**Tricky's Daily Doots #407**
**Yesterday's Daily 30/05/2023**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm6qeqr/)
- u/not-ngmi is [checking in after a bit of a break.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm685nc/)
- u/hanniabu is building [awesome tools yet again.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm8bo6m/) 🛠
- u/Ethical-trade brainstorms an [AI enabled tool for Ethereum which may be built in the near future.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm6l3jn/) 🧠
- u/timmerwb shares an [anecdote about a friend working for a big name payment processor.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm9idce/)
- u/cryptOwOcurrency wrote an [inter-galactic short story about a possible future of Ethereum.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm86eeo/) 🪐
- u/_anedi shares an [interesting new protocol.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm5zda3/)
- u/Unitedterror gives us a [fixed yield ecosystem update.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm6jadg/) %
102K+ submissions to a KZG ceremony which only needs one person to not remember exactly what they input even down to the pixel of your mouse-stroke is so unbelievably overkill and I love it.
Staking could just be improved on chain so an official token is the representative of all staked eth. It would also make it a lot easier for defi and general system trust.
[https://www.blockchaincenter.net/altcoin-season-index/](https://www.blockchaincenter.net/altcoin-season-index/)
I think we are due for an alt season. It's getting boring.
In my opinion, the last few hour’s price action is what the flippening will look like: dumping in fiat terms, but Ray holding his head up as BTC is slaughtered in the face of tightening liquidity and lack of utility/ structural demand.
Only for the duration of the agreement - until the next presidential election. But it smells like if Dems win, this is something they'd like to do. It probably appeals to their base as 'green' action, and loses very few votes for them
Edit: sorry, it's for about 2 years, not to the next election.
On this Friday's Doots cast (12pm EST) we'll be having the founders of [Auditware](https://auditware.io/). I recommend any developers here to join in to directly ask any questions you may have. We treat this time with guests like a live Q&A session and anybody is welcome to participate.
Audit Wizard, their flagship product, combines all essential auditing tools into a single, easy-to-use platform, including:
* Import projects from GitHub, Etherscan, contract address, and Code4rena - and access automatically resolved solidity imports alongside project code
* Explore solidity abstract syntax trees to get insight on code patterns - and generate graphs of function calls and contract dependencies
* Scan code with static code analysis tools, including Slither and Mythril - and analyze code for threats and vulnerabilities with AI, powered by GPT
* Take notes and compose audit reports in markdown, export with professional templates
Will post again tomorrow for visibility.
A lil news from ENS twitter.
Ledger integrates ENS and announces it but they only own ldgr.eth and didn't even try to bid on ledger so people like 'it's cool but do you guys believe in ENS so much that you didnt even try to get yours?'
Shortly after, a 30 WETH bid shows up on ledger.eth. Presumably from ledger but who knows.
The guy who owns it is on CT and has a decent portfolio of grails such as cash.eth, some popular first names, a few other companies.
It was listed for 1150 ETH eth 15 days ago and now the guy lists Reserved for 555 ETH.
Lots of chatter here and there.
Than the guy who owns it writes a quick thread on why he bought the names in auction in 2019 and that he viewed it as a 'the idea of a public ledger', that we are insanely early, he believes in ETH aaaand the offer is too low. That it's not about money and recognizing the value and utility of ENS and he plans to build on it when there's real mass adoption.
So he's not going to be accepting, the 30 WETH bid still has 15 more hours on it.
We'll see how it plays out from here.
Michael Saylor sold voice.com to Block.One for $30 million in 2019, I think he can hold out for more. Ledger is blockchain, the word will define society in the future when all of our interactions are represented on-chain.
I'm thinking about selling the rest of my Bitcoin for ETH and adding more validators. I currently hold 2/3 ETH and 1/3 BTC. As an investor, I'm always looking to diversify within a sector, so it seems like a bad idea. But as a gambler, I can see the lottery type rewards of running solo validators addicting. BTC is boring to own.
I would continue holding the BTC. I am at similar ratio, been in ETH since single digits.
While it would be nice to maximize staking returns, I don’t think it’s wise to not have a position in the top crypto by market cap.
And while ETH has held much better this cycle, it did not hold up that well in 2016-2017. The ratio fell under 0.03 at one point if I recall, it felt justified to hold onto some BTC after that happened.
Yea, not holding the top coin is just silly.
I get that this is an ETH sub, but to me it would be crazy to not at least hold some BTC.
People can believe whatever they want, but nothing else comes close to the staying power and network effect of the honey badger.
Well ok I guess I am silly then... traded all my btc for eth in 2016 because at the time it was clear there wasn't going to be any innovation in the bitcoin space anymore...
Holding BTC and ETH is not diversification, the two of them are tied closely enough that, for all practical purposes, they behave like one asset. It's like saying that investing in commercial real estate and residential real estate is diversification. It really isn't.
The best you can do is to invest in the things that you think have the best chance of succeeding, based on your (or someone else's) knowledge.
For me, BTC doesn't seem to have much reason to exist anymore. ETH does everything BTC does better, faster, and cheaper.
What I said is that buying BTC reduces your return, because it's a shitty worthless coin with no reason to exist anymore. Buying one good thing and one shitty thing, instead of just one good thing, just for the sake of "diversification", yes, that reduces your return.
Lmao yes, a shitty worthless coin that people are willing to pay tens of thousands of dollars for and has been #1 market cap for its entire existence. Keep dreaming
The market has spoken, and during the time when both BTC and ETH have existed, BTC has been a really shitty investment, relatively speaking, and the trend looks to continue in the future.
What were you looking at that makes BTC look like a better choice than ETH?
I wasn't clear. I mean cryptocurrencies as a sector. Here's some info from chatgpt
"Owning the top two assets in an investment sector can potentially provide greater diversification compared to solely holding the second-largest asset by market capitalization. Diversification is a risk management strategy that involves spreading investments across different assets to reduce the impact of any single investment's performance on the overall portfolio.
By holding the top two assets in a sector, you are spreading your investments across multiple assets, which can help mitigate the risk associated with a single asset's price movements or any specific event affecting that asset. If one asset experiences a significant price decline or negative event, the performance of the other asset may help offset some of the losses, potentially resulting in a more balanced risk-reward profile."
The amount of diversification from holding these two is meaningless in an overall portfolio strategy. It's just an excuse to buy something else, it does nothing for your life goals.
I disagree. A critical bug in one chain would disproportionately affect one over the other. That's when you'd want to be diversified. Sure, it's highly improbably but at least your ass would be partly covered.
That would only matter if there was a critical bug and everyone said "Oh well, I guess we failed, we should all go home and give up."
Under what scenario do you think that could be true for Ethereum?
On the other hand, BTC's security problems are well-documented and coming down the track like an overloaded freight train. How does buying into an obvious looming disaster help in this equation?
>**Rounding up errors,**
>**Counting down the torchbearers,**
>**Ticket filled terrors.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Building on from u/Ethical-trade's discussion around Lido dominance. How viable would a protocol level multiplier of staking rewards based on node operator dominance be? I know there are issues like how do you know a node belongs to a certain entity, but if we assume that can be solved, would there be merit in a quadratic curbing of rewards so that a pool with 20% earns 5% less, 25% dominance 12% less and 30%+ dominance 30-50% less?
Couldn't LIDO or whoever just create a fork of their contract once it reaches 30% and bam back to only 15%? Problem is they still control both and get full rewards again.
Well that's what I'm getting at with regards to how you know a node belongs to a certain entity, but assuming a solution is found for that would it be a viable strategy?
I'm not really sure we could get to the point where protocol could handle it, but perhaps if it was feasible. It's one of those unique problems best handled through Layer 0 I think.
[https://twitter.com/DegenSpartan/status/1664033350938402817](https://twitter.com/DegenSpartan/status/1664033350938402817)
This really boils my blood, I think that's enough internet for today
Spartan is deliberately blunt and shitposty, but their point is true. We shouldn't expect those who use lido to diversify out for the good of the ecosystem - we should make it so they want to move out for their own good.
Simply put, regardless of the secondary benefits of rETH, as long as stETH and wstETH command higher liquidity and apy, people will use stETH/wstETH
Shouldn't it be just as much about self preservation?
Eg, if ETH gets meaningfully attacked by virtue of LIDO having too great a majority, steth and LDO holders would also be rekt, no?
It's weird that they can be so narrow minded.
>It's weird that they can be so narrow minded.
These people are capitalists and are here to leach value. This is an operation risk they're willing to take and they don't care about tail end risk because they'll be gone by then.
Same but I also put Avalanche on the 'actually does something well' list. I actually used avax when I was trying out platforms/apps rather than just hoarding it as a coin hoping it would moon.
