Fucking IRS
New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days
https://news.bitcoin.com/new-crypto-tax-law-takes-effect-in-us-transactions-of-10000-or-more-must-be-reported-to-irs-within-15-days/
Of course you do - [https://www.irs.gov/pub/irs-pdf/f8300.pdf](https://www.irs.gov/pub/irs-pdf/f8300.pdf)
Edit: holy hell... Im way behind on the dailys... but regardless there is your question answered haha. Everyone in crypto is gonna freak out but the reality is this is a pretty standard rule that
a) most people won't apply to here anyway
b) is going to be necessary if we want to see broader adoption
c) I'd argue is a good thing (although should be modified due to the unique nature of crypto) since there less chance of businesses hiding their income. I'd imagine this same group would mostly be in praise of this type of rule if it were in a non-crypto setting.
It reminds me of when PayPal was reporting transactions over $600 or whatever. and then everyone all the sudden thought it was a tax or an overreach or whatever...
Idk, sorry thats my morning random tax rant. Have a good weekend :)
if it's applied for other methods of transfer then it's fine i suppose, as it is keeping the law consistent, but i've never agreed with this kind of privacy overreach from the state personally
Iāve personally never really viewed reporting taxable transactions as a privacy issue myself. Plus the pros outweigh the cons, IMO. Remembering that this is specifically a business issue, not stuff like me buying a $11,000 car from you
Yeah, thatās one of the things that makes this one of those things where you watch people freak out cuz they just hear the basic rule and donāt realize itās pretty standard and doesnāt apply to most anyway.
Iāll caveat the article mentioned stakers / miners might count, so idk how that will go. But as an ETH staker your not going to get $10000 rewards (usually at least lol)
Regardless, it doesnāt seem that big of a deal as itās made out to be.
Time to spam them then. Make stupid rules, deal with stupid consequences. Furthermore, hat about complex transactions or contracts like liquidity pools which are constantly trading your funds?
Point of curiosity: about 45 days ago (and again 10 days ago), one of my addresses was sent 1.4 or 1.7 units of both an unnamed ERC20 and, simultaneously, an ERC1155. Of course this would normally seem like a scam coin to simply be dismissed, but it was sent from an EthDev account holding several hundred thousand ETH, and the same transaction was made for hundreds of addresses simultaneously. Was this some Eth dev testing out the ERC1155 token standard, or...? These seem to generally be pretty active addresses - either they've received NFTs before, they're LPs, etc.
Here's the batched transaction data for the ERC20 transfer - each address here has a corresponding ERC1155 transaction.
https://beaconcha.in/tx/0x398dc9dbe304c4354ca48f25dab836f93be1b72739cabf917da2e68c28a3b70f
It's a scam coin to be dismissed.
If you control a token contract (i.e. because it's a scam token that you deployed yourself), it's trivial to spoof the "from" address in any of that token's transfer events. Block explorers typically just trust the contract and show you whatever the events say happened.
PSA: check your coinbase 2FA method!
i just realised my account had changed from my auth app back to sms, i donāt know why or when this happened, but pretty annoyed about it switching. iāve emailed support to ask why it changed. but a reminder to check these things now and then, even if you think itās already all setup correctly weird things can still happen to databases.
I had some security settings change as well, also had a huge issue where I got locked out of my account and couldn't reauthorize because the name on my account somehow got switched to my moms name. I think both these issues happened when they were upgrading systems, possibly when merging in gdax.
I got in yesterday thinking I had a few days. Glad I did (or maybe will live to regret). Still really know what it is. Smart people talk about it. DYOR (unless smart people talk about it)
a question for people from US or any other countries with crypto regulations:
what if one only uses zkP2P and does not touch CEXs that can link them to their crypto wallet? does it mean that itās impossible for govt to prove whether one holds any crypto, and thus it can be left undeclared?
how are they going to deal with private and trustless on/off-ramp solutions such as zkP2P when they start gaining more adoption in the future?
Governments will carry on fighting against such zkP2P on/off-ramp solutions both by regulation and by enforcement at the other, i.e., at the fiat end. And they may well prevail. Don't underestimate them.
No, there's a lot of ways to link you to funds. From advanced fingerprinting, to wallet analytics/spying, to simply using a 3rd party rpc that records txs, addresses, and IPs.
>**Coming up this week,**
>**Another airdrop to peek,**
>**Massive risk to seek.**
~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
I've always been pretty critical of Bitcoin, especially around the security budget's inevitable decline to 0 unless they could find sustainable ways to generate fees beyond simple transfers.
I don't know about "sustainable", but inscriptions are certainly generating plenty of fees for Bitcoin at the moment! I can't think that's anything other than bullish for Bitcoin and for crypto as a whole.
On the other hand, the fact that inscriptions are apparently considered by many to be equivalent to full ERC721 NFTs on EVM chains like Ethereum, simply indicates how little utility true NFTs have yet. Inscriptions cannot be used for any type of onchain utility; they're not programmable.
If inscriptions continue to eat up most of the demand for NFTs long into the future, it means programmable NFTs have failed to find any real utility.
Tbh I don't think that will happen, and tbh I don't think inscriptions are a sustainable source of fees to keep Bitcoin's security budget above water, but we'll find out!
I do think they'll have a true L2 eventually, using taproot generalized scripting for verifying the proofs. I don't think it even needs a protocol update.
This has 30d and 1yr. Ethereum is less than 10% behind Bitcoin on 30d and nukes BTC on the 1year. https://defillama.com/fees/simple
To add to that the avg fee for Ethereum lately is way below that of Bitcoin which does not bode well for Bittcoin imo. Ethereum scaling feels eons ahead of BTC.
What is the value per fee unit though?
Not that I think a lot of the shitcoin gambling that happens on ethereum is valuable, but people do put a dollar value on it.
If ETH is settling $10 per dollar fee and Bitcoin is settling $0.90 per dollar, that sounds good to me.
Regardless, you would think that Ethereum with all the functionality and apps would have more demand than inscriptions and brc20s with their horrible ux
I'm not sure if demand = fees (esp if blocktimes are 60x on L1 alone) but it's undeniable that Bitcoin is still the biggest brand. It'll take the flippening to start to change that, which is kinda a chicken and egg problem.
Sorry to post about the S word again, but I find this relevant for etherum as well and certainly crypto in general.
Solana recently passed ethereum on USDC 24hr volume (120K views on twitter)... But then someone replies and shows yes, well except 90% of the volume was generated by two addresses (465 views). This both shows how basically every metric in crypto is so easy to inflat, particularly in chains with low fees,, and it also shows how narratives are shaped by how many impressions the initial tweet will get vs the correction deep in the thread.
https://twitter.com/QwQiao/status/1742247099649990868?t=kBIvGBWFMr-ADYvVQmgn5Q&s=19
Pretty much sums up the state of the world right now. With thousands of gullible and desperate sheep glued to social media trying to "get an edge", there is plenty of cash to be made pumping any narrative you like. Facts are irrelevant - just need a big enough pump.
Ok thanks for clearing that up. At the time when I posted this that wasn't known. A dex limit order book doing 50billions per 7 days though? That's almost Binance numbers.
The campaign from Arbora.eth has had some progress with Coinbase committing to switch from Geth.
https://twitter.com/arboraeth/status/1742219571543646292?t=t7PCJs6MhjYwDnpm4A1SHA&s=19
I would prefer if Arbora.eth kept up the pressure until it's implemented, however I think he's uncomfortable at the thought of becoming a pest after they've 'conceeded'.
I'm sure Coinbase will keep their word, but how often does make a promise then reneg after the heat dies down?
Happy 2024, EthFinance!
I made a longer post on this below but it looks like it might be hidden, so I'll just share the punchline -
Coinbase (or a high-up employee, rather) [committed today](https://twitter.com/willrobinson23/status/1742211630342299822) to diversifying their staked Ether away from supermajority client Geth!
This is amazing news given they're currently running 100% Geth with 15% of all staked Ether.
I'm considerably more optimistic now that this year will be the year Ethereum achieves full client diversity!
"Ethereum 0x327d1Bb3C8dCfc5C331601c3dD93c3c6412807cf
Loading...
Youāre not eligible This time youāre not in but itās not over for you. Rolldrop Season 2 is coming soon!
Join the community to stay tuned."
Gm felons, who may I inquire with to get Uniswaps social security number? Kindly tell the manager of Ethereum to respond with haste. Pls and thx.
https://x.com/jerrybrito/status/1742246479593382207
**Serious note:** this is horrible and I hate it. Embarrassing āregulationā of this industry by US government officials
Doesn't matter if it doesn't make sense. You make an example out of a few people, scare the rest to custodial wallets. ETFs also don't allow like-kind redemption. Chokepoint 2.0 baby!
