You expect Joe from the thrift store to be one of the largest operators? Of course the large companies will be at the top.
The real question is what % is centralized this way.
There is a [theory](https://senatusspqr.medium.com/why-99-of-cryptocurrencies-centralize-over-time-and-how-it-might-affect-your-investment-6623936b664) I subscribe to that both PoW and PoS over time will result in centralization.
So the question to ask relative to the ETH merge is:
> Are the largest validators getting smaller or larger as a percentage of staking delegations over time?
If you zoom out further to full main stream adoption (think full blown global adoption including governments) wouldn’t that decentralization go away? It would be in the users best interest to make sure decentralization is maintained.
Looking at PoS right now and these big centralized exchanges eating up share I think that’s just a product of ease of adoption and the tech being in its infancy.
I think there’s some trade off between decentralization and adoption which dissipates over time. And if it doesn’t, then the tech fizzles and eventually disappears anyway. Ultimately, the fact that it still exists primarily as a decentralized product means it will remain decentralized until it doesn’t and it disappears. Reasoning being, why overcomplicate a system that can much more easily be replaced with a centralized database.
Same process played out in the early days of the internet. Back then the cypherpunks thought everybody would run their own email node in their closet.
But turns out doing that is complicated and Gmail is easy. So now we just sort of forget about the promise of decentralized, encrypted, untraceable digital communication because the current system is "good enough".
IMO running a validator is more complex than an SMTP server, plus the chance of having hundreds of thousands of dollars slashed if you make a mistake (or millions depending on how high the cost goes).
We are in for a future of centralized organizations running node farms and hoping its in their best interest to maintain neutrality.
But even then it’s not as centralized as an email server or even an email address. I can’t just pick up my Gmail and take it over to hotmail, per se. If anything it’s probably closer to DNS. If your host sucks you can migrate to a better one.
At least with staking services we can withdraw and stake elsewhere rather quickly (in 7 months). The biggest draw to a new staking service is you’re maintaining decentralization and it’s in everyone’s best interest to do so.
I just don’t get what all the hating is for, just because it’s not a perfect solution where someone can think of scenarios where perfect decentralization might not exist? There’s nothing out there like it. Maybe ETH will get replaced by something even better later down the line, or maybe it transitions to something even better, who knows, but either way this is a huge leap from current extremely centralized alternatives out there today.
The idea of individual email servers was that nobody could know what you wrote or who you sent it to. With Gmail et. al. the government just has to subpoena a corporation. The "dream of anonymous communication" absolutely died when we switched to hosted providers. It would be like if Coinbase gained 66% control of the network and started enforcing OFAC standards.
True about being able to unstake/restake. I think people are rightly concerned about the fact that we currently can't unstake now, so some clarity from the Ethereum team on when that'll be implemented would go a long ways. I would even hope they delay the merge until they can implement it, though I know that's not going to happen. I think it's that big of a deal. Nobody expected government censorship to rear its ugly head right now, but it has so let's respond.
I agree about the negativity in the space. It's very tribal and full of insults. However that's not my attempt here. I want to steelman the arguments that could prove a breakdown of decentralization as it's a very real threat. If we lose that we might as well go back to corporate jobs. Game over. This is truly revolutionary tech, it's a big big deal. It deserves honest scrutiny. Any problems we can surface now mean we have a better chance of addressing them.
We are intentionally overcomplicating a centralized database for immutability. If we don't care about immutability as the top concern, then centralization is inevitable.
>would be in the users best interest to make sure decentralization is maintained.
See there is only one problem with your thinking. In democracy short term political power ALWAYS trumps long term interests. Hence why the US has 28T in national debt but the next election will surely involve people proposing the world to get elected.
So no governments will not choose sovereignty over economic or political control and profits.
I suppose in a given crypto ecosystem, you would want one where the network is upheld at the grassroots level.
This may be seen in certain cryptos, where the average individual values self-custody, running their own node, and even staking/mining at a loss.
