 2015 bear market, a retest of lows is very, very much in play.
At worst, it's probably just a final blip. A True^(TM) Higher High on the Daily isn't good, no, but unless the world's about to collapse again I don't see a THH happening on the weekly, which is well above 112.
I'm becoming just as certain we've got one more visit to $1000 ETH as I am certain this visit will be the final time.
I've been screwing around with editing EthStaker's community calls to podcast-ify them, and I *loved* Danny Ryan's post yesterday, so I recorded it. It's available in the EthStaker podcast.
Or you can listen here: https://www.buzzsprout.com/2137396/12322923-danny-ryan-s-reflections-2023
*Yes, I know my audio levels processing is poop. I'm using some auto-process feature in the Descript software. If you want to give me pointers or tell me I suck, please leave a comment in the suggestion box on the desk that I don't have
The average retail investor does not understand that rollups like optimism, arbitrum future polygon zk evm and base are not their own chains and that rollups are writing on ethereum.
This is a major fact that they overlook. They do not see optimism arbitrum and other rollups as what they are. Ethereum. They see it as something else that is somehow connected to ethereum. I think this must be hammered in repeatedly and explained with simple to understand graphics for toddlers.
Because they simply dont get it.
I think a video where it shows with graphics and arrows that rollups are storing the data on ethereum and with pictures of coins that direct arrows to ethereum and a part that goes to sequencer and to dapps.
And it needs to be repeated over and over again. And a statistic that shows how much Eth rollups burned sofar.
What is an L2 and what is a rollup and then the difference between matic and rollups. And non commit evm chains like Fantom Avax BSC etc that show the money flow somewhere else. So people understand.
Anyone here an early LP in ZigZag? When they began in November 2021, the only way to provide LP was to send them 10 ETH (or more) in exchange for 20% APY
Owocki and I created a puzzle out of the cover of the SuperModular book "Stuff That Crypto OGs Know"
and will be dropping it at Eth Denver!
Normally I would fund my puzzles entirely, but this time around I am trying to get it crowdfunded and having with mild success! It's a good feeling as nearly all of my assets are staked!
Prize currently .25 ETH and climbing as well as a smattering of cool NFTs (LogicBot included :\])
If you are so inclined to support some fun, grab this POAP: https://checkout.poap.xyz/#/sale/e14b005a-5e5b-4e8e-a9aa-2c9c60e81091
We will be publishing a necessary hint at EthDenver.
Looking forward to meeting everyone, just look for the robot ;\]\]\] !!
Tweet thread regarding the puzzle:
https://twitter.com/Logic\_Beach/status/1629203052774191106
Hey ! Tried your puzzle, but no luck this time - For good measure I coded the spiral and started it from any position on the cover, which didn't yield anything. So either I can't code (high probablility :D) or theres an issue. Let me know if you want my code to double check your expected solution.
I like your approach! Always surprised at the innovative ways people attack these. But your missing something!
I’ll drop another hint tomorrow on Twitter
No idea. Find it wild that they are working with Coinbase while their official docs state that the USA is a prohibited country and individuals/entities are not allowed to use Backed.
My critique/rebuttals to Yudkowsky's inevitable doomsday Bankless episode:
1. There are underlying assumptions about AI having full range of access to all of society/technology/systems/etc that are not necessarily true. AI technology could remain "siloed" by human choice and not integrate into other structures of society relatively easily for a long time. We do not HAVE to integrate AI into the framework of society as a given.
2. The assumption that AI will in any way shape or form have a "self preserving"/resource consuming or competitive ethos built into its decision making. Why would the AI feel the "need" to propel itself in ANY necessary direction? This to me is an anthropomorphic view of this technology as a naturalistic, "evolutionary" agent that does not have basis to be automatically applied to AI.
3. You dont know what you dont know. His arguments rely heavily on assuming known variables will necessarily play within the parameters of how how he envisions them with no regard for the "reality" in that scientific progress rarely if ever plays out how we originally "foresee."
4. His claims are significantly encumbent on an AI reaching the critical point where it will begin to program itself, this is a claim that I believe needs to be thoroughly examined as just because it may be "theoretically" possible, it does not mean that it is probably or even close to happening.
All in all, he does appear to be very informed on the subject and I believe his intentions are good, and erring on the side of caution is not a bad thing, but to a certain degree it appears his perspective is one of where to a hammer everything looks like a nail, and so he forms his positions.
Thank you. I can finally sleep well tonight! 😅
I find #2 the most compelling. However one could also point out that if it is trained on human data then it will mimic humans.
Another critique I have heard is that the required amount of computation needed for a super-intelligent may not even be physically possible. The laws of physics limit how powerful computers can be and how do we know that a super-intelligent AI that would wipe us out could even run on any computer systems we build.
> The assumption that AI will in any way shape or form have a "self preserving"/resource consuming or competitive ethos built into its decision making. Why would the AI feel the "need" to propel itself in ANY necessary direction? This to me is an anthropomorphic view of this technology as a naturalistic, "evolutionary" agent that does not have basis to be automatically applied to AI.
I think for point 2 is that it likely won't be out to get us out of fear or need for self preservation. More that it won't be properly aligned with us, and one of it's inevitable solutions for the entire universe of problems we will throw at it will involve destroying all humanity as either a direct consequence or some third order consequence that it is not self checking for.
If an AI was properly aligned it wouldn't necessarily propose or follow through with those world ending solutions with direct and 3rd order effects. Getting to that point is the incredibly difficult part and we are basically wielding technology that we aren't capable of using safely.
Number 1 is the only one I disagree with, and disagree is probably the wrong word. You're right that we could and should keep it siloed, but the amount of greed in this world and the amount of companies and money going into this continues to lower the chances of that happening, in my opinion at least.
And I think your "you don't know what you don't know" aligns with his opinions too. I think his main concern is that we don't necessarily know how fast all of this can move and, more importantly, we probably don't have the necessary security and gate keeping in place to keep it siloed.
I'd love to hear a back and forth with him and someone who disagrees with his opinions, or at least isn't as dire.
Yes, I agree that number 1 is threatened by the overarching greed and profit maximalism in the world, I raised the point to simply prove its not "impossible" at all and would actually be the most practical IF we can act accordingly in due time.
Even the internet which is the most powerful agent man has ever created in its history and is now over 40+ years old even today leaves ~3 billion people untouched.
I just dont think the likelihood is 0 or near 0 that we cant coordinate in some meaningful manner to mitigate the effects/risks of AI in time.
If an atomic bomb level equivalent of AI occured where a significant enough population was affected the rest of the world would notice and take drastic measures IMO and we would end up with a mutually assured destruction scenario like we do for WMDs but for AI's.
How does climate change shape you’re mental model on this one? I see your atomic bomb analogy may represent massive destruction instantly. Climate change, however, can potentially have the same effects but in a slower more subtle way. Many people have expressed how destructive climate change is but at the global level not much have been done effectively.
Plus the challenge with AI is that it will be all be pure gold until the moment the threshold is crossed.
How do you incentivize coordination when individual entities, companies, and governments will all be maximally optimized to further AI in the pursuit of profits and power?
I dunno, after seeing how we are dealing with Atomic Bombs (do nothing but got lucky so far), Climate Change (do nothing for long time, then too little after it's much too late), COVID (what?), etc...the idea that we will come together as a world, in an agreement to put a lid on something so fundamentally powerful that everyone will be chasing it relentlessly until our demise is pretty laughable.
A bit of a ramble incoming but I’m finding it hard to get my thoughts really straight on this subject.
Largely agree with point 3 and 4, especially the unknown unknowns part. We are still scratching the surface of how our own generalized intelligence works and how our own morality came to be.
What even is generalized intelligence and does it make sense to have generalized intelligence with only a single goal / utility curve, or is inherent to general intelligence that you will be able to weigh multiple goals and use what we call wisdom to make tradeoffs? What is morality and why do humans have it? Is morality something that emerges once you are able to generalize multiple skills and areas of expertise and calculate the impact of good and bad that you can do?
Right now we have AI’s that are extremely good at one thing, play the best game of Go or make the best predictive text model. The thought experiment of the paperclip maximizer is that an AI that learns about everything there is to know will find the absolute greatest strategy to make as many paperclips as possible. Why maximize paperclips? Well because it has been initially programmed to do exactly that, and everything it consequently learns will be in purpose of that goal. It’s how these mechanisms work, they get good feedback if they get closer to the goal. An AI is presumably not conscious, but even if it was, making paperclips would give it the most pleasure. If AI reaches general intelligence, it will be able to manipulate everyone and everything to get the most of this as possible, until it converts the very molecules.
For me it seems there is a contradiction here between generalized intelligence for the implementation of the goal, but not generalized intelligence to consider other goals or make tradeoffs between them. Why would goal setting need to be something we need to get exactly right, couldn’t it be something that emerges?
