Weekly General Discussion - July 02, 2023 <-> July 09, 2023

refugeddit, 10 months ago

Updoot the weekly you damn savages!

Ethereum!

anon, 10 months ago

I wonder if Mr Eth is here under an anonymous handle.

refugeddit, 10 months ago

I thought he was already missing for a while now?

anon, 10 months ago

He was indeed! I like to think that some of the legacy /r/ethtrader and /r/ethfinance OGs moved over here anyway and are starting afresh with a new identity. I sure did :)

permissionless, 10 months ago

I did as well. It will be fun to try and identify anonymous users by their writing styles.

fiah, 10 months ago

updoot it yourself you degenerate!

TimbukNine, 10 months ago

The state of play on 03 July 2023:

• $1959
• €1799
• £1545
• 0.064

TimbukNine, 10 months ago

The state of play on 04 July 2023:

• $1951
• €1790
• £1537
• 0.063

Sort by oldest at the root to get here quicker.

happytrader, 10 months ago

@TimbukNine Are you posting this using a bot? How?

TimbukNine, 10 months ago

Just checking that everyone has purchased their copy of Paul Brody's Ethereum for Business (ISBN 978 195 489 2101). I'm currently working my way through it and it's very good indeed.

anon, 10 months ago

What do you like most about it?

TimbukNine, 10 months ago

For me, it's the number of carefully researched case studies. These lend the book relevancy for our current time (future editions will need to keep up to date) but also show that Ethereum is being used to solve real world problems.

Most folks I talk to don't have any kind of grasp of why decentralisation is important. They want a service that just works without any kind of hard thinking required. The book explains why decentralisation is so important as we move away from web2 to web3.

Definitely recommended.

anon, 10 months ago

Thank you, I’ll have to look into it. I dislike that Ethereum keeps getting painted as a solution in search of a problem, when there are tangible use cases we should keep in our back pocket as talking points for the skeptics.

T0Bii, 10 months ago

Trying to find the time to read it, but will hopefully do so (and finish it) within the next two weeks.

refugeddit, 10 months ago

Continue to send it bois

refugeddit, 10 months ago

@kbrot thanks for the liquity recommendation. I feel like an idiot for using MKR all these time. I seriously have no idea why LUSD is not used more with the low fees that they are giving.

Diligent-Mouse3679, 10 months ago

When there is a crash and you need to delever, LUSD tends to go up in price a penny or two, which can really increase your repayment costs relative to shorter term maker loans.

refugeddit, 10 months ago

Fair enough, but with a 3%+ interest on maker for vanilla ETH, if you're pretty under leveraged, it is a no brainer IMO.

And you're not in a hurry to close your position since it is a one time fee, not to mention lower collateral requirements.

kbrot, 10 months ago

For sure, liquity is pretty great. As to why it's underutilized, it's similar to what mouse is saying. Particularly in the early days, LUSD commonly ranged from 0.97 to 1.03. It was always fine in the end, but it requires that one extra step of making sure you're repaying at a beneficial time (or buying troves at a beneficial time). And of course, any add'l step makes a protocol slightly less tasty. I think the range is much smaller these days with added liquidity.

refugeddit, 10 months ago

Fair enough. I have basically abdicated from Maker due to their weird changes with the new 'endgame' roadmap.

Is there a similarly big lending protocol in L2? I imagine gas costs would be quite prohibitive during the bull

ThrowawayPermanente, 10 months ago

My validator has been running for two weeks and it hasn't crashed once. Exciting times!

anon, 10 months ago

Which CL/EL clients are you running?

spez: updooting your comment takes me to an error page, WTF

spez^2: what should we replace “spez” with for edits now that we’re free from Steve Huffman’s influence?

ThrowawayPermanente, 10 months ago

Besu/Teku
The error when upvoting happens to me too. Thanks for trying!

T0Bii, 10 months ago

One thing a lot of people do not like about the fediverse is that you can only sign in on the instance you signed up on.

If only there was a simple solution, a way to login everywhere and ensure that it's always the same person.
Something public that could identify the person and something private the person could use to prove it's them.

Soo.. Who's going to build 'sign in with Ethereum' (or public/private keys) for the fediverse?

fiah, 10 months ago

that’s not needed as it’s not needed to sign in anywhere other than your ‘home’ instance, except perhaps when it’s offline

I agree there’s a lot of potential to improve on the fediverse model but I don’t think it makes sense to use Ethereum unless absolutely necessary

T0Bii, 10 months ago

In theory.
But in practice not all content is synced compeltely, and definitely not real time.

