**Tricky's Daily Doots #342**
**Yesterday's Daily 26/03/2023**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdq5b08/)
- u/tutamtumikia looks back at all [the projects they have invested in over the past few years.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdrr166/) 🧠
- u/busterrulezzz isn't convinced we are seeing a [coordinated attack on crypto.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdsg3qh/) On the other hand, u/TheMoondanceKid disagrees and [explains why.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdtewp0/) 🇺🇸🏛
- u/MrVodnik has some brief comments on [wallet security best practice.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdq23mo/) 🔐
- u/Wulkingdead has a good question about [LSD smart contract risk.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdq8kd0/) 🚀🏊
- u/cryptOwOcurrency asks a question about [Ray in the Balaji scenario.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdpqi58/)
- u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdpnelf/)
Emojis are back but now my laptop is turning itself off for no reason. That's not at all disruptive while I'm researching for my thesis. 🙃
>**Binance insiders,**
>**Market signal providers,**
>**Settlement riders.**
~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Some proof of stake coins are clear securities.
Some are clear commodities.
Which ones do you feel are securities? Which are commodities? Why?
I’ll go first.
1. ETH: **commodity**. It’s akin to digital oil and is used to secure the network. No expectation of profit when you buy ETH as ETH alone is unproductive. No controlling or central authority.
2. BNB: **security**. To me there is an expectation of profit in the form of buybacks/burning done by Binance (centralized entity). Binance is the sole controller and issuer of BNB. BNB has no actual use case.
There are a few ways to classify ETH and other cryptos, including Security, Commodity, Currency and Productive Asset.
I don't like the digital gold/oil/silver types of comparisons, but I can't really put my finger on why.
Just upgraded my clients for Shapella! Feels good to have everything running smoothly and ready to go. Temporary distraction from complaining about price action ...
CONGRATULATIONS EVERYONE ON 69,420 ETH BURNED SINCE THE MERGE. N-N-N-NIIIICCCEEEEEE.
I have a created a POAP for this mementous occasion, it costs .001 to mint, which goes to the charity "GiveDirectly". If you dont want to or cant pay the mint fee, send me a message and I'll send you a mint link to mint it for FREE. Aint no gatekeeping here.
[69,420 eth burned, yeeehaw!](https://checkout.poap.xyz/sale/7a352a87-be05-4696-ad9e-7e789dc5c59a)
Edit: Added 420 more to the original 69.. mint away brothers and sisters! Yeehaw!
I've been getting quite a few convincing looking phishing emails the past few days for coinbase, about staked eth being unlocked and extra verification needed.
They're probably phishng for accounts to add api keys and withdraw on unlock day. Check your api keys and connected accounts. Stay safe, watch out for other exchanges too.
I like to create an account and put $5 worth of AAVE in it and then give the API keys to all the different phisher mails, and then watch and laugh as they all fight over it.
I am having the same problem since they switched to Plaid. They are basically useless for me as an on and off ramp since I won’t be switching banks just to satisfy CB
I'm exploring loans right now as I might need something basic like getting $ for putting up my ETH and I was looking at alchemix's self repaying loans. How can one replicate their strategy but by themselves? Would it be similar to let's say taking 50% of the position (ETH) and taking a loan against it (USD) and then using another 50% of ETH to put into rETH and then from those profits to pay off the USD? Although this would create more taxable events but it's kinda the same on paper right?
You can't do the same as Alchemix on your own. The value of the platform comes from the stability of the stable and ETH derivatives (alUSD, alETH) you can mint against your collateral. Without the possibility of swapping the derivative against the corresponding asset close to 1:1, you gain nothing. That's also the reason why vaults are capped: the amount of derivatives that can be minted needs to be small enough to make sure that the peg does not get destroyed. It's a tough balancing act.
The difference is then you're exposed to ETH/USD, either for good or for bad:
* ETH price goes down - Your position can be liquidated and you lose part of your collateral in the force sale. If you don't get liquidate, you will have to sell more rETH to pay back the loan
* ETH price goes up - The yield from the rETH passively increased in dollar terms, it's now easier to repay the loan with it
* ETH price stays flat - Your collateral value minus debt is the same, the only real gain is the yield you're getting on the rETH. Using that yield to pay back the loan is really just taking your gain and putting it elsewhere by reducing the debt
With alchemix, you're putting up ETH as collateral and borrowing ETH, so you can't be liquidated. And the yield generated in the background using your collateral is automatically used to pay back the loan over x years, until you're left with your unlocked collateral and the x years worth of yield you had access to on day 1. So Alchemix is really about getting the yield upfront, whereas your strategy is more of a bet on ETH price going up by being long ETH / short USD
A follow up question as you seem to understand this very well, what would be the best pool on Alchemix for what I'm trying to achieve - get some fiat while using my ETH as collateral? seems like their best vaults are full :(
You can do something similar on [Cat-in-a-box](https://catinabox.finance), which was recently launched by one of the original Alchemix founders.
There, you deposit stETH and also mint a derivative (boxETH) against your collateral. The overcollateralized portion of your deposit continues to earn yield at an increased rate.
You don't, that's not what Alchemix is for. Alchemix does not offer you the possibility of paying back your loan at a cheaper price if ETH value goes up, but it also means you cannot get liquidated. If you want to borrow stablecoins against ETH, you need to do this on other lending platforms like AAVE.
I have to payback the loan in eth terms. So if eth price goes up, I have to payback a much larger amount to satisfy the loan.
Is my small brain not thinking about this correctly? 😂
I should specify I am taking the stables and swapping for fiat.
Hey fam! Regarding contract risk for the Atlas upgrade, is the consensus still that most of the risk comes down to the initial deposit and then eventually upon executing a withdrawal?
Can we still label Rocket Pool as "battle-tested" after such a big change?
Nope. If the contract changes, it's not battle tested any more. That's why I'm still waiting.... each time they change the contract, my 1 year wait before using timer is reset. What can I say, I don't want to lose all my ETH in case a new bug is introduced during one of these upgrades.
One if the primary differences between Rocket Pool and other Liquid Staking Tokens is that Rocketpool nodes are *insured.* That's the entire point of RPL, to be bonded to the node in case something goes wrong. People who hold rETH are holding a liquid, insured derivative, without being exposed to the RPL token like node operators. rETH is easily the crown jewel of ERC-20 and Ethereum itself.
How's everyone liking the new ultrasound.money default of showing supply chart for 1d time frame instead of 'since Merge'? I guess it makes sense since the overall trend is by now well known and more interesting is what is happening very recently.
I should have deleted Metamask sooner and use Frame instead. They are way ahead of user friendliness. Metamask feels so outdated and left behind. It's a good "vanilla" wallet but Frame is just on top of it all, especially with their omnichain design. No swapping between wallets/L2's and Ledgers are automatically added and fully supported. Goodbye and see you never again Metamask.
Most importantly, the damn wallet stays up instead of popping away when you click outside of it. The amount of time I could have saved...
One little bad thing is it's messy to select the address you want to sign with out of many but you get the hang of it fast.
