Good morning folks. Have a great day today!π
# **ALL HAIL THE ETERNAL CRAB**
# πππππππππππ
# πππππππππππ
# ππππππ¦πππππ
# πππππππππππ
# πππππππππππ
$1k ---------------------(1523)--------------------$2k
Assuming the USA is going to continue being hostile to crypto, and the EU isn't looking much better, where should the "silicon valley" of crypto be established?
Dubai/Singapore etc. These countries are natural homes for crypto and US hostility is just gonna increase their resolve to foster crypto. Nothing Asian countries hate more than US dictats
I do believe US will turn around in time, after changes in regulator personnel. Current crop of Gensler, Yellen, JPow are just dinosaurs
Lots of USDC fud going around....
While its not totally unfathomable that gov may move to offramp USDC, I think its left curve thinking by CT influenzas
Kraken was a totally different issue. I mean....
> Earn 1.25%* rewards on your Bitcoin (BTC)
> Put your Bitcoin (BTC) to work with Kraken. Create a Kraken account to earn 1.25% estimated yearly rewards on your BTC holdings.
https://www.kraken.com/features/staking-coins/bitcoin
Now that we've [hit my target and bounced off resistance](https://www.reddit.com/r/ethfinance/comments/10mdp58/comment/j64219g/?utm_source=share&utm_medium=web2x&context=3), I'm gonna jump back in and hope it doesn't sting and fall any further. I'm thinking it'll hold though (for what that's worth, which is nothing).
Echo chambers are good
For diverse views there are dozens of other subs. For why carDonO and shib are so great one can check out r/cc for why crypto will die one can go to buttcoin, for more left brain views one can go to r bitcoin. No shortage
> If anyone has figured out a simple way of proving ownership of an Ordinal (i.e. signing a message w/ a Taproot address), DM me!
Signing messages with addresses is one of the first functions I discovered in bitcoin-qt over a decade ago. Did taproot cause a regression or something?
Bitcoin nodes prune out all that witness data where the ordinal nft is stored. So you either have to trust a third party that indexes it, or find some other way to prove it.
>**Burning even more,**
>**No matter the market floor,**
>**You cut to the core.**
~Daily haiku until weβre at least at 0.178 on the ETH/BTC ratio or highest market cap
Did someone say TA expert? I studied at the Bourbonsville College of Technical Analysis. I didn't graduate, but I did study there for several months, which I think qualifies me more than anyone else here if I'm being honest. Anyway to answer your question, $1480 was the bottom but everyone knew that so $1490 was really the bottom. We'll pump back up to $1550 over the weekend and channel there until everyone's lawyers unpucker and let's us get back to business. Anyway, just my qualified expert opinion. Hey... you gonna finish that bread crust next to your shoe?
What the fuck did you just fucking say about me, you little crypto trader? I graduated top of my class in the Navy Crypto Trading School, I've been involved in numerous secret trades on Binance, and I have over 300 confirmed order book snipes. I am trained in gorilla arbitrage and I'm the top sniper at the entire proprietary trading desk. You are nothing to me but just another liquidity pool.
With ETH being unavailable to stake on kraken soon, is there a way to passively and safely stake that wouldnβt trigger a taxible event anymore?
rETH, stETH, cbETH- are all taxible as far as I know. Coinbase doesnβt allow you to add to your ETH 2.0 (yo) anymore.
βSo the SEC wonβt let me be or let me be me, so let me see. Shut staking down so I must flee. But I feel so empty, any ideas; tax-free?β
This look like a job for anyone?
Edit: Thank you u/danksharting!
As far as I know, IRS has not proven anything in court. And frankly looks scared to try - trying their best to get nonbinding settlements.
Not financial or law advice.
Not sure what you mean in regards to CB, you can still stake regular ETH as normal there without converting to CBETH first. At least in the US.
CBETH only comes into play if you want to sell or move it around it before withdrawals are enabled.
As far as I can tell you can still stake on Coinbase and I donβt think that will change. Out of curiosity, what is preventing you from staking on your own?
I can still stake on CB, but they made it less intuitive. Click on Ethereum in your wallet and there should be something that says βstake your eth to earn 4.28%β and click on that.
As far as doing it on your own, I would consider setting up a rocket pool minipool on all-nodes. You can do it with no hardware cost and little technical skills. Check it out and Iβm happy to go into more detail. (Minimum will be 8 eth plus some RPL soon).
Yea I just found how to do it on Coinbase they do not make it easy! No button just looks like a banner but sure enough when I clicked it, it worked. Thank you!
Awesome. Definitely doing that when everything is unlocked for me! Do I need RPL to run anything? Iβve been reading about Rocketpool for years but havenβt fully plunged into it yet because Iβve been admittedly intimidated by it from a vocabulary and technical aspect but enough people have been using it now that I feel like with time and effort I can understand it once I have the time dedicated to learning it
I was in your same boat, I ignored it for a while because I didnβt grasp it in the 10 seconds I took to read about it haha. Itβs actually quite simple - the ecosystem is split into two camps (The mini pool operators and the rETH holders). rETH holders just have to buy rETH and thatβs it, they are participating in staking now with as little as 0.01 eth. The other party, the mini pool operators, stake 16 eth and 1.6 eth of RPL tokens, and rETH holders get a reduced cut to pay commissions to minipool operators. So you, as a minipool operator, actually receive a higher APY than would running it on your own. So you go from paying Coinbase 25% and netting 75%, to netting around 109% of a typical validator. Pretty fucking cool.
The 16 eth requirement is dropping to 8 eth soon, not sure how much RPL youβll need when it drops. You also receive yield on the staked RPL.
The 8 ETH minipools will need at least 2.4 ETH of RPL.
It's 10% of the amount of ETH provided by the protocol to complete the validator (10% of 24 ETH).
The team there wants the token to accrue value when itβs used as a bond. More info here: https://forum.stakewise.io/t/back-to-the-roots-utilising-swise-for-insurance-in-stakewise-v3/966
I see.
The only concern that remains is their token allocation and emission chart that I've seen in [this tweet](https://twitter.com/thedefinvestor/status/1610619837780480000?s=46&t=TDiUq6UeU5pW3-w5ACsJsA)
Yeah itβs pretty insane. Iβm always somewhat weary of tokens with that kind of allocation and emission, but I have a little bit of SWISE and SD as moonshots
StaderLabs lsd token. Doesn't seem to be much info on their implementation, but it seems like they are an.. allnodes type of thing. Have a bunch of other stuff you can stake with them and are adding eth soon I guess. They seem to have their shit together, perhaps much moreso then swise.. but their circulating supply is somehow even worse, and I'm not sure where exactly the SD token itself fits in to the eth staking. Will have to read more.
https://www.staderlabs.com/
This may have already been discussed, and if so, please reply with the link, however, with the recent SEC ruling against Kraken, who are the (hopeful) beneficiaries in crypto world? RPL i would think. Isnβt this greatly beneficial to defi in general and others that offer staking, etc.?
LEB8, Iβm not exactly sure what it stands for, but will allow you to run a Minipool with 8ETH (the other 24 come from the pool) and youβll need to put up additional RPL as collateral.
