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    Monday, April 26, 2021

    Ethereum This guy gets it

    Ethereum This guy gets it


    This guy gets it

    Posted: 26 Apr 2021 11:40 AM PDT

    I LOVE ETHEREUM

    Posted: 26 Apr 2021 03:35 PM PDT

    That's all I had to say

    submitted by /u/thegreathand
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    A proposal for how the ability for validators to change their keys (also useful for delegation) with no downtime could be added

    Posted: 26 Apr 2021 08:22 AM PDT

    ETH went up 5,0216,041% for a split second

    Posted: 26 Apr 2021 06:41 PM PDT

    Something wicked this way comes.

    Posted: 26 Apr 2021 07:24 AM PDT

    The trouble with mining is its carbon footprint.

    That's...certainly a problem. How can't it be when shuttered coal mines are fired back up to provide the power for private mining operations? The good news is that longterm, this can have the reverse effect of green energy motivation. Right? Solutions, financing... Maybe, which isn't an acceptable answer given the timeframe science has given us. If physical gold (59M tonnes CO2 annually for mining and recycling) gets displaced by crypto, it might be a net carbon benefit. So yes, carbon is a problem, but no, not the one I'm talking about. The biggest problem with crypto mining is this: The centralization it creates through its economies of scale, which are:

    • access to capital
    • cheap electricity

    If we're talking about Bitcoin, China owns over 60% of its hashpower because of this economy. And because that hashpower is within the borders of a communist entity hellbent on making Orwell's 1984 reality, it's a big problem. Without firing a shot, China can now lay claim to having centralized power over a global reserve storage of value. And no, they'll never lose their hashpower dominance either. Consider their infrastructure expansion and growth, their population and margins. They'll always have more electrical capacity than any country on earth because of necessity.

    I was spooked after the XinJiang power outage last week cut Bitcoin's hashpower in half. It incidentally exposed things I didn't like, and the Chinese government's pro-Bitcoin response afterwards was terrifying. This can mean China will support (weaponize) Bitcoin up the last rungs to heaven until it becomes a crushing threat to western central banks. Or it can syphon trillions over the years by playing hedge fund with a well-leveraged outage here and there, threats here and there of developing Bitcoin's protocol further...or making good on those threats. Maybe we'll see another fork or two. What's certain are the seeds of Bitcoin's death have been sown. Writing's on the wall. The many problems it faces are insurmountable, and tragically, it's failed to become what its original white paper detailed. That's not what's most damning though, because Bitcoin works great as a store of value instead of currency. What's damning is philosophical: Bitcoin has become a tool of the very enemy it promised to abolish.

    Thank god for PoS though. It's much more culturally palatable, and scalable, incentivizing, decentralized.

    Right, so eliminating those economies of scale is important work. That leaves the issue of centralized exchanges running staking nodes ad infinitum. Good news is DeFi promises to remedy this initially (think RocketPool's forthcoming solution). But longterm, the 32 ETH required to run a validator node will fall to 1 ETH or less. As well, the technical friction (or steps) to run a node will collapse proportionately. There will be no incentive to stake your assets on a CEX (centralized exchange) or within a large mining pool. You'll be earning fewer rewards and accruing other various fees. Alas, a middle-man's purpose is to make themselves a necessary evil. Thankfully, there's a dapp for that.

    Ethereum's network rewards participation. The simplest example of this is well, staking. ERC tokens are not for cold-storage in a hardware wallet that gets locked in a fireproof safe. They'll do less for you and the network in limbo. Consider those applications on your iPhone's screen, the Facebook, Twitter, Amazon, etcetera. They are not open-source. They silo their data. Dapps are the exact opposite. Anyone can copy or improve them. Anyone can issue their own token(s). This has lead to an explosion in growth, experimentation, and a robust ecosystem. Data and ideas democratized. A touchstone of decentralization. Right now, our protocol is young and only working out the financial cement base layer where ETH is but the native currency. What's built above this is where things get sci-if.

