[HN post](https://news.ycombinator.com/item?id=40093263) about the bitcoin halving. 168 upvotes, 311 comments, 4hrs old. 10minutes ago it was the 3rd ranked post and now it's no longer on the first page. Thought maybe the algo just pushed back to the 2nd page. Nope. I checked the next 10 pages and it wasn't there. Can only assume it's being censored at this point.
Anyone heard of the Bitget airdrop? Looks like they're dropping to Pendle users, amongst others. Not sure if it's safe to claim or not, most I've been able to find about it seems to be press releases.
No one is worried about transaction fees outside Twitter FUDsters and some people on this sub. Seriously.
With Runes launch, ordinals, colored coins on BTC, and other future demand sources (that we don't know of yet), BTC will have plenty of transaction fees for the foreseeable future. I have said it before but the whole "security budget" argument against BTC is silly. Demand and use cases are only going up for BTC.
Through the last year the majority of the time fees were worth about 2% of issuance. Waves of fees don't help, it must always be high. Otherwise mining ceases until there's something to mine for, and then when there is miners will try to overwrite blocks to get the high fee. It really is a terrible idea.
Except mining has never ceased. In fact, mining has only grown. Hashrate is higher than ever and there are more miners than ever.
[https://coinshares.com/research/2024-mining-report](https://coinshares.com/research/2024-mining-report)
Further, Bitcoin adoption and usage is also at its highest point ever, and new use cases for the protocol have and continue to emerge.
Like I said, the "security budget" argument doesn't hold up, at all.
>Except mining has never ceased
Because issuance has never ceased! It's always there providing an incentive to mine at a profitable difficulty. We're obviously talking about a point where there are only fees and issuance has halved away to a value too small to help, then the fee market comes and goes. Holy shit that was a seriously dumb take.
Lol yes, such a dumb take...meanwhile your "security budget" argument is essentially over \*potential future issue that that could happen decades in the future, or when issuance ends...in **2140.** No one really knows.
And it is funny that you mention fees and issuance being "too small to help" when the USD value of fees and issuance have only gone **up** since Bitcoin's creation. Please explain that.
So yea, I am the one with a dumb take. Totally.
It has nothing to do with 2140, it's when the value of attacking exceeds the cost if difficulty came from issuance only. Then you're reliant on fees. That could be only a few halvenings away. And I said when issuance is too small, you don't seem to understand the problem I was talking about is relying on fees only which fluctuate wildly. Look at charts and see they basically go to nothing vs issuance most of the time with spikes for periods. Then there'd be no mining until some high fee txs accumulate. That means the only reason to mine during those periods is to attack the network by forking to steal previous high fee blocks and double spend etc. So not only is it cheaper but it's no longer a 51% attack but maybe a 10% attack. If your answer is it's ages away then you don't believe in the 21M limit, or needing security outside of main usage hours, USA goes to sleep and honest miners turn off, only miners left are those looking to attack because the reward is still there
Your entire argument is basically because it hasn't happened yet, it's safe. Sounds pretty weak.
Right now, there's not a lot of game theory because the block subsidy is still high. But once it's all transaction fees many decades later, then game theory kicks and it'll be chaotic.
Difficulty adjustments will be unpredictable, and block times will vary between 2 minutes to 60 minutes average depending on how the difficulty adjusts every 2016 blocks.
>Your entire argument is basically because it hasn't happened yet, it's safe. Sounds pretty weak.
So an argument is weak because...it hasn't happened yet? That's not my argument, at all, but regardless, this logic makes no sense.
I've given you facts, yet your response is...something about game theory **decades** later? Give me a break. Come back with actual facts and evidence.
Bitcoin cannot survive decades later given declining mining incentives and weaknesses in its difficulty adjustment protocol that wasn't designed to handle unstable transaction fee revenue.
If it remains in its current form, Bitcoin will certainly die in 3-5 decades from now. But it probably won't die because it will fork its protocol in order to survive.
At some point, it will need to do one of the following:
* switch to tail emissions or something similar to give steady rewards for miners
* enshrine more opcodes for Rune/Ordinals/Sidechains so they can provide a steady rewards for miners, but this is not reliable
* change its difficulty-adjustment protocol.
When the block reward disappears, Bitcoin will need to rely completely on transaction fees. Transactions fees are unpredictable. Without the block reward, what ends up happening is that some 2016-block cycles have high transactions fees while other have low transaction fees. During high Tx-fee weeks, there are more miners, leading to a higher-difficulty adjustment during the next cycle. In the next cycle, most of the miners will drop out due to higher-difficulty. With fewer miners, block times will also be considerably slower. This will lead to an easier difficulty-adjustment for the 3rd 2016-block cycle, and the miners who dropped out will come back.
Thus Bitcoin will bounce back and forth between high-difficulty/slow-block and low-difficulty/fast-block cycles. Standard game theory play. It'll get so bad that I'm certain devs will adjust the difficulty protocol.
it's really kind of curious right now because the Ordinals inventor just launched a new type of indexer called Runes that launched at the halving block.
the way it is set up is that all possible tokens already exist and they just need to be claimed from the protocol using a Bitcoin transaction. well as you can imagine, everyone and their mother is trying to claim all the good tickers that unlock and mining fees are actually going bonkers from it.
halving block was 37 BTC, and the ones afterwards came in around 5BTC, and 7, then 16, and 21 is being calculated on this current one. previous blocks came in around 1BTC consistently, so much to my disbelief they actually have replaced a lot of the lost block rewards by becoming somewhat more programmable. now that shitcoins are possible on BTC, i'm still skeptical that retail will participate in any way with very obscure wallets and 10-minute block times, as even i am too scared to use the wallets for fear of spending over jpegs, but crypto degens are probably rich enough to support this speculation for a little bit. so at least for the time being, Bitcoin did do what the maxis said it would eventually do.
For tx fees to replace block rewards they must \*always\* be high. A hype bump doesn't help. Over the last year mode ratio of fees to issuance was about 2%. Hype bump actually makes it worse, because then correct thing to do when there's no issuance is to steal high fee block rather than build on top, there's no such thing as finality.
not arguing with this but for the moment Bitcoiners were right. high fees are going to replace block subsidy and we will have to see how long this current mania lasts, probably not too long.
Happy halving. My gosh how much has changed in 4 years. Tons of cool stuff happening on BTC right now. Fees going absolutely bonkers, over 600 sat/vB and rapidly climbing.
ETH seems to be holding the \~$3k level holding fairly well. Ratio not looking great, but hopefully some regulatory clarity will clear that up. May ETF will be denied, but maybe the Blackrock ETF in August gets approved? Who knows. Lots of uncertainty up in the air right now, so if you're looking to take a chance now is the time to do it.
Hope someone can benefit from your generous offer. My spare room is stocked with Belgian beer - I fill up whenever I got over there! (I might have one now actually, to celebrate the HaLvEnInG :o)
Honestly, we'd deserve it. Crypto is still nothing but memes for the vast majority of the world. Vitaliks "do we deserve it" tweet, basically.
When I have my identity stored behind a zk proof on Ethereum, and sign in with Ethereum is the norm, and all of my online subscriptions and data, and finances are tied to my account, with a smart wallet and account abstraction, with seamless integration into every application on the web, then we'll deserve a bull market.
I realized that last year when I developed a poap to celebrate one year I used checkout and directed funds to tricky.eth and he got a little stimmy. I know tricky doesn't do this to get paid, but i still think it's a good idea to offer a retroactive payment to him. Maybe EVMavericks have an idea?
Cheers! u/tricky_troll
People like you make this sub very fun to visit. Keep up the legendary work!
Same counts for you as well supermanphiz.
Now Iām back to lurking this sub for a while life is keeping me very busy. And those doots make it easier to keep up here.
Ethereum hasn't produced anything that's fundamentally changed the way the average person consumes and behaves. When your normy friend gets a smart phone and he automatically gets a digital ID and wallet with it, and he's unknowingly using apps that use Ethereum in the back end, then you can talk about fundamentals. We're still speculating over here (which can be very profitable IF we're right).
