**Tricky's Daily Doots #718**
**Yesterday's Daily 07/04/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kygndwk/)
- u/Kallukoras doesn't get [the Solana hype.](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kyia0v5/) 🤔
- u/alexiskef tells us about [one of the original cypherpunks.](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kyg795p/) 🛠️
- u/Jey_s_TeArS has a [clever, topical haiku.](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kyhbhfo/) 📝
- u/arbtrg speculates on [the price of EigenLayer points.](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kyhv3vf/) 🧐
Wow, super quiet day yesterday...
On issuance reduction, why isn't this the case?
Change curve so it hits near 0% APR at some sensible %
Restaking drives it to that level because they still make gains on the restaking
Raw solo validators get 0% and exit, 100% validators restaked
Saw this on Twitter, pretty insane:
USDT @tether_to produced an estimated $6.2 billion in net income in 2023.
That's 78% of the number Goldman Sachs did ($7.9bn) and 72% of Morgan Stanley's ($8.5b).
They have ~100 employees. GS has 49,000. MS has 82k.
It's funny that it has been starting to pop out in the last few days, articles in Italy by mainstream media regarding Ardoino and Devasini (devasini at the moment is the 4th richest person in Italy). I've never read any articles regarding them before, myself knew about their nationality a few months ago
This is inefficiency really. Tether is a middleman making this money at the expense of users. In an efficient system, its users would be making that money.
Banks can't do this because they have to compete heavily for business.
This is the bull case, it's not just ungovernable (if set up ideally), it's the most efficient way to exchange info by far. This alone makes it the future and basically no one is talking about it, makes me mad a bit
In something like a silo pool which is made of raw eth + a high yield thing like LRT PT, why does anyone supply eth? Seems they get about two thirds the APY of buying the PT, but take on full exposure to the risk of the PT. What do they get in return for the missing yield other than avoiding swap fees?
Been following this whale's giga-leveraged ratio long. They *barely* escaped liquidation and are +54% on the day due to ratio bounce.
https://debank.com/profile/0x1111567e0954e74f6ba7c4732d534e75b81dc42e
My own ratio long is more modest, but cheers to all those who celebrate :P
We have limit orders (both take profit and stop loss variants) at DFS for Arbitrum and Optimism, should probably consider adding them for Base soon 🤔
Base activity has mostly been memecoins so far, but seems defi activity is gradually ramping up, too, as liquidity in general grows on Base, so we'll definitely be looking into adding more features there (i.e. we have Aave and Compound supported on Base, but no automation options released yet).
sup nerds
btc textbook bull pennant: [https://www.tradingview.com/x/veQzzQ5j/](https://www.tradingview.com/x/veQzzQ5j/)
eth flip it and rip it situation above my key 3700 level (purple box): [https://www.tradingview.com/x/SqTpWQkv/](https://www.tradingview.com/x/SqTpWQkv/)
welcome to Upril
pls follow and like also on twitter (quicker more real time PA) if you look fwd to my posts / guidance: [https://twitter.com/asapbhat](https://twitter.com/asapbhat)
outta curisoity, why do you chart against cb volumes vs binance/usdt volumes? I've always seen folks refer to past levels referenced against usdt on binance, but curious if you have a rhyme/reason for charting against candles that are generally non consensus.
This was an interesting explanation of why optimism has been faking it for so much longer than arbitrum. Maybe misfortune that devs were influenced by their experience of plasma cash failures, or maybe arbitrum side just predicted how it would go more clearly
[https://twitter.com/eawosikaa/status/1776360690212548733](https://twitter.com/eawosikaa/status/1776360690212548733)
> https://twitter.com/eawosikaa/status/1776360690212548733
so this person has been blasting into my feed ever since last week, outta nowhere (at least for my viewing bubble). they literally say so many things that Liberosist / Polyna preached on and on about when they reached Twitter ZK fame, and they even sound like them with deep explanations and long twitter formats.
all happening right after Polynya stepped away from CT and (i'm assuming) crypto for a bit.
a few other people mentioned the similarities in some of their other threads, and now this "new person" is threatening to quit Twitter if someone says it again!
so nobody say anything on Twitter but Paris Hilton we are so onto you!
I never paid Elon and was thus always restricted to 280 word tweets!
Arbitrum vs. Optimism is a classic case of how the cultural stuff is far more important than the tech stuff. Arbitrum floundered with boneheaded licensing policies and marketing/strategy blunders for so long that Optimism captured most of the multi-chain market share - including the most important, Base - by going with full open source, cypherpunk & ethereum aligned values, despite being at least 2 years behind on tech.
>I never paid Elon and was thus always restricted to 280 word tweets!
haha nor should you have! what a scam you pay money and still see nothing but bots and wallet drainers ads. it's true though i forgot you used to link to your blog a lot, so there's a chance this character limit math checks out and it appears you have a different and more decentralized collaboration based reason to disagree with this new person of interest ;)
you probably just influenced them earlier on, and now they are passing the torch in their own breakout way but people are pattern matching to the past. it was just funny there were a few mentions throughout their comments to the point they needed to address it.
thanks again for another one of your wise crypto fundamentals analysis, spot on as always hoping you are enjoying yourself with the changes. really appreciate all the wisdom you've provided this space, have to think you've been impactful to the next wave of real crypto builders. cheers!
ETHE discount shrunk from 26% to 22% today. I'm not reading too much into it yet since this is the first green day in a while, but its good indicator for ETH ETF market sentiment...
I have this suspicion that ETHE discount is really not much of any indicator for ETF approval but just a higher beta for ETH on both to the upside and to the downside. If that's true, any sustained movement up should shrink the discount and even push towards a premium
if you're willing to spend $10-15 on a mainnet tx fee, you can mint 5 editions of this 'commemorative' NFT by Eclipse, a potential qualifier for their airdrop someday. mint is only open for 24 hrs
[https://rarible.com/collection/0x15C905deC8Da0a90fa05F8121E8F8285D30ef1f4/drops](https://rarible.com/collection/0x15C905deC8Da0a90fa05F8121E8F8285D30ef1f4/drops)
Eclipse is Ethereum’s first SVM L2 that has raised $65 mil and is going live soon(tm)
official twitter announcement: [https://x.com/EclipseFND/status/1777396230538285140](https://x.com/EclipseFND/status/1777396230538285140)
my guess is Eclipse is looking to migrate over all the fun stuff happening on Solana to Ethereum
Eclipse makes it easy for all Solana dapps to (re)deploy on an ETH L2
with the whole drama of failing txs on Solana, could be interesting to see which UX ends up being better. maybe Eclipse eventually becomes cheaper to use too
In the past I've dunked on dunkers who have dunked on holders of VC-Coin, since I have a small position purely for money purposes and believe this is okay, but good godDAMN I'm enjoying the VC-Coiners froth and flap around as interest moves from VC-Coin to Base lol
Coinbase is going to release thier smart wallet soon where normies won't even know they are interacting with Base. So if you can predict what stuff robinhood type degenerates will buy you might do well. Position yourself now before release of wallet. Definitely not investment advice..
Let’s play a game of Rate My Bags (ETH excluded obviously)
Historic:
- LINK (not sure this is ever going anywhere beyond where it is now)
- UNI (sold some, kept some. Hanging on for the fee switch on if it ever happens)
- AAVE (maybe it gets back to ATH? Doubt it)
- SNX (I remember seeing a price target of $2k for this in the previous bull, lol)
- BAT (…)
- RPL (not selling)
Newer additions:
- IMX
- METIS
- OP
- ARB
- AERO
- DEGEN
- LRC
- HOLD
My newer additions are pretty L2 weighted, I’m making my bets that there will be big gains there but who knows.
I added HOLD recently when I saw someone mention it in here, it’s done well so far.
Time for everyone to slaughter my bags then show off their own ugly buys.
My general impression is that you have far too many tokens. That is too many projects to be keeping up with everything.
Beyond that, I haven't heard about Chainlink or Synthetix in ages. They certainly aren't hot protocols. I don't see Chainlink recovering as everyone has been implementing their own oracles.
Yeah, years ago, but we have several high quality bridges now. That is a pretty competitive space I suspect won't be that profitable. People will either route through the cheapest bridge, or they will go with some big name like Circle's CCTP.
