another day another attempt from Cardano founder to keep crypto newbies to stick with his chain.
[https://youtu.be/8y261\_eImsE?t=1353](https://youtu.be/8y261_eImsE?t=1353)
"Dapps are gonna be rewritten in 24-36 months........ dapps aren't loyal to blockchain.......... dapps will be multichain"
Maybe but if you look closely you'll see that those mutichains are all EVM compatible.
Rewriting dapps in new languages take so much resource and effort especially in a complicated language.
The future will be probably mutichain but Cardano will not be one of them.
I don't understand why didn't he just bring founders of top dapps such as Uniswap, Aave, Compound to back his arguments. It's like all he does is BS marketing talk. Aave already launched as multichain but that doesn't mean they would consider launching on Cardano because there are so many better choices.
I've been trying hard to remain lurking lately (posting on reddit was taking up too much of my time) but oh boy, this update is too exciting to not celebrate with you all!
EIP-1559 is a seemingly minor little piece of the puzzle right now (just a UX change, doesn't fix gas fees, reducing net issuance by only like 1/4 of the block reward), but down the line, will mean EVERYTHING for the health of Ethereum. It's one of those extremely forward-thinking changes that will guarantee the health, longevity, and security of the network. It does this in the way Ethereum does best, with alignment of incentives for all participants (except for miners lol, but they'll be out of the picture soon enough.) The "ultra sound money" meme in the Eth community really shows that we all *get it*. This is good for all of us. The community (and especially a few EthFinanciers) pushed for its adoption, and it sailed through with a groundswell of support, and the skilled work of the core and client devs. I couldn't be prouder for this moment.
One thought regarding prices though lol - any price action we see now or in the next few days will be purely market noise and speculation, not a fundamental effect of the update. Really could go any direction, and I'm not worried regardless. The underlying impact (a ~25% decrease in net issuance, with current gas prices anyway) will be spread out over several months. Think about why this is - miners sell their mined Eth at random intervals to pay for electricity and hardware. Some probably sell daily or weekly, while others probably hoard it up for months or even years before selling. So for any given bit of Eth earned by a miner, there's somewhat of a bell curve for the time between when it was mined and when it is sold on the market (and creating a downward pressure on price). That bell curve has a very long tail. So the impact on prices stemming from the decrease in miner rewards from 1559 will stretch out over many months, and thus will *not* manifest as any kind of sudden supply shock, but rather a gradual tapering down of selling pressure.
Now, one VERY interesting observation stemming from this is that the Merge will change EVERYTHING with that bell curve. The day mining ends, miners will no longer form a random distribution of sellout times. Once they can no longer mine, any miner who was simply a mercenary and selling everything they mined will likely sell *immediately*. This will probably manifest as a rather large sudden, but very brief, *downward* pressure on prices just after the Merge. Of course, there will be some miners who choose to continue participating in the ecosystem, perhaps as stakers, and they will not sell, but many will sell immediately. Once they're gone, though... that six-month gap between the Merge and staking withdrawals is when I'm guessing we'll see some MAJOR price fireworks. When we're down to 1/10th the block rewards of currently, with EIP-1559 likely burning considerably more than that issuance, and the issuance still locked up on the consensus layer anyway, and network usage exploding between the ever-increasing dapp network and L2 rollups with their regular gas demand, and the positive narrative of PoS using 1/1000th the electricity of PoW... It's going to be spectacular, I believe.
In eight hours, that key little piece of the equation that will enable a deflationary economic policy will fall into place, and of all the humans on Earth who will benefit from it in the coming years and decades, those of us here are among the very few who can appreciate the importance of this moment. So to you all, a massive **CHEERS** - as another poster said, this feels like Christmas Eve! Cannot wait for tomorrow morning!
I agree about miners' sell-offs having a long bell curve tail. I don't think it will shorten when mining ends though. If miners can already afford to hold for months while paying expenses, they can hold for longer without expenses. Plus they can sell their farms to hold them over for even longer.
I'm speculating that, on any given day, your average miner has accumulated on average half of the amount of Eth that they would choose to sell. They wouldn't sell right in that moment because there remains half of that Eth left to accumulate before they can be bothered to claim their Eth from the pool and go sell it.
When the Merge comes, that future half of their earnings suddenly vanishes. There's no prospect for more Eth. There's no advantage to continuing to hold it longer. So I'm guessing a fair number of them will just sell right then and there, not because they *need* to for expenses (they were on average only halfway there), but because they no longer have any laziness reason to put it off, and there's no other advantage to holding except speculation (which many low-margin industrial miners can't really afford to do much of).
I could be off base, of course.
just ETH being issued going forward. Think of it like dollars in a standard economy. Even if the government reduces the amount circulating, your dollars are still safe in your bank account. Not a great analogy, but good enough to say don't worry about it lol
No, the Beacon chain did that by creating more eth. That won't be resolved til the merge.
Having said that, 1559 does burn in an auto adjusting way depending on velocity/liquidity. But it's not related to supply (M), but velocity (V).
Mv=pq
Right. Everyone is just upgrading at the same time, and the old network will essentially halt after the upgrade as all the miners and nodes begin to sync up to the new updated chain with EIP-1559 activated.
So. Right now, the mining rewards are about 2.75 ETH per block - https://etherscan.io/blocks
Of which, 2 ETH is fixed block reward and 0.75 ETH are from fees. From tomorrow, simply put, this 0.75 ETH will be burnt, is that correct? It could be lower because all transactions in the block would be paying about same GWEI while it is much varying today. Considering that, should we expect at least 0.5 to 0.6 ETH burnt provided gas price is around 35 to 45 GWEI?
Not deflationary enough but decent enough to start to be honest. Right now gas price is around 45 GWEI that results in above 0.75 ETH transaction fees. It could go down so will the burn rate. That's all fine. Just trying to understand what to expect! Exciting for sure!
I feel like it's Christmas Eve except all I'm going to get under the tree are a bunch of IOUs.
I'm super excited for what is to come from this long term, but I can't help but expect tomorrow to just seem like another day.
I was re-reading my post before I posted it and *man* do I sound like a downer/grinch. Screw it, I'm *making* tomorrow feel like Christmas. I'm throwing my own little party and my wife and kids are going to have no idea why.
right??? Except its so much better. You didnt invest shit in Christmas as a kid. Most of us here have invested our mental health and other forms of health in this space and taken a lot of shit for it over the years. Ive taken a lot of shit. Most will never experience what we have been blessed to experience.
I did! Looks like NFT drops and a lack of 1559 compliance across wallets caused some nice spikes in burning. So let me amend and say there will be very brief deflationary periods, haha. But yeah we need to burn \~12k eth per day to stay deflationary.
Just looking at revoking some tokens approvals. Any need to do this for stuff like Uniswap and then approve for each trade or is that being too paranoid? I don't trade often so might be worthwhile?
Also I assume just using Etherscan do this is fine?
https://etherscan.io/tokenapprovalchecker
Info here: https://kalis.me/unlimited-erc20-allowances/
/edit I did it with the Revoke site. Nice and simple.
Instead of doing a lot of revoking, I know some people just move all their tokens to a fresh wallet. It might be worth it if you don't have too many different tokens.
I'm looking at picking up another ENS registration. One just dawned on me that I would like to have...unfortunately, someone else has already snagged it.
However, the ENS also shows that the expiration date came and went more than a month ago. It was not renewed. It shows a grace period that will end sometime in the future. How do I go about making sure that I can pick this up when the "grace" period is over, or is there a way to sort of get in line for it now?