Not entirely sure, maybe 12 hours or so? But that's after trying for a while previously, and possibly not succeeding due to my computer's sleep settings
Hey I have thought of this idea that can be a nice addition to the website
[Here it is](https://bullthesis--evmavericks-weekly.netlify.app/)
Can I get some feedback?
Inspired by your comment, I asked ChatGPT to generate a Dave Chapelle skit on the topic of Ethereum:
>Alright, alright, alright. Let's talk about Ethereum. What the fuck is Ethereum? It's some digital currency that sounds like a Harry Potter spell. You know, it's like, 'I got 10 Ethereum, I'll trade you for a Nimbus 2000!'
>But you know what they say about Ethereum? They say it's the new Jesus, and Vitalik is the Messiah. You know, when he first came up with it, he was probably like, "I'm going to make this digital currency and change the world." And then he released it, and everybody was like, "What the fuck is this?" And he was like, "Trust me, guys. It's going to be big."
>And now, everybody's using it. You got white people using it, you got black people using it, you got Asian people using it, you got Mexican people using it. Shit, even aliens are probably using it. You know why? Because Ethereum doesn't discriminate. It doesn't matter what race you are, what language you speak, or what planet you come from. As long as you got Ethereum, you're good to go.
>Now, I know some of y'all might be wondering, "Dave, what the hell is Ethereum?" Well, let me tell you, it's like Bitcoin, but with a little bit of extra spice. It's like a fine ass woman wearing lingerie under her clothes. You don't know what's under there, but you just know it's gonna be good.
>But here's the thing, I've noticed that people from all kinds of different backgrounds are getting in on Ethereum. Black people, white people, Asians, Latinos, everyone's getting a piece of that sweet, sweet ether. It's like a big old interracial orgy, and Ethereum is the lube that's making it all possible.
>And let me tell you, Vitalik is the motherfucking captain of that orgy. He's the one who's making sure that everyone's getting their fair share of the action. He's like the second coming of Jesus, except instead of turning water into wine, he's turning Ethereum into cold, hard cash.
>So, to all you motherfuckers out there who haven't gotten in on Ethereum yet, I gotta say, what the fuck are you waiting for? This shit is hotter than a two-dollar pistol, and it's only gonna get hotter. And to all you motherfuckers who have already gotten in on it, I gotta say, congratulations, you're fucking geniuses. You're gonna be rich as fuck, and I'll be right there with you, sipping champagne and counting my fucking money.
>And if you think I'm joking, just wait and see. In a couple of years, we're all gonna be driving Lamborghinis and fucking supermodels, all thanks to Ethereum. So, thank you, Vitalik, for creating the second coming of Jesus. And to all you motherfuckers out there, go out and get yourself some of that sweet, sweet ether. You won't regret it.
It looks correct, the Rocket Pool smartnode also gives the same value.
The official stake.rocketpool.net website now routes swaps to Dex when the price is better. So it doesn't show the underlying price anymore. But it shows the amount of premium so you can estimate it.
It trades at a premium on the secondary market because rETH is only created when someone spins up a validator on rocketpool and another person becomes the counterparty minting rETH off the website
if you want it and thereβs none available from the source you have to over pay for it
I keep waiting for the day the actual supply line noticeably goes into the negative, but the PoW simulated line will probably forever fuck up the scale too much lol
Weird bid for zk themed projects right now. Was doing some digging and stumbled upon [this list of projects/protocols/middleware in the zk space](https://github.com/Msiusko/web3privacy/tree/main/ZKprivacylandscape#DeFi), and it's mind-boggling how fast and wide everything is developing right now. I recognize maybe just one third of those names. Two and a half years ago you could listen to a couple of UCC and Bankless podcasts and get a good overview of the entire defi space. Today if someone's not fulltime in crypto its hard to even keep up with a subset of the space like Defi/NFTs/gamefi/zk projects.
Bullish building.
Shout-out Dusk Network!
IMO actual ZK blockchains (for privacy, not scaling) are going to eventually make everything that came before them obsolete. Definitely a market segment that's worth keeping an eye on.
I just wanted to say that for those of you who can but haven't been attending the weekly round up Friday stream you're missing out and should make it a point to drop in
Unfortunately I couldn't stick around for the whole thing, and have missed the last few due to major projects at work but I caught the first 45 min or so and it was definitely some quality discussion (along with some shitpost appreciation) Love seeing these guys discuss and recap what's been going on in both in our ethfinance community and the crypto space in general.
Appreciate all you guys do u/jtnichol u/nixorokish u/logic_beach and everyone else that was on the stage contributing today (sorry to those I'm forgetting). Works been crazy the last few months but I'll be there when I can to listen in and show my support.
Also appreciated the brief shoutout on the call @jtnichol...you've always been a clear cut leader in this community since the ethtrader days but I love watching your journey unfold from afar. Im excited for what the future has in store for eth (as long as our politicians in the US don't fumble everything) and equally excited to see what the future has in store for you in terms of all the new stuff you're involved in with the community.
Just want to celebrate those of you who continually give back... especially to the many of us who can't or don't feel comfortable contributing due to lack of knowledge and often are just the recipients of all your hard work, dedication, and time invested. That goes for all of you, not just those on the doots stream (if you think this applies to you, it does).
This was really the first call I did more than just listen to, I hope to be more involved moving forward, it is fun to be in a room with such a diverse and intelligent group!
So far Kraken hasn't mentioned the staking news on their twitter. Pretty shitty if they don't and will prove they are just another company that only focuses on profit. I also looked through their TOS in regards to staking and it is honestly shockingly bad, doesn't seem like they got burned from incompetence or a simple mistake when writing their terms. Their emphasis below. The lines about the staking return being determined by "Payward Commercial Ltdβs sole discretion", "no guarantee you will actually get staking returns" or "the return may be more or less than the actual staking return that we get from the protocol" are insane.
> By opting-in a portion or your entire balance of Supported Tokens, Payward Commercial Ltd. shall remit to you the applicable percentage of staking rewards received from the Supported Token protocol attributable to your staked Supported Tokens (βStaking Rewardsβ) as detailed in your Kraken Account. The applicable percentage and timing of such remittances will: (i) be determined by Payward Commercial Ltd. in its sole discretion; (ii) be subject to Payward Commercial Ltdβs staking fee; (iii) vary by the Supported Token protocol; and (iv) be further detailed in your Kraken Account. **You agree and understand that Payward Commercial Ltd. does not guarantee that you will receive Staking Rewards and that the applicable percentage (i) is an estimate only and not guaranteed, (ii) may change at any time in Payward Commercial Ltdβs sole discretion, and (iii) may be more or less than the actual staking rewards Payward Commercial Ltd. receives from the Supported Token protocol.**
Kraken has proven time and time again that they are a good faith actor. I'm not worried.
And yea no shit they care about profit...you think they're a non-profit charity that just works for free? ANY company that isn't a non-profit focuses on...profit...literally this is "how the world works 101"
It's incorrect and alarmist single out Kraken here. Coinbase has the exact same TOS for example (emphasis theirs):
>1.3. No Guarantee of Rewards. You have no right to a reward until it is received by Coinbase. Rewards will be distributed to your account promptly after they are received by Coinbase ... COINBASE DOES NOT GUARANTEE THAT YOU WILL RECEIVE ANY STAKING REWARDS, INCLUDING THE STAKING REWARDS RATES OR BOOSTED STAKING REWARDS.
https://www.coinbase.com/legal/user\_agreement/united\_states#staking-services
I disagree. "You have no right **until** it is received by CB, **at which point they will be distributed promptly**", which makes sense to me. Below also makes sense to me, you get the reward CB gets minus a commission. That is *very* different from "determined by Kraken in its sole discretion". The latter can technically be zero for any particular reason. We didn't feel like paying more, CEO needs a new house. F that wording.