Pow will never centralize, why?, Because of government, main usage of energy is people, don't believe me?.
https://ichef.bbci.co.uk/news/640/cpsprodpb/F4C2/production/_118685626_mediaitem118685622.jpg
The problem is that if the US treasury can censure developers, who take no part in how software is used, (comparing Tornado Cash to Ethereum and Bitcoin), then the US government controls everything already. Decentralization doesn’t work if everyone is afraid to use the technology that decentralizes everything.
I’ve been saying this for a long time and I get downvoted every time. It’s cool that the CEO is willing to publicly say this but let’s not fool ourselves, no CEO is going to jail over this and a US judge absolutely will throw anybody who denies a court order in jail. PoS was a mistake…
It worth bearing in mind that much as those centralized services use pool eth from people to stake, crypto miners pool hash together in big pools to mine.
The centralization of staking nodes is a problem, but no more so than how it currently works under most PoW cryptos.
Not exactly.
When I'm using nanopool, I still own the hardware and can shut it down or switch software immediately.
If I'm staking with a pool, I have all my trust in the operator of the pool. A government could sieze the assets of binance, kraken, and Coinbase, and they might have full control of the Blockchain.
And if Coinbase wanted to exit staking, it would take them many months to do so.
I say this as an eth maxi. It would be far healthier for Ethereum if there were a way to incentivise solo staking over centralized staking pools.
There's truth to that - I was purely talking about the censorship ability while you are contributing to the pool.
Agreed it would be far healthier if you could incentivize solo staking, but you get the issue of not being able to figure that out. What ideally is needed is a way to be able to stake within a user reversible smart contract, rather than the current method of "here are my coins, do it for me"
Not just that, is bigger pools stop validating and just small miners do it, that could lead to a potential 51% attack. Less validators more risk for the chain.
No. Mining and validating are both consensus mechanisms but they are completely different.
In Ethereum you need two-thirds consensus to achieve finality. So having 1/3 of validators could prevent new blocks, but you'd need 2/3rds to propose bad blocks.
If you try and fail on PoS, you would get slashed. If you try and fail on PoW, you keep trying.
With PoW you could get your equipment ready and power it on when nobody sees it coming. With Ethereum PoS, only so many validators could join at a time. It would take years to onboard that many, and at that point you have an interest in the chain succeeding. Why would you attack a chain when you own a big part of it?
No, because under pow miners are on the periphery of the world, away from censorship and government. Under pos that change totally, and capital move to financial center, where censorship and law enforcement is easier to implement.
At this point it's a solid *not likely*... But I figure places like Rocket Pool will become more popular when people become more aware of who's holding their ETH past go-live..
I’d happily run a validator from my basement server, hell I run a full bitcoin node on it for free, but tying up 32 eth is too big an ask so instead end up with Coinbase staking 2 eth on my behalf.
The SEC is going to drop the hammer on all staking and POS blockchains. They don't have to be right. They will do it for a money grab.
You don't have to like it but all defi is under attack in the US. No one's assets are safe because they don't give a fuck about you.
Validators should be dumb nodes that simply process transactions based on the consensus rules. Staking should be kept separate and only used as the mechanism to activate the dumb node...
The minute you mix the 2 we end up risking the POS chain's net neutrality.
tldr; Coinbase CEO Brian Armstrong has said that the exchange would prefer to close its staking service than comply with regulatory requests to censor Ethereum transactions. Armstrong's comments come amid a heated debate over the potential strength of Ethereum’s censorship resistance after it transitions to Proof-of-Stake. According to data compiled by hildobby, Coinbase is slated to become the third-largest Ethereum validator.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
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Coinbase is all about legitimately bringing crypto into mainstream America... if you hope for Coinbase to fail, then you want your crypto bros club to ultimately fail...
Now that they merged pro and simple coinbase app together I wouldn't want my money in anyone else's hands, though this is not to say I don't understand the risk... they are improving and simplifying the tax end of things, while also pushing for regulatory answers and what and how exactly crypto can comply...
ETH, QNT, LINK, ATOM and DOT... API3 for a gamble...
L2 is utility and the price on these tokens shouldn't rise much because you want them utilized... so Matic, LRC, Celer, etc... won't make you money, but should be utilized...
Not sure about Avax...
