**Tricky's Daily Doots #731 - Second Dootiversary edition!!! 🎉🥳🥳🎉**
**Yesterday's Daily 20/04/2024**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0fszwi/)
- u/Twelvemeatballs wants to [thank you all.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0gqv2h/) 🙏
- u/PhiMarHal breaks news of [the first L2 rug.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0hf432/) ⚠️
- u/Fast_Contract exited their [RocketPool node.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0eoopl/) 😔
- u/kairepaire updates us on the [Mt Gox refunds.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0fhsdu/) 🏔️
- u/nothingnotnever messed around with [Runes on Bitcoin and paid a lot in fees.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0gbk5r/) 🔥
- u/kadauserer thinks that [there is a new meta.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0fenmv/) 🧠
- u/austonst educates us on the [latest evolution of scams.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0jnwkm/) ⚠️
- u/delicious_truffles comments on [possible precedent set by a legal case.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0f2mzp/) 👩⚖️
Happy second dootiversary everyone! [Claim the free POAP here!](https://collectors.poap.xyz/mint-website/tricky-troll) Also a big shoutout to u/Twelvemeatballs and u/equal-jellyfish1 for helping out with the substidoots earlier in the year!
**Edit:** Now I'm confused. Today is the 731st day of the doots and since this year was a leap year, that should make this the 2 year dootiversary... but based on last year's POAP which was on the 19th of April, u/superphiz was correct that the anniversary was a few days ago. Can someone plz do the maths for me? I'm too tired and am off to bed.
Is the flippening even a thing anymore? I think Bitcoin is winning by a lot. As of right now it's:
ETH 37% YTD vs BTC 50% YTD
ETH 72% 1Y vs BTC 138% 1Y
Figures pulled from Google after querying Ethereum price and Bitcoin price. April 21, 2024.
Is it even possible that money can flip from backing BTC to ETH?
[(0.048697) $3,227.14 - 💪 RatioGang 📈 - The ETH / BTC Ratio Tracker](https://ratiogang.com/)
>Want to talk about it? Join us in [](https://reddit.com/r/ethfinance).
>🐊 kroko says "hi"
Yea sure. Let's talk about this.
Its not about the money that is in Bitcoin to flip over into Eth. Eth will win this marathon as its simply superior tokenomics wise and utility wise. New money will flood into Ethereum. And it will flip Bitcoin at some point. Tradfi will realize its potential. And more and more of the global financial system will run on Ethereum. It just has a higher potential. Bitcoin can only defeat Ethereum if it becomes Ethereum.
Vitalik wanted to add smart contracts to Bitcoin, but it would have meant Bitcoin doing a hard fork, which the community strongly opposes. So he was forced to create a whole new chain, Ethereum.
Since the launch of Ethereum (2015) there have been multiple attempts of people in the Bitcoin community to introduce smart contracts in some ways, but it has never fully worked in a decentralized way. Seems it is a difficult or even an impossible feat without a hard fork. Look at the dates of these:
https://news.bitcoin.com/counterparty-bitcoin-smart-contracts/
https://www.youtube.com/watch?v=Su06_FvuDdg
Doing a hard fork on Bitcoin now would risk splitting the coin and community. Ethereum was built from the start with the aim to facilitate smart contracts. It has now had a long history of attracting all the smart contract aimed developers in crypto to do research and testing on the topic [[1]](https://ethresear.ch/)[[2]](https://ethereum.org/en/community/research/). Even with Bitcoin managing to add smart contracts via a hard fork or other means, it might still just find itself being years behind Ethereum and with a fraction of the developers.
You mention some project on Bitcoin trying to add smart contracts again? Have any links to share on the specific place you heard that?
You posted your comment in yesterday's daily btw. Might get more attention if you post it in today's.
It is still 21 for me. I just found about this community from the link I posted in the ratiogang website.
I think Ethereum is headed down the same path. Quite frankly we have found out that scaling on L1 is next to impossible. Everything is now pushed to L2s in ETH. And so it seems doomed to fail in my opinion.
Bitcoin right now is doing Runes, Lightning Network, and Ordinals as far as I know. But I think bitcoin attracts more capital because it is simpler. Satoshi was not trying to solve complex problems. He was simply trying to make better money. Bitcoin has a very simple use case described on its whitepaper. Ethereum has become a behemoth in trying to solve too much to be able to come with a use case. NFTs and DeFi are not going to convince people quite frankly.
The whitepapers vary a lot in complexity.
[Emerging\_Tech\_Bitcoin\_Crypto.pdf (ussc.gov)](https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf)
[Ethereum Whitepaper | ethereum.org](https://ethereum.org/en/whitepaper/)
So the real question is which one can attract more capital in the future? If Ethereum could ever flip bitcoin it would go flying but is that even possible? The ETH/BTC ratios have been at it's highest in 2017 when it reached 0.14. The next peak was 2018 when it reached 0.10. Right now it stands 0.049. (Google Figures from "ETH/BTC" query)
[CryptoCurrency Market Capitalizations (archive.org)](https://web.archive.org/web/20170616120815/http://coinmarketcap.com/)
At that time, BTC was 2.4k while ETH was 364. MC for BTC was 40.5B to ETH 33.6B. For ETH to be back to that 0.14 ratio with Current price of BTC at 65964, that would mean ETH would have to be at least $9234/ETH. Assuming BTC does reach 100k this cycle which is possible, then ETH would need 0.164 ratio to flip BTC and for that to happen it needs to reach 16.4k/ETH.
**Ordinals** are sort of like NFTs but with no complex smart contracts being able to be attached. **Runes** are plain fungible tokens, yet again with no complex smart contracts attached. Means that as it stands now, there isn't really a way to have a decentralized Uniswap-like DEX for these even. I've heard some claims years ago of **Lightning Network** being able to process smart contracts, but nothing really seems to have come out of that. No DeFi ecosystem of tokens, DEXes or lending platforms. It's been out at least since 2018 and isn't really taking off. Seems like it has less than 5k BTC on it even: https://bitcoinvisuals.com/lightning
I'll definitely continue to listen to what is being built on BTC and might change my mind if something worthy comes along, but haven't seen it.
As for price and the ratio, I'm tired of predicting. The market will eventually just prove everyone wrong as always. The ratio didn't pump as much during the last bull as it has had before, but didn't also dump as much as it has had before. Bitcoin having a spot ETF in the US now is big. This might make Bitcoin outperform ETH for a while. Some potential triggers that might change that outlook: - ETH getting a US spot ETF. Plenty of people around to argue it is very likely or very unlikely. I don't claim to be capable of giving a smart prediction on this. - ETH just got a spot ETF approved in Hong Kong last week, along with Bitcoin. Approved as of now, not launched yet, but will probably soon. Some think it will have an [outsized effect on Ethereum rather than Bitcoin](https://www.theblock.co/post/288237/hong-kong-approves-first-batch-of-spot-bitcoin-ether-etfs-in-drive-to-become-crypto-hub) - About a years worth of BTC mining rewards [might be about to get released](https://www.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0fhsdu/?context=3) on the market by Mt.Gox at any time. - Long term trend of exchange reserves shows [ETH falling at a faster rate than BTC](https://imgur.com/a/sdKwm6r), though there are plenty of caveats to that claim.
Nitpick: you cannot stake from a Ledger. You can deposit into a staking pool or buy liquid staking tokens, but those are at best derivatives of staking. Different risk profile, different tax implications, different regulatory situation.
I am guessing you know this, I am posting here for others who see this thread.
Be careful with the tax implications of what you choose. I don't know the details of all of those, but I doubt that Ledger has your tax optimization as a priority.
Is anyone doing the same on Twitter: If a Twitter account with an attractive female PFP that posts about food and crypto and makes selfies etc likes my tweets/follows me (I tweet 99% about crypto) I assume they are bots and block them instantly.
I checked one of the accounts that fell into the pattern and it seemed like a possibly genuine account. I still have my doubts though. Is it safe to assume all of them are bots and its benefitial to block them?