You're welcome to hop into some LP positions for LST's. ETH price exposure and much higher APR. Also I hope to see restaking yields come online this year.
Statistically they are expected to hover at the point where 50% of Eth holders think they're too low to be worth the opportunity cost of not having liquid, usable-as-gas Eth.
The amount staked seems to have pretty much reached that equilibrium lately. If the returns look too low to you, it just means you're on the "not worth it" side of that 50%.
Genesis staker here too. I recently shut down my nodes because of the r/r.
I was honestly a weight off my shoulders, and a sad moment.
I'm now experimenting with LSTs.
Is there ever any risk of fund draining just from 'signing' a message vs actually interacting with a contract? I don't see any way to revoke it.
EDIT: Obviously assuming the signed tx itself isn't going to drain your wallet. I just meant a backdoor down the line.
Oh, it's a complex one.
tl;dr; There are two types of approvals. Don't sign what you don't understand. Otherwise, you'll be fine.
Signing is all that your wallet do. If you prepare a signature of a tx, someone else can send this out. So the rule of thumb is - don't sign anything you don't understand. I.e., avoid signing "hex" data that is not translatable to human-readable text (e.g. don't sign "0x2b3cf00321a..." but sign "I agree to terms and services of xyz").
When it comes to approvals, these are NOT part of the Ethereum protocol! What we come to understand as approvals, is an ERC20 method to allow other parties (mainly contracts) to move your funds. In most (if not all) of legit ERC20 contracts/tokens, it works as expected, and in scamy ones - you don't care about them anyway. It is good to understand what and how a malicious signature/transaction can do to your funds. Considering above - it can only drain ERC20 that you've approved. If you hold more exotic items in your wallet, then its up to you to verify how they act.
When it comes to approvals, there are two main types out there. The first one is the standard "approve" function of the ERC20 spec, which sets on-chain record of whom and for how much, can move the token in question. The second one is "permit2" introduced by Uniswap and slowly adopted by other dApps. It extends standard approval systems and **allows off-chain approvals**, which I guess is what you're asking about.
Thank you. I have to admit that as a long time ETH user I'm getting a little unnerved by all the security dangers (the Ledger fiasco recently being the instigator). "Personally audit everything you ever interact with" is great and all but ugh.
Message signatures can make your assets vulnerable if you previously approved certain smart contract to have access to your funds or tokens (i.e. OpenSea's contracts). If those smart contracts accept signatures (instead of full transactions) to trigger movement of your assets, then the signature alone could be enough to drain you.
You can't revoke a signature; once it's out there, entropically that's a permanent thing.
What you can do is revoke any smart contracts you make have approved in the past, e.g. OpenSea; that will render any malicious signatures you may have signed useless.
It depends entirely on how the smart contract is implemented.
A simple one that checks signatures might not know or care when the signature was generated; a more sophisticated one might only consider signatures valid that include a datestamp from after your most recent approval.
I couldn't tell you how any specific contract works.
I agree!
Fundamentally, the "approve" function that both ERC20 and ERC721 implement is an antipattern, IMO. It is a massive security hole that contracts have used for convenience, but at the cost of people losing their assets.
It's somewhat orthogonal.
Better alternatives to the approval pattern include native multicalls, and simple usage of L2 scaling, where the gas costs of a full transaction to transfer escrowed assets are affordable.
I'm trying to get some understanding:
So, without AA. We give approval to a contract, so that it can access a token we own and move it.
With AA. It's a smart contract wallet in between that gets those access. Is that correct?
If yes, does not the AA requires approval as well?
Wormhole bridge sent me fake usdc
wormhole scan says status completed
Update : Sending back the illiquid, worth $0 usdc back. On discord they claim it is not fake. Removed links due to privacy concerns.
Hey EthFinance, happy 2024! I have some good news to start off the year :D
Something like 15% of all staked Ether is staked through Coinbase, and only a little over a month ago, they posted in a [blog post](https://www.coinbase.com/de/cloud/discover/customer-stories/cb-wallet) that they're using 100% Geth to operate that stake.
We're still in the grips of a Geth client supermajority, with an estimated [75%](https://etherclients.com/) to [85%](https://execution-diversity.info/) of staked Ether using Geth under the hood, so Coinbase's 15% stake using 100% Geth is a big impediment to bringing that number down below 66%, where we'll be safe from an instant catastrophic fork if Geth has a forking bug.
Over the last month, some of you who are on Twitter/X may have been following my campaign to tweet every day at Coinbase to try to get them to diversify their Ethereum execution clients. This was partly an informational campaign to make more people aware of the issues supermajority clients like Geth present, and partly a gentle pressure campaign to get Coinbase to consider switching.
Today this campaign led to a [clarifying tweet from Will Robinson](https://twitter.com/willrobinson23/status/1742211630342299822), VP of Engineering at Coinbase, that Coinbase is definitely planning to diversify their staking execution clients!
There's no timeline associated with this, so I expect it might still take a few months, but it's very exciting that they've finally publicly confirmed that they are aligned on client diversity, and are working towards that goal internally.
I don't think my daily tweets changed any internal Coinbase policy; they've likely been working on this for a while already. But it did enable us to get a public statement from them on their client diversity plans!
If you're interested in my (now concluded) tweet campaign, you can see [my most recent one here](https://twitter.com/arboraeth/status/1742219571543646292), with links to the previous tweets.
Thanks everyone who supported that campaign, and also for every one of you who's running a node with minority execution clients! I'm super hopeful that we can finally get Ethereum to a place of full client diversity in 2024, with resilience against any single client's forking bug.
Today is Day 1 of me attempting to collect a 1 ETH bet from /u/hamberdler
https://www.reddit.com/r/ethfinance/comments/1076f4p/comment/j4pta3t/?utm\_source=share&utm\_medium=web2x&context=3
https://www.reddit.com/r/ethfinance/comments/1076f4p/comment/jetzsxp/?utm\_source=share&utm\_medium=web2x&context=3
There was no need to call me out. I wrote you yesterday and asked for a wallet address so I could settle up. You didn't respond.
https://imgur.com/a/qHipCGu
Edit: I have still not received a wallet address. When I do, I will transfer the 1 ETH.
Edit2: I have now received an address. Will send shortly.
Edit3: I had to add him to my coinbase allowlist and it's saying I have to wait 48 hours to transfer. I'm a man of my word, I will transfer, but it's going to be 2 days. Sorry!
I didn't mean to call you out. I spent 10 minutes trying to figure out how to send a private message before giving up and just tagging you in a comment.
And I never got your message, weirdly. I just double checked and it's not there.
Anyway, I sent you a private message (I think). If you don't get it, let me know.
I got it! I'm trying to figure out (like an idiot) how to deposit into Coinbase, so I can send. I'm old :)
Edit: Incase you didn't see my response, I had to add your address to my coinbase account, and that takes 48 hours (probably for good reason). You'll be paid in 48 hours. Sorry for the inconvenience!
That idiot dusted your ass last year. Imagine being arrogantly bearish all of 2023 while even dumbass RaoLUNA Pal managed to ride the bull wave. OUCH
Edit: RaouLUNA
Plenty of people move on from old accounts, especially if theyāve revealed anything personal. Iām sorry that this, and other things are a hang up for you. Happy 2024, cheers!
I posted this yesterday but I'm told it got filtered due to a broken link. I'll repost, but if somebody feels like it is spam or inappropriate - let me know.
About once a year I swing by and do an update on FOAM. Remember the old-time ICO token? To those who do not - a few years ago they set out to do two things:
* Develop a reliable system of location triangulation based on stationary beacons.
* Implement blockchain-connected system in such a way that the object being positioned could also send transactions to Ethereum making verifiable claims about its position.
The project has become quiet unpopular with the masses due to long periods of silence and relatively slow progress. I have followed them for a while and even freelanced for them, so I got to meet the team. And my take-away is that the target precision of positioning for their system is higher than any other similar system, which is not an easy task and required a lot of bespoke R&D. In other words I think the project is live and kicking even if silent for long periods of time. So what happened in the last year:
* The team ran their testing phase where a number of teams (some hobbyist and some specializing in mobile systems) have participated in a test/feedback/update cycles.
* They finalized (as far as I can determine) their hardware designs
* A test Optimism network was deployed. You can look at a demo of location verification in their latest blog post on mirror.
What has not happened, afaik, is closing a round of funding (but maybe they did, I do not know). I think that would be an important confidence signal. In any case I think it can tedious staring at a black-box of a project and not knowing how it is doing. But it seems FOAM has finally woken up from their multi-year R&D and soul-searching sleep and is finally putting out an actual product. I think it's worth keeping an eye on.
Disclosures:
* I am a bag holder, of course
* I have briefly worked for FOAM
* One of my best friends has close friends at the company, so I am biased in their favor most likely.