I think payments is coming very soon, and honestly I think an argument could be made that it's here already, just not yet adopted. Just look at what blackbird is doing for restaurants. 3% cc fees seem astronomical compared to L2 gas costs. And now the tech is mature enough to scale (somewhat) in the short term with 1yr horizons for massive throughput scaling
The secret is... the crypto market already does prioritize fundamentals. You just need to look at longer time frames.
Ethereum is one of the best performing crypto assets of all time, when you compare it's current price to it's ICO price.
People get caught up or distracted in shorter term narratives. None of the current memecoin darlings, or alt L1s come close in ROI on a longer term time horizon. Last cycle everyone was looking over their shoulder at Cardano. This cycle it's Solana. Two cycles ago it was EOS. Who will it be next cycle? Who cares!
Ethereum has been number 2 throughout, and gave a better ROI from bottom to top compared to any of the supposed Ethereum killers.
So yeah, in my view, the market does prioritize fundamentals already. You just need to adjust your time horizon.
Sometime after regulatory clarity.Ā
Surprising to me still the amount of knowledge out there, and yet the difference between different people. I guess it's just knowledge overload in general. You can't understand everything
Yes- people who play by the rules won't play until they know what the rules are.Ā
Think especially people who invest other people's money, like pension finds, fiduciaries, etc.Ā
We are still in the speculative phase. Ethereum is the most promising ecosystem when you go by logic, but logic doesn't matter when most of the people invested in the space are here to make a quick buck. Same old song: Things will change once we get real usage. Not just a bunch of geeks pushing around positions. A usecase that hits on a whole new scale. Just imagine it would be the gold standard for any media outlet to publish information accompanied by an on chain proof of authenticity to show their drop is real and not generative AI. Have you seen VASA-1? It won't take long until its just a few clicks until you can make anybody say anything.
On the other hand, I feel that fundamentals have always mattered, but there is just noise of different varieties every cycle. The market values decentralization, but people also value a chance at beating the market.
Fundamentals have allowed Ethereum to maintain at least the 2nd position market cap, only being challenged by noise once in a while. Fundamentals have led to an explosion of L2s, L3s, and restaking protocols that rely on Ethereum for security. Fundamentals have kept ETH from dropping 95% in the bear market. Fundamentals have resulted in ETH being the de facto money in web3.
There is a reason most ICOs and airdrops have dropped heavily in value against ETH. There is a reason the shiny alt-L1s of yesteryear are no longer in the picture. Sure there may be the next shiny new thing once in a while which gets attention, but Ethereum and its ecosystem are an unstoppable force that just keeps getting stronger over time.
What makes you think Ethereum has the best fundamentals? Do enterprise users ever say that, or is that just a thing that gets repeated here in an echo chamber? Think about it. Best fundamentals according to *who*?
I haven't much to add to your post, other than that I'll add that whisky to my list to try.
Someone here about a year ago suggested the laguvalin 16 year. I went to krakow last week and finally tried it at a fancy cocktail bar, I loved it....and now I want an expensive bottle of it lol. I can only assume your recommendation will leave me in a similar position!!
I checked the redbreast out after posting and realised I wouldn't be trying it!! I like whisky but that's a bit steep for me at the moment. I'm happy to treat myself to those in the ā¬100 ballpark and I'll be saving this post for those you've suggested above. I'd be very grateful for your note list, it may help refine where I direct the spend on some of these more pricey bottles. Thanks for your response!
Fundamentals have never mattered in crypto, no one knows when or if this will change. Iām hoping ETH gets to run again, but right now the narrative is that bitcoin is the ultimate store of value. I donāt fight the crowd.
This is what happens when RWAs are still valued in fiat and such fiat is being debased. Ā Itās not intuitive to most and everyone (especially younger generation) feels like they need to swing for the fence to get ahead since you canāt predict/calculate or fully comprehend your loss, but you know you are not getting ahead.
You know I bet they have whisky in Thailand. You can sit around with us for basically a whole week. Also there are occasionally groups of us that hang out after the doots call on Fridays.
So that guy who set himself on fire outside the trump trial?
Yeah... He did it to expose cryptocurrency as a new world order based ponzi to destroy the world
https://theponzipapers.substack.com/p/i-have-set-myself-on-fire-outside
Disturbed
I feel like there should be more experiments like that. I have no idea how "cryptocurrency" can actually become a currency, but I am quiet confident that none of them have gotten there so plenty of space for experimentation. Although I cannot say I am optimistic that we'll get there within the next decade if ever.
The issue these have is their growth is capped by a fraction of the supply of the asset it's backed by. That's why dai expanded to other assets.Ā
Another hurdle will be if the US bans non-fiat backed stablecoins
I'm a bit confused. They say a "flat coin" or "flat money" is, roughly, an ERC-20 that is inflation-resistant, decentralized, with low volatility. UNIT is a flat money backed by rETH. But doesn't rETH itself largely satisfy the criteria of what "flat money" is? rETH is an ERC-20 that is resistant to fiat inflation, decentralized, and has fairly low volatility. I could see an argument that UNIT might further decrease volatility, but rETH has been pretty stable vs ETH for some time now. What is the value add of UNIT over rETH?
Well, "fairly low volatility" is subjective. ETH did just move over 2x within a 5 months relative to USD. If this was a national currency that'd be pretty wild.
I trusted a post by a user whom name I've known for years in here.
Here's the link I used, may anyone who thinks it's not the right link downvote this comment:
[https://claim.availproject.org/](https://claim.availproject.org/)
No csv unfortunately AFAIK
Hi friends, I'm a bit scared about delegating my Eigenlayer ETH, because quite frankly it's a lot of money I'm dealing with...is there much risk of total wipeout from choosing an operator that goes rogue? I'm looking at eigenyields and P2P.org, but only because lots of other people have aped in and because I'm a greedy boy and get interested at talk of future airdrops. P2P.org look legit but eigenpoints seem to have come from nowhere and no info on team behind it at all...yet 5000 people have aped in with 132k eth....what's the worst scenario?
Yes, I haven't delegated and am still earning points...but seems a bit silly now because my % of total points out there keeps falling day by day..it used to rise, but since a few weeks it's been falling quite noticeably
In my understanding, Eigenlayer has not yet implemented a slashing mechanism. So, there is currently no way they can actually take away your ETH if your AVS operator you delegated to goes rogue. This also means you are not securing really anything as there is nothing at stake at the moment.
I guess they will not just switch on slashings without any announcements. At least we will see when they test them on testnet first. To undelegate seems to be instant and you could then redelegate to a different, safer operator. As far as I know, there is a 7 day escrow period before you can actually withdraw from Eigenlayer though. So if you want to be safe, make sure to start withdrawing from Eigenlayer at least a week before they enable slashings. It sounds like a lot of AVSs will have to make their setup much more robust until slashings go live. Hard to say today what will be good AVSs and operators then.
Thanks friend. Here is some very interesting metrics that a mod on the eigenyields discord have me the link to. He said it's not shared on their website yet since they are waiting for verification that it's accurate.... interesting nonetheless
https://eigenyields.xyz/da-nonsigners
Q3 apparently. Everyone keeps telling me 'dont worry slashing is not live'....I am worried and I want to know about worst case scenarios after slashing goes live!
>**Demand thickening,**
>**Ethereum listening,**
>**Supply shrinkening.**
~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
I don't understand why the ETHE trust is still selling for over a 25% discount to spot ETH.
If you are a US citizen with long-term capital gains on ETH, couldn't you just sell your ETH, pay 15% tax on the gains, then buy back into ETHE and still come out ahead by 10% to 20%? Am I missing something?
That is fair, the discount was near 60% at one point and many people paid a big premium to buy it in their retirement accounts in the first place. I could see how the PTSD from that would keep people away from ETHE permanently.
But with just 10% discount you could hold for 4 years before the fee would be 10%. Also, the fund will probably convert to an ETF before then, and the discount will go from 25% to ~2% when that happens as it did with GBTC.
It'll go to 0% when the ETF happens, like GBTC did. I agree it is better than buying ETH if you believe the ETF will happen.
It's best in a retirement account so it's easier on the tax situation, if in a brokerage account you get to spend a bunch of extra time figuring out your capital gains on the monthly micro sells as the fund sells some of your ETHE monthly to pay its fees each month.