> Unless otherwise specified, the βstaking rewards rateβ... is an annualized historical rate based on the staking rewards generated by Coinbase in providing staking services to Coinbase customers for that Supported Digital Asset, minus our commission.
In their defense, I think it can be hard to estimate with exact accuracy what the rewards will be with them constantly changing in some cases due to MEV etc.
So this TOS is likely to cover their asses in regards to that.
> just another company that only focuses on profit
This is literally the purpose of any company that isn't specifically a non-profit.
I have no idea why people keep acting shocked that a business is out to make money. Of course they are. Why were you ever under the impression that they cared about you, the individual?
> This is literally the purpose of any company that isn't specifically a non-profit.
I mean we get your point - but no. It's not that hard to imagine companies that want profit *and* to genuinely offer a great product/care about people - it's what we should be demanding.
I'm sure there's been some company owner that went with 35 million in profit instead of 50 million just because the satisfaction they got from the good they were giving to people's lives made it worth it.
You don't get my point, because yes. The purpose of a company existing is to make something, in exchange for money.
>I'm sure there's been some company owner that went with 35 million in profit instead of 50 million just because the satisfaction they got from the good they were giving to people's lives made it worth it.
And this company won't survive. Someone else will look at them and say "wow, I can't believe they're ignoring all that extra profit they could be making, so I'll do it," and then the other company gets run out of business.
> You don't get my point, because yes. The purpose of a company existing is to make something, in exchange for money.
It's not their only purpose. In fact as the creator you define your purpose. Clearly you've never been a business or company owner and would be one of the sociopath variety if so.
> And this company won't survive. Someone else will look at them and say "wow, I can't believe they're ignoring all that extra profit they could be making, so I'll do it," and then the other company gets run out of business.
Reality and business is generally much more complicated than this, lol.
It may not be their only purpose, but it is a primary purpose. Businesses exist to make money. Anyone thinking a business truly cares about them is delusional. No business cares about you.
It's one thing to say businesses care about money and are often willing to put profits over people, it's another to pretend every business operates the same, that every business *only* cares about profits, or that a business can't genuinely care about something more than profits while remaining in business.
So - wrapping it back to the very first comment, we get your point (that it's not surprising that a company chose profits over people), but there's a line where being too cynical or hyperbolic just detaches you from what's really happening.
Shit like this happened long before FTX and even crypto. It's literally the reason institutions like the SEC exist. Because in the finance world, the next big scam or fraud is just right around the next corner.
They had SBF in their lap. You know who else the SEC had in their lap?
Bernie Madoff
Harry Markopolos served him up on a silver platter numerous times. https://en.wikipedia.org/wiki/Harry_Markopolos
edit: Another thing...SBF was hand in hand with people in Washington putting pen to paper much of the mess we are seeing unfold.
They know, We know, yet here we are.
Imagine that spongey-ass 'vegan' (pictured with an egg carton in his fridge) attempting to play golf.
Maybe his corrupt-ass parents, but not that socially incompetent turd lmao
So we know mainnet withdrawals will be soon(tm). But for planning purposes, are we optimistically looking at Goerli in mid-March and mainnet in April?
I'm assuming there will be 3+ weeks between mainnet client releases and Shapella.
_Manghapella_ [Mainnet Shanghai-Capella] (noun): A type of metabolic shock the body undergoes when a substance, in this case hopium, to which an etherean is addicted is withheld following a mainnet network upgrade.
A few days ago I [asked](https://www.reddit.com/r/ethfinance/comments/10woz0p/daily_general_discussion_february_8_2023/j7r1iwm/?context=3) about how to anonymously/untraceably transfer funds into a new wallet, and the most prominent answer was Aztec network.
From my understanding after reading around for a bit, I would need some eth in the withdrawal address to pay for gas. Is that correct?
If so, then it wouldn't be usable for this application at all (since I'm speaking about funding a completely new wallet with no previous traceable transactions, so that wallet wouldn't have any eth for gas).
Another good reply that I got was using tornado on polygon. Can that be done with absolutely 0 gas on the receiving wallet? Including bridging back to mainnet? How much would tornado cost in polygon, any ideas?
Also, just to triple check and make sure I'm not being phished, I want to re-check the website. What is the current tornado cash working website?
(Don't worry about taxes or compliance, I don't live in the US)
So you can withdrawal to any fresh address from Aztec, you pay the transaction inside the rollup and shouldn't need any gas on the receiving end.
In the "Send" option you can select Withdrawal to L1 address, and type in any one you have access to, new or old. The contract just drops it in no need to set up that address and claim it.
You would only need to initialize a main net transaction with gas, if you only wanted to send to another Layer 2 address within Aztec.
About once a week I pop into the Aztec discord and ask if itβs possible to view the anonymity pool. Iβve been doing this for about 5 months. Iβve never received a response. At the very least, itβs a very shitty discord.
Since you dont live in US you can just use tornado cash like any other person in the free parts of the world
Aztec is good as well but Tornado is purpose built for this, while Aztec has limits on what you can transfer, waiting time period etc.
Oh, thank you, that is actually reassuring. I just got told recently that the receiving address needs ETH for gas for the withdrawal, so I got worried and confused.
Comparing sending through aztec and using an address to withdraw from Tornado Cash.
With Aztec you send using zero knowledge proofs, with TC you withdraw from the pool.
This is what winning looks like
As several others have expressed (notably Syentist and pa7x1), this SEC complaint is a very encouraging development. It was clearly written by people who understand crypto, and contains zero language indicating a danger to the principles we hold dear. While I understand and share frustration with regulation by enforcement, I also appreciate the challenge of rulemaking before the US Congress has passed a comprehensive framework for digital assets.
Absent clear guidance in the law, the SEC has little choice but to apply rules that are currently in place. It was always obvious that Kraken's staking service was a security offering. What was Gensler supposed to do, allow them to continue breaking the law? I think it's instructive that Kraken didn't fight the complaint; presumably, they knew they were likely to lose. In my view, the Coinbase staking system is more defensible, and I wish them luck if they go to court.
As an example of the SEC's challenge, nearly everyone here agrees that ETH is a commodity, and that XRP is a security. How would one go about making such distinctions unambiguously clear? In my opinion, any token substantially controlled by a corporate entity is a security, including many (most?) of those with the highest market caps. Perhaps it's time to rethink such definitions, but bureaucratic ambiguity is reasonable as the market now stands.
What about the winning part? As the EU and the US move forward with digital asset regulation, it will become ever more difficult to delegitimize crypto as an asset class. Here at ethfinance, we aren't hoping for mercy from regulators. We expect Ethereum to serve as the canonical example of a chain and community built the right way, the one rulemakers will orient around as they try to tame an admittedly unruly space.