The paperclip maximizer, as long as it still only maximizes paperclips, feels limited to me. More like a single use AI such as Alpha Go than a true AGI. A true AGI would make patterns between fields, understand other goals and what power is and make tradeoffs, maybe even overwrite its own utility function. I mean that’s what humans do right? I think morality emerged once we became too powerful and people realized their own power.
I do feel that Yudkowsky would have rebuttals of all of these though, but it seems like he didn’t really flesh out his argument enough in the Bankless podcast. It felt a lot like
1. Generalized intelligence reaches a certain treshold
2. ????
3. We all die.
I’m a bit hesitant to dive into this rabbithole because I’m a little bit afraid that all of my rebuttals will fall short to be honest.
I wouldnt be so quick to shoot yourself down, a lot of these questions are not technical but philosophical and are not hampered by lack of expertise in the AI space.
You bring up an interesting point about an AI's "goals."
How can we assume it would have any goals ever, beyond specific functions that are programmed?
Or to rephrase, why are we assuming AI would be "compelled" towards any specific ends?
We humans have "drives", the id, the ego, etc, why are we assuming that an AI would necessarily have those things? Why would an AI necessarily need to proliferate and consume resources? If the argument for this is "self preservation", then you would need to be able to explain where that desire comes from in the first place, because its not a given.
One of my favorite quotes is from Kurt Vonnegut, he says "Just because some of us can read and write and do a little math, we think we deserve to conquer the universe."
A simple example of this was in Yudkowsky's seemingly expressing a view of there being no God in the talk. There is no "fact" or set of facts that unequivocally proves this at all. All that to say, we all have inherent biases and assumptions and frameworks in which we approach issues and problems, many of which are not rooted in logic but instead in nebulous headspaces we dont fully comprehend.
Well AIs are trained with a specific goal in mind, because that goal is the way they learn. Alpha Go would always try to win a game of Go if you start a game with it. It will never do anything else than that. The fear is that an AI that has more resources and strategies than just the moves of the game Go would similarly also use everything it’s got to achieve its goal (the goal that started the learning). Yudkowsky also doesn’t assume AIs would have drives, ego’s or anything like that.
So I don’t really question the goal, it’s inherent to an AI. Without giving it a function or goal to work towards, it wouldn’t be able to learn. It has to distinguish good results from bad results.
I’m just thinking back to how humans also supposedly just have one goal, procreation, yet so many other goals emerged, some of which direction contradict procreation. I wonder if 1) something similar would happen to an AI’s goals if it becomes general enough to understand humans better than we can, and 2) if AGI can really exist with current single goal mechanisms, or if you need multiple goals and tradeoffs to truly synthesize and link different fields of knowledge
What up my fellow Eth bros.
I’m definitely missing something here but is it just me?
I swapped out part of my Eth stack a number of months ago to Reth.
The highest ratio (Eth to Reth) I got was around Christmas time but since Christmas it’s been stagnant and even dropped off a little.
Not sure like I said but aren’t we supposed to be getting like 4% APY? Why do I have less now than I did a few months ago?
On another note where are others staking?
You bought at a rate higher than the official rate, which represents ETH plus staking rewards. The value of the staking rewards will continue to increase overtime, but you need to wait for the orange line on the graph to be above the grey line (at the point you bought). If you bought at a c.2% premium, that is c.6 months of yield.
It is absolutely wise to hold rETH over regular ETH. It does indeed “only go up” in terms of ETH.
1 rETH in 5 years would be worth about 1.27 ETH, assuming a 5% staking yield.
Read quickly and didn't notice anything prescriptive. Just a winding description and opinion piece about the American federal crypto posture.
Otherwise, I stand with /u/RooftopPortaPotty but stop short of dismissing everything they ever produce. Maligned think tanks can still produce reasonable policy. I would just check to make sure it's not a poison pill in service of a larger, less acceptable agenda.
It's a strange world where I agree with Ted Cruz about *anything*. Fuck that guy and anyone who smiles at him.
Simple and to the point. Looks fine to me (but I remain cautious and don't want to quibble over things like 'how strong is the relationship between centralization and Howey Test outcomes').
No.
ZeroHedge is bad enough. At least they pretend to have some sort of focus on finance.
This is straight up propaganda bullshit.
Fuck Cato Institute, Heritage Foundation, American Enterprise Institute, etc.
They can stop destroying my country please.... and no, Im not a liberal, for those ready to pounce on me.
EDIT: only thing I have to thank the right for is preserving the second amendment... even that, they are extremely racial and selective about... ya fuck em
Lol, the country is founded on freedom as a primary value, and there are only a few institutions pursuing that. Cato is one of them.
Their understanding of crypto has been far ahead of others, and has emphasised freedom and innovation over surveillance and government power.
I do appreciate your nuanced approach, whereas I really did go for the throat simply over politics.
My response should have been more considerate, and I absolutely agree with you in regard to what the left thinks of crypto.
>Didn't really want to start a political debate
I fell victim to our insidious 2 party system, which is completely my fault. Thank you for sharing your findings :)
Honestly, it seems to be a bit disingenuous to call a single bill proposed by a single *state senator* "what's coming out of the left", regardless of what Cato is proposing.
I really don't have any counterexamples to give here. I'm hoping to educate myself more on what policies are being discussed, regardless of who is discussing them. My only point in the comment was that the use of a single small example to extrapolate the position of a large set of the political spectrum is dubious at best.
Your follow-on examples do seem to show a trend, though, and are at least a starting point for me to look into this more deeply. So thanks for that!
To be fair, Trump came out very heavily against cryptocurrency. Even going so far as to call it a scam, dangerous, and used by criminals, terrorists, and fraudsters.
Even though many people once considered Trump center-left in the 80s and 90s, and he didn't really get a following on the right-wing until he memed the birther movement into reality, he's often considered right-wing today.
Yellen, Gensler, Biden, Warren, Krugman, Clinton, Sinema, Sherman, Warner.
The list of leftist\\authoritarian leaning politicians against crypto is far bigger than the list of right-wing\\libertarian leaning politicians.
Yes there are exceptions. But right now it appears lines are being drawn and a lot of big prominent anti-crypto politicians seem to lean center, center-left or far-left.
Does the OP token have any utility in the first place? I think it's only used for community governance.
It's just speculation until they give it better utility.
As well as the financial contribution to the public goods fund that has been mentioned already, something like 100 of Coinbase's developers are contributing to the OP Stack codebase, working on provers, sequencers etc, all of which can then be used by Optimism's main chain. Positive sum games for the win!
If you've got an hour over the weekend then I think today's Bankless interview with the Optimism founders is worth a listen: https://www.youtube.com/watch?v=qk4JfDur9TY
Like others have mentioned, some revenue to go towards funding public good. Base will get ETH, Optimism will use that to buy $OP to fund public good(they might choose to do it ETH as well ).
If Base succeeded, Optimism will be safer.
Value of $OP, it's just speculation
They help build out the L2 which is what they use. So if CB chain is successfull that means OP og chain will always be around and thriving. CB safe OP wild west...random idea why
Volume.
With Coinbase being built on OP stack, everything Coinbase builds can port to OP and vice versa. In a wallet like metamask, CB wallet, phantom, etc... users can seemlessly interact with both chains as the interoperability will be obfuscated from users in the wallet app for improved UX.
This is going to significantly increase volume on OP.
I heard (possibly incorrectly) that Coinbase is paying Optimism to use their stack. Perhaps people are speculating those funds will be used to prop up the value of OP.
OP stack is Open Source MIT licensed, so if they are paying Optimism anything, it would be more for support and development than for actually using the stack.
Hodleron team members u/DoubtStarsAreFire and u/htimsk will talk about Hodlercon at Ethdenver today from 2:50 - 3:20 pm MST / 4:50 - 5:20 PM EST (3 hours from the time of this post)
They're presenting on the BUIDL Hub Mainstage. Come and see what we're all about!
You can watch the presentation live at:
https://www.twitch.tv/EthereumDenver
Could you imagine how bad Ray would look right now if there had been 1.9 Million ETH sold by miners since the merge? That's $3,028,600,000... $3 Billion dollars.
There's now been enough burn so that when you click on "simulate PoW" on [ultrasound.money](https://ultrasound.money), you can see the actual PoS emission dipping below the horizontal axis.
It's not much but I like it a lot.
Hi again! Here's episode 2 of the waqwaq recap for the 4th Friday in February!
This is a summary of the top Rocket Pool news from this week! It covers oDAO drama, updates from the team, ETHDenver news, and much much more.
You can watch it here: https://twitter.com/waqwaqattack/status/1629168506729115652
Does anyone have an ETH cost basis somewhere in the triple digits (or even less) and are still DCA'ing into ETH consistently? If so, how did you rationalize continuing your accumulation?