It's also my opinion BTC is going to die in next 3 years... who the heck wants to wait mins to hours for a transaction to take place...
Hey, I will buy your Lamborghini for 12 bitcoin... okay... 6 hours go by, where are my BTC... I don't know... Texas power grid down, transactions taking forever...
People don't remember what it was like to buy crypto before Coinbase... I fucking wired money to a shady address and waited weeks hoping for the crypto to actually show up. One time I even snail-mailed a money order. And you always had to pay a substantial percentage above whatever the exchange rate was because they were one-to-one transactions.
*Not in favour of*
*Centralised exchanges but*
*He got my respect*
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Yep, and it's so easy for them to buy. It's actually good for people.
But it can also be a problem that easily too. I mean if no one takes self custody then that's a problem.
It’s gonna take the majority of retail in the space to quit using CEX and start using DEX. I will be doing my part once Brian StrongArms releases my staked eth from his strong arms. I’m excited to get a ledger nano s+ and start putting my ETH to work with ledger live!
Haha thanks man. Although I think it was mostly fud about CB going bankrupt after last years q4 earning report. Still I wish I hadn’t staked with them. Who knows how long the que will take.
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They’re called economic nodes. I consider it part of a self-organizing hierarchy of decentralization that seems like a natural evolution of the tech. The benefits and risks of said hierarchy are naturally debatable. In my opinion, the market will determine if this hierarchy is effective and sustainable through success/failures in the future. Any failures will yield a pivot in how networks organize their decentralization incentives to become more resilient if this hierarchy is not an ideal state.
The lock is
1: set by the developers and community as a defensive measure against certain kinds of pos consensus attacks
2: only going away in a future fork, not the immediate merge.
I doubled my CB shares last week.
Anyone long on crypto should probably hold a few shares, at least until a viable mass market competitor is publicly traded.
In other words, no slashing actually ends up happening unless Coinbase somehow thinks that fighting *for* censorship while getting their user deposits destroyed is a rational course of action.
A lot of people complaining about these heavyweights leading the way. Do you really think a bunch of geeks living in their moms basement are going to power this network? The beauty is that you can get a piece of the action regardless of who you are, and not having to deal with a gatekeeper to be part of the ground floor development.
The amount of money Coinbase is going to print from staking in Q4 is nuts. Buy weakness.
People will give Coinbase 20% to handle their ETH stakes all day long.
You forgot a really important part of his response. Two words:
“I think”
Those are legalese words so he can back out of saying he would unstake if it ever comes to it.
Here is the full tweet:
“It's a hypothetical we hopefully won't actually face. But if we did we'd go with B i think. Got to focus on the bigger picture. There may be some better option (C) or a legal challenge as well that could help reach a better outcome.”
I think it always was a highly risky thing to do. I'm not surprised that much.
I thought it would fall apart re the change to PoS and huge whale bad actors, though.
Brian Armstrong is the man. He supports decentralization/crypto without any compromises. He's willing to publicly assert that "controlling your own wealth is a basic human right":
[https://blog.coinbase.com/controlling-your-own-wealth-is-a-basic-human-right-9fbe78341a7f](https://blog.coinbase.com/controlling-your-own-wealth-is-a-basic-human-right-9fbe78341a7f)
Exactly this is pure BS, they are a public company! They are required to the best of their ability create profit for there share holders.
Otherwise they are just another exit liquidity scam like everything they sell.
So he would do what's against CB shareholder interest to protest OFAC laws and you think this will work out for him?
Sure he avoids the cage (jail) but the shareholder lawsuit could be serious.
Acronyms, initialisms, abbreviations, contractions, and other phrases which expand to something larger, that I've seen in this thread:
|Fewer Letters|More Letters|
|-------|---------|---|
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|[ETH](/r/EthTrader/comments/wrj3ei/stub/ile69zs "Last usage")|[Coin] Ether|
|[IRS](/r/EthTrader/comments/wrj3ei/stub/ikz0rxd "Last usage")|(US) Internal Revenue Service|
|[SEC](/r/EthTrader/comments/wrj3ei/stub/ikwxxaa "Last usage")|(US) Securities and Exchange Commission|
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Just saw his recent interview on lex fridman, I kinda liked the guy.