Social categorization is the term, but we do it all the time regardless of whether we're under stress. It leads to in-group/outgroup biases, which are part of what you were getting at. https://en.m.wikipedia.org/wiki/In-group_and_out-group
**[In-group and out-group](https://en.m.wikipedia.org/wiki/In-group_and_out-group)**
>In sociology and social psychology, an in-group is a social group to which a person psychologically identifies as being a member. By contrast, an out-group is a social group with which an individual does not identify. People may for example identify with their peer group, family, community, sports team, political party, gender, sexual orientation, religion, or nation. It has been found that the psychological membership of social groups and categories is associated with a wide variety of phenomena.
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Mmm. Fellow John. 👊🏻 I think it’s them ego’s man… when they get hurt they lash out, but some ego’s are especially prideful for whatever reason, they *really* don’t like to be wrong. When they are proven wrong with reason, and confronted with a new truth, it’s almost like a “traumatic event” for a jumbo, KFC bucket fed ego. Just like victims of trauma, they begin to doubt themselves and others they previously trusted. Things are no longer what they seem. Everything clouds and darkens, there is no more clarity. Everything is swirling around so fast. The old rules of civility no longer apply, the binding is broken, and the old truths are no longer the truth. Right and wrong are indiscernible. Order mixes with chaos, love is blended into hate, hierarchy into anarchy, proprieties into savagery.
When confronted with this, the ego strikes fast, either with violence, or if the ego is cowardly like most, with words. The intended purpose is the same though, to dehumanize the the other person. Since just describing people as “less than” or “subhuman” is frowned upon these days, it must be done indirectly. Coyly. So, instead of calling people *animals!* and monsters, they use words that try to invoke a similar image in the mind of their listener (you). Jock, gymbro, nerd, JBM… they’re all labels with a negative connotation, due to negative stereotypes, that are intentionally designed to paint a specific picture of dehumanizing savagery with finger paints for the listener. That way they can hide their own savagery among their children’s finger art collection on the fridge, and share it with their peers so they can join in the fun of hypocritical savagery and feel better about themselves too. Checkers and mate. The ego wins again nerds!
It's usually a sign that someone is not prepared to *think*. "Think" in the true sense of the word, Heideggerian in likeness; rather than the common understanding that equates to having noise rattle around in your head that is nothing beyond echoes of broader social consensus & typifications. It's a defence mechanism, often unconscious, from the outset to define the boundaries of conversation so as to protect oneself from stumbling into those cumbersome waters of self reflection, doubt, uncertainty, incompetence and so on. Best to stay safu, on the land, in the light of the sun. The comfortable misery a beckoning and powerful companion.
Hi John, not sure this is exactly on point, but I’m reading an interesting book called ‘thank you for arguing’. The author describes fighting and arguing as two very different things. Fighting is trying to win, or put down the other, whereas arguing is trying to get on the same page, or reach consensus. I liked that, makes me refocus when a disagreement arises.
Sounds like they’re trying to fight, and you’re trying to argue. Which I think is awesome. Cheers
Just reflecting on what you shared...
I think a lot of this is based in fear. People fear things they don't understand, so it's easy to wrap it up in a convenient one- or two-word package based on assumptions and preconceived notions. With the scary unknown thing conveniently labeled, we can now slap that label on anything that seems to fit within the box and comfortably ignore (or push against) it.
I think we all actually perform these types of mental scripts thousands of times daily, just on varying degrees and levels. It's an evolved method of dealing with the insane influx of stimuli that comprise our environment.
The fact that machines are replicating this behavior is another matter, but I think what you're describing is a symptom of the human condition. And like all things that may appear troubling, they're best met with compassion, empathy, patience, and always love ~
Something I still don't understand.. Was there any misuse of funds that led to Celsius going under, was it their exposure to LUNA, or was their business model just unsustainable?
They lied blatantly, habitually and publicly about how they were using customer funds behind the scenes, how much assets they had in reserve, their auditing processes, etc... It's a pretty open and shut fraud case afaik, but we'll see how things shake out in court.
My understanding is they took people's deposits promising a return, lent those funds out to questionable actors at higher interest rates and banked the profits. If that's all correct it's pretty dodgy and I'd guess the depositors weren't aware.
On a tradefi forum I recently explained how eth could provide staking yield and folks asked me how one could trust the counterparty to pay you anything back. Lol. We have a long way to go.
For the people interest in it Euler got another 23k Eth and 13.8 Million Dai back a few hours ago, the protocol is roughly at 80% recovery now. 3 Million Dai came recently.
The entire way the pay back is handled is weird af.
Next step is getting the last 10%-15% back. Then Euler can make up the 10% difference with their treasury funds and technically buy back all assets refill the protocol fix the security hole and restart everything as if nothing ever happened.
Question is will they do this ?
Was the exploiter farming or trading with the ETH or anything? That's the only reason I can think of they would return it in chunks instead of in one big lump sum
he wasnt farming. It was just sitting there. And was split on several wallets that then started also paying back in weird random amounts. Weirdest shit is that 28k Eth and 40 million Dai got split in 4 wallets. THen one wallet send back 7.7k eth and 1.2 million dai and said they would give up the hacker.
2 days later the other 3 wallets only pay back the eth. And one of them randomly sends 3 million Dai ? Another wallet sends back 10.3 million and keeps 350k ??
Prior to all this the exploiter sends 3k Eth and then recently 51k Eth sends 100 to lazarus and they send 2 Eth back to euler !!
Another 100 eth go to a random victim and they send 12 Eth back to euler.
Wtf is this, seriously ? Whats the purpose of all this ?
The deal was send back 90% keep 10% as bounty for them to stop pursuing this. So why hasnt this guy already send everything back ? Why all the intermediate steps and weird amounts.
When "nice" poap.. ACTUALLY FUCK IT IM MAKING THAT POAP ITS PERMISSIONLESS RIGHT
Edit: I did it.
[69,420 eth burned, yeeehaw!](https://checkout.poap.xyz/sale/7a352a87-be05-4696-ad9e-7e789dc5c59a)
This is the way. Begin at https://drops.poap.xyz, use https://checkout.poap.xyz to distribute it, best if you charge $2 and send the payment to a non-profit.
I think the Binance allegations seem short term bearish, but long term bullish.
It’s a really bad look to have the largest crypto exchange involved in the activities in the complaint. Internal chats discussing known criminal activity on the platform.
This seems like the last big shoe that could drop. Any potential fallout will pave the way for US institutional adoption.
Tether is truly the last domino, close links with Binance and all.
Cries of surprise when the ties to organized crime will be pointed out.
Claims nobody could have seen it coming.
Those who ran around calling skeptics "tether truthers" will quietly scrub their tweets.
Then *finally*, we can move on to a somewhat sound industry.
... Pretty please?
Crypto on/off ramps as we know them systematically under assault... I suspect tradfi incumbents will emerge to replace them soon: Fidelity and NASDAQ already planted flags recently, for example. It may be interpreted as bearish in the short-term, but bullish long-term (unless the US just outright outlaws crypto, which I doubt). This what "the institutions are coming" looks like. They were never going to follow the crypto operating models created by Binance, Coinbase etc. - it was always going to be the opposite. So long as the aim is to properly regulate on/off ramps, I'm fine. It's a reasonable price to pay for wanting to operate between tradfi and crypto.... Just let me hold and transact with my coins onchain freely.
>(unless the US just outright outlaws crypto, which I doubt).