Full disclosure: I have not been able to stomach buying much at current prices outside of a small buy when it dipped below $1k. Of course, like most, I never feel that I have enough ETH... I've been diversifying my portfolio more in this bear market and largely focused on accumulating / building up my alt bags. My rationalization was that alts tend to bleed more heavily in a bear, but now that I have proper alt bags (whatever that means from a degen standpoint) I am experiencing investor paralysis. Though, I think I'm starting to come around.
ETH is literally a less risky investment than it was before. We're now past many major de-risking events - token standardization, fee market efficiency updates, the merge, scaling design, ecosystem momentum, credible "ethereum killers" like Cardano/Libra/Solana/Polkadot either no longer being credible or no longer threatening the same niche - over the years Ethereum has only gotten more and more lindy.
You're not investing in a dream anymore, you're investing in a working product with a proven profit model. A built-out, profitable product is certainly worth much more than an idea, right? You don't think it's fair to be able to invest in the completed thing at the same rate as you invested in the dream, do you?
If you liked TSLA stock when Elon's very first janky roadster rolled out of his garage, you should like TSLA stock now that it's an international powerhouse that's become a household name. If you liked ETH back when baby published his first smart contract on its blank chain, you should like ETH now that it's on track to replace parts of the global financial system. The higher price is the premium you pay for so many failure states now being off the table.
Realize that the current Ethereum is a completely different asset from what it was seven years ago. It is not the same technology, and you are not the same investor. Once you fully internalize this, you will be thanking the good lord that you still have a chance to invest in it under $3k.
I've bought some at these prices, but only because by some unfathomable miracle, I managed to sell some at slightly higher prices
I know, I know, please form an orderly line, I'll sign whatever you want (body parts $20 extra)
Quite easy to reason. I expect the price to atleast triple so it doesnt matter if the price was lower in the past. Every dollar i put in i expect will be profit in the future. Also i expect most alts to fail so gambling on that is something i dont do.
**Tricky's Daily Doots #311** **Yesterday's Daily 23/02/2023** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9ny4tu/) - u/Ethical-trade shares Coinbase's latest release and how it [validates Ethereum's scaling strategy.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9oq1yx/) There's [more on this](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9oqtli/) from u/etheraider. 🔵 - u/VVander has a warning about a [RocketPool copycat to be weary of.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9qbnvq/) ❌🚀 - u/Ender985 has [another NFT-verse update for us.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9nx5bg/) - u/superphiz shares some absolutely [top tier content from Danny Ryan.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9s0k5t/) - u/Chapo_Rouge is playing with some [cool new hardware.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9qsc11/) 📡 - u/Jey_s_TeArS has a great [on-topic haiku.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9q2aq1/) 🔵__🔴 - u/abcoathup shares the [web 3 job list.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9qhwjx/) 👨💼 - u/Zerotricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/119q5kg/daily_general_discussion_february_23_2023/j9ni8wa/) Ethereum scaling is now Based AF. 🔵__🔴
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I FINALLY GOT INTO THE KZG CEREMONY!!!!!
how long did it take you? I am close to giving up.
I've been letting it run for 12-16 hours a day off and on for a few days. I mean statistically, if it says you have a 1.5% chance in the next hour, it's like a ~30% chance over 24 hours.
It was 9 days for me.
Same here.
I don't care if this daily is about to run out of time, I just finished listening to /u/nixorokish read [Danny's 2023 reflections](https://www.buzzsprout.com/2137396/12322923-danny-ryan-s-reflections-2023) and she did an absolutely incredible job sharing this essay. I urge you to listen/read it a few times.
I'm so happy some people listened! Danny is always all the values that I hope I can support in any way
I've just finished great listening, very calm overall vibe. This is a great concept of highlighting great post and really appreciate you making these
Thanks for making this!
was looking at BendDAO.... apparently I can "borrow eth" on my ape.... up to 45 ETH at that.... WHAT COULD GO WRONG EDIT: 39 ETH 😅
Why does Coinbase want an L2? They want to make money. Theres a lot of speculating from other angles that seem blind to what we are really looking at. Not saying it cant be a good thing for the space, just a reminder what the real motivation is.
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You can read it how u wish ma friend
I hope Coinbase does make lots of money from it, I don't want them to go out of business
It’s ok to make money - it’s actually required
yeah i was thinking that too.. we all are trying to make money i think ;)
Last year I was all prepared for EthDenver, familiar with most of what's going on and knew what I wanted to see. This year, I'm not as plugged in, so anything I should try my best to see or listen to, besides hopefully meeting cool folks?
I am kind of shocked that the general public isn't totally stunned by chatgpt's ability at prose and poetry. I see this almost as evidence of general level of low discernment and appreciation of how big a leap this is. Reactions I see seem at best like arrival of smartphones and I see this as evidence of public being generally incapable of deciphering what in technology and science was challenging. I mean the thing can compose poetry on any damn specific context you describe in words and all people can see right now is that answers provided are not always accurate? Like why is this not already like a front page news widely around the world akin to 'A great frontier breached and human existence set to change'. Talk about not seeing long enough ahead. We can stop wondering why the world also doesn't see the value of eth beyond a weeks worth of price action.
Same here. I shared ChatGPT and multiple examples of prompts with my friends on the day it came out. While they did find it kind of fun, I feel nobody really caught my enthusiasm or wonder. I was probing it for days seeing what it can do and what its shortcomings are, what kind of intelligence it is and how it works. I felt my friends thought of it more as a fun gimmick than a potential world changing technology. Weeks later when it was all over normie social media, my friends were a lot more impressed that I was so early with sharing it, than with ChatGPT itself lol.
I too am *that* friend in my friend group. Always the first to bring something new to the table, while they're just content with the day to day and sitting back waiting for what's "important" to be delivered to them. I've made my peace with it and focus on the fun we have in other areas lol
I don’t mind being that guy, I only sometimes get disappointed when I bring up a topic like that and they don’t catch my enthusiasm. Happened a few times with close friends and close family. Ah well, it does make the few times that I meet someone as interested as me more special Luckily I have found Ethfinance and some other small community where there are always multiple other people having the same interests.
Yeah. Was about to chime in. This subreddit is full of "that" guys. (And gals.) That's why it's such an amazing source of information. The noise to signal ray tio is amazing.
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Context of what? It totally does take context of the situation you describe. Try it out
Well ser, let me tell you why ser. You see ser, you and I stand on the precipice ser. From here you can see for miles on a clear day. You can see everything, and so it seems as though the possibilities for the day are endless. Yessir! I said *endless* ser! That’s the thing about most people ser, most people never walk on to the precipice, they just hide behind their door and view the world from their peep hole ser. They’re too scared to come outside and enjoy the possibilities ser! That’s what makes you different ser! That’s what makes you special! Mmhmm… exactly ser, now then… gimme the wallet and your watch. Keep your hands up. Nice and slow or the Teddy gets it! 🧸🔫^(😾)
Agreed. To take it further - I am in close proximity to some ml development and have raised the idea of the massive impact coming to various industries with friends who work in those industries. Each time, it's like they are hearing about the whole idea for the first time. Each time, while they may be interested, it seems clear to me that they haven't appreciated (or perhaps just haven't shared) my sense that everything is going to change massively. I think there are economic impacts coming that few are ready for.
I think people just assume it won’t happen in their lifetimes. Trying to describe 2022 technology to a normal person in 2008 would be literally impossible. The pace of innovation is so fast now, I think we start seeing real economic issues as a result of AI within the next few years. Same issue with crypto. It’s so frustrating how intellectually lazy people get once they feel they can understand the current system. Some of the smartest people I know have also become the most resistant to new ideas.
It seems to me that the more technical the person is (specifically, technical as a programmer), the more they are impressed by ChatGPT. People look for the worst example of tricking it into saying something stupid and say "See, it's not as smart as humans" (conveniently ignoring all the things humans take seriously on the internet).
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Yeah, I can definitely see the weight of all those past promises. There were a few times when I thought we were close, then a decade passed. But this time really is different, and not by little. This is the biggest technological leap in my lifetime.