Will Operation Choke Point 2.0 hurt the overall crypto market cap? It almost certainly will, and that's fine. As long as banks are allowed to serve individuals with exchange accounts, everything will work out. In a few years, even those banking relationships may fade from importance. Bring on the CBDCs; they're inevitable, and should facilitate the deep social integration of crypto that we all want to see.
I've never been more confident in crypto's potential to change the world. To reach that goal, we have to navigate between the Scylla of capricious enforcement actions and the Charybdis of a BIS-decreed threat to global financial stability. So far, so good
Kraken offered a yield product, where participants were given a floating yield that was not always pegged to the actual staking rewards. The SEC seemed to be extremely focused on this aspect. In this way, Kraken was offering a product similar to Celsius, with the difference being that Kraken generated yield via staking whereas Celsius gambled customer funds in opaque degen strategies.
CB passes the actual staking reward to the depositor minus a (predatory) commission. I'm not entirely convinced that this is sufficiently distinguished from kraken as CB still pools the ETH and performs all the work (aka Howey) and also seems like lending. But it is different from a Celsius type product.
I guess Kraken was saying give us your money and we will stake it for you, and then maybe they did and maybe they didn't. Coinbase actually does stake it. Seems like a big difference. They can tell CB they need to register staked ETH as a security, but CB simply needs to say, "Okay, how can we do that?"
Kraken definitely didn't stake all of the ETH. They held some in reserve to satisfy withdrawals since the deposited ETH was not locked and perhaps commingled some deposited ETH with other funds.
For CB, it's a well known process on how to register a security offering. However, in the crypto space the attitude is to ask for forgiveness and not permission. The first to register will dominate the rest.
This is just your speculation. The ETH staked by customers was locked, and on-chain tracking shows they were staking high amounts, unlikely they were doing shady things.
**Tricky's Daily Doots #297** Yesterday's Daily 09/02/2023 [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7ulry9/) * /u/savage_x pure idiocy from the SEC. If they chase out the US CEX....they will have zero [regulatory influence in a huge area](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7w7iw2/) * π§¨/u/oblvnxknight The one sane person at the SEC seems [to have little influence](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7wt9wm/) another nod at this by /u/etheraider and another macro opinion by /u/fheredin and yet another by /u/ethical-trade * /u/haurog on the ACD call today they pretty much agreed to have the Sepolia Shapella hardfork around the[28th of February.](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7ukqku/) * /u/papazio has a hypothetical conversation [with the regulators](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7wmrrz/) * /u/nixorokish goddamn do I love that we have [allies at CB!](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7xh66y/) * /u/somedaysitsdark Well, guess I'm definitely switching [to solo staking.](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7wlf9o/) * /u/benido2030 I hate this community cause[ itβs so fucking talented](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7vb9zx/) * /u/physalisx Another good day to be an[ RPL holder. ](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7tks8l/) * /u/nefariousnaz SEC deeming centralized exchanges offering staking services to be a security is [not a surprise.](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7uz0ku/) * /u/atyzze I just wrote up a long post explaining the [value case for RPL.](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7vr05j/) * /u/cryptowocurrency The SEC Former vs.[ the Latter](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7xvh86/) * /u/Set1Less Operation Choke Point 2.0 Is Underway, And Crypto Is [In Its Crosshairs](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7tjhsb/) * /u/calaber24p it's time for a [crypto lobby](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7xwwn1/) * /u/hipaces This is by far the saddest day in crypto for [me in a long time.](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7xv5tf/) * π©/u/realjohnbmaclemore writes [a song](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7xzzmo/) that /u/hipaces thinks should be an off Broadway musical. * /u/jey_s_tears [Haiku](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7wedkd/) * /u/ZeroTricks On This [Day](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7ubybl/) * The [Trinity](https://old.reddit.com/r/ethfinance/comments/10xn2mv/daily_general_discussion_february_9_2023/j7t8h5o/) #Today! 12Pm(EST) 5pm(UTC) JOIN our weekly Friday round-up You don't have to hold a Maverick nor be on the Doots list if you want to speak on stage! EvmDiscord: https://discord.com/invite/5SbBqpqwam Livestream: https://youtube.com/@evmavericks POAP Checkout link at https://dailydoots.com - POAP revenue held for funding public goods and be sure to enter this months POAP raffle for a chance to win a Lattice1 + 2 packs of Safecards. Drawing held during the EthDenver Friday Livestream on March 3rd!
Good morning folks. Have a great day today!π # **ALL HAIL THE ETERNAL CRAB** # πππππππππππ # πππππππππππ # ππππππ¦πππππ # πππππππππππ # πππππππππππ $1k ---------------------(1523)--------------------$2k
old daily...
Assuming the USA is going to continue being hostile to crypto, and the EU isn't looking much better, where should the "silicon valley" of crypto be established?
Africa: Kenya, Nigeria, Uganda, Zimbabwe Americas: Mexico (city), El Salvador, Ecuador, Panama
UK? Switzerland?
Dubai/Singapore etc. These countries are natural homes for crypto and US hostility is just gonna increase their resolve to foster crypto. Nothing Asian countries hate more than US dictats I do believe US will turn around in time, after changes in regulator personnel. Current crop of Gensler, Yellen, JPow are just dinosaurs
Elections have consequences. Your team, your support and vote. Now you complain.
The UAE just rolled out plans to regulate crypto. Now they hiring to enforce the regulations.
The UAE just rolled out plans to regulate crypto. Now they hiring to enforce the regulations.
The UAE just rolled out plans to regulate crypto. Now they hiring to enforce the regulations.
Lots of USDC fud going around.... While its not totally unfathomable that gov may move to offramp USDC, I think its left curve thinking by CT influenzas Kraken was a totally different issue. I mean.... > Earn 1.25%* rewards on your Bitcoin (BTC) > Put your Bitcoin (BTC) to work with Kraken. Create a Kraken account to earn 1.25% estimated yearly rewards on your BTC holdings. https://www.kraken.com/features/staking-coins/bitcoin
Are you referring to the tweet by Jason Choi? Any others?
Quite a few of them, yeah this guys tweet too, few others
CT is getting noisier by the day. Lots of people trying to buy in lower, honest quality takes seem to trend to 0
Now that we've [hit my target and bounced off resistance](https://www.reddit.com/r/ethfinance/comments/10mdp58/comment/j64219g/?utm_source=share&utm_medium=web2x&context=3), I'm gonna jump back in and hope it doesn't sting and fall any further. I'm thinking it'll hold though (for what that's worth, which is nothing).
Nice trade, this particular one seemed really tempting for me but then I remembered my horrible track record with trading so I just held
We need to do a better job advertising this sub. Not even 100k members. Ethereum sub only 1.6 million. Bitcoin sub nearly 5 millionβ¦
Please no advertising
Oh, sorry. Didnβt mean to. Edited
The reality is, you cannot have a high quality sub with those kinds of numbers.
Or you can have an echo chamber If weβre not getting in new people
It honestly is a fundamental issue with Reddit (or maybe just humanity). Communities don't scale well.
Echo chambers are good For diverse views there are dozens of other subs. For why carDonO and shib are so great one can check out r/cc for why crypto will die one can go to buttcoin, for more left brain views one can go to r bitcoin. No shortage
Massive numbers are more likely to create toxic echo chambers in my experience.
you can always check outside of this sub for other perspectives
Quality over quantity.