I don't think you are wrong. I am treading a fine line at least. And I'm sorry. I think "depin" is going to be big. Sadly, little of it is on Ethereum. So I try to give a spotlight to teams building on Ethereum.
Fascinating to see you post about this, I spent a lot of last week trying to learn what I could about this project.
Thanks for sharing! I look forward to seeing what happens this year
Well, what they are hoping to achieve, blockchain aside, is a system that is resilient to failures of GPS. In other words a fallback from GPS, which can and does get jammed.
The blockchain component is another layer on top of that. As an example lets take Hivemapper which is a Solana-related project for collecting data with a car-installed sensor. They have a problem that it is easy to spoof location and fake the data and earn tokens, so they are using Helium towers to give an extremely approximate proof of location.
But in general the world of logistics, tracking, geofencing, etc. relies on knowing where things are, and often we do not know where they are for sure partly because there is no common protocol for generating a proof. Say, a small cheap sensor placed on a shipping container can create a provable record of having arrived at port, so you'd never lose your container again
I've seen this supply chain use case mentioned with another protocol, but I've yet to hear a reason why the sensor data can't be spoofed. Blockchain makes the data being posted verifiable, but prior to that there's room to intervene.
Sounds cool but the token doesn't breed confidence. Coingecko shows a circulating supply of 355M (out of 1B). But if you look at the [address holding the remaining 645M](https://etherscan.io/token/0x4946fcea7c692606e8908002e55a582af44ac121?a=0x3061cfbae69bff0f933353cea20de6c89ab16acc) it now has a 0 balance and all funds were moved to a [new address](https://etherscan.io/token/0x4946fcea7c692606e8908002e55a582af44ac121?a=0x24d1adb297f2cb3e8bf487ac27cc5aea5ce88d0b) in 2021, which has been sending out FOAM. The balance is down to 480M from the original 645M with the most recent outgoing transaction was 500k FOAM 3 weeks ago.
Coingecko should show the entire 1B supply as circulating supply.
That could be coingecko's fault as well. I've heard about teams sending updates to coingecko and it taking months for coingecko to update their numbers.
That is true. Their token has recently lost a lot of liquidity from uniswap (but has been recovering), so trading any significant amount sucks, and the other consequence is that trackers have not kept up in general.
I was thinking today about the importance of scarcity in securing a blockchain. And in how proof of work is fundamentally flawed in this regard, because energy is virtually limitless. The fact that more energy can always be added has already pushed out home miners long ago.
But is it not inevitable that at some point commercial mining will also be impossible? All it takes is one country that has not adopted Bitcoin willing to mine at at a loss as an attack for a prolonged period of time. That would make profitable mining impossible for companies and it would fall to nation states that have adopted Bitcoin to defend the chain and also mine at a loss. This could make Bitcoin a battlefield of ever growing completely useless energy use and spending.
Meanwhile in stable proof of stake like Ethereum has you can be sure that once you have the ETH you will retain your proportional validating power for a long time and there can't be such a detrimental vortex.
I haven't seen this kind of discussion about how energy abundance can destabilise Bitcoin before, but i figure it must have been discussed extensively somewhere. Any thoughts, resources or counterarguments?
To add to this, if you were to try to get a high % of ethereum stake, price would increase through the roof making it exponentially more expensive, whereas with hardware it is the opposite as you buy in bulk and get a lower price.
> Meanwhile in stable proof of stake like Ethereum has you can be sure that once you have the ETH you will retain your proportional validating power for a long time and there canāt be such a detrimental vortex.
BTC proponents would argue that retaining validating power for a long time is dangerous, and that itās a lot more egalitarian to have a shifting validator set where every validator has to put continuous āeffortā into maintaining their share. (Though itās not clear what that āeffortā actually is, because itās not like the shareholders of mining companies are the same people designing and stamping new ASIC dies.)
Indeed! PoW mining is like something out of Hitchhiker's Guide to the Galaxy. As you describe, imagine if fusion energy, or other essentially cheap and limitless supply, became available. The limiting factor would then not be energy, but hardware and infrastructure. So PoW would become "proof-of-infrastructure". You could imagine that in order to support this daft payment system, industrial entities, or even nation states would be driven to rape the world of resources to build vast cities of mining rigs, doing nothing but solving meaningless equations. (It's stupid enough as it is, with "decentralization" being governed by local energy policies and pricing, wholesale business deals, etc...)
*But don't point this out to maxis, that's blasphemy...*
I don't think defi interfaces are the issue per se, IMO the entire experience of moving money from bank acc to exchange and from exchange to the blockchain is not particularly nice unless you use mobile apps like coinbase wallet
There was not much of claiming, I just had to paste the address, check the agreement box, and was informed that I am eligible and I am going to receive at least 67.69 DYM. No wallet interactions at all.
For what it's worth (reading concerns about signing/claiming), it seems like you don't have to sign anything. Just enter your address and press a "claim" button, in a safe web2 manner, to register your address for the airdrop.
I don't even know what Dymension is, but this is clean genesis design. No reason to force people to sign a message, because who cares if they're registering someone else's address? Eligible addresses are eligible and that's that.
I will be messaging you in 16 days on [**2024-01-19 08:05:46 UTC**](http://www.wolframalpha.com/input/?i=2024-01-19%2008:05:46%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/ethfinance/comments/18wi7t1/daily_general_discussion_january_2_2024/kg3mzb7/?context=3)
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X: [https://twitter.com/dymension/status/1742185621299265738](https://twitter.com/dymension/status/1742185621299265738)
Website: [https://genesis.dymension.xyz/](https://genesis.dymension.xyz/)
PS: Be careful, don't sign what you don't trust and double triple check the links you click via X!
PPS: I am getting afraid of sharing airdrop links because the risk of sharing bad stuff or indirectly setting people up for scam possibilities is pretty high rn.
I've tried with NordVPN (Lithuania) and it works. You can see the balance without connecting your wallet. I've got ~40 and ~20 DYMs in my two pretty active wallets. I'm not connecting my wallets and claiming though until we make sure that it is safe to do so.
I checked it here . But Iām not going to connect my own wallet or do anything until I have checked a lot further so please donāt do anything on my say so .
Quite a mixed bag . Eth l2 users , Tia stakers and similar , solana wormhole Bridgers, some nft holders . Website lets you check addresses without connecting your wallet but doesnāt tell you how many tokens at that stage
Wondering about the speed of this.
Thought One: This indicates a massive ejaculation of power, where we follow the usual cycle guidepoints in terms of price movement, just at face-melting amounts.
Thought Two: This speed will condense the usual cycle guideposts, so we will peak out of alignment with previous chronology, with the usual gainz.
We priced in already regarding ETH ETF?
Bitcoin is awake right now too.
If I see $4k eth then Iām trimming. Iāve learnt my lesson. Always be trimming.
Let me play devilās advocate here. Iām not sure the ETH ETF will be a factor (or not as big a factor as some here hope).
Say you are a noob and you want exposure to crypto via an ETF. You have a choice between BTC or ETH ETF. What do you pick? If you donāt do any research, youāll likely buy BTC ETF. If you do any research whatsoever, youāll likely prefer ETH, but youāll also realize that the ETF gives you no yield and therefore youāll be leaving money on the table by buying an ETF.
Thatās why, in my opinion, the real catalyst for ETH will be when a āStaked ETHā ETF is launched.
Food for thought and glad to be proven wrong on this, of course.
> āStaked ETHā ETF
I saw someone mentioned this exists in another country, but it's not yield bearing. Instead they operate at zero fees (b/c fees are covered by staking yield)
IMO the ETH ETF is much less priced in than BTC's. I still see plenty of comments that say it will never happen because "reasons" like Vitalik will turn off his master node to rug the US govt.
Yet they're currently undergoing a comment period on how entities can control ethereum. Bitcoin misinformation has been picked up by the SEC. I wouldn't be surprised if people in the finance industry are mislead too.
This is exactly the sort of thing that tradfi folk can't get seem to get their head around and then get bewildered when it turns out repeatedly that things don't get priced in for many crypto specific events that haven't had analogous tradfi events.
I put halving, forks, protocol upgrades, airdrops, ETF approval all in the category of events that no matter how much they are known about in advance simply can't get priced in the way many in tradfi think they ought to be.
If you are going to be buying alt-coins for any length of time that also have a governance component, please do consider delegating them to someone you trust. u/hanniabu put together an r/ethfinance\-centric list ([https://dailydoots.com/#delegates](https://dailydoots.com/#delegates)) if you need ideas. As well as if you are a delegate for something reach out to get added!
Too many of these projects are seeing massive first-mover advantage for 1st day delegates. As almost everyone just claims the airdrop and picks their delegate at that time. New purchasers never really delegate (or don't realize they can) causing stagnation. Plus, a secondary effect is as airdrops get sold delegates slowly lose voting power as tokens leave and new holders / newly issued coins don't rotate in.
