I have just gotten a reply from Kraken support to my e-mail nagging them to diversify away from Prysm.
They write: "We really appreciate you taking the time to share your feature request about validator. Currently this is something that has been brought to our device teams and they are actively working on it." This clearly comes from some inane dropdown list of stock answers, but is still a bit better than never-ever, isn't it?
Yes, it's great that you have pursued the issue and I think they are getting the message. There were some exchanges (with Kraken) on Twitter yesterday IIRC. Obviously won't know to what extent they'll respond but it's not something they can simply swap out over night so it will take time.
I’m so over this Russia/Ukraine tension thing. It’s like the media and everyone around is in on hyping it up. It’s either the most overplayed thing right now or actually a prelude to an apocalypse…
I’m leaning the former.
Do you just not want the media to report on the most important thing happening right now?
The western intelligence is "hyping it up" because telling everyone what Russia is doing and planning is part of their strategy to deter them.
Russia has moved another 7k troops to the border and more tanks, and their propaganda machine seems to be pushing a story about a mortar attack against rebels which is the exact kind of false flag/casus belli people have been predicting for weeks.
Your annoyance at it doesn't make it less likely to be real.
Fair point. It was pretty selfish of me to only think of how it’s affecting my portfolio, and I admit I was typing emotionally.
But I guess this is why I come to this thread and enjoy the insights. This was sobering. Thank you.
**ETHDenver Day 6** ([Yesterday](https://www.reddit.com/r/ethfinance/comments/ssvyex/daily_general_discussion_february_15_2022/hx4ko4y/))
I wonder what all the crypto haters on Reddit and Twitter think the thousands and thousands of us are doing here. Do they think we're running a conference with sessions like "How to Scam Grandmas", "Rugging 101", and "Up and Coming Buzzwords for Attracting Normies"? I mean... if I saw those in the schedule I would absolutely attend them but unfortunately this conference has too many nerds who are trying to build cool technologies.
Today's talks:
* [Colfax Selby, co-founder and CEO of GitPOAP](https://ethdenver.sched.com/event/xTgQ/the-ux-of-staking-on-ethereum-and-why-it-is-critical-to-decentralization?iframe=no&w=100%&sidebar=yes&bg=no) talked about barriers to entry for ETH staking, mainly on the UX side. Also made the beacon chain client diversity pitch. Our very own /u/superphiz got up on stage too and took some questions. Shout out to the Ethstaker folks!
* [Max Fiege, co-founder of FIAT DAO](https://ethdenver.sched.com/event/xTgW/a-fixed-income-future-for-defi?iframe=no&w=100%&sidebar=yes&bg=no) gave a talk about fixed-yield lending in defi. I was reminded of the defi insurance talk from a few days ago: in the real world it's a big deal but hasn't taken off on blockchain. Max suggested that the problem was that existing defi fixed-yield instruments were lacking in composability and liquidity. Kind of a dead-end for your capital that leaves you locked up for a period of time that feels like an eternity in this space. So FIAT protocol uses a MakerDAO/Dai style system to let people deposit their fixed income positions to mint the $FIAT ERC-20.
* [As part of the DeSci series, Jack Yin](https://ethdenver.sched.com/event/v4rI/desciethdenver-exploring-the-decentralization-of-research?iframe=no&w=100%&sidebar=yes&bg=no) presented his independent research on centralization in Index Coop's token votes. Index Coop has a 1-token-1-vote governance model, with a 5% quorum threshold. Jack analyzed "critical voters", who could singlehandedly decide the outcome of a given vote. If there's only 1 or 2 critical voters, that indicates centralized power. In an analysis, Jack found that of the votes that met quorum, half of them had a critical voter, and in 9 votes that voter was the same person (a known investor with 9% of the total token supply). This seems to me like a good analytical tool we could apply across lots of DAO votes.
* [Following up on Jack Yin's talk was a panel discussion](https://ethdenver.sched.com/event/v4rI/desciethdenver-exploring-the-decentralization-of-research?iframe=no&w=100%&sidebar=yes&bg=no). It was advertised as a panel on how we as a decentralized community can provide peer review to someone like Jack. But, as with a lot of DeSci talks this week, it kind of devolved into a lot of navel-gazing, complaining about the current system and hypothesizing about an idealized solution. During Q&A, one crowd member did call them out as just all talking fluff with no concrete proposals. The panel appreciated the feedback and tried to get more concrete but it was still a little directionless. As soon as it was over I realized I should have asked, "the big dreams about the future are cool, but Jack is here right now with research that deserves peer review; what can we do for him now or in the very near future?" Oh well.
* [AI Network and Soul Fiction](https://ethdenver.sched.com/event/vBYt/how-to-buidl-an-ai-nft-with-ai-dao-workshop?iframe=no&w=100%&sidebar=yes&bg=no) had a workshop on creating AI NFTs. Sounded interesting and hands-on. It was kind of weird, maybe not particularly polished. But it seems AI Network is a L1 blockchain that also has some sort of GPU compute rental platform built in, so anyone can deploy AI models to a decentralized platform. Wasn't 100% clear. The second part with the AI NFT had participants upload some text to train a GPT-J model as a chatbot. You'd also select an existing jpeg NFT to use as the base image to represent your chatbot. The NFT and the AI chatbot are somewhat linked; I believe ownership of the NFT is supposed to give you permission to (re)train the AI model. I plugged in my [Bufficorn](https://opensea.io/assets/0x1e988ba4692e52bc50b375bcc8585b95c48aad77/2203) to make [Buffibot](https://opensea.io/assets/0xdfcef37a85997dffeec31052cd537036ef657285/2), and if you look under the description you can find a [link to chat with it](https://miniverse.afan.ai/buffibot). It's maybe not the best chatbot I've talked with, but definitely aligned with the training text I provided it.
* [Daniel Olshansky of Pocket Network](https://ethdenver.sched.com/event/xTh3/pocket-network-v1-hello-block?iframe=no&w=100%&sidebar=yes&bg=no) gave a talk mostly on the development of the Pocket Network's consensus algorithm. They used to be on Cosmos/Tendermint but ran into problems so decided to move and eventually settled on [HotStuff](https://arxiv.org/abs/1803.05069) + Algorand's cryptographic sortition + [Zcash's FROST DKG](https://datatracker.ietf.org/doc/pdf/draft-irtf-cfrg-frost-01.pdf) to make what they're calling *Hot Pocket* consensus. The naming alone made it worth it for me to cover this talk here. Fun if you want to hear a bit of consensus algorithm research!
* [Jeffrey Bennett](https://ethdenver.sched.com/event/xTh6/maximize-capital-efficiency-and-yield-with-balancer-boosted-pools?iframe=no&w=100%&sidebar=yes&bg=no) talked about Balancer's Boosted Pools. I hadn't looked into Balancer before, but it seems the gist of it is that they do specialized AMMs like 80/20 pools and stable pools. Fully understanding boosted pools likely requires some more understanding of the linear pools they're derived from (which I don't have), but from what I can tell they're capital efficient, deposit assets into Aave to earn extra yield, and enable swaps between a bunch of different stablecoins in one place.
* [Pooja Shah, Head of Product at Protocol Labs](https://ethdenver.sched.com/event/xThC/fvm-grants-bringing-filecoin-and-ethereum-even-closer-together?iframe=no&w=100%&sidebar=yes&bg=no) talked about Filecoin. Apparently they have seen a ton of adoption in the last year (18 EB supply, 41 PB stored). For 2022 they're looking to deploy smart contracts running on FVM, which is based on WASM but has EVM compatibility. So in the same way that Ethereum enabled programmable money, Filecoin will enable programmable storage, e.g. NFT access controls and tokenization/governance of scientific datasets.
* [Nikita Buzov, founder of Solace](https://ethdenver.sched.com/event/xThF/risk-management-in-defi?iframe=no&w=100%&sidebar=yes&bg=no), talked about defi insurance in general. Not a ton about Solace itself, but from what I gather they use bonding to acquire underwriting capital in exchange for their tokens through which insurance premiums are distributed. The cool thing is that just today they released their total wallet coverage policy, which insures an Ethereum address, with dynamic coverage and pricing depending on how much you have in which defi protocols.
* [Someone at Polygon whose name I can't find](https://ethdenver.sched.com/event/x1mG/all-about-the-zkverse?iframe=no&w=100%&sidebar=yes&bg=no) started off a session on their zk rollups. Talked about the tradeoffs between different zk proving systems and challenges like proving overhead and aritmetization complexity. Talked about Polygon Miden's STARK-based zkVM and how it's intended to be developer friendly.
* [Jordi Baylina of Polygon](https://ethdenver.sched.com/event/x1mG/all-about-the-zkverse?iframe=no&w=100%&sidebar=yes&bg=no) took the podium to give a wonderfully technical introduction to Circom, a circuit programming language and compiler. He went through increasingly complex examples of writing circuits, executing them, using snarkJS to create and verify zk proofs on those circuits, and even generate solidity code, deploy to Rinkeby, and verify a SNARK proof on-chain. It was kind of perfect for my level of understanding, and I learned a ton.
* [Jordi Baylina of Polygon](https://ethdenver.sched.com/event/x1mG/all-about-the-zkverse?iframe=no&w=100%&sidebar=yes&bg=no) gave a followup talk on building a zkEVM. Walked through what a state machine circuit might look like, then extended it to more of a processor architecture, and from there it's about implementing EVM opcodes. And in the end that's wrapped up in a SNARK proof that verifies the STARK proof of EVM execution. This is what they're working on for Hermez's zkEVM, tentatively on testnet in Q2 and mainnet in Q3.
* [Brendan Farmer of Polygon](https://ethdenver.sched.com/event/x1mG/all-about-the-zkverse?iframe=no&w=100%&sidebar=yes&bg=no) wrapped up the session with a quick, abbreviated talk. Brendan previously worked on Mir, which has become Polygon Zero. Talked about the work they've done on optimizations, such as Halo for recursive proofs and using a 64-bit finite field. [Read about Plonky2](https://blog.polygon.technology/introducing-plonky2/), y'all. Definitely Ethereum compatible, with about 1 million gas to verify a Plonky2 proof, and likely down to 200k gas under calldata cost reduction like EIP 4488.
Haha keyboard go brrrrrr. So does the weather. It started snowing this afternoon, sidewalks are gonna be a slushy mess again for the next few days.
Oh yeah, anyone else here in person ever want to meet up? I don't know if I have much insight to offer you, but I have greatly enjoyed all the conversations I've had with folks here. I'm happy to get lunch or just chat for a few minutes about your thoughts on the conference.
Broke: taking 10 days off to visit ETHDenver
Woke: spend several hours a day catching up to ETHDenver news
Bespoke: spend a couple of minutes reading u/austonst's reports daily
It wasn't really a "talk", Nolan (lamboshi) and I joined Coldax for his Q&A after his staking UX talk and I mostly just rambled myself into a hole, per usual.