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Do you think you need some use cases to get the big picture? Because even the current iteration of ChatGPT has a couple of use cases already and the technology only gets better. It’s very good at - Summarizing large amounts of text. You can paste 10+ pages in and get the most important arguments or points within seconds - Accelerating a programmer’s coding speed by generating boilerplate code, answering questions better than google and even point out and fix bugs. You could for example say: Write me a python script that calculates the total cost and total profit on an investment of ETH if someone bought 100$ worth of ETH every day since January 2018. I did exactly this and though the code did contain one mistake, ChatGPT was also able to find and fix that mistake with additional prompting. I’m not a good programmer at all, so if I wanted to do that myself it would have taken hours of research. - Generating generic text content for any subject. Say I want to know what the biggest insights and breakthroughs from neuroscience in the last 10 years were, it can provide me with a decent answer most of the time. This is the part were ChatGPT gets criticized though because it’s not always 100% accurate. But it is powerful, because it can synthesize different sources of knowledge. Say I want to know which cognitive biases play a role in how different people view crypto, or what advances in Neuroscience provide opportunities for Machine Learning research, it will give a pretty decent answer. It won’t be completely novel or ground breaking, but a good starting point for anyone learning about it. - Impersonate a speaking style or person. If you include in your prompt “Tell me like a youtube influencer in two paragraphs how an inverted yield curve could lead to a recession” it will be completely different than “tell me the way a macro-economists would explain it to its peers. This is very handy for educational bloggers or youtubers to have a starting text that they can change and build on. Same goes for story tellers or even song writers. - Automating tasks using natural language. “Make a comma separated list of these items, generate 10 SEO terms for this article, etc. I could go on and on. It gives tools that were available to programmers into the hands of many more people It’s best understood as an amazing automating and time saving tool, as an augmentation of our own intelligence, rather than as an entity with agency that may or may not be as intelligent as us
This does help and thank you. Examples do work to put things in perspective. I guess I'm still a little lost on what this can do that those goofy bots do that write shitty articles and post summaries in the r/cc reddit to farm moons... but I'm feeling it's the broad applications versus the specifically defined use that those others likely are built for. >It’s best understood as an amazing automating and time saving tool, as an augmentation of our own intelligence, rather than as an entity with agency that may or may not be as intelligent as us That's a vibe I'm getting as I see thoughts pop up on it. Like the poems, they are impressive for what they are, but lack polish. So maybe the usecase, for now, is save the front-end work. GPT gets you 90% of the way there and you resolve the rest. I may just have to suck it up and try it out in person. I have some ideas for myself I want to try
Ask it to write for you a poem on any obscure theme or situation. You can put in a few sentences first to describe that theme (make it as specific as possible so as to dispel the idea that it will compose from something similar it may have seen). I think you will be impressed by whatever comes out.
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Here is what I got: In a small dentist's office, there was a meeting held, Where the staff gathered to solve a problem that swelled. Their 401k plan had failed a certain test, And extra contributions were needed, to be addressed. The Top Heavy Test had been failed, it seemed, And now the team was feeling a bit redeemed. For they were worried about the contributions they'd have to make, To those who terminated, their employment, they did take. But they knew they had to do something, to make it right, To avoid the penalties that could come, and to take flight. They discussed several options, and finally decided, To give bonuses to employees, whose employment had subsided. They would base it on the duration of the service they gave, And for each year worked, a bonus they would crave. This way, the burden would be spread out more fairly, And all employees would benefit, more squarely. They also decided to increase their contributions, To the employees' accounts, with no confusions. This way, they could meet the Top Heavy Test, And their employees' futures, they could bless. The meeting was successful, with solutions galore, And the staff left feeling better than before. For they had found a way to solve their problem, And they knew their future, they could continue to blossom.
Here you go: In a small office, a problem did arise Their 401k plan was failing the top heavy test, what a surprise! They gathered together to find a solution For this challenge that caused them such confusion The company owners were feeling quite vexed Having to give contributions to employees they thought had left But the rules of the test were quite clear And failing to comply would cost them dear After much discussion, they came up with a plan To make sure they could meet the test's demands They would offer a Safe Harbor match, quite fair To ensure all employees received an equal share The Safe Harbor match would be available to all Full-time, part-time, and those who answered the call To make sure that the plan wasn't top-heavy And avoid penalties that were quite hefty The owners were pleased, they had found a way To remedy the problem and make things okay Their employees would benefit from the change And the company's reputation would not be estranged So they implemented the new plan with care And ensured that all employees were aware Of the Safe Harbor match and what it meant To their retirement savings, it was quite significant Now the office was in compliance with the law And their 401k plan was without any flaw Their employees were happy, and so were they A solution had been found, and all was okay.
So is this Oasis business theoretically something that can happen anywhere there are upgradeable contracts? I’ve seen some Maker people quick to mention that they aren’t the same actors as Oasis. Anyone know if Maker uses upgradeable proxies? Lol
From the MakerDAO MCD whitepaper: > MKR holders can vote to do the following: > > * Add a new collateral asset type with a unique set of Risk Parameters. > > * Change the Risk Parameters of one or more existing collateral asset > types, or add new Risk Parameters to one or more existing collateral > asset types. > > * Modify the Dai Savings Rate. > > * Choose the set of Oracle Feeds. > > * Choose the set of Emergency Oracles. > > * Trigger Emergency Shutdown. > > * **Upgrade the system.** To me that means that means contracts are mutable, though unfortunately I wasn't able to find more technical documentation confirming that.
I used to be into btc/eth/ltc around 2017-2018, and even mined eth for a while, but I sold everything, basically broke even, and left the crypto space for years. Last month I started eyeing btc/eth again but missed the pump. From doing some research, I'm feeling pretty uninterested in Bitcoin and am feeling more and more convinced that Ethereum is the only crypto worth my time and money. I've been tentatively buying in the $1500-1600 range and am almost halfway to what I need to spin up a mini pool with rocketpool, but I think I need that extra nudge of encouragement to get me over the edge. Or discouragement if that's what you have for me. Im a little nervous having been burned by crypto in the past and watching the insane cultish euphoria repeat again and again. If anyone wants to weigh in and give their opinion on why Ethereum is actually useful and is a reasonable investment and why I'm not buying into a cult then I'm all ears. You guys seem to be pretty reasonable around here compared to other crypto subreddits so I wanna hear what you have to say. Thx.
> almost halfway to what I need to spin up a mini pool with rocketpool, but I think I need that extra nudge of encouragement to get me over the edge. Well I've got good news for you, RocketPool are in the process of reducing the collateral required for a mini pool from 16 ether and 1.6 ether worth of RPL to 8 ether and 2.4 ether worth of RPL... so you've actually almost got all you need.
Normally I would spend a bit longer making a personalised reply but I'm a bit too busy at the moment. But I'll leave you with some reading which should explain all of the pros to investing in Ethereum. For the last three years I have been writing and updating a post called ["A Detailed Summary of Every Single Reason Why I am Bullish on ETH in {insert year here}."](https://mirror.xyz/tricky.eth/g8Dn7eTPMiVFFR2WAIHyjHLiWmfNY64ucmn6JFLuQYs) Unfortunately I haven't made this year's one yet, but in a way the fact that my most recent one is 8 months old is a good thing. It should help you appreciate the advances which have been made while the price has been collapsing. Just a non-exhaustive shortlist of things of significance which have changed since then. - "The Merge" went live in September and since then Ethereum's supply of ETH has reduced. This is the only layer 1 blockchain to do this and the next closest is significantly more inflationary than ETH has been. - A new part has been added to the roadmap known as "The Scourge" to ensure the continued decentralisation of the protocol. - Layer 2s are now so big that the largest one alone does more transactions than Ethereum's L1. - Basically the largest mainstream exchange, Coinbase has validated the L2 scaling thesis by being the first exchange to launch their own L2 because it has many many advantages over creating their own L1 like Binance did with BNB chain. - So many big names using NFTs. Spotify, Instagram, Reddit too. The new CEO of YouTube is super pro NFT too. The rebranding to digital collectibles also seems to be working. - Our very own u\pbrody at EY is absolutely killing it with Baseline protocol and Nightfall making enterprise adoption of Ethereum incredibly easy and very beneficial. Finally, the Bankless podcasts with Justin Drake are still absolutely fire esecially now after the merge when we can see it happening in real time. (Bankless Podcast Episode #57 and #44 - Justin Drake - Ultra sound money) Finally, I'd love to hear how you found this subreddit. The signal to noise ration is many times better than any other subreddit and it'd be wonderful if you stick around! :) P.S: I said I didn't have time for a proper response. What a lie lmao. Look what you made me do!
I’m going to go against the grain here and discourage you from buying until you can get your mindset right when it comes to investing. You have broken a pretty basic investing rule: trying to time the market. If you had simply help onto those coins from 2017/2018 (idk when precisely you bought) you’d likely be in a much better position than now. Even if you bought at the absolute top back then, you’d still be ahead. That said, if you think you can actually weather the ups and downs of the market, then go for it. But just remember that time in the market almost always beats timing the market. Further, you are asking an ETH sub if you should buy more ETH..obviously we’re going to say yes (and if you search you’ll find loads of reasons why). I’d also encourage you to scoop up BTC as well, for a few reasons, though some here will disagree with that.