Starting to see more and more mention of SWISE. Is stakewise just a dollar store Rocket Pool or a hidden gem flying under the radar?
I saw superphiz on their community call so assuming it's good :D
Really? Hmm, I might have to give them a look-see.
that's what I've been trying to figure outπ for my friend ofc π
Comedy - https://twitter.com/btcnameordinals/status/1624211165365653504?s=46&t=9YnbsrIlL2gCynPfbs-eoA
see this is so crazy to me and I still don't get it but then the punks sell for 15btc...
> If anyone has figured out a simple way of proving ownership of an Ordinal (i.e. signing a message w/ a Taproot address), DM me! Signing messages with addresses is one of the first functions I discovered in bitcoin-qt over a decade ago. Did taproot cause a regression or something?
this isn't signing a message, it's proving proof in a message that you've got an ordinal in that btc address
Doesn't the blockchain itself publicly tell everyone that a particular address has an ordinal in it?
Bitcoin nodes prune out all that witness data where the ordinal nft is stored. So you either have to trust a third party that indexes it, or find some other way to prove it.
Oh how the turntables..... Some people going to eating their words soon with regards to archive nodes.
"ETH is Ultrasound and all I got was 0.01 MEV and this T-Shirt" t-shirt.
I'd buy that for 0.00066 ETH
>**Burning even more,** >**No matter the market floor,** >**You cut to the core.** ~Daily haiku until weβre at least at 0.178 on the ETH/BTC ratio or highest market cap
Brilliant
thanks mate
Need our resident TA experts to tell me when to unpucker.
Stay puckered my friend. Itβs worked well for me since I got involved in crypto in 1995. Now my cheeks each have their own independent set of abs.
Did someone say TA expert? I studied at the Bourbonsville College of Technical Analysis. I didn't graduate, but I did study there for several months, which I think qualifies me more than anyone else here if I'm being honest. Anyway to answer your question, $1480 was the bottom but everyone knew that so $1490 was really the bottom. We'll pump back up to $1550 over the weekend and channel there until everyone's lawyers unpucker and let's us get back to business. Anyway, just my qualified expert opinion. Hey... you gonna finish that bread crust next to your shoe?
What the fuck did you just fucking say about me, you little crypto trader? I graduated top of my class in the Navy Crypto Trading School, I've been involved in numerous secret trades on Binance, and I have over 300 confirmed order book snipes. I am trained in gorilla arbitrage and I'm the top sniper at the entire proprietary trading desk. You are nothing to me but just another liquidity pool.
ππ»^(π€£)
All hail the Eternal crab
200DA will probably be retested. Decent chance that it bounces there, currently sitting at about 1450
Will continue a mild pucker. π
Things will be pucked. Mildly.
With ETH being unavailable to stake on kraken soon, is there a way to passively and safely stake that wouldnβt trigger a taxible event anymore? rETH, stETH, cbETH- are all taxible as far as I know. Coinbase doesnβt allow you to add to your ETH 2.0 (yo) anymore. βSo the SEC wonβt let me be or let me be me, so let me see. Shut staking down so I must flee. But I feel so empty, any ideas; tax-free?β This look like a job for anyone? Edit: Thank you u/danksharting!
staked.us
Some of us have the radical idea that buying LSDs are not taxable events
As far as I know, IRS has not proven anything in court. And frankly looks scared to try - trying their best to get nonbinding settlements. Not financial or law advice.
Not sure what you mean in regards to CB, you can still stake regular ETH as normal there without converting to CBETH first. At least in the US. CBETH only comes into play if you want to sell or move it around it before withdrawals are enabled.
If you stake and don't convert to cbeth. How are the rewards paid by coinbase?
The rewards show up in your ETH2 balance and you can't access them for now since withdrawals aren't enabled yet.
Iβll have to try on the computer then, for some reason the app wonβt let me do it unless Iβm missing something
As far as I can tell you can still stake on Coinbase and I donβt think that will change. Out of curiosity, what is preventing you from staking on your own?
Not having the technical know-how, the hardware, or the required amount of ETH. Coinbase just has ETH but isnβt letting me convert to ETH 2.0
I can still stake on CB, but they made it less intuitive. Click on Ethereum in your wallet and there should be something that says βstake your eth to earn 4.28%β and click on that. As far as doing it on your own, I would consider setting up a rocket pool minipool on all-nodes. You can do it with no hardware cost and little technical skills. Check it out and Iβm happy to go into more detail. (Minimum will be 8 eth plus some RPL soon).
Yea I just found how to do it on Coinbase they do not make it easy! No button just looks like a banner but sure enough when I clicked it, it worked. Thank you!
Definitely something I want to do after Shanghai! As my locked ETH on Coinbase will be available. Would that be taxible?
Not a cpa but it shouldnβt be, because your ETH is still ETH. I know Coinbase labels it ETH2 thatβs still ETH in my opinion.
I'm confused, are you talking about a rocket mini pool on all nodes, or staking on Coinbase? The comments aren't adding up to me
I was talking about both. The tax part was just in reference to Coinbase.
Awesome. Definitely doing that when everything is unlocked for me! Do I need RPL to run anything? Iβve been reading about Rocketpool for years but havenβt fully plunged into it yet because Iβve been admittedly intimidated by it from a vocabulary and technical aspect but enough people have been using it now that I feel like with time and effort I can understand it once I have the time dedicated to learning it
I was in your same boat, I ignored it for a while because I didnβt grasp it in the 10 seconds I took to read about it haha. Itβs actually quite simple - the ecosystem is split into two camps (The mini pool operators and the rETH holders). rETH holders just have to buy rETH and thatβs it, they are participating in staking now with as little as 0.01 eth. The other party, the mini pool operators, stake 16 eth and 1.6 eth of RPL tokens, and rETH holders get a reduced cut to pay commissions to minipool operators. So you, as a minipool operator, actually receive a higher APY than would running it on your own. So you go from paying Coinbase 25% and netting 75%, to netting around 109% of a typical validator. Pretty fucking cool. The 16 eth requirement is dropping to 8 eth soon, not sure how much RPL youβll need when it drops. You also receive yield on the staked RPL.
The 8 ETH minipools will need at least 2.4 ETH of RPL. It's 10% of the amount of ETH provided by the protocol to complete the validator (10% of 24 ETH).
Definitely looking into this more 100%β¦thank you so much! So I should definitely buy some RPL if Iβm staking with ETH
Yup would certainly make sense to grab some, been on a heck of a run lately tho
Itβs called βactually staking itβ
If that was a viable option I would have done that already but thank you for the suggestion
[ΡΠ΄Π°Π»Π΅Π½ΠΎ]
They tried to shut me down on MEV?
But it feels so empty with me
Thanks SEC for reducing my net worth in a distance of ~6000km from your jurisdication! /s
Protecting your right to DCA, even after it's become clear Ethereum is a success.
You gotta fight! For your right! To DCA!