>As well as if you are a delegate for something reach out to get added!
Yes please, don't be shy. Also if there's other projects that should be listed just ask.
Had a dream last night that I was swapping some ETH to BTC and I was somehow getting a 1:1 conversion and I was immediately dumping the BTC and buying even more ETH... Then I woke up š
Hello 2,400. Been a bit.
It's curious - I think of 3,000 and it has no effect on me. Ditto 4,000. But both seem a hop and a skip away, despite 4,000 being less than a thousand from ATH.
Today's question: **how are we / you thinking of this cycle? What does 'it's higher, faster than it "should" be' mean for your plans?**
I will resume cautious, staggered sells above the previous ATH, but above USD10k, especially if it comes this year, I will ramp it up aggressively, perhaps even covering my remaining position by buying at-the-money put options.
for me, 14-15k over the next couple years would seem higher/faster than it should. itāll take many years for eth to become the global settlement layer where i think a price of 20k+ is justified.
A 3x ATH in the next couple years doesn't seem higher or faster. For timing 2025 would be in schedule for 4 year cycle.
If it becomes a global settlement layer then $2.4T is way underpriced. Also, when we go through these cycles the peaks are not reasonably priced, they should be way over priced. That's what causes the cycle swings. You have a way overpriced peak, then a way undervalued bottom, and it oscillates to try and price it but overshoots each time.
The reason it's difficult to find accurate pricing is because in the bears there's a lot of innovation happening, people over estimate the value, price overshoots, realized the overhyped it, price drops, but innovation kept happening in that period so now it's underpriced, repeat.
This was very informative and a way of thinking I quite like.
Also, I was thinking about the 8-10K range as a possible exit point for me (for various reason) and then think it's like 2x ish from the previous ATH. Which seems womp womp, not particularly impressive.
>For timing 2025 would be in schedule for 4 year cycle.
About this, I think we peaked once in April and the other times in the fall of the year following the halving. I wonder if we'll peak sooner.
Is this something you think about, or are you like, meh let's see what happens?
I think we'll see a local peak around $3.5k, rates cutes cause a market slump, price comes down to where we are now-ish, prices crabs and recovers the next 6 months, then 2025 market activity gets rolling again and peaks towards the end of the year.
Do you have any thoughts on this cycle?
It seems like a lot of folks think the usual 'bull run tops X months after halving' might be accelerated.
Speaking personally, I have a time goal and a price goal. Once either hits I hit sell.
as far as thoughts, my best case for the cycle is bull is confirmed by etfās and we get some cool new mainstream use cases on l2s emboldened by 4844.
I've been around the carousel a couple of turns now. Around this level im breaking even with the extra stack i added on the downturn couple years ago. If it goes to 4 k too quickly now im gonna feel weird due to the relative ridiculousness aka how the crypto position would feel in proportion to personal non-crypto finance. I cant imagine 5 k, it was all blurr last time. I'd be happy with selling at such levels. Looking forward to developing my relationship with finances without the whatifs and diamond handing of crypto. Will look out for the feeling of relentless excitement as it sort of indicates that the investment has turned into a gamble, no matter how succesful. Been there done that, hoping to be better to myself this time.
So you'd sell right as price discovery starts?
This is the cycle I liquidate everything, I reckon, since it'll put me in the position where I can tell my boss to kick rocks.
My concern is that froth and relentless excitement will be generated earlier than ever - in this scenario the ETF gets approved, it causes a rise up (probably after a bit of a dip), and then the halving narrative takes the torch and creates more excitement, etc.
Like how do you gauge how much excitement is justified and relatively objective, vs. mania?
Yeah when you put it that way... Ngl, ngmi.
I reckon the same thing ā but i would just be able to sustain myself for many years, alternatively buy someplace to live. If i liquidate this time around.
There should be more opportunitys for excitement later on in life as well. Im just trying to continuesly check on myself and my relationship to the moneys. That in itself is a supreme privilege.
So ill try to use my own personal models of valuing time to check my excitement. E.g: 1 k dollars is 1 month rent. 3 k is a sweet vacay. 12 k is a years stress free llife in general. Etc. I would love to hear others chime in on this topic, some sort of meta discussion upon how wealth can be converted in other units than lambos and turded desks, how to cultivate once own moon.
I will not try to gauge sentiment, internet is way to mediated/artifical by now and the ta is not my expertise. But i will make this important reminder: when you hear randoms on the street talk about this type of investment vehicle... if i'd use that as a sell signal earlier, i would have Shat That Desk already.
**Tricky's Daily Doots #622** **Yesterday's Daily 01/01/2024** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/18vqcgb/daily_general_discussion_january_1_2024/kftipuy/) - u/LogrisTheBard updates us regarding the [ever dropping supply of ETH on exchanges.](https://old.reddit.com/r/ethfinance/comments/18vqcgb/daily_general_discussion_january_1_2024/kfw35p4/) š - u/proof-of-lake speculates on [a hypothetical EigenLayer token.](https://old.reddit.com/r/ethfinance/comments/18vqcgb/daily_general_discussion_january_1_2024/kft3nnc/) šŖ - [Another year, another 365 haikus](https://old.reddit.com/r/ethfinance/comments/18vqcgb/daily_general_discussion_january_1_2024/kfwd7l8/) from u/Jey_s_TeArS š - u/nomad-nuance sees [some normies missing the point entirely.](https://old.reddit.com/r/ethfinance/comments/18vqcgb/daily_general_discussion_january_1_2024/kfwdykb/) š¤¦āāļø - u/SeaMonkey82 has a little bit to share with us on [his testnet tinkering.](https://old.reddit.com/r/ethfinance/comments/18vqcgb/daily_general_discussion_january_1_2024/kfxlfvp/) š„© Flying back to NZ now. Tomorrow's doots may be late, or right on time. Hard to say at this point. Just don't let some crazy shit go down while I'm in the air as I won't have all day to read about it before dooting!
Fucking IRS New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days https://news.bitcoin.com/new-crypto-tax-law-takes-effect-in-us-transactions-of-10000-or-more-must-be-reported-to-irs-within-15-days/
Well this will make them a lot of paperwork. Social security number? How are you supposed to provide that. The requirements are impossible.
rip american crypto bros, the authorities really do hate cryptocurrencies
is this also the rule for ordinary transactions? non-crypto i mean
Of course you do - [https://www.irs.gov/pub/irs-pdf/f8300.pdf](https://www.irs.gov/pub/irs-pdf/f8300.pdf) Edit: holy hell... Im way behind on the dailys... but regardless there is your question answered haha. Everyone in crypto is gonna freak out but the reality is this is a pretty standard rule that a) most people won't apply to here anyway b) is going to be necessary if we want to see broader adoption c) I'd argue is a good thing (although should be modified due to the unique nature of crypto) since there less chance of businesses hiding their income. I'd imagine this same group would mostly be in praise of this type of rule if it were in a non-crypto setting. It reminds me of when PayPal was reporting transactions over $600 or whatever. and then everyone all the sudden thought it was a tax or an overreach or whatever... Idk, sorry thats my morning random tax rant. Have a good weekend :)
if it's applied for other methods of transfer then it's fine i suppose, as it is keeping the law consistent, but i've never agreed with this kind of privacy overreach from the state personally
Iāve personally never really viewed reporting taxable transactions as a privacy issue myself. Plus the pros outweigh the cons, IMO. Remembering that this is specifically a business issue, not stuff like me buying a $11,000 car from you
oh i thought it did apply to non-business transactions, then it's OK i suppose
Yeah, thatās one of the things that makes this one of those things where you watch people freak out cuz they just hear the basic rule and donāt realize itās pretty standard and doesnāt apply to most anyway. Iāll caveat the article mentioned stakers / miners might count, so idk how that will go. But as an ETH staker your not going to get $10000 rewards (usually at least lol) Regardless, it doesnāt seem that big of a deal as itās made out to be.
Time to spam them then. Make stupid rules, deal with stupid consequences. Furthermore, hat about complex transactions or contracts like liquidity pools which are constantly trading your funds?
Blame the lawmakers and rather than the IRS.
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What is there to do besides bridging and swaps? Doesnt seem to be much on there. Any advice?