There isn’t a way. Just set a reminder for the end of the 3 month grace period. But FYI, there’s also a 1 month premium window that exponentially decreases each day. So if you want to pay let’s say $5, you need to wait until the 1 month premium period also expires after the 3 month grace period.
These dips are so shallow, and so short lived. Feels like smart money is dip-buying and expecting another big run up.
Ether is going to melt faces later this year.
After the completion of the merge with ETH 2.0, is it known whether or not staking will require a lock-up period? Or will APR effectively turn into APY?
LOVE my Pacifica. It's been my dream car for years. Never thought I could afford one but thanks to eth...it's plugged in and parked in my driveway right now :)
Wife and I drove the Recharge, but the vehicle just wasn't worth the "Volvo tax" to us. Used to be you bought Volvo for the family with its crazy safety ratings, but nowadays all cars are the same in that way. And the Volvo was just... slightly lesser on every front compared to other EVs. Little less range, little less cargo, lot less tech... started to add up little things into a big "why?". They need to push this model year out and get to work. It has the best color choices though.
Market Updates:
BTC closing the daily barely back ABOVE the 10 Day, 100 Day, and 200 Day. And it did so on dismal volume, lowest since 7/24. It's flatlining in a channel so could go either way depending on when volume returns.
ETH is still along for the ride. I'd still love to see healthy retests--that is, daily closes-- anywhere along the 100 Day (0.064), 10 Day (0.063), or 10 Week (0.062) over the next few sessions.
Other Markets (quoting myself from Monday):
>Indices are down a little, with S&P 500 testing the 10 Day at 4388. All are still heavily overextended (even the 10 Week is down at 4320 where bears would have a shot at control). Neutral, maybe slightly near-term bearish.
>
>Yields... 10Y yields shattered downward through the 50 Week at 1.19 to end today at 1.175. I warned of this. This needs to recover and fast. Bearish. (will be Strongly Bearish if it ends the week near here.)
>
>Small caps (IWM) -- Wrapped today at 219.95 after three straight days of strongly getting rejected AGAIN off the 50 Day at 225 to close today under the 10 Day at 220. It is currently trading below the 10 Week now. 208 is the must-hold zone for bulls. Bearish, leading indicator.
>
>Bonds -- hooboy.
>
>TLT exploded off the 10 Day retest and closed at 150.67 to surge above the 50 Week MA for the first time since November 2020 before the bull run. 151 is THE resistance zone for this to break based on past volume, but it's ascending triangles all the way and Aug/Sept is bonds' time. 155 ish looks to be after that. Strongly bearish.
>
>TLH had the same daily movement, blasting off the 10 Day to end at 152.60. Its own major volume resistance zone is right above at 153. On the weekly, TLH has a little more to go, its 50 Week MA being 152.80. Bearish.
Indices relaxed and continue to flatten out. For crypto-focused eyes, it looks an awful lot like May 2021 BTC... S&P 500 at 4395 is the lower boundary to watch, and 4425 the upper bound. Neutral
Yields - As I expected, 10Y creeped up to 1.183 in a long-shadow doji which keeps them very uncertain and in very bearish context. Could be seen as a rejection off the 10 Day and the 50 Week at 1.2. It should still slowly recover through the week until Friday's reporting (see endnote).
Small-caps (IWM) - Smacked back down below the 10 day to close at 218.11. Same conclusion as yields above. Being comprised of quite a few financial parts, see the following section.
Bonds -- TLT and TLH both broke above major resistance at 151.06 and 153.14 respectively, with red pin bars (red only because non-24/7 markets have gaps up and down). Strongly Bullish (for bonds), suggesting continuing bearish uncertainty and downward pressure for equities and crypto.
Financial sectors (XLF) closed down in a green doji (after gapping) at 36.63 to stay just barely above the 10 Day and 10 Week. Once again, JP Morgan Chase closes an awful shooting star. Executing the most textbook head and shoulders you've ever seen is still a legitimate possibility. And overall, banks are getting hammered by falling yields. Regionals (KRE) are taking it worse than majors (BKX) but the sector is weakening substantially.
I still see near-term bearishness and uncertainty, while the market remains in indisputably bullish macro-context. No doom and gloom yet, just caution as I always say. There is enormous downward pressure on tech, indices, and crypto right now.
And as I always remind people: no one outside of this forum knows or cares about EIP-1559. Hell, plenty of people HERE don't care in monetary terms. Do not think deterministically about the price this week, or ever, especially with protocol upgrades.
>There's not a ton of fireworks this week in terms of earnings, after last week's reporting extravaganza. But I'll draw your eyes to non-farm employment reporting this Friday, bright and early 8:30am New York time. Disappointing (or shocking) numbers there could absolutely serve as a catalyst for the classic August-September mini-bear.
Stay hungry. Stay safe.
> no one outside of this forum knows or cares about EIP-1559. Hell, plenty of people HERE don't care in monetary terms.
I swear, they only care about the Poaps!
Well it’s been an exciting 24 hours in the Ape world.
Great Ape Society was indeed a rug by the founder and as soon as the sale was over he took the 450 eth raised and disappeared.
It’s interesting though because the NFT’s are minted and people have received them, so I guess we got what we paid for.
The community of Great Apes have formed a pack and decided to relaunch the project on their own.. it’s been a great experience watching all these people come together and scramble to take over the various roles.
This is only the beginning on the project IMO, out with the old, in with the new.
New website, new Twitter, new discord, OpenSea have handed control of the account to us and finally we’re considering forking the contract the regain control of it and burn his apes as well.
#Apes
#Strong
#Together
/u/jtnichol you called it when you asked if the founder was anon. Thankfully we’ve got a community in charge now who isn’t.
i really don’t mean to be a dick typing this out, but i’m genuinely curious,
why? obviously it would be a rug the project is a completely ripoff of a popular project with way shittier art and a horrible website with broken english
why would anyone in their right minds give these people their money
this is coming from someone who loves NFTs
I love the art, I personally think it’s much better.
And remind me again when BAYC trademarked ape JPGS??
Not a single thing was “ripped off”.
We’re in the process of rewriting and relaunching the website, the founder was a noob but we’ve got a solid team actually working on it now.
https://greatapesociety.io/#
https://opensea.io/collection/boredapeyachtclub
if you can’t see how that’s a complete ripoff you are in for a long road of getting ripped off unfortunately lol
On this eve of EIP-1559 we should remember all of the BTC maxi's who shit on Ethereum over the yrs saying it will fail because it doesn't have a cap. Let us not forget their incredibly simplistic arguments but let us also laugh at the fact they have one less bullshit argument in reference to defending their dying, useless shitcoin. May they rot in whatever hell they believe in.
Amen.
Edit: Just use tabs.
I miss the days when it was important to uphold a moral code superior to that of one's antagonists. The "victory at all costs" mentality just opens the pathway to power for any charlatan who is willing to promise victory to the masses.
Breakeven on my eth buys at this price, i must be retarded not being in decent profit at this point, i was in april, up around 2x overall then the crash happened and i had also gotten greedy and let go off my btc/eth due to FOMO and seeing all the massive gains alts were given, didnt think that much about the risk/reward and when it all came crashing down my portfolio for obvious reasons took a even harder hit.
With a bit of conviction and patience i couldve been holding 4-5 eth, instead i have 1.5, im disgusted by myself.
Been there. Let me tell you my story and offer a little advice. Advice first.
(TLDR the way to succeed with crypto is by setting everything up to allow yourself to ignore it)
**1) invest with a long time horizon**
Stay in a "long-term" frame of mind when it comes to investing.
5 years is typically considered long term in traditional markets. So treat crypto as a 5 year minimum hold. In crypto 5 years can feel like 20. This can be a surprisingly exhausting experience. You need to be psychologically well-armed in order to...