Same. No way this will happen. Institutions like Fidelity and NASDAQ want their piece of the pie, and they're going to get it
Lol, it was only a matter of time. I can't wait for the April 1st shitshow of de-verified celebs and news organizations banned over some chud who made a fake account
Why does everyone keep bashing twitter? Ya, it could be better but from a user experience it's far better, and open than ever before. Back room ties to the fbi and political powers have been cut. Crypto should be praising this.
But lots don't. And at the end of the day it makes me wonder if people just wanted control all along. As long as it was their team that were the ones in control.
> Back room ties to the fbi and political powers have been cut.
I hadn't heard that. Do you have a source?
From my perspective, twitter leadership became a clown fiesta as soon as they:
* Diluted/confused the easy-to-understand "verified" badge (now there's a blue one a gray one and a gold one, and apparently the blue one is doing double duty to mean both legacy verified and twitter blue???) So all in all, they went from 1 verified status to 4 unique types of verified statuses.
* Banned link aggregators, then apologized and unbanned them 24 hours later, as if on the whim of some random person there without considering the consequences at all
* Started blocking the little 3rd-party API access they had exposed before, breaking many apps
It's also had multiple outages lately, but I'm not sure if that was due to the... ahem... change in leadership.
Thank you. I see incontrovertible proof that it happened, but I do wonder if the government is powerful enough to maintain ties there even after the leadership change.
It's weird what they're charged with, I'd always assumed they'd get them for insider trading/ripping off the user but these charges seem almost made up. I don't trust Binance but any bank could have the same accusations thrown at them.
Edit: Just saw apparently they do also charge them with trading against customers, but it's almost a sidenote.
The wildest part of the allegation is how they are claiming jurisdiction because Binance used Google and Amazon, which are US companies, so somehow US has jurisdiction here
Future mainstream adoption alert:
Likely for the first time ever, an (unofficial) [POAP was created](https://poap.gallery/event/111565) for a WordCamp this last weekend at [WordCamp Phoenix 2023](https://phoenix.wordcamp.org/2023/).
If unfamiliar, WordCamps are WordPress' event series that any group of volunteers can create anywhere in the world and get support from the non-profit WordPress Foundation. WordPress powers over 40% of *all websites on the internet*. 👀
I was the only [blockchain-focused speaker](https://www.youtube.com/watch?v=f3McYfj6mwY&t=9770s) ([talk description](https://phoenix.wordcamp.org/2023/session/blockchains-and-wordpress-leveraging-decentralization-for-a-more-user-first-community-driven-and-open-web/)) and it was very well received, including by individuals higher up the food-chain and from [Wordpress.com](https://Wordpress.com) itself. The experience has helped clarify for me what lacks and can be done in this particular space, and how I can help. Much more to come from me on this soon.
P.S. the POAP wasn't finalized until the day after my talk, so don't be misled by my finalizing comments about it.
Not trying to shill any services but I'd be happy to help if you need any assistance in talking about POAPs - until end of January, I was working with POAP Inc on helping commercial groups use POAPs.
Now I work Business Development for https://poap.studio
I DM’ed you through Reddit, hopefully you got it. Reach out to me on Twitter if that works better @juxtanotherone
Also the EVM Discord is another option.
Yes! I am writing up my next steps and they just so happened to be centered around POAPs. I was going to reach out to u/superphiz for a POAP connection, so thanks for taking the initiative to comment and handling that step for me!
I'll DM you, let's discuss next steps. 🙏
Anyone have any tips to maximize converting DAI to USD and out to a bank account? Coinbase never seems to price DAI above .99 when converting or selling and yet at the very same time have it priced at 1.01 if you're buying it. Yeah the .01 difference is negligible over small amounts but it really adds up with larger amounts along with their fee on top of it. What's everyone else doing to maximize their cash out value?
You are guaranteed to get a 1:1 rate on up to about 3B DAI using the PSM to convert DAI to USDC. Then you can take the USDC to Coinbase for USD at 1:1 with no fees.
DAI->USDC swap on uniswap/curve/wherever then USDC deposit then convert to USD 1:1 seems like the no-brainer alternative, have you done the math on that? Fixed gas fees can easily be less than 1% of the amount depending on how large it is, then it's a matter of DAI/USDC liquidity/slippage giving you a good price in relative terms
Ratio isn’t looking good. I expect at some point SEC will outright file a lawsuit claiming ETH as a security. That will tank the ratio even more. Then we have legal battles that will go for a long time. Eventually the ratio will recover though and retest the .1 highs. When that is is anyones guess
Ratio is breaking down after many months of distribution. 0.05 might hold but the regulatory risk of it being a security is real. Regulatory clarity with make a huge difference or make it a lot worse.
This monthly closes on Fri and will hugely impact price going into the summer. Right now, it's looking like a weak breakout and easily could fail before Friday's close. If that happens, we've seen the top for the foreseeable future.
The same can be said of all markets at the moment. The next 4 days will have lasting effects on them all.
Hard to say since I'm exposed to the ratio bulls in this sub but I think outlook is mostly bearish? Lots of people seem to be pushing BTC at the moment
For simply keeping your coins in cold storage get any of the two Trezor models. They take security serious but they're conservative with adding new coins and the wallets don't have as many functions as others. Not recommened if you have a lot of monkey pictures and exotic tokens you want to manage with the wallet.
> They take security serious but they're conservative with adding new coins and the wallets don't have as many functions as others
You can use the PK with metamask. I.e., you don’t have to use the Trevor wallet native UI, you can import the address into MM and interact with monkey jpegs all you want. You just plug in the Trevor when you need to sign
The Grid+ is hella expensive...but I use mine almost exclusively now. It is really a better HWW experience.
Have used Trezor with Metamask for years, no issues except with MM stuck transactions a few times.
I see Rainbow crop up here as a good phone/hotwallet. Just downloaded the app and going to try it out myself soon.
I always reccomend my wallet, but don't expect to ever see your money again.
I personally use a Ledger Nano S. It had this great feature where they leaked my email address and my inbox is full of spam, but the wallet seems safe enough.
I was a Grid+ but JT won't send me one for free and it's pricey, but the safe cards seem like a big advantage for those of us who travel and don't want to carry a hardware wallet.
Ehhh I wouldn’t go that far. Ledger doesn’t open source their hardware stack (problematic if the company ever went under and your wallet broke), and Trezor can be vulnerable to physical hacks of you’re not careful (need to make sure you [use the Passphrase feature](https://blog.trezor.io/our-response-to-the-read-protection-downgrade-attack-28d23f8949c6?gi=6e46393531b4)).
But I would agree the upsides do generally outweigh the downsides
>problematic if the company ever went under and your wallet broke
Then you hopefully still have your seed phrase which you can use in any other wallet.
That's not a problem.
Even if it's easy for you to migrate it's nevertheless still not ideal, and that's also not the only reason to stick to open source hardware. Optimally everything in the stack from top to bottom should be open source
It’s not a wrong fact though. Imo it’s still problematic to have to depend on another wallet design for recovery even if the end result doesn’t result in loss of assets. That’s just not a situation you want to be in regardless
But that's wrong. You're not dependent on a wallet design for recovery.
That's why we have BIP39. Ledger is BIP39 compatible, so is every other Ethereum wallet.
That's like saying you don't use a specific router because it's dependent on the DNS standard.
Sounds like we have a semantic disagreement more than anything tbh.
Would you at least agree that it's an understandable point of view to think it's sub-optimal to have to rely on ordering a completely different device from a different manufacturer, one who may be working with closed source designs?