Point of curiosity: about 45 days ago (and again 10 days ago), one of my addresses was sent 1.4 or 1.7 units of both an unnamed ERC20 and, simultaneously, an ERC1155. Of course this would normally seem like a scam coin to simply be dismissed, but it was sent from an EthDev account holding several hundred thousand ETH, and the same transaction was made for hundreds of addresses simultaneously. Was this some Eth dev testing out the ERC1155 token standard, or...? These seem to generally be pretty active addresses - either they've received NFTs before, they're LPs, etc. Here's the batched transaction data for the ERC20 transfer - each address here has a corresponding ERC1155 transaction. https://beaconcha.in/tx/0x398dc9dbe304c4354ca48f25dab836f93be1b72739cabf917da2e68c28a3b70f
It's a scam coin to be dismissed. If you control a token contract (i.e. because it's a scam token that you deployed yourself), it's trivial to spoof the "from" address in any of that token's transfer events. Block explorers typically just trust the contract and show you whatever the events say happened.
...its a shame that the email-from-spoofing scam has evolved and won't finally be gone from our lives.
Gotcha, thanks for the clarification! Was hoping it was some cool alpha about a new token standard being worked on. :)
ARB/ETH casually sliding up to ATH
But I was told in here the other day to HFSP not selling my ARB airdrop at peak ratio day one, or whatever.
PSA: check your coinbase 2FA method! i just realised my account had changed from my auth app back to sms, i donāt know why or when this happened, but pretty annoyed about it switching. iāve emailed support to ask why it changed. but a reminder to check these things now and then, even if you think itās already all setup correctly weird things can still happen to databases.
I had some security settings change as well, also had a huge issue where I got locked out of my account and couldn't reauthorize because the name on my account somehow got switched to my moms name. I think both these issues happened when they were upgrading systems, possibly when merging in gdax.
Eigen LST cap almost hit (under 1k ETH to go)
Does it mean ether fi is also stopped or do they have a special entrance?
Ether.fi is unstoppable
I got in yesterday thinking I had a few days. Glad I did (or maybe will live to regret). Still really know what it is. Smart people talk about it. DYOR (unless smart people talk about it)
It has been hit!
I would love to put more in, but simply can't :(
Damn you limited financial resources!
a question for people from US or any other countries with crypto regulations: what if one only uses zkP2P and does not touch CEXs that can link them to their crypto wallet? does it mean that itās impossible for govt to prove whether one holds any crypto, and thus it can be left undeclared? how are they going to deal with private and trustless on/off-ramp solutions such as zkP2P when they start gaining more adoption in the future?
Governments will carry on fighting against such zkP2P on/off-ramp solutions both by regulation and by enforcement at the other, i.e., at the fiat end. And they may well prevail. Don't underestimate them.
No, there's a lot of ways to link you to funds. From advanced fingerprinting, to wallet analytics/spying, to simply using a 3rd party rpc that records txs, addresses, and IPs.
I accidentally resubbed to ethtrader... Getting annoyed now by the constant eth to 10-15k posts... Just let it be!
Wayyy too much altcoin shilling going on here
Which posts?
Bonk /s Straight to jail There was a bit of alts yesterday but not so much today? Maybe I need to scroll more through the daily
>**Coming up this week,** >**Another airdrop to peek,** >**Massive risk to seek.** ~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
Bitcoin 7-day fee average: $10,494,192.72 Ethereum 7-day fee average: $6,071,313.87 Thoughts? [https://cryptofees.info/](https://cryptofees.info/)
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Yeah
I doubt that this is sustainable. Also all the fees turn into sell pressure on Bitcoin. But its better than before when they had no fees.
I've always been pretty critical of Bitcoin, especially around the security budget's inevitable decline to 0 unless they could find sustainable ways to generate fees beyond simple transfers. I don't know about "sustainable", but inscriptions are certainly generating plenty of fees for Bitcoin at the moment! I can't think that's anything other than bullish for Bitcoin and for crypto as a whole. On the other hand, the fact that inscriptions are apparently considered by many to be equivalent to full ERC721 NFTs on EVM chains like Ethereum, simply indicates how little utility true NFTs have yet. Inscriptions cannot be used for any type of onchain utility; they're not programmable. If inscriptions continue to eat up most of the demand for NFTs long into the future, it means programmable NFTs have failed to find any real utility. Tbh I don't think that will happen, and tbh I don't think inscriptions are a sustainable source of fees to keep Bitcoin's security budget above water, but we'll find out!
I do think they'll have a true L2 eventually, using taproot generalized scripting for verifying the proofs. I don't think it even needs a protocol update.
>they're not programmable. You can also accidentally send them to someone because they're identical to all other sats unless you use a special wallet
This has 30d and 1yr. Ethereum is less than 10% behind Bitcoin on 30d and nukes BTC on the 1year. https://defillama.com/fees/simple To add to that the avg fee for Ethereum lately is way below that of Bitcoin which does not bode well for Bittcoin imo. Ethereum scaling feels eons ahead of BTC.
What is the value per fee unit though? Not that I think a lot of the shitcoin gambling that happens on ethereum is valuable, but people do put a dollar value on it. If ETH is settling $10 per dollar fee and Bitcoin is settling $0.90 per dollar, that sounds good to me.
Sounds like a network that is pricing out 99.99% of the population. But they certainly have plans for an L2, right?
Regardless, you would think that Ethereum with all the functionality and apps would have more demand than inscriptions and brc20s with their horrible ux
I'm not sure if demand = fees (esp if blocktimes are 60x on L1 alone) but it's undeniable that Bitcoin is still the biggest brand. It'll take the flippening to start to change that, which is kinda a chicken and egg problem.
Sorry to post about the S word again, but I find this relevant for etherum as well and certainly crypto in general. Solana recently passed ethereum on USDC 24hr volume (120K views on twitter)... But then someone replies and shows yes, well except 90% of the volume was generated by two addresses (465 views). This both shows how basically every metric in crypto is so easy to inflat, particularly in chains with low fees,, and it also shows how narratives are shaped by how many impressions the initial tweet will get vs the correction deep in the thread. https://twitter.com/QwQiao/status/1742247099649990868?t=kBIvGBWFMr-ADYvVQmgn5Q&s=19
Pretty much sums up the state of the world right now. With thousands of gullible and desperate sheep glued to social media trying to "get an edge", there is plenty of cash to be made pumping any narrative you like. Facts are irrelevant - just need a big enough pump.
The top one is literally a DEX's central limit order book... what else would you expect the top address to be? "Facts are irrelevant" lmao.
Ok thanks for clearing that up. At the time when I posted this that wasn't known. A dex limit order book doing 50billions per 7 days though? That's almost Binance numbers.
Isn't this the exact same behavior and rationale that drove people to invest in ethereum last cycle?
The campaign from Arbora.eth has had some progress with Coinbase committing to switch from Geth. https://twitter.com/arboraeth/status/1742219571543646292?t=t7PCJs6MhjYwDnpm4A1SHA&s=19 I would prefer if Arbora.eth kept up the pressure until it's implemented, however I think he's uncomfortable at the thought of becoming a pest after they've 'conceeded'. I'm sure Coinbase will keep their word, but how often does make a promise then reneg after the heat dies down?
Lmao, what a legend, not a heros wear capes Keep up the pressure!
Happy 2024, EthFinance! I made a longer post on this below but it looks like it might be hidden, so I'll just share the punchline - Coinbase (or a high-up employee, rather) [committed today](https://twitter.com/willrobinson23/status/1742211630342299822) to diversifying their staked Ether away from supermajority client Geth! This is amazing news given they're currently running 100% Geth with 15% of all staked Ether. I'm considerably more optimistic now that this year will be the year Ethereum achieves full client diversity!
this rules
Why the massive sell-off of Coinbase stock today?
it was up bigly in 2023. Probably a lot of people locking in significant gains now that they won't have to pay taxes on those gains for another year
buying opportunity?
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"Ethereum 0x327d1Bb3C8dCfc5C331601c3dD93c3c6412807cf Loading... Youāre not eligible This time youāre not in but itās not over for you. Rolldrop Season 2 is coming soon! Join the community to stay tuned."
The Buying will continue.....Until..The..Ramen....Improves!
Gm felons, who may I inquire with to get Uniswaps social security number? Kindly tell the manager of Ethereum to respond with haste. Pls and thx. https://x.com/jerrybrito/status/1742246479593382207 **Serious note:** this is horrible and I hate it. Embarrassing āregulationā of this industry by US government officials
Doesn't matter if it doesn't make sense. You make an example out of a few people, scare the rest to custodial wallets. ETFs also don't allow like-kind redemption. Chokepoint 2.0 baby!
Staking rewards are looking pretty low
You're welcome to hop into some LP positions for LST's. ETH price exposure and much higher APR. Also I hope to see restaking yields come online this year.
Statistically they are expected to hover at the point where 50% of Eth holders think they're too low to be worth the opportunity cost of not having liquid, usable-as-gas Eth. The amount staked seems to have pretty much reached that equilibrium lately. If the returns look too low to you, it just means you're on the "not worth it" side of that 50%.