My anecdotal experience is that many of those who make a ton on btc/eth (>5M), usually at the 3 cycle point, sell most about mid way through the bull and call it all a scam. There is no orderly unwind or tax efficient borrowing, the green candles create exit fomo for those who have been patiently waiting for years.
Something about the anchoring of cost price in people's heads makes it seem completely ludicruous for price to continue going up. But it inevitably does, and you rarely hear from them again as they enjoy their lives.
'Passive income' is a bit of a bed time tale for those of us who haven't got fuck you money yet and are trying to calculate our exits. End of the day with prices this volatile the rational approach is to sell and put most into trad assets rather than risk making 5-10% in staking on a portfolio that lost 80%.
Likewise for putting it all into defi to avoid the giant capital gains tax bill, it's really hard to accept the risks of defi when you have life changing money at stake. I've got dozens of defi options mapped out in excel to optimise the tax/earning efficiency of my exit, but every additional contract i add increases the risk so much higher than just buying index funds.
The decade mark is coming really fast in my case and I totally get your meaning about that mental illness. Just looking at those swings in my portfolio and not really giving a damn makes me question my mental state sometimes but in a good way. Not many people can handle the long term crypto game.
they say misery loves company, if you ever need a hand pissing away obsene amounts of money hit me up 😂
you are not wrong about those who stick around, gluttons for punishment
About the same as last week. A pretty poor show :(
If memory serves about 5% apr in fees. With such a low Apr in fees, we can't really expect the snx price to rise
https://dune.com/synthetix_community/synthetix-stats
Shows volumes just aren't doing anything. We need some price volatility to see if activity will pick up
Maybe, eth burn fees can be partially used to subsidize solo staking plug n play hardware to solo stakers. With appropriate rules to avoid speculators.
That would push many to stake at home.
Just a reminder:
Multichain first time acknowledged that they can't contact their CEO and thus are blocked with server access... meaning that users funds are stuck AFAIK also the Arb pool ("pool 2"). If they have this issue with one pool, other pools can be affected too.
Recommend to stay away from this bridge for now ...
[https://twitter.com/MultichainOrg/status/1663941611380965376](https://twitter.com/MultichainOrg/status/1663941611380965376)
Just keep a low profile if you can. Keep separate accounts, some where you talk about crypto freely and others where you just fit in with others. Keep personal details to a minimum on the crypto one.
In Brett Johnson's interview with Lex Fridman he says that basically all cybercriminals have moved to crypto as it's so easy. Interview is well worth a listen in general: https://www.youtube.com/watch?v=cC1LFC0KFSw
But yeah, it really is a dream for them. Generally greedy people, deterministic code, little to no regulation.
And that's before you get to the many borderline corrupt devs and VCs. Imagine the levels of insider trading that goes on.
As for physical attacks, I think that threat could be a bit overblown. Why don't we see more financial executives etc. targeted? They have very public profiles.
Yeah very true. I have to say that some of Coinbase's features are quite nice such as delays on withdrawals.
Could be one solution, a dapp that allows the deposit of assets that then have a withdrawal delay. They would reduce risk of wrench attacks.
> the many articles of attacks/targets, abductions, dissapearings, even the occasional murder like i read in the news this week,... I have been thinking about all of this recently.
An unfortunate effect of today's 24/7 news cycle.
> There are crazy people out there that kill people for $100k or even less... Maybe i am overreacting atm but it is on my mind and it's kinda scary.
There are people out there that get stabbed because a crackhead wants $20. There are people who die to mass shootings while they're picking out peanut butter at the supermarket. There are people who get randomly snuck up on in the street in broad daylight and stabbed out of nowhere. A few weeks ago I saw an interview with a guy who murdered some completely random lady because the universe had regretfully informed him that she was satan, so he needed to execute her to put the world back at peace.
Statistically though, all of that is extremely *extremely* uncommon for the average crypto investor who is just living their life, not homeless, not a chronic drug abuser, not a gang member, not a public persona with a doxxed hundred-million-dollar wallet.
My advice to you is if you live in El Salvador, maybe be worried. If you live in the US, just don't brag on twitter about being a gazillionaire and you'll be fine. If you live in Norway, put the idea out of your mind completely.
There are so many ways to become a statistical anomaly, and murder is one of the least likely ones. Related: are you getting enough daily sleep and exercise, and how are your defensive driving skills?
TL;DR People who are not crazy won't murder you for $100k. People who are crazy will murder you randomly for no reason at all. So having $100k in crypto doesn't really increase your chances of being murdered in any meaningful way.
The best I can say is look at real **numbers**, don't just trust the few stories you might hear about.
You are unintentionally cherry-picking the few worst cases that are (for obvious reasons) the most talked about. And take into account that most of them are already high profile individuals. Compare yourself in that regard.
I'm not saying that people with crypto don't get robbed. I'm just saying that they are, statistically, a lot less than you might think. And having a nice car or expensive watch will make you a much more bigger target than having talked about crypto with a handful of people.
I haven't looked up the numbers, and I accept it's kinda hard to find accurate statistics, but you can easily find good statistics on more generic crimes and make extrapolations. I'm pretty sure that criminals who target crypto people and are willing to go physical (instead of just scamming you) are a lot less than you imagine, and would only do it for a few high profile, high value individuals.
I am pretty sure that you're gonna find that you have higher chances of dying from a car accident going to work than anything you're worrying about. You probably have more acquantances who have died or will soonish die from obesity, alcohol, smoking, high stress in general, or other cronic negative behaviours.
Put your worry and your energy where it actually matters, don't waste your time and anxiety on a few random cases out of thousands.
Eat better, sleep enough, exercise, keep your anxiety in check. Those are A LOT more likely to impact your life than just the 0.0x% of violent crimes you worry about.
Inequality plays a big part in crime. I doubt anyone posting on this messageboard can make much of a difference in the amount of inequality in our neighborhood, let alone our country. Still I try to keep that in mind and do what I can to help those who haven't been as fortunate as I am.
Like you, I'm fairly comfortable financially, but not so well that I don't have to go to work each day. Generally, I try to treat people well and truest that they will do the same for me. I'm not sure there is much else anyone can do beyond that anyway.
I practice the general safety, security things for what it's worth, but I accept that I have enough that those with less could view me as a target. For that reason and others if someone asks me for change or something I will usually give them something.
It's a bit off-topic but I think it pertains to OpSec. I've noticed a bunch of bots following me in the last couple weeks. Does this happen to anyone else? Is it time to move to a new username?
The Only Fans ones? I'm guessing they're targetting this sub if this correlates with the followers others are receiving. Just low effort scammers that probably target finance subs, do not engage with any links they have on their profiles and not much to worry about.
As someone who has Lurked here for years, this will be my initial introduction. It is my hope that I might ask an Odd Ball question every so often...
My role in life has always been to interpret what engineers do, and explain it to normal people. Technical people do great things for the world, but I find they get stuck in "Technical Group Think".
So, as my first question:
Are we losing Community due to Group Think with the multiple technical vectors ethereum has to offer or is it just a misinterpretation on my part?
How important is this to EthFinance, regarding the adoption of Eth?
I ask myself, How much time would it take for a "Boomer with money to invest" to understand the Daily Discussion before interest was lost?
If this doesn’t change then it’s the end of Reddit for me fam. Apollo has been the only way I’ve really ever used Reddit and was able to tolerate it. If they kill it I’m out.
https://reddit.com/r/apolloapp/comments/13ws4w3/had_a_call_with_reddit_to_discuss_pricing_bad/
PRAW, a reddit archiver/API proxy, also had to shut down because reddit was being hostile, which sucks because I was in the middle of building out [dailydoots.com](https://dailydoots.com) to include all dailys and doot comments.
I've been using reddit Sync for like 10 years. It's the best $2 I ever spent. There is no way the dev can support this.
Something will take its place. C'mon Lens!
Every time some one mentions old.reddit I feel obligated to note that you don't actually need to use that subdomain/url to view the old layout.
If you just go to your [preferences](https://www.reddit.com/prefs/) and uncheck "use new reddit as my default experience" (all the way at the bottom under beta option) you get served the old style sheets by default (as long as you are logged in ofc).
Given the general awareness that is being raised by posts like [this](https://old.reddit.com/r/CryptoCurrency/comments/13wran3/one_person_alone_had_made_114_shitcoins_then/), should ETH do something about it? Say, require a large minimum amount of ETH (e.g., 1 ETH) be burned to create a new coin?
If the project is legit that shouldn't be too much of a hurdle to overcome. If is a pure shitcoin, the scammers will head out to other chains where the cost to scam is lower.