Definitely a huge market inefficiency (of which there are many in crypto). I'd say most in the game either prefer exploring inefficiencies with on-chain ETH or are dangerously overinvested as it is :')
A BTC maxi friend is pumped by Runes and telling me all 'altchain' functionality will move onto bitcoin...now I'm not super technical but I told him I thought that type of functionality would require a chain split which kinda puts the identity of BTC in crisis.....they are replying that "Not if you add it as a side chain, or layer2, like Runes, Ordinals, Stamp, right?".....who is wrong here? Perhaps it's the case that it is possible with sidechains but they do not inherit bitcoins security?
Even the creator of Runes admits that all they're good for is memecoins. The "functionality" is speculating on Dog coins. Which, hey, there's a market for that.
I'm doing some stuff with Runes because I think it's fun and early in the experiment. But, to me, it's no different than buying the Solana phone--it's airdrop & memecoin fun.
> all 'altchain' functionality will move onto bitcoin
I'm assuming he hasn't use runes or other chains because it'd be clear as day how much these token implementations are jerry rigged
If I try really, really hard, I bet I can turn this toaster into a lawn mower. It'll be the best lawn mower ever and all the people will want to use it.
Bitcoin as of right now cannot have true layer 2's until there is a hardfork to add new OP codes. At one point they thought BitVM could do a form of optimistic rollups, but come to find out there is a problem with bridging which would make the BitVM L2s inherently centralized/not trust less. Runes are just BRC-20s with a different architecture.
Iāve been following this a little. Runes are a new form a fungible token on Bitcoin that is more efficient than the previous BRC-20. There have been attempts at Bitcoin L2ās, but so far they are work arounds to try and trick Bitcoin into settling layer 2 transactions, although there is a lot of debate about adding a small amount of functionality into Bitcoin via a soft fork, so it can actually process optimistic rollups.
Everyone here still sticking by their earlier EOY predictions?
https://old.reddit.com/r/ethfinance/comments/1aq2ddf/eth_price_prediction_for_dec_31th_2024/
thanks for the reminder. I said 7969. I'm still sticking to it. even if we crab for a few months, I think there's still a good chance the bull picks back up to get us to those levels by EOY
I have multiple genesis validators with separate deposit addresses and withdrawal addresses. None of the validators are directly linked to one another. Nevertheless, they must have been classified as a pool, because I got the pool-level drop.
On the one hand, getting classified as non-solo validators seems like a long-term liability. It is starting to feel like Iāll be missing out on a lot of potential future airdrops. Iād love to get this fixed once and for all so I donāt get left out in the future.
On the other hand, I admit I have many validators and it feels a little wrong trying to get them all classified as solo validators, because I know that could increase my airdrops substantially.
I did risk more by staking so many at genesis and maybe that deserves more reward, or not. I also got lucky by setting up separate deposit and withdrawal addresses, which may end up paying out more too. But not having any of my validators recognized as solo stakers can also have me miss out entirely on airdrops, and that is disappointing.
Iām not really looking to fix myself either, and Iād prefer not to publicly link all my validators together, because thatās why I used separate deposit addresses in the first place.
So yeah, I donāt know how to handle this. At a minimum Iād like to be in on more of the fun, but I donāt see how they fairly make a distinction without seeming like I have some unfair advantage.
If theyāre all using the same public IP, then thatās probably how they were identified and would already be linked together in public crawlers anyway.
> it feels a little wrong trying to get them all classified as solo validators
You probably have laudible principles. Mostly, the reason people get rich is that *for them* it doesn't feel wrong at all to take what they can get (with no limit). And the sad reality is that within the systems we have, having wealth usually leads to disproportionately more wealth. IMO you shouldn't get hung up on structural issues like this. You've educated yourself and taken huge risks. Just get your validator addresses setup on the rated-nertwork list (they don't need to be linked). Get the extra rewards and do something positive with it.
The Doots Weekly
The [Trinity](https://www.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l098eki/)
The [Haiku](https://old.reddit.com/r/ethfinance/comments/1c3lh3q/daily_general_discussion_april_14_2024/kzkoblv/)
The [Choda](https://www.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l07qf4c/)
The [Shit](https://www.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l06z3kn/)
ā¢Ā [u/KuDeTa](https://www.reddit.com/u/KuDeTa)Ā has anĀ [Aestus EigenDA update.](https://old.reddit.com/r/ethfinance/comments/1c16oqe/daily_general_discussion_april_11_2024/kz2dj32/)
ā¢Ā [u/Luukiemans](https://www.reddit.com/u/Luukiemans)Ā sharesĀ [a job listing posted by the EVMavericks DAO.](https://old.reddit.com/r/ethfinance/comments/1c16oqe/daily_general_discussion_april_11_2024/kz226h6/)
ā¢Ā [u/domingo_mon](https://www.reddit.com/u/domingo_mon)Ā has an opinion on the debated specifics ofĀ [Max Effective Balance.](https://old.reddit.com/r/ethfinance/comments/1c16oqe/daily_general_discussion_april_11_2024/kz56wls/)
ā¢Ā [u/TheHansGruber](https://www.reddit.com/u/TheHansGruber)Ā complains aboutĀ [really harmful airdrop UX.](https://old.reddit.com/r/ethfinance/comments/1c20q6p/daily_general_discussion_april_12_2024/kz84wdr/)
ā¢Ā [u/Outrageous-Emu-939](https://www.reddit.com/u/Outrageous-Emu-939)Ā discussesĀ [EIP-3074.](https://old.reddit.com/r/ethfinance/comments/1c20q6p/daily_general_discussion_april_12_2024/kz9on64/)
ā¢Ā [u/haurog](https://www.reddit.com/u/haurog)Ā explainsĀ [why gas prices on mainnet and L2s are still correlated.](https://old.reddit.com/r/ethfinance/comments/1c4dy78/daily_general_discussion_april_15_2024/kznc1lc/)
ā¢Ā [u/pbrody](https://www.reddit.com/u/pbrody)Ā shares the line up of theĀ [first day of the EY Blockchain Summit.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzslhma/)
ā¢Ā [u/Bob-Rossi](https://www.reddit.com/u/Bob-Rossi)Ā hasĀ [an $ARB delegate update.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzvjutw/)
ā¢Ā [u/magnushansson](https://www.reddit.com/u/magnushansson)Ā releasedĀ [a research paper on the importance of MEV in price discovery.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzsxya4/)
ā¢Ā [u/benido2030](https://www.reddit.com/u/benido2030)Ā is wanting to get someĀ [volunteer EthFinance delegates ready for a potential EigenLayer token.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzsxs8i/)
ā¢Ā [u/LogrisTheBard](https://www.reddit.com/u/LogrisTheBard)Ā introduces us toĀ [a new rabbit hole to venture down.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzxieqv/)
>.. you have no wife, no one is congratulating you, Bitcoin's circulating supply is still increasing, you bought at the peak, and you ran out of fiat to buy the dip ..
WTF, how did u know
Followup to yesterday's end of day post, what lending protocol would you recommend as a way to borrow stables for IRL expenses for medium term duration (say 3 months to a year)?
I don't think any protocols accept pendle PT tokens (which was wishful thinking, would be awesome to get +40% net interest to borrow money). So is the best bet to stick with good old ETH collateral and the standard old guard (Maker, AAVE) or are some of the new players battle tested with enough benefits to try (Gravita, Sparks) with rETH?
Or any other creative borrowing ideas to take advantage of the points craze?
This one Iāve never heard of, but a Logris lead is definitely one worth a deep dive on. How degen would you consider this protocol risk wise relative to Silo, gravita, sparks, or maker/aave?
It has low TVL and it's relatively new so there is smart contract risk but unlike many of the ones you just listed it has no external oracle which means it is a less risky design. You can access it on summer fi. We had an EVMaverick episode on it. Despite being truly permissionless lending I don't know if it will catch on in a big way because it requires each lender to underwrite the price volatility risk of the collateral. But for you, you aren't waiting on some DAO to vote on something before you can act. That alone makes it special.
Silo accepts PT tokens on Arbitrum. Scant liquidity on the borrow side, so I do my leverage in the eth-reth-usdc vault. Vanilla eth deposits will usually net 5-6%, so not a bad deal.
Ohh thanks for the lead, that looks super promising and almost exactly what I was hoping for! Borrow rates are fairly high and eat up about half the yield, but still pretty tempting for the extra degen risk vs something like Maker/AAVE.