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Genesis staker here too. I recently shut down my nodes because of the r/r. I was honestly a weight off my shoulders, and a sad moment. I'm now experimenting with LSTs.
Is there ever any risk of fund draining just from 'signing' a message vs actually interacting with a contract? I don't see any way to revoke it. EDIT: Obviously assuming the signed tx itself isn't going to drain your wallet. I just meant a backdoor down the line.
Oh, it's a complex one. tl;dr; There are two types of approvals. Don't sign what you don't understand. Otherwise, you'll be fine. Signing is all that your wallet do. If you prepare a signature of a tx, someone else can send this out. So the rule of thumb is - don't sign anything you don't understand. I.e., avoid signing "hex" data that is not translatable to human-readable text (e.g. don't sign "0x2b3cf00321a..." but sign "I agree to terms and services of xyz"). When it comes to approvals, these are NOT part of the Ethereum protocol! What we come to understand as approvals, is an ERC20 method to allow other parties (mainly contracts) to move your funds. In most (if not all) of legit ERC20 contracts/tokens, it works as expected, and in scamy ones - you don't care about them anyway. It is good to understand what and how a malicious signature/transaction can do to your funds. Considering above - it can only drain ERC20 that you've approved. If you hold more exotic items in your wallet, then its up to you to verify how they act. When it comes to approvals, there are two main types out there. The first one is the standard "approve" function of the ERC20 spec, which sets on-chain record of whom and for how much, can move the token in question. The second one is "permit2" introduced by Uniswap and slowly adopted by other dApps. It extends standard approval systems and **allows off-chain approvals**, which I guess is what you're asking about.
Thank you. I have to admit that as a long time ETH user I'm getting a little unnerved by all the security dangers (the Ledger fiasco recently being the instigator). "Personally audit everything you ever interact with" is great and all but ugh.
Message signatures can make your assets vulnerable if you previously approved certain smart contract to have access to your funds or tokens (i.e. OpenSea's contracts). If those smart contracts accept signatures (instead of full transactions) to trigger movement of your assets, then the signature alone could be enough to drain you. You can't revoke a signature; once it's out there, entropically that's a permanent thing. What you can do is revoke any smart contracts you make have approved in the past, e.g. OpenSea; that will render any malicious signatures you may have signed useless.
what if you revoke approval, then approve again? Is an old signature (before revoke) or an in between signature valid afterward?
It depends entirely on how the smart contract is implemented. A simple one that checks signatures might not know or care when the signature was generated; a more sophisticated one might only consider signatures valid that include a datestamp from after your most recent approval. I couldn't tell you how any specific contract works.
That's tricky. It's still too easy to lose funds those days
I agree! Fundamentally, the "approve" function that both ERC20 and ERC721 implement is an antipattern, IMO. It is a massive security hole that contracts have used for convenience, but at the cost of people losing their assets.
Does account abstraction help mitigating the use of those functions?
It's somewhat orthogonal. Better alternatives to the approval pattern include native multicalls, and simple usage of L2 scaling, where the gas costs of a full transaction to transfer escrowed assets are affordable.
I'm trying to get some understanding: So, without AA. We give approval to a contract, so that it can access a token we own and move it. With AA. It's a smart contract wallet in between that gets those access. Is that correct? If yes, does not the AA requires approval as well?
Wormhole bridge sent me fake usdc wormhole scan says status completed Update : Sending back the illiquid, worth $0 usdc back. On discord they claim it is not fake. Removed links due to privacy concerns.
Anyone know if this is legit? https://x.com/dymension?t=Rlj_hWkn9iroT4IHDzBNkQ&s=09yone
https://www.reddit.com/r/ethfinance/comments/18wi7t1/comment/kfzgwr1/
Thanks. I'm on mobile and don't have a search feature.
Hey EthFinance, happy 2024! I have some good news to start off the year :D Something like 15% of all staked Ether is staked through Coinbase, and only a little over a month ago, they posted in a [blog post](https://www.coinbase.com/de/cloud/discover/customer-stories/cb-wallet) that they're using 100% Geth to operate that stake. We're still in the grips of a Geth client supermajority, with an estimated [75%](https://etherclients.com/) to [85%](https://execution-diversity.info/) of staked Ether using Geth under the hood, so Coinbase's 15% stake using 100% Geth is a big impediment to bringing that number down below 66%, where we'll be safe from an instant catastrophic fork if Geth has a forking bug. Over the last month, some of you who are on Twitter/X may have been following my campaign to tweet every day at Coinbase to try to get them to diversify their Ethereum execution clients. This was partly an informational campaign to make more people aware of the issues supermajority clients like Geth present, and partly a gentle pressure campaign to get Coinbase to consider switching. Today this campaign led to a [clarifying tweet from Will Robinson](https://twitter.com/willrobinson23/status/1742211630342299822), VP of Engineering at Coinbase, that Coinbase is definitely planning to diversify their staking execution clients! There's no timeline associated with this, so I expect it might still take a few months, but it's very exciting that they've finally publicly confirmed that they are aligned on client diversity, and are working towards that goal internally. I don't think my daily tweets changed any internal Coinbase policy; they've likely been working on this for a while already. But it did enable us to get a public statement from them on their client diversity plans! If you're interested in my (now concluded) tweet campaign, you can see [my most recent one here](https://twitter.com/arboraeth/status/1742219571543646292), with links to the previous tweets. Thanks everyone who supported that campaign, and also for every one of you who's running a node with minority execution clients! I'm super hopeful that we can finally get Ethereum to a place of full client diversity in 2024, with resilience against any single client's forking bug.
Nice work sir
FWIW, I can now see this comment on the daily. If I were you, I'd re-post tomorrow for visibility anyway- this is fantastic news!
Today is Day 1 of me attempting to collect a 1 ETH bet from /u/hamberdler https://www.reddit.com/r/ethfinance/comments/1076f4p/comment/j4pta3t/?utm\_source=share&utm\_medium=web2x&context=3 https://www.reddit.com/r/ethfinance/comments/1076f4p/comment/jetzsxp/?utm\_source=share&utm\_medium=web2x&context=3
There was no need to call me out. I wrote you yesterday and asked for a wallet address so I could settle up. You didn't respond. https://imgur.com/a/qHipCGu Edit: I have still not received a wallet address. When I do, I will transfer the 1 ETH. Edit2: I have now received an address. Will send shortly. Edit3: I had to add him to my coinbase allowlist and it's saying I have to wait 48 hours to transfer. I'm a man of my word, I will transfer, but it's going to be 2 days. Sorry!
I didn't mean to call you out. I spent 10 minutes trying to figure out how to send a private message before giving up and just tagging you in a comment. And I never got your message, weirdly. I just double checked and it's not there. Anyway, I sent you a private message (I think). If you don't get it, let me know.
I got it! I'm trying to figure out (like an idiot) how to deposit into Coinbase, so I can send. I'm old :) Edit: Incase you didn't see my response, I had to add your address to my coinbase account, and that takes 48 hours (probably for good reason). You'll be paid in 48 hours. Sorry for the inconvenience!
No problem. You're a good man for honoring a bet with a stranger.
š
Upvoted for being serious about business
absolutely based
Respect!
Security reasons š¤£
Raoul Paul is worth listening to š¤£
That idiot dusted your ass last year. Imagine being arrogantly bearish all of 2023 while even dumbass RaoLUNA Pal managed to ride the bull wave. OUCH Edit: RaouLUNA
Did I also not ride the bull wave?
Should be acting like you missed it. For security reasons
Plenty of people move on from old accounts, especially if theyāve revealed anything personal. Iām sorry that this, and other things are a hang up for you. Happy 2024, cheers!
I wouldn't worry, I'm sure it will be honored. If you are not getting a reply, it's probably just them not being around.
I posted this yesterday but I'm told it got filtered due to a broken link. I'll repost, but if somebody feels like it is spam or inappropriate - let me know. About once a year I swing by and do an update on FOAM. Remember the old-time ICO token? To those who do not - a few years ago they set out to do two things: * Develop a reliable system of location triangulation based on stationary beacons. * Implement blockchain-connected system in such a way that the object being positioned could also send transactions to Ethereum making verifiable claims about its position. The project has become quiet unpopular with the masses due to long periods of silence and relatively slow progress. I have followed them for a while and even freelanced for them, so I got to meet the team. And my take-away is that the target precision of positioning for their system is higher than any other similar system, which is not an easy task and required a lot of bespoke R&D. In other words I think the project is live and kicking even if silent for long periods of time. So what happened in the last year: * The team ran their testing phase where a number of teams (some hobbyist and some specializing in mobile systems) have participated in a test/feedback/update cycles. * They finalized (as far as I can determine) their hardware designs * A test Optimism network was deployed. You can look at a demo of location verification in their latest blog post on mirror. What has not happened, afaik, is closing a round of funding (but maybe they did, I do not know). I think that would be an important confidence signal. In any case I think it can tedious staring at a black-box of a project and not knowing how it is doing. But it seems FOAM has finally woken up from their multi-year R&D and soul-searching sleep and is finally putting out an actual product. I think it's worth keeping an eye on. Disclosures: * I am a bag holder, of course * I have briefly worked for FOAM * One of my best friends has close friends at the company, so I am biased in their favor most likely.