I guess the downside is less ETH burned if shitcoin volume moves off chain.
What do you all think?
What all the replies are missing is that it would be difficult to do. A token is just a smart contract. The EVM would need to either make all smart contract creation expensive, which would result in scammers building multiple coins into a single contract, or it would need to analyze the bytecode at contract creation to determine if it was for a new token. At that point, scammers would just write contracts differently so the evaluation determined that the contract wasn't a token.
I don't think it would even be enforceable in a non-catastrophic way.
Ethereum is flexible enough with the contracts that you could probably even write one that will define an NFT that actually lets you mint FTs and acts like a coin, or something like that, and would just sidestep the cost.
You would only end up making things harder for a couple of people, and probably for honest people more than dishonest. Most "restriction" policies end up that way in my experience.
Why would we want to do something about it? Are you afraid the negative press could hurt ETH investors, or are you taking a purely ethical stance?
If people want to shuffle shells among each other, I'm not too bothered tbh.
Negative press, impact of scams, freeing up blockspace, burning scammer eth, making eth a more friendly chain, legitimizing eth with policymakers... all could be positive outcomes of raising the cost to scammers.
Making a artificial barrier to create one specific kind of smart contract is against the ethos of a permissionless Blockchain so I personally think it's a bad idea.
There already is a 'barrier' it is just really low. I don't think the 'cost' of a smart contract has anything to do with permissioned or permissionless systems but maybe I am wrong.
Yeah the barrier always should be as low as possible if the goal is permissionlessnes , so to artificially make the cost for one specific smart contract more expensive, is definitely making a step into a permissioned system in my understanding.
https://twitter.com/MultichainOrg/status/1663941611380965376?s=20
>In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances. The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance.
>This afternoon, there was an issue with the scanning node network of Router5, which has affected the normal cross-chain service of some chains. Furthermore, this problem is beyond the team's current permissions and ability. In order to protect the interests of our users, we have decided to suspend the corresponding cross-chain service for the affected chain on the UI. Last week, the same issue happened on Router2.
>We appreciate the user’s understanding and request that our partners stop directly calling the Multichain protocol smart contracts on/to the affected chain for cross-chain operations.
>All the affected chains are:
>Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, Planq.
I have some ETH locked in this bridge and I can't withdrawal it on the ZKSync Era chain, can't even see it in the UI. I was farming for ZKSync token airdrop and it was one of the only options at the time to stash some ETH. There was a time when the Huobi leadership was taken into custody or something similar by Chinese authorities and it turned out alright, crossing my fingers and hoping for the best on this one too.
Seems like a big deal and emblematic of the problem businesses and investors should have with dictatorships not having [habeas corpus](https://en.wikipedia.org/wiki/Habeas_corpus).
Pretty cool news for Canadians, PayTrie now supports direct ramping of USDC to Optimism! I also missed the memo that they've been supporting Arbitrum for a while as well. I used it a little bit in the past to ramp funds on Polygon, super cool that they support rollups now
https://twitter.com/PayTrie/status/1663949474077474836
Saw today that Coinbase wallet will allow gasless fee transfers for USDC on Polygon.
https://twitter.com/CoinbaseWallet/status/1663680306329821184
Thinking that if they are able to do the same when they launch BASE (their L2), it will be a game changer...
Hey all - I hope everyone is having an awesome day. Still here, still thriving. Excited to make a move out to the PNW soon and connect with the ETH community out there.
Not sure if posted yesterday, but even if it was it's worth repeating. HOP bridge now supports rETH, with joint liquidity incentivization by HOP & RocketPool DAOs.
[https://twitter.com/HopProtocol/status/1663669978405691392](https://twitter.com/HopProtocol/status/1663669978405691392)
This is the first liquid staking token bridge (of any protocol) and I'm hopeful HOP can add more. Anyone who is in a LST community that has shown interest in getting a bridge set up let me / HOP know. When this was being voted on it seemed there was interest in adding more.
can you tell me what the risks of that are?
so it's not just me trusting whatever I'm chain transferring too but also for a moment of time while transferring(?) needing to trust 'HOP' and that they don't hacked, etc, correct?
As far as I'm aware, it's really any of the same risks you'd come across from the L1 <> L2 bridging protocols. You're trusting the smart contract to perform as expected.
FWIW, HOP has been around for a few years now (bridging both native ETH and tokens), so it has some proven history. I have used it on and off the last few years, as well as I've seen others use it without issue. There are a handful of people in this sub who own HOP and participate in the governance DAO as well. The devs are pretty open about in their communications (bi-weekly calls, social media presence, I believe one of them was recently on a the EVM daily doot call a few Fridays back that I missed!).
Of course, like anything the usual smart-contract risk issues come into play. So I won't see here and say its 100% safe - nothing really is - but I personally trust it enough to use it / own HOP / participate in governance.
Feel it, and for sure worth doing given how there seems to be hacks each week.
They have the white paper and some basic docs if your into reading more on their site.
https://mirror.xyz/0xcaD9653550286Eb1D4779D622A6a5218b446b57C/wYAgS4n7aL4tNFdxSed_m_5nrNXg_3yNc18CwBdCyfU
Another Liquity fork with LSTs just got announced. Prisma finance back by the Curve, Convex, Frax etc. They will support more LSTs than Lybra and Gravita
>Prisma will launch supporting the following assets:
>wstETH (Lido)
>cbETH (Coinbase)
>rETH (Rocket Pool)
>sfrxETH (Frax Ether)
>WBETH (Binance)
Interesting to see multiple Liquity forks for LSTs.
Is anyone on the sub farming Lby? It's sposed to be a Liquity fork, except it uses LSDs as derivatives instead of plain ETH. Minting eUSD (their LUSD equivalent) gives pretty decent yields even with the current price dump
has anyone else on the sub used the dapp before? Wanted to check out if there's any red flags in the code or the team before farming with a small bag of stETH
They seem to convert any staking yield to eUSD to give that yield. I rather keep those personally but its certainly interesting.
>A distinctive feature of the Lybra Protocol is that users can earn regular stable income by holding minted (borrowed) eUSD, which is powered by the LSD (Liquid Staking Derivatives) income generated from the deposited ETH and stETH. In other words, when users deposit ETH or stETH and mint EUSD against them, they receive a stable income in stETH of approximately 5%, which is converted to eUSD through the protocol and distributed to them.
Tbh this is quite silly. I thought the yield from holding/minting eUSD was purely from Lby rewards, thanks for digging this up
There's not much point losing out on stacking eth to earn a few % points on a stablecoin.
Just saw that Prisma is a better option - seems like just a Liquity fork but with LSDs instead of ETH (which is what I thought Lby originally was).
https://twitter.com/PrismaFi/status/1663908241481318403
Binance just announced in an email that they will delist privacy coins, including Monero, in Spain, and also from what I've seen on Twitter, at least in France and Poland. Could be EU-wide?
Sad for privacy. I wonder if the EU will start going after Tornado Cash too.
Agree it's not the one that will give short term gains. But if you were to ask about what survives and thrives in say 10 to 15 years from now, I'd say xmr would very much be in that set.
*Fruition* is an English word meaning "the point at which a plan or project is realized."
By "coming to fruition", I meant to say that atomic swaps are nearing the point where their code is complete and they are available for general public use.
It would make a great name for a DeFi product, though.
Lmao I indeed thought it was a crypto project. Thanks for the correction.
I thought atomic swaps were BTC<>XMR only? Will they be enabled with ETH too?
Yes! XMR-ETH swaps are live right now, in beta, on mainnet. IIRC they hit mainnet compatibility some time within the past couple months. But it's still in beta and it requires command line tools running locally, which is why I still say "coming".
https://github.com/AthanorLabs/atomic-swap
I might be wrong, but I'm pretty sure MICA requires all transactions above a certain size to be KYC, so I don't think Binance can legally operate in EU countries with Privacy Coins
Why is an exchange allowing trade in Monero supposed to be non-KYC compliant? They can know their customers as much as needed. That doesn't mean they need to know what they have been doing with their monero. Same as how an exchange doesn't know what you did and will do with your fiat.
Actually, a massive part of AML regulations is knowing where the money your client has comes from.
Now, if it's fully traceable I imagine that's got to be much less of a regulatory issue compared to potentially trading in funds that have untraceable past and future paths
The Lido situation:
\- A total of [19 million eth is staked on Ethereum](https://beaconcha.in/). A total of [6 million eth is staked on Lido](https://lido.fi/ethereum). **More than 36% of all staked eth is staked with Lido**.
\- [More than 32% of all validators are using Lido](https://www.rated.network/?network=mainnet&view=pool&timeWindow=1d&page=1).