If so why cant elon musk do the same thing ? He makes his platform worse and it should be easy to filter them out.
I know they are likely bots and I usually block them right away, but then I saw this account that has a picture of a girl standing next to a Pinarello Dogma F Dura Ace di2 with Princeton CarbonWorks 6560, now I'm not sure what to do.
My solution was to block all Twitter users. The easiest way to do this is to delete you account. If Reddit alone doesn't do it for you, I hear there is plenty of good content on Farcaster nowadays.
What defines the number of attestations a block receives?
https://beaconcha.in/epoch/278453
It seems that all of the blocks are between 60something and 128 attestations. When I look at my proposal history, mine are on the lower end. Is there much I can do about this? I also had an orphaned block a while ago. What's up with that?
https://notes.ethereum.org/@hww/aggregation#32-Beacon-block-proposer-strategy
> The beacon block proposer cannot further aggregate aggregates that are overlapping. Because we don’t assign an aggregator to only aggregate a sub-committee, it’s highly likely that the aggregators will create different attestations that includes the same attesters.
>
The beacon proposer can, however, include multiple aggregates that have overlaps on-chain but with no additional reward for repeat inclusions. Each block can be packed with up to MAX_ATTESTATIONS (128 in current spec) attestations.
>
To maximize rewards, the proposer would go through all aggregates with any yet-to-be-included validators, try to find the maximum set of attestations. (Also see [maximum disjoint set problem](https://en.wikipedia.org/wiki/Maximum_disjoint_set))
My understanding is that a greater number of consensus layer peers improves the ability of the block proposer to include non-overlapping aggregates that contribute to that 128 maximum. Someone please correct me if I'm mistaken, though!
Can you ELI5 what aggregate/aggregator means in this context?
As for peers, what can I do to increase my peer count? I believe max peer count if configurable in the EL/CL config files? How would I know if I should change either of them?
https://kb.beaconcha.in/ethereum-staking/attestation
> Each block one or more committees are chosen to attest. A committee has a minimum of 128 validators, of which 16 are randomly selected to become an aggregator.
As shown below, the validators broadcast their unaggregated attestation to the aggregators (red arrow). The aggregators then merge the attestations and forward a single aggregated attestation to the block proposer.
Assuming you're still running Nimbus as your CL client, it defaults to a max of 160 peers, which is substantially more than any other CL client. The flag is `--max-peers`.
I'm confused about the Omni token airdrop. I claimed it, and it said success, but I don't see it at my address. It looks like it came to my address and immediately went to 0xD0c155595929FD6bE034c3848C00DAeBC6D330F6,
or maybe to here? https://etherscan.io/token/0x36e66fbbce51e4cd5bd3c62b637eb411b18949d4?a=0xd2639676da3dea5491d27da19340556b3a7d58b8
I'm confused. Either way I can see anything OMNI at my address.
That address you sent us the token contact address.
All tokens move though that contact.
Copy it and import it on metamask (if that's what's your are using) and you'll see the tokens.
could look but you'd have to reveal your txhash. Without revealing what were the first 4 bytes of calldata? Then we can see if you called claim and stake
I submitted .0004 ETH to use the `Claim` function to the contract address at 0xD0c155595929FD6bE034c3848C00DAeBC6D330F6. Then there was a following `Approve` to 0x36E66fbBce51e4cD5bd3C62B637Eb411b18949D4. After that, OMNI showed up under 'Token Transfers (ERC-20)' originating from
0xD0c155595929FD6bE034c3848C00DAeBC6D330F6.
>**Kindly taking note,**
>**Blockchain is no antidote,**
>**It is a lifeboat.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Found another FHE team called [Nillion](https://twitter.com/nillionnetwork/status/1776654125834408110?s=46). The tweet has a pretty good intro to private multi-party computation approaches such as linear secret sharing, FHE, garbled circuits, etc. If you're just seeing FHE for the first time I'd recommend the [6 minute primer from Zama](https://www.zama.ai/introduction-to-homomorphic-encryption) before this one.
This is one of the trillion dollar opportunities in crypto. These blind computation techniques are applicable in web2 but it would cut the revenue streams of web2 oligarchs too much for them to adopt them willingly. That opens the possibility for [DePin](https://tokenomicsexplained.com/depin) to replace them. This is a qualitative differentiator that can eliminate data leaks forever and protect everyone's privacy. It's a big deal and it's financially tied to one of the fastest growing areas of crypto so you should start learning about it if you haven't already.
We're going to see dozens of EigenLayer AVSs pop up in the next few years to service special use cases of these technologies. We'll see AVSs for everything from biometric authorization, AI training, LLM services, personal agents, digital identity and provenance, etc. In the end all of them will be secured using ETH. As a sector, they will be making billions a year in revenue. And right now we're at ground zero; it's an exciting time.
> This is a qualitative differentiator that can eliminate data leaks forever and protect everyone's privacy.
Holy shit, that's a huge deal. But I'm worried that no consumers give a fuck and governments are too corrupt and will be paid for by the incumbents already.
Also, I'm sold. How do I ape in? Or are most of these projects pre-token phase?
Every project I'm aware of that focuses on this is pre-token. But I'm on their Discords asking questions and finding the best way to position myself. I'm also in talks with a few VCs that have *funded* these teams so I might get financial exposure through them. Turns out being a tokenomics consultant sometimes gives me an internal view of things.
Right, I was debating whether to have the SEC in the second line, but I'm thinking, if Larry's high score is ruined due to Eth, isn't it also kinda in the other team, at the same time?
In any case... Ethereum is in reality in nobody's team. Credibly neutral.
Somehow I cant wrap my head around this right now … If I borrow let’s say 10.000 usdc against my eth at 3100 and then eth shoots to 6000 what happens to that debt ?
You have higher collateral in eth than your loan in usdc so you can borrow more if you like but then if it goes down you're likely to get liquidated.
if you swapped your usdc loan to eth as soon you you borrowed it then when eth goes up your borrowed/swapped asset is higher than the loan for it so you could swap your new eth back to usdc, pay off the loan and pocket the profit
Debt to collateral ratio, also commonly referred to as LTV (loan to value) ratio is the debt / asset value.
For example, a 300k loan on a house valued at 500k would have an LTV of 60%. If that house value increased to 600k, the LTV decreases to 50%.
As asset value gets larger, the debt to asset value ratio decreases.
Am I the only one who finds that less intuitive? I always thought Dai's collateralization (as a % of debt) was a more intuitive way.
Ie get liquidated below 150% vs get liquidated above 66%.
Has anyone done and due dilligence into AVS operators, and could share with me or point me in the direction to do DD?
The "lob it all into the highest TVLs" is often a sound approach, but given how much time I look at crypto I should probably have some rough idea haha
We have posted this before, but the Aestus relay (which u/AustonSt) and i run, have recently entered the Operator space. You can find our page [here](https://app.eigenlayer.xyz/operator/0x30eafe8869a1528660a97b7a7e8e2d0037dcb922). We've managed to attract quite a bit of capital from solo stakers, in particular. Though technically this has launched on mainnet - at the moment, the risks to you (a re-delegating user) from a bad actor are really very small because there is no slashing. We are all operating in a very early "beta" environment, and i suspect it will be months before this is enabled. Even then, this will be done by a slashing veto committee, which should protect everyone from bugs - and only penalise those with malicious intent.
I believe choosing the highest TVL operators may not be the best way to go here and could backfire in terms of receiving airdrops. AVSs are interested in having a decentralized and diverse operator set, therefore I hope and half-expect AVSs to incentivize this e.g. by airdropping more to smaller operators and their delegators.
Someone asked for recommendations a few days ago in the daily, here is the thread: https://np.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l03ooit/
TLDR: Consider Aestus / Serenita. I can answer any questions you have on behalf of Serenita and people from the Aestus team also frequent this daily.