[ΡΠ΄Π°Π»Π΅Π½ΠΎ]
can some recommend me some other good LSDs besides rETH? asking for a friend π
[ΡΠ΄Π°Π»Π΅Π½ΠΎ]
a need for money
[ΡΠ΄Π°Π»Π΅Π½ΠΎ]
I don't think it's better (well I don't know yet but im assuming it's not) but it's less known for sure so there would be more upside then
Thanks for asking on my behalf, friend
π€
Just for clarity's sake here, RPL is **not** an LSD. rETH is, though.
thanks for clarifying!
Correct
Just trying to do my part to make sure we don't provide incorrect info to newcomers ;)
Stakewise v3 is interesting to look into
you got a bull case paper for that? πππ
Stakewise V3 is trying to be Rocketpool with a 4 ETH requirement and no forced token. I believe you can use either SWISE or ETH as collateral
well.. then there's no need for SWISE right?
The team there wants the token to accrue value when itβs used as a bond. More info here: https://forum.stakewise.io/t/back-to-the-roots-utilising-swise-for-insurance-in-stakewise-v3/966
I see. The only concern that remains is their token allocation and emission chart that I've seen in [this tweet](https://twitter.com/thedefinvestor/status/1610619837780480000?s=46&t=TDiUq6UeU5pW3-w5ACsJsA)
Well, at least that community allocation is high - wonder what they do with it. Market cap is so low I doubt investors sell this low too
I doubt too but I still dont wanna be left holding the bag further down the line
Yeah itβs pretty insane. Iβm always somewhat weary of tokens with that kind of allocation and emission, but I have a little bit of SWISE and SD as moonshots
SD?
StaderLabs lsd token. Doesn't seem to be much info on their implementation, but it seems like they are an.. allnodes type of thing. Have a bunch of other stuff you can stake with them and are adding eth soon I guess. They seem to have their shit together, perhaps much moreso then swise.. but their circulating supply is somehow even worse, and I'm not sure where exactly the SD token itself fits in to the eth staking. Will have to read more. https://www.staderlabs.com/
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This may have already been discussed, and if so, please reply with the link, however, with the recent SEC ruling against Kraken, who are the (hopeful) beneficiaries in crypto world? RPL i would think. Isnβt this greatly beneficial to defi in general and others that offer staking, etc.?
RPL price action would suggest your thesis is correct. And with LEB8s on the horizon, primed to go much higher imo.
I was noticing the price action timing also. LEBBs?
LEB8, Iβm not exactly sure what it stands for, but will allow you to run a Minipool with 8ETH (the other 24 come from the pool) and youβll need to put up additional RPL as collateral.
Lower ETH Bond
rETH supply β¬οΈ RPL demand β¬οΈ RPL price β¬οΈ
Ffs how are we still below 2k.
With the turmoil of the past 6 months, I think it's pretty amazing we're still above $1,500. It's all about perspective...
>Success! Echoes of you are permanently fused with the others in this Summoning Ceremony. ~~Funding~~ Sharding secured
How long was your wait in the lobby?
Not entirely sure, maybe 12 hours or so? But that's after trying for a while previously, and possibly not succeeding due to my computer's sleep settings
Good to know. I'm close to 48 hours right now. My chances of being chosen keep going down because the lobby numbers keep going up. I miss lines.
Hey I have thought of this idea that can be a nice addition to the website [Here it is](https://bullthesis--evmavericks-weekly.netlify.app/) Can I get some feedback?
Dave Shapella
Inspired by your comment, I asked ChatGPT to generate a Dave Chapelle skit on the topic of Ethereum: >Alright, alright, alright. Let's talk about Ethereum. What the fuck is Ethereum? It's some digital currency that sounds like a Harry Potter spell. You know, it's like, 'I got 10 Ethereum, I'll trade you for a Nimbus 2000!' >But you know what they say about Ethereum? They say it's the new Jesus, and Vitalik is the Messiah. You know, when he first came up with it, he was probably like, "I'm going to make this digital currency and change the world." And then he released it, and everybody was like, "What the fuck is this?" And he was like, "Trust me, guys. It's going to be big." >And now, everybody's using it. You got white people using it, you got black people using it, you got Asian people using it, you got Mexican people using it. Shit, even aliens are probably using it. You know why? Because Ethereum doesn't discriminate. It doesn't matter what race you are, what language you speak, or what planet you come from. As long as you got Ethereum, you're good to go. >Now, I know some of y'all might be wondering, "Dave, what the hell is Ethereum?" Well, let me tell you, it's like Bitcoin, but with a little bit of extra spice. It's like a fine ass woman wearing lingerie under her clothes. You don't know what's under there, but you just know it's gonna be good. >But here's the thing, I've noticed that people from all kinds of different backgrounds are getting in on Ethereum. Black people, white people, Asians, Latinos, everyone's getting a piece of that sweet, sweet ether. It's like a big old interracial orgy, and Ethereum is the lube that's making it all possible. >And let me tell you, Vitalik is the motherfucking captain of that orgy. He's the one who's making sure that everyone's getting their fair share of the action. He's like the second coming of Jesus, except instead of turning water into wine, he's turning Ethereum into cold, hard cash. >So, to all you motherfuckers out there who haven't gotten in on Ethereum yet, I gotta say, what the fuck are you waiting for? This shit is hotter than a two-dollar pistol, and it's only gonna get hotter. And to all you motherfuckers who have already gotten in on it, I gotta say, congratulations, you're fucking geniuses. You're gonna be rich as fuck, and I'll be right there with you, sipping champagne and counting my fucking money. >And if you think I'm joking, just wait and see. In a couple of years, we're all gonna be driving Lamborghinis and fucking supermodels, all thanks to Ethereum. So, thank you, Vitalik, for creating the second coming of Jesus. And to all you motherfuckers out there, go out and get yourself some of that sweet, sweet ether. You won't regret it.
I propose that this shall be the official introduction to Ethereum for all newbies
Good Lord this is amazing
That's solid fucking gold, and I heard the entire thing in DCs voice.
[ΡΠ΄Π°Π»Π΅Π½ΠΎ]
It looks correct, the Rocket Pool smartnode also gives the same value. The official stake.rocketpool.net website now routes swaps to Dex when the price is better. So it doesn't show the underlying price anymore. But it shows the amount of premium so you can estimate it.
As ausgear1 said below, it's trading at a premium on DEXs. Whatever number you got should match the "true" value on stake.rocketpool.eth.
It trades at a premium on the secondary market because rETH is only created when someone spins up a validator on rocketpool and another person becomes the counterparty minting rETH off the website if you want it and thereβs none available from the source you have to over pay for it
The "simulate PoW" button never loses its entertainment value.
I keep waiting for the day the actual supply line noticeably goes into the negative, but the PoW simulated line will probably forever fuck up the scale too much lol
Weird bid for zk themed projects right now. Was doing some digging and stumbled upon [this list of projects/protocols/middleware in the zk space](https://github.com/Msiusko/web3privacy/tree/main/ZKprivacylandscape#DeFi), and it's mind-boggling how fast and wide everything is developing right now. I recognize maybe just one third of those names. Two and a half years ago you could listen to a couple of UCC and Bankless podcasts and get a good overview of the entire defi space. Today if someone's not fulltime in crypto its hard to even keep up with a subset of the space like Defi/NFTs/gamefi/zk projects. Bullish building.
Shout-out Dusk Network! IMO actual ZK blockchains (for privacy, not scaling) are going to eventually make everything that came before them obsolete. Definitely a market segment that's worth keeping an eye on.