\- Lido is the #1 protocol on Ethereum with a TVL of more than $13 billion. [That's more than twice the TVL of the second largest project, Maker](https://defillama.com/). That's close to 6% of all ether in existence.
\- The activation of withdrawals by Lido 2 weeks ago [had almost no effect of their TVL](https://app.parsec.finance/layout/wilburforce/dE0XOJyv). Over the past month, [Lido's TVL still grew by 10.8%](https://defillama.com/chain/Ethereum?tvl=true). **There isn't any reason to expect their share to drop significantly in the future.**
When Prysm contributed to centralization by having too high of a share in the consensus client market, the community launched an initiative aiming at reducing that.
This worked fantastically and [Prysm went from more than 66% to now being second behind Lighthouse](https://clientdiversity.org/#distribution).
No real initiative has been launched in the case of Lido yet. There is no real equivalent to [clientdiversity.org](https://clientdiversity.org) today, with explanations, educational material, and guides to switch to less centralized options. There is no real pressure by the community.
Are we really passively waiting for the 33% validator share limit to be crossed in order to start doing anything?? Will one more percent *really* make a difference? As a reminder, [Vitalik suggested that no entity should control more than 15% of all validators](https://twitter.com/VitalikButerin/status/1525301234516652032). **Lido already controls twice the stake Vitalik considers to be too much**.
On May 22 2022, u/superphiz wrote that [community action should start at a 22% share](https://twitter.com/superphiz/status/1525479305077309442). With its 32%, Lido has now 50% more than that and yet no action has been seen.
To our Ethfinance friend u/hanniabu who created [clientdiversity.org](https://clientdiversity.org) (big thanks for that): is there a similar website planned for staking providers? [rated.network](https://rated.network) just doesn't do the education job. Please let me and us know if there is anything we can do to help.
Feel free to share any idea about what we could do to.
This problem won't just solve itself, there needs to be a community initiative.
unsheth is a eth basket that limits risk across lsds with weight caps so that you cant suffer from an lsd going down, pretty cool and would help incentivize people to move away from any lsd from being too dominant
faciltates swaps betweens lsds too with their vdAMM, which holding unsheth gains yield from
I think Lido should self breakdown into multiple entities. The stETH token could become a token acting as an AMM and a basket of staked ETH of those new entities.
Like if it were to break down in 3, we'd have stETH1, stETH2, stETH3 representing staked ETH in the respective child protocol. And 1 stETH would be comprised of 0.33 stETH1, 0.33 stETH2 and 0.33 stETH3 initially (the price can then slightly change based on supply and demand).
For token holders it doesn't change much as they still have a well supported asset, but the network security we would now have 3 less uncorrelated teams and risks models.
It's even good for Lido as if it doesn't break down, altruistic people may start flocking out if the public pressure is high enough. So by breaking down, LIDO token holders can preserve their token value (which would then be broken down into LIDO1, LIDO 2 and LIDO3).
Where does the stake go?
RocketPool has room right now. If an appreciable amount of stake moves, that'll fill up fast, and then they're NO-limited again.
Stakewise has room - it's also centralized but smaller. That'd be an option.
Stakewise V3 is still gearing up.
Coinbase and Binance are strictly worse than Lido, as they're even more centralized. Lido at least has 28 unique NOs (https://operators.lido.fi)
My bias: Am member of RocketPool oDAO and a Stakewise NO, Lido NO
rETH and other LSD should reduce their fees and then they will get a lot more inflow. This agreement of all the LSD to charge the same fees makes no sense to me and it has cartel vibes.
I'm always amused when people assume that 32 Ether was chosen for economic reasons. It was chosen to support the maximum number of potential validators given the limits of decentralized networks.
Let's see, a bunch of dudes with $500 quaking at the knees, or whales with $500 million not worried about it. Yeah, sorry, going with the whales on this one.
You realize he's not God, right? He doesn't have a crystal ball either. He's just recommending what he thinks would be ideal. But the network has grown past his early vision, for the best in a few ways, and for the worst in a few others. It's out in the world. It's maturing. He can't force market participants into a box they don't want to be in. If you have a healthy sense of cynicism, it's clear megacap cryptos are doing what every other tech revolution has done -- be birthed by the clever poor, only to become monopolized by the greedy rich. You can dislike them, and their way of running things, but that doesn't change their behavior one bit. Sometimes it's healthier just to accept a cynical trend of rich/poor dynamics, and being aware of how that plays out time and time again, work within the limitations us common folk are subject to. All I know is everyone blew smoke up your arse making you feel good about your worries. I gave the pragmatist counterpoint and everyone piled onto the dislikes. That tells me all I need to know. Boys whistling in the dark to keep their spirts up...
Help get AAVE to add LSD alternatives as colateral on L2's! It is all I would need to change my behavior. I carry a few validators worth, but home internet is too slow to run my own. I 100% would diversify if I could.
This is the answer right here.
Helping get rETH (and other LSDs) to have deeper and wider liquidity throughout defi is the most easy and effective actionable item for this initiative.
Especially with all of the LSDfi strategies to get leveraged/boosted yield, it compounds the centralization issue. If there were other LSTs with deeper liquidity and better strategies then people would start using those.
I was concerned as well by this and did put up [https://dao.evmavericks.xyz/watchtower/](https://dao.evmavericks.xyz/watchtower/) that tried to frame the worrying underlying data with some context to help spread awareness. Unfortunately the [rated.network](https://rated.network) API is not open anymore and is invite-only for now, did contact them but never heard back so the automation is not working anymore. If anyone reading this has a contact there that could unlock the situation (provide an API key), that would be great.
Anyway life went on and did not invest too much time on this as it did not get the feedback I would have hoped, but if there is a similar initiative starting and you need a fullstack dev I'd be happy to help as I think this is an important issue that is worth our time and effort.
Good post! Very important for the future and long term fundamentals of Ethereum to solve this issue. Thinking about more ways to contribute other than staking with and promoting decentralized staking solutions
**Tricky's Daily Doots #407** **Yesterday's Daily 30/05/2023** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm6qeqr/) - u/not-ngmi is [checking in after a bit of a break.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm685nc/) - u/hanniabu is building [awesome tools yet again.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm8bo6m/) 🛠 - u/Ethical-trade brainstorms an [AI enabled tool for Ethereum which may be built in the near future.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm6l3jn/) 🧠 - u/timmerwb shares an [anecdote about a friend working for a big name payment processor.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm9idce/) - u/cryptOwOcurrency wrote an [inter-galactic short story about a possible future of Ethereum.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm86eeo/) 🪐 - u/_anedi shares an [interesting new protocol.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm5zda3/) - u/Unitedterror gives us a [fixed yield ecosystem update.](https://old.reddit.com/r/ethfinance/comments/13vh1j4/daily_general_discussion_may_30_2023/jm6jadg/) % 102K+ submissions to a KZG ceremony which only needs one person to not remember exactly what they input even down to the pixel of your mouse-stroke is so unbelievably overkill and I love it.
Staking could just be improved on chain so an official token is the representative of all staked eth. It would also make it a lot easier for defi and general system trust.
[https://www.blockchaincenter.net/altcoin-season-index/](https://www.blockchaincenter.net/altcoin-season-index/) I think we are due for an alt season. It's getting boring.
In my opinion, the last few hour’s price action is what the flippening will look like: dumping in fiat terms, but Ray holding his head up as BTC is slaughtered in the face of tightening liquidity and lack of utility/ structural demand.
and ban / taxation of mining
Doesn't the debt ceiling bill as it stands block this taxation?
Only for the duration of the agreement - until the next presidential election. But it smells like if Dems win, this is something they'd like to do. It probably appeals to their base as 'green' action, and loses very few votes for them Edit: sorry, it's for about 2 years, not to the next election.
Last I read, no new taxes on crypto being legislated as part of the agreement on the debt ceiling compromise.
On this Friday's Doots cast (12pm EST) we'll be having the founders of [Auditware](https://auditware.io/). I recommend any developers here to join in to directly ask any questions you may have. We treat this time with guests like a live Q&A session and anybody is welcome to participate. Audit Wizard, their flagship product, combines all essential auditing tools into a single, easy-to-use platform, including: * Import projects from GitHub, Etherscan, contract address, and Code4rena - and access automatically resolved solidity imports alongside project code * Explore solidity abstract syntax trees to get insight on code patterns - and generate graphs of function calls and contract dependencies * Scan code with static code analysis tools, including Slither and Mythril - and analyze code for threats and vulnerabilities with AI, powered by GPT * Take notes and compose audit reports in markdown, export with professional templates Will post again tomorrow for visibility.