    Conclusion:

    Remember when I said Ethereum's network rewards ($) participation? Well your iPhone applications profit off your participation. This then, I propose, should be called The Flippening, not the hunt to flip Bitcoin's market capitalization.

    submitted by /u/Shatter_Hand
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    CRYPTO FOR THE HOMELESS - It's been 2 years now - Also asking for some suggestions

    Posted: 26 Apr 2021 02:22 PM PDT

    So almost exactly 2 years ago, I was finishing up pharmacy school and wanted to create a project online involved with crypto since it is something I am very bullish/enthusiastic about. I tried a few different ideas, ultimately settling on what is now crypto for the homeless (www.cryptoforthehomeless.org)

    The idea was to deliver food to the homeless while crowdfunding online using crypto. The project itself was inspired because a few years ago, my wife broke her hand leaving us with a huge hospital bill after the surgery was done (uninsured at the time). The generosity of just a handful of people online helped us immensely with the bill (a few hundred dollars for those who are wondering). We were able to pay off the rest and recover financially but I was so grateful for the help. That got me thinking - first off, health care in America is truly horrible (lol), but crowdfunding could be a very powerful tool to reach people that normally wouldn't be able to utilize it. Since I went to school in Philly at the time, I saw a ton of homeless people to and from that location on a daily basis. I thought about it - what if these people could somehow benefit from online money like I did?

    I started out with a really basic website (https://cryptohomeless.home.blog/) and received just enough crypto (bitcoin cash to be specific from /r/btc) to buy a couple meals. The next day I went out and bought some food and delivered it to 2 people. I took a couple pictures of the food and one of the homeless people, but I ran into some obstacles on the internet. People were hugely skeptical because they didn't see receipts, and also both homeless people with the meal. I didn't even realize that it would be such an issue, but that was the main catalyst that got me to OVER-document everything. I started documenting exactly what the crypto was worth at the time of donation (based on coinmarketcap). I started taking pictures of all of the food that was bought, the receipts, and the homeless people holding the food AND a printed out flyer with the QR codes from the site. For the most part, this improved things.

    Then came the people who started bringing up issues about the organization itself not being an official non-profit as well as skepticism about it being a scam. For a short while, I just kept going out and delivering food/posting pictures and continuing with the donations. I was actively searching for new people to add to the team, as it was pretty tough just doing it all by myself. Almost around the same time (about less than 1 year into the project) I was contacted by a web developer, and a Tax Attorney. They both offered their services for free because they liked what the project was about, and also were into crypto themselves. It was beyond serendipitous. I immediately accepted their help and got registered as a non-profit org AND updated the website to what it is today. Throughout this time, I also provided incentive to various redditors who were interested in volunteering their time to go out and hand out/deliver food - by reimbursing their documented trip with crypto.

    Although this project is just something small/for fun, I want to see what else could be done better. Should we do more than just food? Should there be a different incentive to hand out food? Are there any other specialists that I should add to the team that could contribute value?

    submitted by /u/brollikk
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    Hello! Just minted my first 3 NFTs on Opensea after putting it off for months. Check them out in the link below and let me know what you think!

    Posted: 26 Apr 2021 04:11 PM PDT

    State of Ethereum

    Posted: 26 Apr 2021 12:43 PM PDT

    State of Ethereum

    Did a bit of research the other day on Bitcoin and got some nice comments so i've done another on Ethereum. Feel free to let me know if i've missed anything!

    How well does it appeal to people?

    Pretty well. Ethereum lets you decentralise anything. The idea of smart contracts, where transactions happen when certain conditions are fulfilled is pretty strong, eliminating middlemen. Imagine if you have a smart contract that says you get paid 1 eth when the contract finishes, then it just happens automatically.

    Ethereum has the potential to be a big part of the next generation Internet. And developers realise this. The majority of dApps are run on ethereum (over 75%)

    How well does Ethereum work?

    Cost of transaction is about 9 dollars at the moment which is a lot compared to the likes of doge, Ripple and Litecoin which are all usually under a dollar.

    The EIP 1559 update in next few months is going to lower the fees hopefully. This is because some of the fees will be burned instead, eliminating them.

    Ethereum works pretty well and the trend is upwards. Can see here that over 1.5 trillion settled using ethereum so far this year

    https://preview.redd.it/zz3zumngmkv61.jpg?width=720&format=pjpg&auto=webp&s=3001bc77912ddabaf381f00438135f57e2f4109a

    How good is Ethereum for people and planet?