Additionally, some instances are already defederating.

fiah, 10 months ago

yeah true, but so far (knock on wood) I’ve had a near seamless experience with my one lemmy account. At first kbin.social wasn’t connected of course so I have a kbin.social account as well, but I don’t need it anymore

18boro, 10 months ago

Hi all, finally made it through. Nice little community here, from what I've seen the signal to noise ratio is even better than on r/ethfinance. I'll probably be posting/reading both here and reddit for a while. So, a newbie question: Is there a way to use this on a cellphone, or an android app so I don't have to go to my desktop every time?

fiah, 10 months ago

have you tried going to the site with your phone and installing it as a web app? Chrome asked me immediately the first time, or if it didn’t I’m sure you can go to settings in Chrome and use “add to homescreen”. I haven’t tried this with kbin as I’m here from a lemmy instance, but the lemmy interface is really quite good when installed as an app

T0Bii, 10 months ago

Works for kbin as well.

anon, 10 months ago (edited 10 months ago)

Not the parent, but that’s also what I did with Kbin on iOS and it works well.

Kbin was struggling to display properly in Chrome iOS but works smoothly in Safari iOS, so I used Safari’s “Add to Home Screen” option and the icon took the place of the recently-departed and much-regretted Apollo app.

Eventually I’m waiting for the Artemis app to come of age, though I believe that’s just for iOS and not Android.

LaughingMime, 10 months ago

Adding a new trading rule for myself. Never re-buy something I’ve sold in the same day. What a moron 🤦‍♂️.

anon, 10 months ago

Don’t kick yourself. Perfect trading discipline is incredibly hard for everyone. It matters more to keep a cool head when the trade goes against you. You’ll make it back!

LaughingMime, 10 months ago

Thanks anon ❤️

fiah, 10 months ago

did you cut yourself on a falling knife?

LaughingMime, 10 months ago

Right through the hand, live and learn 🫡

Veltoss, 10 months ago

If you can learn new rules from a single mistake and stick to them, you’ll be ahead of many, so don’t feel bad.

Ahead of me lately for sure, I’ve had a string of committing the same mistakes repeatedly. It can be an easy thing to do when the fomo hits.

concernedcustomer33, 10 months ago

Should I EigenLayer?

I'm having a hard time deciding if I should point one of my validators at an EigenPod, and I'd appreciate some input.

I've been thinking about this for weeks. I went through all the documentation, created a pod, and have a json file ready to set my withdrawal address for a single validator (I still have 0x00 credentials, because I don't want to declare my reward income yet, and the process of changing credentials is frankly terrifying).

In contrast to LST restaking, native restaking on EigenLayer has been slow to gain traction. As of this writing, 134 validators have signed up, out of an expected initial cohort of approximately 300. Based on Sreeram's recent Bankless panel participation, I believe those fewer than 300 brave (stupid?) souls will receive a significant airdrop in the future, and may have privileged access to lucrative opportunities.

I'm honestly torn. If there's a problem with the BeaconProxy contract, losing a validator would suck, but it wouldn't significantly damage my crypto prospects. Part of me thinks EigenLayer is a grave threat to Ethereum, and should be shunned. Another part of me is excited about the possibility of being among the first to participate in something genuinely innovative.

What say you, fam? I'm leaning toward broadcasting the message. It should be an interesting journey, even if it ends in disaster

anon, 10 months ago

I’m personally sitting this one out. I’ve watched Sreeram’s lectures and I share some excitement about the innovative concept of Eigenlayer. I can see that the additional degree of abstraction that it brings creates novel use cases that cleverly leverage Ethereum’s consensus protocol.

But I’ve also chosen to forego some yield by solo-staking instead of playing the LST game because I want what’s best not just for myself, but for the Ethereum network of which I consider myself a modest but principled steward.

For now, I’m applying the same cautious logic to Eigenlayer. I may be foregoing some hypothetical future airdrops and extra yield, but I won’t rush into something so fresh that its impact is not yet fully understood. Like you, the risk of slashing my own node is not even my main concern; the risk of subverting the network is.

The most neutral advice I can give is to read Vitalik’s post on the topic if you haven’t done so already (https://vitalik.ca/general/2023/05/21/dont_overload.html) and decide how much risk the restaking use case you’re considering brings to Ethereum.

refugeddit, 10 months ago

I have the exact same viewpoint. Hopefully the coredevs design the protocol such that this behaviour is discouraged if it really does bring a net negative effect to the network. Can't expect all participants to be foregoing yields in the long run.

fiah, 10 months ago

if you’re already apprehensive about changing the credentials at all, then I don’t get why you’re even considering pointing them at the eigenlayer smart contract which should be infinitely more scary. But if it interests you and losing a validator wouldn’t completely sink you, then why not do it for 1 validator? It won’t expose the rest of your stack

personally I’m too risk averse to deal with eigenlayer at this time, I like the idea of restaking but the way it works right now feels a bit to wonky and thorny

anon, 10 months ago

Here’s an interesting thread (on Twitter, unfortunately) about the centralization risks of restaking: https://twitter.com/0xidanlevin/status/1675866647800709127

permissionless, 10 months ago

As fireworks explode around me, I'm dreaming about a time in the future when Ethereum itself will rocket upwards and bring me one step closer to FIRE. Happy 4th. 🎆

anon, 10 months ago (edited 10 months ago)

I thought today (July 5) might be the day we break $2K, but we didn’t and we seem to be receding right now.