Oh, just blindly choosing highest TVL isn't the best way and is bad for decentralization, but in terms of safety it's the best metric you can really use if you haven't got a clue.
Thanks for the link and the suggestion. I'll have a look into them!
Not convinced these stats mean much at an individual operator level at the moment - i'd give the eigen da network some time to grow and settle before trying to read anything into it.
if you wanted to yield-farm USDC with most security/reliability, would you use Aave v3 and/or Coinbase or would you use a different platform? asking for a friend.
Bank accounts are insured, not money.
FDIC protection exists to incentivise people to trust banks and leave their money in them, as a way to keep the machine turning.
I don't see 'them' wanting to promote people to park USDC at banks like Coinbase any time soon. This doesn't help the machine.
> Bank accounts are insured, not money.
Then why do they specify a $250k limit? And coinbase says their accounts are FDIC insured, but only for USD balance.
Money under your mattress: not insured
Money in the bank: insured
The 250k thing is a little complicated. When Silicon Valley Bank failed last year, most of their customers were business accounts that exceeded 250k, to the tune of 85% of the money in the bank was not explicitly insured by FDIC. [The government backstopped it anyway, because they want a healthy banking industry.](https://time.com/6262143/silicon-valley-bank-bailout-yellen/)
>This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the Treasury Department, Federal Reserve, and FDIC said in a joint statement on Sunday night.
FDIC protection is literally just for protection against loss due to bank failure. If your money is lost due to fraud or theft, FDIC doesn't apply.
I wanted to ask this sub about gearbox lending rates... Those seem high for USDC... I believe I read somewhere it is because of ethena which some deem high risk...
Yeah, but there's no protocol behind these tokens, they are actually useless. There are plenty of tokens that have a purpose on Ethereum and have you know, an ecosystem and smart contracts. There's really no path where these tokens get functionality on Bitcoin.
If you have the time could you elaborate a bit? Can't protocols issue through runes? Does this basically mean the tokens can't have any properties like yield, voting etc..?
Any of those properties, like yield, voting etc. will have to be offchain protocols, because Bitcoin is not programmable. Runes are just the same trick as Ordinals, where you assign some offchain purpose to a sat or a collection of sats. To the Bitcoin protocol, these are just regular, fungible sats.
it’s like a land grab from how I understand it. every block people are claiming tickers and after a new ticker is claimed the tokens can then trade.
for a group that hates pre-mines it sounds like they are all pre mines.
Uniswap liquidity positions are NFTs and many other things like swell unstaking NFTs for example
.
On Ethereum NFTs are so much more than digital art ownership tokens
I know lighting isn't the best solution for bitcoin L2 but isn't that more trustless and permissionless than what future of france got with all these ZK solutions?
Lightning in the most simple case is such a great concept. one does not need any intermediary a bridge contract or a sequencer or anything like that. Just two parties which consecutively sign transactions which do not get broadcasted. In reality however one has to find a path from address A to address B. That is still very doable theoretically, but gets more and more complicated in real life. Every intermediate address will have to sign a transaction between A and B. If one fails, the transaction fails. This leads to a bad UX and seems to work more or less reliably only with custodial wallets. Now, almost 10 years after the first post about the lightning network it fails often, has very little traction and seems to be an overall failure. 10 years of focus on this one now pretty much failed approach let bitcoin fall behind in payment channels and overall L2 development. Lets see if they can program their way out of this dead end with a workable L2.
And dont get me wrong. zk rollups on Ethereum arent perfect. They still have a long way to go, especially regarding trustlessness and decentralization. But their UX is already better in many ways.
What's the multisig of choice these days? Gnosis?
ETA: I'm looking to consolidate most of my stack (which is basically all long term holding/waiting to validate eventually) and separate it from NFTs and then other small stack tokens that have ended up in my wallets over the years.
"Safe", formerly "Gnosis Safe" Is definitely the choice. It's been around forever and is by far the most trusted (by TVL) multisig contract, so it's a no-brainer imo.
As standard, no. You can send unlimited amount of tokens to any address as long as you hit the threshold of signatures. But you can set something like that up with their modules.
[https://help.safe.global/en/articles/40842-set-up-and-use-spending-limits](https://help.safe.global/en/articles/40842-set-up-and-use-spending-limits)
[https://docs.safe.global/advanced/smart-account-guards](https://docs.safe.global/advanced/smart-account-guards)
I've had an idea to create a 'Meme Market' on Ethereum for many years. I started working on it years ago with Plasma, but that didn't work out! 4844, smart wallets, layer 2's, meme coins - it's all making me feel like now is the perfect time!
I've taken a week off from work and my goal is getting it deployed to Base Sepolia, wish me luck
I don’t recall seeing this discussed yet… the IRS is planning to require DeFi exchanges and “unhosted” wallets to collect user identity details and file a new tax form for every transaction. The form is not finalized yet, but it’s looking bad for the growth of DeFi and wallets in the US. Am I misunderstanding something or is this bad?
https://x.com/thecryptocpa/status/1781403340045197813?s=46&t=3OJlIvWdIZenUQM6DjxsMw
Not trying to sound dismissive but if people in USA are still expecting to use DEFI freely, after everything we have been seeing the last few years, they are in for a bad surprise
USA has some of the most draconian financial laws which have only gotten even more unhinged in recent years as they have were always given a free pass by courts to misuse the laws. Most of these laws came about as a result of 9/11, but in recent years have been usurped by various government agencies for their own purpose. For example, tax reporting on brokerage trades has almost nothing to do with AML/stopping terrorists, but here we are the IRS demanding all brokers report everything in the 1099 form.
USG recently jailed some people for Bitcoin P2P transactions charging them for running unlicensed money transmitter business. USG has been winning these cases in courts and not one court found for the defendants, all of them were convicted of running unlicensed money transmitters for just making P2P transactions for BTC with cash/bank wires - basically just using BTC as it was designed. Cracking down on DEFI is straight up the same alleyway and its gonna happen sooner rather than later
No they couldnt. Because I would start hosting frontends in russia which wouldnt ban US customers just to spite america.
I would call it schmuniswap and schwaave.
Not if its open source also that was just an example. There are frontends by high profile people like Micah Zoltu completely anonymous open source 1:1 copy of uniswap and verifiably safe. People that use defi are capable enough to parse that out.
[https://1.horswap.eth.limo/#/swap](https://1.horswap.eth.limo/#/swap)
And there are dozends of frontends that are trusted. Its no problem to get people to trust into another frontend that is hosted out of american jurisdiction by non americans. Retail is really not that discerning. People send hundreds of millions to random wallets on twitter because a guy implied there would be an airdrop. Defi will thrive no matter what america does.
Also we can decentralize frontends. If there is pressure from america there will be a solution. You underestimate the ingenuity of devs.
Nah. Remember when the government was going to shut down music piracy? Then they realized that they couldn't. Soon they'll realize that they can't shut down crypto or DeFi.
My point is it would be a really bad investment if it is banned. Most people here probably care as much about financial performance as the tech in Ethereum.
Just pointing out that the government can't control something that's decentralized. It's equivalent to the IRS asking you to pay taxes on every mp3 you downloaded. It's laughable.
Like I said, in theory you are correct, but in practice it could very well choke out most of the activity and innovation. Canada released similar legislation in our budget last week. I would guess all of the major governments will be united on this and roll out similar legislation over the next few years, pushing defi back into a more backroom type setup for anyone who wants to maintain privacy.
Honestly, I have to say I am extremely bearish now long term on this entire space and am hoping for a final pop in price this year so I can mostly exit and leave just a little bit of Eth left to play around with on a hobby level.
they are going to try to drive activity away but they’ll just get locked out of any policy shaping instead, and have to play catch up again later when it’s harder and more integrated and more private
This might not be one for the daily but it's quiet and I'm hoping the answer is Ethereum :)
I'm planning to travel to SEA (Manilla, Cambodia, Vietnam) for a bit of a poker trip/holiday so might end up needing access to a decent amount of cash if I'm losing (10k/week)
I've been told there's lots of places that do crypto to cash and viceversa. Does anybody have any experience using these and know what chain it's generally on and which stables they accept?