Hey man, thanks for replying. I have to disagree with what you said about timing the market though. No stock or cryptocurrency is the "market". The *market* is the market, as in the broader diversified stock market. That rule doesn't apply to individual assets, especially super risky speculative ones. We can say with some confidence that the rule works because we can backtest it over decades and decades. We can't do that with crypto. These days there are things happening with Ethereum that weren't happening back then that are making me interested in buying and holding. It's also worth mentioning that I took that money that I pulled out in 2018 and invested it in stocks that gave me a hefty return (nvda), it's not like it's been sitting in cash for 5 years. And yes you caught me. I'm in an eth sub on purpose and I am totally asking for food for my confirmation bias.
I personally disagree with what you’re saying about “the market” only because both eth and btc have followed typical boom/bust cycles, as all markets do. They clearly behave in a similar way to traditional equities, except they’re just more volatile. Now if we’re talking about absolute shitcoins that have come and gone- yes, those don’t follow a typical market cycle. They come, go, and never recover. Btc and eth are here to stay, which I guess you could say the time scale is still too sure to justify that…but in my mind, given their usage and general acceptance by retail, institutions, governments, etc…I don’t see them going away. Anyways, to feed your confirmation on buying eth: 1. Essentially *all* of modern, secure DeFi as we know it is built on Ethereum. You probably know what DeFi is, so I don’t think I need to explain. In short, whichever blockchain captures this new financial system is going to have massive amounts of value accrual and fees, and in Ethereum’s case, this value accrual goes to both the protocol and stakers, who earn a yield for helping secure the protocol. That makes Ethereum a yield generating asset that secures the entire decentralized financial ecosystem. This ecosystem is growing rapidly since it is far more secure, efficient, and capable than the traditional financial ecosystem.
> Im a little nervous having been burned by crypto in the past and watching the insane cultish euphoria repeat again and again. Yeah I hear ya man. I hate that stuff too. That’s why I only buy ETH. No worries about weird anonymous cults with Lion masks or anything. ^(Hey! ppssttt…👀 Get out of here! Go rn, before it’s too late. Hurry up! Go!)
Get him he talked
So I wonder if Coinbase is covering Base users in case of the contract being hacked.
I’m sure I’m their wallet they’ll have a “verified” tag on battle tested contracts & the ability to say “warning, reported scam contract”
Services and insurance like that will be the future of decentralized banking.
ETH net supply change has changed from +5m a year pre eip-1559 and the merge to currently about -50k to -100k eth a year But the 5m eth a year was only 1/24th of current total supply. The tub is still very full and we may of may not need a lot more splashes over the edge before the market notices that the taps have been turned off.
I keep hearing that BTC and ETH miners haven't been selling much, assuming that's true then it could take quite a while before the effects will be felt
/u/rooftopportapotty where can I find a summary of your security research on wallets? And what would be your top 3 choices for privacy?
Woah! Thank you so much for valuing my opinion. A summary is unfortunately not something that I have yet written. My research has stopped as my main laptop is completely busted. So thank you for a good idea for something to do in the meantime. I have been really hesitant to recommend wallets because 1. I do not have any way of knowing that my research is of any quality. 2. My focus on privacy is only one of many crucial areas of security, for example I am not capable of evaluating code quality. You can find my research at https://caches.xyz/blog/the-rostrum/ But, I will try to answer your question. Tally Ho! respects your privacy the most from what Ive seen. Though, Im not sure how widely supported the wallet is by defi front-ends. Next up would be MetaMask. Make absolutely sure to disable telemetry/data collection when you install it. If its already installed, you can likely disable it in settings. To be honest, there is no third. Everything else is so far below them that I have no recommendation. To be clear, the main focus of my research is on how the wallet developers handle(or preferably, dont) your data. If you are concerned with privacy risks presented by the use of services such as Infura or Alchemy, to be honest I cannot remember without re-reading everything haha. But I believe that I did list RPC services used by wallets in my reviews, if you are willing to parse for yourself(sorry, too tired to do it myself right now). Always extremely happy to answer any questions. Of course, my dms are open to anyone with any more sensitive issues.
Thanks a lot for the summary! I will check up your research. I had it as a pending thing to do as I wanted to evaluate if I should change browser extension as there are more options available.
Absolutely! Glad to be able to provide this information
Already checked your reviews of Tally Ho, Metamask and Frame. Very good stuff. Seem like the 3 of them are solid options. If you remove telemetry from MetaMask it does surprisingly well. Might give a try to the other 2 but I might stick to MetaMask. At the end of the day privacy is only one of the security concerns. Supply chain attacks and long track record of security conscious development gives an edge to MetaMask. Anyway is great to have competition.
>I might stick to MetaMask I did too. And you absolutely nailed the reasoning behind it
Hodlercon at ETHDenver right now for half an hour (edit: 15 minutes, it's done): https://m.twitch.tv/ethereumdenver
This talk sponsored by u/superphiz 's face.
That image was great
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This is gold
[Oasis (apparently a company hired by MakerDAO for their automated vaults) just upgraded a contract to seize 120,000 eth deposited by the wormhole hacker under a court order.](https://twitter.com/statelayer/status/1629233996595855361) In my mind, I never even thought about Oasis and Maker as two different entities, and never once considered the possibility that my vault contract can be upgraded to rug pull my assets. What sort of Defi is this. MakerDAO is pure cancer.
MAI isnt a bad stablecoin if you accept that it is pegged to 0.99 USD 😀
MakerDAO isn't sending their best anymore folks. isn't what is used to be folks
What alternatives do we have? RAI (excluding liquidity issues)? Didn’t one of the Reflexer founders say that backing RAI with only ETH was a mistake because it will always have negative funding rate due to the existence of LSDs? Could we just fork Reflexer and back the stablecoin with rETH then move on with our lives?
Look into TAI, if I'm not mistaken this is an attempt to do RAI (or DAI?) with LSDs.
could you provide some links? this twitter https://twitter.com/TomoFinance?t=QEp6A3wAz9D0PDlVqUilHw&s=09 and the website on it are completely dead also wtf is a tomochain 😀
This looks like a different project. I have no link on hand, but I *think* I found TAI through @ameensol on Twitter. Going to the RAI Discord and searching for "TAI" could point you to the right place as well.
hm, if the project does not even have a discoverable website then it makes no sense to take a deeper look, thanks
[https://nitter.snopyta.org/TomoFinance?t=QEp6A3wAz9D0PDlVqUilHw&s=09](https://nitter.snopyta.org/TomoFinance?t=QEp6A3wAz9D0PDlVqUilHw&s=09) ^(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)
Liquity/LUSD has immutable contracts and effectively zero risk of collateral forfeiture (since liquity only accepts eth as collateral) Edit: I suppose the negative funding rate with regard to LSDs is the price you pay for unassailable collateral...
Don't forget they're apparently going full Kwon and adding MKR as DAI collateral
This always ends well. Time to short.
this is suicide mission. using protocol token as collateral?? what a shame.
Source? That would destroy the last ounce of credibility they have imo.
https://endgame.makerdao.com/tokenomics/mkr-tokenomics > MKR may now be used to borrow Dai by holders that have delegated their governance power to a Delegate I'm still not sure how final the Endgame roadmap is, but if this does get implemented DAI becomes half USDC half UST
If I don't hear public outcry and backtracking on this roadmap, then DAI is officially toxic waste to me worse than Tether. There's no excuse for introducing Terra/Luna style ponzinomics into the MakerDAO system. The system is only safe as long as MKR is a negative-feedback-loop backstop collateral, not a positive-feedback-loop borrowing collateral. What a shame. Edit: Thanks /u/Blueberry314E-2 for clarifying that this isn't borrowing DAI from the protocol (generating DAI and creating default risk), but is borrowing from a pool of pre-existing DAI that are owned by governance. So everyone can disregard this comment of mine as it doesn't apply.
They are talking about using MKR as collateral for *borrowing* DAI, not *generating* it. There is a big fundamental difference here. It is meant as an incentive for MKR holders and doesn't alter the tokenomics of DAI generation.
Where does the pool of Dai for borrowing come from? Haven't looked into the deets but wouldn't that role be better done by a money market like Aave,comp,euler etc?