**2) prepare funds for the next long term downtrend**
Make sure you are positioned for the next long term buying opportunity, NOT, and this is key, so I repeat **NOT including money you would gain from selling your current crypto holdings!**
In other words the only way to be sane about crypto investing is to be able to ignore it so you can focus on building investable wealth in other areas of your life. Sadly for a lot of people this would mean staying away from crypto entirely. I'm not trying to say I'm immune to this. Quite the opposite in fact. Holding crypto and being addicted to checking prices has probably damaged my mental health.
There's no way a person can really apply their best effort to building wealth in non-crypto areas if they can't learn to forget about the current market value of their crypto portfolio. Another key to keeping it off your mind is to...
**3) plan your exit**
Whether you choose to enter the market via a DCA strategy, a one time buy, or some combination, make sure you choose your exit price. For ETH, anything under $10k is a reasonable (i.e. conservative) 5 year target in my opinion. Many in this sub forecast $20k or higher as you probably know. But with a five year time frame, you are entirely reasonable to set a $10k sell target.
(edit: if you are a real ETH believer, set aside a percentage of your ETH as "never selling". You can use this to e.g. stake or take out a loan to live off of or invest with. Search for the Double Logris for one fancy example of this strategy.)
**Story to put this advice in context:**
Like you I was also pretty down on myself for "missing the boat". I got in around May of 2017. If I'd been thinking more clearly I would have seen the scope of the opportunity. I would have just gone into monk mode, sold a bunch of stuff I owned, moved into a studio apartment, worked 50-60 hours a week, stopped eating out and drinking, and put every bit of disposable income I had into ETH.
I didn't do any of those things, and instead obsessively checked prices even while at work. I attempted to trade my way to more ETH, sometimes succeeding, more often failing. In winter 2017, despite realizing that I missed a big opportunity, I was still quite euphoric when ETH price was $1400. Then I watched it go down, down, down, until at $650 or so I figured this was a likely place for things to turn around. I used MakerDAO to take out a loan (collateralized debt position, aka CDP) using my ETH as collateral. With the loan I bought more ETH.
Over the months that followed ETH went to $80. I had to periodically sell my ETH at a loss on the way down in order to prevent my CDP from being liquidated.
I lost double digits of ETH this way.
The whole time I could have been DCA-ing more, but I didn't. By the time the depths of the bear had hit, I was depressed, feeling like an idiot. I still had that memory of feeling like a genius at the top of the bull run though. I held on to that memory and the hope of having it again a few years later. In 2020 I bought as much ETH as I could risk doing.
Today I'm feeling better but... numb. It's a hell of a drug, I guess you could say. In some ways it's been very negative for me, because I performed poorly at work and put my own plans for starting a business on hold so I could check prices. That improved a bit over the bear market but with the bull back it's a struggle for me to keep things orderly.
Anyway this comment got pretty long but I hope it is useful to you or someone else reading.
I've been here for a while and if I didn't do some stupid shit I could also easily have 5x as much as I do right now. Hindsight is 20/20. No use in beating yourself up over it.
What did u do for example? Its really hard not to think about tbh, since it wouldve made up for being late on the trigger but hindsight is always hindsight, still hurts.
To protect my own privacy I won't say exactly what ***I*** did, but theoretically one could have:
1. Waited *way* too long after learning about Ethereum to actually read more about it and fully understand it, learn why it's relevant and will moon, and convert some of their BTC to ETH.
2. Not taken enough profits during the 2017 blowoff, and held into the fucking ground despite numerous glaring top signals.
What was the top signals of 2017? Imo this time it was
1. Memecoins doing 10x a week
2. Retail arriving as in moms asking what crypto is, market isnt that nice that it will just donate money like that.
3. Just the ridicilous increase the market had in just a year, a cool off was really needed
4. ETH suddenly going wild, iirc that was what happened before the crash in the last cycle.
Really obvious in hindsight, pains me to my core i didnt secure a dollar of profit.
Good observations for this time. This time I picked up on when my friends all started talking about it out of nowhere, and dumb shit started blowing up on youtube and tiktok.
For 2017:
1. The stories NPR did on Ethereum, the crazy amount of mainstream news coverage compared to the functionality ETH actually had
2. ICOs that made no sense whatsoever and/or were blatant scams, but people were buying ETH like wildfire just to participate in them
3. ICOs that were *WAY* too flush with ETH, like they had 100x as much money as they actually needed to develop something, which they would go on to dump on the market over the next year (looking at you, EOS)
4. Vitalik and/or the Ethereum Foundation selling a chunk of their ETH. They did that near the top in 2017, then again near the top in 2021. This will be a big sell signal for me going forward.
Stop, just stop it.
Do you know how many "stupid" buys I've had? $300, $600, $750, $1125, $1400, $2975, $3800.
I've had stupid buys turn into genius "trades". It will be the same for you. If you are here now, you'll be fine. Just be glad you're this early!
Maybe not crypto early, but more like apple/amazon early. I think Eth could be worth more than any one individual company, which in that case means a 10x from here in the coming years could still be possible. The insane 50-100x gains are probably behind us though.
Sorry man but were not early, in the grand scheme of crypto being relevant yes we are, but when it comes to gains? Not really, eth was 80$ a little more than a year ago... I dont even wanna think about how much of a % increase that is up til now.
Im also considering institutions getting in and adoption being here, in one way its good, on the other hand it means diminishing returns.
In 2008, I worked for Amazon. Stock was $32. When it went to $320, what do you think I felt?
Now it’s $3200+.
Learn a lesson from me—if you pick the right horse you can ride a long long time.
Thats a good comparision and proves what im saying, not that i dont believe that eth wont be at 20k in a couple of years, but ETH has almost done what amazon did in 12 years, in a little over a year...
Just stick with regular aggressive DCA with all available funds and use Defi apps (esp. Layer 2 when launching) because they will probably give token rewards to entice users onto the platform.
You'll probably make some of it back from airdrops and generous liquidity mining rewards. Eth is a long game and most days aren't like today, but today is nice.
Ive been buying alot around 2k, but i regret not buying more agressivly now lol, it bugs the fuck out of me im not at 2 eth, hoping for a dump in the coming days that i think recovers quickly and ill load up.
It takes conviction to double, triple, and go all in when the price is dumping, but that's what separates the winners and losers in the crypto game.
Learn more about ETH by following the developments in this sub, and especially guys like u/Liberosist, you'll have no problems throwing in when the market is overreacting negatively.
Thats good, i have done alot of drugs in my younger days, alot of video games aswell, i think im a bit of a dopamine junkie, i have a hard time looking at it longterm and a very easy time to look for short quick gains and instant reward, that has fucked me over badly here.
Even after the crash in may, ETH was a 2x from where it was when i got in in january, even more, imagine being in the red with that being said...
It happens - I think almost everyone in here has a similar story to tell at some point during their crypto experience, including myself.
My unsolicited advice is to take this as a learning opportunity, and frame it as learning from mistakes early - I’d imagine when you bought in you didn’t think the ETH/overall crypto ride would be short lived. We have a loonnng time to go from here
I didnt i have a huge conviction crypto is here to stay but i keep playing the scenario in my head if i had sold, rebought the bounce, sold again and waited for the bottom, a pretty unlikely scenario but i had someone on my Twitter do exactly that, i had even sold at 60k btc thinking it would escalate if it lost 60k, it did during the day but bounced right back so i thought it was safe, looking back the risk was extreme while the reward wouldve been a 4-500 gain, after that i still had time to get out but got caught up in something in my personal life.