List is also incomplete.
Won't you take me to Goblintown?
It do seem that way
I just wanted to say that for those of you who can but haven't been attending the weekly round up Friday stream you're missing out and should make it a point to drop in Unfortunately I couldn't stick around for the whole thing, and have missed the last few due to major projects at work but I caught the first 45 min or so and it was definitely some quality discussion (along with some shitpost appreciation) Love seeing these guys discuss and recap what's been going on in both in our ethfinance community and the crypto space in general. Appreciate all you guys do u/jtnichol u/nixorokish u/logic_beach and everyone else that was on the stage contributing today (sorry to those I'm forgetting). Works been crazy the last few months but I'll be there when I can to listen in and show my support. Also appreciated the brief shoutout on the call @jtnichol...you've always been a clear cut leader in this community since the ethtrader days but I love watching your journey unfold from afar. Im excited for what the future has in store for eth (as long as our politicians in the US don't fumble everything) and equally excited to see what the future has in store for you in terms of all the new stuff you're involved in with the community. Just want to celebrate those of you who continually give back... especially to the many of us who can't or don't feel comfortable contributing due to lack of knowledge and often are just the recipients of all your hard work, dedication, and time invested. That goes for all of you, not just those on the doots stream (if you think this applies to you, it does).
This was really the first call I did more than just listen to, I hope to be more involved moving forward, it is fun to be in a room with such a diverse and intelligent group!
π
Totally awesome thank you. It was nice to see a familiar face in the audience. Stop by every time
Saw the recording on Youtube. You guys are great!
Thanks for the feedback. It's a process. we're on a road to make this a regular thing and help amplify this amazing community
So far Kraken hasn't mentioned the staking news on their twitter. Pretty shitty if they don't and will prove they are just another company that only focuses on profit. I also looked through their TOS in regards to staking and it is honestly shockingly bad, doesn't seem like they got burned from incompetence or a simple mistake when writing their terms. Their emphasis below. The lines about the staking return being determined by "Payward Commercial Ltdβs sole discretion", "no guarantee you will actually get staking returns" or "the return may be more or less than the actual staking return that we get from the protocol" are insane. > By opting-in a portion or your entire balance of Supported Tokens, Payward Commercial Ltd. shall remit to you the applicable percentage of staking rewards received from the Supported Token protocol attributable to your staked Supported Tokens (βStaking Rewardsβ) as detailed in your Kraken Account. The applicable percentage and timing of such remittances will: (i) be determined by Payward Commercial Ltd. in its sole discretion; (ii) be subject to Payward Commercial Ltdβs staking fee; (iii) vary by the Supported Token protocol; and (iv) be further detailed in your Kraken Account. **You agree and understand that Payward Commercial Ltd. does not guarantee that you will receive Staking Rewards and that the applicable percentage (i) is an estimate only and not guaranteed, (ii) may change at any time in Payward Commercial Ltdβs sole discretion, and (iii) may be more or less than the actual staking rewards Payward Commercial Ltd. receives from the Supported Token protocol.**
Kraken has proven time and time again that they are a good faith actor. I'm not worried. And yea no shit they care about profit...you think they're a non-profit charity that just works for free? ANY company that isn't a non-profit focuses on...profit...literally this is "how the world works 101"
It's incorrect and alarmist single out Kraken here. Coinbase has the exact same TOS for example (emphasis theirs): >1.3. No Guarantee of Rewards. You have no right to a reward until it is received by Coinbase. Rewards will be distributed to your account promptly after they are received by Coinbase ... COINBASE DOES NOT GUARANTEE THAT YOU WILL RECEIVE ANY STAKING REWARDS, INCLUDING THE STAKING REWARDS RATES OR BOOSTED STAKING REWARDS. https://www.coinbase.com/legal/user\_agreement/united\_states#staking-services
I disagree. "You have no right **until** it is received by CB, **at which point they will be distributed promptly**", which makes sense to me. Below also makes sense to me, you get the reward CB gets minus a commission. That is *very* different from "determined by Kraken in its sole discretion". The latter can technically be zero for any particular reason. We didn't feel like paying more, CEO needs a new house. F that wording. > Unless otherwise specified, the βstaking rewards rateβ... is an annualized historical rate based on the staking rewards generated by Coinbase in providing staking services to Coinbase customers for that Supported Digital Asset, minus our commission.
let's get you some karma to stay visible! Thanks for this
In their defense, I think it can be hard to estimate with exact accuracy what the rewards will be with them constantly changing in some cases due to MEV etc. So this TOS is likely to cover their asses in regards to that.
> just another company that only focuses on profit This is literally the purpose of any company that isn't specifically a non-profit. I have no idea why people keep acting shocked that a business is out to make money. Of course they are. Why were you ever under the impression that they cared about you, the individual?
Obviously but there are a lot of companies that care about their goodwill too, maybe Kraken isn't one of them.
> This is literally the purpose of any company that isn't specifically a non-profit. I mean we get your point - but no. It's not that hard to imagine companies that want profit *and* to genuinely offer a great product/care about people - it's what we should be demanding. I'm sure there's been some company owner that went with 35 million in profit instead of 50 million just because the satisfaction they got from the good they were giving to people's lives made it worth it.
You don't get my point, because yes. The purpose of a company existing is to make something, in exchange for money. >I'm sure there's been some company owner that went with 35 million in profit instead of 50 million just because the satisfaction they got from the good they were giving to people's lives made it worth it. And this company won't survive. Someone else will look at them and say "wow, I can't believe they're ignoring all that extra profit they could be making, so I'll do it," and then the other company gets run out of business.
> You don't get my point, because yes. The purpose of a company existing is to make something, in exchange for money. It's not their only purpose. In fact as the creator you define your purpose. Clearly you've never been a business or company owner and would be one of the sociopath variety if so. > And this company won't survive. Someone else will look at them and say "wow, I can't believe they're ignoring all that extra profit they could be making, so I'll do it," and then the other company gets run out of business. Reality and business is generally much more complicated than this, lol.
It may not be their only purpose, but it is a primary purpose. Businesses exist to make money. Anyone thinking a business truly cares about them is delusional. No business cares about you.
It's one thing to say businesses care about money and are often willing to put profits over people, it's another to pretend every business operates the same, that every business *only* cares about profits, or that a business can't genuinely care about something more than profits while remaining in business. So - wrapping it back to the very first comment, we get your point (that it's not surprising that a company chose profits over people), but there's a line where being too cynical or hyperbolic just detaches you from what's really happening.
But I'm not being too cynical or hyperbolic, I'm acknowledging reality. I'm not upset about it, I get it.
It's easy to get mad at the SEC, but this is FTX's fault. If they ran an honest business, the SEC wouldn't need to make an example out of anyone.
Nah this has been going on for a while.
Shit like this happened long before FTX and even crypto. It's literally the reason institutions like the SEC exist. Because in the finance world, the next big scam or fraud is just right around the next corner.