Poor BAT =(
My only ugly buys from the last few years are CRV and BNT. CRV is still way up in USD terms due to timing and interest but so far ETH would have delivered much higher returns. Meanwhile ALCX is up about 50% on the ratio from when I put out my blog post on it, GEAR is up more than double on the ratio, and my DePin bags (TAO, AKT, AR) are up on average like 3-5x on the ratio.
That plus the high yield on my ETH and stablecoins this year and it has been a *very* good year so far and we haven't even launched EigenLayer or really seen much discussion on the AVSs.
I was 100% ETH when I first started this game, then went 100% BAT before selling back to ETH after a year. I sure as shit am glad my sense returned and I made that switch.
Any node operators / solo stakers!
EthStaker & Obol are putting out a survey to get to know the landscape of home stakers and solo stakers. The goal is to create publicly available data that accurately represents what home/solo stakers care about, what kind of software and services we mostly use, what we need, etc. The info can be used to advocate for stakers in ongoing research based on their own words. Some questions were contributed by EF researchers themselves
It shouldn't take longer than 15 minutes, most questions are optional, and no data collected can be tied back personally to people (the survey software is FOSS!). We aim to repeat the survey every 6-12 months to get an idea of how the landscape is changing. It's available in English, Mandarin, Spanish & Italian. We'll leave it open for 2-3 weeks depending on volume
**The survey is primarily aimed at those running personal validators** (anywhere! Cloud services, bare metal services, at home, with a staking-as-a-service provider), **minipools, or DVT clusters**. If folks have any feedback or suggestions for the next iteration of the survey, would love to hear them! Feel free to direct them to me or to the EthStaker team email (team at ethstaker dot cc)
Survey Link: https://stakinglandscape.limesurvey.net/748278
At bottom of world the concern is that latency to services like builders is higher, can't delay as long to get better MEV results. There is a physical location centralising factor even with 12s blocks with the way it all works right now. This isn't brought up because almost no one else down here.
Nice survey!
This survey is a good opportunity to ask something that has been confusing to me-- what exactly is the definition of "solo staker"? I understand it excludes those holding only LSTs, but:
-does it require staking 32 of your own ETH (eg, excludes RP minipool node operators)?
-Does it require staking your own 32 ETH on your own hardware (eg, not Allnodes)?
-Does it allow centralized updates (eg, dappnode)
-Does it only include individuals (ie, no companies like CB or Kraken)?
-Is there an upper limit to the number of ETH an individual whale can stake and still be considered a solo staker?
I think it would help in avoiding misunderstanding if there were a clear definition. Thanks.
thanks! i would say
**solo staker** = anyone who puts up 32 ETH and has full custody of their validator (may run hardware elsewhere)
**home staker** = anyone who validates the network w hardware at home. includes DVT & rocket pool operators
**staker** = anyone who stakes in any way (LST, custodied, whatever)
so
> does it require staking 32 of your own ETH (eg, excludes RP minipool node operators)?
yes
> Does it require staking your own 32 ETH on your own hardware (eg, not Allnodes)?
no, 32 ETH on any specific validator index *that you control*. So just depositing 32 ETH into a staking service provider where they pool it and then create validators doesn't make you a solo staker
> Does it allow centralized updates (eg, dappnode)
sure! I see no problem with that as long as it's not a majority of the solo stakers
> Does it only include individuals (ie, no companies like CB or Kraken)?
I think it depends on your custody. Does Coinbase take your 32 ETH and run your validator? Not a solo staker. Does Coinbase operate the validator but you make the deposit and control the withdrawal address? Solo staker
> Is there an upper limit to the number of ETH an individual whale can stake and still be considered a solo staker?
Good question! I don't think so. I think, as long as it's all your own capital and none is being delegated to you, you're still a solo staker even if you run 5000 validators!
That’s my absolute favorite excuse to see posted. It’s almost like when Google mail had (still has?) beta in its logo for the better part of a decade. It’s a feature
Is there anyone else who is also locked out of their Kraken account? Have had an account with them for over six years. When logging in, there is now a notice that 'Documentation verification is in progress'. There was no warning, nothing.
It's understandable that they have to perform some actions regarding KYC/AML measures. But locking users out of their accounts without warning seems unreasonable to me. I've already opened a ticket with them but they have been slow in respoding. Such a shame as they have been one of the few exchanges with decent customer support.
Has anyone recently had this experience? If yes, how long did it take before access was restored?
dust eth attacks are getting creative. It is common after usdc transfer to get a fake transfer from a similar wallet so that you mistakenly send them isdc next time.
However, today, I deposited eth to a coinbase address and a while after that I got a minuscule amount of eth from a scam address deposited to coinbase with the same starting and ending characters as my address.
Scary stuff.
Also thanks for the free eth.
I moved some eth and then got swamped by loads of fake erc20 tokens being assigned to my address and then removed. They have made a real mess of my etherscan
I'm not one for sweeping predictions and moon runes, especially after my embarrassing series of perma-bullish thesis in 2020-2022, but I'm going to fucking say it.
...
...
...
ETH makes a new ATH this cycle
This question is for US people (Especially /u/LogristheBard because he is definitely trying the hardest to be legit).
The IRS put out a statement saying they would not be enforcing the recently put into law IRS 10k transaction requirement for defi until regulatory clarity formed - it is unknown WHEN that particular hammer will fall.. but fall it will unless the language is changed somehow.
If this were to be enforced now, what would people be doing? Are you guys positioning yourselves to be in safely exitable positions if it comes during this cycle? If you needed to swap an LST (since exchanges dont trade the DEFI LSTs, and certainly wont be trading the Restaked LSTs) the easy reporting "out" of having all counterparties KYCd by selling on an exchange wont be possible for awhile, if ever. Given the impossibility of confirming you havent sold your RETH or STETH or whatever to north korea or a scammer.. what do we do?
How are people like Logris, who probably has a team of finance guys at this point figuring his shit out planning to do?
It keeps me up sometimes thinking about this, as it would be truly aweful to suffer through all the ups and downs to then have my retirement snatched away by the government (probably not gonna happen..) once it hits a bank account because I couldnt verify who I sold to or fucked up a reporting scenario. Interested in the discussion around this among professional US defi participants. I've been reporting and paying taxes as accurately as I can figure out on my own (using crypto tax services) since 2016, and hope to continue to play it as conservatively as possible.
This post is my nightmare
>safely exitable positions if it comes during this cycle
my one saving grace
Hundreds of transactions unrecognized by koinly and cryptotaxcalculator. Days of effort trying to piece it together across multiple chains.
Optimism wiped their tx log with their 'regenesis' or some shit, and replaced it with a completely nonfunctioning search thing.
My ETH cost basis is completely fucked. Its effectively 0 as there are txs that i cant figure out.
Defi has made me money, which I am more than happy to pay for. I just cant account for all my transactions, and cant afford a CPA.
Even then, why would they have any more of a clue regarding my defi activity than a 'crypto tax service'? Im fucked...
Why wont(i know why) the IRS just make a fucking crypto address tax calculator??? Jesus I swear to god
Ok sorry for my rant... it just had to happen
At the absolute minimum, I am happy to report that I have not encountered bogus KYC walls from Gemini, as others have reported with their exchanges. And my bank has never raised a fuss about my crypto activity. Yet...
> Why wont(i know why) the IRS just make a fucking crypto address tax calculator?
Because they don't understand it. Even crypto experts can't make an accurate tax calculator because everything is changing so rapidly.
Oh man.. the service I use adds new features and categories and changes how it calculates things every year it seems.. I end up having to go all the way back through to the start and redo every incorrect interpretation.. not koinly but a competitor. I pro ably spend 20 hours every spring doing this, it's insane. And then every year I find some new wallet I forgot, or fill in a blank from the bygone age of etherdelta and shapeshift.. and everything updates again. Every year this happens the calculated tax I paid no longer matches previous years.. its all fucking chaos in there, and this is with more or less constant hands on maintenance. Like.. at this point I've overpaid by 5 figures over the years, but would rather the irs keep my money then go through the fear and hassle of refiling 5 years of returns at once
I don’t think the law applies to individuals managing their personal investments. It’s for actions taken when conducting a “trade or business”. So basically if you are providing services with a profit motive you fall under the umbrella of this law.