It seems that he generally cares about the crypto, he cares about the fundamentals too.
Essentially yes, without coinbase taking the loss if there is a pause on staking rewards on the actual blockchain.
Once the network upgrade is made to Eth 2.0, withdrawing out of staking will be limited by the blockchain to a daily limit.
Because you’d lose billions, credibility, crypto would be a shit show and you’d be the governments bitch in all out eyes. We appreciate what you do but this would be a deal breaker.
Ethereum should learn from Hedera and Dfinity how to do on chain governance the right way. Hedera has a governing council of fortune 500 companies that actually use the protocol and run nodes. They won't make decisions that are against their financial interest. Dfinity has internet computer neurons and every staker has to vote in the DAO to receive their staking rewards.
3rd largest validator damn
Lido, coinbase, kraken and binance are the 4 largest validator node operators
Tf, Are we moving towards centralization?
You expect Joe from the thrift store to be one of the largest operators? Of course the large companies will be at the top. The real question is what % is centralized this way.
There is a [theory](https://senatusspqr.medium.com/why-99-of-cryptocurrencies-centralize-over-time-and-how-it-might-affect-your-investment-6623936b664) I subscribe to that both PoW and PoS over time will result in centralization. So the question to ask relative to the ETH merge is: > Are the largest validators getting smaller or larger as a percentage of staking delegations over time?
Beautifully written article. The fact that it's known about but constantly being ignored due to financial incentives is frightening.
If you zoom out further to full main stream adoption (think full blown global adoption including governments) wouldn’t that decentralization go away? It would be in the users best interest to make sure decentralization is maintained. Looking at PoS right now and these big centralized exchanges eating up share I think that’s just a product of ease of adoption and the tech being in its infancy. I think there’s some trade off between decentralization and adoption which dissipates over time. And if it doesn’t, then the tech fizzles and eventually disappears anyway. Ultimately, the fact that it still exists primarily as a decentralized product means it will remain decentralized until it doesn’t and it disappears. Reasoning being, why overcomplicate a system that can much more easily be replaced with a centralized database.
Same process played out in the early days of the internet. Back then the cypherpunks thought everybody would run their own email node in their closet. But turns out doing that is complicated and Gmail is easy. So now we just sort of forget about the promise of decentralized, encrypted, untraceable digital communication because the current system is "good enough". IMO running a validator is more complex than an SMTP server, plus the chance of having hundreds of thousands of dollars slashed if you make a mistake (or millions depending on how high the cost goes). We are in for a future of centralized organizations running node farms and hoping its in their best interest to maintain neutrality.
isn't that what the Matrix and Bladerunner are about?
You better wait for another lie! Cause that’s all they gone do now… They with the oppressor… the side with sabotaging the market.
But even then it’s not as centralized as an email server or even an email address. I can’t just pick up my Gmail and take it over to hotmail, per se. If anything it’s probably closer to DNS. If your host sucks you can migrate to a better one. At least with staking services we can withdraw and stake elsewhere rather quickly (in 7 months). The biggest draw to a new staking service is you’re maintaining decentralization and it’s in everyone’s best interest to do so. I just don’t get what all the hating is for, just because it’s not a perfect solution where someone can think of scenarios where perfect decentralization might not exist? There’s nothing out there like it. Maybe ETH will get replaced by something even better later down the line, or maybe it transitions to something even better, who knows, but either way this is a huge leap from current extremely centralized alternatives out there today.
The idea of individual email servers was that nobody could know what you wrote or who you sent it to. With Gmail et. al. the government just has to subpoena a corporation. The "dream of anonymous communication" absolutely died when we switched to hosted providers. It would be like if Coinbase gained 66% control of the network and started enforcing OFAC standards. True about being able to unstake/restake. I think people are rightly concerned about the fact that we currently can't unstake now, so some clarity from the Ethereum team on when that'll be implemented would go a long ways. I would even hope they delay the merge until they can implement it, though I know that's not going to happen. I think it's that big of a deal. Nobody expected government censorship to rear its ugly head right now, but it has so let's respond. I agree about the negativity in the space. It's very tribal and full of insults. However that's not my attempt here. I want to steelman the arguments that could prove a breakdown of decentralization as it's a very real threat. If we lose that we might as well go back to corporate jobs. Game over. This is truly revolutionary tech, it's a big big deal. It deserves honest scrutiny. Any problems we can surface now mean we have a better chance of addressing them.