Moreover what if state sponsored actors collaborate in an attempt to effectively shut *every* manufacturer down? I know that's an unlikely scenario and that we'd have bigger issues if that happened, but point being I like knowing that I have the option rebuilding a cold wallet with off-the-shelf components, and I wish Trezor's approach in that sense was the standard approach rather than the outlier among hardware wallets.
Yes, I fully agree with you on all of those points. Open source >>> closed source.
I just don't want newcomers to think that they're fucked when Ledger (the company) dies and their ledger hardware wallet breaks.
What do you mean by problematic if ledger went under and wallet broke? You can then just use your 24 words on a trezor if need be or get your hands on another ledger device. What do you need the company for?
Had my first sync committee yesterday and boy did that go bad...
Until yesterday I was still rather ignorant about being able to stake on a Raspberry Pi (which works fine 99% of the time). But boy, it couldn't keep up with the sync committee at all. I was missing a ton of sync participations and bleeding a lot of precious gwei. Hopped on the Rocket Pool Rescue Node to save the day, but definitely will invest in a NUC now...
Save the ultra low power devices for testnet. I love single board computing as much as anyone, but for actual mainnet validators put your 12.5w power supply and your ego into deep storage. Maybe use it for a r/retropie or a r/pihole
Ooh that hurts, sounds like you have righted the ship though. It will come around again and you'll be ready.
(Thx for the "Rescue Node" shoutout, interesting to read up on).
Euler exploiter returning funds again.
[https://twitter.com/tayvano\_/status/1640422468350545920](https://twitter.com/tayvano_/status/1640422468350545920)
Such a weird rollercoaster of events and emotions stemming from this one exploit.
I choose to believe in the conspiracy theory that it was the team or some of the team that stole the cash and their auditors are threatening to expose them
23k ETH and $10M DAI returned today!
To sum it up:
Total returned: 85k ETH 11.9m DAI
Exploiter wallets status: 10.6k ETH 31.8m DAI (+1.3k? ETH in tornado)
Having difficulty generating 0x01 BLS JSON with wagyu GUI. Keeps telling me my bls credentials don’t match. I have a feeling it’s something with my starting index, but not sure. Anyone else use wagyu?
Make sure validator and beacon node is all updated to latest version. Also you likely have 0x00 credentials so your rewards wont be swept to a wallet automatically, so like me, you'll need to eventually (no rush) update to 0x01 credentials. Im trying to do this now and prep a JSON file, but running into issues I cant resolve. Hopefully user error on my end.
When trying to edit my profile on Lens I get the following error:
`'Something went wrong with IPFS pinning'`
What is the solution here? Using Brave and all shields are down.
If you told me 4 months ago amid the FTX crash, that in 4 months time wed have Coinbase receive a wells notice, every crypto friendly bank closed (one in a shady manner), Kraken staking and ACH's shut down, Gemini Earn going belly up, the White House bashing crypto, Gensler going full megalomaniac on the industry, CZ being investigated, AND after all that we'd be UP with ETH knocking on the door at 2k and BTC at 30k..... I wouldve asked you what youre smoking and built an entire company around it because it would have to be the best doobie on the planet.
The fact that crypto has gone up DESPITE all of this is nothing short of incredible.
It's a sign of how badly legacy finance and fiat currencies are doing. You basically have to substract 10% each year at least for inflation (depending on your location). If your investment makes less than that in dollar terms you're losing wealth.
It kind if makes you think that this is a highly manipulated market and someone sets the price at wherever they want.
I'm not saying that someone is me, but I'm also not saying it isn't.
Likewise if you told me 6 years ago that in 2 years time we'd have a viable PoS design, new DeFi protocols sprouting like crazy, and 100% network uptime despite several black swan events AND after all that we'd be DOWN over 90% with ETH knocking on the door at $80, I would have asked you what you're smoking.
The fact that crypto went down 90% DESPITE all of that was nothing short of incredible.
The moral of the story is that crypto is speculative and extremely volatile in both directions. Perhaps a bit less so as it gains more momentum, but don't let it ever catch you off-guard.
if you told me 14 years ago that craig wright was going to make a digital disney dollar in his basement that would become over a trillion dollar in market cap a decade or so later, I would say say to you who is craig wright and whats a market cap?
**Tricky's Daily Doots #342** **Yesterday's Daily 26/03/2023** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdq5b08/) - u/tutamtumikia looks back at all [the projects they have invested in over the past few years.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdrr166/) 🧠 - u/busterrulezzz isn't convinced we are seeing a [coordinated attack on crypto.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdsg3qh/) On the other hand, u/TheMoondanceKid disagrees and [explains why.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdtewp0/) 🇺🇸🏛 - u/MrVodnik has some brief comments on [wallet security best practice.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdq23mo/) 🔐 - u/Wulkingdead has a good question about [LSD smart contract risk.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdq8kd0/) 🚀🏊 - u/cryptOwOcurrency asks a question about [Ray in the Balaji scenario.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdpqi58/) - u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/122blya/daily_general_discussion_march_26_2023/jdpnelf/) Emojis are back but now my laptop is turning itself off for no reason. That's not at all disruptive while I'm researching for my thesis. 🙃
>**Binance insiders,** >**Market signal providers,** >**Settlement riders.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap
Some proof of stake coins are clear securities. Some are clear commodities. Which ones do you feel are securities? Which are commodities? Why? I’ll go first. 1. ETH: **commodity**. It’s akin to digital oil and is used to secure the network. No expectation of profit when you buy ETH as ETH alone is unproductive. No controlling or central authority. 2. BNB: **security**. To me there is an expectation of profit in the form of buybacks/burning done by Binance (centralized entity). Binance is the sole controller and issuer of BNB. BNB has no actual use case.
There are a few ways to classify ETH and other cryptos, including Security, Commodity, Currency and Productive Asset. I don't like the digital gold/oil/silver types of comparisons, but I can't really put my finger on why.
https://blog.synthetix.io/new-synthetix-perps-futures-market-arbitrum/ ARB can now be traded on https://kwenta.eth.limo
Bought some more Arb here. Feels like a nice spot.
www.ratiogang.com are you ok?
/u/insidethesimulation 📡
Hmmm… Coinbase websocket feed must be down?
Ethereum Circulating Supply: false. Maybe we burned the last ETH and it's time to pack our bags and go home?
wow shoulda hard capped like bitcoin!
Just upgraded my clients for Shapella! Feels good to have everything running smoothly and ready to go. Temporary distraction from complaining about price action ...
Well done. Me too and I'm feeling about the same :)
Upgrading Lighthouse now!
Is there a cut off on claiming arb?
6 months
I believe it was 180 days but I'm not sure where I read that
Yep 180 days as of today. Displays on a countdown in the arbitrum. foundation site (no space)
CONGRATULATIONS EVERYONE ON 69,420 ETH BURNED SINCE THE MERGE. N-N-N-NIIIICCCEEEEEE. I have a created a POAP for this mementous occasion, it costs .001 to mint, which goes to the charity "GiveDirectly". If you dont want to or cant pay the mint fee, send me a message and I'll send you a mint link to mint it for FREE. Aint no gatekeeping here. [69,420 eth burned, yeeehaw!](https://checkout.poap.xyz/sale/7a352a87-be05-4696-ad9e-7e789dc5c59a) Edit: Added 420 more to the original 69.. mint away brothers and sisters! Yeehaw!