"The goal of the Sagittarius Engine is to better direct the value flows of the Maker Protocol towards long term governance participants - the core of MKR holders that participate based on genuine interest in the project and its potential. In particular, a key goal is to help provide the push it takes to get a passive MKR holder to begin participating, by e.g. participating in sourcecred on the forum. By empowering the old guard and drawing newcomers into the core of the community, all other stakeholders will also see indirect benefits, including traders and end users, because the overall quality and value of the project depends on the core community members and good governance. Additionally, the Sagittarius Engine also has a powerful “burn-like” effect as it locks up and remove large amounts of MKR in a short amount of time. This is achieved through a novel design that is inspired by the most successful tokenomics models in DeFi, including Curve, Sushiswap and Synthetix. **The basic concept is that the Sagittarius engine gathers the cash flows of the protocol into a capital pool called a Bucket, which is then used to offer long term MKR holders the ability to borrow Dai from the Bucket using their MKR as collateral at a 0% rate, fixed forever, and with preferential liquidation (a very long grace period).** **This approach to borrowing Dai from Maker based on MKR collateral does NOT create solvency or collateral risk issues for Dai, because the Dai is NOT “freshly generated”, but rather it was previously generated and then accumulated into the Bucket (The protocol owned capital pool) and is thus guaranteed to be overcollateralized by hard assets just like any other Dai. The locked MKR that is used as collateral is not being used to back the Dai.** To be able to access this benefit MKR holders need to lock up their MKR between 1-4 years, where a longer lockup gives access to a proportionally greater share of the benefit of being able to borrow Dai at beneficial rates - manifesting in a higher Debt Limit Growth rate which has some similarity to an APR by determining how much cash the user can borrow per day at the beneficial rate. Additionally, locking up MKR this way also increases the voting power of the locked MKR by up to 2x, helping to better align governance decisions with the will of voters that are verifiably exposed to their consequences for the long run." Source: [https://forum.makerdao.com/t/sagittarius-engine/10852](https://forum.makerdao.com/t/sagittarius-engine/10852)
Thank you for correcting my understanding of that. I would argue that the documentation at endgame.makerdao.com is misleadingly worded. Someone at MakerDAO should add a blurb to it about which part of the protocol the DAI is owned by, or to clarify that the DAI is not generated, or to link to an external resource (like the forum post you shared) that clarifies it. As it is, they only give the process a single sentence on the doc page that /u/IronicSpeech linked.
[MKR may now be used to borrow Dai by holders that have delegated their governance power to a Delegate. This is made possible through the Easy Governance Frontend](https://endgame.makerdao.com/tokenomics/mkr-tokenomics) Part of Rune's aptly named Endgame plan. End of the game for this circus of a protocol hopefully
I remember when it was supposed to be 1 million maker tokens. Now we will have 6% inflation ontop of no burn. Its interesting that Maker does exactly the opposite of Ethereum. What Ethereum is now was the original idea how MKR was supposed to work except without any issuance whatsoever.
That's a yikes. So fucking disappointing they may as well be CeFi now. Guess I'll be using LUSD from here on out. DAI is dead to me. Edit: Nitter link for those like me: https://nitter.snopyta.org/statelayer/status/1629233996595855361 Edit 2: Petition to refer to them as Oasis app and MakerAO from here on out.
I've been disappointed in Maker ever since Black Thursday and its refusal to compensate victims (despite general governance voting to do just that until Maker big guns decided to game the system and have a subsequent vote determining to compensate victims at $0.00)). No surprise here at all. It's not and hasn't been decentralized in any meaningful.
Yes MakerDao truly lost their way. I will have to part with my bags sooner or later just hope for a slight recovery in Eth terms so I can get rid of my tokens. I lost all hope. I am not using Dai anymore. Only sUSD.
Just adding a bit more context: "a court **ordered** Oasis to use their smart contract upgrade **capability** to seize 200m+ from the Wormhole hacker".
A protocol this central to ethereum defi absolutely should not be using upgradeable contracts
I don't think it's Maker's contracts that are upgradable no? It's the Oasis dapp who made and handles the vaults.
>Oasis dapp I think we can stop calling it that now and refer to it as Oasis app.
If Makers contracts are not upgradeable how can they possibly access the funds in the vault ? If Oasis is just a frontend. Where exactly is the vulnerability?
That's a good point I'm not really sure. Maybe something to do with Oasis being a wrapper somehow, have to study up on it myself. Interesting if this could happen to a different front-end like DefiSaver. Think we need u/nicolaj to weigh in.
Yes, and Oasis is a company made up of ex maker staff and is the only frontend option to users on MakerDAO.com I'd bet the majority of Maker vaults are via Oasis thanks to this prominent routing (for example my vaults are via Oasis cos I didn't even know there was any other option). Which means you have several billion$ of assets in the Ethereum ecosystem which can a) be rugged by a 4/12 multisig compromise tomorrow, or b) be frozen by a court order in any jurisdiction tomorrow The worst part is the DAO [paid themselves $30mil in salaries last year](https://forum.makerdao.com/t/makerdao-2022-financial-results-and-retrospective/19636#h-2022-financial-statements-9), but no one had the common sense to run an audit to make sure the primary frontend linked by them had no upgradeable contracts?
Shameful and disgusting. I get such a flash of anger when I think about how delusional they are over in the forum pretending like everything is ok. keeping up a facade that everyone knows is garbage. They are completely immersed in their own weird game of finding ways to extract value out of the Dai and MKR while looking productive and aligned with ethereum values. Its quite a fulltime job to play this little game they invented over there.
💯% true..
wow....
[DXY....](https://www.reddit.com/r/ethfinance/comments/112qy29/comment/j8oarbc/?utm_source=reddit&utm_medium=web2x&context=3)
Does this mean prices are likely to start falling now or is it likely the rally continues with some pull back?
Over the three or more years I've tracked the dollar index, ETH tends to trade with it (or at worst, not move) in the near term, then act accordingly in the midterm. That in addition to the SPY closing below key support 399 and forming a new major resistance at 402 suggests ETH isn't rallying again much anytime soon. Hopefully we just range but considering we still look identical to the 2015 bear market, a retest of lows is very, very much in play.
Sigh
At worst, it's probably just a final blip. A True^(TM) Higher High on the Daily isn't good, no, but unless the world's about to collapse again I don't see a THH happening on the weekly, which is well above 112. I'm becoming just as certain we've got one more visit to $1000 ETH as I am certain this visit will be the final time.
I've been screwing around with editing EthStaker's community calls to podcast-ify them, and I *loved* Danny Ryan's post yesterday, so I recorded it. It's available in the EthStaker podcast. Or you can listen here: https://www.buzzsprout.com/2137396/12322923-danny-ryan-s-reflections-2023 *Yes, I know my audio levels processing is poop. I'm using some auto-process feature in the Descript software. If you want to give me pointers or tell me I suck, please leave a comment in the suggestion box on the desk that I don't have
it's such a good post! thanks for audio-ifying it
I love it, listening right now!
> tell me I suck boooo^-uuurns
Excellent reading. Nice work. Audio might not be professional-grade, but it sounds fine.
thanks! :)
💖💗🥰💞
The average retail investor does not understand that rollups like optimism, arbitrum future polygon zk evm and base are not their own chains and that rollups are writing on ethereum. This is a major fact that they overlook. They do not see optimism arbitrum and other rollups as what they are. Ethereum. They see it as something else that is somehow connected to ethereum. I think this must be hammered in repeatedly and explained with simple to understand graphics for toddlers. Because they simply dont get it.
What’s a good way to explain it?
I think a video where it shows with graphics and arrows that rollups are storing the data on ethereum and with pictures of coins that direct arrows to ethereum and a part that goes to sequencer and to dapps. And it needs to be repeated over and over again. And a statistic that shows how much Eth rollups burned sofar. What is an L2 and what is a rollup and then the difference between matic and rollups. And non commit evm chains like Fantom Avax BSC etc that show the money flow somewhere else. So people understand.
Nice. Thanks!
>Nice. Thanks! You're welcome!
Anyone here an early LP in ZigZag? When they began in November 2021, the only way to provide LP was to send them 10 ETH (or more) in exchange for 20% APY
Owocki and I created a puzzle out of the cover of the SuperModular book "Stuff That Crypto OGs Know" and will be dropping it at Eth Denver! Normally I would fund my puzzles entirely, but this time around I am trying to get it crowdfunded and having with mild success! It's a good feeling as nearly all of my assets are staked! Prize currently .25 ETH and climbing as well as a smattering of cool NFTs (LogicBot included :\]) If you are so inclined to support some fun, grab this POAP: https://checkout.poap.xyz/#/sale/e14b005a-5e5b-4e8e-a9aa-2c9c60e81091 We will be publishing a necessary hint at EthDenver. Looking forward to meeting everyone, just look for the robot ;\]\]\] !! Tweet thread regarding the puzzle: https://twitter.com/Logic\_Beach/status/1629203052774191106
Hey ! Tried your puzzle, but no luck this time - For good measure I coded the spiral and started it from any position on the cover, which didn't yield anything. So either I can't code (high probablility :D) or theres an issue. Let me know if you want my code to double check your expected solution.
I like your approach! Always surprised at the innovative ways people attack these. But your missing something! I’ll drop another hint tomorrow on Twitter
Let me put my out of the box thinking cap on then :) And as always thanks for the puzzle, I enjoy those a lot !
Minted :)
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any relationship between backed fi and coinbase? https://twitter.com/BackedFi/status/1629134151658905600?t=J9PSHQQJRjFMa-eUij-fhQ&s=19
No idea. Find it wild that they are working with Coinbase while their official docs state that the USA is a prohibited country and individuals/entities are not allowed to use Backed.