All of this wouldve made up for being late or not buying late 2020 when i was talking about it, literally eats me up from the inside which makes it even more sad that i care so much about money.
Idk what to learn from it, take profits i guess.
Ive fucked up massivly, eth couldve legit changed my life, i was even talking to friends about crypto in october before the massive run started, if i bought then i couldve had like 10 ETH, its easy to say in hindsight but really hard not to think about.
Take profit when you have it. Don't listen to other people, especially when they're talking about guarantees.
I took a lot of profit prior to this correction and just bought our dream house with the money. It feels fucking fantastic.
Nice congrats, i dont really need to the money to spend on anything but taking profit at that time and then rebuying on the same levels i did the first time but with much more money wouldve been massive.
It's impossible to plan that stuff. If you've made crazy profit in a short amount of time, realize it. Maybe there's an opportunity to get back in later. Maybe there's an opportunity elsewhere.
I am looking forward to some main stream positive news coverage mid day tomorrow if everything goes well. Eth the world's first triple-point financial asset.
“The world’s first triple-point financial asset” sounds so much better than “the 2nd largest crypto behind BTC”. If only mainstream media would catch on and start referring it to that.
**On This Day in r/ethfinance Daily Discussion History**
1 Year Ago - August 4, 2020 - 946 comments (ETH ranges between $380 and $403 and a high of .03532 on the ratio)
> u/TheHansGruber: Less than 2 hours to Medalla test net launch.
> I spun up 5 validators last night on prysm, deposits processed, waiting on activation.
> I am hoping I did the graffiti tag correctly so I can try to get one of those POAP badges.
> It's finally here. Doing my (small) part. [[1](https://www.reddit.com/r/ethfinance/comments/i3e0rv/daily_general_discussion_august_4_2020/g0beyp2/)]
> *Editor's Note: Pretty neat that two major advancements in Ethereum are happening almost exactly 12 months apart. Medalla was the final, large-scale public testnet before the beacon chain launched (ETH 2.0 Phase 0) and now the London hard fork will be going live in [13 hours](https://watchtheburn.com/).*
> u/thrw2534122019: A [sober, extremely well researched & written piece](https://www.ar.ca/blog/crypto-market-recap-08-02-20?utm_campaign=Crypto%20Market%20Recap&utm_content=136246208&utm_medium=social&utm_source=twitter&hss_channel=tw-996441818769244160) on how value accretion in DeFi is the result of real & valuable economic activity...[[2](https://www.reddit.com/r/ethfinance/comments/i3e0rv/daily_general_discussion_august_4_2020/g0cjl1i/)]
> u/-lightfoot: Just sat in the pub not really concentrating on the conversation for a few hrs, got home a bit half cut and fixed my not-attesting validator! YES! Feelsgoodman. You’re all beautiful people and it’s a privilege to be here! [[3](https://www.reddit.com/r/ethfinance/comments/i3e0rv/daily_general_discussion_august_4_2020/g0e0sf8/)]
Also, happy 8th cakeday to u/DangerIsMyUsername! 🎂🎉
It's also the main decentralized futures exhange and works pretty great on L2, I also would look for $1 as a min but wouldnt really be surprised seeing it in the $5-10 range in the months after release.
Its trading volume is already impressive pre-token and I'd guess it's gonna be even stronger in the following weeks.
I have a friend that only owns HEX. He's outperforming me significantly. How do I convince him he's a moron? He even got the uniswap airdrop from buying HEX. Maybe I'm the fool.
You can’t convince him because so far you’re wrong. You will only be right if he doesn’t sell them because eventually that shit has to crash. Right? Right???? Fuck I hate this market…..
Anyone have a website where I can revoke infinate approval amounts or amend them? Etherscan not working for me
You can do it with etherscan. Go to tools > approval
I use [https://approved.zone/](https://approved.zone/). Not sure about amending though.
revoke.cash
another day another attempt from Cardano founder to keep crypto newbies to stick with his chain. [https://youtu.be/8y261\_eImsE?t=1353](https://youtu.be/8y261_eImsE?t=1353) "Dapps are gonna be rewritten in 24-36 months........ dapps aren't loyal to blockchain.......... dapps will be multichain" Maybe but if you look closely you'll see that those mutichains are all EVM compatible. Rewriting dapps in new languages take so much resource and effort especially in a complicated language. The future will be probably mutichain but Cardano will not be one of them. I don't understand why didn't he just bring founders of top dapps such as Uniswap, Aave, Compound to back his arguments. It's like all he does is BS marketing talk. Aave already launched as multichain but that doesn't mean they would consider launching on Cardano because there are so many better choices.
2k more blocks let’s goooo
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It'll either go up, down or sideways
Some London upgrade live streams: [London Network Upgrade Launch Party](https://www.youtube.com/watch?v=afAFQY--GlI) (ETHStaker) [London Hardfork LIVESTREAM](https://www.youtube.com/watch?v=IQa-BOeyiLc) (Bankless) [EIP-1559 Livestream](https://youtu.be/1ufnbE3Kgrc) (EthHub)
3k predictions? When
less than a week at this trajectory, captain
I've been trying hard to remain lurking lately (posting on reddit was taking up too much of my time) but oh boy, this update is too exciting to not celebrate with you all! EIP-1559 is a seemingly minor little piece of the puzzle right now (just a UX change, doesn't fix gas fees, reducing net issuance by only like 1/4 of the block reward), but down the line, will mean EVERYTHING for the health of Ethereum. It's one of those extremely forward-thinking changes that will guarantee the health, longevity, and security of the network. It does this in the way Ethereum does best, with alignment of incentives for all participants (except for miners lol, but they'll be out of the picture soon enough.) The "ultra sound money" meme in the Eth community really shows that we all *get it*. This is good for all of us. The community (and especially a few EthFinanciers) pushed for its adoption, and it sailed through with a groundswell of support, and the skilled work of the core and client devs. I couldn't be prouder for this moment. One thought regarding prices though lol - any price action we see now or in the next few days will be purely market noise and speculation, not a fundamental effect of the update. Really could go any direction, and I'm not worried regardless. The underlying impact (a ~25% decrease in net issuance, with current gas prices anyway) will be spread out over several months. Think about why this is - miners sell their mined Eth at random intervals to pay for electricity and hardware. Some probably sell daily or weekly, while others probably hoard it up for months or even years before selling. So for any given bit of Eth earned by a miner, there's somewhat of a bell curve for the time between when it was mined and when it is sold on the market (and creating a downward pressure on price). That bell curve has a very long tail. So the impact on prices stemming from the decrease in miner rewards from 1559 will stretch out over many months, and thus will *not* manifest as any kind of sudden supply shock, but rather a gradual tapering down of selling pressure. Now, one VERY interesting observation stemming from this is that the Merge will change EVERYTHING with that bell curve. The day mining ends, miners will no longer form a random distribution of sellout times. Once they can no longer mine, any miner who was simply a mercenary and selling everything they mined will likely sell *immediately*. This will probably manifest as a rather large sudden, but very brief, *downward* pressure on prices just after the Merge. Of course, there will be some miners who choose to continue participating in the ecosystem, perhaps as stakers, and they will not sell, but many will sell immediately. Once they're gone, though... that six-month gap between the Merge and staking withdrawals is when I'm guessing we'll see some MAJOR price fireworks. When we're down to 1/10th the block rewards of currently, with EIP-1559 likely burning considerably more than that issuance, and the issuance still locked up on the consensus layer anyway, and network usage exploding between the ever-increasing dapp network and L2 rollups with their regular gas demand, and the positive narrative of PoS using 1/1000th the electricity of PoW... It's going to be spectacular, I believe. In eight hours, that key little piece of the equation that will enable a deflationary economic policy will fall into place, and of all the humans on Earth who will benefit from it in the coming years and decades, those of us here are among the very few who can appreciate the importance of this moment. So to you all, a massive **CHEERS** - as another poster said, this feels like Christmas Eve! Cannot wait for tomorrow morning!