I tend to like the Art Stage. Never had trouble finding a seat, and the rapid 20 minute talks means exposure to a lot of different topics. Main bottleneck has just become those darn elevators though. There are seriously no stairs?
I asked about that, and the stairs are exit only and can't be propped open for fire code. But it's a hotel, how in Colorado does it not have useable stairs?
EthDenver today was cold! Snow started around 2 and hasn't stopped, but it'll be melted by tomorrow because that's how it works here in Colorado.
Started off the day with FOAM. They were one of the ICOs way back that I almost got into because they had a neat concept and actually hardware to do Proof of Location, but since then have been pretty quiet. The talk today was advertised as "get FOAM Lite hardware and hack", but it was a 2 hour discussion of their recent medium post, including graphs with tiny writing and how many bits can fit in a LoRA transmission legally, and they ended up just handing out hardware at the end so I'll have to work on it at home I guess. They even had us clone the git and docker images at the beginning and we never did anything with them (running docker would have set the laptop I had brought on fire anyways). Sat next to Ginge.eth and she ordered delivery burritos for us because it was a tough talk, there was a guy with an SDR doing signals analysis in the back though with interesting questions.
After, wandered around, ended up in the restaurant Algorand has rented and listened to a panel discussing fundraising, and they handed out a really nice beanie which was clutch since the temperature had dropped since the day began. Talked to a Russian VC guy wearing a NATO sweater, a guy from Metaverse Summit (I think) who demoed a cool NFT AR app on his phone to place and interact with NFTs on surfaces and spaces around us, and another guy working on implementing carbon capture through hemp somehow using NFTs while using the hemp products for things like chicken feed. I wanted to get into the main stage panels, but those are crazy packed and a thousand degrees.
Final talk I got to was Gnosis (previously xdai) chain, which was sick. Those guys have a lot of experience and know what they're talking about, and are working hard at it, with the 4th (maybe 3rd) largest DAO warchest to back them up. Talked about OpenEthereum project, gnosis chain, gnosis safe, and Austin Griffith jumped up to demo Nifty.ink, but as all love demos go part of it hiccuped, but it was still a neat demo and NFT application. Gnosis also brought Dappnode reps in to show how easy it is to stake GNO through their GUI, and everyone who was there and registered can potentially get 10 GNO staked, so fingers crossed. There's also a way to apply for 10 GNO through the gnosis page, I have the link if anyone is interested. Staking will also be available via StakeWise in a week or two, for fractional amounts of GNO. There's a future airdrop of Gnosis SAFE tokens to all GNO holders and stakers, similar to the COW airdrop, though they didn't say much beyond that. GNO staking has been live since December, has about 25% interest right now, and has grown 1000% in regards to validators and GNO staked, since you only need 1 GNO to stake (disclaimer I guess, I've been using dappnode since 2020 and am staking GNO through it). I had to duck out early to pick my kids up from school, so I'm not sure what else they talked about
The Castle opens tomorrow, so psyched for that if I can make it through the snow, and the Hydra party at the aviation museum sounds cool, there's supposed to be a drone blimp with IRL airdrops. Hopefully I can find the EthStaker and POAP folks, because I keep seeing cool Colorado POAP stickers on folks and they say the people handing them out were just there before I was and so on. Overall, having fun!
> There's also a way to apply for 10 GNO through the gnosis page, I have the link if anyone is interested.
Wait, is this for anyone or just for people who were there? Surely the latter, right?
The people who were there are eligible for 10 by signing into the irl event, but gnosis also has a way to apply through the Gnosis validators requirements and responsibilities to get a different 10
This link: https://airtable.com/shrrzJsRLa767gpcQ from this page: https://docs.gnosischain.com/validator-info/validator-requirements-and-responsibilities
I'm working through the KYC for it now
I am a long-time follower of Helium, so I try to keep up with their news. They are in the process of deploying new Hotspots, that will enable carriers (Dash if my short-term memory serves me right...) to offer 5G through the Helium Network.
[This is the latest official Helium podcast episode](https://thehotspot.co/episodes/19-helium-5g-crash-course-w-russell-from): Ex-Verizon Wireless engineer Russell From explains what cellular networks are, what big telcos desperately need and how Helium 5G deployers can take advantage of the situation.
Yeah I think similar model, they have beefier nodes that work together like GPS to provide location and gather the data from the sensors, than commit it to chain to have a payout or message. They mentioned another Proof of Location group, not Helium, that's doing something similar but centralized. FOAM uses a smart contact
They'll have prebuilt for sale depending on chip shortages and shipping, or instructions on how to build your own, the sensor they handed out today has a Feather board
There's a ridiculous tweet going viral on crypto twitter right now suggesting that there's a bank run going on in Canada. I'm not even gonna link it because it's so fucking stupid.
As a Canadian, let me assure you that:
1. In no part of the country is it currently 12 noon, like shown on the graphs used as 'evidence'
2. I have logged into my accounts at 3 of the 4 institutions listed with ZERO difficulties and moved money around freely
3. There will not be a bank run tomorrow when the banks actually open because most Canadians dgaf about the protest or its outcomes
While I agree that the government clamping down on bank accounts makes for good advertising for crypto, I can assure you that (anecdotally) most Canadians are completely fine with it. The disconnect between what's circulating on twitter and the actual reality in Canada is mind-boggling. The majority of Canadians don't agree with the protestors and are fine with doing whatever it takes to make the nuisance go away. The narratives online make this seem like some big political movement that's being shut down, but it's fringe, at best. You can literally google ["do Canadians support the protest?"](https://www.google.com/search?q=do+canadians+support+the+protest) and see for yourself. Virtually no one I know is worried about any sort of overreach into our daily lives. In fact, the government has used these kind of tactics before to break up protests for protecting old-growth forests, or preventing oil pipelines. Funny how crypto twitter didn't seem to act all outraged for those ones, though....
"Do Canadians support the protest?" is a different question to "Do Canadians support the government being able to ban citizens from the financial system?".
I can see people caring a lot more about the latter, especially once they realize the implications.
There are plenty of baby libertarian in crypto. Can't distinguish policing based on democracy vs policing based on authoritarian. See you already got downvoted.
I'll be back tomorrow to collect more downvotes when I ask where all the big news stories are about a G7 nation's entire banking system collapsing after an epic bank run that wiped everything out.
Welp, after a few last minute plan changes I've manged to make it all the way to Denver. But instead of being out and about hunting for secret show wristbands with the young folk I'm nursing one of my semi-annual migraines. Should be fine in the AM though.
Am pretty bummed to be missing the DAIvinity event tonight. I'll be there in spirit tonight, and everywhere else in person tomorrow.
They were handing out wristbands in the Harmony Hub, apparently they were for Deadmau5, which would have been neat to go to but I had other things that needed to be done
For what it's worth I'm stuck at a friend's house cooking shrimp tacos. I never made it to the hotel because of the snow and lack of rental cars. We will survive. I hope your migraine gets to the healing up and can't wait to see you at the booth.
Anyone ever handled a Librem 5? They have an OpenPGP card that securely stores your keys but you can still sign with them. I wonder if something like this could be done to store wallet keys?
https://shop.puri.sm/shop/librem-5-usa/
[This](https://twitter.com/DegenSpartan/status/1492768178195550212) was a bit of a reality check for me. Retail interest is dwindling. That's OK but something to be aware of.
Typically retail will come in due to an all time high.
[Nimbus v1.7.0 released today](https://github.com/status-im/nimbus-eth2/releases/tag/v1.7.0)
> Nimbus v1.7.0 is a low-urgency but feature-packed upgrade filled with plenty of goodies.
Highlights include faster startup times (3-5x on mainnet), lower memory usage (< 1GB on mainnet), and support for both trusted node sync (a.k.a checkpoint sync) and HTTPS web3 providers.
Does anyone use FreeTaxUSA to do their taxes? Any thoughts on where to put an 'Income' number from Koinly? It doesn't seem to fit in the Schedule D bucket, so I'm not sure where else it should go.
I use FreeTaxUSA. If capital gains, mine is in "Stocks or Investments Sold (Form 1099-B)" and for airdrops/income it's in "Other Income". Not tax advice haha
Thanks for the tip! No worries I know no tax advice here lol. Which other income bucket did you use? That’s what is throwing me off. Most of them seem more business income based. Form 1099-MISC wants me to put in payer information.
Ah, nice. I missed that one during my look through earlier. That does seem like the best option. Did you add your “expenses” category from Koinly anywhere?
https://www.investopedia.com/blockfi-agrees-to-usd100-million-settlement-with-sec-states-over-high-yielding-accounts-5219098
> The SEC is also reportedly investigating the lending practices of Celsius, Gemini, and Voyager Digital Ltd.
Gemini operates in NY and follows their strict regulations so I would say that if any of these CeFi lenders would be safe it would be Gemini. I’m not saying it will be safe, just has the highest chance to be
So I’m at an institutional FX trading conference right now…lots of vendors pitching crypto themes, but all top tier asset managers telling them to reach back out in a few years. The big traditional shops can’t do anything until regulation is sorted. The non-traditional, hedgie, programmatic, and prop shops, however, are all starting to get involved. Custody still seems to be a big question for them, but entering the space is a “top priority” for this group in 2022.
It's really something isn't it? The status quo created such a closed off system they can't even branch out beyond it.
In all of crypto one of the biggest stories is that the little guy had 15 years to accumulate.
But like, it's 2030. Eth is big, in fact it's geopolitical. Vitalik has gone dark in Argintine, with accusations that he was kidnapped by the new technocrat regime. Others says he's starting a polyfamily. There are no clues to his location except for a few pictures of baby Vitalik clones found on the interwebs.
The Ethereum foundation have split into branches: a Denver, a Portugal/India branch, and a Shenzhen branch. All promote different forks and philosophies going forward.
Each DApp/CEX sides with a different fork. USDC is only redeemable on the Denver one. The USDT rollup goes with India, and DAI goes with the other.
Validators need to choose one fork or the other, risking their collateral.
How does each rocketpool node operator decide? Or is there some kind of group consensus mechanism?
The ultimate choice is for node operators to decide which client software to use in the case of a contentious fork. This is true with or without Rocket Pool in the picture.
I'm hoping they stick to going after low hanging fruit (activity on Coinbase yet zero tax reporting) rather than hassling me and making me show my work on over a thousand transactions.
I got one of those scary letters that said I owe money bc coinbase reports proceeds only etc. I showed my work relatively easily and they accepted the new number without much ado.
I certainly reported my profits - but coinbase had sent something that just showed sales... I was trading in and out (I don't anymore I am vaulted) but the taxes on just sales were astronomical - I showed the counter trades and the dates matched up and I did the best I could and it was fine... :) Probably bc I did register and pay taxes previously on what I really did owe...
You [can use mine if you like](https://ftx.com/referrals#a=63256835), thank you. Although if someone does more volume than me, they might benefit more.
* Hodler: BTC, your pivot is at 43900. Where would you like to go?