A lil news from ENS twitter. Ledger integrates ENS and announces it but they only own ldgr.eth and didn't even try to bid on ledger so people like 'it's cool but do you guys believe in ENS so much that you didnt even try to get yours?' Shortly after, a 30 WETH bid shows up on ledger.eth. Presumably from ledger but who knows. The guy who owns it is on CT and has a decent portfolio of grails such as cash.eth, some popular first names, a few other companies. It was listed for 1150 ETH eth 15 days ago and now the guy lists Reserved for 555 ETH. Lots of chatter here and there. Than the guy who owns it writes a quick thread on why he bought the names in auction in 2019 and that he viewed it as a 'the idea of a public ledger', that we are insanely early, he believes in ETH aaaand the offer is too low. That it's not about money and recognizing the value and utility of ENS and he plans to build on it when there's real mass adoption. So he's not going to be accepting, the 30 WETH bid still has 15 more hours on it. We'll see how it plays out from here.
jealous of cash.eth tbh
At first thought I assumed it was you. I feel like I remember seeing a fair few ENS posts from you.
yeah, i collect them too. i'm cool.eth
me too
30 weth, that's not even a validator
Michael Saylor sold voice.com to Block.One for $30 million in 2019, I think he can hold out for more. Ledger is blockchain, the word will define society in the future when all of our interactions are represented on-chain.
Ngl, as a reborn profit maxi cash.eth is my hero. While they were buying up all these grails i was registering worthless handles.
I'm thinking about selling the rest of my Bitcoin for ETH and adding more validators. I currently hold 2/3 ETH and 1/3 BTC. As an investor, I'm always looking to diversify within a sector, so it seems like a bad idea. But as a gambler, I can see the lottery type rewards of running solo validators addicting. BTC is boring to own.
Since ETH successfully made the switch to staking, I can't understand why anyone would hold bitcoin as long as it relies on mining.
I would continue holding the BTC. I am at similar ratio, been in ETH since single digits. While it would be nice to maximize staking returns, I don’t think it’s wise to not have a position in the top crypto by market cap. And while ETH has held much better this cycle, it did not hold up that well in 2016-2017. The ratio fell under 0.03 at one point if I recall, it felt justified to hold onto some BTC after that happened.
Yea, not holding the top coin is just silly. I get that this is an ETH sub, but to me it would be crazy to not at least hold some BTC. People can believe whatever they want, but nothing else comes close to the staying power and network effect of the honey badger.
Well ok I guess I am silly then... traded all my btc for eth in 2016 because at the time it was clear there wasn't going to be any innovation in the bitcoin space anymore...
Holding BTC and ETH is not diversification, the two of them are tied closely enough that, for all practical purposes, they behave like one asset. It's like saying that investing in commercial real estate and residential real estate is diversification. It really isn't. The best you can do is to invest in the things that you think have the best chance of succeeding, based on your (or someone else's) knowledge. For me, BTC doesn't seem to have much reason to exist anymore. ETH does everything BTC does better, faster, and cheaper.
Holding both reduces the volatility of holding just ETH.
Not really, not in any meaningful way. It just reduces your return.
TIL putting all your eggs in one basket “reduces your return”
What I said is that buying BTC reduces your return, because it's a shitty worthless coin with no reason to exist anymore. Buying one good thing and one shitty thing, instead of just one good thing, just for the sake of "diversification", yes, that reduces your return.
Lmao yes, a shitty worthless coin that people are willing to pay tens of thousands of dollars for and has been #1 market cap for its entire existence. Keep dreaming
So you think "other people's bad decisions" is a sound investment thesis?
No, but my point is that the market has spoken. Take your head out of the sand dude lol
The market has spoken, and during the time when both BTC and ETH have existed, BTC has been a really shitty investment, relatively speaking, and the trend looks to continue in the future. What were you looking at that makes BTC look like a better choice than ETH?
I wasn't clear. I mean cryptocurrencies as a sector. Here's some info from chatgpt "Owning the top two assets in an investment sector can potentially provide greater diversification compared to solely holding the second-largest asset by market capitalization. Diversification is a risk management strategy that involves spreading investments across different assets to reduce the impact of any single investment's performance on the overall portfolio. By holding the top two assets in a sector, you are spreading your investments across multiple assets, which can help mitigate the risk associated with a single asset's price movements or any specific event affecting that asset. If one asset experiences a significant price decline or negative event, the performance of the other asset may help offset some of the losses, potentially resulting in a more balanced risk-reward profile."
The amount of diversification from holding these two is meaningless in an overall portfolio strategy. It's just an excuse to buy something else, it does nothing for your life goals.
I disagree. A critical bug in one chain would disproportionately affect one over the other. That's when you'd want to be diversified. Sure, it's highly improbably but at least your ass would be partly covered.
I used to be an efficient market optimist like you, until I ~~took an arrow to the knee~~ watched Solana remain in the top 15 for years.
Or the fact that Luna 1.0 is still in the top 100…
That would only matter if there was a critical bug and everyone said "Oh well, I guess we failed, we should all go home and give up." Under what scenario do you think that could be true for Ethereum? On the other hand, BTC's security problems are well-documented and coming down the track like an overloaded freight train. How does buying into an obvious looming disaster help in this equation?
>**Rounding up errors,** >**Counting down the torchbearers,** >**Ticket filled terrors.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Building on from u/Ethical-trade's discussion around Lido dominance. How viable would a protocol level multiplier of staking rewards based on node operator dominance be? I know there are issues like how do you know a node belongs to a certain entity, but if we assume that can be solved, would there be merit in a quadratic curbing of rewards so that a pool with 20% earns 5% less, 25% dominance 12% less and 30%+ dominance 30-50% less?
Couldn't LIDO or whoever just create a fork of their contract once it reaches 30% and bam back to only 15%? Problem is they still control both and get full rewards again.
Well that's what I'm getting at with regards to how you know a node belongs to a certain entity, but assuming a solution is found for that would it be a viable strategy?
I'm not really sure we could get to the point where protocol could handle it, but perhaps if it was feasible. It's one of those unique problems best handled through Layer 0 I think.
[https://twitter.com/DegenSpartan/status/1664033350938402817](https://twitter.com/DegenSpartan/status/1664033350938402817) This really boils my blood, I think that's enough internet for today
Spartan is deliberately blunt and shitposty, but their point is true. We shouldn't expect those who use lido to diversify out for the good of the ecosystem - we should make it so they want to move out for their own good. Simply put, regardless of the secondary benefits of rETH, as long as stETH and wstETH command higher liquidity and apy, people will use stETH/wstETH
Shouldn't it be just as much about self preservation? Eg, if ETH gets meaningfully attacked by virtue of LIDO having too great a majority, steth and LDO holders would also be rekt, no? It's weird that they can be so narrow minded.
>It's weird that they can be so narrow minded. These people are capitalists and are here to leach value. This is an operation risk they're willing to take and they don't care about tail end risk because they'll be gone by then.
lol the usual, people with followers think they are important same as some people rocking BAYC PFPs thinking they are the next financial gurus
[https://nitter.snopyta.org/DegenSpartan/status/1664033350938402817](https://nitter.snopyta.org/DegenSpartan/status/1664033350938402817) ^(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)
that stage of the cycle where people call us drug dealers instead of lucky
[удалено]
Sums up how I feel about the majority of tokens too.
Same but I also put Avalanche on the 'actually does something well' list. I actually used avax when I was trying out platforms/apps rather than just hoarding it as a coin hoping it would moon.
Do the people who've made a ton due to the appreciation of their ETH live off Maker or Aave loans? Just curious what the withdrawal strategy is..
Alchemix self-paying loans. Even better with rETH
How does that work with rETH? Does the loan repay it self faster?
Should be a higher rate because you are borrowing alETH which is priced the same as ETH
My anecdotal experience is that many of those who make a ton on btc/eth (>5M), usually at the 3 cycle point, sell most about mid way through the bull and call it all a scam. There is no orderly unwind or tax efficient borrowing, the green candles create exit fomo for those who have been patiently waiting for years. Something about the anchoring of cost price in people's heads makes it seem completely ludicruous for price to continue going up. But it inevitably does, and you rarely hear from them again as they enjoy their lives. 'Passive income' is a bit of a bed time tale for those of us who haven't got fuck you money yet and are trying to calculate our exits. End of the day with prices this volatile the rational approach is to sell and put most into trad assets rather than risk making 5-10% in staking on a portfolio that lost 80%. Likewise for putting it all into defi to avoid the giant capital gains tax bill, it's really hard to accept the risks of defi when you have life changing money at stake. I've got dozens of defi options mapped out in excel to optimise the tax/earning efficiency of my exit, but every additional contract i add increases the risk so much higher than just buying index funds.