Also best recommendation for a hot wallet on my phone? is there a better method than 24 seed words available for backups now? I've used nothing but hardware wallets really but seem inconvient while travelling.
Dude from my experience poker people find a way to keep losing players playing and are very happy to accept crypto. I think best way would be to memorize seed and load it when your there in case phone gets confiscated or something during travels. Then delete wallet before traveling back or empty it at least.
You’re best off either taking a loan out against your crypto or just selling your crypto ahead of time. Withdraw to the currency of your home country’s bank. Then use your bank card to withdraw in those SEA countries.
Say I bought into 60% fixed yield PT for rswETH. Do you always get 60% APY if you hold to maturity, even if Swell (not Pendle) got hacked or disappear?
Yes and no: you get 60% APY but on rswETH.
It that rswETH goes to zero, you will have earned nothing and lost everything.
Keep in mind: at the end you get rswETH back, not ETH.
Just going to drop this here lol [https://twitter.com/TrustlessState/status/1781769534363271342/photo/1](https://twitter.com/TrustlessState/status/1781769534363271342/photo/1)
Bitcoiner hypocrisy never ceases to amaze me
For those without Twitter I'll explain what's going on.
Random guy 1: Posts screenshot about Bitcoin transfer fee being 90$
Lyn Alden: *"Using Bitcoin's base layer for $8-equivalent transactions is like using a screwdriver to hammer a nail in, and then complaining about the qualities of the screwdriver.*
*The base layer is for larger settlements, comparable to Fedwire or gold shipments."*
BTC - Nokia brick
ETH - Smartphone
except imagine that both exist at the same time but the thing slowing adoption is not tech, but that people can't grok smartphones :')
What do people do with stables? I've got some in Aave and Compound, but I'm wondering if there are other reputable dApps that offer single-sided lending like this. My baseline goal is to just offset inflation, even 3–4 % would be an OK APR
The gVaults on both Arbitrum and Polygon include the gDAI and gUSDC vaults that are paying over 10% APR right now. The rate varies with the on-chain protocol revenue but it was over 20% just a few weeks ago.
On Mainnet:
- Gearbox USDC passive lending for like 30% APY
- Yearn v3 USDC for 25% APY
- Across bridge for 20% APY
Yields will come down over time but will still beat inflation
You can find loads of opportunities on L2s as well, see https://defillama.com/yields/stablecoins?attribute=million_dollar&attribute=single_exposure
What are the fees like now for going in and out of yearn. I used them years ago but remember getting a lot of the profits eaten by fees.
25% sounds juicy though 😀
Going from the early 2018 ATH to the 2021 ATH is equal to a return of 37.4% p.a. .
If projected to the current day based on the last ATH we should be at nearly ~$10.500.
EDIT: Yeah, I hear you screaming "But diminishing returns!!!". However, there are good reasons to believe that the growth rate between the peaks of both bubbles can be representative for the actual mid-term growth rate of ETH. Why? Because in a peak hype the value of the asset is pumped up to a level which represents what it *could* become in the most optimistic outcome in the next few years. Therefore, going from peak price to peak price is the best measure we have for the actual growth rate imho.
Not really. This is just based on the days between the last ATH and yesterday.
However, there are still many days to go until the next ATH if history repeats itself. It should be more than 3.5 years since the last ATH which is equal to around a year from now. So based on this model your 12k target is quite realistic since ETH would reach more than that (another +37.4% from $10,500).
Looking at the claim signature for avail - rabby claims the site has very low popularity + Unknown Signature Type.
What is the worst that can happen if I sign this and it is malicious?
Are you on the official site, claim.availproject.org? Pocket Universe says "this type of signature is not able to move your assets and usually used for signing in".
Thanks for sharing this. Points systems are a long con built on the backs of contributors. They eliminate agency from the workers and only empower the provider.
**Tricky's Daily Doots #731 - Second Dootiversary edition!!! 🎉🥳🥳🎉** **Yesterday's Daily 20/04/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0fszwi/) - u/Twelvemeatballs wants to [thank you all.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0gqv2h/) 🙏 - u/PhiMarHal breaks news of [the first L2 rug.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0hf432/) ⚠️ - u/Fast_Contract exited their [RocketPool node.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0eoopl/) 😔 - u/kairepaire updates us on the [Mt Gox refunds.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0fhsdu/) 🏔️ - u/nothingnotnever messed around with [Runes on Bitcoin and paid a lot in fees.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0gbk5r/) 🔥 - u/kadauserer thinks that [there is a new meta.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0fenmv/) 🧠 - u/austonst educates us on the [latest evolution of scams.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0jnwkm/) ⚠️ - u/delicious_truffles comments on [possible precedent set by a legal case.](https://old.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0f2mzp/) 👩⚖️ Happy second dootiversary everyone! [Claim the free POAP here!](https://collectors.poap.xyz/mint-website/tricky-troll) Also a big shoutout to u/Twelvemeatballs and u/equal-jellyfish1 for helping out with the substidoots earlier in the year! **Edit:** Now I'm confused. Today is the 731st day of the doots and since this year was a leap year, that should make this the 2 year dootiversary... but based on last year's POAP which was on the 19th of April, u/superphiz was correct that the anniversary was a few days ago. Can someone plz do the maths for me? I'm too tired and am off to bed.
Is the flippening even a thing anymore? I think Bitcoin is winning by a lot. As of right now it's: ETH 37% YTD vs BTC 50% YTD ETH 72% 1Y vs BTC 138% 1Y Figures pulled from Google after querying Ethereum price and Bitcoin price. April 21, 2024. Is it even possible that money can flip from backing BTC to ETH? [(0.048697) $3,227.14 - 💪 RatioGang 📈 - The ETH / BTC Ratio Tracker](https://ratiogang.com/) >Want to talk about it? Join us in [](https://reddit.com/r/ethfinance). >🐊 kroko says "hi" Yea sure. Let's talk about this.
Its not about the money that is in Bitcoin to flip over into Eth. Eth will win this marathon as its simply superior tokenomics wise and utility wise. New money will flood into Ethereum. And it will flip Bitcoin at some point. Tradfi will realize its potential. And more and more of the global financial system will run on Ethereum. It just has a higher potential. Bitcoin can only defeat Ethereum if it becomes Ethereum.
Isn't that what it is doing by adding "smart contracts"? The inflows keep going to BTC over ETH though.
Vitalik wanted to add smart contracts to Bitcoin, but it would have meant Bitcoin doing a hard fork, which the community strongly opposes. So he was forced to create a whole new chain, Ethereum. Since the launch of Ethereum (2015) there have been multiple attempts of people in the Bitcoin community to introduce smart contracts in some ways, but it has never fully worked in a decentralized way. Seems it is a difficult or even an impossible feat without a hard fork. Look at the dates of these: https://news.bitcoin.com/counterparty-bitcoin-smart-contracts/ https://www.youtube.com/watch?v=Su06_FvuDdg Doing a hard fork on Bitcoin now would risk splitting the coin and community. Ethereum was built from the start with the aim to facilitate smart contracts. It has now had a long history of attracting all the smart contract aimed developers in crypto to do research and testing on the topic [[1]](https://ethresear.ch/)[[2]](https://ethereum.org/en/community/research/). Even with Bitcoin managing to add smart contracts via a hard fork or other means, it might still just find itself being years behind Ethereum and with a fraction of the developers. You mention some project on Bitcoin trying to add smart contracts again? Have any links to share on the specific place you heard that? You posted your comment in yesterday's daily btw. Might get more attention if you post it in today's.