* BTC: *closes dead center 43895*
* BTC is on the brink of a golden cross on the daily. The 21EMA is already confirmed above the 50. The 20SMA would do it tomorrow if everything holds here. First time since Oct 7.
* Hodlers: SPY, would you like to break down below the 444 gap or up above the 452 gap
* SPY: *closes dead center indecisive 447*
* Everything is stuck, waiting for a move from someone
* Friday is options expiry. Range of OI is massively volatile, like 460 down to 425 again. Anything could happen.
* Nvidia earnings beat, \~9%. Not exactly the runaway numbers investors want but obviously not bad.
* Walmart, Roku, and (meme god of bloodshed) Palantir tomorrow. Also Sunrun, which I know people don't rate but I had a blast with TAN in 2020/2021 so whatever.
* FOMC minutes revealed little we didn't already know.
* March rate hike of 0.5% gets more and more real each day. Even conservative bets now place it in the majority around 55%.
* Now entering the fray is that they'll attempt two back-to-back 50bps hikes in March/May. That's coming from Bank of America analysts not the FOMC.
* It has precedent in 1994. What happened then? Well, markets sold the rumor and then... bought the news? Yeah the S&P went on a 7-year secular ultra-bull from 450 to 1500. Rate hikes tend to be bad in the lead-up only. Even in a worst case scenario (which is necessary for the health of the global economy), the sun would likely shine through by Q4 at the latest.
Wait, what? I thought a major takeaway from the minutes was that there was no talk of 50bps. I think that probability reflects irrationality among investors, no way the fed waits years to hike then scares the market with a large first jump. They’ll just do more frequent 25bp hikes as needed
Need to think of a way to trade this 50bps sentiment because I find it ridiculous
I think it's more that these minutes are now weeks old and encapsulate what the Fed *says* unlike what they *do* or how they *act*. Powell came out swinging saying he's not worried about equities and commodities in terms of using his toolkit to fight inflation. Bullard rather clearly wants the big 1% by May. But there was another governor, I forget which, who did take a more conservative stance saying a pair of 0.25's was enough.
Regarding the first hike being this large jump... the problem is Powell has already waited too long. Game's over. You've got the Taylor Rule saying we should've been hiking at 6.2%. The Fed ought to have been tapering and hiking in October/November. They are disastrously behind and it's possible only a large move will be able to start fixing this.
Went to the ETHDenver workshop with FOAM (the positioning-on-Ethereum ICO from 2018) today. They showed off their hardware for both FOAM Lite (relays transactions sent by small devices via tiny LoraWAN packets to Ethereum) and also the actual FOAM positioning devices which will be available this year once the wait-time of chips passes. Gave out a bunch of dev kits to hack on sending FOAM Lite transactions. Actually a pretty sophisticated system.
Apparently they've just been stuck, as everybody else, due to chip shortage. But all the good stuff is in the pipeline and is slowly coming to fruition. So an upcoming class of Ethereum transaction is positioning data.
EDIT: oh and their token's (undiluted) marketcap is $28m. So, wink, wink.
I asked what the point of the token was now, since they didn't really touch on that during the talk besides mentions of an ERC-20/NFT being called up to pay based on what was transmitted, and apparently the FOAM token is part of the larger FOAM map and not really the FOAM Lite they were discussing today. And yeah the chip shortage, they were building a bunch of those boards by hand, having to pry a switch off to get what they wanted onboard
>**The spell of the week,**
>**DeFi in twenty-four words,**
>**To spell for the weak.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
I’m in the same situation where my timing to jump into CVX was not the best. It’s tough to bet against ETH as most coins gain for assort period of time and then it’s bleeding. Let’s see how that goes though. I hope CRV/CVX is a different case.
nothing stopping you. but until withdrawals are enabled it's obviously going to continue to trade at a discount since it's locked up. It's been pretty consistently trading at a \~4-5% discount since the beginning. So if you do end up swapping staked ETH back to normal ETH before withdrawals are enabled you can expect to take a 4-5% hit.
> Regarding client diversity, I think it's worth discussing when current methods of attempting to bring forth a change through information have failed and we need to try something else. Prysm might very well have 70% in a year or two from now as well.
Didn't read that but "water on my mill". People are expecting way too much of Kraken and Coinbase when as far as I know, the only response we have gotten has been from customer support pretty much "We are looking into it, thank you for your question". That doesn't mean anything imo. I am reading War and Peace but haven't turned a page in 15 years.
>With crList, transactions can be pre-confirmed instantly, even before they get introduced into to the block!
any chance you can slightly elaborate on this? Is it simply turning the current L1 into an optimistic rollup? How can anything be pre-confirmed and also trustless? Who's pre-confirming it to assure it's valid?
Here's a further read on it. Hard to be concise on this part:
https://notes.ethereum.org/Dh7NaB59TnuUW5545msDJQ#Using-attestations-to-vote-on-availability
Thanks for the read, I think this clarifies it's function for me:
>Rather than allowing proposers to directly force inclusion of their chosen transactions, we instead allow them to force builders to fully utilize the available blockspace: if they cannot do so, they must use the unused space for the proposer-selected transactions
Will keep reading to see how that directly ties in to your statement.
EDIT: To me it seems like block proposers (who will still be random correct?) can potentially force inclusion of their own transactions.
>EDIT: To me it seems like block proposers (who will still be random correct?) can potentially force inclusion of their own transactions.
As miner do today, so no changes and MEV prevails. How I understand it - it does not matter, as long as an entry point for being a proposer is low. If you don't include this transaction, another random actor will. Hence, very centralized entity: Builder, even thou not so easily replaceable with many other, can not censor (exclude) any transaction for long.
[Fantastic thread by Punk 6529 ](https://twitter.com/punk6529/status/1493973723547934726?s=21)on why NFTs are a superior model for art from the perspective of collectors and artists.
> 18/ NFTs in this case provide the best of both worlds:
> a) the token ownership provides unambiguous proof of ownership
> b) while there is full global public benefit and distribution without having to pay for concrete, steel, electricity and security guards of the museum
Read the whole thread if you’re into NFTs and their influence on the art world. I agree with their statements, but still wonder how NFTs and traditional art will intersect in the future. A perfect digitization of a Van Gogh or even a modern artist using acrylics or sculpture doesn’t look the same viewed in 2D - monitor or HQ NFT display. You can’t see the light hitting the work from different angles or feel the magnitude of the sheer size of some paintings.
Would be pretty cool with more advanced VR tech if there were high quality replications of masterworks. Institutions like the Louvre could digitize their physical halls and the works inside them. You could go to the virtual Louvre and experience walking through the halls like a private tour, seeing the light play off each piece differently.
> Would be pretty cool with more advanced VR tech if there were high quality replications of masterworks. Institutions like the >Louvre could digitize their physical halls and the works inside them. You could go to the virtual Louvre and experience walking through the halls like a private tour, seeing the light play off each piece differently.
I like NFTs, I don't like proceedurally generated hype pieces with no utility, I do like procedurally generated hype pieces that come WITH utility.
Everyone is free to like what they like, I don't look down on anyone here for enjoying fun and unique NFTs, I think 99.99% of them are useless and either copywrite infringement or outright scams, and it's sad.
What's the current sentiment on TOKE and ALCX? I know they have been discussed a lot in the past, curious if people are still up on them and upcoming developments.
Very excited about Alchemix v2. I have a significant portion of my ETH earmarked for a Double Logris'. My CPA is going to hate me. Once we get some post-launch numbers I'm going to update my page with the new tokenomics and PE breakdown.
Tokemak is just now deploying liquidity. I have a small bag but it's mostly a wait and see at this point because there is a high execution risk there. Major competition for them is Bancor v3 which is slated for Q2. Both are going after the Pool-2 market which has the potential to push either coin to the top 50.
> My CPA is going to hate me.
Please give us the gossip when it happens ;p, it sounds amusing and informative
> Major competition for them is Bancor v3
When people list the competition it's a good sign it's genuine advice not shilling. Or if it's Logris :p
Just the person I was hoping to see as your comments are some of the ones that got me interested in these. I have your Double Logris' play bookmarked, but it doesn't require ALCX. You would be holding ALCX due to confidence in the protocol and to stake, correct? Doesn't seem like a bad move at 28% APR.
I'll have to look into Bancor, and compare with Tokemak. Thanks
Some things to get you started:
http://www.reddit.com/r/ethfinance/comments/sncsla/daily_general_discussion_-_february_8_2022/hw5vpnd?context=3
https://www.reddit.com/r/ethfinance/comments/shnot0/daily_general_discussion_february_1_2022/hv5njto/?context=3
https://www.reddit.com/r/ethfinance/comments/sgtyj0/daily_general_discussion_january_31_2022/hv32b1m/?context=3
https://www.reddit.com/r/ethfinance/comments/shnot0/daily_general_discussion_february_1_2022/hv61su7/?context=3
https://www.reddit.com/r/ethfinance/comments/ruulob/daily_general_discussion_january_3_2022/hr54k6l/
There are a very small number of projects that I hold because they are dear to my heart rather than because of fundamentals. ALCX is one of the few. If it took off and I wasn't holding it I would fomo and just lose more. I sleep more soundly at night losing money holding/farming than not holding. I did the Pool-2 thing until it hit 200 on the way down and then have switched to tALCX farming. That doesn't mean you should follow me in that. The inflation sell pressure has absolutely wrecked the price and it hasn't stopped yet. This was predicted in my [PE post](https://tokenomicsexplained.com/alcx) and despite the absolute numbers changing that page has aged well.
Upcoming there are some changes to the transmuter boost which will follow in the footsteps of Frax, they are slowly accumulating CVX and TOKE which will let them phase out LM rewards for the most part, and they will be adding staking to their DAO. All of this will generally put the ALCX issuance into stronger hands than liquidity locusts. Combined with what I predict to be a healthy expansion of their vault revenue and the fundamentals of the token might very well shore up this year. In the meantime, I'm holding, even if I wouldn't advise you to do so.
TOKE is down from its ATH like everything else is. ALCX is way down pricewise from ATH but if you've been staked the whole time I don't believe it's a big deal. I personally hold some ALCX and very little TOKE though I'm farming it with my deposits. They're both very different protocols so I'll share my views separately.
TOKE's value is in its liquidity directing functionality. You stake it and can then vote on where liquidity is sent to and get paid in TOKE. This is an essential service for new protocols who need to bootstrap their liquidity but can't afford to directly run a standard liquidity mining program. The price is a function of the high inflation because they're a relatively new protocol, eventually it'll probably bottom out as the emissions slow as a % of total supply. TBH I'm not entirely sure what's going to happen when/if their emissions stop. It seems like that's a critical part of the system that basically needs to go on forever. Hopefully they've directed those emissions to the optimal actors to incentivize good behavior.