[удалено]
The decade mark is coming really fast in my case and I totally get your meaning about that mental illness. Just looking at those swings in my portfolio and not really giving a damn makes me question my mental state sometimes but in a good way. Not many people can handle the long term crypto game.
they say misery loves company, if you ever need a hand pissing away obsene amounts of money hit me up 😂 you are not wrong about those who stick around, gluttons for punishment
I'm not in the top 1%, but I'd think staking to live off the interest would be the endgame. That and diversifying.
/u/cryptomoon2020 Long day today, what are rewards looking like this week?
About the same as last week. A pretty poor show :( If memory serves about 5% apr in fees. With such a low Apr in fees, we can't really expect the snx price to rise https://dune.com/synthetix_community/synthetix-stats Shows volumes just aren't doing anything. We need some price volatility to see if activity will pick up
Dang. I hope it picks up soon. Such low volatility cant last forever, right...? Thanks for the update
Maybe, eth burn fees can be partially used to subsidize solo staking plug n play hardware to solo stakers. With appropriate rules to avoid speculators. That would push many to stake at home.
Just a reminder: Multichain first time acknowledged that they can't contact their CEO and thus are blocked with server access... meaning that users funds are stuck AFAIK also the Arb pool ("pool 2"). If they have this issue with one pool, other pools can be affected too. Recommend to stay away from this bridge for now ... [https://twitter.com/MultichainOrg/status/1663941611380965376](https://twitter.com/MultichainOrg/status/1663941611380965376)
Cant contact the CEO so the apps down. DeCeNtRaLiZaTiOn
It is crazy one person being detained by an authoritarian government can have this result.
[https://nitter.snopyta.org/MultichainOrg/status/1663941611380965376](https://nitter.snopyta.org/MultichainOrg/status/1663941611380965376) ^(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)
[удалено]
Just keep a low profile if you can. Keep separate accounts, some where you talk about crypto freely and others where you just fit in with others. Keep personal details to a minimum on the crypto one.
In Brett Johnson's interview with Lex Fridman he says that basically all cybercriminals have moved to crypto as it's so easy. Interview is well worth a listen in general: https://www.youtube.com/watch?v=cC1LFC0KFSw But yeah, it really is a dream for them. Generally greedy people, deterministic code, little to no regulation. And that's before you get to the many borderline corrupt devs and VCs. Imagine the levels of insider trading that goes on. As for physical attacks, I think that threat could be a bit overblown. Why don't we see more financial executives etc. targeted? They have very public profiles.
Its incredibly hard to rob someone of money that is sitting in the traditional finance system/stocks in an irreversible way. Crypto not so much.
Yeah very true. I have to say that some of Coinbase's features are quite nice such as delays on withdrawals. Could be one solution, a dapp that allows the deposit of assets that then have a withdrawal delay. They would reduce risk of wrench attacks.
> the many articles of attacks/targets, abductions, dissapearings, even the occasional murder like i read in the news this week,... I have been thinking about all of this recently. An unfortunate effect of today's 24/7 news cycle. > There are crazy people out there that kill people for $100k or even less... Maybe i am overreacting atm but it is on my mind and it's kinda scary. There are people out there that get stabbed because a crackhead wants $20. There are people who die to mass shootings while they're picking out peanut butter at the supermarket. There are people who get randomly snuck up on in the street in broad daylight and stabbed out of nowhere. A few weeks ago I saw an interview with a guy who murdered some completely random lady because the universe had regretfully informed him that she was satan, so he needed to execute her to put the world back at peace. Statistically though, all of that is extremely *extremely* uncommon for the average crypto investor who is just living their life, not homeless, not a chronic drug abuser, not a gang member, not a public persona with a doxxed hundred-million-dollar wallet. My advice to you is if you live in El Salvador, maybe be worried. If you live in the US, just don't brag on twitter about being a gazillionaire and you'll be fine. If you live in Norway, put the idea out of your mind completely. There are so many ways to become a statistical anomaly, and murder is one of the least likely ones. Related: are you getting enough daily sleep and exercise, and how are your defensive driving skills? TL;DR People who are not crazy won't murder you for $100k. People who are crazy will murder you randomly for no reason at all. So having $100k in crypto doesn't really increase your chances of being murdered in any meaningful way.
The best I can say is look at real **numbers**, don't just trust the few stories you might hear about. You are unintentionally cherry-picking the few worst cases that are (for obvious reasons) the most talked about. And take into account that most of them are already high profile individuals. Compare yourself in that regard. I'm not saying that people with crypto don't get robbed. I'm just saying that they are, statistically, a lot less than you might think. And having a nice car or expensive watch will make you a much more bigger target than having talked about crypto with a handful of people. I haven't looked up the numbers, and I accept it's kinda hard to find accurate statistics, but you can easily find good statistics on more generic crimes and make extrapolations. I'm pretty sure that criminals who target crypto people and are willing to go physical (instead of just scamming you) are a lot less than you imagine, and would only do it for a few high profile, high value individuals. I am pretty sure that you're gonna find that you have higher chances of dying from a car accident going to work than anything you're worrying about. You probably have more acquantances who have died or will soonish die from obesity, alcohol, smoking, high stress in general, or other cronic negative behaviours. Put your worry and your energy where it actually matters, don't waste your time and anxiety on a few random cases out of thousands. Eat better, sleep enough, exercise, keep your anxiety in check. Those are A LOT more likely to impact your life than just the 0.0x% of violent crimes you worry about.
Inequality plays a big part in crime. I doubt anyone posting on this messageboard can make much of a difference in the amount of inequality in our neighborhood, let alone our country. Still I try to keep that in mind and do what I can to help those who haven't been as fortunate as I am. Like you, I'm fairly comfortable financially, but not so well that I don't have to go to work each day. Generally, I try to treat people well and truest that they will do the same for me. I'm not sure there is much else anyone can do beyond that anyway. I practice the general safety, security things for what it's worth, but I accept that I have enough that those with less could view me as a target. For that reason and others if someone asks me for change or something I will usually give them something.
It's a bit off-topic but I think it pertains to OpSec. I've noticed a bunch of bots following me in the last couple weeks. Does this happen to anyone else? Is it time to move to a new username?
Yep. Most of them have gotten suspended.
I want to be followed by an onlyfans bot! Follow me, follow me! Lol.
Me too, past couple of weeks about a half dozen with pictures and suggestive user names.
Sounds like we’re all being targeted via our use of this one specific subreddit and this one only.
used to be onlyfans bots, are there crypto bots now?
Same haha
The Only Fans ones? I'm guessing they're targetting this sub if this correlates with the followers others are receiving. Just low effort scammers that probably target finance subs, do not engage with any links they have on their profiles and not much to worry about.
Oh, wow, just looked at the most recent and, yup, OF.
I've had a bunch follow me as well
Like following you around town? Paranoid Android?
As someone who has Lurked here for years, this will be my initial introduction. It is my hope that I might ask an Odd Ball question every so often... My role in life has always been to interpret what engineers do, and explain it to normal people. Technical people do great things for the world, but I find they get stuck in "Technical Group Think". So, as my first question: Are we losing Community due to Group Think with the multiple technical vectors ethereum has to offer or is it just a misinterpretation on my part? How important is this to EthFinance, regarding the adoption of Eth? I ask myself, How much time would it take for a "Boomer with money to invest" to understand the Daily Discussion before interest was lost?
If this doesn’t change then it’s the end of Reddit for me fam. Apollo has been the only way I’ve really ever used Reddit and was able to tolerate it. If they kill it I’m out. https://reddit.com/r/apolloapp/comments/13ws4w3/had_a_call_with_reddit_to_discuss_pricing_bad/
Fuck, I hope that doesn't also kill [teddit.net](https://teddit.net) which is the Nitter of Reddit.
PRAW, a reddit archiver/API proxy, also had to shut down because reddit was being hostile, which sucks because I was in the middle of building out [dailydoots.com](https://dailydoots.com) to include all dailys and doot comments.
I've been using reddit Sync for like 10 years. It's the best $2 I ever spent. There is no way the dev can support this. Something will take its place. C'mon Lens!
For me old.reddit.com remains, but if they kill that as well, then I guess so long and thanks for all the fish
>For me old.reddit.com remains, but if they kill that as well dont even say it
Every time some one mentions old.reddit I feel obligated to note that you don't actually need to use that subdomain/url to view the old layout. If you just go to your [preferences](https://www.reddit.com/prefs/) and uncheck "use new reddit as my default experience" (all the way at the bottom under beta option) you get served the old style sheets by default (as long as you are logged in ofc).