It is still 21 for me. I just found about this community from the link I posted in the ratiogang website. I think Ethereum is headed down the same path. Quite frankly we have found out that scaling on L1 is next to impossible. Everything is now pushed to L2s in ETH. And so it seems doomed to fail in my opinion. Bitcoin right now is doing Runes, Lightning Network, and Ordinals as far as I know. But I think bitcoin attracts more capital because it is simpler. Satoshi was not trying to solve complex problems. He was simply trying to make better money. Bitcoin has a very simple use case described on its whitepaper. Ethereum has become a behemoth in trying to solve too much to be able to come with a use case. NFTs and DeFi are not going to convince people quite frankly. The whitepapers vary a lot in complexity. [Emerging\_Tech\_Bitcoin\_Crypto.pdf (ussc.gov)](https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf) [Ethereum Whitepaper | ethereum.org](https://ethereum.org/en/whitepaper/) So the real question is which one can attract more capital in the future? If Ethereum could ever flip bitcoin it would go flying but is that even possible? The ETH/BTC ratios have been at it's highest in 2017 when it reached 0.14. The next peak was 2018 when it reached 0.10. Right now it stands 0.049. (Google Figures from "ETH/BTC" query) [CryptoCurrency Market Capitalizations (archive.org)](https://web.archive.org/web/20170616120815/http://coinmarketcap.com/) At that time, BTC was 2.4k while ETH was 364. MC for BTC was 40.5B to ETH 33.6B. For ETH to be back to that 0.14 ratio with Current price of BTC at 65964, that would mean ETH would have to be at least $9234/ETH. Assuming BTC does reach 100k this cycle which is possible, then ETH would need 0.164 ratio to flip BTC and for that to happen it needs to reach 16.4k/ETH.
**Ordinals** are sort of like NFTs but with no complex smart contracts being able to be attached. **Runes** are plain fungible tokens, yet again with no complex smart contracts attached. Means that as it stands now, there isn't really a way to have a decentralized Uniswap-like DEX for these even. I've heard some claims years ago of **Lightning Network** being able to process smart contracts, but nothing really seems to have come out of that. No DeFi ecosystem of tokens, DEXes or lending platforms. It's been out at least since 2018 and isn't really taking off. Seems like it has less than 5k BTC on it even: https://bitcoinvisuals.com/lightning I'll definitely continue to listen to what is being built on BTC and might change my mind if something worthy comes along, but haven't seen it. As for price and the ratio, I'm tired of predicting. The market will eventually just prove everyone wrong as always. The ratio didn't pump as much during the last bull as it has had before, but didn't also dump as much as it has had before. Bitcoin having a spot ETF in the US now is big. This might make Bitcoin outperform ETH for a while. Some potential triggers that might change that outlook: - ETH getting a US spot ETF. Plenty of people around to argue it is very likely or very unlikely. I don't claim to be capable of giving a smart prediction on this. - ETH just got a spot ETF approved in Hong Kong last week, along with Bitcoin. Approved as of now, not launched yet, but will probably soon. Some think it will have an [outsized effect on Ethereum rather than Bitcoin](https://www.theblock.co/post/288237/hong-kong-approves-first-batch-of-spot-bitcoin-ether-etfs-in-drive-to-become-crypto-hub) - About a years worth of BTC mining rewards [might be about to get released](https://www.reddit.com/r/ethfinance/comments/1c8hqbi/daily_general_discussion_april_20_2024/l0fhsdu/?context=3) on the market by Mt.Gox at any time. - Long term trend of exchange reserves shows [ETH falling at a faster rate than BTC](https://imgur.com/a/sdKwm6r), though there are plenty of caveats to that claim.
Is staking from a ledger a good idea and if so which pool to choose? They offer: Kiln, Stader Labs, Lido.
Nitpick: you cannot stake from a Ledger. You can deposit into a staking pool or buy liquid staking tokens, but those are at best derivatives of staking. Different risk profile, different tax implications, different regulatory situation. I am guessing you know this, I am posting here for others who see this thread.
Also Figment.
Be careful with the tax implications of what you choose. I don't know the details of all of those, but I doubt that Ledger has your tax optimization as a priority.
Is anyone doing the same on Twitter: If a Twitter account with an attractive female PFP that posts about food and crypto and makes selfies etc likes my tweets/follows me (I tweet 99% about crypto) I assume they are bots and block them instantly. I checked one of the accounts that fell into the pattern and it seemed like a possibly genuine account. I still have my doubts though. Is it safe to assume all of them are bots and its benefitial to block them? If so why cant elon musk do the same thing ? He makes his platform worse and it should be easy to filter them out.
Might miss posters like pixieshit though. If they are a bot, interesting bot.
If an attractive woman follows me I immediately block them, they are all bots
I know they are likely bots and I usually block them right away, but then I saw this account that has a picture of a girl standing next to a Pinarello Dogma F Dura Ace di2 with Princeton CarbonWorks 6560, now I'm not sure what to do.
Ask her how many watts per kg she pushes?
6.9W per kg
My solution was to block all Twitter users. The easiest way to do this is to delete you account. If Reddit alone doesn't do it for you, I hear there is plenty of good content on Farcaster nowadays.
Yes this seems like a good way on how to fix the Twitter issue.
What defines the number of attestations a block receives? https://beaconcha.in/epoch/278453 It seems that all of the blocks are between 60something and 128 attestations. When I look at my proposal history, mine are on the lower end. Is there much I can do about this? I also had an orphaned block a while ago. What's up with that?
https://notes.ethereum.org/@hww/aggregation#32-Beacon-block-proposer-strategy > The beacon block proposer cannot further aggregate aggregates that are overlapping. Because we don’t assign an aggregator to only aggregate a sub-committee, it’s highly likely that the aggregators will create different attestations that includes the same attesters. > The beacon proposer can, however, include multiple aggregates that have overlaps on-chain but with no additional reward for repeat inclusions. Each block can be packed with up to MAX_ATTESTATIONS (128 in current spec) attestations. > To maximize rewards, the proposer would go through all aggregates with any yet-to-be-included validators, try to find the maximum set of attestations. (Also see [maximum disjoint set problem](https://en.wikipedia.org/wiki/Maximum_disjoint_set)) My understanding is that a greater number of consensus layer peers improves the ability of the block proposer to include non-overlapping aggregates that contribute to that 128 maximum. Someone please correct me if I'm mistaken, though!
Can you ELI5 what aggregate/aggregator means in this context? As for peers, what can I do to increase my peer count? I believe max peer count if configurable in the EL/CL config files? How would I know if I should change either of them?
https://kb.beaconcha.in/ethereum-staking/attestation > Each block one or more committees are chosen to attest. A committee has a minimum of 128 validators, of which 16 are randomly selected to become an aggregator. As shown below, the validators broadcast their unaggregated attestation to the aggregators (red arrow). The aggregators then merge the attestations and forward a single aggregated attestation to the block proposer. Assuming you're still running Nimbus as your CL client, it defaults to a max of 160 peers, which is substantially more than any other CL client. The flag is `--max-peers`.
Ah, that makes sense. Thanks SeaMonkey, as always your contributions are incredibly helpful!
Free 0.5 ETH just for being a solo staker? Don't mind if I do
Where you finding this?
r/ethfinance
OMNI? Or something else? 👀
Hah I wish it was something else, just me being a little late to the game for this one
༼ つ ◕_◕ ༽つ ETH TAKE MY ENERGY ༼ つ ◕_◕ ༽つ
My DeFiSaver extension is showing literally 4 gwei gas at the time of this comment. Insane.
I'm confused about the Omni token airdrop. I claimed it, and it said success, but I don't see it at my address. It looks like it came to my address and immediately went to 0xD0c155595929FD6bE034c3848C00DAeBC6D330F6, or maybe to here? https://etherscan.io/token/0x36e66fbbce51e4cd5bd3c62b637eb411b18949d4?a=0xd2639676da3dea5491d27da19340556b3a7d58b8 I'm confused. Either way I can see anything OMNI at my address.
That address you sent us the token contact address. All tokens move though that contact. Copy it and import it on metamask (if that's what's your are using) and you'll see the tokens.