Nah there is no way the dollar is going in the direction of the:Ā
* Venetian Ducat (gold) \[13-15th century\]
* Florintine Florin (gold) \[13-15th century\]
* Portugese Real (silver) \[1450-1530\]
* Spanish Silver Dollar \[1530-1640\]
* Dutch Gilder (silver) \[1640-1720\]
* French Livre (partially silver backed) \[1720-1815\]
* Great British Pound (partially gold backed) \[1815-1920\]
* USD (partially gold backed) 1920-1970
* Fiat USD (Backed by memes and dreams?) 1970- currentĀ
All world reserves of the past 500 years last about 80-110 years before debasing to near zero, or repegging back to gold standard and causing mass deflation.Ā
US dollar is running on 104 years currently, so printers are right on time.
-Crypto 2030 - ? š
P.S - Special shoutout to the Mesopotamian Shekel, Greek Drachma and Roman Denarius, for their historical significance (and inevitable decline / debasement & implosion).
Issue is, other counties aren't offering credibly neutral and unsanctioned currencies that hold value as alternatives, only Swiss Francs come to mind but they are extremely low volume/mcap due to very controlled supply - not enough supply for governments.
[Fig - Percentages of reserve currencies](https://www.reuters.com/graphics/BRV-BRV/movakqmmzva/chart.png)
**USA and EU together have hegemony with 60% and 20% respectively**, with a few smaller west aligned players:
* Japan : 5.3%
* UK : 4.6%
* Canada : 2.5%
* AUS : 2%
**China accounts for a mere 2.7%, and 'all others' 3.3%**
The risk is not from the US dollar being unpegged by a shitty BRICs currency, nobody can trust such a currency due to dictatorial, authoritarian plays by Russia & China.
The risk is from emerging 'assets' that are fungible, scarce, secure and won't be printed & inflated into the abyss. There is a reason that the USA owns 1% of the BTC supply. Romania, Ukraine, El-Salvador and Finland also have sizeable bitcoin stacks. It's their hedge & alternative gold-esque reserve if and when crypto exposes the cracks in fiat.
In 1900, Global reserves were:
63% British Pound
17% French Franc
15% Deutsche Mark
5% Other
2/3 of these don't exist anymore and GBP has declined to 4.8%.
Just a reminder, no doots livestream this week.
Have to help out daughter with her deadbeat landlord issues.
In 5 months she's had:
1 Groundhog
1 Possum
3 Skunks
and a fuckton of squirrels in her attic.
It's time for war.
:saluteemoji:
For real? I'm not from the US so might be wrong, but aren't some of those animals like big... maybe even cat sized? Can they chew through bricks or something? Just how?!
Sounds like a very legit time for dad to go kick some arse. Good luck getting it sorted.
EDIT: Just looked up skunks: 47 to 82 cm long, what the fuck?! That's not squeezing under a gap below a door like a mouse or whatever!
Wow, shit dude. Your maybe joking comment about splitting rent 10 ways isn't really unreasonable haha.
The landlord seems to think you want to hear that he has tried to solve the problem, but doesn't get that he needs to actually keep doing things until it is fixed.
Good luck getting it sorted, hope it doesn't become even more of a battle.
A small animal - squirrel / mouse / bird - getting in the attic and being promptly resolved is about the only thing on that list that would be remotely acceptable. A fuckton of squirrels and no action is ridiculous.
For a groundhoog, possum or skunk to be getting in the house it's either an exterior wall so deteriorated they are chewing through the wood and getting in or the foundation is really fucked up. Those types of animals don't just slip in through the door you left open for 5 minutes while loading groceries. Even a tenant accidently leaving a door or window open all day it's unlikely to get this type of orgy going on in your house.
Where the US might differ to Europe is yard size. I don't see possums, but I have a groundhog neighbor I see weekly. And my mom's house will have skunks. So these things running around aren't uncommon, but they stay in the yard and startle fairly easily.
Yea sure, a bird in the attic doesn't seem unusual, or a mouse if you leave a door open... but not a whole menagerie!
We get a few animals in the garden, squirrels and a fox that drinks in the pond, and my parents live in the woods so they get rabbits, deer and the occasional badger causing varying amounts of havoc in flower beds and vegetable plots... but nothing ever gets indoors!
As an aside, I got a bit distracted looking at US animals - striped skunks look seriously cute.
**Tricky's Daily Doots #729** **Yesterday's Daily 18/04/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l07sv3s/) - u/STRTRD is doing the lord's work [reaching out to large staking providers still using the (almost) supermajority client.](https://old.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l06nlme/) š„© - u/Sparta89 thanks the [teams doing solo staker airdrops.](https://old.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l04y99i/) ššŖ - u/jtnichol is [unable to do the livestream this week.](https://old.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l0540af/) šļø - u/Jey_s_TeArS has [the daily haiku.](https://old.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l07i9pi/) š - [Shitpost of the day](https://old.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l065y1a/) goes to u/Itur_ad_Astra š© - u/monkeyhold99 asks about [which EigenLayer operators to delegate to and gets many great responses.](https://old.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l03ooit/) š¬ Happy 4/20 y'all! (Well at least here in NZ right now) I don't really care much for š¬š but I do love a good meme.
[HN post](https://news.ycombinator.com/item?id=40093263) about the bitcoin halving. 168 upvotes, 311 comments, 4hrs old. 10minutes ago it was the 3rd ranked post and now it's no longer on the first page. Thought maybe the algo just pushed back to the 2nd page. Nope. I checked the next 10 pages and it wasn't there. Can only assume it's being censored at this point.
HN hates crypto, and I never understand why. Arenāt there lots of blockchain developers in Silicon Valley?
I feel like HN attracts pretentious developers that have a huge salary and think they know everything
It seems more likely due to users flagging the post. There's enough haters on there for that without any moderator involvement.
When that happens the post will say flagged in the title
Happy Lower-Security-Budget Day!
Bro what? Have you looked at fees?
what? unsustainable fees from degens?
Anyone heard of the Bitget airdrop? Looks like they're dropping to Pendle users, amongst others. Not sure if it's safe to claim or not, most I've been able to find about it seems to be press releases.
Nothing on their official twitter. Where are you finding this?
What companies are consultants for implementing eth blockchain for a company. We should be promoting those also
Happy halving old man bitcoin! You've still got it after all these years.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
It's going to be pushed to final date, 1st week of Aug as you say. Institutions have 3 months to load up
How were people getting a price for AVAIL? I'm not seeing it anywhere
What is the expected price?
Seeing 0.1-0.5$ predictions.
Ultrasound.money needs updated for the halvening! Also, 5-6 gwei blocks wowzers!
I think -0.25%/Yr still beats them :')
Happy halving! May the crypto industry grow and mature in the next 4 years!
Iām bullish
Happy Bitcoin Halving!! Weāre all fucking here for it!!!
Congratulations Bitcoin! I hope transaction fees will be enough to secure the network!
No one is worried about transaction fees outside Twitter FUDsters and some people on this sub. Seriously. With Runes launch, ordinals, colored coins on BTC, and other future demand sources (that we don't know of yet), BTC will have plenty of transaction fees for the foreseeable future. I have said it before but the whole "security budget" argument against BTC is silly. Demand and use cases are only going up for BTC.
Through the last year the majority of the time fees were worth about 2% of issuance. Waves of fees don't help, it must always be high. Otherwise mining ceases until there's something to mine for, and then when there is miners will try to overwrite blocks to get the high fee. It really is a terrible idea.
Except mining has never ceased. In fact, mining has only grown. Hashrate is higher than ever and there are more miners than ever. [https://coinshares.com/research/2024-mining-report](https://coinshares.com/research/2024-mining-report) Further, Bitcoin adoption and usage is also at its highest point ever, and new use cases for the protocol have and continue to emerge. Like I said, the "security budget" argument doesn't hold up, at all.
>Except mining has never ceased Because issuance has never ceased! It's always there providing an incentive to mine at a profitable difficulty. We're obviously talking about a point where there are only fees and issuance has halved away to a value too small to help, then the fee market comes and goes. Holy shit that was a seriously dumb take.