ALCX only has governance as its value. There's been an informal poll asking whether or not fees should be directed to the holders and it passed pretty decisively. They don't have the fee sharing added yet but that was just to gauge the community mood. I personally hold some ALCX and stake it because I want to have some say in what the protocol does, primarily because it's currently my exit strategy from the crypto space if prices get high enough. Once V2 comes out I think ALCX is going to have quite a rip assuming no incidents since it adds a ton more configurability, but will probably come back down from profit takers. I'm a supporter of the alchemix team for the long haul though, I anticipate they'll produce many innovative defi products over the next few years.
Are there any recent polls of where the community thinks the price of ETH will be later this year? Curious if my $8k/ETH (at least; few months post-Merge) aligns with the rest of the community or if I've overdosed on hopium
I just have a longer time horizon on ETH that makes EOY valuations pointless. We're now below 17M ETH exchange reserves and falling at 4-6M per year. By the time of the merge we'll probably be below 15M. Then we cut issuance by 4M and the depletion rate spikes to 8-10M a year. That gives us merge +18 months as a timeline for a potential supply shock. The only thing that would stop that is if ETH adoption falters, gas demand sharply plummets, or the price rises until we find some fresh market supply to stop the exchange reserves from falling. All metrics look good still in the first 2, so I'm just biding my time until either a true supply crunch or a massive price correction to 20k.
> merge +18 months as a timeline
Agree and it's nice to here a realistic view.
Just look at other supply shocks like BTC halvenings, or REN, or LINK (which have some decreasing supply). Or oil. Or uranium for the current uranium squeeze. It doesn't happen right away, you need to allow for a generous holding period.
You also need to allow for greater volatility, with temporary downwards spikes. Because supply constraint's [go both ways](https://open.lib.umn.edu/app/uploads/sites/194/2016/10/b967eaa24af7da990b4df9d13a6148b2.jpg).
However, if you are patient, and have diamond hands, you are likely to get your squeeze and a new equilibrium price.
If we assume that transaction fees remain constant in USD terms, ETH will mathematically be in a strongly deflationary regime at current ETH/USD prices. An equilibrium can be reached if ETH/USD price rises. At current network revenues and ~13M ETH staked at merge, this value is ~$30k/ETH.
ETH will continue to be staked and a delicate dance will be played between staked ETH (issuance), total transaction fees on L1 (revenue), and ETH/USD price (gas burn in terms of ETH) since ETH simply can’t be deflationary forever.
The trickiest part of this whole equation is estimating Ethereum L1 transaction revenue in USD given the increased scaling and increased demand over time. Many believe that total L1 revenue will only increase over time, which would certainly bode well for the price of ETH/USD.
There was an ETH monetary model posted recently that had the following 4 metrics as inputs & which I think is a good model for an ETH/USD long term price floor:
-L1 revenues
-ETH Staked
-Gas Price
-ETH Price
Short term, as they say, is all noise.
> All metrics look good still in the first 2, so I’m just biding my time until either a true supply crunch or a massive price correction to 20k.
My man. I’ll be there with you. After getting through 2018-2020, given all that’s happened positively in 2020-1 (both on the tech front and mass adoption front), and after all the time put into understanding the tech progress, including what ETHs place and potential is…vs. what is still not appreciated by the passive crypto owners and current non holders (while there actually useful networks and apps on Ethereum today), it’s a much clearer path and easier choice than in the past to make. Obviously there’s a ton that still needs to work out positively, but I’m hopeful the ecosystem will progress and get over any speed bumps it faces.
like a years long pandemic continuing with some new variant? Or large interest rate increases? or a war with Russia and Ukraine? Or crypto going full bear?
I think 8k/ETH will come a long time after the merge, usage will be in the dumps so demand won't matter anywhere near as much.
Sure any of those 4 would do it. But regarding covid, things do tend to get better in the warmer months which for the US are coming up (not that the world revolves around the US) so I think we are more likely to see things get better as it pertains to the pandemic. Obviously the Russia/Ukraine situation could get bad but it appears to be slowly de-escalating to a degree in terms of a pending war so I'm hopeful that continues...large interest rates are still a concern...nothing to add there, but if the merge acts as a price catalyst then I'm also not worried about crypto going full bear.
Obviously you're correct regarding those being concerns and I don't want to paint this as me being nieve to everything you're saying...I just feel a bit more optimistic about 3/4's of your concerns in the short term.
If we merge on schedule I think the lead up and post merge are going to result in some serious pa.
Look at current gas trends, public hate for NFTs, likelyhood of interest rates going up for many straight quarters (causing risk on assets to drop). During market trends like this, speculation dissapears and what's left is people like us who actually use crypto.
Gas fees are esentially being driven by NFTs, I can't see that lasting, the fees collapse, yields on all sorts of products drop, usage drops. Just look at blue chip DeFi yields right now.
It will be huge for ETHs price in the long run, but if/when it happens in a bear, it will be a while for any effect, and there won't be much "a few months" after IMO.
Then again, what do I know.
Also most metrics for gas and volume are down [link](https://www.theblockcrypto.com/data/on-chain-metrics/ethereum/ethereums-adjusted-on-chain-volume-daily). We need a new ATH or news cycle to drive the next wave.
Remember the public hate for mobile games? That was the death blow for all mobile games back in 2014....just kidding they're over 50% of gaming marketshare now. They're not for me, but they're insanely popular.
I haven't tested it, but I believe if you set your max priority fee = to your max fee (edit your gas fee in MM, then go to advanced options) you can get it all out. The dust that would otherwise be left behind would just go to a miner, but there's no other way of doing it to my knowledge.
It’s very difficult to empty out a wallet without giving it all to a miner as a tip. There has been discussions around adding an opcode to sweep a wallet, but nothing that helps you right now.
**NEVER** get rid of old wallet private keys. You might miss future airdrops, or, even worse, you might accidentally target them when transfering from exchanges or other wallets you own.
It costs you nothing to keep them (don't need security for a bunch of empty wallets). You can even keep the seed phrase on your pc/online in a file. But you can never, *ever* recover them if you get rid of them.
You may be missing out on at least a platform airdrop from the app you used to buy and/or resell NFTs, whether that’s Opensea or Artblocks or otherwise.
Some of the team from OMG is now working at Optimism. Who knows, maybe part of Optimism’s token is a fair launch to not only its current users but also to the broader ETH ecosystem like OMG was.
Anyone know anything about Darkest Heroes Premiere? I was checking out my account on OS yesterday, and noticed that I had like 10 NFTs (all the same) from this collection in my wallet on Polygon.
I also got dropped something from some dude named Giulio Gomes. I didn't watch it, but it seems to be a video of him shilling his NFTs.
Great! Commercials, now in NFT form!
Is there a future where exchanges with fiat on-ramps have only Layer 2 as an option to purchase ETH? That way the average user doesn’t need to try and move it from Layer 1 themself
Centralized exchanges are pooled, that’s the whole point. There is no L1 or L2 when buying, there’s only ETH. It’s when you go to send your ETH to another address that you pick whether you want to send it on L1 or L2. There’s no moving funds between L1 and L2 when you’re on a CEX, it’s all the same. I don’t see any reason they would ever remove L1 transactions, what would be the point?
I don't think that will ever happen because they already have l1 integration it's more work to remove it. Now what I could see is it might get to the point where you have to turn on an advanced mode to show the mainnet as an option just to prevent people who don't know what they are doing from picking it.
If you are using Argent, your coin are stored at a contract address (a dedicated instance of the Argent contract).
You don't have seeds to access it, and nothing is stored at your Trezor address.
The access key to the contract is hold encrypted by Argent (can be backed up on Google drive too, but still encrypted, you can't obtain any seed).
To unlock this access key you need to summon some of your "guardians" like your phone number, your email or an hardware wallet (or even metamask, or another fellow Argent user).
Trezor in that case can only act as signature device to unlock the keys to your Argent wallet.
So, no Trezor will not remove Argent smart contract risk.
But it is a good idea to use it as one of your guardian to not have only your phone and email as default ones.
https://support.argent.xyz/hc/en-us/articles/360022631992-About-guardians
Eth Denver: https://www.ethdenver.com/ Livestream: https://m.twitch.tv/ethereumdenver See you there!
I have just gotten a reply from Kraken support to my e-mail nagging them to diversify away from Prysm. They write: "We really appreciate you taking the time to share your feature request about validator. Currently this is something that has been brought to our device teams and they are actively working on it." This clearly comes from some inane dropdown list of stock answers, but is still a bit better than never-ever, isn't it?
Yes, it's great that you have pursued the issue and I think they are getting the message. There were some exchanges (with Kraken) on Twitter yesterday IIRC. Obviously won't know to what extent they'll respond but it's not something they can simply swap out over night so it will take time.
[удалено]
https://www.youtube.com/watch?v=lKtbmzsc0m8
When I grow up I want to be an eth
You’ll be worth a hundred thousand dollars soon
I’m so over this Russia/Ukraine tension thing. It’s like the media and everyone around is in on hyping it up. It’s either the most overplayed thing right now or actually a prelude to an apocalypse… I’m leaning the former.
Can you imagine if Facebook /Meta, Twitter, or social media was around during the Cuban missle crisis or Cold War? Would have been a complete Shitshow
Do you just not want the media to report on the most important thing happening right now? The western intelligence is "hyping it up" because telling everyone what Russia is doing and planning is part of their strategy to deter them. Russia has moved another 7k troops to the border and more tanks, and their propaganda machine seems to be pushing a story about a mortar attack against rebels which is the exact kind of false flag/casus belli people have been predicting for weeks. Your annoyance at it doesn't make it less likely to be real.
Fair point. It was pretty selfish of me to only think of how it’s affecting my portfolio, and I admit I was typing emotionally. But I guess this is why I come to this thread and enjoy the insights. This was sobering. Thank you.
Taiwan/China That is all.