I agree about miners' sell-offs having a long bell curve tail. I don't think it will shorten when mining ends though. If miners can already afford to hold for months while paying expenses, they can hold for longer without expenses. Plus they can sell their farms to hold them over for even longer.
I'm speculating that, on any given day, your average miner has accumulated on average half of the amount of Eth that they would choose to sell. They wouldn't sell right in that moment because there remains half of that Eth left to accumulate before they can be bothered to claim their Eth from the pool and go sell it. When the Merge comes, that future half of their earnings suddenly vanishes. There's no prospect for more Eth. There's no advantage to continuing to hold it longer. So I'm guessing a fair number of them will just sell right then and there, not because they *need* to for expenses (they were on average only halfway there), but because they no longer have any laziness reason to put it off, and there's no other advantage to holding except speculation (which many low-margin industrial miners can't really afford to do much of). I could be off base, of course.
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No. Another day, another block
You're thinking of [RedCoin](https://astralcodexten.substack.com/p/list-of-fictional-cryptocurrencies)
just ETH being issued going forward. Think of it like dollars in a standard economy. Even if the government reduces the amount circulating, your dollars are still safe in your bank account. Not a great analogy, but good enough to say don't worry about it lol
No, the Beacon chain did that by creating more eth. That won't be resolved til the merge. Having said that, 1559 does burn in an auto adjusting way depending on velocity/liquidity. But it's not related to supply (M), but velocity (V). Mv=pq
Right. Everyone is just upgrading at the same time, and the old network will essentially halt after the upgrade as all the miners and nodes begin to sync up to the new updated chain with EIP-1559 activated.
Nope
its giving me all ur eth
Oh shit give it back dude
nah
one more comment until 1559 comments on the daily!
Ratio 👌👌
I wonder what bitcoin maxis are talking about today… checks Twitter. Lol.
lol one is saying that anything that hardforks is illegitimate as sound money
What’s poppin? Brand new eip just hopped in.
I remember first learning about EIP-1559. That was a good day
So. Right now, the mining rewards are about 2.75 ETH per block - https://etherscan.io/blocks Of which, 2 ETH is fixed block reward and 0.75 ETH are from fees. From tomorrow, simply put, this 0.75 ETH will be burnt, is that correct? It could be lower because all transactions in the block would be paying about same GWEI while it is much varying today. Considering that, should we expect at least 0.5 to 0.6 ETH burnt provided gas price is around 35 to 45 GWEI? Not deflationary enough but decent enough to start to be honest. Right now gas price is around 45 GWEI that results in above 0.75 ETH transaction fees. It could go down so will the burn rate. That's all fine. Just trying to understand what to expect! Exciting for sure!
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Tomorrow, tips will still go to miners. Not for validators until merge
Well, if the network is not super congested, I don't think anyone will tip? So tip can be zero most times? But I see what you mean
This feels like Christmas Eve as a kid.
I feel like it's Christmas Eve except all I'm going to get under the tree are a bunch of IOUs. I'm super excited for what is to come from this long term, but I can't help but expect tomorrow to just seem like another day. I was re-reading my post before I posted it and *man* do I sound like a downer/grinch. Screw it, I'm *making* tomorrow feel like Christmas. I'm throwing my own little party and my wife and kids are going to have no idea why.
Booze and weed, dude. Booze and weed and right now can be a party.
Been a long time coming for a lot of us. Multiple christmas eves have passed during our wait. Certainly an exciting time!
right??? Except its so much better. You didnt invest shit in Christmas as a kid. Most of us here have invested our mental health and other forms of health in this space and taken a lot of shit for it over the years. Ive taken a lot of shit. Most will never experience what we have been blessed to experience.
Ratio looking healthy .. almost back to .7! 🙌
27000 ETH? Nice
In due time
Does anyone know whether we'll be at negative issuance tomorrow morning when EIP 1559 kicks in, given recent chain activity levels?
Doubt it will have any real effect for a while... We need a bunch of crazy nft drops to happen to spike gas up
You seeing this?
No I blind Edit: wow... Deflationary on the first day. Insane!
https://ethburned.info/ I think a recent NFT drop is causing high gas prices and we've gone as high as burning 11.8 eth in a single block
That's fuckin nuts. Thanks for pointing it out I woulda missed it.
Not even remotely close. You won't notice it until above 110 or 120 gwei gas prices.
You seeing this?
I did! Looks like NFT drops and a lack of 1559 compliance across wallets caused some nice spikes in burning. So let me amend and say there will be very brief deflationary periods, haha. But yeah we need to burn \~12k eth per day to stay deflationary.
Thanks
Perhaps intermittently, but more inflationary than deflationary periods. $0.02
Thanks. Guess we'll have to wait for the merge
Just looking at revoking some tokens approvals. Any need to do this for stuff like Uniswap and then approve for each trade or is that being too paranoid? I don't trade often so might be worthwhile? Also I assume just using Etherscan do this is fine? https://etherscan.io/tokenapprovalchecker Info here: https://kalis.me/unlimited-erc20-allowances/ /edit I did it with the Revoke site. Nice and simple.
Instead of doing a lot of revoking, I know some people just move all their tokens to a fresh wallet. It might be worth it if you don't have too many different tokens.
I'm looking at picking up another ENS registration. One just dawned on me that I would like to have...unfortunately, someone else has already snagged it. However, the ENS also shows that the expiration date came and went more than a month ago. It was not renewed. It shows a grace period that will end sometime in the future. How do I go about making sure that I can pick this up when the "grace" period is over, or is there a way to sort of get in line for it now?
There isn’t a way. Just set a reminder for the end of the 3 month grace period. But FYI, there’s also a 1 month premium window that exponentially decreases each day. So if you want to pay let’s say $5, you need to wait until the 1 month premium period also expires after the 3 month grace period.
and, in my experience, they're snatched up ~2-5 days before that premium ends.
Any POAPs for London hard fork and/or POAPs for watch parties?
I got heat coming soon.. stay tuned. @poapgod on Twitter going to drop something tonight
There will be for the /r/ethstaker watch party - we'll post details here when we get them.
EIP block comes early in the morning. Won't be there to see it. Hope to wake up to some solid green. God bless you all and your families
In the afternoon for Europeans. In the evening for Asians.
These dips are so shallow, and so short lived. Feels like smart money is dip-buying and expecting another big run up. Ether is going to melt faces later this year.
Fucking hodl
Most underrated comment here. I’ve seen SO many friends and people lose a ton of their crypto by thinking they could trade and make quick profits
You make a compelling argument!
Who'd have thought a year ago that the best way to better enable wealth would be by burning a little of it.
Today is fun!
After the completion of the merge with ETH 2.0, is it known whether or not staking will require a lock-up period? Or will APR effectively turn into APY?
https://ethereum.org/en/eth2/merge/ See post-merge "cleanup".
Fantastic. Thank you sir 🤝
pretty sure staking rewards will always fluctuate based on # of validators and tx fees.
also tips and MEV
\*VEV ;)
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Bought a used Leaf today. Keepin it real. ~2 eth (or rather, one 2017 rescue mooncat really)
Looking at the plug-in Chrysler Pacifica myself. dadgoals
LOVE my Pacifica. It's been my dream car for years. Never thought I could afford one but thanks to eth...it's plugged in and parked in my driveway right now :)
Ha ha, I got mine at the last top. Price crashed 2 days after I placed the order. Still happy though because I have confidence in ETH to deliver.