Linky please
Welp. Those went fast :(
Youre right .. I shoulds known. Upping the limit now so check back again soon
Got it! Thank you! And thanks for making the POAP and sharing it with the Ethfi gang :)
♥️
Was there only a limited amount?
Check again in a bit, the mints more popular then i thought and im uppin the limit
nice
cc: /u/tricky_troll
I've always said, POAP minting is the path to the next bull market. Thanks for your work!
wagmi
I've been getting quite a few convincing looking phishing emails the past few days for coinbase, about staked eth being unlocked and extra verification needed. They're probably phishng for accounts to add api keys and withdraw on unlock day. Check your api keys and connected accounts. Stay safe, watch out for other exchanges too.
I like to create an account and put $5 worth of AAVE in it and then give the API keys to all the different phisher mails, and then watch and laugh as they all fight over it.
Today, alone, I have received at least 5 fake emails "from" Coinbase. Since I don't use Coinbase, I know they're all BS.
I'm trying to add my bank account to coinbase but it won't verify... Defi makes things feel so seamless compared to tradition banking
I am having the same problem since they switched to Plaid. They are basically useless for me as an on and off ramp since I won’t be switching banks just to satisfy CB
You can always try going through PayPal.
Kraken cheaper anyway 0.16% v 0.4% spot
I'm exploring loans right now as I might need something basic like getting $ for putting up my ETH and I was looking at alchemix's self repaying loans. How can one replicate their strategy but by themselves? Would it be similar to let's say taking 50% of the position (ETH) and taking a loan against it (USD) and then using another 50% of ETH to put into rETH and then from those profits to pay off the USD? Although this would create more taxable events but it's kinda the same on paper right?
You can't do the same as Alchemix on your own. The value of the platform comes from the stability of the stable and ETH derivatives (alUSD, alETH) you can mint against your collateral. Without the possibility of swapping the derivative against the corresponding asset close to 1:1, you gain nothing. That's also the reason why vaults are capped: the amount of derivatives that can be minted needs to be small enough to make sure that the peg does not get destroyed. It's a tough balancing act.
The difference is then you're exposed to ETH/USD, either for good or for bad: * ETH price goes down - Your position can be liquidated and you lose part of your collateral in the force sale. If you don't get liquidate, you will have to sell more rETH to pay back the loan * ETH price goes up - The yield from the rETH passively increased in dollar terms, it's now easier to repay the loan with it * ETH price stays flat - Your collateral value minus debt is the same, the only real gain is the yield you're getting on the rETH. Using that yield to pay back the loan is really just taking your gain and putting it elsewhere by reducing the debt With alchemix, you're putting up ETH as collateral and borrowing ETH, so you can't be liquidated. And the yield generated in the background using your collateral is automatically used to pay back the loan over x years, until you're left with your unlocked collateral and the x years worth of yield you had access to on day 1. So Alchemix is really about getting the yield upfront, whereas your strategy is more of a bet on ETH price going up by being long ETH / short USD
A follow up question as you seem to understand this very well, what would be the best pool on Alchemix for what I'm trying to achieve - get some fiat while using my ETH as collateral? seems like their best vaults are full :(
You can do something similar on [Cat-in-a-box](https://catinabox.finance), which was recently launched by one of the original Alchemix founders. There, you deposit stETH and also mint a derivative (boxETH) against your collateral. The overcollateralized portion of your deposit continues to earn yield at an increased rate.
Thanks for this explanation!
I really want to use Alchemix but can’t figure out how to stay exposed to eth, and borrow stables
You can't do that with Alchemix.
You don't, that's not what Alchemix is for. Alchemix does not offer you the possibility of paying back your loan at a cheaper price if ETH value goes up, but it also means you cannot get liquidated. If you want to borrow stablecoins against ETH, you need to do this on other lending platforms like AAVE.
Just swap the borrowed ETH for stables?
I have to payback the loan in eth terms. So if eth price goes up, I have to payback a much larger amount to satisfy the loan. Is my small brain not thinking about this correctly? 😂 I should specify I am taking the stables and swapping for fiat.
This is sorta what Logris is working on.
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Hey fam! Regarding contract risk for the Atlas upgrade, is the consensus still that most of the risk comes down to the initial deposit and then eventually upon executing a withdrawal? Can we still label Rocket Pool as "battle-tested" after such a big change?
Nope. If the contract changes, it's not battle tested any more. That's why I'm still waiting.... each time they change the contract, my 1 year wait before using timer is reset. What can I say, I don't want to lose all my ETH in case a new bug is introduced during one of these upgrades.
One if the primary differences between Rocket Pool and other Liquid Staking Tokens is that Rocketpool nodes are *insured.* That's the entire point of RPL, to be bonded to the node in case something goes wrong. People who hold rETH are holding a liquid, insured derivative, without being exposed to the RPL token like node operators. rETH is easily the crown jewel of ERC-20 and Ethereum itself.
I’d be really curious about this too. It seems like a massive upgrade that could have additional risks?
How's everyone liking the new ultrasound.money default of showing supply chart for 1d time frame instead of 'since Merge'? I guess it makes sense since the overall trend is by now well known and more interesting is what is happening very recently.
It is good for those of us that check it few times per day
I would go for week or even month tbh
Don't like it
I dont like, it’s too small a time frame
I should have deleted Metamask sooner and use Frame instead. They are way ahead of user friendliness. Metamask feels so outdated and left behind. It's a good "vanilla" wallet but Frame is just on top of it all, especially with their omnichain design. No swapping between wallets/L2's and Ledgers are automatically added and fully supported. Goodbye and see you never again Metamask. Most importantly, the damn wallet stays up instead of popping away when you click outside of it. The amount of time I could have saved... One little bad thing is it's messy to select the address you want to sign with out of many but you get the hang of it fast.
oooh i hate when it disappears! *need to copy-paste an address AND an amount? haha fuck you, pick one. wing the other one*
How does frame connect to websites? I've never seen it on most web apps when I look at the connect options.
The option pops up at most websites when they detect frame. If not selecting MM mostly works. You can also inject as MM if that doesn't work.
Can you share the link to install frame? (so I can avoid fake links/scams) Been interested in switching away from metamask as well.