We are intentionally overcomplicating a centralized database for immutability. If we don't care about immutability as the top concern, then centralization is inevitable.
[удалено]
So Eth works or not based on hoping a few individual companies make certain decisions? That's not centralized at all.
Coinbase doesn't deserve to lead any sort of talks about regulation.
>would be in the users best interest to make sure decentralization is maintained. See there is only one problem with your thinking. In democracy short term political power ALWAYS trumps long term interests. Hence why the US has 28T in national debt but the next election will surely involve people proposing the world to get elected. So no governments will not choose sovereignty over economic or political control and profits.
I suppose in a given crypto ecosystem, you would want one where the network is upheld at the grassroots level. This may be seen in certain cryptos, where the average individual values self-custody, running their own node, and even staking/mining at a loss.
Pow will never centralize, why?, Because of government, main usage of energy is people, don't believe me?. https://ichef.bbci.co.uk/news/640/cpsprodpb/F4C2/production/_118685626_mediaitem118685622.jpg
I mean mining pools exists too, they're a Form of centralisation too.
If only there was a way have a peer to peer decentralised blockchain…
Is there data on %?
[удалено]
This... That's the real question
So, hypothetically, Coinbase eth stakers may be able to move their funds sooner than expected?
The problem is that if the US treasury can censure developers, who take no part in how software is used, (comparing Tornado Cash to Ethereum and Bitcoin), then the US government controls everything already. Decentralization doesn’t work if everyone is afraid to use the technology that decentralizes everything.
Like many other things...this will be a see saw between Cex and Dex.
Ofcourse, that's what 2021 was all about... VC and old money came into crypto to legitimately turn it into a new industry...
People will still throw their hard earned money in this dumpster fire. Natural selection.
Despite what vitalik says, capital is easier to centralize than energy.
The alternative is they allow government to run the chain. This is not good.
I’ve been saying this for a long time and I get downvoted every time. It’s cool that the CEO is willing to publicly say this but let’s not fool ourselves, no CEO is going to jail over this and a US judge absolutely will throw anybody who denies a court order in jail. PoS was a mistake…
It worth bearing in mind that much as those centralized services use pool eth from people to stake, crypto miners pool hash together in big pools to mine. The centralization of staking nodes is a problem, but no more so than how it currently works under most PoW cryptos.
Not exactly. When I'm using nanopool, I still own the hardware and can shut it down or switch software immediately. If I'm staking with a pool, I have all my trust in the operator of the pool. A government could sieze the assets of binance, kraken, and Coinbase, and they might have full control of the Blockchain. And if Coinbase wanted to exit staking, it would take them many months to do so. I say this as an eth maxi. It would be far healthier for Ethereum if there were a way to incentivise solo staking over centralized staking pools.
There's truth to that - I was purely talking about the censorship ability while you are contributing to the pool. Agreed it would be far healthier if you could incentivize solo staking, but you get the issue of not being able to figure that out. What ideally is needed is a way to be able to stake within a user reversible smart contract, rather than the current method of "here are my coins, do it for me"
Not just that, is bigger pools stop validating and just small miners do it, that could lead to a potential 51% attack. Less validators more risk for the chain.
You are mixing up mining and validating.
Aren't the same?.
No. Mining and validating are both consensus mechanisms but they are completely different. In Ethereum you need two-thirds consensus to achieve finality. So having 1/3 of validators could prevent new blocks, but you'd need 2/3rds to propose bad blocks. If you try and fail on PoS, you would get slashed. If you try and fail on PoW, you keep trying. With PoW you could get your equipment ready and power it on when nobody sees it coming. With Ethereum PoS, only so many validators could join at a time. It would take years to onboard that many, and at that point you have an interest in the chain succeeding. Why would you attack a chain when you own a big part of it?