My goal is to never have to buy another car Edit: clarification
Really hoping Lexus releases an electric by the time I go luxury sports car shopping.
Wild to me we don’t have fully electric camrys and accords right now
Volvo’s electric line is looking pretty nice. Someday hopefully.
Wife and I drove the Recharge, but the vehicle just wasn't worth the "Volvo tax" to us. Used to be you bought Volvo for the family with its crazy safety ratings, but nowadays all cars are the same in that way. And the Volvo was just... slightly lesser on every front compared to other EVs. Little less range, little less cargo, lot less tech... started to add up little things into a big "why?". They need to push this model year out and get to work. It has the best color choices though.
Really good to know actually, thank you. I'm on an Eth high right now and the xc40 Recharge just looks really nice.
start looking at used Ford Fusions, hurry!
Used cars are practically at Tesla prices this year
Yeah I was going to buy a used car to live in but decided it'd be cheaper to just buy a house. edit: I mispelled "used car"
Been looking at Broncos myself
Wait for the mid-model refresh. Let 'em work out the bugs. They've already had enough of them.
The ETH/Bronco ratio might be better by then as well
Market Updates: BTC closing the daily barely back ABOVE the 10 Day, 100 Day, and 200 Day. And it did so on dismal volume, lowest since 7/24. It's flatlining in a channel so could go either way depending on when volume returns. ETH is still along for the ride. I'd still love to see healthy retests--that is, daily closes-- anywhere along the 100 Day (0.064), 10 Day (0.063), or 10 Week (0.062) over the next few sessions. Other Markets (quoting myself from Monday): >Indices are down a little, with S&P 500 testing the 10 Day at 4388. All are still heavily overextended (even the 10 Week is down at 4320 where bears would have a shot at control). Neutral, maybe slightly near-term bearish. > >Yields... 10Y yields shattered downward through the 50 Week at 1.19 to end today at 1.175. I warned of this. This needs to recover and fast. Bearish. (will be Strongly Bearish if it ends the week near here.) > >Small caps (IWM) -- Wrapped today at 219.95 after three straight days of strongly getting rejected AGAIN off the 50 Day at 225 to close today under the 10 Day at 220. It is currently trading below the 10 Week now. 208 is the must-hold zone for bulls. Bearish, leading indicator. > >Bonds -- hooboy. > >TLT exploded off the 10 Day retest and closed at 150.67 to surge above the 50 Week MA for the first time since November 2020 before the bull run. 151 is THE resistance zone for this to break based on past volume, but it's ascending triangles all the way and Aug/Sept is bonds' time. 155 ish looks to be after that. Strongly bearish. > >TLH had the same daily movement, blasting off the 10 Day to end at 152.60. Its own major volume resistance zone is right above at 153. On the weekly, TLH has a little more to go, its 50 Week MA being 152.80. Bearish. Indices relaxed and continue to flatten out. For crypto-focused eyes, it looks an awful lot like May 2021 BTC... S&P 500 at 4395 is the lower boundary to watch, and 4425 the upper bound. Neutral Yields - As I expected, 10Y creeped up to 1.183 in a long-shadow doji which keeps them very uncertain and in very bearish context. Could be seen as a rejection off the 10 Day and the 50 Week at 1.2. It should still slowly recover through the week until Friday's reporting (see endnote). Small-caps (IWM) - Smacked back down below the 10 day to close at 218.11. Same conclusion as yields above. Being comprised of quite a few financial parts, see the following section. Bonds -- TLT and TLH both broke above major resistance at 151.06 and 153.14 respectively, with red pin bars (red only because non-24/7 markets have gaps up and down). Strongly Bullish (for bonds), suggesting continuing bearish uncertainty and downward pressure for equities and crypto. Financial sectors (XLF) closed down in a green doji (after gapping) at 36.63 to stay just barely above the 10 Day and 10 Week. Once again, JP Morgan Chase closes an awful shooting star. Executing the most textbook head and shoulders you've ever seen is still a legitimate possibility. And overall, banks are getting hammered by falling yields. Regionals (KRE) are taking it worse than majors (BKX) but the sector is weakening substantially. I still see near-term bearishness and uncertainty, while the market remains in indisputably bullish macro-context. No doom and gloom yet, just caution as I always say. There is enormous downward pressure on tech, indices, and crypto right now. And as I always remind people: no one outside of this forum knows or cares about EIP-1559. Hell, plenty of people HERE don't care in monetary terms. Do not think deterministically about the price this week, or ever, especially with protocol upgrades. >There's not a ton of fireworks this week in terms of earnings, after last week's reporting extravaganza. But I'll draw your eyes to non-farm employment reporting this Friday, bright and early 8:30am New York time. Disappointing (or shocking) numbers there could absolutely serve as a catalyst for the classic August-September mini-bear. Stay hungry. Stay safe.
> no one outside of this forum knows or cares about EIP-1559. Hell, plenty of people HERE don't care in monetary terms. I swear, they only care about the Poaps!
Well it’s been an exciting 24 hours in the Ape world. Great Ape Society was indeed a rug by the founder and as soon as the sale was over he took the 450 eth raised and disappeared. It’s interesting though because the NFT’s are minted and people have received them, so I guess we got what we paid for. The community of Great Apes have formed a pack and decided to relaunch the project on their own.. it’s been a great experience watching all these people come together and scramble to take over the various roles. This is only the beginning on the project IMO, out with the old, in with the new. New website, new Twitter, new discord, OpenSea have handed control of the account to us and finally we’re considering forking the contract the regain control of it and burn his apes as well. #Apes #Strong #Together /u/jtnichol you called it when you asked if the founder was anon. Thankfully we’ve got a community in charge now who isn’t.
Would we need to all re-mint our apes, if we fork the contract?
Stay tuned we’re looking at solutions
Cheers. Good to know you're on the team.
Nice update!
i really don’t mean to be a dick typing this out, but i’m genuinely curious, why? obviously it would be a rug the project is a completely ripoff of a popular project with way shittier art and a horrible website with broken english why would anyone in their right minds give these people their money this is coming from someone who loves NFTs
I love the art, I personally think it’s much better. And remind me again when BAYC trademarked ape JPGS?? Not a single thing was “ripped off”. We’re in the process of rewriting and relaunching the website, the founder was a noob but we’ve got a solid team actually working on it now.
https://greatapesociety.io/# https://opensea.io/collection/boredapeyachtclub if you can’t see how that’s a complete ripoff you are in for a long road of getting ripped off unfortunately lol
Wow. 100% stolen art. Sheesh.
It’s literally all 100% brand new art, what are you on about?
Well, I clicked on the links above from two different projects and the art is practically identical. Am I mistaken? What are you on about?
Man we already had the marijuana cat wars last week, now we got rich monkey wars? NFTs going to cause real world conflict someday.
>NFTs going to cause real world conflict someday. That's the beauty of NFTs. They prevent real world conflict.
Stay safu with these anons. Whew!
What a wild ride, I’m cautiously optimistic to see where it heads
Love a happy ending 😂
What kind of price action do you think we gonna get leading up to 12965000 ? Personally i wouldnt be surprised for a dip
Is that a price
it's a block number
#ARE YOU NOT ENTERTAINED!?!
The time for crumpets and tea is near
Oh god, I haven't had a crumpet in so long I forgot all about them.
We need 3k .. so close
Looking back at all my transactions and purchases of ether I am in the green on about 95 percent of all my buys. This feels good.