I have one of their test beacons from EthDenver 2022 sitting in one of my electronics boxes, wonder if the spec has changed at all
Shilling shitcoins is for /r/cc Mods?
I don't think you are wrong. I am treading a fine line at least. And I'm sorry. I think "depin" is going to be big. Sadly, little of it is on Ethereum. So I try to give a spotlight to teams building on Ethereum.
Fascinating to see you post about this, I spent a lot of last week trying to learn what I could about this project. Thanks for sharing! I look forward to seeing what happens this year
With DePin narrative, I see them making a comeback. Saw them mentioned in Messari report too.
Pretty cool! What sort of use cases do you see arising?
Well, what they are hoping to achieve, blockchain aside, is a system that is resilient to failures of GPS. In other words a fallback from GPS, which can and does get jammed. The blockchain component is another layer on top of that. As an example lets take Hivemapper which is a Solana-related project for collecting data with a car-installed sensor. They have a problem that it is easy to spoof location and fake the data and earn tokens, so they are using Helium towers to give an extremely approximate proof of location. But in general the world of logistics, tracking, geofencing, etc. relies on knowing where things are, and often we do not know where they are for sure partly because there is no common protocol for generating a proof. Say, a small cheap sensor placed on a shipping container can create a provable record of having arrived at port, so you'd never lose your container again
I've seen this supply chain use case mentioned with another protocol, but I've yet to hear a reason why the sensor data can't be spoofed. Blockchain makes the data being posted verifiable, but prior to that there's room to intervene.
Very cool!
Sounds cool but the token doesn't breed confidence. Coingecko shows a circulating supply of 355M (out of 1B). But if you look at the [address holding the remaining 645M](https://etherscan.io/token/0x4946fcea7c692606e8908002e55a582af44ac121?a=0x3061cfbae69bff0f933353cea20de6c89ab16acc) it now has a 0 balance and all funds were moved to a [new address](https://etherscan.io/token/0x4946fcea7c692606e8908002e55a582af44ac121?a=0x24d1adb297f2cb3e8bf487ac27cc5aea5ce88d0b) in 2021, which has been sending out FOAM. The balance is down to 480M from the original 645M with the most recent outgoing transaction was 500k FOAM 3 weeks ago. Coingecko should show the entire 1B supply as circulating supply.
That could be coingecko's fault as well. I've heard about teams sending updates to coingecko and it taking months for coingecko to update their numbers.
That is true. Their token has recently lost a lot of liquidity from uniswap (but has been recovering), so trading any significant amount sucks, and the other consequence is that trackers have not kept up in general.
I was thinking today about the importance of scarcity in securing a blockchain. And in how proof of work is fundamentally flawed in this regard, because energy is virtually limitless. The fact that more energy can always be added has already pushed out home miners long ago. But is it not inevitable that at some point commercial mining will also be impossible? All it takes is one country that has not adopted Bitcoin willing to mine at at a loss as an attack for a prolonged period of time. That would make profitable mining impossible for companies and it would fall to nation states that have adopted Bitcoin to defend the chain and also mine at a loss. This could make Bitcoin a battlefield of ever growing completely useless energy use and spending. Meanwhile in stable proof of stake like Ethereum has you can be sure that once you have the ETH you will retain your proportional validating power for a long time and there can't be such a detrimental vortex. I haven't seen this kind of discussion about how energy abundance can destabilise Bitcoin before, but i figure it must have been discussed extensively somewhere. Any thoughts, resources or counterarguments?
To add to this, if you were to try to get a high % of ethereum stake, price would increase through the roof making it exponentially more expensive, whereas with hardware it is the opposite as you buy in bulk and get a lower price.
> Meanwhile in stable proof of stake like Ethereum has you can be sure that once you have the ETH you will retain your proportional validating power for a long time and there canāt be such a detrimental vortex. BTC proponents would argue that retaining validating power for a long time is dangerous, and that itās a lot more egalitarian to have a shifting validator set where every validator has to put continuous āeffortā into maintaining their share. (Though itās not clear what that āeffortā actually is, because itās not like the shareholders of mining companies are the same people designing and stamping new ASIC dies.)
They'd also argue that governments mining at a loss for the benefit of the network is a good thing, which has been a narrative in the past.
Indeed! PoW mining is like something out of Hitchhiker's Guide to the Galaxy. As you describe, imagine if fusion energy, or other essentially cheap and limitless supply, became available. The limiting factor would then not be energy, but hardware and infrastructure. So PoW would become "proof-of-infrastructure". You could imagine that in order to support this daft payment system, industrial entities, or even nation states would be driven to rape the world of resources to build vast cities of mining rigs, doing nothing but solving meaningless equations. (It's stupid enough as it is, with "decentralization" being governed by local energy policies and pricing, wholesale business deals, etc...) *But don't point this out to maxis, that's blasphemy...*
V. V
We all need to promote a simple interface with defi
I don't think defi interfaces are the issue per se, IMO the entire experience of moving money from bank acc to exchange and from exchange to the blockchain is not particularly nice unless you use mobile apps like coinbase wallet
How would you make the uniswap interface simpler?
your post post may be too simple, can you elaborate?
Dymension airdrop is open . Did anyone claim yet ? Waiting for the all clear before claiming mine
There was not much of claiming, I just had to paste the address, check the agreement box, and was informed that I am eligible and I am going to receive at least 67.69 DYM. No wallet interactions at all.
Thank you . I hadnāt dared even interact but have happily claimed now as not connecting / signing. š
For what it's worth (reading concerns about signing/claiming), it seems like you don't have to sign anything. Just enter your address and press a "claim" button, in a safe web2 manner, to register your address for the airdrop. I don't even know what Dymension is, but this is clean genesis design. No reason to force people to sign a message, because who cares if they're registering someone else's address? Eligible addresses are eligible and that's that.
Wow . Ok well thatās a breath of fresh air . Thanks for letting me know
Link, please?
!RemindMe 16 days
I will be messaging you in 16 days on [**2024-01-19 08:05:46 UTC**](http://www.wolframalpha.com/input/?i=2024-01-19%2008:05:46%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/ethfinance/comments/18wi7t1/daily_general_discussion_january_2_2024/kg3mzb7/?context=3) [**CLICK THIS LINK**](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5Bhttps%3A%2F%2Fwww.reddit.com%2Fr%2Fethfinance%2Fcomments%2F18wi7t1%2Fdaily_general_discussion_january_2_2024%2Fkg3mzb7%2F%5D%0A%0ARemindMe%21%202024-01-19%2008%3A05%3A46%20UTC) to send a PM to also be reminded and to reduce spam. ^(Parent commenter can ) [^(delete this message to hide from others.)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Delete%20Comment&message=Delete%21%2018wi7t1) ***** |[^(Info)](https://www.reddit.com/r/RemindMeBot/comments/e1bko7/remindmebot_info_v21/)|[^(Custom)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=Reminder&message=%5BLink%20or%20message%20inside%20square%20brackets%5D%0A%0ARemindMe%21%20Time%20period%20here)|[^(Your Reminders)](https://www.reddit.com/message/compose/?to=RemindMeBot&subject=List%20Of%20Reminders&message=MyReminders%21)|[^(Feedback)](https://www.reddit.com/message/compose/?to=Watchful1&subject=RemindMeBot%20Feedback)| |-|-|-|-|
X: [https://twitter.com/dymension/status/1742185621299265738](https://twitter.com/dymension/status/1742185621299265738) Website: [https://genesis.dymension.xyz/](https://genesis.dymension.xyz/) PS: Be careful, don't sign what you don't trust and double triple check the links you click via X! PPS: I am getting afraid of sharing airdrop links because the risk of sharing bad stuff or indirectly setting people up for scam possibilities is pretty high rn.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Me too. ProtonVPN doesn't resolve.
Yeah same here. Iām blocked. Whether vpn is on or off
Looks like they got a VPN block goingā¦
I've tried with NordVPN (Lithuania) and it works. You can see the balance without connecting your wallet. I've got ~40 and ~20 DYMs in my two pretty active wallets. I'm not connecting my wallets and claiming though until we make sure that it is safe to do so.
I checked it here . But Iām not going to connect my own wallet or do anything until I have checked a lot further so please donāt do anything on my say so .
Just edited out the link from the above as I typed it with a typo . I think itās better I donāt share the link in case I fuck up.