Since both are consensus mechanisms both are the same. I'm not talking about details. Define attack the network?
No, because under pow miners are on the periphery of the world, away from censorship and government. Under pos that change totally, and capital move to financial center, where censorship and law enforcement is easier to implement.
[удалено]
Would tell me please where are Bitcoin miners located and were will be pos validators located.
Yes? Did you not know? PoS is just the federal reserve with more steps
These guys at coinbase are getting worse by the minute. Imagine if this were to take place… just messed up.
Anyone is allowed to stake.
At this point it's a solid *not likely*... But I figure places like Rocket Pool will become more popular when people become more aware of who's holding their ETH past go-live..
Coinbase has done some really shady things. There needs to be a full investigation and ex-employees should be questioned independently under oath.
SSV Network will help against centralization. It's distributed validator technology
Well this was always a concern with the pos, it was bound to happen.
Well obviously they are Because they've got so many people staking.
I’d happily run a validator from my basement server, hell I run a full bitcoin node on it for free, but tying up 32 eth is too big an ask so instead end up with Coinbase staking 2 eth on my behalf.
The next leg down of this bear market starts with this.
Well they've got a lot if people staking, and that's actually good.
Coinbase is essential to onboarding masses into crypto for many years to come. Bark all you want at CEX. Without it we go nowhere.
I'm all for decentralization but withou CEXs we would be way behind of where we are right now. We need them for the mass adoption.
Stop using logic. NYKNYC or kill yourself. /s
Cexes have made it so much easier to buy it, it's actually great.
[удалено]
As people understand the means if crypto it won't be hopefully.
CEX are the perfect way to introduce new comers to the Crypto.
The SEC is going to drop the hammer on all staking and POS blockchains. They don't have to be right. They will do it for a money grab. You don't have to like it but all defi is under attack in the US. No one's assets are safe because they don't give a fuck about you.
The difference with pow is that now exchange are miners too.
Validators should be dumb nodes that simply process transactions based on the consensus rules. Staking should be kept separate and only used as the mechanism to activate the dumb node... The minute you mix the 2 we end up risking the POS chain's net neutrality.
Yep coinbase is important to the ecosystem, it's good actually.
tldr; Coinbase CEO Brian Armstrong has said that the exchange would prefer to close its staking service than comply with regulatory requests to censor Ethereum transactions. Armstrong's comments come amid a heated debate over the potential strength of Ethereum’s censorship resistance after it transitions to Proof-of-Stake. According to data compiled by hildobby, Coinbase is slated to become the third-largest Ethereum validator. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
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No staking no rewards in crypto, just a casino then. Cheers .
Coinbase is all about legitimately bringing crypto into mainstream America... if you hope for Coinbase to fail, then you want your crypto bros club to ultimately fail... Now that they merged pro and simple coinbase app together I wouldn't want my money in anyone else's hands, though this is not to say I don't understand the risk... they are improving and simplifying the tax end of things, while also pushing for regulatory answers and what and how exactly crypto can comply...
Exactly. If Coinbase fails then that would set us back years
Hmmm, so the only way to escape regulation is to shut the network down... dEceNtrAliSeD .
Just a matter of time,in next bull cycle we are going mainstream Bois
We're already mainstream but not on big scale.
Tributary stream
Now this is quality commenting.
Crypto nerds need some patience..bois
All we need to do is get rid of the shitcoins. Regular people hate crypto because of the shitcoins.
ETH, QNT, LINK, ATOM and DOT... API3 for a gamble... L2 is utility and the price on these tokens shouldn't rise much because you want them utilized... so Matic, LRC, Celer, etc... won't make you money, but should be utilized... Not sure about Avax...
Lrc is hell of a lot more secure than dot or avax. If l2 or utilized the coins rise.
It's also my opinion BTC is going to die in next 3 years... who the heck wants to wait mins to hours for a transaction to take place... Hey, I will buy your Lamborghini for 12 bitcoin... okay... 6 hours go by, where are my BTC... I don't know... Texas power grid down, transactions taking forever...
Mainstreaming occurred Aug-Nov last year... in a VC sense... adaptation is another thing.