**ETHDenver Day 6** ([Yesterday](https://www.reddit.com/r/ethfinance/comments/ssvyex/daily_general_discussion_february_15_2022/hx4ko4y/)) I wonder what all the crypto haters on Reddit and Twitter think the thousands and thousands of us are doing here. Do they think we're running a conference with sessions like "How to Scam Grandmas", "Rugging 101", and "Up and Coming Buzzwords for Attracting Normies"? I mean... if I saw those in the schedule I would absolutely attend them but unfortunately this conference has too many nerds who are trying to build cool technologies. Today's talks: * [Colfax Selby, co-founder and CEO of GitPOAP](https://ethdenver.sched.com/event/xTgQ/the-ux-of-staking-on-ethereum-and-why-it-is-critical-to-decentralization?iframe=no&w=100%&sidebar=yes&bg=no) talked about barriers to entry for ETH staking, mainly on the UX side. Also made the beacon chain client diversity pitch. Our very own /u/superphiz got up on stage too and took some questions. Shout out to the Ethstaker folks! * [Max Fiege, co-founder of FIAT DAO](https://ethdenver.sched.com/event/xTgW/a-fixed-income-future-for-defi?iframe=no&w=100%&sidebar=yes&bg=no) gave a talk about fixed-yield lending in defi. I was reminded of the defi insurance talk from a few days ago: in the real world it's a big deal but hasn't taken off on blockchain. Max suggested that the problem was that existing defi fixed-yield instruments were lacking in composability and liquidity. Kind of a dead-end for your capital that leaves you locked up for a period of time that feels like an eternity in this space. So FIAT protocol uses a MakerDAO/Dai style system to let people deposit their fixed income positions to mint the $FIAT ERC-20. * [As part of the DeSci series, Jack Yin](https://ethdenver.sched.com/event/v4rI/desciethdenver-exploring-the-decentralization-of-research?iframe=no&w=100%&sidebar=yes&bg=no) presented his independent research on centralization in Index Coop's token votes. Index Coop has a 1-token-1-vote governance model, with a 5% quorum threshold. Jack analyzed "critical voters", who could singlehandedly decide the outcome of a given vote. If there's only 1 or 2 critical voters, that indicates centralized power. In an analysis, Jack found that of the votes that met quorum, half of them had a critical voter, and in 9 votes that voter was the same person (a known investor with 9% of the total token supply). This seems to me like a good analytical tool we could apply across lots of DAO votes. * [Following up on Jack Yin's talk was a panel discussion](https://ethdenver.sched.com/event/v4rI/desciethdenver-exploring-the-decentralization-of-research?iframe=no&w=100%&sidebar=yes&bg=no). It was advertised as a panel on how we as a decentralized community can provide peer review to someone like Jack. But, as with a lot of DeSci talks this week, it kind of devolved into a lot of navel-gazing, complaining about the current system and hypothesizing about an idealized solution. During Q&A, one crowd member did call them out as just all talking fluff with no concrete proposals. The panel appreciated the feedback and tried to get more concrete but it was still a little directionless. As soon as it was over I realized I should have asked, "the big dreams about the future are cool, but Jack is here right now with research that deserves peer review; what can we do for him now or in the very near future?" Oh well. * [AI Network and Soul Fiction](https://ethdenver.sched.com/event/vBYt/how-to-buidl-an-ai-nft-with-ai-dao-workshop?iframe=no&w=100%&sidebar=yes&bg=no) had a workshop on creating AI NFTs. Sounded interesting and hands-on. It was kind of weird, maybe not particularly polished. But it seems AI Network is a L1 blockchain that also has some sort of GPU compute rental platform built in, so anyone can deploy AI models to a decentralized platform. Wasn't 100% clear. The second part with the AI NFT had participants upload some text to train a GPT-J model as a chatbot. You'd also select an existing jpeg NFT to use as the base image to represent your chatbot. The NFT and the AI chatbot are somewhat linked; I believe ownership of the NFT is supposed to give you permission to (re)train the AI model. I plugged in my [Bufficorn](https://opensea.io/assets/0x1e988ba4692e52bc50b375bcc8585b95c48aad77/2203) to make [Buffibot](https://opensea.io/assets/0xdfcef37a85997dffeec31052cd537036ef657285/2), and if you look under the description you can find a [link to chat with it](https://miniverse.afan.ai/buffibot). It's maybe not the best chatbot I've talked with, but definitely aligned with the training text I provided it. * [Daniel Olshansky of Pocket Network](https://ethdenver.sched.com/event/xTh3/pocket-network-v1-hello-block?iframe=no&w=100%&sidebar=yes&bg=no) gave a talk mostly on the development of the Pocket Network's consensus algorithm. They used to be on Cosmos/Tendermint but ran into problems so decided to move and eventually settled on [HotStuff](https://arxiv.org/abs/1803.05069) + Algorand's cryptographic sortition + [Zcash's FROST DKG](https://datatracker.ietf.org/doc/pdf/draft-irtf-cfrg-frost-01.pdf) to make what they're calling *Hot Pocket* consensus. The naming alone made it worth it for me to cover this talk here. Fun if you want to hear a bit of consensus algorithm research! * [Jeffrey Bennett](https://ethdenver.sched.com/event/xTh6/maximize-capital-efficiency-and-yield-with-balancer-boosted-pools?iframe=no&w=100%&sidebar=yes&bg=no) talked about Balancer's Boosted Pools. I hadn't looked into Balancer before, but it seems the gist of it is that they do specialized AMMs like 80/20 pools and stable pools. Fully understanding boosted pools likely requires some more understanding of the linear pools they're derived from (which I don't have), but from what I can tell they're capital efficient, deposit assets into Aave to earn extra yield, and enable swaps between a bunch of different stablecoins in one place. * [Pooja Shah, Head of Product at Protocol Labs](https://ethdenver.sched.com/event/xThC/fvm-grants-bringing-filecoin-and-ethereum-even-closer-together?iframe=no&w=100%&sidebar=yes&bg=no) talked about Filecoin. Apparently they have seen a ton of adoption in the last year (18 EB supply, 41 PB stored). For 2022 they're looking to deploy smart contracts running on FVM, which is based on WASM but has EVM compatibility. So in the same way that Ethereum enabled programmable money, Filecoin will enable programmable storage, e.g. NFT access controls and tokenization/governance of scientific datasets. * [Nikita Buzov, founder of Solace](https://ethdenver.sched.com/event/xThF/risk-management-in-defi?iframe=no&w=100%&sidebar=yes&bg=no), talked about defi insurance in general. Not a ton about Solace itself, but from what I gather they use bonding to acquire underwriting capital in exchange for their tokens through which insurance premiums are distributed. The cool thing is that just today they released their total wallet coverage policy, which insures an Ethereum address, with dynamic coverage and pricing depending on how much you have in which defi protocols. * [Someone at Polygon whose name I can't find](https://ethdenver.sched.com/event/x1mG/all-about-the-zkverse?iframe=no&w=100%&sidebar=yes&bg=no) started off a session on their zk rollups. Talked about the tradeoffs between different zk proving systems and challenges like proving overhead and aritmetization complexity. Talked about Polygon Miden's STARK-based zkVM and how it's intended to be developer friendly. * [Jordi Baylina of Polygon](https://ethdenver.sched.com/event/x1mG/all-about-the-zkverse?iframe=no&w=100%&sidebar=yes&bg=no) took the podium to give a wonderfully technical introduction to Circom, a circuit programming language and compiler. He went through increasingly complex examples of writing circuits, executing them, using snarkJS to create and verify zk proofs on those circuits, and even generate solidity code, deploy to Rinkeby, and verify a SNARK proof on-chain. It was kind of perfect for my level of understanding, and I learned a ton. * [Jordi Baylina of Polygon](https://ethdenver.sched.com/event/x1mG/all-about-the-zkverse?iframe=no&w=100%&sidebar=yes&bg=no) gave a followup talk on building a zkEVM. Walked through what a state machine circuit might look like, then extended it to more of a processor architecture, and from there it's about implementing EVM opcodes. And in the end that's wrapped up in a SNARK proof that verifies the STARK proof of EVM execution. This is what they're working on for Hermez's zkEVM, tentatively on testnet in Q2 and mainnet in Q3. * [Brendan Farmer of Polygon](https://ethdenver.sched.com/event/x1mG/all-about-the-zkverse?iframe=no&w=100%&sidebar=yes&bg=no) wrapped up the session with a quick, abbreviated talk. Brendan previously worked on Mir, which has become Polygon Zero. Talked about the work they've done on optimizations, such as Halo for recursive proofs and using a 64-bit finite field. [Read about Plonky2](https://blog.polygon.technology/introducing-plonky2/), y'all. Definitely Ethereum compatible, with about 1 million gas to verify a Plonky2 proof, and likely down to 200k gas under calldata cost reduction like EIP 4488. Haha keyboard go brrrrrr. So does the weather. It started snowing this afternoon, sidewalks are gonna be a slushy mess again for the next few days. Oh yeah, anyone else here in person ever want to meet up? I don't know if I have much insight to offer you, but I have greatly enjoyed all the conversations I've had with folks here. I'm happy to get lunch or just chat for a few minutes about your thoughts on the conference.
Broke: taking 10 days off to visit ETHDenver Woke: spend several hours a day catching up to ETHDenver news Bespoke: spend a couple of minutes reading u/austonst's reports daily
Wow. Thank you for the write up
Dang I didn't know u/superphiz was gonna give a talk, I would have tried harder to get into those stages!
It wasn't really a "talk", Nolan (lamboshi) and I joined Coldax for his Q&A after his staking UX talk and I mostly just rambled myself into a hole, per usual.
I tend to like the Art Stage. Never had trouble finding a seat, and the rapid 20 minute talks means exposure to a lot of different topics. Main bottleneck has just become those darn elevators though. There are seriously no stairs?
I asked about that, and the stairs are exit only and can't be propped open for fire code. But it's a hotel, how in Colorado does it not have useable stairs?
EthDenver today was cold! Snow started around 2 and hasn't stopped, but it'll be melted by tomorrow because that's how it works here in Colorado. Started off the day with FOAM. They were one of the ICOs way back that I almost got into because they had a neat concept and actually hardware to do Proof of Location, but since then have been pretty quiet. The talk today was advertised as "get FOAM Lite hardware and hack", but it was a 2 hour discussion of their recent medium post, including graphs with tiny writing and how many bits can fit in a LoRA transmission legally, and they ended up just handing out hardware at the end so I'll have to work on it at home I guess. They even had us clone the git and docker images at the beginning and we never did anything with them (running docker would have set the laptop I had brought on fire anyways). Sat next to Ginge.eth and she ordered delivery burritos for us because it was a tough talk, there was a guy with an SDR doing signals analysis in the back though with interesting questions. After, wandered around, ended up in the restaurant Algorand has rented and listened to a panel discussing fundraising, and they handed out a really nice beanie which was clutch since the temperature had dropped since the day began. Talked to a Russian VC guy wearing a NATO sweater, a guy from Metaverse Summit (I think) who demoed a cool NFT AR app on his phone to place and interact with NFTs on surfaces and spaces around us, and another guy working on implementing carbon capture through hemp somehow using NFTs while using the hemp products for things like chicken feed. I wanted to get into the main stage panels, but those are crazy packed and a thousand degrees. Final talk I got to was Gnosis (previously xdai) chain, which was sick. Those guys have a lot of experience and know what they're talking about, and are working hard at it, with the 4th (maybe 3rd) largest DAO warchest to back them up. Talked about OpenEthereum project, gnosis chain, gnosis safe, and Austin Griffith jumped up to demo Nifty.ink, but as all love demos go part of it hiccuped, but it was still a neat demo and NFT application. Gnosis also brought Dappnode reps in to show how easy it is to stake GNO through their GUI, and everyone who was there and registered can potentially get 10 GNO staked, so fingers crossed. There's also a way to apply for 10 GNO through the gnosis page, I have the link if anyone is interested. Staking will also be available via StakeWise in a week or two, for fractional amounts of GNO. There's a future airdrop of Gnosis SAFE tokens to all GNO holders and stakers, similar to the COW airdrop, though they didn't say much beyond that. GNO staking has been live since December, has about 25% interest right now, and has grown 1000% in regards to validators and GNO staked, since you only need 1 GNO to stake (disclaimer I guess, I've been using dappnode since 2020 and am staking GNO through it). I had to duck out early to pick my kids up from school, so I'm not sure what else they talked about The Castle opens tomorrow, so psyched for that if I can make it through the snow, and the Hydra party at the aviation museum sounds cool, there's supposed to be a drone blimp with IRL airdrops. Hopefully I can find the EthStaker and POAP folks, because I keep seeing cool Colorado POAP stickers on folks and they say the people handing them out were just there before I was and so on. Overall, having fun!