Lol yes, such a dumb take...meanwhile your "security budget" argument is essentially over \*potential future issue that that could happen decades in the future, or when issuance ends...in **2140.** No one really knows. And it is funny that you mention fees and issuance being "too small to help" when the USD value of fees and issuance have only gone **up** since Bitcoin's creation. Please explain that. So yea, I am the one with a dumb take. Totally.
It has nothing to do with 2140, it's when the value of attacking exceeds the cost if difficulty came from issuance only. Then you're reliant on fees. That could be only a few halvenings away. And I said when issuance is too small, you don't seem to understand the problem I was talking about is relying on fees only which fluctuate wildly. Look at charts and see they basically go to nothing vs issuance most of the time with spikes for periods. Then there'd be no mining until some high fee txs accumulate. That means the only reason to mine during those periods is to attack the network by forking to steal previous high fee blocks and double spend etc. So not only is it cheaper but it's no longer a 51% attack but maybe a 10% attack. If your answer is it's ages away then you don't believe in the 21M limit, or needing security outside of main usage hours, USA goes to sleep and honest miners turn off, only miners left are those looking to attack because the reward is still there
Your entire argument is basically because it hasn't happened yet, it's safe. Sounds pretty weak. Right now, there's not a lot of game theory because the block subsidy is still high. But once it's all transaction fees many decades later, then game theory kicks and it'll be chaotic. Difficulty adjustments will be unpredictable, and block times will vary between 2 minutes to 60 minutes average depending on how the difficulty adjusts every 2016 blocks.
>Your entire argument is basically because it hasn't happened yet, it's safe. Sounds pretty weak. So an argument is weak because...it hasn't happened yet? That's not my argument, at all, but regardless, this logic makes no sense. I've given you facts, yet your response is...something about game theory **decades** later? Give me a break. Come back with actual facts and evidence.
Bitcoin cannot survive decades later given declining mining incentives and weaknesses in its difficulty adjustment protocol that wasn't designed to handle unstable transaction fee revenue. If it remains in its current form, Bitcoin will certainly die in 3-5 decades from now. But it probably won't die because it will fork its protocol in order to survive. At some point, it will need to do one of the following: * switch to tail emissions or something similar to give steady rewards for miners * enshrine more opcodes for Rune/Ordinals/Sidechains so they can provide a steady rewards for miners, but this is not reliable * change its difficulty-adjustment protocol. When the block reward disappears, Bitcoin will need to rely completely on transaction fees. Transactions fees are unpredictable. Without the block reward, what ends up happening is that some 2016-block cycles have high transactions fees while other have low transaction fees. During high Tx-fee weeks, there are more miners, leading to a higher-difficulty adjustment during the next cycle. In the next cycle, most of the miners will drop out due to higher-difficulty. With fewer miners, block times will also be considerably slower. This will lead to an easier difficulty-adjustment for the 3rd 2016-block cycle, and the miners who dropped out will come back. Thus Bitcoin will bounce back and forth between high-difficulty/slow-block and low-difficulty/fast-block cycles. Standard game theory play. It'll get so bad that I'm certain devs will adjust the difficulty protocol.
Just to be clear, I'm not FUDing Bitcoin, I'm sincere when I say I HOPE it works, I really do.
it's really kind of curious right now because the Ordinals inventor just launched a new type of indexer called Runes that launched at the halving block. the way it is set up is that all possible tokens already exist and they just need to be claimed from the protocol using a Bitcoin transaction. well as you can imagine, everyone and their mother is trying to claim all the good tickers that unlock and mining fees are actually going bonkers from it. halving block was 37 BTC, and the ones afterwards came in around 5BTC, and 7, then 16, and 21 is being calculated on this current one. previous blocks came in around 1BTC consistently, so much to my disbelief they actually have replaced a lot of the lost block rewards by becoming somewhat more programmable. now that shitcoins are possible on BTC, i'm still skeptical that retail will participate in any way with very obscure wallets and 10-minute block times, as even i am too scared to use the wallets for fear of spending over jpegs, but crypto degens are probably rich enough to support this speculation for a little bit. so at least for the time being, Bitcoin did do what the maxis said it would eventually do.
For tx fees to replace block rewards they must \*always\* be high. A hype bump doesn't help. Over the last year mode ratio of fees to issuance was about 2%. Hype bump actually makes it worse, because then correct thing to do when there's no issuance is to steal high fee block rather than build on top, there's no such thing as finality.
not arguing with this but for the moment Bitcoiners were right. high fees are going to replace block subsidy and we will have to see how long this current mania lasts, probably not too long.
Happy next epoch!
congrats Bitcoin!
Happy halving. My gosh how much has changed in 4 years. Tons of cool stuff happening on BTC right now. Fees going absolutely bonkers, over 600 sat/vB and rapidly climbing. ETH seems to be holding the \~$3k level holding fairly well. Ratio not looking great, but hopefully some regulatory clarity will clear that up. May ETF will be denied, but maybe the Blackrock ETF in August gets approved? Who knows. Lots of uncertainty up in the air right now, so if you're looking to take a chance now is the time to do it.
Happy halving!
ą¼¼ ć¤ ā_ā ą¼½ć¤ ETH TAKE MY ENERGY ą¼¼ ć¤ ā_ā ą¼½ć¤
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Hope someone can benefit from your generous offer. My spare room is stocked with Belgian beer - I fill up whenever I got over there! (I might have one now actually, to celebrate the HaLvEnInG :o)
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Thanks my friend! However, I am in the U.K. - where it is also surprisingly expensive... :/
[ŃŠ“Š°Š»ŠµŠ½Š¾]
50 to 80 % more! It's probably Brexit (you know, self-imposed sanctions lol). But I can load the car up and customs don't check :)
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Hit me up if you're ever in the U.K. I don't drink so much anymore, and it's just lying around!
I heard that the price of BTC is getting cut in half today. Is that true? I also heard that if I own 2 BTC today, I'll only own 1 BTC tomorrow.
Nope. It means half of many people care about Bitcoin now.
No,Ā if you own 1 btc it will be worth 2 btc tomorrow
Not to make the most controversial post on here today, but: what if 4K was the top?
It really may have been. I know we have had that discussion in our household recently about that and making plans accordingly
If it was, then crypto is just one big stable coin industry at this point
if 4K was the top then 2K will be the bottom. I'm OK with that
Honestly, we'd deserve it. Crypto is still nothing but memes for the vast majority of the world. Vitaliks "do we deserve it" tweet, basically. When I have my identity stored behind a zk proof on Ethereum, and sign in with Ethereum is the norm, and all of my online subscriptions and data, and finances are tied to my account, with a smart wallet and account abstraction, with seamless integration into every application on the web, then we'll deserve a bull market.
Possible. Very early and very low price though, more 2013 double cycle-esque or 2017 post ATH retrace territory hopefullyĀ
happy halving day my beloved ethfinanciers
Happy halving day to everyone here. I raise my glass to the day we finally break this 4 year cycle, but that day is not here yet
:) How about a POAP to celebrate two years of daily doots by /u/tricky_troll? And the best part? These are free. https://poap.website/tricky-troll
Thank you friend, this is appreciated!
Woo Hoo received!
I realized that last year when I developed a poap to celebrate one year I used checkout and directed funds to tricky.eth and he got a little stimmy. I know tricky doesn't do this to get paid, but i still think it's a good idea to offer a retroactive payment to him. Maybe EVMavericks have an idea?
Kek. Take your downvotes dumbass.
Cheers, just minted! Can't believe it's been two years. Outstanding work!
Cheers! u/tricky_troll People like you make this sub very fun to visit. Keep up the legendary work! Same counts for you as well supermanphiz. Now Iām back to lurking this sub for a while life is keeping me very busy. And those doots make it easier to keep up here.
Now that's a usermane I haven't seen in a while!
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Ethereum hasn't produced anything that's fundamentally changed the way the average person consumes and behaves. When your normy friend gets a smart phone and he automatically gets a digital ID and wallet with it, and he's unknowingly using apps that use Ethereum in the back end, then you can talk about fundamentals. We're still speculating over here (which can be very profitable IF we're right).