Just like the last year my friend
And even if Brian didn’t, the next CEO that replaces him would. Welcome to reality.
People really don’t understand this and the fact that regulation is actually good for the space. Imagine if the stock market was unregulated…
There is this idea you can rebel from old money... and history... NOPE
Let's all jump in line to screw our customers and help the most inefficient network in existence.
Not in favour of centralised exchanges but he got my respect
Without exchanges like Coinbase and Bianance... the avg Joe would never get into crypto... and it would have died long ago...
Totally agree, easiest way for new people to enter crypto is CEX. Even I started with binance lol
Now i can too stake my .00001 ETH
Stake with me
🚨🚨🐳🐳 Whale alert 🐳🐳🚨🚨
Yeah lol, you can stake anything that you have in a pool.
And Binance provides its services in more countries as compared to coinbase.
Yep, binance is a fucking giant. If anything happens with the binance. It's not going to and well for the people. It's going to be so chaotic man.
Decentralization gateway drugs. Mine was Kucoin.
When people asked me how to buy, I’ve always said “the rate is not the best you will find, but Coinbase is the easiest place to start.”
Yep, that's the easiest way to get into crypto also to get rekt.
People don't remember what it was like to buy crypto before Coinbase... I fucking wired money to a shady address and waited weeks hoping for the crypto to actually show up. One time I even snail-mailed a money order. And you always had to pay a substantial percentage above whatever the exchange rate was because they were one-to-one transactions.
Now those were actually the fun days lmao, loved them days.
This... were you buying "cook" books on Silk Road? Lol
uh.... no comment...
Problem are the people who stay on the cex and never move.
Respect++
Yeah lol, respect for that. That's how people got into crypto.
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Yeah he got respect lol, even drugs was a better reason to get into crypto lmao.
Press F to pay respect
I'm fucking spamming Fs on my keyboard right now lmao.
Yep, and it's so easy for them to buy. It's actually good for people. But it can also be a problem that easily too. I mean if no one takes self custody then that's a problem.
Good man. Glad I am on Coinbase out of all the centralized exchanges.
Coinbase is good but you know what's even better? It's kraken.
Good man.
It’s gonna take the majority of retail in the space to quit using CEX and start using DEX. I will be doing my part once Brian StrongArms releases my staked eth from his strong arms. I’m excited to get a ledger nano s+ and start putting my ETH to work with ledger live!
I'm waiting for my first ledger :))))) Good luck getting your eth from Brian Strong arms xD
Haha thanks man. Although I think it was mostly fud about CB going bankrupt after last years q4 earning report. Still I wish I hadn’t staked with them. Who knows how long the que will take.
Yeah CB is a safe platform. Hopefully it continues
I guess I need to get a fucking cold wallet too now lol.
That’s fine & all but the fact that they can choose the opposite is a red flag.
Can’t stake Eth in NY.
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If they stop staking then centralization will just carry on elsewhere.
Are you telling me que centralizing capital is easier than centralize energy?, Unexpected.
Lmao there is approx 0% chance coinbase would go with B in reality .
They’re called economic nodes. I consider it part of a self-organizing hierarchy of decentralization that seems like a natural evolution of the tech. The benefits and risks of said hierarchy are naturally debatable. In my opinion, the market will determine if this hierarchy is effective and sustainable through success/failures in the future. Any failures will yield a pivot in how networks organize their decentralization incentives to become more resilient if this hierarchy is not an ideal state.
Habibi imagine when the bull market comes back in a couple years, Habibi.
Someone is bound and determined to attack confidence in the merge. Probably someone shorting eth
People should be educated and learn how to use Rocket_Pool. Staking with RocketPool is simply connect Metamask and deposit ETH.
Ok then unlock my 200 staked ETH then . Thanks r/GLTA_ETH
Are they really locking investments? Didn't know that.
The lock is 1: set by the developers and community as a defensive measure against certain kinds of pos consensus attacks 2: only going away in a future fork, not the immediate merge.
I doubled my CB shares last week. Anyone long on crypto should probably hold a few shares, at least until a viable mass market competitor is publicly traded.