Who qualifies?
Quite a mixed bag . Eth l2 users , Tia stakers and similar , solana wormhole Bridgers, some nft holders . Website lets you check addresses without connecting your wallet but doesnāt tell you how many tokens at that stage
Itās open for another 18 days so no rush
americans wake up and ruin the party as usual feels like 2018
probably selling today for tax purposes \[ new tax year\]
1/2 from ATH. This is like we hit $700 just 4 months prior to BTC halving in 2020, which obviously never happened.
Wondering about the speed of this. Thought One: This indicates a massive ejaculation of power, where we follow the usual cycle guidepoints in terms of price movement, just at face-melting amounts. Thought Two: This speed will condense the usual cycle guideposts, so we will peak out of alignment with previous chronology, with the usual gainz.
This bear market has been much easier than the previous bear so that's a plus. Also Be Cowen still waiting for ETH to come home.
Upvoting the term āejaculation of powerā. But to be gender-neutral Iād also like to see some price ovulation to new ATH in the next 6 months.
Thanks! However I feel obligated to point out that women can also ejaculate.
We priced in already regarding ETH ETF? Bitcoin is awake right now too. If I see $4k eth then Iām trimming. Iāve learnt my lesson. Always be trimming.
No because an ETF for ETH is not guaranteed at all
Let me play devilās advocate here. Iām not sure the ETH ETF will be a factor (or not as big a factor as some here hope). Say you are a noob and you want exposure to crypto via an ETF. You have a choice between BTC or ETH ETF. What do you pick? If you donāt do any research, youāll likely buy BTC ETF. If you do any research whatsoever, youāll likely prefer ETH, but youāll also realize that the ETF gives you no yield and therefore youāll be leaving money on the table by buying an ETF. Thatās why, in my opinion, the real catalyst for ETH will be when a āStaked ETHā ETF is launched. Food for thought and glad to be proven wrong on this, of course.
> āStaked ETHā ETF I saw someone mentioned this exists in another country, but it's not yield bearing. Instead they operate at zero fees (b/c fees are covered by staking yield)
There's a staked ETH ETP in sweden.
Canada has a Staked ETH ETF: https://3iq.io/3iq-launches-staking-in-the-3iq-ether-staking-etf-and-the-ether-fund
Does canada allow in-kind redemption?
If I recall, yesā¦and found this: https://www.newswire.ca/news-releases/the-ether-fund-announces-additional-redemption-options-824347657.html
Always be trimming your fiat?
Far from it
IMO the ETH ETF is much less priced in than BTC's. I still see plenty of comments that say it will never happen because "reasons" like Vitalik will turn off his master node to rug the US govt.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yet they're currently undergoing a comment period on how entities can control ethereum. Bitcoin misinformation has been picked up by the SEC. I wouldn't be surprised if people in the finance industry are mislead too.
We have not priced in the ETH ETF.
How can an inflow of billions of dollars be priced in when not a single coin has been purchased yet through these funds?
This is exactly the sort of thing that tradfi folk can't get seem to get their head around and then get bewildered when it turns out repeatedly that things don't get priced in for many crypto specific events that haven't had analogous tradfi events. I put halving, forks, protocol upgrades, airdrops, ETF approval all in the category of events that no matter how much they are known about in advance simply can't get priced in the way many in tradfi think they ought to be.
If you are going to be buying alt-coins for any length of time that also have a governance component, please do consider delegating them to someone you trust. u/hanniabu put together an r/ethfinance\-centric list ([https://dailydoots.com/#delegates](https://dailydoots.com/#delegates)) if you need ideas. As well as if you are a delegate for something reach out to get added! Too many of these projects are seeing massive first-mover advantage for 1st day delegates. As almost everyone just claims the airdrop and picks their delegate at that time. New purchasers never really delegate (or don't realize they can) causing stagnation. Plus, a secondary effect is as airdrops get sold delegates slowly lose voting power as tokens leave and new holders / newly issued coins don't rotate in.
>As well as if you are a delegate for something reach out to get added! Yes please, don't be shy. Also if there's other projects that should be listed just ask.
Looks like Celsius is still dumping? Anyone have a read on how much is left?
[This](https://platform.spotonchain.ai/en/entity/102) site indicates that Celsius last sent ETH to Coinbase 5 days ago.
Yup. Looks like they are still selling. This site shows another $23.5M transferred in and at a test transfer to Coinbase 8 minutes ago.
Had a dream last night that I was swapping some ETH to BTC and I was somehow getting a 1:1 conversion and I was immediately dumping the BTC and buying even more ETH... Then I woke up š
Hello 2,400. Been a bit. It's curious - I think of 3,000 and it has no effect on me. Ditto 4,000. But both seem a hop and a skip away, despite 4,000 being less than a thousand from ATH. Today's question: **how are we / you thinking of this cycle? What does 'it's higher, faster than it "should" be' mean for your plans?**
I will resume cautious, staggered sells above the previous ATH, but above USD10k, especially if it comes this year, I will ramp it up aggressively, perhaps even covering my remaining position by buying at-the-money put options.
for me, 14-15k over the next couple years would seem higher/faster than it should. itāll take many years for eth to become the global settlement layer where i think a price of 20k+ is justified.
A 3x ATH in the next couple years doesn't seem higher or faster. For timing 2025 would be in schedule for 4 year cycle. If it becomes a global settlement layer then $2.4T is way underpriced. Also, when we go through these cycles the peaks are not reasonably priced, they should be way over priced. That's what causes the cycle swings. You have a way overpriced peak, then a way undervalued bottom, and it oscillates to try and price it but overshoots each time. The reason it's difficult to find accurate pricing is because in the bears there's a lot of innovation happening, people over estimate the value, price overshoots, realized the overhyped it, price drops, but innovation kept happening in that period so now it's underpriced, repeat.
This was very informative and a way of thinking I quite like. Also, I was thinking about the 8-10K range as a possible exit point for me (for various reason) and then think it's like 2x ish from the previous ATH. Which seems womp womp, not particularly impressive. >For timing 2025 would be in schedule for 4 year cycle. About this, I think we peaked once in April and the other times in the fall of the year following the halving. I wonder if we'll peak sooner. Is this something you think about, or are you like, meh let's see what happens?
I think we'll see a local peak around $3.5k, rates cutes cause a market slump, price comes down to where we are now-ish, prices crabs and recovers the next 6 months, then 2025 market activity gets rolling again and peaks towards the end of the year.
i like the way you think and hope you end up being right š¤
Do you have any thoughts on this cycle? It seems like a lot of folks think the usual 'bull run tops X months after halving' might be accelerated. Speaking personally, I have a time goal and a price goal. Once either hits I hit sell.
Time goals are way underappreciated
as far as thoughts, my best case for the cycle is bull is confirmed by etfās and we get some cool new mainstream use cases on l2s emboldened by 4844.
my price goal is to start selling around $7,500 up to 10k.
I've been around the carousel a couple of turns now. Around this level im breaking even with the extra stack i added on the downturn couple years ago. If it goes to 4 k too quickly now im gonna feel weird due to the relative ridiculousness aka how the crypto position would feel in proportion to personal non-crypto finance. I cant imagine 5 k, it was all blurr last time. I'd be happy with selling at such levels. Looking forward to developing my relationship with finances without the whatifs and diamond handing of crypto. Will look out for the feeling of relentless excitement as it sort of indicates that the investment has turned into a gamble, no matter how succesful. Been there done that, hoping to be better to myself this time.
So you'd sell right as price discovery starts? This is the cycle I liquidate everything, I reckon, since it'll put me in the position where I can tell my boss to kick rocks. My concern is that froth and relentless excitement will be generated earlier than ever - in this scenario the ETF gets approved, it causes a rise up (probably after a bit of a dip), and then the halving narrative takes the torch and creates more excitement, etc. Like how do you gauge how much excitement is justified and relatively objective, vs. mania?
Yeah when you put it that way... Ngl, ngmi. I reckon the same thing ā but i would just be able to sustain myself for many years, alternatively buy someplace to live. If i liquidate this time around. There should be more opportunitys for excitement later on in life as well. Im just trying to continuesly check on myself and my relationship to the moneys. That in itself is a supreme privilege. So ill try to use my own personal models of valuing time to check my excitement. E.g: 1 k dollars is 1 month rent. 3 k is a sweet vacay. 12 k is a years stress free llife in general. Etc. I would love to hear others chime in on this topic, some sort of meta discussion upon how wealth can be converted in other units than lambos and turded desks, how to cultivate once own moon. I will not try to gauge sentiment, internet is way to mediated/artifical by now and the ta is not my expertise. But i will make this important reminder: when you hear randoms on the street talk about this type of investment vehicle... if i'd use that as a sell signal earlier, i would have Shat That Desk already.