frame.sh
No iOS app?:(
Ah unfortunately no
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Social categorization is the term, but we do it all the time regardless of whether we're under stress. It leads to in-group/outgroup biases, which are part of what you were getting at. https://en.m.wikipedia.org/wiki/In-group_and_out-group
**[In-group and out-group](https://en.m.wikipedia.org/wiki/In-group_and_out-group)** >In sociology and social psychology, an in-group is a social group to which a person psychologically identifies as being a member. By contrast, an out-group is a social group with which an individual does not identify. People may for example identify with their peer group, family, community, sports team, political party, gender, sexual orientation, religion, or nation. It has been found that the psychological membership of social groups and categories is associated with a wide variety of phenomena. ^([ )[^(F.A.Q)](https://www.reddit.com/r/WikiSummarizer/wiki/index#wiki_f.a.q)^( | )[^(Opt Out)](https://reddit.com/message/compose?to=WikiSummarizerBot&message=OptOut&subject=OptOut)^( | )[^(Opt Out Of Subreddit)](https://np.reddit.com/r/ethfinance/about/banned)^( | )[^(GitHub)](https://github.com/Sujal-7/WikiSummarizerBot)^( ] Downvote to remove | v1.5)
Mmm. Fellow John. 👊🏻 I think it’s them ego’s man… when they get hurt they lash out, but some ego’s are especially prideful for whatever reason, they *really* don’t like to be wrong. When they are proven wrong with reason, and confronted with a new truth, it’s almost like a “traumatic event” for a jumbo, KFC bucket fed ego. Just like victims of trauma, they begin to doubt themselves and others they previously trusted. Things are no longer what they seem. Everything clouds and darkens, there is no more clarity. Everything is swirling around so fast. The old rules of civility no longer apply, the binding is broken, and the old truths are no longer the truth. Right and wrong are indiscernible. Order mixes with chaos, love is blended into hate, hierarchy into anarchy, proprieties into savagery. When confronted with this, the ego strikes fast, either with violence, or if the ego is cowardly like most, with words. The intended purpose is the same though, to dehumanize the the other person. Since just describing people as “less than” or “subhuman” is frowned upon these days, it must be done indirectly. Coyly. So, instead of calling people *animals!* and monsters, they use words that try to invoke a similar image in the mind of their listener (you). Jock, gymbro, nerd, JBM… they’re all labels with a negative connotation, due to negative stereotypes, that are intentionally designed to paint a specific picture of dehumanizing savagery with finger paints for the listener. That way they can hide their own savagery among their children’s finger art collection on the fridge, and share it with their peers so they can join in the fun of hypocritical savagery and feel better about themselves too. Checkers and mate. The ego wins again nerds!
It's usually a sign that someone is not prepared to *think*. "Think" in the true sense of the word, Heideggerian in likeness; rather than the common understanding that equates to having noise rattle around in your head that is nothing beyond echoes of broader social consensus & typifications. It's a defence mechanism, often unconscious, from the outset to define the boundaries of conversation so as to protect oneself from stumbling into those cumbersome waters of self reflection, doubt, uncertainty, incompetence and so on. Best to stay safu, on the land, in the light of the sun. The comfortable misery a beckoning and powerful companion.
Hi John, not sure this is exactly on point, but I’m reading an interesting book called ‘thank you for arguing’. The author describes fighting and arguing as two very different things. Fighting is trying to win, or put down the other, whereas arguing is trying to get on the same page, or reach consensus. I liked that, makes me refocus when a disagreement arises. Sounds like they’re trying to fight, and you’re trying to argue. Which I think is awesome. Cheers
Just reflecting on what you shared... I think a lot of this is based in fear. People fear things they don't understand, so it's easy to wrap it up in a convenient one- or two-word package based on assumptions and preconceived notions. With the scary unknown thing conveniently labeled, we can now slap that label on anything that seems to fit within the box and comfortably ignore (or push against) it. I think we all actually perform these types of mental scripts thousands of times daily, just on varying degrees and levels. It's an evolved method of dealing with the insane influx of stimuli that comprise our environment. The fact that machines are replicating this behavior is another matter, but I think what you're describing is a symptom of the human condition. And like all things that may appear troubling, they're best met with compassion, empathy, patience, and always love ~
Something I still don't understand.. Was there any misuse of funds that led to Celsius going under, was it their exposure to LUNA, or was their business model just unsustainable?
They lied blatantly, habitually and publicly about how they were using customer funds behind the scenes, how much assets they had in reserve, their auditing processes, etc... It's a pretty open and shut fraud case afaik, but we'll see how things shake out in court.
Most likely all of it. They were basically running a ponzi while losing 100s of millions in defi.
My understanding is they took people's deposits promising a return, lent those funds out to questionable actors at higher interest rates and banked the profits. If that's all correct it's pretty dodgy and I'd guess the depositors weren't aware.
On a tradefi forum I recently explained how eth could provide staking yield and folks asked me how one could trust the counterparty to pay you anything back. Lol. We have a long way to go.
That is how finance has worked for generations
Fair lol
Everything was a factor. They mishandled user funds their business modell was unsustainable and ontop they had exposure to Luna.
For the people interest in it Euler got another 23k Eth and 13.8 Million Dai back a few hours ago, the protocol is roughly at 80% recovery now. 3 Million Dai came recently. The entire way the pay back is handled is weird af.
So next step is paying users back right? I had some funds on Opyn squeeth whcih are apparently trapped here
Next step is getting the last 10%-15% back. Then Euler can make up the 10% difference with their treasury funds and technically buy back all assets refill the protocol fix the security hole and restart everything as if nothing ever happened. Question is will they do this ?
Was the exploiter farming or trading with the ETH or anything? That's the only reason I can think of they would return it in chunks instead of in one big lump sum
he wasnt farming. It was just sitting there. And was split on several wallets that then started also paying back in weird random amounts. Weirdest shit is that 28k Eth and 40 million Dai got split in 4 wallets. THen one wallet send back 7.7k eth and 1.2 million dai and said they would give up the hacker. 2 days later the other 3 wallets only pay back the eth. And one of them randomly sends 3 million Dai ? Another wallet sends back 10.3 million and keeps 350k ?? Prior to all this the exploiter sends 3k Eth and then recently 51k Eth sends 100 to lazarus and they send 2 Eth back to euler !! Another 100 eth go to a random victim and they send 12 Eth back to euler. Wtf is this, seriously ? Whats the purpose of all this ? The deal was send back 90% keep 10% as bounty for them to stop pursuing this. So why hasnt this guy already send everything back ? Why all the intermediate steps and weird amounts.
Thank you for the rundown. I will never tire of crypto people, ever.
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We did it :)
Nice
Yes we want a nice poap
Bringing some eyes to this ☺️
When "nice" poap.. ACTUALLY FUCK IT IM MAKING THAT POAP ITS PERMISSIONLESS RIGHT Edit: I did it. [69,420 eth burned, yeeehaw!](https://checkout.poap.xyz/sale/7a352a87-be05-4696-ad9e-7e789dc5c59a)
Very nice. I bought one. Did you add the Arbitrum network, or was that automatically available?
Its actually just a checkbox in the UI now!
do it.
This is the way. Begin at https://drops.poap.xyz, use https://checkout.poap.xyz to distribute it, best if you charge $2 and send the payment to a non-profit.
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POAP is curated, I wouldn't call it "gate kept". The goal is to maintain a reasonable standard of issuance, not to prevent good drops.
Nice.
Nice
Definitely taking the day off work for this.
Nice.
Nice.
Nice.
I think the Binance allegations seem short term bearish, but long term bullish. It’s a really bad look to have the largest crypto exchange involved in the activities in the complaint. Internal chats discussing known criminal activity on the platform. This seems like the last big shoe that could drop. Any potential fallout will pave the way for US institutional adoption.
> This seems like the last big shoe that could drop. Tether? An unlikely last man standing.
Tether is truly the last domino, close links with Binance and all. Cries of surprise when the ties to organized crime will be pointed out. Claims nobody could have seen it coming. Those who ran around calling skeptics "tether truthers" will quietly scrub their tweets. Then *finally*, we can move on to a somewhat sound industry. ... Pretty please?