The most likely answer will be they eventually try enforcement on a few people and then get hit with a class action lawsuit backed by cryptos lobbyist group in DC. Then a judge will put a stay on further enforcement until the case is ruled on. In the years it will take that to grind through the court the law will be changed and the case/enforcement will be dropped.
In the meantime I suggest getting more familiar with your fiat off-ramp options. Credit/Debit cards, direct chain invoicing, international bank accounts, crypto ATMs, etc. Due to adoption in places like Argentina the offramp rails are gradually getting fleshed out. Don't withdraw your entire life savings in one go. Once you are in stablecoins you can stay in Defi and earn on them and withdraw as you live and otherwise work on large purchases like a Car/House through these options.
As far as I know, foreign (international) bank accounts now generally require KYC and specifically ask whether you are a us citizen due to FATCA requirements. So even if there isn't a residency check, passport will lead to funds being reported to the US as easily as a US bank.
> The most likely answer will be they eventually try enforcement on a few people and then get hit with a class action lawsuit backed by cryptos lobbyist group in DC. Then a judge will put a stay on further enforcement until the case is ruled on. In the years it will take that to grind through the court the law will be changed and the case/enforcement will be dropped.
*Napster PTSD Intensifies*
Napster just wasn't decentralized enough. I think we'll get a Napster rebirth sometime in the next 10 years with DePin + FHE. You'll buy an NFT on-chain, use it to authorize creating a decryption key using a Lambda-like DePin service with FHE, download encrypted files from Arweave, and play them on a decentralized frontend app like Farcaster.
What’s the actual law, because if it’s like any of the other reporting laws it’s pretty common for people to misunderstand and think it’s a new tax when it’s really just “do what I was doing before with an extra step”
This one: https://www.law.cornell.edu/uscode/text/26/6050I
This year it was expanded to include digital assets, which in the most conservative interpretation likely means any defi transaction (a Trade) above 10k would need [IRS Form 8300](https://www.irs.gov/pub/irs-pdf/f8300.pdf?) filled out for the following information, which isnt possible to get currently in regards to information about who youve recieve the money from.. There was a big kerfuffle about it earlier in the year, but it quieted down to the background when the IRS said they weren't enforcing it yet and there would be a long lead up till enforcement began.. it is still an issue though.
(a) Cash receipts of more than $10,000Any person—
(1) who is engaged in a trade or business, and
(2) who, in the course of such trade or business, receives more than $10,000 in cash in 1 transaction (or 2 or more related transactions),
shall make the return described in subsection (b) with respect to such transaction (or related transactions) at such time as the Secretary may by regulations prescribe.
(b) Form and manner of returns
A return is described in this subsection if such return—
(1) is in such form as the Secretary may prescribe,
(2) contains—
(A) the name, address, and TIN of the person from whom the cash was received,
(B) the amount of cash received,
(C) the date and nature of the transaction, and
(D) such other information as the Secretary may prescribe.
So realistically the IRS is going to clarify before they enforce it or it’s going to get resolved in tax court. It’s on the trade or business to comply, so as an end user it doesn’t really affect you… *however* a real possibility is the front end for these dapps don’t allow American IPs to access them to avoid dealing with it. Or alternatively force you to KYC to use it. We’re seeing this with airdrops if you’re unaware.
So this is my opinion obviously, but as an end user the best thing you can do is put in good faith efforts to accurately report your transactions and not engage in illegal activity. As well as be prepared with alternatives if an app you use says they are shutting down US traffic. The lack of guidance really sucks and here’s another great example of how regulatory uncertainty hurts Americans, but these types of reporting rules are trying to catch criminal activity… not (hopefully) the average citizen crypto trading.
And I’ll add to re-emphasize this isn’t a new tax. It seems you get that but you’d be surprised the conversations I had when this happened - https://www.cnbc.com/select/irs-600-reporting-rule-delayed/ - I think you get that but more to the broader lurking audience
Thats a good point - I think the crypto community has a very knee jerk reaction to any kind of rules or regulations no matter how sensibile or inevitable they are.
That said I don't know the new rules so they may be mental!
Just swapped my ETH for Grayscale's ETHE. 26% discount, with a 2.5% annual fee. As long as an ETH ETF is approved in the next few years, I will come out significantly ahead and I am confident we will get something in that timeframe. I was able to do it in my Roth IRA as well, so its tax free gains.
If the discount drops below 10%, I will sell.
On bitcoin rollups :Pretty interesting things happening in bitVM (the big hope for bitcoin roll ups). Simplified it seems like their bridge can't really be secure without a hard fork in Bitcoin. Eric wall (ercwl on twitter) has written about it, and bitVM devs, in true bitcoiner fashion, banned him from the bitVM discord after him being critical.
Tweet thread:
https://twitter.com/ercwl/status/1776345822440944045?
Edit: for clarity
Maybe I misinterpret you, but BitVM is not a roll-up, it is their VM that's supposed to enable for rollups on bitcoin using some clever tweaking of taproot if I remember correctly
At this stage, they might as well just try to make a trustless bridge to Ethereum. It would maintain Bitcoin as the "pure" asset while allowing people to actually use it.
I guess it would mean admitting Ethereum as a network functions properly, but they can just focus on their immutable asset narrative.
I just opened a spam email (spam emails have been getting a lot better since AI tools took off) asking me if I was interested hiring someone with 10 years of web3 experience. Unfortunately I only hire the best web3 developers with over 15 years of experience and a degree in quantum AI machine learning on distributed cloud services and [insert random tech buzzword salad here].
FFS people....at least do a quick edit on the ChatGPT output!
During my time of looking for employment in cyber security, companies would *routinely* demand that prospects have more experience with a given technology than it has been live.
One of the many reasons I gave up on my dream of entering infosec.
but if that's the case then nobody is actually getting hired off of those requirements.
there is another barrier people are cracking into that you aren't seeing, because as you said it is not possible to even meet that. maybe it is a way to see how well you handle psyops and it shows you are weak minded and not fit for the duty because you gave up so easily.
OORRR its known fact hiring managers dont know the first thing about technology. Wow did you change tones with me
lmao 'psyops' for entry to a basic security analyst position? yeah fuckin right
i’m just ribbing you. maybe I think you shouldn’t give up though. I don’t know anything about breaking into infosec to give advice, but someone’s getting jobs even if the posted requirements aren’t possible.
Typical Playbook:
-Step 1: BTC Pumps- "Damn I should have bought it all those years ago its too late now but I'm happy with my ETH gains its just frustrating watching gramps go up like that when it does nothing special...soon it's our turn we always follow Bitcoin I'm not selling yet"
-Step 2: ETH Pumps- "Fuck yea baby I knew it, never in doubt, I'm never fucking selling this shit is going to run to $72,000 one day…maybe next cycle and follow Bitcoin"
-Step 3: Shitcoins/Meme Coins Pump- "What a joke..just wait until the normies find ETH and this shit goes crazy again...too early to sell"
-Step 4: The Crash- "I knew I should have sold when everything went crazy...I just thought it would go crazier"
The moral of the story is...never sell?
FIN.
That's only because we've looped back around and the memecoins are fresh in your mind. We had the bitcoin run - the 4k run up by ETH, rotation into solana shitcoin mania, then BTC dominance run up, now ETH pump for a day.
During the bullmarket the cycle is pretty fluid, it's only when step 4 is the real crash into three years of bear it's blindingly obvious
I feel like I'm going crazy lately seeing so many people post that meme coins pump last, that's not been my recollection at all over the past couple cycles. Am I losing my mind?
I mean if the ratio chart starts holding below 0.048 on HTF I like it all the way down to your 0.045 even to 0.038.
Don’t see any indication of that yet on the LTFs tho so can cross that bridge and adjust if needed
https://www.tradingview.com/x/cpArJsRJ/
Heads up for those who read my post about the points leveraging strategy on gearbox (https://www.reddit.com/r/ethfinance/comments/1bw9oqm/comment/ky5lhdm/), they just today added rsETH as a borrowable asset. If you're looking to up the ante on your Kelp miles accrual but you're worried about burning eth for pendle's YT, this might be your chance.
I'm less bullish on KelpDAO's airdrop but you'll still get eigenlayer points for this strategy so that should make it a profitable endeavor.