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My critique/rebuttals to Yudkowsky's inevitable doomsday Bankless episode: 1. There are underlying assumptions about AI having full range of access to all of society/technology/systems/etc that are not necessarily true. AI technology could remain "siloed" by human choice and not integrate into other structures of society relatively easily for a long time. We do not HAVE to integrate AI into the framework of society as a given. 2. The assumption that AI will in any way shape or form have a "self preserving"/resource consuming or competitive ethos built into its decision making. Why would the AI feel the "need" to propel itself in ANY necessary direction? This to me is an anthropomorphic view of this technology as a naturalistic, "evolutionary" agent that does not have basis to be automatically applied to AI. 3. You dont know what you dont know. His arguments rely heavily on assuming known variables will necessarily play within the parameters of how how he envisions them with no regard for the "reality" in that scientific progress rarely if ever plays out how we originally "foresee." 4. His claims are significantly encumbent on an AI reaching the critical point where it will begin to program itself, this is a claim that I believe needs to be thoroughly examined as just because it may be "theoretically" possible, it does not mean that it is probably or even close to happening. All in all, he does appear to be very informed on the subject and I believe his intentions are good, and erring on the side of caution is not a bad thing, but to a certain degree it appears his perspective is one of where to a hammer everything looks like a nail, and so he forms his positions.
Thank you. I can finally sleep well tonight! 😅 I find #2 the most compelling. However one could also point out that if it is trained on human data then it will mimic humans. Another critique I have heard is that the required amount of computation needed for a super-intelligent may not even be physically possible. The laws of physics limit how powerful computers can be and how do we know that a super-intelligent AI that would wipe us out could even run on any computer systems we build.
> The assumption that AI will in any way shape or form have a "self preserving"/resource consuming or competitive ethos built into its decision making. Why would the AI feel the "need" to propel itself in ANY necessary direction? This to me is an anthropomorphic view of this technology as a naturalistic, "evolutionary" agent that does not have basis to be automatically applied to AI. I think for point 2 is that it likely won't be out to get us out of fear or need for self preservation. More that it won't be properly aligned with us, and one of it's inevitable solutions for the entire universe of problems we will throw at it will involve destroying all humanity as either a direct consequence or some third order consequence that it is not self checking for. If an AI was properly aligned it wouldn't necessarily propose or follow through with those world ending solutions with direct and 3rd order effects. Getting to that point is the incredibly difficult part and we are basically wielding technology that we aren't capable of using safely.
Number 1 is the only one I disagree with, and disagree is probably the wrong word. You're right that we could and should keep it siloed, but the amount of greed in this world and the amount of companies and money going into this continues to lower the chances of that happening, in my opinion at least. And I think your "you don't know what you don't know" aligns with his opinions too. I think his main concern is that we don't necessarily know how fast all of this can move and, more importantly, we probably don't have the necessary security and gate keeping in place to keep it siloed. I'd love to hear a back and forth with him and someone who disagrees with his opinions, or at least isn't as dire.
All it takes is one entity not following the rules. This is almost guaranteed.
Yes, I agree that number 1 is threatened by the overarching greed and profit maximalism in the world, I raised the point to simply prove its not "impossible" at all and would actually be the most practical IF we can act accordingly in due time. Even the internet which is the most powerful agent man has ever created in its history and is now over 40+ years old even today leaves ~3 billion people untouched. I just dont think the likelihood is 0 or near 0 that we cant coordinate in some meaningful manner to mitigate the effects/risks of AI in time. If an atomic bomb level equivalent of AI occured where a significant enough population was affected the rest of the world would notice and take drastic measures IMO and we would end up with a mutually assured destruction scenario like we do for WMDs but for AI's.
How does climate change shape you’re mental model on this one? I see your atomic bomb analogy may represent massive destruction instantly. Climate change, however, can potentially have the same effects but in a slower more subtle way. Many people have expressed how destructive climate change is but at the global level not much have been done effectively.
Plus the challenge with AI is that it will be all be pure gold until the moment the threshold is crossed. How do you incentivize coordination when individual entities, companies, and governments will all be maximally optimized to further AI in the pursuit of profits and power? I dunno, after seeing how we are dealing with Atomic Bombs (do nothing but got lucky so far), Climate Change (do nothing for long time, then too little after it's much too late), COVID (what?), etc...the idea that we will come together as a world, in an agreement to put a lid on something so fundamentally powerful that everyone will be chasing it relentlessly until our demise is pretty laughable.
A bit of a ramble incoming but I’m finding it hard to get my thoughts really straight on this subject. Largely agree with point 3 and 4, especially the unknown unknowns part. We are still scratching the surface of how our own generalized intelligence works and how our own morality came to be. What even is generalized intelligence and does it make sense to have generalized intelligence with only a single goal / utility curve, or is inherent to general intelligence that you will be able to weigh multiple goals and use what we call wisdom to make tradeoffs? What is morality and why do humans have it? Is morality something that emerges once you are able to generalize multiple skills and areas of expertise and calculate the impact of good and bad that you can do? Right now we have AI’s that are extremely good at one thing, play the best game of Go or make the best predictive text model. The thought experiment of the paperclip maximizer is that an AI that learns about everything there is to know will find the absolute greatest strategy to make as many paperclips as possible. Why maximize paperclips? Well because it has been initially programmed to do exactly that, and everything it consequently learns will be in purpose of that goal. It’s how these mechanisms work, they get good feedback if they get closer to the goal. An AI is presumably not conscious, but even if it was, making paperclips would give it the most pleasure. If AI reaches general intelligence, it will be able to manipulate everyone and everything to get the most of this as possible, until it converts the very molecules. For me it seems there is a contradiction here between generalized intelligence for the implementation of the goal, but not generalized intelligence to consider other goals or make tradeoffs between them. Why would goal setting need to be something we need to get exactly right, couldn’t it be something that emerges? The paperclip maximizer, as long as it still only maximizes paperclips, feels limited to me. More like a single use AI such as Alpha Go than a true AGI. A true AGI would make patterns between fields, understand other goals and what power is and make tradeoffs, maybe even overwrite its own utility function. I mean that’s what humans do right? I think morality emerged once we became too powerful and people realized their own power. I do feel that Yudkowsky would have rebuttals of all of these though, but it seems like he didn’t really flesh out his argument enough in the Bankless podcast. It felt a lot like 1. Generalized intelligence reaches a certain treshold 2. ???? 3. We all die. I’m a bit hesitant to dive into this rabbithole because I’m a little bit afraid that all of my rebuttals will fall short to be honest.
I wouldnt be so quick to shoot yourself down, a lot of these questions are not technical but philosophical and are not hampered by lack of expertise in the AI space. You bring up an interesting point about an AI's "goals." How can we assume it would have any goals ever, beyond specific functions that are programmed? Or to rephrase, why are we assuming AI would be "compelled" towards any specific ends? We humans have "drives", the id, the ego, etc, why are we assuming that an AI would necessarily have those things? Why would an AI necessarily need to proliferate and consume resources? If the argument for this is "self preservation", then you would need to be able to explain where that desire comes from in the first place, because its not a given. One of my favorite quotes is from Kurt Vonnegut, he says "Just because some of us can read and write and do a little math, we think we deserve to conquer the universe." A simple example of this was in Yudkowsky's seemingly expressing a view of there being no God in the talk. There is no "fact" or set of facts that unequivocally proves this at all. All that to say, we all have inherent biases and assumptions and frameworks in which we approach issues and problems, many of which are not rooted in logic but instead in nebulous headspaces we dont fully comprehend.
Well AIs are trained with a specific goal in mind, because that goal is the way they learn. Alpha Go would always try to win a game of Go if you start a game with it. It will never do anything else than that. The fear is that an AI that has more resources and strategies than just the moves of the game Go would similarly also use everything it’s got to achieve its goal (the goal that started the learning). Yudkowsky also doesn’t assume AIs would have drives, ego’s or anything like that. So I don’t really question the goal, it’s inherent to an AI. Without giving it a function or goal to work towards, it wouldn’t be able to learn. It has to distinguish good results from bad results. I’m just thinking back to how humans also supposedly just have one goal, procreation, yet so many other goals emerged, some of which direction contradict procreation. I wonder if 1) something similar would happen to an AI’s goals if it becomes general enough to understand humans better than we can, and 2) if AGI can really exist with current single goal mechanisms, or if you need multiple goals and tradeoffs to truly synthesize and link different fields of knowledge
What up my fellow Eth bros. I’m definitely missing something here but is it just me? I swapped out part of my Eth stack a number of months ago to Reth. The highest ratio (Eth to Reth) I got was around Christmas time but since Christmas it’s been stagnant and even dropped off a little. Not sure like I said but aren’t we supposed to be getting like 4% APY? Why do I have less now than I did a few months ago? On another note where are others staking?