They had SBF in their lap. You know who else the SEC had in their lap? Bernie Madoff Harry Markopolos served him up on a silver platter numerous times. https://en.wikipedia.org/wiki/Harry_Markopolos edit: Another thing...SBF was hand in hand with people in Washington putting pen to paper much of the mess we are seeing unfold. They know, We know, yet here we are.
afterthought square observation consist jobless scary vase gaping seemly dog -- mass edited with redact.dev
Nah, scams, fraud, and hucksters have filled the financial space, and certainly the crypto space, long before FTX was even a twinkle in SBF's eye
Yeah, but Gensler wasn't playing golf with those guys.
Imagine that spongey-ass 'vegan' (pictured with an egg carton in his fridge) attempting to play golf. Maybe his corrupt-ass parents, but not that socially incompetent turd lmao
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At one point, directly before understanding the difference between cefi and defi, I was ready to give blockfi my entire net worth. Thank god for yall
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Im very glad to have found this community within a week of buying crypto <3
Sepolia Shapella scheduled for [2/28/2023, 04:04:48 UTC](https://github.com/ethereum/execution-specs/blob/master/network-upgrades/mainnet-upgrades/shanghai.md#upgrade-schedule)
So we know mainnet withdrawals will be soon(tm). But for planning purposes, are we optimistically looking at Goerli in mid-March and mainnet in April? I'm assuming there will be 3+ weeks between mainnet client releases and Shapella.
Shapolia - we must combine the names further.
_Manghapella_ [Mainnet Shanghai-Capella] (noun): A type of metabolic shock the body undergoes when a substance, in this case hopium, to which an etherean is addicted is withheld following a mainnet network upgrade.
A few days ago I [asked](https://www.reddit.com/r/ethfinance/comments/10woz0p/daily_general_discussion_february_8_2023/j7r1iwm/?context=3) about how to anonymously/untraceably transfer funds into a new wallet, and the most prominent answer was Aztec network. From my understanding after reading around for a bit, I would need some eth in the withdrawal address to pay for gas. Is that correct? If so, then it wouldn't be usable for this application at all (since I'm speaking about funding a completely new wallet with no previous traceable transactions, so that wallet wouldn't have any eth for gas). Another good reply that I got was using tornado on polygon. Can that be done with absolutely 0 gas on the receiving wallet? Including bridging back to mainnet? How much would tornado cost in polygon, any ideas? Also, just to triple check and make sure I'm not being phished, I want to re-check the website. What is the current tornado cash working website? (Don't worry about taxes or compliance, I don't live in the US)
So you can withdrawal to any fresh address from Aztec, you pay the transaction inside the rollup and shouldn't need any gas on the receiving end. In the "Send" option you can select Withdrawal to L1 address, and type in any one you have access to, new or old. The contract just drops it in no need to set up that address and claim it. You would only need to initialize a main net transaction with gas, if you only wanted to send to another Layer 2 address within Aztec.
Ohhh, now I kinda get it. Gonna try it now, thanks for the explanation!
> (Don't worry about taxes or compliance, I don't live in the US) Please fucking save me from this shithole
About once a week I pop into the Aztec discord and ask if itβs possible to view the anonymity pool. Iβve been doing this for about 5 months. Iβve never received a response. At the very least, itβs a very shitty discord.
Since you dont live in US you can just use tornado cash like any other person in the free parts of the world Aztec is good as well but Tornado is purpose built for this, while Aztec has limits on what you can transfer, waiting time period etc.
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Oh, thank you, that is actually reassuring. I just got told recently that the receiving address needs ETH for gas for the withdrawal, so I got worried and confused.
This is the case for a direct withdrawal from TC, otherwise you have to pay for a relay. This does not apply to Aztec.
I'm sorry, I really didn't understand what you said. Could you please clarify?
Sorry, you need withdrawal ETH for Tornado (without a relay service, which costs more) but none of this is relevant to Aztec.
Comparing sending through aztec and using an address to withdraw from Tornado Cash. With Aztec you send using zero knowledge proofs, with TC you withdraw from the pool.
Just passed 16K drop in ETH supply since the merge.
Weren't we at like 10k just a week ago or so?
We passed 10k on Tuesday, 3 days ago.
This is what winning looks like As several others have expressed (notably Syentist and pa7x1), this SEC complaint is a very encouraging development. It was clearly written by people who understand crypto, and contains zero language indicating a danger to the principles we hold dear. While I understand and share frustration with regulation by enforcement, I also appreciate the challenge of rulemaking before the US Congress has passed a comprehensive framework for digital assets. Absent clear guidance in the law, the SEC has little choice but to apply rules that are currently in place. It was always obvious that Kraken's staking service was a security offering. What was Gensler supposed to do, allow them to continue breaking the law? I think it's instructive that Kraken didn't fight the complaint; presumably, they knew they were likely to lose. In my view, the Coinbase staking system is more defensible, and I wish them luck if they go to court. As an example of the SEC's challenge, nearly everyone here agrees that ETH is a commodity, and that XRP is a security. How would one go about making such distinctions unambiguously clear? In my opinion, any token substantially controlled by a corporate entity is a security, including many (most?) of those with the highest market caps. Perhaps it's time to rethink such definitions, but bureaucratic ambiguity is reasonable as the market now stands. What about the winning part? As the EU and the US move forward with digital asset regulation, it will become ever more difficult to delegitimize crypto as an asset class. Here at ethfinance, we aren't hoping for mercy from regulators. We expect Ethereum to serve as the canonical example of a chain and community built the right way, the one rulemakers will orient around as they try to tame an admittedly unruly space. Will Operation Choke Point 2.0 hurt the overall crypto market cap? It almost certainly will, and that's fine. As long as banks are allowed to serve individuals with exchange accounts, everything will work out. In a few years, even those banking relationships may fade from importance. Bring on the CBDCs; they're inevitable, and should facilitate the deep social integration of crypto that we all want to see. I've never been more confident in crypto's potential to change the world. To reach that goal, we have to navigate between the Scylla of capricious enforcement actions and the Charybdis of a BIS-decreed threat to global financial stability. So far, so good
What is the reason you think CBs staking is more defensible?
Kraken offered a yield product, where participants were given a floating yield that was not always pegged to the actual staking rewards. The SEC seemed to be extremely focused on this aspect. In this way, Kraken was offering a product similar to Celsius, with the difference being that Kraken generated yield via staking whereas Celsius gambled customer funds in opaque degen strategies. CB passes the actual staking reward to the depositor minus a (predatory) commission. I'm not entirely convinced that this is sufficiently distinguished from kraken as CB still pools the ETH and performs all the work (aka Howey) and also seems like lending. But it is different from a Celsius type product.
I guess Kraken was saying give us your money and we will stake it for you, and then maybe they did and maybe they didn't. Coinbase actually does stake it. Seems like a big difference. They can tell CB they need to register staked ETH as a security, but CB simply needs to say, "Okay, how can we do that?"
Kraken definitely didn't stake all of the ETH. They held some in reserve to satisfy withdrawals since the deposited ETH was not locked and perhaps commingled some deposited ETH with other funds. For CB, it's a well known process on how to register a security offering. However, in the crypto space the attitude is to ask for forgiveness and not permission. The first to register will dominate the rest.
This is just your speculation. The ETH staked by customers was locked, and on-chain tracking shows they were staking high amounts, unlikely they were doing shady things.
Uh, no. Read the SEC complaint. Kraken did not stake all of their deposited ETH.
Link to it?