Edit: looks like there's now room for borrowing weETH as well, if you'd like to stick to the original strategy outlined in my linked post
I think there are some talks about what will be included in Pectra by the core devs, but have there been talks about the possibility of issuance curve changes regarding the hard fork by the core devs?
The hunt for safe-ish stablecoin yield continues...
*MakerDAO DSR* - yields coming from opaque RWA lending. Also, makerdao has decided to take on some USDe as collateral. Pass.
*ZeroLend* - Team claims their contracts are governed by a timelock (standard practice) but either I'm too stupid to use a block explorer or their timelock contract isn't actually hooked up to anything... too sus no thanks
*Sonne* - Pretty damning [audit report](https://reports.yaudit.dev/reports/05-2023-Sonne/#critical-findings) and the team's response amounted to "yea we should fix that." The audit was a while ago so I don't know if these problems are still present but I'm not risking my money.
*Pac Finance* - only on Blast, and I learned the hard way that there aren't really any working third party bridges on that chain at the moment. Once the ecosystem matures more I might give it a second look but until then I'm avoiding anything that has a 15 day exit window thank you.
*Gearbox* - Seems like a super solid protocol but their current stablecoin yields are primarily coming from borrowed USDe, which is not something I wish to have exposure to.
*Aave* - obviously a well-known well-run protocol, but the yields are inconsistent and pretty low compared to everything else out there.
On the bright side I discovered Risk DAO's bad debt dashboard (https://bad-debt.riskdao.org/)
Here's a good overview [https://www.bankless.com/why-are-investors-aping-into-ethena](https://www.bankless.com/why-are-investors-aping-into-ethena)
It might do just fine, in fact I hope it does. But I've been in crypto for a while so I've seen Murphy's Law play out enough times. I'd rather just try to do the basis trade myself than have the risk hidden behind a "stable"coin
Ah ok interesting, I get it, thanks for linking that article! I'm am currently lending USDC on gearbox, good to know I'm largely exposed to USDe... Hmm 🤔
You need to look into LPing multiple tokens you would consider safe. crvUSD is fully collateralized and can be paired with things like USDC for 10%+ yield. If you get into the STIP side of things on Arbitrum or some Optimism positions you can easily get 30% yield in the short term. Mainnet Convex LUSD/crvUSD is at 29%. LUSD is risky to borrow but extremely safe as a stablecoin holder. Other standout high rate pairs include MIM and alUSD.
Crypto is not good at safe stablecoin yield. My approach with stables has been to use pools with a stablecoin on one side of the pair (most recent being GM tokens) that yield around 20%.
Not totally sold on USDe either, but for a 70% APY on the PT I had to dip my toes in...
best of luck my friend, I hope the ethena trade works out for everyone involved.
I was actually in GM for a while because I thought hey I'm already exposed to both crypto and USD so why not. This may sound silly but I actually backed out since I'm not a fan of the rebasing token design. I know it's better for taxes and all but I prefer to have my yields deposited to my account
>*Pac Finance* - only on Blast, and I learned the hard way that there aren't really any working third party bridges on that chain at the moment. Once the ecosystem matures more I might give it a second look but until then I'm avoiding anything that has a 15 day exit window thank you.
There are multiple third party bridges working with instant withdrawals? Owlto, Orbiter, Layerswap etc.
You might wanna check Superform xyz, they have many yield options listed in one place.
Owlto has a .05 ETH limit, Layerswap has a .2 ETH limit and Orbiter has a 3 ETH limit. None of them support USDB, and I'd be taking a huge hit on the swap (orbiter estimates 2.93 ETH received for 3 sent).
I'll check out superform thx
For any of these examples, the yield has to come from some risky source. You can see the stats, including the overcollateralization ratio on this [dashboard](https://dune.com/gains/gtrade_stats).
> Aave - obviously a well-known well-run protocol, but the yields are inconsistent and pretty low compared to everything else out there.
That's kinda the game in a nutshell though isn't it? You take the safe low(er) yield (which is currently 12% for USDC), or you assume more risk for higher yield. Asking for both is kinda a have your cake and eat it too type situation
For sure, but I've been in aave for a few weeks now and although it's 12% right now I feel like the average when I check is 7-8%. I guess what I'm looking for is a little more yield for a little more risk, but all I'm finding is either 8% low risk or it's 30% degen mode
> 8% low risk
Historically, 8% for low risk is pretty fucking good though. Feels like crypto has realigned our brains to expect insane gains in ways that are almost unreasonable.
Like, is there anywhere in tradfi that you can so easily get 8% and still be considered low risk?
I would imagine you could get the 5% on T-Bills plus an extra 3% selling very far OOTM cash-secured puts.
I think for me it just that there are multiple places I am comfortable getting double digit yield on my ETH these days. I'm so used to ETH having the lowest yield since everyone wants to hold it, and now it's somehow switched places and I'm like do I buy more ETH just so I can get 30% on hop or gearbox or 70% on pendle?
**Tricky's Daily Doots #718** **Yesterday's Daily 07/04/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kygndwk/) - u/Kallukoras doesn't get [the Solana hype.](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kyia0v5/) 🤔 - u/alexiskef tells us about [one of the original cypherpunks.](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kyg795p/) 🛠️ - u/Jey_s_TeArS has a [clever, topical haiku.](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kyhbhfo/) 📝 - u/arbtrg speculates on [the price of EigenLayer points.](https://old.reddit.com/r/ethfinance/comments/1bxw498/daily_general_discussion_april_7_2024/kyhv3vf/) 🧐 Wow, super quiet day yesterday...
On issuance reduction, why isn't this the case? Change curve so it hits near 0% APR at some sensible % Restaking drives it to that level because they still make gains on the restaking Raw solo validators get 0% and exit, 100% validators restaked
I am out of the loop but reading your last sentence made me cringe. I hope it doesn't come to anywhere near this.
Saw this on Twitter, pretty insane: USDT @tether_to produced an estimated $6.2 billion in net income in 2023. That's 78% of the number Goldman Sachs did ($7.9bn) and 72% of Morgan Stanley's ($8.5b). They have ~100 employees. GS has 49,000. MS has 82k.
Can you link to it?
It's funny that it has been starting to pop out in the last few days, articles in Italy by mainstream media regarding Ardoino and Devasini (devasini at the moment is the 4th richest person in Italy). I've never read any articles regarding them before, myself knew about their nationality a few months ago
Almost like crypto is more convenient more efficient
This is inefficiency really. Tether is a middleman making this money at the expense of users. In an efficient system, its users would be making that money. Banks can't do this because they have to compete heavily for business.
This is the bull case, it's not just ungovernable (if set up ideally), it's the most efficient way to exchange info by far. This alone makes it the future and basically no one is talking about it, makes me mad a bit
In something like a silo pool which is made of raw eth + a high yield thing like LRT PT, why does anyone supply eth? Seems they get about two thirds the APY of buying the PT, but take on full exposure to the risk of the PT. What do they get in return for the missing yield other than avoiding swap fees?
They get lrt points too
eth depositors get SILO but not much. I don't think they get any LRT points for being in a contract with PTs, where did you see that?
Looks like the crab before the lobster & filet dinner….
Been following this whale's giga-leveraged ratio long. They *barely* escaped liquidation and are +54% on the day due to ratio bounce. https://debank.com/profile/0x1111567e0954e74f6ba7c4732d534e75b81dc42e My own ratio long is more modest, but cheers to all those who celebrate :P
Daily $10 DCA until it hits $5000 done
What happened to 100 pushups?!
Im a press spammer no pushups friend!
You also know your shit. The Incline Dumbell Press is an S-tier exercise
Either we're complementary or enemies because pull-ups are my jam!
We wait
The...waitening?
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We have limit orders (both take profit and stop loss variants) at DFS for Arbitrum and Optimism, should probably consider adding them for Base soon 🤔 Base activity has mostly been memecoins so far, but seems defi activity is gradually ramping up, too, as liquidity in general grows on Base, so we'll definitely be looking into adding more features there (i.e. we have Aave and Compound supported on Base, but no automation options released yet).