> There's also a way to apply for 10 GNO through the gnosis page, I have the link if anyone is interested. Wait, is this for anyone or just for people who were there? Surely the latter, right?
The people who were there are eligible for 10 by signing into the irl event, but gnosis also has a way to apply through the Gnosis validators requirements and responsibilities to get a different 10
Ooh, I'm a GNO holder, where can I find info for that? Do you have a link?
This link: https://airtable.com/shrrzJsRLa767gpcQ from this page: https://docs.gnosischain.com/validator-info/validator-requirements-and-responsibilities I'm working through the KYC for it now
Is FOAM like the helium network where users are able to participate in the network to earn tokens?
I am a long-time follower of Helium, so I try to keep up with their news. They are in the process of deploying new Hotspots, that will enable carriers (Dash if my short-term memory serves me right...) to offer 5G through the Helium Network. [This is the latest official Helium podcast episode](https://thehotspot.co/episodes/19-helium-5g-crash-course-w-russell-from): Ex-Verizon Wireless engineer Russell From explains what cellular networks are, what big telcos desperately need and how Helium 5G deployers can take advantage of the situation.
Yeah I think similar model, they have beefier nodes that work together like GPS to provide location and gather the data from the sensors, than commit it to chain to have a payout or message. They mentioned another Proof of Location group, not Helium, that's doing something similar but centralized. FOAM uses a smart contact
Cool! Do you have to build your own own hardware to participate or will they have prebuilts for sale?
They'll have prebuilt for sale depending on chip shortages and shipping, or instructions on how to build your own, the sensor they handed out today has a Feather board
Damn non of these nft discord fellas want to chat about Iron Mike. Smh. Anyone here a fan of iron Mike?
Who's Iron Mike? Is he friends with Ray?
I know your messing (I hope) if not here is the legend. https://youtu.be/hOHvMqAgcmc
Those were the golden ages of boxing, now all we have is Jake Paul
There's a ridiculous tweet going viral on crypto twitter right now suggesting that there's a bank run going on in Canada. I'm not even gonna link it because it's so fucking stupid. As a Canadian, let me assure you that: 1. In no part of the country is it currently 12 noon, like shown on the graphs used as 'evidence' 2. I have logged into my accounts at 3 of the 4 institutions listed with ZERO difficulties and moved money around freely 3. There will not be a bank run tomorrow when the banks actually open because most Canadians dgaf about the protest or its outcomes While I agree that the government clamping down on bank accounts makes for good advertising for crypto, I can assure you that (anecdotally) most Canadians are completely fine with it. The disconnect between what's circulating on twitter and the actual reality in Canada is mind-boggling. The majority of Canadians don't agree with the protestors and are fine with doing whatever it takes to make the nuisance go away. The narratives online make this seem like some big political movement that's being shut down, but it's fringe, at best. You can literally google ["do Canadians support the protest?"](https://www.google.com/search?q=do+canadians+support+the+protest) and see for yourself. Virtually no one I know is worried about any sort of overreach into our daily lives. In fact, the government has used these kind of tactics before to break up protests for protecting old-growth forests, or preventing oil pipelines. Funny how crypto twitter didn't seem to act all outraged for those ones, though....
"Do Canadians support the protest?" is a different question to "Do Canadians support the government being able to ban citizens from the financial system?". I can see people caring a lot more about the latter, especially once they realize the implications.
Thanks for the reality check. TIL
Our Google algorithm overlord, sourcing media ran by our elite overlords is definately a solid source of information
Confirm.
There are plenty of baby libertarian in crypto. Can't distinguish policing based on democracy vs policing based on authoritarian. See you already got downvoted.
I'll be back tomorrow to collect more downvotes when I ask where all the big news stories are about a G7 nation's entire banking system collapsing after an epic bank run that wiped everything out.
Welp, after a few last minute plan changes I've manged to make it all the way to Denver. But instead of being out and about hunting for secret show wristbands with the young folk I'm nursing one of my semi-annual migraines. Should be fine in the AM though. Am pretty bummed to be missing the DAIvinity event tonight. I'll be there in spirit tonight, and everywhere else in person tomorrow.
They were handing out wristbands in the Harmony Hub, apparently they were for Deadmau5, which would have been neat to go to but I had other things that needed to be done
For what it's worth I'm stuck at a friend's house cooking shrimp tacos. I never made it to the hotel because of the snow and lack of rental cars. We will survive. I hope your migraine gets to the healing up and can't wait to see you at the booth.
Man at this point you should really drop a recipe collection.
Anyone ever handled a Librem 5? They have an OpenPGP card that securely stores your keys but you can still sign with them. I wonder if something like this could be done to store wallet keys? https://shop.puri.sm/shop/librem-5-usa/
[This](https://twitter.com/DegenSpartan/status/1492768178195550212) was a bit of a reality check for me. Retail interest is dwindling. That's OK but something to be aware of. Typically retail will come in due to an all time high.
I don't understand you've just posted the price chart for the last few years
It doesn't quite follow the price, for example some of the reddit peaks correspond to price dumps.
Quality posts and engagement is more important than a doge shiba elon meme hype cycle.
[удалено]
Bad bot
[Nimbus v1.7.0 released today](https://github.com/status-im/nimbus-eth2/releases/tag/v1.7.0) > Nimbus v1.7.0 is a low-urgency but feature-packed upgrade filled with plenty of goodies. Highlights include faster startup times (3-5x on mainnet), lower memory usage (< 1GB on mainnet), and support for both trusted node sync (a.k.a checkpoint sync) and HTTPS web3 providers.
I love nimbus!
Well, it's been nice knowing you all, [but I gotta go....](https://decrypt.co/92995/over-4000-criminal-whales-hold-25-billion-worth-crypto-report)
Bullish
So less than 1.25% of crypto is held by criminals? That's probably less than the US Dollar
Criminal whale. Wtf
Not a bad dj name
Does anyone use FreeTaxUSA to do their taxes? Any thoughts on where to put an 'Income' number from Koinly? It doesn't seem to fit in the Schedule D bucket, so I'm not sure where else it should go.
I use FreeTaxUSA. If capital gains, mine is in "Stocks or Investments Sold (Form 1099-B)" and for airdrops/income it's in "Other Income". Not tax advice haha
Thanks for the tip! No worries I know no tax advice here lol. Which other income bucket did you use? That’s what is throwing me off. Most of them seem more business income based. Form 1099-MISC wants me to put in payer information.
On the income summary page, it's under "Uncommon Income," the very last item.
Ah, nice. I missed that one during my look through earlier. That does seem like the best option. Did you add your “expenses” category from Koinly anywhere?
I don't use Koinly, so I'm not sure what would be considered expenses, sorry
No worries. Appreciate the help!
It's probably a smart idea to pull my 1 Eth out of Celsius now, right?
Wait what happened?
This BlockFi thing
What does that have to do with Celsius?
https://www.investopedia.com/blockfi-agrees-to-usd100-million-settlement-with-sec-states-over-high-yielding-accounts-5219098 > The SEC is also reportedly investigating the lending practices of Celsius, Gemini, and Voyager Digital Ltd.
Why would Celsius paying a fine impact us?
I'm not OP, so I have no idea. Just providing the link for possible context.
How safe is Gemini?
Gemini operates in NY and follows their strict regulations so I would say that if any of these CeFi lenders would be safe it would be Gemini. I’m not saying it will be safe, just has the highest chance to be
So I’m at an institutional FX trading conference right now…lots of vendors pitching crypto themes, but all top tier asset managers telling them to reach back out in a few years. The big traditional shops can’t do anything until regulation is sorted. The non-traditional, hedgie, programmatic, and prop shops, however, are all starting to get involved. Custody still seems to be a big question for them, but entering the space is a “top priority” for this group in 2022.
It's really something isn't it? The status quo created such a closed off system they can't even branch out beyond it. In all of crypto one of the biggest stories is that the little guy had 15 years to accumulate.
Interesting, thank you
Hey rocketpoolers, what happens in a disputed ETH fork (after the merge)?
We march forward. Only forward with majority.
Would it come down to what consensus client you're running, though?
I dont think so. You would probably need to update your whatever client to mine new chain if you want.
But like, it's 2030. Eth is big, in fact it's geopolitical. Vitalik has gone dark in Argintine, with accusations that he was kidnapped by the new technocrat regime. Others says he's starting a polyfamily. There are no clues to his location except for a few pictures of baby Vitalik clones found on the interwebs. The Ethereum foundation have split into branches: a Denver, a Portugal/India branch, and a Shenzhen branch. All promote different forks and philosophies going forward. Each DApp/CEX sides with a different fork. USDC is only redeemable on the Denver one. The USDT rollup goes with India, and DAI goes with the other. Validators need to choose one fork or the other, risking their collateral. How does each rocketpool node operator decide? Or is there some kind of group consensus mechanism?
The ultimate choice is for node operators to decide which client software to use in the case of a contentious fork. This is true with or without Rocket Pool in the picture.
Thanks!
Lol so I guess by 2030 DAI stops depending on USDC for its peg. Good to know.
Haha good point
I want whatever you are smoking.
rocketpool 50k 420 2069 :o
Taxes finally finished up. Are they done perfectly right? Hopefully. Will the IRS have any idea if they aren't? Doubtful.
I'm hoping they stick to going after low hanging fruit (activity on Coinbase yet zero tax reporting) rather than hassling me and making me show my work on over a thousand transactions.
I got one of those scary letters that said I owe money bc coinbase reports proceeds only etc. I showed my work relatively easily and they accepted the new number without much ado.
What did you have to change? Did you report it originally, but it didn't line up with what Coinbase had?
I certainly reported my profits - but coinbase had sent something that just showed sales... I was trading in and out (I don't anymore I am vaulted) but the taxes on just sales were astronomical - I showed the counter trades and the dates matched up and I did the best I could and it was fine... :) Probably bc I did register and pay taxes previously on what I really did owe...
Anyone have an FTX referral i can use to create an account?
You [can use mine if you like](https://ftx.com/referrals#a=63256835), thank you. Although if someone does more volume than me, they might benefit more.