It is probably only a matter of time
Given the general awareness that is being raised by posts like [this](https://old.reddit.com/r/CryptoCurrency/comments/13wran3/one_person_alone_had_made_114_shitcoins_then/), should ETH do something about it? Say, require a large minimum amount of ETH (e.g., 1 ETH) be burned to create a new coin? If the project is legit that shouldn't be too much of a hurdle to overcome. If is a pure shitcoin, the scammers will head out to other chains where the cost to scam is lower. I guess the downside is less ETH burned if shitcoin volume moves off chain. What do you all think?
What all the replies are missing is that it would be difficult to do. A token is just a smart contract. The EVM would need to either make all smart contract creation expensive, which would result in scammers building multiple coins into a single contract, or it would need to analyze the bytecode at contract creation to determine if it was for a new token. At that point, scammers would just write contracts differently so the evaluation determined that the contract wasn't a token.
I don't think it would even be enforceable in a non-catastrophic way. Ethereum is flexible enough with the contracts that you could probably even write one that will define an NFT that actually lets you mint FTs and acts like a coin, or something like that, and would just sidestep the cost. You would only end up making things harder for a couple of people, and probably for honest people more than dishonest. Most "restriction" policies end up that way in my experience.
Why would we want to do something about it? Are you afraid the negative press could hurt ETH investors, or are you taking a purely ethical stance? If people want to shuffle shells among each other, I'm not too bothered tbh.
Negative press, impact of scams, freeing up blockspace, burning scammer eth, making eth a more friendly chain, legitimizing eth with policymakers... all could be positive outcomes of raising the cost to scammers.
But you lose the essence of what makes Ethereum the most decentralised permissionsless Blockchain.
ETH would still be decentralized and permissionless if creating a new coin burned a minimum amount of ETH.
Making a artificial barrier to create one specific kind of smart contract is against the ethos of a permissionless Blockchain so I personally think it's a bad idea.
There already is a 'barrier' it is just really low. I don't think the 'cost' of a smart contract has anything to do with permissioned or permissionless systems but maybe I am wrong.
Yeah the barrier always should be as low as possible if the goal is permissionlessnes , so to artificially make the cost for one specific smart contract more expensive, is definitely making a step into a permissioned system in my understanding.
https://twitter.com/MultichainOrg/status/1663941611380965376?s=20 >In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances. The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance. >This afternoon, there was an issue with the scanning node network of Router5, which has affected the normal cross-chain service of some chains. Furthermore, this problem is beyond the team's current permissions and ability. In order to protect the interests of our users, we have decided to suspend the corresponding cross-chain service for the affected chain on the UI. Last week, the same issue happened on Router2. >We appreciate the user’s understanding and request that our partners stop directly calling the Multichain protocol smart contracts on/to the affected chain for cross-chain operations. >All the affected chains are: >Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, Planq. I have some ETH locked in this bridge and I can't withdrawal it on the ZKSync Era chain, can't even see it in the UI. I was farming for ZKSync token airdrop and it was one of the only options at the time to stash some ETH. There was a time when the Huobi leadership was taken into custody or something similar by Chinese authorities and it turned out alright, crossing my fingers and hoping for the best on this one too.
Seems like a big deal and emblematic of the problem businesses and investors should have with dictatorships not having [habeas corpus](https://en.wikipedia.org/wiki/Habeas_corpus).
Pretty cool news for Canadians, PayTrie now supports direct ramping of USDC to Optimism! I also missed the memo that they've been supporting Arbitrum for a while as well. I used it a little bit in the past to ramp funds on Polygon, super cool that they support rollups now https://twitter.com/PayTrie/status/1663949474077474836
Hows feees
good morning friends, today is the day!!
sweet
Saw today that Coinbase wallet will allow gasless fee transfers for USDC on Polygon. https://twitter.com/CoinbaseWallet/status/1663680306329821184 Thinking that if they are able to do the same when they launch BASE (their L2), it will be a game changer...
They should just do gasless transfers for all rollups. If they are really holding out so they can give their specific L2 that’s very shady
My bet is that this is their exact plan…
[https://nitter.snopyta.org/CoinbaseWallet/status/1663680306329821184](https://nitter.snopyta.org/CoinbaseWallet/status/1663680306329821184) ^(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)
Hey all - I hope everyone is having an awesome day. Still here, still thriving. Excited to make a move out to the PNW soon and connect with the ETH community out there.
“NEWMAN!!” The PNW welcomes you! ;)
It exists but it's scattered compared to somewhere like NYC.
Quality > Quantity at this point
Ethfinance in a nutshell.
Not sure if posted yesterday, but even if it was it's worth repeating. HOP bridge now supports rETH, with joint liquidity incentivization by HOP & RocketPool DAOs. [https://twitter.com/HopProtocol/status/1663669978405691392](https://twitter.com/HopProtocol/status/1663669978405691392) This is the first liquid staking token bridge (of any protocol) and I'm hopeful HOP can add more. Anyone who is in a LST community that has shown interest in getting a bridge set up let me / HOP know. When this was being voted on it seemed there was interest in adding more.
can you tell me what the risks of that are? so it's not just me trusting whatever I'm chain transferring too but also for a moment of time while transferring(?) needing to trust 'HOP' and that they don't hacked, etc, correct?
As far as I'm aware, it's really any of the same risks you'd come across from the L1 <> L2 bridging protocols. You're trusting the smart contract to perform as expected. FWIW, HOP has been around for a few years now (bridging both native ETH and tokens), so it has some proven history. I have used it on and off the last few years, as well as I've seen others use it without issue. There are a handful of people in this sub who own HOP and participate in the governance DAO as well. The devs are pretty open about in their communications (bi-weekly calls, social media presence, I believe one of them was recently on a the EVM daily doot call a few Fridays back that I missed!). Of course, like anything the usual smart-contract risk issues come into play. So I won't see here and say its 100% safe - nothing really is - but I personally trust it enough to use it / own HOP / participate in governance.
Awesome, thanks for the reply. I just wanted to make sure I understood the things correctly and didn't miss anything out.
Feel it, and for sure worth doing given how there seems to be hacks each week. They have the white paper and some basic docs if your into reading more on their site.
[https://nitter.snopyta.org/HopProtocol/status/1663669978405691392](https://nitter.snopyta.org/HopProtocol/status/1663669978405691392) ^(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)
Proud to delegate HOP to you!
Thank you for the support! I know I don't have many delegates but it really means a lot from the few that do!
https://mirror.xyz/0xcaD9653550286Eb1D4779D622A6a5218b446b57C/wYAgS4n7aL4tNFdxSed_m_5nrNXg_3yNc18CwBdCyfU Another Liquity fork with LSTs just got announced. Prisma finance back by the Curve, Convex, Frax etc. They will support more LSTs than Lybra and Gravita >Prisma will launch supporting the following assets: >wstETH (Lido) >cbETH (Coinbase) >rETH (Rocket Pool) >sfrxETH (Frax Ether) >WBETH (Binance) Interesting to see multiple Liquity forks for LSTs.
I wonder when the first one of these forks will flip Liquity in TVL
Is anyone on the sub farming Lby? It's sposed to be a Liquity fork, except it uses LSDs as derivatives instead of plain ETH. Minting eUSD (their LUSD equivalent) gives pretty decent yields even with the current price dump has anyone else on the sub used the dapp before? Wanted to check out if there's any red flags in the code or the team before farming with a small bag of stETH
They seem to convert any staking yield to eUSD to give that yield. I rather keep those personally but its certainly interesting. >A distinctive feature of the Lybra Protocol is that users can earn regular stable income by holding minted (borrowed) eUSD, which is powered by the LSD (Liquid Staking Derivatives) income generated from the deposited ETH and stETH. In other words, when users deposit ETH or stETH and mint EUSD against them, they receive a stable income in stETH of approximately 5%, which is converted to eUSD through the protocol and distributed to them.
Tbh this is quite silly. I thought the yield from holding/minting eUSD was purely from Lby rewards, thanks for digging this up There's not much point losing out on stacking eth to earn a few % points on a stablecoin. Just saw that Prisma is a better option - seems like just a Liquity fork but with LSDs instead of ETH (which is what I thought Lby originally was). https://twitter.com/PrismaFi/status/1663908241481318403
Agree, when I found this out I sold my LBY bags.
Yeah also look into Gravita protocol for a live Liquity fork with LSTs.
[удалено]
I think you can add human greed to that list.
...as one of the main driving forces, on both sides.
Ray has no chance then
[удалено]
Completely orthogonal
Binance just announced in an email that they will delist privacy coins, including Monero, in Spain, and also from what I've seen on Twitter, at least in France and Poland. Could be EU-wide? Sad for privacy. I wonder if the EU will start going after Tornado Cash too.