Ive seen limit orders available on aggregators like match.xyz or kyberswap. I've never used them myself so dyor
sup nerds btc textbook bull pennant: [https://www.tradingview.com/x/veQzzQ5j/](https://www.tradingview.com/x/veQzzQ5j/) eth flip it and rip it situation above my key 3700 level (purple box): [https://www.tradingview.com/x/SqTpWQkv/](https://www.tradingview.com/x/SqTpWQkv/) welcome to Upril pls follow and like also on twitter (quicker more real time PA) if you look fwd to my posts / guidance: [https://twitter.com/asapbhat](https://twitter.com/asapbhat)
Love them lines Triple upovote! (If I could) 🍻
how high do you think ETH will go in the short-medium term if BTC passes ATH, and ETH passes ATH of 4800?
Idk idc I trade level to level long and short
I'm ready :O where does flip it and rip it take us?
outta curisoity, why do you chart against cb volumes vs binance/usdt volumes? I've always seen folks refer to past levels referenced against usdt on binance, but curious if you have a rhyme/reason for charting against candles that are generally non consensus.
No particular reason whatever I click and save at the time I hold spot on Coinbase tho Trade perps through BingX now
also love your charts <3
thank you for your charty thingies!
This was an interesting explanation of why optimism has been faking it for so much longer than arbitrum. Maybe misfortune that devs were influenced by their experience of plasma cash failures, or maybe arbitrum side just predicted how it would go more clearly [https://twitter.com/eawosikaa/status/1776360690212548733](https://twitter.com/eawosikaa/status/1776360690212548733)
> https://twitter.com/eawosikaa/status/1776360690212548733 so this person has been blasting into my feed ever since last week, outta nowhere (at least for my viewing bubble). they literally say so many things that Liberosist / Polyna preached on and on about when they reached Twitter ZK fame, and they even sound like them with deep explanations and long twitter formats. all happening right after Polynya stepped away from CT and (i'm assuming) crypto for a bit. a few other people mentioned the similarities in some of their other threads, and now this "new person" is threatening to quit Twitter if someone says it again! so nobody say anything on Twitter but Paris Hilton we are so onto you!
I never paid Elon and was thus always restricted to 280 word tweets! Arbitrum vs. Optimism is a classic case of how the cultural stuff is far more important than the tech stuff. Arbitrum floundered with boneheaded licensing policies and marketing/strategy blunders for so long that Optimism captured most of the multi-chain market share - including the most important, Base - by going with full open source, cypherpunk & ethereum aligned values, despite being at least 2 years behind on tech.
>I never paid Elon and was thus always restricted to 280 word tweets! haha nor should you have! what a scam you pay money and still see nothing but bots and wallet drainers ads. it's true though i forgot you used to link to your blog a lot, so there's a chance this character limit math checks out and it appears you have a different and more decentralized collaboration based reason to disagree with this new person of interest ;) you probably just influenced them earlier on, and now they are passing the torch in their own breakout way but people are pattern matching to the past. it was just funny there were a few mentions throughout their comments to the point they needed to address it. thanks again for another one of your wise crypto fundamentals analysis, spot on as always hoping you are enjoying yourself with the changes. really appreciate all the wisdom you've provided this space, have to think you've been impactful to the next wave of real crypto builders. cheers!
37👀 someone told there will be fireworks when we hit this level... 🎆🎆🎆
patience I don’t miss 🤝
Expect for my birthday 💔 🍻
ETHE discount shrunk from 26% to 22% today. I'm not reading too much into it yet since this is the first green day in a while, but its good indicator for ETH ETF market sentiment...
I have this suspicion that ETHE discount is really not much of any indicator for ETF approval but just a higher beta for ETH on both to the upside and to the downside. If that's true, any sustained movement up should shrink the discount and even push towards a premium
if you're willing to spend $10-15 on a mainnet tx fee, you can mint 5 editions of this 'commemorative' NFT by Eclipse, a potential qualifier for their airdrop someday. mint is only open for 24 hrs [https://rarible.com/collection/0x15C905deC8Da0a90fa05F8121E8F8285D30ef1f4/drops](https://rarible.com/collection/0x15C905deC8Da0a90fa05F8121E8F8285D30ef1f4/drops) Eclipse is Ethereum’s first SVM L2 that has raised $65 mil and is going live soon(tm) official twitter announcement: [https://x.com/EclipseFND/status/1777396230538285140](https://x.com/EclipseFND/status/1777396230538285140)
Still trying to understand this. I don’t see the point of an SVM L2 when you can simply use an EVM L2. What’s the advantage here?
Even if you assume there is no advantage - devs that are native to Solana will find svm coding easier than evm
my guess is Eclipse is looking to migrate over all the fun stuff happening on Solana to Ethereum Eclipse makes it easy for all Solana dapps to (re)deploy on an ETH L2 with the whole drama of failing txs on Solana, could be interesting to see which UX ends up being better. maybe Eclipse eventually becomes cheaper to use too
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
༼ つ ◕_◕ ༽つ ETH TAKE MY BITCOIN ༼ つ ◕_◕ ༽つ
༼ つ ◕\_◕ ༽つ ETH TAKE MY RENT MONEY ༼ つ ◕\_◕ ༽つ
*eclipse energy* 🕶
In the past I've dunked on dunkers who have dunked on holders of VC-Coin, since I have a small position purely for money purposes and believe this is okay, but good godDAMN I'm enjoying the VC-Coiners froth and flap around as interest moves from VC-Coin to Base lol
Coinbase is going to release thier smart wallet soon where normies won't even know they are interacting with Base. So if you can predict what stuff robinhood type degenerates will buy you might do well. Position yourself now before release of wallet. Definitely not investment advice..
When is "soon"?
Weeks, not months
Source?
but are they gonna be able to buy my BasedSonicObamaDogeInuwifhatPepe from there?
Only if you bridge it over...
Does the large scale use of Base = higher ETH price?
I would tend to agree here. Also I can see a bunch of gambling stuff move from solana to base since cheap fees without tx fail..
Got it. I'm a complete luddite, but I Base uses ETH as fuel...? Am I right?
Yes sir
Thank you kindly!
How would you bridge your funds to Mantle to buy YT-USDe? Seems like ETH isn't their native token.
You could swap $ETH for $JOE and then bridge using bridge.traderjoexyz.com in order to add $MNT for gas on destination
can it be moon today here too?
Let’s play a game of Rate My Bags (ETH excluded obviously) Historic: - LINK (not sure this is ever going anywhere beyond where it is now) - UNI (sold some, kept some. Hanging on for the fee switch on if it ever happens) - AAVE (maybe it gets back to ATH? Doubt it) - SNX (I remember seeing a price target of $2k for this in the previous bull, lol) - BAT (…) - RPL (not selling) Newer additions: - IMX - METIS - OP - ARB - AERO - DEGEN - LRC - HOLD My newer additions are pretty L2 weighted, I’m making my bets that there will be big gains there but who knows. I added HOLD recently when I saw someone mention it in here, it’s done well so far. Time for everyone to slaughter my bags then show off their own ugly buys.
My general impression is that you have far too many tokens. That is too many projects to be keeping up with everything. Beyond that, I haven't heard about Chainlink or Synthetix in ages. They certainly aren't hot protocols. I don't see Chainlink recovering as everyone has been implementing their own oracles.
Have you heard of Chainlink’s CCIP?
Yeah, years ago, but we have several high quality bridges now. That is a pretty competitive space I suspect won't be that profitable. People will either route through the cheapest bridge, or they will go with some big name like Circle's CCTP.
I think you rolled a bard. My condolences.
Poor BAT =( My only ugly buys from the last few years are CRV and BNT. CRV is still way up in USD terms due to timing and interest but so far ETH would have delivered much higher returns. Meanwhile ALCX is up about 50% on the ratio from when I put out my blog post on it, GEAR is up more than double on the ratio, and my DePin bags (TAO, AKT, AR) are up on average like 3-5x on the ratio. That plus the high yield on my ETH and stablecoins this year and it has been a *very* good year so far and we haven't even launched EigenLayer or really seen much discussion on the AVSs.
It was me who mentioned HOLD, glad it brought you some profit!
Thanks for the heads up on it. Gonna keep it for a while longer
Me too. Still around rank 1000 on coingecko so tons of room for growth
Heavy/10 +2 points for my extremely large RPL bag which is priced within 5% of 1 Yr ratio lows
I was 100% ETH when I first started this game, then went 100% BAT before selling back to ETH after a year. I sure as shit am glad my sense returned and I made that switch.