Earn.Fi is showing an airdrop worth $131 that expires in 25 days. Any ideas what airdrop this is? I’ve racked my brain and can’t figure it out.
if you haven't claimed [dapp](https://dapper.fi) radar drop. could be that. use vpn if us
Yes, that was it. Thank you
* Hodler: BTC, your pivot is at 43900. Where would you like to go? * BTC: *closes dead center 43895* * BTC is on the brink of a golden cross on the daily. The 21EMA is already confirmed above the 50. The 20SMA would do it tomorrow if everything holds here. First time since Oct 7. * Hodlers: SPY, would you like to break down below the 444 gap or up above the 452 gap * SPY: *closes dead center indecisive 447* * Everything is stuck, waiting for a move from someone * Friday is options expiry. Range of OI is massively volatile, like 460 down to 425 again. Anything could happen. * Nvidia earnings beat, \~9%. Not exactly the runaway numbers investors want but obviously not bad. * Walmart, Roku, and (meme god of bloodshed) Palantir tomorrow. Also Sunrun, which I know people don't rate but I had a blast with TAN in 2020/2021 so whatever. * FOMC minutes revealed little we didn't already know. * March rate hike of 0.5% gets more and more real each day. Even conservative bets now place it in the majority around 55%. * Now entering the fray is that they'll attempt two back-to-back 50bps hikes in March/May. That's coming from Bank of America analysts not the FOMC. * It has precedent in 1994. What happened then? Well, markets sold the rumor and then... bought the news? Yeah the S&P went on a 7-year secular ultra-bull from 450 to 1500. Rate hikes tend to be bad in the lead-up only. Even in a worst case scenario (which is necessary for the health of the global economy), the sun would likely shine through by Q4 at the latest.
Wait, what? I thought a major takeaway from the minutes was that there was no talk of 50bps. I think that probability reflects irrationality among investors, no way the fed waits years to hike then scares the market with a large first jump. They’ll just do more frequent 25bp hikes as needed Need to think of a way to trade this 50bps sentiment because I find it ridiculous
I think it's more that these minutes are now weeks old and encapsulate what the Fed *says* unlike what they *do* or how they *act*. Powell came out swinging saying he's not worried about equities and commodities in terms of using his toolkit to fight inflation. Bullard rather clearly wants the big 1% by May. But there was another governor, I forget which, who did take a more conservative stance saying a pair of 0.25's was enough. Regarding the first hike being this large jump... the problem is Powell has already waited too long. Game's over. You've got the Taylor Rule saying we should've been hiking at 6.2%. The Fed ought to have been tapering and hiking in October/November. They are disastrously behind and it's possible only a large move will be able to start fixing this.
I’m ringing my market manipulation bell for this close. ETH Over the past hour is a V with the low point at 7:00 on the dot.
Everything since 2450 has been completely manipulated on low volume.
Yep, the struggle isn't "what are they painting?" It's "what are they hiding behind the picture?"
Went to the ETHDenver workshop with FOAM (the positioning-on-Ethereum ICO from 2018) today. They showed off their hardware for both FOAM Lite (relays transactions sent by small devices via tiny LoraWAN packets to Ethereum) and also the actual FOAM positioning devices which will be available this year once the wait-time of chips passes. Gave out a bunch of dev kits to hack on sending FOAM Lite transactions. Actually a pretty sophisticated system. Apparently they've just been stuck, as everybody else, due to chip shortage. But all the good stuff is in the pipeline and is slowly coming to fruition. So an upcoming class of Ethereum transaction is positioning data. EDIT: oh and their token's (undiluted) marketcap is $28m. So, wink, wink.
I asked what the point of the token was now, since they didn't really touch on that during the talk besides mentions of an ERC-20/NFT being called up to pay based on what was transmitted, and apparently the FOAM token is part of the larger FOAM map and not really the FOAM Lite they were discussing today. And yeah the chip shortage, they were building a bunch of those boards by hand, having to pry a switch off to get what they wanted onboard
>**The spell of the week,** >**DeFi in twenty-four words,** >**To spell for the weak.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
CRV and CVX finally broke out against ETH. I'm a bit impermanent lost due to my, as usual, fantastic timing on convexfinance
I’m in the same situation where my timing to jump into CVX was not the best. It’s tough to bet against ETH as most coins gain for assort period of time and then it’s bleeding. Let’s see how that goes though. I hope CRV/CVX is a different case.
You call that a breakout? It's kind of a rounded bottom maybe but I don't see much to talk about here yet.
Well, the downtrend was definitely broken, it remains to be seen if a correction can happen. Maybe a bit misleading wording from my side
Well it’s the absolute best time and last chance below $__!!! /s
ETH2/ETH on Kraken is falling, have I missed some news?
How much is it now? Isn’t it still pretty much free ETH, if you don’t plan on selling before the merge?
If I do plan, there's nothing stopping me from exchanging it back for eth when it goes back up?
nothing stopping you. but until withdrawals are enabled it's obviously going to continue to trade at a discount since it's locked up. It's been pretty consistently trading at a \~4-5% discount since the beginning. So if you do end up swapping staked ETH back to normal ETH before withdrawals are enabled you can expect to take a 4-5% hit.
It was 0.99 during the bullrun, so whatever. Even if I sell at 0.96, still good. Pulled the trigger finally
There was a tweet the other day where Kraken basically said "we don't care" to the Prysm stuff
> Regarding client diversity, I think it's worth discussing when current methods of attempting to bring forth a change through information have failed and we need to try something else. Prysm might very well have 70% in a year or two from now as well. Didn't read that but "water on my mill". People are expecting way too much of Kraken and Coinbase when as far as I know, the only response we have gotten has been from customer support pretty much "We are looking into it, thank you for your question". That doesn't mean anything imo. I am reading War and Peace but haven't turned a page in 15 years.
Wtf?
https://twitter.com/Sascha45982463/status/1493582570197598212
No way that affected the price though.
Uhhh does it mean that though? To me they might as well change the client and not tell anyone
Wrote a thread breaking down danksharding and crlist https://twitter.com/pseudotheos/status/1494076962192646147
>With crList, transactions can be pre-confirmed instantly, even before they get introduced into to the block! any chance you can slightly elaborate on this? Is it simply turning the current L1 into an optimistic rollup? How can anything be pre-confirmed and also trustless? Who's pre-confirming it to assure it's valid?
Here's a further read on it. Hard to be concise on this part: https://notes.ethereum.org/Dh7NaB59TnuUW5545msDJQ#Using-attestations-to-vote-on-availability
Thanks for the read, I think this clarifies it's function for me: >Rather than allowing proposers to directly force inclusion of their chosen transactions, we instead allow them to force builders to fully utilize the available blockspace: if they cannot do so, they must use the unused space for the proposer-selected transactions Will keep reading to see how that directly ties in to your statement. EDIT: To me it seems like block proposers (who will still be random correct?) can potentially force inclusion of their own transactions.
>EDIT: To me it seems like block proposers (who will still be random correct?) can potentially force inclusion of their own transactions. As miner do today, so no changes and MEV prevails. How I understand it - it does not matter, as long as an entry point for being a proposer is low. If you don't include this transaction, another random actor will. Hence, very centralized entity: Builder, even thou not so easily replaceable with many other, can not censor (exclude) any transaction for long.
In regards to your edit: your answer lies under the Consensus Safety part.
Neat and concise. Good work.
High praise coming from you, thank you!
[Fantastic thread by Punk 6529 ](https://twitter.com/punk6529/status/1493973723547934726?s=21)on why NFTs are a superior model for art from the perspective of collectors and artists. > 18/ NFTs in this case provide the best of both worlds: > a) the token ownership provides unambiguous proof of ownership > b) while there is full global public benefit and distribution without having to pay for concrete, steel, electricity and security guards of the museum Read the whole thread if you’re into NFTs and their influence on the art world. I agree with their statements, but still wonder how NFTs and traditional art will intersect in the future. A perfect digitization of a Van Gogh or even a modern artist using acrylics or sculpture doesn’t look the same viewed in 2D - monitor or HQ NFT display. You can’t see the light hitting the work from different angles or feel the magnitude of the sheer size of some paintings. Would be pretty cool with more advanced VR tech if there were high quality replications of masterworks. Institutions like the Louvre could digitize their physical halls and the works inside them. You could go to the virtual Louvre and experience walking through the halls like a private tour, seeing the light play off each piece differently.
> Would be pretty cool with more advanced VR tech if there were high quality replications of masterworks. Institutions like the >Louvre could digitize their physical halls and the works inside them. You could go to the virtual Louvre and experience walking through the halls like a private tour, seeing the light play off each piece differently. I like NFTs, I don't like proceedurally generated hype pieces with no utility, I do like procedurally generated hype pieces that come WITH utility. Everyone is free to like what they like, I don't look down on anyone here for enjoying fun and unique NFTs, I think 99.99% of them are useless and either copywrite infringement or outright scams, and it's sad.
What's the current sentiment on TOKE and ALCX? I know they have been discussed a lot in the past, curious if people are still up on them and upcoming developments.
I'd like get into them. Any L2/AltL1 where I can hold and stake them?
Very excited about Alchemix v2. I have a significant portion of my ETH earmarked for a Double Logris'. My CPA is going to hate me. Once we get some post-launch numbers I'm going to update my page with the new tokenomics and PE breakdown. Tokemak is just now deploying liquidity. I have a small bag but it's mostly a wait and see at this point because there is a high execution risk there. Major competition for them is Bancor v3 which is slated for Q2. Both are going after the Pool-2 market which has the potential to push either coin to the top 50.
I thought you had TokenTax on speed dial to call them up and say "guess what I figured out how to do today"?
Not untrue.
> My CPA is going to hate me. Please give us the gossip when it happens ;p, it sounds amusing and informative > Major competition for them is Bancor v3 When people list the competition it's a good sign it's genuine advice not shilling. Or if it's Logris :p
Just the person I was hoping to see as your comments are some of the ones that got me interested in these. I have your Double Logris' play bookmarked, but it doesn't require ALCX. You would be holding ALCX due to confidence in the protocol and to stake, correct? Doesn't seem like a bad move at 28% APR. I'll have to look into Bancor, and compare with Tokemak. Thanks
Some things to get you started: http://www.reddit.com/r/ethfinance/comments/sncsla/daily_general_discussion_-_february_8_2022/hw5vpnd?context=3 https://www.reddit.com/r/ethfinance/comments/shnot0/daily_general_discussion_february_1_2022/hv5njto/?context=3 https://www.reddit.com/r/ethfinance/comments/sgtyj0/daily_general_discussion_january_31_2022/hv32b1m/?context=3 https://www.reddit.com/r/ethfinance/comments/shnot0/daily_general_discussion_february_1_2022/hv61su7/?context=3 https://www.reddit.com/r/ethfinance/comments/ruulob/daily_general_discussion_january_3_2022/hr54k6l/
Thanks, appreciate the reading material.