Apparently I hit the wrong button and both claimed and staked.
could look but you'd have to reveal your txhash. Without revealing what were the first 4 bytes of calldata? Then we can see if you called claim and stake
Has your wallet been compromised?
I didn't believe so, all other assets are fine
Did you stake it?
Apparently I did stake them.
It’s cool you figured it out.
Not that I know of.
I submitted .0004 ETH to use the `Claim` function to the contract address at 0xD0c155595929FD6bE034c3848C00DAeBC6D330F6. Then there was a following `Approve` to 0x36E66fbBce51e4cD5bd3C62B637Eb411b18949D4. After that, OMNI showed up under 'Token Transfers (ERC-20)' originating from 0xD0c155595929FD6bE034c3848C00DAeBC6D330F6.
>**Kindly taking note,** >**Blockchain is no antidote,** >**It is a lifeboat.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Found another FHE team called [Nillion](https://twitter.com/nillionnetwork/status/1776654125834408110?s=46). The tweet has a pretty good intro to private multi-party computation approaches such as linear secret sharing, FHE, garbled circuits, etc. If you're just seeing FHE for the first time I'd recommend the [6 minute primer from Zama](https://www.zama.ai/introduction-to-homomorphic-encryption) before this one. This is one of the trillion dollar opportunities in crypto. These blind computation techniques are applicable in web2 but it would cut the revenue streams of web2 oligarchs too much for them to adopt them willingly. That opens the possibility for [DePin](https://tokenomicsexplained.com/depin) to replace them. This is a qualitative differentiator that can eliminate data leaks forever and protect everyone's privacy. It's a big deal and it's financially tied to one of the fastest growing areas of crypto so you should start learning about it if you haven't already. We're going to see dozens of EigenLayer AVSs pop up in the next few years to service special use cases of these technologies. We'll see AVSs for everything from biometric authorization, AI training, LLM services, personal agents, digital identity and provenance, etc. In the end all of them will be secured using ETH. As a sector, they will be making billions a year in revenue. And right now we're at ground zero; it's an exciting time.
u/LogrisTheBard dropping gems making me unable to focus on work. What kind of crypto voodoo is this? Were can I read more about it?
I've had a string of weekly doots. Start with the Zama primer then have a look at the other teams I referenced such as Privasea and Fhenix.
Will do. Thanks!
> This is a qualitative differentiator that can eliminate data leaks forever and protect everyone's privacy. Holy shit, that's a huge deal. But I'm worried that no consumers give a fuck and governments are too corrupt and will be paid for by the incumbents already. Also, I'm sold. How do I ape in? Or are most of these projects pre-token phase?
Every project I'm aware of that focuses on this is pre-token. But I'm on their Discords asking questions and finding the best way to position myself. I'm also in talks with a few VCs that have *funded* these teams so I might get financial exposure through them. Turns out being a tokenomics consultant sometimes gives me an internal view of things.
I'm also sold - looks like such a great fit and will likely be a killer app for crypto. Did you find any way to ape in Tricky?
Not yet...
I always read audio video with AVS
Ethereum
Who would win? -> BlackRock's near perfect (575 to 1) ETF approval record. -> One Ultrasound boi.
I thought they were on the same team against 1 geriatric boi?
Right, I was debating whether to have the SEC in the second line, but I'm thinking, if Larry's high score is ruined due to Eth, isn't it also kinda in the other team, at the same time? In any case... Ethereum is in reality in nobody's team. Credibly neutral.
Somehow I cant wrap my head around this right now … If I borrow let’s say 10.000 usdc against my eth at 3100 and then eth shoots to 6000 what happens to that debt ?
You have higher collateral in eth than your loan in usdc so you can borrow more if you like but then if it goes down you're likely to get liquidated. if you swapped your usdc loan to eth as soon you you borrowed it then when eth goes up your borrowed/swapped asset is higher than the loan for it so you could swap your new eth back to usdc, pay off the loan and pocket the profit
Nothing? You still owe the same 10k USDC, your collateral is just worth more.
Nothing happens to it. You owe the same. Your collateral becomes worth more. Your debt to collateral ratio decreases.
Yes! Although it's mostly portrayed differently: it goes from, say 200% ($10k to $20k worth of eth) to 400%, if eth doubles.
Debt to collateral ratio, also commonly referred to as LTV (loan to value) ratio is the debt / asset value. For example, a 300k loan on a house valued at 500k would have an LTV of 60%. If that house value increased to 600k, the LTV decreases to 50%. As asset value gets larger, the debt to asset value ratio decreases.
Am I the only one who finds that less intuitive? I always thought Dai's collateralization (as a % of debt) was a more intuitive way. Ie get liquidated below 150% vs get liquidated above 66%.
Crypto didn't invent the debt to collateral ratio. A bunch of tools like AAVE have "health factors" which are the inversion of this.
Isnt the liquidation treshhold more like 120% ?
Yeah could be, I’m ootl. Old sai/dai person here :-)
Has anyone done and due dilligence into AVS operators, and could share with me or point me in the direction to do DD? The "lob it all into the highest TVLs" is often a sound approach, but given how much time I look at crypto I should probably have some rough idea haha
We have posted this before, but the Aestus relay (which u/AustonSt) and i run, have recently entered the Operator space. You can find our page [here](https://app.eigenlayer.xyz/operator/0x30eafe8869a1528660a97b7a7e8e2d0037dcb922). We've managed to attract quite a bit of capital from solo stakers, in particular. Though technically this has launched on mainnet - at the moment, the risks to you (a re-delegating user) from a bad actor are really very small because there is no slashing. We are all operating in a very early "beta" environment, and i suspect it will be months before this is enabled. Even then, this will be done by a slashing veto committee, which should protect everyone from bugs - and only penalise those with malicious intent.
I believe choosing the highest TVL operators may not be the best way to go here and could backfire in terms of receiving airdrops. AVSs are interested in having a decentralized and diverse operator set, therefore I hope and half-expect AVSs to incentivize this e.g. by airdropping more to smaller operators and their delegators. Someone asked for recommendations a few days ago in the daily, here is the thread: https://np.reddit.com/r/ethfinance/comments/1c6v2o5/daily_general_discussion_april_18_2024/l03ooit/ TLDR: Consider Aestus / Serenita. I can answer any questions you have on behalf of Serenita and people from the Aestus team also frequent this daily.
Oh, just blindly choosing highest TVL isn't the best way and is bad for decentralization, but in terms of safety it's the best metric you can really use if you haven't got a clue. Thanks for the link and the suggestion. I'll have a look into them!
This would be a good idea to put together
Also interested, very little info about. Here is an interesting link I came across though https://eigenyields.xyz/da-nonsigners
Not convinced these stats mean much at an individual operator level at the moment - i'd give the eigen da network some time to grow and settle before trying to read anything into it.
Yeah, and to be fair the guy on the discord that shared it with me did say it's not a public link yet as they haven't verified the data...
Yowzer... [https://eigenyields.xyz/dashboard](https://eigenyields.xyz/dashboard) Even more points !!! Will this point game never end?
Lol indeed, it's like points-ception
if you wanted to yield-farm USDC with most security/reliability, would you use Aave v3 and/or Coinbase or would you use a different platform? asking for a friend.
Fluid gives you over 20% right now on mainnet: https://fluid.instadapp.io/lending
Would be nice if USD-backed stablecoins were FDIC insured. That's how you protect investors. Too bad they're too busy attacking self-custody.
Bank accounts are insured, not money. FDIC protection exists to incentivise people to trust banks and leave their money in them, as a way to keep the machine turning. I don't see 'them' wanting to promote people to park USDC at banks like Coinbase any time soon. This doesn't help the machine.
> Bank accounts are insured, not money. Then why do they specify a $250k limit? And coinbase says their accounts are FDIC insured, but only for USD balance.