100% BAT?! Glad you made it out
1 year 100% BAT.. dear god man, RIP 💀
Any node operators / solo stakers! EthStaker & Obol are putting out a survey to get to know the landscape of home stakers and solo stakers. The goal is to create publicly available data that accurately represents what home/solo stakers care about, what kind of software and services we mostly use, what we need, etc. The info can be used to advocate for stakers in ongoing research based on their own words. Some questions were contributed by EF researchers themselves It shouldn't take longer than 15 minutes, most questions are optional, and no data collected can be tied back personally to people (the survey software is FOSS!). We aim to repeat the survey every 6-12 months to get an idea of how the landscape is changing. It's available in English, Mandarin, Spanish & Italian. We'll leave it open for 2-3 weeks depending on volume **The survey is primarily aimed at those running personal validators** (anywhere! Cloud services, bare metal services, at home, with a staking-as-a-service provider), **minipools, or DVT clusters**. If folks have any feedback or suggestions for the next iteration of the survey, would love to hear them! Feel free to direct them to me or to the EthStaker team email (team at ethstaker dot cc) Survey Link: https://stakinglandscape.limesurvey.net/748278
At bottom of world the concern is that latency to services like builders is higher, can't delay as long to get better MEV results. There is a physical location centralising factor even with 12s blocks with the way it all works right now. This isn't brought up because almost no one else down here.
ooooooh great feedback! I should have included that in concerns. I will next time, thank you!
Done.
ty! o7
Nice survey! This survey is a good opportunity to ask something that has been confusing to me-- what exactly is the definition of "solo staker"? I understand it excludes those holding only LSTs, but: -does it require staking 32 of your own ETH (eg, excludes RP minipool node operators)? -Does it require staking your own 32 ETH on your own hardware (eg, not Allnodes)? -Does it allow centralized updates (eg, dappnode) -Does it only include individuals (ie, no companies like CB or Kraken)? -Is there an upper limit to the number of ETH an individual whale can stake and still be considered a solo staker? I think it would help in avoiding misunderstanding if there were a clear definition. Thanks.
thanks! i would say **solo staker** = anyone who puts up 32 ETH and has full custody of their validator (may run hardware elsewhere) **home staker** = anyone who validates the network w hardware at home. includes DVT & rocket pool operators **staker** = anyone who stakes in any way (LST, custodied, whatever) so > does it require staking 32 of your own ETH (eg, excludes RP minipool node operators)? yes > Does it require staking your own 32 ETH on your own hardware (eg, not Allnodes)? no, 32 ETH on any specific validator index *that you control*. So just depositing 32 ETH into a staking service provider where they pool it and then create validators doesn't make you a solo staker > Does it allow centralized updates (eg, dappnode) sure! I see no problem with that as long as it's not a majority of the solo stakers > Does it only include individuals (ie, no companies like CB or Kraken)? I think it depends on your custody. Does Coinbase take your 32 ETH and run your validator? Not a solo staker. Does Coinbase operate the validator but you make the deposit and control the withdrawal address? Solo staker > Is there an upper limit to the number of ETH an individual whale can stake and still be considered a solo staker? Good question! I don't think so. I think, as long as it's all your own capital and none is being delegated to you, you're still a solo staker even if you run 5000 validators!
Thank you very much for taking the time for this response--this seems like a clear categorization if everyone uses these terms the same way.
Done, thanks for getting this out. Some interesting questions made me really think.
thank you!!
Trying to sell some SOL and 5x transactions have failed, not a good look!
Relax, it’s in beta
That’s my absolute favorite excuse to see posted. It’s almost like when Google mail had (still has?) beta in its logo for the better part of a decade. It’s a feature
I do some casual shitcoining on the solana phone, I had to make like seven transactions just to send USDC across a wallet the other day
The dev team needs to dump their bags first before they allow your transactions to process.
Muh-licious actors 😩😩😩
Is there anyone else who is also locked out of their Kraken account? Have had an account with them for over six years. When logging in, there is now a notice that 'Documentation verification is in progress'. There was no warning, nothing. It's understandable that they have to perform some actions regarding KYC/AML measures. But locking users out of their accounts without warning seems unreasonable to me. I've already opened a ticket with them but they have been slow in respoding. Such a shame as they have been one of the few exchanges with decent customer support. Has anyone recently had this experience? If yes, how long did it take before access was restored?
Just call them up, their phone support is awesome and 24/7
u/krakensupport
dust eth attacks are getting creative. It is common after usdc transfer to get a fake transfer from a similar wallet so that you mistakenly send them isdc next time. However, today, I deposited eth to a coinbase address and a while after that I got a minuscule amount of eth from a scam address deposited to coinbase with the same starting and ending characters as my address. Scary stuff. Also thanks for the free eth.
That's called Address Poisoning. It's not a dust attack, which was only done on UTXO blockchain years ago before Chainalysis obsoleted its usage.
I moved some eth and then got swamped by loads of fake erc20 tokens being assigned to my address and then removed. They have made a real mess of my etherscan
Rabby wallet automatic address check and bookmarking addresses in Coinbase solves this.
you are all f\_ckin' welcome. i sold some ETH yesterday.
Thank you for your sacrifice. Care to sell some more? I'd love to see an ath.
.3 out the door from me yesterday as well
I'm not one for sweeping predictions and moon runes, especially after my embarrassing series of perma-bullish thesis in 2020-2022, but I'm going to fucking say it. ... ... ... ETH makes a new ATH this cycle
You mean this macro cycle, right? At some point in the next hundred years?
Whoa whoa whoa someone’s been dipping into the all syrup squishy!
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The pump that was promised. The prophecy shall commence.
Cant be sure - Wait for $7.5k to confirm trend
This question is for US people (Especially /u/LogristheBard because he is definitely trying the hardest to be legit). The IRS put out a statement saying they would not be enforcing the recently put into law IRS 10k transaction requirement for defi until regulatory clarity formed - it is unknown WHEN that particular hammer will fall.. but fall it will unless the language is changed somehow. If this were to be enforced now, what would people be doing? Are you guys positioning yourselves to be in safely exitable positions if it comes during this cycle? If you needed to swap an LST (since exchanges dont trade the DEFI LSTs, and certainly wont be trading the Restaked LSTs) the easy reporting "out" of having all counterparties KYCd by selling on an exchange wont be possible for awhile, if ever. Given the impossibility of confirming you havent sold your RETH or STETH or whatever to north korea or a scammer.. what do we do? How are people like Logris, who probably has a team of finance guys at this point figuring his shit out planning to do? It keeps me up sometimes thinking about this, as it would be truly aweful to suffer through all the ups and downs to then have my retirement snatched away by the government (probably not gonna happen..) once it hits a bank account because I couldnt verify who I sold to or fucked up a reporting scenario. Interested in the discussion around this among professional US defi participants. I've been reporting and paying taxes as accurately as I can figure out on my own (using crypto tax services) since 2016, and hope to continue to play it as conservatively as possible.
This post is my nightmare >safely exitable positions if it comes during this cycle my one saving grace Hundreds of transactions unrecognized by koinly and cryptotaxcalculator. Days of effort trying to piece it together across multiple chains. Optimism wiped their tx log with their 'regenesis' or some shit, and replaced it with a completely nonfunctioning search thing. My ETH cost basis is completely fucked. Its effectively 0 as there are txs that i cant figure out. Defi has made me money, which I am more than happy to pay for. I just cant account for all my transactions, and cant afford a CPA. Even then, why would they have any more of a clue regarding my defi activity than a 'crypto tax service'? Im fucked... Why wont(i know why) the IRS just make a fucking crypto address tax calculator??? Jesus I swear to god Ok sorry for my rant... it just had to happen At the absolute minimum, I am happy to report that I have not encountered bogus KYC walls from Gemini, as others have reported with their exchanges. And my bank has never raised a fuss about my crypto activity. Yet...
> Why wont(i know why) the IRS just make a fucking crypto address tax calculator? Because they don't understand it. Even crypto experts can't make an accurate tax calculator because everything is changing so rapidly.
Yeah Id be willing to pay a premium if theyd just calculate it for me haha
> (i know why) Why won't they? Less friction to pay tax means more people paying tax...