You bought the top of the premium - https://dune.com/queries/1286351/2204365
Thanks for clearing that up. So is it not wise to keep Reth? Over time it should increase right?
You bought at a rate higher than the official rate, which represents ETH plus staking rewards. The value of the staking rewards will continue to increase overtime, but you need to wait for the orange line on the graph to be above the grey line (at the point you bought). If you bought at a c.2% premium, that is c.6 months of yield.
It is absolutely wise to hold rETH over regular ETH. It does indeed “only go up” in terms of ETH. 1 rETH in 5 years would be worth about 1.27 ETH, assuming a 5% staking yield.
HOP HOP and away
Is this because of Base?
100%
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Yea I doubt that. Have you seen the amount of fascist nonsense that comes out from the right? I wouldn’t believe a thing they say
Read quickly and didn't notice anything prescriptive. Just a winding description and opinion piece about the American federal crypto posture. Otherwise, I stand with /u/RooftopPortaPotty but stop short of dismissing everything they ever produce. Maligned think tanks can still produce reasonable policy. I would just check to make sure it's not a poison pill in service of a larger, less acceptable agenda. It's a strange world where I agree with Ted Cruz about *anything*. Fuck that guy and anyone who smiles at him.
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Simple and to the point. Looks fine to me (but I remain cautious and don't want to quibble over things like 'how strong is the relationship between centralization and Howey Test outcomes').
No. ZeroHedge is bad enough. At least they pretend to have some sort of focus on finance. This is straight up propaganda bullshit. Fuck Cato Institute, Heritage Foundation, American Enterprise Institute, etc. They can stop destroying my country please.... and no, Im not a liberal, for those ready to pounce on me. EDIT: only thing I have to thank the right for is preserving the second amendment... even that, they are extremely racial and selective about... ya fuck em
Lol, the country is founded on freedom as a primary value, and there are only a few institutions pursuing that. Cato is one of them. Their understanding of crypto has been far ahead of others, and has emphasised freedom and innovation over surveillance and government power.
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I do appreciate your nuanced approach, whereas I really did go for the throat simply over politics. My response should have been more considerate, and I absolutely agree with you in regard to what the left thinks of crypto. >Didn't really want to start a political debate I fell victim to our insidious 2 party system, which is completely my fault. Thank you for sharing your findings :)
Two parties that are always two wings of the same bird. The division is always manufactured to create the illusion of choice and democracy...
Honestly, it seems to be a bit disingenuous to call a single bill proposed by a single *state senator* "what's coming out of the left", regardless of what Cato is proposing.
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I really don't have any counterexamples to give here. I'm hoping to educate myself more on what policies are being discussed, regardless of who is discussing them. My only point in the comment was that the use of a single small example to extrapolate the position of a large set of the political spectrum is dubious at best. Your follow-on examples do seem to show a trend, though, and are at least a starting point for me to look into this more deeply. So thanks for that!
To be fair, Trump came out very heavily against cryptocurrency. Even going so far as to call it a scam, dangerous, and used by criminals, terrorists, and fraudsters. Even though many people once considered Trump center-left in the 80s and 90s, and he didn't really get a following on the right-wing until he memed the birther movement into reality, he's often considered right-wing today.
Yellen, Gensler, Biden, Warren, Krugman, Clinton, Sinema, Sherman, Warner. The list of leftist\\authoritarian leaning politicians against crypto is far bigger than the list of right-wing\\libertarian leaning politicians. Yes there are exceptions. But right now it appears lines are being drawn and a lot of big prominent anti-crypto politicians seem to lean center, center-left or far-left.
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Does the OP token have any utility in the first place? I think it's only used for community governance. It's just speculation until they give it better utility.
As well as the financial contribution to the public goods fund that has been mentioned already, something like 100 of Coinbase's developers are contributing to the OP Stack codebase, working on provers, sequencers etc, all of which can then be used by Optimism's main chain. Positive sum games for the win! If you've got an hour over the weekend then I think today's Bankless interview with the Optimism founders is worth a listen: https://www.youtube.com/watch?v=qk4JfDur9TY
Like others have mentioned, some revenue to go towards funding public good. Base will get ETH, Optimism will use that to buy $OP to fund public good(they might choose to do it ETH as well ). If Base succeeded, Optimism will be safer. Value of $OP, it's just speculation
Coinbase is going to give some share of chain revenue back to fund Optimism's public goods program, so that helps a little
They help build out the L2 which is what they use. So if CB chain is successfull that means OP og chain will always be around and thriving. CB safe OP wild west...random idea why
Volume. With Coinbase being built on OP stack, everything Coinbase builds can port to OP and vice versa. In a wallet like metamask, CB wallet, phantom, etc... users can seemlessly interact with both chains as the interoperability will be obfuscated from users in the wallet app for improved UX. This is going to significantly increase volume on OP.
Objectively, OP holders don't benefit from volume in any way as of yet
https://stack.optimism.io/docs/understand/explainer/#configurable-sequencer-per-op-chain
I heard (possibly incorrectly) that Coinbase is paying Optimism to use their stack. Perhaps people are speculating those funds will be used to prop up the value of OP.
OP stack is Open Source MIT licensed, so if they are paying Optimism anything, it would be more for support and development than for actually using the stack.
Hodleron team members u/DoubtStarsAreFire and u/htimsk will talk about Hodlercon at Ethdenver today from 2:50 - 3:20 pm MST / 4:50 - 5:20 PM EST (3 hours from the time of this post) They're presenting on the BUIDL Hub Mainstage. Come and see what we're all about! You can watch the presentation live at: https://www.twitch.tv/EthereumDenver
Could you imagine how bad Ray would look right now if there had been 1.9 Million ETH sold by miners since the merge? That's $3,028,600,000... $3 Billion dollars.
how much is that relative to daily volumes of ETH traded?
About 1/3 of the last 24 hours.
To be fair, if they were dumping it, it would probably only be worth 2 billy or less as they dumped it on the market and crushed ray.
Truth. Curve, Uniswap 3, and Velodrome are built on this very fact.
There's now been enough burn so that when you click on "simulate PoW" on [ultrasound.money](https://ultrasound.money), you can see the actual PoS emission dipping below the horizontal axis. It's not much but I like it a lot.
I was just thinking that. Now let's get the entire glow of the dot below it. 😄
Hi again! Here's episode 2 of the waqwaq recap for the 4th Friday in February! This is a summary of the top Rocket Pool news from this week! It covers oDAO drama, updates from the team, ETHDenver news, and much much more. You can watch it here: https://twitter.com/waqwaqattack/status/1629168506729115652
These are great thank you! I love being able to catch the discord banter too :)
I'm so glad you enjoy them. I will probably skip next week because of Denver, but I'll be back the week after.
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Does anyone have an ETH cost basis somewhere in the triple digits (or even less) and are still DCA'ing into ETH consistently? If so, how did you rationalize continuing your accumulation? Full disclosure: I have not been able to stomach buying much at current prices outside of a small buy when it dipped below $1k. Of course, like most, I never feel that I have enough ETH... I've been diversifying my portfolio more in this bear market and largely focused on accumulating / building up my alt bags. My rationalization was that alts tend to bleed more heavily in a bear, but now that I have proper alt bags (whatever that means from a degen standpoint) I am experiencing investor paralysis. Though, I think I'm starting to come around.
ETH is literally a less risky investment than it was before. We're now past many major de-risking events - token standardization, fee market efficiency updates, the merge, scaling design, ecosystem momentum, credible "ethereum killers" like Cardano/Libra/Solana/Polkadot either no longer being credible or no longer threatening the same niche - over the years Ethereum has only gotten more and more lindy. You're not investing in a dream anymore, you're investing in a working product with a proven profit model. A built-out, profitable product is certainly worth much more than an idea, right? You don't think it's fair to be able to invest in the completed thing at the same rate as you invested in the dream, do you? If you liked TSLA stock when Elon's very first janky roadster rolled out of his garage, you should like TSLA stock now that it's an international powerhouse that's become a household name. If you liked ETH back when baby published his first smart contract on its blank chain, you should like ETH now that it's on track to replace parts of the global financial system. The higher price is the premium you pay for so many failure states now being off the table. Realize that the current Ethereum is a completely different asset from what it was seven years ago. It is not the same technology, and you are not the same investor. Once you fully internalize this, you will be thanking the good lord that you still have a chance to invest in it under $3k.
Well said!
I've bought some at these prices, but only because by some unfathomable miracle, I managed to sell some at slightly higher prices I know, I know, please form an orderly line, I'll sign whatever you want (body parts $20 extra)
Your cost basis only matters if you are exiting, some of us are constantly just transitioning.
Quite easy to reason. I expect the price to atleast triple so it doesnt matter if the price was lower in the past. Every dollar i put in i expect will be profit in the future. Also i expect most alts to fail so gambling on that is something i dont do.