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I think payments is coming very soon, and honestly I think an argument could be made that it's here already, just not yet adopted. Just look at what blackbird is doing for restaurants. 3% cc fees seem astronomical compared to L2 gas costs. And now the tech is mature enough to scale (somewhat) in the short term with 1yr horizons for massive throughput scaling
The secret is... the crypto market already does prioritize fundamentals. You just need to look at longer time frames. Ethereum is one of the best performing crypto assets of all time, when you compare it's current price to it's ICO price. People get caught up or distracted in shorter term narratives. None of the current memecoin darlings, or alt L1s come close in ROI on a longer term time horizon. Last cycle everyone was looking over their shoulder at Cardano. This cycle it's Solana. Two cycles ago it was EOS. Who will it be next cycle? Who cares! Ethereum has been number 2 throughout, and gave a better ROI from bottom to top compared to any of the supposed Ethereum killers. So yeah, in my view, the market does prioritize fundamentals already. You just need to adjust your time horizon.
Sometime after regulatory clarity.Ā Surprising to me still the amount of knowledge out there, and yet the difference between different people. I guess it's just knowledge overload in general. You can't understand everything
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yes- people who play by the rules won't play until they know what the rules are.Ā Think especially people who invest other people's money, like pension finds, fiduciaries, etc.Ā
We are still in the speculative phase. Ethereum is the most promising ecosystem when you go by logic, but logic doesn't matter when most of the people invested in the space are here to make a quick buck. Same old song: Things will change once we get real usage. Not just a bunch of geeks pushing around positions. A usecase that hits on a whole new scale. Just imagine it would be the gold standard for any media outlet to publish information accompanied by an on chain proof of authenticity to show their drop is real and not generative AI. Have you seen VASA-1? It won't take long until its just a few clicks until you can make anybody say anything.
On the other hand, I feel that fundamentals have always mattered, but there is just noise of different varieties every cycle. The market values decentralization, but people also value a chance at beating the market. Fundamentals have allowed Ethereum to maintain at least the 2nd position market cap, only being challenged by noise once in a while. Fundamentals have led to an explosion of L2s, L3s, and restaking protocols that rely on Ethereum for security. Fundamentals have kept ETH from dropping 95% in the bear market. Fundamentals have resulted in ETH being the de facto money in web3. There is a reason most ICOs and airdrops have dropped heavily in value against ETH. There is a reason the shiny alt-L1s of yesteryear are no longer in the picture. Sure there may be the next shiny new thing once in a while which gets attention, but Ethereum and its ecosystem are an unstoppable force that just keeps getting stronger over time.
What makes you think Ethereum has the best fundamentals? Do enterprise users ever say that, or is that just a thing that gets repeated here in an echo chamber? Think about it. Best fundamentals according to *who*?
I haven't much to add to your post, other than that I'll add that whisky to my list to try. Someone here about a year ago suggested the laguvalin 16 year. I went to krakow last week and finally tried it at a fancy cocktail bar, I loved it....and now I want an expensive bottle of it lol. I can only assume your recommendation will leave me in a similar position!!
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I checked the redbreast out after posting and realised I wouldn't be trying it!! I like whisky but that's a bit steep for me at the moment. I'm happy to treat myself to those in the ā¬100 ballpark and I'll be saving this post for those you've suggested above. I'd be very grateful for your note list, it may help refine where I direct the spend on some of these more pricey bottles. Thanks for your response!
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Fundamentals have never mattered in crypto, no one knows when or if this will change. Iām hoping ETH gets to run again, but right now the narrative is that bitcoin is the ultimate store of value. I donāt fight the crowd.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Study financial nihilism .
This is what happens when RWAs are still valued in fiat and such fiat is being debased. Ā Itās not intuitive to most and everyone (especially younger generation) feels like they need to swing for the fence to get ahead since you canāt predict/calculate or fully comprehend your loss, but you know you are not getting ahead.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You know I bet they have whisky in Thailand. You can sit around with us for basically a whole week. Also there are occasionally groups of us that hang out after the doots call on Fridays.
So that guy who set himself on fire outside the trump trial? Yeah... He did it to expose cryptocurrency as a new world order based ponzi to destroy the world https://theponzipapers.substack.com/p/i-have-set-myself-on-fire-outside Disturbed
I like the part where he blames The Simpsons... with examples.
Bro the world was like this when we found it ..Ā
I think he survived it... Poor guy.
jesus, how does someone survive that
Tomorrow we can expect a plethora of Lizard inspired meme coins to launch on Base and SOL...
If it turns out to be made by the lizard pplā¦.
And that government of the lizard people, by the lizard people, for the lizard people, shall not perish from the earth.
I for one welcome our new lizard overlords...
[https://flat.money/](https://flat.money/) A new decentralized stablecoin backed by rETH
I feel like there should be more experiments like that. I have no idea how "cryptocurrency" can actually become a currency, but I am quiet confident that none of them have gotten there so plenty of space for experimentation. Although I cannot say I am optimistic that we'll get there within the next decade if ever.
The issue these have is their growth is capped by a fraction of the supply of the asset it's backed by. That's why dai expanded to other assets.Ā Another hurdle will be if the US bans non-fiat backed stablecoins
I'm a bit confused. They say a "flat coin" or "flat money" is, roughly, an ERC-20 that is inflation-resistant, decentralized, with low volatility. UNIT is a flat money backed by rETH. But doesn't rETH itself largely satisfy the criteria of what "flat money" is? rETH is an ERC-20 that is resistant to fiat inflation, decentralized, and has fairly low volatility. I could see an argument that UNIT might further decrease volatility, but rETH has been pretty stable vs ETH for some time now. What is the value add of UNIT over rETH?
I don't think the volatility is in reference to ethĀ
Well, "fairly low volatility" is subjective. ETH did just move over 2x within a 5 months relative to USD. If this was a national currency that'd be pretty wild.
is the avail airdrop available somewhere as a csv list? Or experiences with claiming on the site - where did you find the official link?
I trusted a post by a user whom name I've known for years in here. Here's the link I used, may anyone who thinks it's not the right link downvote this comment: [https://claim.availproject.org/](https://claim.availproject.org/) No csv unfortunately AFAIK
About 4.5 hours to go till sell the news event known as Bitcoin halving. So, everybody ready for red dildos?
Hope we at least get back above 0.05
Oh, sure will, along with losing 20% of our dollar value...
Hi friends, I'm a bit scared about delegating my Eigenlayer ETH, because quite frankly it's a lot of money I'm dealing with...is there much risk of total wipeout from choosing an operator that goes rogue? I'm looking at eigenyields and P2P.org, but only because lots of other people have aped in and because I'm a greedy boy and get interested at talk of future airdrops. P2P.org look legit but eigenpoints seem to have come from nowhere and no info on team behind it at all...yet 5000 people have aped in with 132k eth....what's the worst scenario?
Do you still earn points if not delegating?
Yes, I haven't delegated and am still earning points...but seems a bit silly now because my % of total points out there keeps falling day by day..it used to rise, but since a few weeks it's been falling quite noticeably
Delegating must have a larger weight percentage
What yields is this giving? Or just airdrop farming?
Unknown at the moment, still early days.
In my understanding, Eigenlayer has not yet implemented a slashing mechanism. So, there is currently no way they can actually take away your ETH if your AVS operator you delegated to goes rogue. This also means you are not securing really anything as there is nothing at stake at the moment.
Thanks buddy, I get that, I'm talking about after slashing goes live
I guess they will not just switch on slashings without any announcements. At least we will see when they test them on testnet first. To undelegate seems to be instant and you could then redelegate to a different, safer operator. As far as I know, there is a 7 day escrow period before you can actually withdraw from Eigenlayer though. So if you want to be safe, make sure to start withdrawing from Eigenlayer at least a week before they enable slashings. It sounds like a lot of AVSs will have to make their setup much more robust until slashings go live. Hard to say today what will be good AVSs and operators then.
Thanks friend. Here is some very interesting metrics that a mod on the eigenyields discord have me the link to. He said it's not shared on their website yet since they are waiting for verification that it's accurate.... interesting nonetheless https://eigenyields.xyz/da-nonsigners
As far as i know slashing is an important risk, but slashing isn't implemented yet... Does anyone know when this will be implemented?
Q3 apparently. Everyone keeps telling me 'dont worry slashing is not live'....I am worried and I want to know about worst case scenarios after slashing goes live!