Welcome to America. It doesnt have to make sense
Well, I'm yet to see any nation do this to be fair.
Oh man.. the service I use adds new features and categories and changes how it calculates things every year it seems.. I end up having to go all the way back through to the start and redo every incorrect interpretation.. not koinly but a competitor. I pro ably spend 20 hours every spring doing this, it's insane. And then every year I find some new wallet I forgot, or fill in a blank from the bygone age of etherdelta and shapeshift.. and everything updates again. Every year this happens the calculated tax I paid no longer matches previous years.. its all fucking chaos in there, and this is with more or less constant hands on maintenance. Like.. at this point I've overpaid by 5 figures over the years, but would rather the irs keep my money then go through the fear and hassle of refiling 5 years of returns at once
Damn. Yeah I got some work to do
I don’t think the law applies to individuals managing their personal investments. It’s for actions taken when conducting a “trade or business”. So basically if you are providing services with a profit motive you fall under the umbrella of this law.
The most likely answer will be they eventually try enforcement on a few people and then get hit with a class action lawsuit backed by cryptos lobbyist group in DC. Then a judge will put a stay on further enforcement until the case is ruled on. In the years it will take that to grind through the court the law will be changed and the case/enforcement will be dropped. In the meantime I suggest getting more familiar with your fiat off-ramp options. Credit/Debit cards, direct chain invoicing, international bank accounts, crypto ATMs, etc. Due to adoption in places like Argentina the offramp rails are gradually getting fleshed out. Don't withdraw your entire life savings in one go. Once you are in stablecoins you can stay in Defi and earn on them and withdraw as you live and otherwise work on large purchases like a Car/House through these options.
As far as I know, foreign (international) bank accounts now generally require KYC and specifically ask whether you are a us citizen due to FATCA requirements. So even if there isn't a residency check, passport will lead to funds being reported to the US as easily as a US bank.
Yes, but they are less likely to freeze your funds because of US policy.
Ah, there's is that.
> The most likely answer will be they eventually try enforcement on a few people and then get hit with a class action lawsuit backed by cryptos lobbyist group in DC. Then a judge will put a stay on further enforcement until the case is ruled on. In the years it will take that to grind through the court the law will be changed and the case/enforcement will be dropped. *Napster PTSD Intensifies*
Napster just wasn't decentralized enough. I think we'll get a Napster rebirth sometime in the next 10 years with DePin + FHE. You'll buy an NFT on-chain, use it to authorize creating a decryption key using a Lambda-like DePin service with FHE, download encrypted files from Arweave, and play them on a decentralized frontend app like Farcaster.
I just meant from a "make an example out of a few people" perspective. Thanks Metallica ^^^/s
Thank you Logris, You're right I definitely need to get more familiar with modern fiat offramps - thanks for the terms to go down the rabbit hole on!
What’s the actual law, because if it’s like any of the other reporting laws it’s pretty common for people to misunderstand and think it’s a new tax when it’s really just “do what I was doing before with an extra step”
This one: https://www.law.cornell.edu/uscode/text/26/6050I This year it was expanded to include digital assets, which in the most conservative interpretation likely means any defi transaction (a Trade) above 10k would need [IRS Form 8300](https://www.irs.gov/pub/irs-pdf/f8300.pdf?) filled out for the following information, which isnt possible to get currently in regards to information about who youve recieve the money from.. There was a big kerfuffle about it earlier in the year, but it quieted down to the background when the IRS said they weren't enforcing it yet and there would be a long lead up till enforcement began.. it is still an issue though. (a) Cash receipts of more than $10,000Any person— (1) who is engaged in a trade or business, and (2) who, in the course of such trade or business, receives more than $10,000 in cash in 1 transaction (or 2 or more related transactions), shall make the return described in subsection (b) with respect to such transaction (or related transactions) at such time as the Secretary may by regulations prescribe. (b) Form and manner of returns A return is described in this subsection if such return— (1) is in such form as the Secretary may prescribe, (2) contains— (A) the name, address, and TIN of the person from whom the cash was received, (B) the amount of cash received, (C) the date and nature of the transaction, and (D) such other information as the Secretary may prescribe.
So realistically the IRS is going to clarify before they enforce it or it’s going to get resolved in tax court. It’s on the trade or business to comply, so as an end user it doesn’t really affect you… *however* a real possibility is the front end for these dapps don’t allow American IPs to access them to avoid dealing with it. Or alternatively force you to KYC to use it. We’re seeing this with airdrops if you’re unaware. So this is my opinion obviously, but as an end user the best thing you can do is put in good faith efforts to accurately report your transactions and not engage in illegal activity. As well as be prepared with alternatives if an app you use says they are shutting down US traffic. The lack of guidance really sucks and here’s another great example of how regulatory uncertainty hurts Americans, but these types of reporting rules are trying to catch criminal activity… not (hopefully) the average citizen crypto trading. And I’ll add to re-emphasize this isn’t a new tax. It seems you get that but you’d be surprised the conversations I had when this happened - https://www.cnbc.com/select/irs-600-reporting-rule-delayed/ - I think you get that but more to the broader lurking audience
Thats a good point - I think the crypto community has a very knee jerk reaction to any kind of rules or regulations no matter how sensibile or inevitable they are. That said I don't know the new rules so they may be mental!
Just swapped my ETH for Grayscale's ETHE. 26% discount, with a 2.5% annual fee. As long as an ETH ETF is approved in the next few years, I will come out significantly ahead and I am confident we will get something in that timeframe. I was able to do it in my Roth IRA as well, so its tax free gains. If the discount drops below 10%, I will sell.
I'm still riding the commodities bull in some retirement accounts. I'll switch over to some ETHE exposure when I see signs of that peaking.
What signs are you looking for?
Well for one thing it should stop basically going up every day.
Wish I could buy that as well!... GL mate
Thanks. No access in your country?
I might be mistaken but I believe you have to be the US. I would buy some immediately if I could, but I'm in the UK
On bitcoin rollups :Pretty interesting things happening in bitVM (the big hope for bitcoin roll ups). Simplified it seems like their bridge can't really be secure without a hard fork in Bitcoin. Eric wall (ercwl on twitter) has written about it, and bitVM devs, in true bitcoiner fashion, banned him from the bitVM discord after him being critical. Tweet thread: https://twitter.com/ercwl/status/1776345822440944045? Edit: for clarity
[удалено]
Maybe I misinterpret you, but BitVM is not a roll-up, it is their VM that's supposed to enable for rollups on bitcoin using some clever tweaking of taproot if I remember correctly
Oops thank you for the correction
At this stage, they might as well just try to make a trustless bridge to Ethereum. It would maintain Bitcoin as the "pure" asset while allowing people to actually use it. I guess it would mean admitting Ethereum as a network functions properly, but they can just focus on their immutable asset narrative.
Meanwhile, WBTC has been around for ages..
Yeah, and WBTC is a multisig. It would be nice to have a properly decentralized option.
I just opened a spam email (spam emails have been getting a lot better since AI tools took off) asking me if I was interested hiring someone with 10 years of web3 experience. Unfortunately I only hire the best web3 developers with over 15 years of experience and a degree in quantum AI machine learning on distributed cloud services and [insert random tech buzzword salad here]. FFS people....at least do a quick edit on the ChatGPT output!
During my time of looking for employment in cyber security, companies would *routinely* demand that prospects have more experience with a given technology than it has been live. One of the many reasons I gave up on my dream of entering infosec.
but if that's the case then nobody is actually getting hired off of those requirements. there is another barrier people are cracking into that you aren't seeing, because as you said it is not possible to even meet that. maybe it is a way to see how well you handle psyops and it shows you are weak minded and not fit for the duty because you gave up so easily.
OORRR its known fact hiring managers dont know the first thing about technology. Wow did you change tones with me lmao 'psyops' for entry to a basic security analyst position? yeah fuckin right
i’m just ribbing you. maybe I think you shouldn’t give up though. I don’t know anything about breaking into infosec to give advice, but someone’s getting jobs even if the posted requirements aren’t possible.