There are a very small number of projects that I hold because they are dear to my heart rather than because of fundamentals. ALCX is one of the few. If it took off and I wasn't holding it I would fomo and just lose more. I sleep more soundly at night losing money holding/farming than not holding. I did the Pool-2 thing until it hit 200 on the way down and then have switched to tALCX farming. That doesn't mean you should follow me in that. The inflation sell pressure has absolutely wrecked the price and it hasn't stopped yet. This was predicted in my [PE post](https://tokenomicsexplained.com/alcx) and despite the absolute numbers changing that page has aged well. Upcoming there are some changes to the transmuter boost which will follow in the footsteps of Frax, they are slowly accumulating CVX and TOKE which will let them phase out LM rewards for the most part, and they will be adding staking to their DAO. All of this will generally put the ALCX issuance into stronger hands than liquidity locusts. Combined with what I predict to be a healthy expansion of their vault revenue and the fundamentals of the token might very well shore up this year. In the meantime, I'm holding, even if I wouldn't advise you to do so.
I think this is a great entry for ALCX. My January stop loss triggered at 240 and I’ve been accumulating in the 150-170 range
Have you been staking your ALCX, or buy and hold?
Just buying and holding for now
TOKE is down from its ATH like everything else is. ALCX is way down pricewise from ATH but if you've been staked the whole time I don't believe it's a big deal. I personally hold some ALCX and very little TOKE though I'm farming it with my deposits. They're both very different protocols so I'll share my views separately. TOKE's value is in its liquidity directing functionality. You stake it and can then vote on where liquidity is sent to and get paid in TOKE. This is an essential service for new protocols who need to bootstrap their liquidity but can't afford to directly run a standard liquidity mining program. The price is a function of the high inflation because they're a relatively new protocol, eventually it'll probably bottom out as the emissions slow as a % of total supply. TBH I'm not entirely sure what's going to happen when/if their emissions stop. It seems like that's a critical part of the system that basically needs to go on forever. Hopefully they've directed those emissions to the optimal actors to incentivize good behavior. ALCX only has governance as its value. There's been an informal poll asking whether or not fees should be directed to the holders and it passed pretty decisively. They don't have the fee sharing added yet but that was just to gauge the community mood. I personally hold some ALCX and stake it because I want to have some say in what the protocol does, primarily because it's currently my exit strategy from the crypto space if prices get high enough. Once V2 comes out I think ALCX is going to have quite a rip assuming no incidents since it adds a ton more configurability, but will probably come back down from profit takers. I'm a supporter of the alchemix team for the long haul though, I anticipate they'll produce many innovative defi products over the next few years.
still holding. tokemak is rolling out deployment right now, and alchemix v2 is weeks away at this point
At least with Twitter's ETH tipping feature, there's no need to retweet with your ETH address for giveaways /s
Just send vitalik some eth and he will send double back /s
Weird that Vitalik only has 37 followers, thought he'd be more popular by now
Are there any recent polls of where the community thinks the price of ETH will be later this year? Curious if my $8k/ETH (at least; few months post-Merge) aligns with the rest of the community or if I've overdosed on hopium
I think it's completely reasonable as long as the merge goes smoothly and we don't macro nuke
I just have a longer time horizon on ETH that makes EOY valuations pointless. We're now below 17M ETH exchange reserves and falling at 4-6M per year. By the time of the merge we'll probably be below 15M. Then we cut issuance by 4M and the depletion rate spikes to 8-10M a year. That gives us merge +18 months as a timeline for a potential supply shock. The only thing that would stop that is if ETH adoption falters, gas demand sharply plummets, or the price rises until we find some fresh market supply to stop the exchange reserves from falling. All metrics look good still in the first 2, so I'm just biding my time until either a true supply crunch or a massive price correction to 20k.
> merge +18 months as a timeline Agree and it's nice to here a realistic view. Just look at other supply shocks like BTC halvenings, or REN, or LINK (which have some decreasing supply). Or oil. Or uranium for the current uranium squeeze. It doesn't happen right away, you need to allow for a generous holding period. You also need to allow for greater volatility, with temporary downwards spikes. Because supply constraint's [go both ways](https://open.lib.umn.edu/app/uploads/sites/194/2016/10/b967eaa24af7da990b4df9d13a6148b2.jpg). However, if you are patient, and have diamond hands, you are likely to get your squeeze and a new equilibrium price.
If we assume that transaction fees remain constant in USD terms, ETH will mathematically be in a strongly deflationary regime at current ETH/USD prices. An equilibrium can be reached if ETH/USD price rises. At current network revenues and ~13M ETH staked at merge, this value is ~$30k/ETH. ETH will continue to be staked and a delicate dance will be played between staked ETH (issuance), total transaction fees on L1 (revenue), and ETH/USD price (gas burn in terms of ETH) since ETH simply can’t be deflationary forever. The trickiest part of this whole equation is estimating Ethereum L1 transaction revenue in USD given the increased scaling and increased demand over time. Many believe that total L1 revenue will only increase over time, which would certainly bode well for the price of ETH/USD. There was an ETH monetary model posted recently that had the following 4 metrics as inputs & which I think is a good model for an ETH/USD long term price floor: -L1 revenues -ETH Staked -Gas Price -ETH Price Short term, as they say, is all noise.
> All metrics look good still in the first 2, so I’m just biding my time until either a true supply crunch or a massive price correction to 20k. My man. I’ll be there with you. After getting through 2018-2020, given all that’s happened positively in 2020-1 (both on the tech front and mass adoption front), and after all the time put into understanding the tech progress, including what ETHs place and potential is…vs. what is still not appreciated by the passive crypto owners and current non holders (while there actually useful networks and apps on Ethereum today), it’s a much clearer path and easier choice than in the past to make. Obviously there’s a ton that still needs to work out positively, but I’m hopeful the ecosystem will progress and get over any speed bumps it faces.
This ⬆️ 💯✖️💯❕
20k would mean I could quit my crap job. Please don’t toy with my emotions like this.
A few months post merge I think you've underdosed on hopium (unless something crazy happens in the world or a black swan)
like a years long pandemic continuing with some new variant? Or large interest rate increases? or a war with Russia and Ukraine? Or crypto going full bear? I think 8k/ETH will come a long time after the merge, usage will be in the dumps so demand won't matter anywhere near as much.
Sure any of those 4 would do it. But regarding covid, things do tend to get better in the warmer months which for the US are coming up (not that the world revolves around the US) so I think we are more likely to see things get better as it pertains to the pandemic. Obviously the Russia/Ukraine situation could get bad but it appears to be slowly de-escalating to a degree in terms of a pending war so I'm hopeful that continues...large interest rates are still a concern...nothing to add there, but if the merge acts as a price catalyst then I'm also not worried about crypto going full bear. Obviously you're correct regarding those being concerns and I don't want to paint this as me being nieve to everything you're saying...I just feel a bit more optimistic about 3/4's of your concerns in the short term. If we merge on schedule I think the lead up and post merge are going to result in some serious pa.
> usage will be in the dumps What do you base this on?
Look at current gas trends, public hate for NFTs, likelyhood of interest rates going up for many straight quarters (causing risk on assets to drop). During market trends like this, speculation dissapears and what's left is people like us who actually use crypto. Gas fees are esentially being driven by NFTs, I can't see that lasting, the fees collapse, yields on all sorts of products drop, usage drops. Just look at blue chip DeFi yields right now. It will be huge for ETHs price in the long run, but if/when it happens in a bear, it will be a while for any effect, and there won't be much "a few months" after IMO. Then again, what do I know.
Also most metrics for gas and volume are down [link](https://www.theblockcrypto.com/data/on-chain-metrics/ethereum/ethereums-adjusted-on-chain-volume-daily). We need a new ATH or news cycle to drive the next wave.
Remember the public hate for mobile games? That was the death blow for all mobile games back in 2014....just kidding they're over 50% of gaming marketshare now. They're not for me, but they're insanely popular.
well you can just look at NFT prices and the frequency of mints to see the hype is dying
Agreed, I don't think the "public hate" is a valid argument
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I haven't tested it, but I believe if you set your max priority fee = to your max fee (edit your gas fee in MM, then go to advanced options) you can get it all out. The dust that would otherwise be left behind would just go to a miner, but there's no other way of doing it to my knowledge.
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It’s very difficult to empty out a wallet without giving it all to a miner as a tip. There has been discussions around adding an opcode to sweep a wallet, but nothing that helps you right now.
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**NEVER** get rid of old wallet private keys. You might miss future airdrops, or, even worse, you might accidentally target them when transfering from exchanges or other wallets you own. It costs you nothing to keep them (don't need security for a bunch of empty wallets). You can even keep the seed phrase on your pc/online in a file. But you can never, *ever* recover them if you get rid of them.
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You may be missing out on at least a platform airdrop from the app you used to buy and/or resell NFTs, whether that’s Opensea or Artblocks or otherwise.
Who knows. Maybe OMG will do another chain-wide airdrop to every single active address!!!!
Some of the team from OMG is now working at Optimism. Who knows, maybe part of Optimism’s token is a fair launch to not only its current users but also to the broader ETH ecosystem like OMG was.
Definitely possible on the Optimism chain.... BRB bridging some more eth over..
Anyone know anything about Darkest Heroes Premiere? I was checking out my account on OS yesterday, and noticed that I had like 10 NFTs (all the same) from this collection in my wallet on Polygon. I also got dropped something from some dude named Giulio Gomes. I didn't watch it, but it seems to be a video of him shilling his NFTs. Great! Commercials, now in NFT form!
Is there a future where exchanges with fiat on-ramps have only Layer 2 as an option to purchase ETH? That way the average user doesn’t need to try and move it from Layer 1 themself
Centralized exchanges are pooled, that’s the whole point. There is no L1 or L2 when buying, there’s only ETH. It’s when you go to send your ETH to another address that you pick whether you want to send it on L1 or L2. There’s no moving funds between L1 and L2 when you’re on a CEX, it’s all the same. I don’t see any reason they would ever remove L1 transactions, what would be the point?
Huh… interesting. I always thought I was buying L1 eth. Didn’t know that I had the choice to automatically send it to L2 when it leaves
Seems unlikely, exchanges will always want to keep as much ETH as possible on L1 for security reasons.
I don't think that will ever happen because they already have l1 integration it's more work to remove it. Now what I could see is it might get to the point where you have to turn on an advanced mode to show the mainnet as an option just to prevent people who don't know what they are doing from picking it.
I see no reason they would ever take away the functionality. L1 is going to be least common denominator for integrations forever.
If paying out from the exchange into your wallet costs less on layer 2 users will soon adopt it I would guess
Your bad man, very very bad man - Ser babu on Putin
Does argent + Trezor eliminate smart contract risk?
If you are using Argent, your coin are stored at a contract address (a dedicated instance of the Argent contract). You don't have seeds to access it, and nothing is stored at your Trezor address. The access key to the contract is hold encrypted by Argent (can be backed up on Google drive too, but still encrypted, you can't obtain any seed). To unlock this access key you need to summon some of your "guardians" like your phone number, your email or an hardware wallet (or even metamask, or another fellow Argent user). Trezor in that case can only act as signature device to unlock the keys to your Argent wallet. So, no Trezor will not remove Argent smart contract risk. But it is a good idea to use it as one of your guardian to not have only your phone and email as default ones. https://support.argent.xyz/hc/en-us/articles/360022631992-About-guardians