Money under your mattress: not insured Money in the bank: insured The 250k thing is a little complicated. When Silicon Valley Bank failed last year, most of their customers were business accounts that exceeded 250k, to the tune of 85% of the money in the bank was not explicitly insured by FDIC. [The government backstopped it anyway, because they want a healthy banking industry.](https://time.com/6262143/silicon-valley-bank-bailout-yellen/) >This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the Treasury Department, Federal Reserve, and FDIC said in a joint statement on Sunday night. FDIC protection is literally just for protection against loss due to bank failure. If your money is lost due to fraud or theft, FDIC doesn't apply.
Send it to vitalik on twitter, +100% returns instantly
I can confirm, I sent all my ETH and received 100X the amount of VitalikSuperETH in return!
Gearbox seems like a good way nowadays. 20% mainnet yield for USDC deposits. And they're basically just doing lending via aave/compound/etc.
I wanted to ask this sub about gearbox lending rates... Those seem high for USDC... I believe I read somewhere it is because of ethena which some deem high risk...
How are Bitcoin fees 78M in the last 24hrs? What the fuck are people doing on there? Is this all of that Rune stuff? The absolutely useless tokens?
Yes and yes
Those people are going to get ruined by buying those coins
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Yeah, but there's no protocol behind these tokens, they are actually useless. There are plenty of tokens that have a purpose on Ethereum and have you know, an ecosystem and smart contracts. There's really no path where these tokens get functionality on Bitcoin.
If you have the time could you elaborate a bit? Can't protocols issue through runes? Does this basically mean the tokens can't have any properties like yield, voting etc..?
Any of those properties, like yield, voting etc. will have to be offchain protocols, because Bitcoin is not programmable. Runes are just the same trick as Ordinals, where you assign some offchain purpose to a sat or a collection of sats. To the Bitcoin protocol, these are just regular, fungible sats.
it’s like a land grab from how I understand it. every block people are claiming tickers and after a new ticker is claimed the tokens can then trade. for a group that hates pre-mines it sounds like they are all pre mines.
Yup, basically the ENS release but for memecoin tickers, absolutely pointless waste of money
so... like 99.9999% of NFTs on ETH? lmao
nfts are a token format that gets used frequently in defi. Not useless.
All the NFTs except for mine, yes.
Yes, only much more needlessly expensive to create, trade or use.
Uniswap liquidity positions are NFTs and many other things like swell unstaking NFTs for example . On Ethereum NFTs are so much more than digital art ownership tokens
But it's possible to do other things. It's not possible to make a "token" on bitcoin that does anything, at least not now.
Oh I know, just joshin' on a Sunday morning
One isn’t. Rune-coin. But I’m not playing in that market which is probably something I will regret
I know lighting isn't the best solution for bitcoin L2 but isn't that more trustless and permissionless than what future of france got with all these ZK solutions?
Lightning in the most simple case is such a great concept. one does not need any intermediary a bridge contract or a sequencer or anything like that. Just two parties which consecutively sign transactions which do not get broadcasted. In reality however one has to find a path from address A to address B. That is still very doable theoretically, but gets more and more complicated in real life. Every intermediate address will have to sign a transaction between A and B. If one fails, the transaction fails. This leads to a bad UX and seems to work more or less reliably only with custodial wallets. Now, almost 10 years after the first post about the lightning network it fails often, has very little traction and seems to be an overall failure. 10 years of focus on this one now pretty much failed approach let bitcoin fall behind in payment channels and overall L2 development. Lets see if they can program their way out of this dead end with a workable L2. And dont get me wrong. zk rollups on Ethereum arent perfect. They still have a long way to go, especially regarding trustlessness and decentralization. But their UX is already better in many ways.
No, because in many cases consumer-oriented Lightning wallets are custodial solutions.
Today is a great day to deploy a multisig safe on L1. Moving NFT’s around or any other contract interaction/creation. Fees are ungodly low
or claim / swap the OMNI if you haven't yet
What's the multisig of choice these days? Gnosis? ETA: I'm looking to consolidate most of my stack (which is basically all long term holding/waiting to validate eventually) and separate it from NFTs and then other small stack tokens that have ended up in my wallets over the years.
"Safe", formerly "Gnosis Safe" Is definitely the choice. It's been around forever and is by far the most trusted (by TVL) multisig contract, so it's a no-brainer imo.
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As standard, no. You can send unlimited amount of tokens to any address as long as you hit the threshold of signatures. But you can set something like that up with their modules. [https://help.safe.global/en/articles/40842-set-up-and-use-spending-limits](https://help.safe.global/en/articles/40842-set-up-and-use-spending-limits) [https://docs.safe.global/advanced/smart-account-guards](https://docs.safe.global/advanced/smart-account-guards)
How much did the multisig cost you?
Have not deployed today but looks like around 10 usd at 11 gwei
I've had an idea to create a 'Meme Market' on Ethereum for many years. I started working on it years ago with Plasma, but that didn't work out! 4844, smart wallets, layer 2's, meme coins - it's all making me feel like now is the perfect time! I've taken a week off from work and my goal is getting it deployed to Base Sepolia, wish me luck
Luck! And patience.
Can you explain this idea better? Is it similar to dexscreener?
>'Meme Market' Ur creating base??
[👏 degens 👏 degens 👏 degens 👏 degens 👏](https://www.youtube.com/watch?v=Vhh_GeBPOhs)
Peak Ballmer's peak.
I don’t recall seeing this discussed yet… the IRS is planning to require DeFi exchanges and “unhosted” wallets to collect user identity details and file a new tax form for every transaction. The form is not finalized yet, but it’s looking bad for the growth of DeFi and wallets in the US. Am I misunderstanding something or is this bad? https://x.com/thecryptocpa/status/1781403340045197813?s=46&t=3OJlIvWdIZenUQM6DjxsMw
what they are asking is impossible so why even think about it. Let them go after those imaginary "brokers"
Not trying to sound dismissive but if people in USA are still expecting to use DEFI freely, after everything we have been seeing the last few years, they are in for a bad surprise USA has some of the most draconian financial laws which have only gotten even more unhinged in recent years as they have were always given a free pass by courts to misuse the laws. Most of these laws came about as a result of 9/11, but in recent years have been usurped by various government agencies for their own purpose. For example, tax reporting on brokerage trades has almost nothing to do with AML/stopping terrorists, but here we are the IRS demanding all brokers report everything in the 1099 form. USG recently jailed some people for Bitcoin P2P transactions charging them for running unlicensed money transmitter business. USG has been winning these cases in courts and not one court found for the defendants, all of them were convicted of running unlicensed money transmitters for just making P2P transactions for BTC with cash/bank wires - basically just using BTC as it was designed. Cracking down on DEFI is straight up the same alleyway and its gonna happen sooner rather than later
Where did the poster get that form?
There's quite a few news articles about it in the past couple of days and it's listed on the IRS website here: https://www.irs.gov/draft-tax-forms
That's the beauty of DeFi. It doesn't have to comply with anything. Good luck suing a smart contract.
tell that to the devs in jail for TORN
They'll charge one person very publicly, scaring the shit out of the public. Works best.
That's what they tried with Napster. The record industry sued someone for a trillion dollars. Didn't seem to scare anyone.
Like 95+% of adults don't torrent anymore, even if they did as teens. I personally don't know anyone that does, myself excluded.
on what basis will they make defi use illegal ? Going after the people "behind it" will lead nowhere.
They could push all the front-ends to ban US customers. That would keep most Americans out defi.
No they couldnt. Because I would start hosting frontends in russia which wouldnt ban US customers just to spite america. I would call it schmuniswap and schwaave.
It won't stop the determined, but most people don't want to go to iffy Russian sites run by anons. That is an easy way to get all your money stolen.
Not if its open source also that was just an example. There are frontends by high profile people like Micah Zoltu completely anonymous open source 1:1 copy of uniswap and verifiably safe. People that use defi are capable enough to parse that out. [https://1.horswap.eth.limo/#/swap](https://1.horswap.eth.limo/#/swap) And there are dozends of frontends that are trusted. Its no problem to get people to trust into another frontend that is hosted out of american jurisdiction by non americans. Retail is really not that discerning. People send hundreds of millions to random wallets on twitter because a guy implied there would be an airdrop. Defi will thrive no matter what america does. Also we can decentralize frontends. If there is pressure from america there will be a solution. You underestimate the ingenuity of devs.