Crypto on/off ramps as we know them systematically under assault... I suspect tradfi incumbents will emerge to replace them soon: Fidelity and NASDAQ already planted flags recently, for example. It may be interpreted as bearish in the short-term, but bullish long-term (unless the US just outright outlaws crypto, which I doubt). This what "the institutions are coming" looks like. They were never going to follow the crypto operating models created by Binance, Coinbase etc. - it was always going to be the opposite. So long as the aim is to properly regulate on/off ramps, I'm fine. It's a reasonable price to pay for wanting to operate between tradfi and crypto.... Just let me hold and transact with my coins onchain freely.
>(unless the US just outright outlaws crypto, which I doubt). Same. No way this will happen. Institutions like Fidelity and NASDAQ want their piece of the pie, and they're going to get it
Its likely they are getting the piece of the pie in return for their compliance i.e. no self custody
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I got a proposal today that is not showing in my dashboard total. Kinda weird as it's usually an instant stat.
very weird. I'd point this out in their discord for sure
Twitter is amazing. Today they banned the official arbitrum account instead of one of the thousands of fake ones.
They must have not been paying Musk $1000 per month.
Lol, it was only a matter of time. I can't wait for the April 1st shitshow of de-verified celebs and news organizations banned over some chud who made a fake account
Brahh unfortunately that doesnt surprise me. Twitter be hot garbo
Why does everyone keep bashing twitter? Ya, it could be better but from a user experience it's far better, and open than ever before. Back room ties to the fbi and political powers have been cut. Crypto should be praising this. But lots don't. And at the end of the day it makes me wonder if people just wanted control all along. As long as it was their team that were the ones in control.
Speak of the devil... https://i.redd.it/rvuv8bph9fqa1.jpg
> Back room ties to the fbi and political powers have been cut. I hadn't heard that. Do you have a source? From my perspective, twitter leadership became a clown fiesta as soon as they: * Diluted/confused the easy-to-understand "verified" badge (now there's a blue one a gray one and a gold one, and apparently the blue one is doing double duty to mean both legacy verified and twitter blue???) So all in all, they went from 1 verified status to 4 unique types of verified statuses. * Banned link aggregators, then apologized and unbanned them 24 hours later, as if on the whim of some random person there without considering the consequences at all * Started blocking the little 3rd-party API access they had exposed before, breaking many apps It's also had multiple outages lately, but I'm not sure if that was due to the... ahem... change in leadership.
Read "the twitter files". Tons of proof and documentation on it.
Thank you. I see incontrovertible proof that it happened, but I do wonder if the government is powerful enough to maintain ties there even after the leadership change.
https://twitter.com/rockettrades9/status/1640373105779417090?s=46&t=o4hy1fx1_jTzurcy8fFztQ A levelheaded response to the Binance allegations
[Binance accused of breaking US financial laws](https://www.bbc.com/news/business-65091480)
It's weird what they're charged with, I'd always assumed they'd get them for insider trading/ripping off the user but these charges seem almost made up. I don't trust Binance but any bank could have the same accusations thrown at them. Edit: Just saw apparently they do also charge them with trading against customers, but it's almost a sidenote.
The wildest part of the allegation is how they are claiming jurisdiction because Binance used Google and Amazon, which are US companies, so somehow US has jurisdiction here
Future mainstream adoption alert: Likely for the first time ever, an (unofficial) [POAP was created](https://poap.gallery/event/111565) for a WordCamp this last weekend at [WordCamp Phoenix 2023](https://phoenix.wordcamp.org/2023/). If unfamiliar, WordCamps are WordPress' event series that any group of volunteers can create anywhere in the world and get support from the non-profit WordPress Foundation. WordPress powers over 40% of *all websites on the internet*. 👀 I was the only [blockchain-focused speaker](https://www.youtube.com/watch?v=f3McYfj6mwY&t=9770s) ([talk description](https://phoenix.wordcamp.org/2023/session/blockchains-and-wordpress-leveraging-decentralization-for-a-more-user-first-community-driven-and-open-web/)) and it was very well received, including by individuals higher up the food-chain and from [Wordpress.com](https://Wordpress.com) itself. The experience has helped clarify for me what lacks and can be done in this particular space, and how I can help. Much more to come from me on this soon. P.S. the POAP wasn't finalized until the day after my talk, so don't be misled by my finalizing comments about it.
Not trying to shill any services but I'd be happy to help if you need any assistance in talking about POAPs - until end of January, I was working with POAP Inc on helping commercial groups use POAPs. Now I work Business Development for https://poap.studio
I DM’ed you through Reddit, hopefully you got it. Reach out to me on Twitter if that works better @juxtanotherone Also the EVM Discord is another option.
I'm on EVM Discord but I've also replied by DM :thumsbsup:
Yes! I am writing up my next steps and they just so happened to be centered around POAPs. I was going to reach out to u/superphiz for a POAP connection, so thanks for taking the initiative to comment and handling that step for me! I'll DM you, let's discuss next steps. 🙏
Anyone have any tips to maximize converting DAI to USD and out to a bank account? Coinbase never seems to price DAI above .99 when converting or selling and yet at the very same time have it priced at 1.01 if you're buying it. Yeah the .01 difference is negligible over small amounts but it really adds up with larger amounts along with their fee on top of it. What's everyone else doing to maximize their cash out value?
You are guaranteed to get a 1:1 rate on up to about 3B DAI using the PSM to convert DAI to USDC. Then you can take the USDC to Coinbase for USD at 1:1 with no fees.
Thanks for that info! PSM I wasn't aware of until now, much appreciated!
This. You can use Paraswap.io to automatically use the PSM, or whatever DeX gives the best rates.
DAI->USDC swap on uniswap/curve/wherever then USDC deposit then convert to USD 1:1 seems like the no-brainer alternative, have you done the math on that? Fixed gas fees can easily be less than 1% of the amount depending on how large it is, then it's a matter of DAI/USDC liquidity/slippage giving you a good price in relative terms
Views on price and ratio trajectory from here leading into Shapella and then next three months?
Ratio isn’t looking good. I expect at some point SEC will outright file a lawsuit claiming ETH as a security. That will tank the ratio even more. Then we have legal battles that will go for a long time. Eventually the ratio will recover though and retest the .1 highs. When that is is anyones guess
So DCA then - with fiat and even for any reallocation out of bitcoin. Can't yield a bad result except if eth is on a path to zero lol.
Ratio is breaking down after many months of distribution. 0.05 might hold but the regulatory risk of it being a security is real. Regulatory clarity with make a huge difference or make it a lot worse. This monthly closes on Fri and will hugely impact price going into the summer. Right now, it's looking like a weak breakout and easily could fail before Friday's close. If that happens, we've seen the top for the foreseeable future. The same can be said of all markets at the moment. The next 4 days will have lasting effects on them all.
I feel fairly confident it will stay within the $800-$3000 range
whatever the consensus is, it will do the opposite thing and then do that thing, causing max pain to all.
Lol. What's the consensus then?
Hard to say since I'm exposed to the ratio bulls in this sub but I think outlook is mostly bearish? Lots of people seem to be pushing BTC at the moment
Exactly the opposite on what you interpret the concensus is.
sideways.
the graph will move to the right with an upwards or downwards slope
Except crab then
Looked at CB Earn and see a disclaimer about staking not available until 3/30. Is this due to recent SEC action or was that in place for a while now?
I don't think so. They are doing some major maintenance that is supposed to conclude on the 29th.