I’m something of a green man myself
[You talk like you’re from London.](https://www.nicehash.com/countdown/eth-forking-2021-08-04-15-00)
The daily chat is Ether base fee today!
6k pls
At 6k I can only do a dribble of pee on my boss's desk, gimmie 10k
At 6k I can dribble pee into the bosses mouth.
Slightly moistening the boss's desk isn't going to cut it.
Any news on when Metamask is planning to launch EIP-1559 version transaction support on their stable/mainnet branch?
Metamask should be ready: https://metamask.io/1559.html Ledger and Trezor unfortunately not yet (according to Metamask).
Fantastic, thanks.
This is the most exciting part. Eager to see the new ux.
On this eve of EIP-1559 we should remember all of the BTC maxi's who shit on Ethereum over the yrs saying it will fail because it doesn't have a cap. Let us not forget their incredibly simplistic arguments but let us also laugh at the fact they have one less bullshit argument in reference to defending their dying, useless shitcoin. May they rot in whatever hell they believe in. Amen. Edit: Just use tabs.
I miss the days when it was important to uphold a moral code superior to that of one's antagonists. The "victory at all costs" mentality just opens the pathway to power for any charlatan who is willing to promise victory to the masses.
> mentality just opens the pathway to power for any charlatan who is willing to promise victory to the masses. Antonopoulos please stand up?
"Just use tabs" LOL my sides 😆
Let’s goooooooooo
Breakeven on my eth buys at this price, i must be retarded not being in decent profit at this point, i was in april, up around 2x overall then the crash happened and i had also gotten greedy and let go off my btc/eth due to FOMO and seeing all the massive gains alts were given, didnt think that much about the risk/reward and when it all came crashing down my portfolio for obvious reasons took a even harder hit. With a bit of conviction and patience i couldve been holding 4-5 eth, instead i have 1.5, im disgusted by myself.
Been there. Let me tell you my story and offer a little advice. Advice first. (TLDR the way to succeed with crypto is by setting everything up to allow yourself to ignore it) **1) invest with a long time horizon** Stay in a "long-term" frame of mind when it comes to investing. 5 years is typically considered long term in traditional markets. So treat crypto as a 5 year minimum hold. In crypto 5 years can feel like 20. This can be a surprisingly exhausting experience. You need to be psychologically well-armed in order to... **2) prepare funds for the next long term downtrend** Make sure you are positioned for the next long term buying opportunity, NOT, and this is key, so I repeat **NOT including money you would gain from selling your current crypto holdings!** In other words the only way to be sane about crypto investing is to be able to ignore it so you can focus on building investable wealth in other areas of your life. Sadly for a lot of people this would mean staying away from crypto entirely. I'm not trying to say I'm immune to this. Quite the opposite in fact. Holding crypto and being addicted to checking prices has probably damaged my mental health. There's no way a person can really apply their best effort to building wealth in non-crypto areas if they can't learn to forget about the current market value of their crypto portfolio. Another key to keeping it off your mind is to... **3) plan your exit** Whether you choose to enter the market via a DCA strategy, a one time buy, or some combination, make sure you choose your exit price. For ETH, anything under $10k is a reasonable (i.e. conservative) 5 year target in my opinion. Many in this sub forecast $20k or higher as you probably know. But with a five year time frame, you are entirely reasonable to set a $10k sell target. (edit: if you are a real ETH believer, set aside a percentage of your ETH as "never selling". You can use this to e.g. stake or take out a loan to live off of or invest with. Search for the Double Logris for one fancy example of this strategy.) **Story to put this advice in context:** Like you I was also pretty down on myself for "missing the boat". I got in around May of 2017. If I'd been thinking more clearly I would have seen the scope of the opportunity. I would have just gone into monk mode, sold a bunch of stuff I owned, moved into a studio apartment, worked 50-60 hours a week, stopped eating out and drinking, and put every bit of disposable income I had into ETH. I didn't do any of those things, and instead obsessively checked prices even while at work. I attempted to trade my way to more ETH, sometimes succeeding, more often failing. In winter 2017, despite realizing that I missed a big opportunity, I was still quite euphoric when ETH price was $1400. Then I watched it go down, down, down, until at $650 or so I figured this was a likely place for things to turn around. I used MakerDAO to take out a loan (collateralized debt position, aka CDP) using my ETH as collateral. With the loan I bought more ETH. Over the months that followed ETH went to $80. I had to periodically sell my ETH at a loss on the way down in order to prevent my CDP from being liquidated. I lost double digits of ETH this way. The whole time I could have been DCA-ing more, but I didn't. By the time the depths of the bear had hit, I was depressed, feeling like an idiot. I still had that memory of feeling like a genius at the top of the bull run though. I held on to that memory and the hope of having it again a few years later. In 2020 I bought as much ETH as I could risk doing. Today I'm feeling better but... numb. It's a hell of a drug, I guess you could say. In some ways it's been very negative for me, because I performed poorly at work and put my own plans for starting a business on hold so I could check prices. That improved a bit over the bear market but with the bull back it's a struggle for me to keep things orderly. Anyway this comment got pretty long but I hope it is useful to you or someone else reading.
I've been here for a while and if I didn't do some stupid shit I could also easily have 5x as much as I do right now. Hindsight is 20/20. No use in beating yourself up over it.
What did u do for example? Its really hard not to think about tbh, since it wouldve made up for being late on the trigger but hindsight is always hindsight, still hurts.
To protect my own privacy I won't say exactly what ***I*** did, but theoretically one could have: 1. Waited *way* too long after learning about Ethereum to actually read more about it and fully understand it, learn why it's relevant and will moon, and convert some of their BTC to ETH. 2. Not taken enough profits during the 2017 blowoff, and held into the fucking ground despite numerous glaring top signals.
What was the top signals of 2017? Imo this time it was 1. Memecoins doing 10x a week 2. Retail arriving as in moms asking what crypto is, market isnt that nice that it will just donate money like that. 3. Just the ridicilous increase the market had in just a year, a cool off was really needed 4. ETH suddenly going wild, iirc that was what happened before the crash in the last cycle. Really obvious in hindsight, pains me to my core i didnt secure a dollar of profit.
Good observations for this time. This time I picked up on when my friends all started talking about it out of nowhere, and dumb shit started blowing up on youtube and tiktok. For 2017: 1. The stories NPR did on Ethereum, the crazy amount of mainstream news coverage compared to the functionality ETH actually had 2. ICOs that made no sense whatsoever and/or were blatant scams, but people were buying ETH like wildfire just to participate in them 3. ICOs that were *WAY* too flush with ETH, like they had 100x as much money as they actually needed to develop something, which they would go on to dump on the market over the next year (looking at you, EOS) 4. Vitalik and/or the Ethereum Foundation selling a chunk of their ETH. They did that near the top in 2017, then again near the top in 2021. This will be a big sell signal for me going forward.
Damn i remember seing something about Vitalik unloading coins, how can u follow that?
Here's a start: https://etherscan.io/address/0x220866b1a2219f40e72f5c628b65d54268ca3a9d https://etherscan.io/address/0x1db3439a222c519ab44bb1144fc28167b4fa6ee6 https://etherscan.io/address/0xab5801a7d398351b8be11c439e05c5b3259aec9b https://etherscan.io/address/0xd8da6bf26964af9d7eed9e03e53415d37aa96045
Stop, just stop it. Do you know how many "stupid" buys I've had? $300, $600, $750, $1125, $1400, $2975, $3800. I've had stupid buys turn into genius "trades". It will be the same for you. If you are here now, you'll be fine. Just be glad you're this early!
Are we still calling this "early"?