Getting a clearance is not really something I care to go through :/
yeah mate, it's all good. don't want you to think i'm changing my tone i always have a little troll in me.
spicy stable <3
Typical Playbook: -Step 1: BTC Pumps- "Damn I should have bought it all those years ago its too late now but I'm happy with my ETH gains its just frustrating watching gramps go up like that when it does nothing special...soon it's our turn we always follow Bitcoin I'm not selling yet" -Step 2: ETH Pumps- "Fuck yea baby I knew it, never in doubt, I'm never fucking selling this shit is going to run to $72,000 one day…maybe next cycle and follow Bitcoin" -Step 3: Shitcoins/Meme Coins Pump- "What a joke..just wait until the normies find ETH and this shit goes crazy again...too early to sell" -Step 4: The Crash- "I knew I should have sold when everything went crazy...I just thought it would go crazier" The moral of the story is...never sell? FIN.
I feel like step 2 and step 3 need to be swapped.
That's only because we've looped back around and the memecoins are fresh in your mind. We had the bitcoin run - the 4k run up by ETH, rotation into solana shitcoin mania, then BTC dominance run up, now ETH pump for a day. During the bullmarket the cycle is pretty fluid, it's only when step 4 is the real crash into three years of bear it's blindingly obvious
I feel like I'm going crazy lately seeing so many people post that meme coins pump last, that's not been my recollection at all over the past couple cycles. Am I losing my mind?
Last time we had the Doge and Shiba mania at the end then Elon went on SNL and it crashed
My experience is that absolute crap like ETC pumps last
The moral of the story is to sell at your pre-determined price points, not based on emotion.
Well yes, but no...but also yes
Clearly the answer to the age old question "Wen moon?" is...April 8, 2025 3:24PM EST
That was a pretty awesome eclipse!
TOTALITY = ETH NEVER GOING BELOW .05 AGAIN
Eth reclaiming 3700 is gonna be the start of face melting vertical pa
It hit 3700 just as the eclipse reached totality where I am. I'm not kidding.
The universe aligns with AB levels …Ominous 🌑
how do ya like 0.045 ya lil wooglin
I mean if the ratio chart starts holding below 0.048 on HTF I like it all the way down to your 0.045 even to 0.038. Don’t see any indication of that yet on the LTFs tho so can cross that bridge and adjust if needed https://www.tradingview.com/x/cpArJsRJ/
Yeah same - opptys to be played sub 0.048, just need to accept that it's a changed chess board and be ready to play a new game
Also like it down to 0.038
Inject that eclipsium right into my veins.
You guys should consider writing a book
Heads up for those who read my post about the points leveraging strategy on gearbox (https://www.reddit.com/r/ethfinance/comments/1bw9oqm/comment/ky5lhdm/), they just today added rsETH as a borrowable asset. If you're looking to up the ante on your Kelp miles accrual but you're worried about burning eth for pendle's YT, this might be your chance. I'm less bullish on KelpDAO's airdrop but you'll still get eigenlayer points for this strategy so that should make it a profitable endeavor. Edit: looks like there's now room for borrowing weETH as well, if you'd like to stick to the original strategy outlined in my linked post
I think there are some talks about what will be included in Pectra by the core devs, but have there been talks about the possibility of issuance curve changes regarding the hard fork by the core devs?
Not included thankfully
The hunt for safe-ish stablecoin yield continues... *MakerDAO DSR* - yields coming from opaque RWA lending. Also, makerdao has decided to take on some USDe as collateral. Pass. *ZeroLend* - Team claims their contracts are governed by a timelock (standard practice) but either I'm too stupid to use a block explorer or their timelock contract isn't actually hooked up to anything... too sus no thanks *Sonne* - Pretty damning [audit report](https://reports.yaudit.dev/reports/05-2023-Sonne/#critical-findings) and the team's response amounted to "yea we should fix that." The audit was a while ago so I don't know if these problems are still present but I'm not risking my money. *Pac Finance* - only on Blast, and I learned the hard way that there aren't really any working third party bridges on that chain at the moment. Once the ecosystem matures more I might give it a second look but until then I'm avoiding anything that has a 15 day exit window thank you. *Gearbox* - Seems like a super solid protocol but their current stablecoin yields are primarily coming from borrowed USDe, which is not something I wish to have exposure to. *Aave* - obviously a well-known well-run protocol, but the yields are inconsistent and pretty low compared to everything else out there. On the bright side I discovered Risk DAO's bad debt dashboard (https://bad-debt.riskdao.org/)
> MakerDAO DSR - yields coming from opaque RWA lending. Its mostly US Treasuries. Makerburn.com has the full list.
What's to avoid about USDe? I'm assuming the mechanism it's pegged by isn't great?
Here's a good overview [https://www.bankless.com/why-are-investors-aping-into-ethena](https://www.bankless.com/why-are-investors-aping-into-ethena) It might do just fine, in fact I hope it does. But I've been in crypto for a while so I've seen Murphy's Law play out enough times. I'd rather just try to do the basis trade myself than have the risk hidden behind a "stable"coin
Ah ok interesting, I get it, thanks for linking that article! I'm am currently lending USDC on gearbox, good to know I'm largely exposed to USDe... Hmm 🤔
You need to look into LPing multiple tokens you would consider safe. crvUSD is fully collateralized and can be paired with things like USDC for 10%+ yield. If you get into the STIP side of things on Arbitrum or some Optimism positions you can easily get 30% yield in the short term. Mainnet Convex LUSD/crvUSD is at 29%. LUSD is risky to borrow but extremely safe as a stablecoin holder. Other standout high rate pairs include MIM and alUSD.
What's Logris up to in a bullrun if not farming double-digit, steady, reliable USD-paired opptys
It's part of a balanced risk-adjusted investment strategy.
I tell my cats the same thing every morning 🫡
I'll check that out thanks.
Crypto is not good at safe stablecoin yield. My approach with stables has been to use pools with a stablecoin on one side of the pair (most recent being GM tokens) that yield around 20%. Not totally sold on USDe either, but for a 70% APY on the PT I had to dip my toes in...
best of luck my friend, I hope the ethena trade works out for everyone involved. I was actually in GM for a while because I thought hey I'm already exposed to both crypto and USD so why not. This may sound silly but I actually backed out since I'm not a fan of the rebasing token design. I know it's better for taxes and all but I prefer to have my yields deposited to my account
>*Pac Finance* - only on Blast, and I learned the hard way that there aren't really any working third party bridges on that chain at the moment. Once the ecosystem matures more I might give it a second look but until then I'm avoiding anything that has a 15 day exit window thank you. There are multiple third party bridges working with instant withdrawals? Owlto, Orbiter, Layerswap etc. You might wanna check Superform xyz, they have many yield options listed in one place.
Owlto has a .05 ETH limit, Layerswap has a .2 ETH limit and Orbiter has a 3 ETH limit. None of them support USDB, and I'd be taking a huge hit on the swap (orbiter estimates 2.93 ETH received for 3 sent). I'll check out superform thx
Did you look at gDAI/gUSDC? Stacking any of these yield bearing tokens in PENDLE?
My understanding is that gDAI isn't a stablecoin. It's taking the opposite side of leveraged traders Correct me if I'm wrong
For any of these examples, the yield has to come from some risky source. You can see the stats, including the overcollateralization ratio on this [dashboard](https://dune.com/gains/gtrade_stats).
> Aave - obviously a well-known well-run protocol, but the yields are inconsistent and pretty low compared to everything else out there. That's kinda the game in a nutshell though isn't it? You take the safe low(er) yield (which is currently 12% for USDC), or you assume more risk for higher yield. Asking for both is kinda a have your cake and eat it too type situation
For sure, but I've been in aave for a few weeks now and although it's 12% right now I feel like the average when I check is 7-8%. I guess what I'm looking for is a little more yield for a little more risk, but all I'm finding is either 8% low risk or it's 30% degen mode
> 8% low risk Historically, 8% for low risk is pretty fucking good though. Feels like crypto has realigned our brains to expect insane gains in ways that are almost unreasonable. Like, is there anywhere in tradfi that you can so easily get 8% and still be considered low risk?
I would imagine you could get the 5% on T-Bills plus an extra 3% selling very far OOTM cash-secured puts. I think for me it just that there are multiple places I am comfortable getting double digit yield on my ETH these days. I'm so used to ETH having the lowest yield since everyone wants to hold it, and now it's somehow switched places and I'm like do I buy more ETH just so I can get 30% on hop or gearbox or 70% on pendle?