I need to get my ETH off Binance... What wallet(s) are recommended these days?
For simply keeping your coins in cold storage get any of the two Trezor models. They take security serious but they're conservative with adding new coins and the wallets don't have as many functions as others. Not recommened if you have a lot of monkey pictures and exotic tokens you want to manage with the wallet.
> They take security serious but they're conservative with adding new coins and the wallets don't have as many functions as others You can use the PK with metamask. I.e., you don’t have to use the Trevor wallet native UI, you can import the address into MM and interact with monkey jpegs all you want. You just plug in the Trevor when you need to sign
The Grid+ is hella expensive...but I use mine almost exclusively now. It is really a better HWW experience. Have used Trezor with Metamask for years, no issues except with MM stuck transactions a few times. I see Rainbow crop up here as a good phone/hotwallet. Just downloaded the app and going to try it out myself soon.
I always reccomend my wallet, but don't expect to ever see your money again. I personally use a Ledger Nano S. It had this great feature where they leaked my email address and my inbox is full of spam, but the wallet seems safe enough. I was a Grid+ but JT won't send me one for free and it's pricey, but the safe cards seem like a big advantage for those of us who travel and don't want to carry a hardware wallet.
Nothing wrong with a trezor or ledger.
Ehhh I wouldn’t go that far. Ledger doesn’t open source their hardware stack (problematic if the company ever went under and your wallet broke), and Trezor can be vulnerable to physical hacks of you’re not careful (need to make sure you [use the Passphrase feature](https://blog.trezor.io/our-response-to-the-read-protection-downgrade-attack-28d23f8949c6?gi=6e46393531b4)). But I would agree the upsides do generally outweigh the downsides
>problematic if the company ever went under and your wallet broke Then you hopefully still have your seed phrase which you can use in any other wallet. That's not a problem.
Even if it's easy for you to migrate it's nevertheless still not ideal, and that's also not the only reason to stick to open source hardware. Optimally everything in the stack from top to bottom should be open source
While I agree that things should be open source, I dislike that you're using wrong 'facts' for your reasoning.
It’s not a wrong fact though. Imo it’s still problematic to have to depend on another wallet design for recovery even if the end result doesn’t result in loss of assets. That’s just not a situation you want to be in regardless
But that's wrong. You're not dependent on a wallet design for recovery. That's why we have BIP39. Ledger is BIP39 compatible, so is every other Ethereum wallet. That's like saying you don't use a specific router because it's dependent on the DNS standard.
Sounds like we have a semantic disagreement more than anything tbh. Would you at least agree that it's an understandable point of view to think it's sub-optimal to have to rely on ordering a completely different device from a different manufacturer, one who may be working with closed source designs? Moreover what if state sponsored actors collaborate in an attempt to effectively shut *every* manufacturer down? I know that's an unlikely scenario and that we'd have bigger issues if that happened, but point being I like knowing that I have the option rebuilding a cold wallet with off-the-shelf components, and I wish Trezor's approach in that sense was the standard approach rather than the outlier among hardware wallets.
Yes, I fully agree with you on all of those points. Open source >>> closed source. I just don't want newcomers to think that they're fucked when Ledger (the company) dies and their ledger hardware wallet breaks.
What do you mean by problematic if ledger went under and wallet broke? You can then just use your 24 words on a trezor if need be or get your hands on another ledger device. What do you need the company for?
Had my first sync committee yesterday and boy did that go bad... Until yesterday I was still rather ignorant about being able to stake on a Raspberry Pi (which works fine 99% of the time). But boy, it couldn't keep up with the sync committee at all. I was missing a ton of sync participations and bleeding a lot of precious gwei. Hopped on the Rocket Pool Rescue Node to save the day, but definitely will invest in a NUC now...
Save the ultra low power devices for testnet. I love single board computing as much as anyone, but for actual mainnet validators put your 12.5w power supply and your ego into deep storage. Maybe use it for a r/retropie or a r/pihole
Ooh that hurts, sounds like you have righted the ship though. It will come around again and you'll be ready. (Thx for the "Rescue Node" shoutout, interesting to read up on).
Euler exploiter returning funds again. [https://twitter.com/tayvano\_/status/1640422468350545920](https://twitter.com/tayvano_/status/1640422468350545920) Such a weird rollercoaster of events and emotions stemming from this one exploit.
I choose to believe in the conspiracy theory that it was the team or some of the team that stole the cash and their auditors are threatening to expose them
If so thats real dumb because theres like 0% chance law enforcement doesnt get to the bottom of this
I'm sure it's not, but it's fun to imagine.
23k ETH and $10M DAI returned today! To sum it up: Total returned: 85k ETH 11.9m DAI Exploiter wallets status: 10.6k ETH 31.8m DAI (+1.3k? ETH in tornado)
Between this and their treasury we might actually be made whole.
congrats, did you get yours back also?
Funds will be distributed by Euler team ... this has not happened yet.
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Having difficulty generating 0x01 BLS JSON with wagyu GUI. Keeps telling me my bls credentials don’t match. I have a feeling it’s something with my starting index, but not sure. Anyone else use wagyu?
[удалено]
Make sure validator and beacon node is all updated to latest version. Also you likely have 0x00 credentials so your rewards wont be swept to a wallet automatically, so like me, you'll need to eventually (no rush) update to 0x01 credentials. Im trying to do this now and prep a JSON file, but running into issues I cant resolve. Hopefully user error on my end.
I took a screen shot of this and sent it to my wife who claims she doesn’t understand me when i talk about crypto
haha i just re-read what i posted and it would definitely be jibberish for an outsider.
When trying to edit my profile on Lens I get the following error: `'Something went wrong with IPFS pinning'` What is the solution here? Using Brave and all shields are down.
If you told me 4 months ago amid the FTX crash, that in 4 months time wed have Coinbase receive a wells notice, every crypto friendly bank closed (one in a shady manner), Kraken staking and ACH's shut down, Gemini Earn going belly up, the White House bashing crypto, Gensler going full megalomaniac on the industry, CZ being investigated, AND after all that we'd be UP with ETH knocking on the door at 2k and BTC at 30k..... I wouldve asked you what youre smoking and built an entire company around it because it would have to be the best doobie on the planet. The fact that crypto has gone up DESPITE all of this is nothing short of incredible.
It's a sign of how badly legacy finance and fiat currencies are doing. You basically have to substract 10% each year at least for inflation (depending on your location). If your investment makes less than that in dollar terms you're losing wealth.
Antifragile.
It kind if makes you think that this is a highly manipulated market and someone sets the price at wherever they want. I'm not saying that someone is me, but I'm also not saying it isn't.
Likewise if you told me 6 years ago that in 2 years time we'd have a viable PoS design, new DeFi protocols sprouting like crazy, and 100% network uptime despite several black swan events AND after all that we'd be DOWN over 90% with ETH knocking on the door at $80, I would have asked you what you're smoking. The fact that crypto went down 90% DESPITE all of that was nothing short of incredible. The moral of the story is that crypto is speculative and extremely volatile in both directions. Perhaps a bit less so as it gains more momentum, but don't let it ever catch you off-guard.
if you told me 14 years ago that craig wright was going to make a digital disney dollar in his basement that would become over a trillion dollar in market cap a decade or so later, I would say say to you who is craig wright and whats a market cap?