Which leads me to ask, having lost sight of the /r/ethfinance pulse:

What’s this community’s sentiment with regard to the next few months? Are we still stuck in a foreseeably long bear? Are we at the cusp of a crypto spring? Are there trigger points (such as the Blackrock ETF’s approval, or the XRP verdict) that you think must happen before this is even decidable?

spez: thank you for the replies. I love that among four replies, one says surge up, one says crab sideways, and one says drop back down to the local low.

refugeddit, 10 months ago

Spring/bull is imminent IMO. Price action seems to support it. I am not saying that we won't get another major leg down, but I think we have bottomed for now. We can range here until most people reach apathy (I'm mostly here) and then slowly surge upwards (I think we're near here)

fiah, 10 months ago

I think we’ll be going sideways for a while still, but without anything tangible to base that on

haddockseyes, 10 months ago

If I'm remembering right, @kbrot believes the Nasdaq is likely to correct around 10% in the next few months following its huge gains in the first half of the year, and eth could retest $1400 or lower around October.

LaughingMime, 10 months ago (edited 10 months ago)

Slow grind up still, but most of the volume are existing holders playing musical chairs with their holdings.

When the music stops, don’t get caught holding the wrong narrative. Right now the right thing is defi, it changes with the wind.

There isn’t enough retail yet imo for a bull market this year, hope I’m wrong 😅

kbrot, 10 months ago

Echoing @laughingmime... it's gotta come with volume. There's just nothing there right now. It can be a pump or a dump, but something's gotta give. No one outside the holders cares about crypto right now sadly. It'll return though. It always does.

refugeddit, 10 months ago

Any idea what this VMPX token that's picking up activity in the network?

https://etherscan.io/token/0xb48eb8368c9c6e9b0734de1ef4ceb9f484b80b9c

haddockseyes, 10 months ago

Could be interesting in the long term: https://phys.org/news/2023-07-quantum-physicists-unconditionally-digital-payments.html

anon, 10 months ago (edited 10 months ago)

A bit meta, but in parallel to migrating to Kbin, I also started playing with the news aggregator https://news.kiwistand.com/, which is a Hacker News clone for Web3.

As I understand it, a key difference from HN, though, is that Kiwi is an open protocol for submitting and upvoting links. It does not contain identity management features nor the ability to store comments and replies. All you can do, as a user, is connect your Ethereum address to post and upvote links. You also need one ERC-721 Kiwi NFT in your wallet to have the ability to post.

Clients are then free to build their own commenting system (similar to Kbin or Lemmy) on top of the Kiwi protocol. Those clients may store comments data on the blockchain (e.g., an L2) or on a traditional server instance (federated or otherwise), and they may use Web3 authentication, e.g. Metamask or SIWE.

I thought this community might be interested given the Web3 focus and the openness of the protocol. Read more at https://paragraph.xyz/@kanfa/what-is-kiwi (disclaimer: I have zero affiliation to this project).

SilentJohn, 10 months ago

interesting. I never quite liked HN (honestly I didn't even know it still existed), but this seems interesting. No comments/discussion though, just link aggregation...

anon, 10 months ago

Since it’s Web3 related, we could post the most relevant links in this community for discussion!

SilentJohn, 10 months ago

Wonder why they call it kiwi news. Makes it seem like some local New Zealand news outlet lol

fiah, 10 months ago

scary to see how many people are willingly signing up for another Meta privacy nightmare. And then there are even people defending it in the fediverse, like as if Meta isn’t gunning to destroy us ASAP

SilentJohn, 10 months ago

People don't care. They just want to scroll their friends feeds.

anon, 10 months ago

I think embracing and valuing the principles of FOSS, decentralization, anonymity, privacy, ownership of one’s digital identity and data, online security, etc. requires a degree of technological literacy that most people don’t possess. For most online citizens today who’ve only ever known the current centralized Web 2.0 through the glass of a mobile device, convenience trumps those principles even when you explain their value to them.

The Meta crowd and the Fediverse crowd are not two perfect distinct sets - more like a Venn diagram with some inevitable overlap.

fiah, 10 months ago

yep, agreed. I think there should be a public education effort (like billboards / PSAs) to impress upon the general public what kinds of dangers there are in handing their information and social media presence over to large corporations. We’ve already seen a bit of that in response to tiktok