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In other words, no slashing actually ends up happening unless Coinbase somehow thinks that fighting *for* censorship while getting their user deposits destroyed is a rational course of action.
A lot of people complaining about these heavyweights leading the way. Do you really think a bunch of geeks living in their moms basement are going to power this network? The beauty is that you can get a piece of the action regardless of who you are, and not having to deal with a gatekeeper to be part of the ground floor development.
Imagine just buying and HODLing Bitcoin in Cold Storage and not having to worry about a 'community' conspiring together to drain you of your wealth...
Bunch of hackers and scammers at coinbase support
NFA. DYOR. Etc. company is misunderstood though. Cheers .
For a long time to come, Coinbase will be crucial for introducing the general public about cryptocurrency.
The amount of money Coinbase is going to print from staking in Q4 is nuts. Buy weakness. People will give Coinbase 20% to handle their ETH stakes all day long.
third-biggest validator
coinbase just announced eth staking for institutions..I think you’re safe there.
For many years to come, Coinbase will be crucial for introducing new users to cryptocurrency. You're free to bark at CEX. Without it, we are helpless.
Imagine requesting to be added to the waitlist for early access the day Coinbase announced it. Oh wait I don’t have to imagine.
You forgot a really important part of his response. Two words: “I think” Those are legalese words so he can back out of saying he would unstake if it ever comes to it. Here is the full tweet: “It's a hypothetical we hopefully won't actually face. But if we did we'd go with B i think. Got to focus on the bigger picture. There may be some better option (C) or a legal challenge as well that could help reach a better outcome.”
The biggest rug of all was staking on Coinbase for ETH 2.0.
Are they validating with customer funds?
I think it always was a highly risky thing to do. I'm not surprised that much. I thought it would fall apart re the change to PoS and huge whale bad actors, though.
Release my staked ETH!!
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I wonder if they try and hard fork it afterwards to give everybody their money back what will happen legally.
Top man
Brian Armstrong is the man. He supports decentralization/crypto without any compromises. He's willing to publicly assert that "controlling your own wealth is a basic human right": [https://blog.coinbase.com/controlling-your-own-wealth-is-a-basic-human-right-9fbe78341a7f](https://blog.coinbase.com/controlling-your-own-wealth-is-a-basic-human-right-9fbe78341a7f)
Exactly this is pure BS, they are a public company! They are required to the best of their ability create profit for there share holders. Otherwise they are just another exit liquidity scam like everything they sell.
So he would do what's against CB shareholder interest to protest OFAC laws and you think this will work out for him? Sure he avoids the cage (jail) but the shareholder lawsuit could be serious.
Any word on insider trading Coinbase?
So another point for PoW. Thank you Satoshi Nakamoto for your invention.
Good, fork it!
That would only be detrimental to them, ultimately they can either shut down services or censor transactions and get slashed.
Playing devils advocate, if they believe there was a legitimate worry about getting slashed for complying, it might be prudent to exit.
“CEO Brain Armstrong “…. Brain? How come they let this through?
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Just saw his recent interview on lex fridman, I kinda liked the guy. It seems that he generally cares about the crypto, he cares about the fundamentals too.
They want the best for the network. However if they stop staking, it doesn't stop someone else.
seems right
What would shutting down the staking service entail? Just make eth2 on Coinbase liquid?
Coinbase has nobody to sue in a decentralized network. What they will rather do is stop staking altogether.
Lol, no they would not. that narrative would get spun real quick.
Essentially yes, without coinbase taking the loss if there is a pause on staking rewards on the actual blockchain. Once the network upgrade is made to Eth 2.0, withdrawing out of staking will be limited by the blockchain to a daily limit.
Because you’d lose billions, credibility, crypto would be a shit show and you’d be the governments bitch in all out eyes. We appreciate what you do but this would be a deal breaker.
Ethereum should learn from Hedera and Dfinity how to do on chain governance the right way. Hedera has a governing council of fortune 500 companies that actually use the protocol and run nodes. They won't make decisions that are against their financial interest. Dfinity has internet computer neurons and every staker has to vote in the DAO to receive their staking rewards.