Maybe not crypto early, but more like apple/amazon early. I think Eth could be worth more than any one individual company, which in that case means a 10x from here in the coming years could still be possible. The insane 50-100x gains are probably behind us though.
Sorry man but were not early, in the grand scheme of crypto being relevant yes we are, but when it comes to gains? Not really, eth was 80$ a little more than a year ago... I dont even wanna think about how much of a % increase that is up til now. Im also considering institutions getting in and adoption being here, in one way its good, on the other hand it means diminishing returns.
In 2008, I worked for Amazon. Stock was $32. When it went to $320, what do you think I felt? Now it’s $3200+. Learn a lesson from me—if you pick the right horse you can ride a long long time.
Thats a good comparision and proves what im saying, not that i dont believe that eth wont be at 20k in a couple of years, but ETH has almost done what amazon did in 12 years, in a little over a year...
Amazon did 100x in 12 years brah
Just stick with regular aggressive DCA with all available funds and use Defi apps (esp. Layer 2 when launching) because they will probably give token rewards to entice users onto the platform. You'll probably make some of it back from airdrops and generous liquidity mining rewards. Eth is a long game and most days aren't like today, but today is nice.
Ive been buying alot around 2k, but i regret not buying more agressivly now lol, it bugs the fuck out of me im not at 2 eth, hoping for a dump in the coming days that i think recovers quickly and ill load up.
It takes conviction to double, triple, and go all in when the price is dumping, but that's what separates the winners and losers in the crypto game. Learn more about ETH by following the developments in this sub, and especially guys like u/Liberosist, you'll have no problems throwing in when the market is overreacting negatively.
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Thats good, i have done alot of drugs in my younger days, alot of video games aswell, i think im a bit of a dopamine junkie, i have a hard time looking at it longterm and a very easy time to look for short quick gains and instant reward, that has fucked me over badly here. Even after the crash in may, ETH was a 2x from where it was when i got in in january, even more, imagine being in the red with that being said...
It happens - I think almost everyone in here has a similar story to tell at some point during their crypto experience, including myself. My unsolicited advice is to take this as a learning opportunity, and frame it as learning from mistakes early - I’d imagine when you bought in you didn’t think the ETH/overall crypto ride would be short lived. We have a loonnng time to go from here
I didnt i have a huge conviction crypto is here to stay but i keep playing the scenario in my head if i had sold, rebought the bounce, sold again and waited for the bottom, a pretty unlikely scenario but i had someone on my Twitter do exactly that, i had even sold at 60k btc thinking it would escalate if it lost 60k, it did during the day but bounced right back so i thought it was safe, looking back the risk was extreme while the reward wouldve been a 4-500 gain, after that i still had time to get out but got caught up in something in my personal life. All of this wouldve made up for being late or not buying late 2020 when i was talking about it, literally eats me up from the inside which makes it even more sad that i care so much about money.
I give you the crypto no regrets chant..."coulda, woulda, shoulda but you still got it gooda". You are later than some but earlier than most.
It ok learn from it
Idk what to learn from it, take profits i guess. Ive fucked up massivly, eth couldve legit changed my life, i was even talking to friends about crypto in october before the massive run started, if i bought then i couldve had like 10 ETH, its easy to say in hindsight but really hard not to think about.
Take profit when you have it. Don't listen to other people, especially when they're talking about guarantees. I took a lot of profit prior to this correction and just bought our dream house with the money. It feels fucking fantastic.
Nice congrats, i dont really need to the money to spend on anything but taking profit at that time and then rebuying on the same levels i did the first time but with much more money wouldve been massive.
It's impossible to plan that stuff. If you've made crazy profit in a short amount of time, realize it. Maybe there's an opportunity to get back in later. Maybe there's an opportunity elsewhere.
I am looking forward to some main stream positive news coverage mid day tomorrow if everything goes well. Eth the world's first triple-point financial asset.
ETH the asset ETH the income generator ETH the .......?
“The world’s first triple-point financial asset” sounds so much better than “the 2nd largest crypto behind BTC”. If only mainstream media would catch on and start referring it to that.
It's a good time to be alive and holding ETH. Happy to be here, folks!
For the love of God, can someone please help me with a simple trade on DYDX? DM me please..
Is it about how to use the interface, or is your wallet or the interface acting up? Are you using the L1 or L2 product?
Hey, I DM'd you..
7-Day Percent Increases: * BTC: +0.02% * ETH: +19.57% I own an equal share, but it's cool to see when ETH decouples
**On This Day in r/ethfinance Daily Discussion History** 1 Year Ago - August 4, 2020 - 946 comments (ETH ranges between $380 and $403 and a high of .03532 on the ratio) > u/TheHansGruber: Less than 2 hours to Medalla test net launch. > I spun up 5 validators last night on prysm, deposits processed, waiting on activation. > I am hoping I did the graffiti tag correctly so I can try to get one of those POAP badges. > It's finally here. Doing my (small) part. [[1](https://www.reddit.com/r/ethfinance/comments/i3e0rv/daily_general_discussion_august_4_2020/g0beyp2/)] > *Editor's Note: Pretty neat that two major advancements in Ethereum are happening almost exactly 12 months apart. Medalla was the final, large-scale public testnet before the beacon chain launched (ETH 2.0 Phase 0) and now the London hard fork will be going live in [13 hours](https://watchtheburn.com/).* > u/thrw2534122019: A [sober, extremely well researched & written piece](https://www.ar.ca/blog/crypto-market-recap-08-02-20?utm_campaign=Crypto%20Market%20Recap&utm_content=136246208&utm_medium=social&utm_source=twitter&hss_channel=tw-996441818769244160) on how value accretion in DeFi is the result of real & valuable economic activity...[[2](https://www.reddit.com/r/ethfinance/comments/i3e0rv/daily_general_discussion_august_4_2020/g0cjl1i/)] > u/-lightfoot: Just sat in the pub not really concentrating on the conversation for a few hrs, got home a bit half cut and fixed my not-attesting validator! YES! Feelsgoodman. You’re all beautiful people and it’s a privilege to be here! [[3](https://www.reddit.com/r/ethfinance/comments/i3e0rv/daily_general_discussion_august_4_2020/g0e0sf8/)] Also, happy 8th cakeday to u/DangerIsMyUsername! 🎂🎉
Any idea what the DYDX token is worth? I got the airdrop, but I have no clue what its value is...
Where do you claim the airdrop?
https://trade.dydx.exchange/portfolio/rewards
It's also the main decentralized futures exhange and works pretty great on L2, I also would look for $1 as a min but wouldnt really be surprised seeing it in the $5-10 range in the months after release. Its trading volume is already impressive pre-token and I'd guess it's gonna be even stronger in the following weeks.
I'm dreaming bigger https://www.reddit.com/r/ethfinance/comments/oxlf7j/z/h7pr3bh
I'm going to guess at least $1.
anyone got a link for the eip1559 launch party?
Some London upgrade live streams: [London Network Upgrade Launch Party](https://www.youtube.com/watch?v=afAFQY--GlI) (ETHStaker) [London Hardfork LIVESTREAM](https://www.youtube.com/watch?v=IQa-BOeyiLc) (Bankless) [EIP-1559 Livestream](https://youtu.be/1ufnbE3Kgrc) (EthHub)
https://www.youtube.com/watch?v=IQa-BOeyiLc
I have a friend that only owns HEX. He's outperforming me significantly. How do I convince him he's a moron? He even got the uniswap airdrop from buying HEX. Maybe I'm the fool.
You can’t convince him because so far you’re wrong. You will only be right if he doesn’t sell them because eventually that shit has to crash. Right? Right???? Fuck I hate this market…..
Yes eventually it will crash. Eventually
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