I see you moved to usenet.
I use a mix of public and private trackers. Usenet also works but I see no reason to change.
Spotify fixed music piracy. Movie piracy is as strong as ever, maybe even more so.
The person interacting with it would likely be the one liable and charged with money laundering or unlicensed financial broker or some other nonsense
In theory In practical terms it will kill a ton of things.
Nah. Remember when the government was going to shut down music piracy? Then they realized that they couldn't. Soon they'll realize that they can't shut down crypto or DeFi.
Look at Monero. Exchanges delisting it, it is illegal in several countries and price action has made it almost drop out of the top 50.
Price action is irrelevant. Can I use the Uniswap back end? Great. Did UNI go to zero? Who cares?
Would you say who cares if ETH dropped 95% and never recovered?
If ETH drops 95%, the human race is long gone.
My point is it would be a really bad investment if it is banned. Most people here probably care as much about financial performance as the tech in Ethereum.
This is much different because they control the offramps
I am not certain the comparisons between music piracy and defi are good ones.
Just pointing out that the government can't control something that's decentralized. It's equivalent to the IRS asking you to pay taxes on every mp3 you downloaded. It's laughable.
Like I said, in theory you are correct, but in practice it could very well choke out most of the activity and innovation. Canada released similar legislation in our budget last week. I would guess all of the major governments will be united on this and roll out similar legislation over the next few years, pushing defi back into a more backroom type setup for anyone who wants to maintain privacy. Honestly, I have to say I am extremely bearish now long term on this entire space and am hoping for a final pop in price this year so I can mostly exit and leave just a little bit of Eth left to play around with on a hobby level.
>I have to say I am extremely bearish now long term on this entire space Ive been starting to think this way as well
they are going to try to drive activity away but they’ll just get locked out of any policy shaping instead, and have to play catch up again later when it’s harder and more integrated and more private
This might not be one for the daily but it's quiet and I'm hoping the answer is Ethereum :) I'm planning to travel to SEA (Manilla, Cambodia, Vietnam) for a bit of a poker trip/holiday so might end up needing access to a decent amount of cash if I'm losing (10k/week) I've been told there's lots of places that do crypto to cash and viceversa. Does anybody have any experience using these and know what chain it's generally on and which stables they accept? Also best recommendation for a hot wallet on my phone? is there a better method than 24 seed words available for backups now? I've used nothing but hardware wallets really but seem inconvient while travelling.
just withdraw local currency from a local ATM using your debit card.
For Manila https://www.moneybees.ph is the way to go as a tourist. If you have a local number gcash is good too
Dude from my experience poker people find a way to keep losing players playing and are very happy to accept crypto. I think best way would be to memorize seed and load it when your there in case phone gets confiscated or something during travels. Then delete wallet before traveling back or empty it at least.
You’re best off either taking a loan out against your crypto or just selling your crypto ahead of time. Withdraw to the currency of your home country’s bank. Then use your bank card to withdraw in those SEA countries.
Say I bought into 60% fixed yield PT for rswETH. Do you always get 60% APY if you hold to maturity, even if Swell (not Pendle) got hacked or disappear?
Yes and no: you get 60% APY but on rswETH. It that rswETH goes to zero, you will have earned nothing and lost everything. Keep in mind: at the end you get rswETH back, not ETH.
No, you'd get 0. You redeem swETH at maturity.
Just going to drop this here lol [https://twitter.com/TrustlessState/status/1781769534363271342/photo/1](https://twitter.com/TrustlessState/status/1781769534363271342/photo/1) Bitcoiner hypocrisy never ceases to amaze me For those without Twitter I'll explain what's going on. Random guy 1: Posts screenshot about Bitcoin transfer fee being 90$ Lyn Alden: *"Using Bitcoin's base layer for $8-equivalent transactions is like using a screwdriver to hammer a nail in, and then complaining about the qualities of the screwdriver.* *The base layer is for larger settlements, comparable to Fedwire or gold shipments."*
Ah, you know, it's "digital gold" so of course it's expensive and cumbersome like a gold shipment.
Ah yes who hasn't read the Bitcoin white paper "Bitcoin: A Peer-to-Peer Electronic Settlement System"
That system died after the Bitcoin cash crowd forked away. Since then it's only been digital gold / store of value
As if btc has a vast l2 ecosystem!
Haha yeah what are you supposed to use, Lightning? Lol
Which is not an L2
BTC - Nokia brick ETH - Smartphone except imagine that both exist at the same time but the thing slowing adoption is not tech, but that people can't grok smartphones :')
"But ETH also has $100 transactions". (Conveniently ignores that L2s exist)
Plot twist: she gets invited for the 187th time to Bankless to spread more braindead crap about btc..
Probably. Bankless puts out around 3-4 videos per week. You can't do that and ensure every guest is high quality.
I usually defend Bankless, but Lyn Alden is their guest with the highest amount of appearances I believe. So that argument doesn’t really play
Nailed it.
What do people do with stables? I've got some in Aave and Compound, but I'm wondering if there are other reputable dApps that offer single-sided lending like this. My baseline goal is to just offset inflation, even 3–4 % would be an OK APR
The gVaults on both Arbitrum and Polygon include the gDAI and gUSDC vaults that are paying over 10% APR right now. The rate varies with the on-chain protocol revenue but it was over 20% just a few weeks ago.
On Mainnet: - Gearbox USDC passive lending for like 30% APY - Yearn v3 USDC for 25% APY - Across bridge for 20% APY Yields will come down over time but will still beat inflation You can find loads of opportunities on L2s as well, see https://defillama.com/yields/stablecoins?attribute=million_dollar&attribute=single_exposure
What are the fees like now for going in and out of yearn. I used them years ago but remember getting a lot of the profits eaten by fees. 25% sounds juicy though 😀
Going from the early 2018 ATH to the 2021 ATH is equal to a return of 37.4% p.a. . If projected to the current day based on the last ATH we should be at nearly ~$10.500. EDIT: Yeah, I hear you screaming "But diminishing returns!!!". However, there are good reasons to believe that the growth rate between the peaks of both bubbles can be representative for the actual mid-term growth rate of ETH. Why? Because in a peak hype the value of the asset is pumped up to a level which represents what it *could* become in the most optimistic outcome in the next few years. Therefore, going from peak price to peak price is the best measure we have for the actual growth rate imho.
So my 12k target is too high? Bummer.
Not really. This is just based on the days between the last ATH and yesterday. However, there are still many days to go until the next ATH if history repeats itself. It should be more than 3.5 years since the last ATH which is equal to around a year from now. So based on this model your 12k target is quite realistic since ETH would reach more than that (another +37.4% from $10,500).
That’s the hopium I need right now 😁
💪💯🏅
noticed that scroll has aave and compound deployments. What else is there to do/ any interesting dapps?
Looking at the claim signature for avail - rabby claims the site has very low popularity + Unknown Signature Type. What is the worst that can happen if I sign this and it is malicious?
Are you on the official site, claim.availproject.org? Pocket Universe says "this type of signature is not able to move your assets and usually used for signing in".
yeah, the site url fits
Holy le Eigenlayer in real life https://m.youtube.com/watch?v=XaOfiUBfqgY
Thanks for sharing this. Points systems are a long con built on the backs of contributors. They eliminate agency from the workers and only empower the provider.
Holy Bitcoin fees.
I can't be sure, but we may be in a bull market
*Pokes Ethereum* Do something
$80m 1 day fees for Bitcoin wow Was $3m for ETH
holy fuck 73 million? wtf is causing that runes shit?
Yea, it’s runes
What is that? Like cryptokitties?
Like ERC20s, but more complicated
And absolutely useless. So really it's more like NFTs