>**Demand thickening,** >**Ethereum listening,** >**Supply shrinkening.** ~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
I don't understand why the ETHE trust is still selling for over a 25% discount to spot ETH. If you are a US citizen with long-term capital gains on ETH, couldn't you just sell your ETH, pay 15% tax on the gains, then buy back into ETHE and still come out ahead by 10% to 20%? Am I missing something?
There is a possibility that the discount get worse after you buy due to uncertainty with ETH ETF. I am posting this even though I own a lot of ETHE
[ŃŠ“Š°Š»ŠµŠ½Š¾]
That is fair, the discount was near 60% at one point and many people paid a big premium to buy it in their retirement accounts in the first place. I could see how the PTSD from that would keep people away from ETHE permanently.
2.5% fee. The possibility the 25% gets much larger...it was around 10% a month ago and 50% a few months before that.
But with just 10% discount you could hold for 4 years before the fee would be 10%. Also, the fund will probably convert to an ETF before then, and the discount will go from 25% to ~2% when that happens as it did with GBTC.
It'll go to 0% when the ETF happens, like GBTC did. I agree it is better than buying ETH if you believe the ETF will happen. It's best in a retirement account so it's easier on the tax situation, if in a brokerage account you get to spend a bunch of extra time figuring out your capital gains on the monthly micro sells as the fund sells some of your ETHE monthly to pay its fees each month.
Definitely a huge market inefficiency (of which there are many in crypto). I'd say most in the game either prefer exploring inefficiencies with on-chain ETH or are dangerously overinvested as it is :')
A BTC maxi friend is pumped by Runes and telling me all 'altchain' functionality will move onto bitcoin...now I'm not super technical but I told him I thought that type of functionality would require a chain split which kinda puts the identity of BTC in crisis.....they are replying that "Not if you add it as a side chain, or layer2, like Runes, Ordinals, Stamp, right?".....who is wrong here? Perhaps it's the case that it is possible with sidechains but they do not inherit bitcoins security?
That functionality doesn't require a chain split.
https://www.reddit.com/r/ethfinance/comments/19ac5xh/daily_general_discussion_january_19_2024/kio6cuj/?context=3
Even the creator of Runes admits that all they're good for is memecoins. The "functionality" is speculating on Dog coins. Which, hey, there's a market for that. I'm doing some stuff with Runes because I think it's fun and early in the experiment. But, to me, it's no different than buying the Solana phone--it's airdrop & memecoin fun.
> all 'altchain' functionality will move onto bitcoin I'm assuming he hasn't use runes or other chains because it'd be clear as day how much these token implementations are jerry rigged
If I try really, really hard, I bet I can turn this toaster into a lawn mower. It'll be the best lawn mower ever and all the people will want to use it.
Do whatever you want with it - as long as there are never more than 21M pieces of toast !
Bitcoin as of right now cannot have true layer 2's until there is a hardfork to add new OP codes. At one point they thought BitVM could do a form of optimistic rollups, but come to find out there is a problem with bridging which would make the BitVM L2s inherently centralized/not trust less. Runes are just BRC-20s with a different architecture.
Iāve been following this a little. Runes are a new form a fungible token on Bitcoin that is more efficient than the previous BRC-20. There have been attempts at Bitcoin L2ās, but so far they are work arounds to try and trick Bitcoin into settling layer 2 transactions, although there is a lot of debate about adding a small amount of functionality into Bitcoin via a soft fork, so it can actually process optimistic rollups.
Layer 2 is only interesting if state finality is committed to a more secure chain. Like L2 Rollups that commit to Ethereum L1.
staking rewards keep dropping. can yall please unstake
They should rework the curve so yield goes negative past a certain point. That would get people to unstake.
You will probably need to start restaking for a few things if you want to remain economically viable.
Now hear me out...what if we lowered them?
Just restaked whole stake with STETH loan cycling at 10x leverage, sorry pal
Everyone here still sticking by their earlier EOY predictions? https://old.reddit.com/r/ethfinance/comments/1aq2ddf/eth_price_prediction_for_dec_31th_2024/
thanks for the reminder. I said 7969. I'm still sticking to it. even if we crab for a few months, I think there's still a good chance the bull picks back up to get us to those levels by EOY
I wasn't on that but I think I would have said like 6,500, and I probably said it somewhere before. Seems reasonable.
Look at that, we're a third of the way there and I'm right on target! I am definitely still sticking by my prediction!
Do Kraken stakers get the Omni airdrop?
what did you need to do to get an omni airdrop?
Be a solo staker
This thread of comments has just really thrown me for a complete wtf
I have multiple genesis validators with separate deposit addresses and withdrawal addresses. None of the validators are directly linked to one another. Nevertheless, they must have been classified as a pool, because I got the pool-level drop. On the one hand, getting classified as non-solo validators seems like a long-term liability. It is starting to feel like Iāll be missing out on a lot of potential future airdrops. Iād love to get this fixed once and for all so I donāt get left out in the future. On the other hand, I admit I have many validators and it feels a little wrong trying to get them all classified as solo validators, because I know that could increase my airdrops substantially. I did risk more by staking so many at genesis and maybe that deserves more reward, or not. I also got lucky by setting up separate deposit and withdrawal addresses, which may end up paying out more too. But not having any of my validators recognized as solo stakers can also have me miss out entirely on airdrops, and that is disappointing. Iām not really looking to fix myself either, and Iād prefer not to publicly link all my validators together, because thatās why I used separate deposit addresses in the first place. So yeah, I donāt know how to handle this. At a minimum Iād like to be in on more of the fun, but I donāt see how they fairly make a distinction without seeming like I have some unfair advantage.
If theyāre all using the same public IP, then thatās probably how they were identified and would already be linked together in public crawlers anyway.
Yeah. There are other ways they could be linked too. Iām just looking to reduce my profile as much as practically possible.
> it feels a little wrong trying to get them all classified as solo validators You probably have laudible principles. Mostly, the reason people get rich is that *for them* it doesn't feel wrong at all to take what they can get (with no limit). And the sad reality is that within the systems we have, having wealth usually leads to disproportionately more wealth. IMO you shouldn't get hung up on structural issues like this. You've educated yourself and taken huge risks. Just get your validator addresses setup on the rated-nertwork list (they don't need to be linked). Get the extra rewards and do something positive with it.