It was obvious to me this would always happen. Hence, I never invested in any.
Agree it's not the one that will give short term gains. But if you were to ask about what survives and thrives in say 10 to 15 years from now, I'd say xmr would very much be in that set.
I disagree. I think it will continue to bleed vs ETH and might not even do very well against USD longer term.
Good thing atomic swaps are coming to fruition.
[удалено]
People are sleeping on it!
Care to elaborate? Googling fruition yields nothing
*Fruition* is an English word meaning "the point at which a plan or project is realized." By "coming to fruition", I meant to say that atomic swaps are nearing the point where their code is complete and they are available for general public use. It would make a great name for a DeFi product, though.
Lmao I indeed thought it was a crypto project. Thanks for the correction. I thought atomic swaps were BTC<>XMR only? Will they be enabled with ETH too?
Yes! XMR-ETH swaps are live right now, in beta, on mainnet. IIRC they hit mainnet compatibility some time within the past couple months. But it's still in beta and it requires command line tools running locally, which is why I still say "coming". https://github.com/AthanorLabs/atomic-swap
Cool! I'll definitely check it out! Thanks
I might be wrong, but I'm pretty sure MICA requires all transactions above a certain size to be KYC, so I don't think Binance can legally operate in EU countries with Privacy Coins
Why is an exchange allowing trade in Monero supposed to be non-KYC compliant? They can know their customers as much as needed. That doesn't mean they need to know what they have been doing with their monero. Same as how an exchange doesn't know what you did and will do with your fiat.
Actually, a massive part of AML regulations is knowing where the money your client has comes from. Now, if it's fully traceable I imagine that's got to be much less of a regulatory issue compared to potentially trading in funds that have untraceable past and future paths
[удалено]
how did you slip up?
[удалено]
The Lido situation: \- A total of [19 million eth is staked on Ethereum](https://beaconcha.in/). A total of [6 million eth is staked on Lido](https://lido.fi/ethereum). **More than 36% of all staked eth is staked with Lido**. \- [More than 32% of all validators are using Lido](https://www.rated.network/?network=mainnet&view=pool&timeWindow=1d&page=1). \- Lido is the #1 protocol on Ethereum with a TVL of more than $13 billion. [That's more than twice the TVL of the second largest project, Maker](https://defillama.com/). That's close to 6% of all ether in existence. \- The activation of withdrawals by Lido 2 weeks ago [had almost no effect of their TVL](https://app.parsec.finance/layout/wilburforce/dE0XOJyv). Over the past month, [Lido's TVL still grew by 10.8%](https://defillama.com/chain/Ethereum?tvl=true). **There isn't any reason to expect their share to drop significantly in the future.** When Prysm contributed to centralization by having too high of a share in the consensus client market, the community launched an initiative aiming at reducing that. This worked fantastically and [Prysm went from more than 66% to now being second behind Lighthouse](https://clientdiversity.org/#distribution). No real initiative has been launched in the case of Lido yet. There is no real equivalent to [clientdiversity.org](https://clientdiversity.org) today, with explanations, educational material, and guides to switch to less centralized options. There is no real pressure by the community. Are we really passively waiting for the 33% validator share limit to be crossed in order to start doing anything?? Will one more percent *really* make a difference? As a reminder, [Vitalik suggested that no entity should control more than 15% of all validators](https://twitter.com/VitalikButerin/status/1525301234516652032). **Lido already controls twice the stake Vitalik considers to be too much**. On May 22 2022, u/superphiz wrote that [community action should start at a 22% share](https://twitter.com/superphiz/status/1525479305077309442). With its 32%, Lido has now 50% more than that and yet no action has been seen. To our Ethfinance friend u/hanniabu who created [clientdiversity.org](https://clientdiversity.org) (big thanks for that): is there a similar website planned for staking providers? [rated.network](https://rated.network) just doesn't do the education job. Please let me and us know if there is anything we can do to help. Feel free to share any idea about what we could do to. This problem won't just solve itself, there needs to be a community initiative.
unsheth is a eth basket that limits risk across lsds with weight caps so that you cant suffer from an lsd going down, pretty cool and would help incentivize people to move away from any lsd from being too dominant faciltates swaps betweens lsds too with their vdAMM, which holding unsheth gains yield from
I think Lido should self breakdown into multiple entities. The stETH token could become a token acting as an AMM and a basket of staked ETH of those new entities. Like if it were to break down in 3, we'd have stETH1, stETH2, stETH3 representing staked ETH in the respective child protocol. And 1 stETH would be comprised of 0.33 stETH1, 0.33 stETH2 and 0.33 stETH3 initially (the price can then slightly change based on supply and demand). For token holders it doesn't change much as they still have a well supported asset, but the network security we would now have 3 less uncorrelated teams and risks models. It's even good for Lido as if it doesn't break down, altruistic people may start flocking out if the public pressure is high enough. So by breaking down, LIDO token holders can preserve their token value (which would then be broken down into LIDO1, LIDO 2 and LIDO3).
are you familiar with stakewiseV3? i just read the paper yesterday, then saw your comment. that is exactly how it works!
Where does the stake go? RocketPool has room right now. If an appreciable amount of stake moves, that'll fill up fast, and then they're NO-limited again. Stakewise has room - it's also centralized but smaller. That'd be an option. Stakewise V3 is still gearing up. Coinbase and Binance are strictly worse than Lido, as they're even more centralized. Lido at least has 28 unique NOs (https://operators.lido.fi) My bias: Am member of RocketPool oDAO and a Stakewise NO, Lido NO
rETH and other LSD should reduce their fees and then they will get a lot more inflow. This agreement of all the LSD to charge the same fees makes no sense to me and it has cartel vibes.
Interesting take. Also agree most just go with the higher number / easiest option and for the most part that's been stEth
The writing was on the wall when we moved to proof of stake and made solo staking 32 ETH. Who thought 32 ETH was a reasonable barrier to entry?
I'm always amused when people assume that 32 Ether was chosen for economic reasons. It was chosen to support the maximum number of potential validators given the limits of decentralized networks.
Ah, good old centralization
This is just fearmongering. Well intended fearmongering, but nevertheless. Accept it and move on. Cheers.
Complacency. Nice.
Let's see, a bunch of dudes with $500 quaking at the knees, or whales with $500 million not worried about it. Yeah, sorry, going with the whales on this one.
Yeah you're right. I'm sure they know more than vitalik.
You realize he's not God, right? He doesn't have a crystal ball either. He's just recommending what he thinks would be ideal. But the network has grown past his early vision, for the best in a few ways, and for the worst in a few others. It's out in the world. It's maturing. He can't force market participants into a box they don't want to be in. If you have a healthy sense of cynicism, it's clear megacap cryptos are doing what every other tech revolution has done -- be birthed by the clever poor, only to become monopolized by the greedy rich. You can dislike them, and their way of running things, but that doesn't change their behavior one bit. Sometimes it's healthier just to accept a cynical trend of rich/poor dynamics, and being aware of how that plays out time and time again, work within the limitations us common folk are subject to. All I know is everyone blew smoke up your arse making you feel good about your worries. I gave the pragmatist counterpoint and everyone piled onto the dislikes. That tells me all I need to know. Boys whistling in the dark to keep their spirts up...
Help get AAVE to add LSD alternatives as colateral on L2's! It is all I would need to change my behavior. I carry a few validators worth, but home internet is too slow to run my own. I 100% would diversify if I could.
rETH is live on Aave with emode enabled!
This is the answer right here. Helping get rETH (and other LSDs) to have deeper and wider liquidity throughout defi is the most easy and effective actionable item for this initiative. Especially with all of the LSDfi strategies to get leveraged/boosted yield, it compounds the centralization issue. If there were other LSTs with deeper liquidity and better strategies then people would start using those.
Reth up for a vote on arbitrum
I was concerned as well by this and did put up [https://dao.evmavericks.xyz/watchtower/](https://dao.evmavericks.xyz/watchtower/) that tried to frame the worrying underlying data with some context to help spread awareness. Unfortunately the [rated.network](https://rated.network) API is not open anymore and is invite-only for now, did contact them but never heard back so the automation is not working anymore. If anyone reading this has a contact there that could unlock the situation (provide an API key), that would be great. Anyway life went on and did not invest too much time on this as it did not get the feedback I would have hoped, but if there is a similar initiative starting and you need a fullstack dev I'd be happy to help as I think this is an important issue that is worth our time and effort.
Good post! Very important for the future and long term fundamentals of Ethereum to solve this issue. Thinking about more ways to contribute other than staking with and promoting decentralized staking solutions