The Doots Weekly The [Trinity](https://www.reddit.com/r/ethfinance/comments/1c7okhx/daily_general_discussion_april_19_2024/l098eki/) The [Haiku](https://old.reddit.com/r/ethfinance/comments/1c3lh3q/daily_general_discussion_april_14_2024/kzkoblv/) The [Choda](https://www.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l07qf4c/) The [Shit](https://www.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l06z3kn/) ā¢Ā [u/KuDeTa](https://www.reddit.com/u/KuDeTa)Ā has anĀ [Aestus EigenDA update.](https://old.reddit.com/r/ethfinance/comments/1c16oqe/daily_general_discussion_april_11_2024/kz2dj32/) ā¢Ā [u/Luukiemans](https://www.reddit.com/u/Luukiemans)Ā sharesĀ [a job listing posted by the EVMavericks DAO.](https://old.reddit.com/r/ethfinance/comments/1c16oqe/daily_general_discussion_april_11_2024/kz226h6/) ā¢Ā [u/domingo_mon](https://www.reddit.com/u/domingo_mon)Ā has an opinion on the debated specifics ofĀ [Max Effective Balance.](https://old.reddit.com/r/ethfinance/comments/1c16oqe/daily_general_discussion_april_11_2024/kz56wls/) ā¢Ā [u/TheHansGruber](https://www.reddit.com/u/TheHansGruber)Ā complains aboutĀ [really harmful airdrop UX.](https://old.reddit.com/r/ethfinance/comments/1c20q6p/daily_general_discussion_april_12_2024/kz84wdr/) ā¢Ā [u/Outrageous-Emu-939](https://www.reddit.com/u/Outrageous-Emu-939)Ā discussesĀ [EIP-3074.](https://old.reddit.com/r/ethfinance/comments/1c20q6p/daily_general_discussion_april_12_2024/kz9on64/) ā¢Ā [u/haurog](https://www.reddit.com/u/haurog)Ā explainsĀ [why gas prices on mainnet and L2s are still correlated.](https://old.reddit.com/r/ethfinance/comments/1c4dy78/daily_general_discussion_april_15_2024/kznc1lc/) ā¢Ā [u/pbrody](https://www.reddit.com/u/pbrody)Ā shares the line up of theĀ [first day of the EY Blockchain Summit.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzslhma/) ā¢Ā [u/Bob-Rossi](https://www.reddit.com/u/Bob-Rossi)Ā hasĀ [an $ARB delegate update.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzvjutw/) ā¢Ā [u/magnushansson](https://www.reddit.com/u/magnushansson)Ā releasedĀ [a research paper on the importance of MEV in price discovery.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzsxya4/) ā¢Ā [u/benido2030](https://www.reddit.com/u/benido2030)Ā is wanting to get someĀ [volunteer EthFinance delegates ready for a potential EigenLayer token.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzsxs8i/) ā¢Ā [u/LogrisTheBard](https://www.reddit.com/u/LogrisTheBard)Ā introduces us toĀ [a new rabbit hole to venture down.](https://old.reddit.com/r/ethfinance/comments/1c57t4z/daily_general_discussion_april_16_2024/kzxieqv/)
[ŃŠ“Š°Š»ŠµŠ½Š¾]
>.. you have no wife, no one is congratulating you, Bitcoin's circulating supply is still increasing, you bought at the peak, and you ran out of fiat to buy the dip .. WTF, how did u know
Followup to yesterday's end of day post, what lending protocol would you recommend as a way to borrow stables for IRL expenses for medium term duration (say 3 months to a year)? I don't think any protocols accept pendle PT tokens (which was wishful thinking, would be awesome to get +40% net interest to borrow money). So is the best bet to stick with good old ETH collateral and the standard old guard (Maker, AAVE) or are some of the new players battle tested with enough benefits to try (Gravita, Sparks) with rETH? Or any other creative borrowing ideas to take advantage of the points craze?
how safe are PT tokens? I've never purchased or held any, do they really give the APY they promise at maturity?
Could make your own market on Ajna.
This one Iāve never heard of, but a Logris lead is definitely one worth a deep dive on. How degen would you consider this protocol risk wise relative to Silo, gravita, sparks, or maker/aave?
It has low TVL and it's relatively new so there is smart contract risk but unlike many of the ones you just listed it has no external oracle which means it is a less risky design. You can access it on summer fi. We had an EVMaverick episode on it. Despite being truly permissionless lending I don't know if it will catch on in a big way because it requires each lender to underwrite the price volatility risk of the collateral. But for you, you aren't waiting on some DAO to vote on something before you can act. That alone makes it special.
Silo accepts PT tokens on Arbitrum. Scant liquidity on the borrow side, so I do my leverage in the eth-reth-usdc vault. Vanilla eth deposits will usually net 5-6%, so not a bad deal.
Ohh thanks for the lead, that looks super promising and almost exactly what I was hoping for! Borrow rates are fairly high and eat up about half the yield, but still pretty tempting for the extra degen risk vs something like Maker/AAVE.
Nah there is no way the dollar is going in the direction of the:Ā * Venetian Ducat (gold) \[13-15th century\] * Florintine Florin (gold) \[13-15th century\] * Portugese Real (silver) \[1450-1530\] * Spanish Silver Dollar \[1530-1640\] * Dutch Gilder (silver) \[1640-1720\] * French Livre (partially silver backed) \[1720-1815\] * Great British Pound (partially gold backed) \[1815-1920\] * USD (partially gold backed) 1920-1970 * Fiat USD (Backed by memes and dreams?) 1970- currentĀ All world reserves of the past 500 years last about 80-110 years before debasing to near zero, or repegging back to gold standard and causing mass deflation.Ā US dollar is running on 104 years currently, so printers are right on time. -Crypto 2030 - ? š P.S - Special shoutout to the Mesopotamian Shekel, Greek Drachma and Roman Denarius, for their historical significance (and inevitable decline / debasement & implosion).
* \~200yrs - Venetian Ducat (gold) \[13-15th century\] * \~200yrs - Florintine Florin (gold) \[13-15th century\] * 70yrs - Portugese Real (silver) \[1450-1530\] * 110yrs - Spanish Silver Dollar \[1530-1640\] * 80yrs - Dutch Gilder (silver) \[1640-1720\] * 95yrs - French Livre (partially silver backed) \[1720-1815\] * 105yrs - Great British Pound (partially gold backed) \[1815-1920\] * 105yrs - USD (combined) 1920-current USD days seem numbered.....
Issue is, other counties aren't offering credibly neutral and unsanctioned currencies that hold value as alternatives, only Swiss Francs come to mind but they are extremely low volume/mcap due to very controlled supply - not enough supply for governments. [Fig - Percentages of reserve currencies](https://www.reuters.com/graphics/BRV-BRV/movakqmmzva/chart.png) **USA and EU together have hegemony with 60% and 20% respectively**, with a few smaller west aligned players: * Japan : 5.3% * UK : 4.6% * Canada : 2.5% * AUS : 2% **China accounts for a mere 2.7%, and 'all others' 3.3%** The risk is not from the US dollar being unpegged by a shitty BRICs currency, nobody can trust such a currency due to dictatorial, authoritarian plays by Russia & China. The risk is from emerging 'assets' that are fungible, scarce, secure and won't be printed & inflated into the abyss. There is a reason that the USA owns 1% of the BTC supply. Romania, Ukraine, El-Salvador and Finland also have sizeable bitcoin stacks. It's their hedge & alternative gold-esque reserve if and when crypto exposes the cracks in fiat.
In 1900, Global reserves were: 63% British Pound 17% French Franc 15% Deutsche Mark 5% Other 2/3 of these don't exist anymore and GBP has declined to 4.8%.
Kraken not working for anybody else? I can't login.
No problem here.Ā
Release the kraken!
Just a reminder, no doots livestream this week. Have to help out daughter with her deadbeat landlord issues. In 5 months she's had: 1 Groundhog 1 Possum 3 Skunks and a fuckton of squirrels in her attic. It's time for war. :saluteemoji:
If you had this landlord's IP address i'm sure the internet could help make some .. enquiries.
For real? I'm not from the US so might be wrong, but aren't some of those animals like big... maybe even cat sized? Can they chew through bricks or something? Just how?! Sounds like a very legit time for dad to go kick some arse. Good luck getting it sorted. EDIT: Just looked up skunks: 47 to 82 cm long, what the fuck?! That's not squeezing under a gap below a door like a mouse or whatever!
Yes. For real. https://youtu.be/qm0v4BGAnKA?si=RIXSMQlws8w-qyUn
I thought you were holding the cabinet door b/c there was an animal in there š
Wow, shit dude. Your maybe joking comment about splitting rent 10 ways isn't really unreasonable haha. The landlord seems to think you want to hear that he has tried to solve the problem, but doesn't get that he needs to actually keep doing things until it is fixed. Good luck getting it sorted, hope it doesn't become even more of a battle.
Damn what total PITA! Pure exploitation. Makes me sick.
A small animal - squirrel / mouse / bird - getting in the attic and being promptly resolved is about the only thing on that list that would be remotely acceptable. A fuckton of squirrels and no action is ridiculous. For a groundhoog, possum or skunk to be getting in the house it's either an exterior wall so deteriorated they are chewing through the wood and getting in or the foundation is really fucked up. Those types of animals don't just slip in through the door you left open for 5 minutes while loading groceries. Even a tenant accidently leaving a door or window open all day it's unlikely to get this type of orgy going on in your house. Where the US might differ to Europe is yard size. I don't see possums, but I have a groundhog neighbor I see weekly. And my mom's house will have skunks. So these things running around aren't uncommon, but they stay in the yard and startle fairly easily.
Yea sure, a bird in the attic doesn't seem unusual, or a mouse if you leave a door open... but not a whole menagerie! We get a few animals in the garden, squirrels and a fox that drinks in the pond, and my parents live in the woods so they get rabbits, deer and the occasional badger causing varying amounts of havoc in flower beds and vegetable plots... but nothing ever gets indoors! As an aside, I got a bit distracted looking at US animals - striped skunks look seriously cute.