    For people, the fact that there is an increase in supply of ethereum means that people have to keep buying just to keep the value the same.

    Source: https://coinguides.org/ethereum-supply/

    Having said this, the long-term plan is for Ethereum's supply to be more and more limited in the future.

    This is because 18 million ether released yearly to miners, is less and less a percentage of the overall ether. This means the supply growth rate tends to zero.

    Source: https://www.finder.com/ethereum-inflation-rate

    For planet, it is good that they are moving to a Proof of stake, which has less negative impact on the environment. However, this isn't a perfect consensus mechanisms since it leads to inequality with those people rich enough to stake, keep earning more and more ether.

    How well it is governed?

    Buterin's leadership seems to be key, after Vitalik said about increasing the gas limit to 15 million just over a week ago, miners promptly did this. This should increase capacity and make transactions cheaper.

    Unlike other projects like Bitcoin who can't seem to agree on increasing the block size, Ethereum are going ahead with developing version 2.0 which should lead to significantly reduced fees and an increase in speed.

    I am a cryptonoob so please help me learn if i've got anything wrong.. hope some of this helps you.

    submitted by /u/glennherriott
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    Ganymede Blues - 1/2

    Posted: 26 Apr 2021 01:48 PM PDT

    tmpfs.it now accepts ETH

    Posted: 26 Apr 2021 10:45 AM PDT

    A year ago I made tmpfs.it, a website that let's you share files with a link that automatically expires.

    Why I built it? Back in 2016 i sent my documents (e.g. scanned ID, etc) via email to a bank that got hacked (specifically their email server) and now my ID is on the web *forever* (AKA welcome identity thieves). Since than I got a couple of mobile numbers registered to my name alongside with a couple of 1-dollar companies :)

    tmpfs.it is free for smaller files because they get deleted quickly and I don't have to pay extra $$$ to the cloud provider. If you really want to load a big file now you can do it paying with ETH (w/ metamask). Feedback are welcome here.

    So please, DON'T send sensitive data in clear, or attached to an email, or with a cloud provider that don't enforce end-to-end encryption!

    submitted by /u/thisisacellphone
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    ⟠ Latest Week in Ethereum News!

    Posted: 26 Apr 2021 02:16 PM PDT

    The Complete Guide to Full Stack Ethereum Development - Tutorial for Beginners -- Nader Dabit

    Posted: 26 Apr 2021 11:04 AM PDT

    Lower Fees?

    Posted: 26 Apr 2021 08:22 AM PDT

    Did the cost of transactions fall or am I mistaken, if so, what is the exact reason?

    submitted by /u/3hr4d
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    EIP-3074 testnet & development update from the community call

    Posted: 26 Apr 2021 01:51 PM PDT

    Follow the development update, Puxi testnet progress & a demo for the transaction including EIP-3074 with other useful discussions from the community call with Sam Wilson, Matt Garnett & Ansgar Deitrichs. Recording available - https://www.youtube.com/watch?v=pUJlZMXrVEI

    submitted by /u/poojaranjan19
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    MY ETH IS STUCK

    Posted: 26 Apr 2021 12:01 PM PDT

    $3000 Stuck Ethereum Transaction Hash. I honestly don't even know how to use Reddit this is my first post ever. On Thursday I sent 1.2 eth from my coinbase to my meta mask wallet. I copied and pasted the address but I started to get worried after 20 minutes now it's been 5 days and nothing has come in. It's marked complete on coinbase but there isn't any transaction on my meta mask. If anyone knows anything please help me out. I've tried to reach to meta mask support, coinbase support and even etherscan support and no response. If anyone has had this problem please let me know.

    ETHERSCAN

    submitted by /u/markbasarab
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    How Much Eth Can You Flex?!

    Posted: 26 Apr 2021 01:34 PM PDT

    EIP-3074 Community Call 2

    Posted: 26 Apr 2021 08:46 AM PDT

    Best Way to Stake

    Posted: 26 Apr 2021 10:42 AM PDT

    Yo, I'm kicking around the idea of becoming a ether2.0 validator. What's the best way to stake? I notice Coinbase is advertising a 6% APR, while MEW is closer to 8% currently. Looks like there are pros and cons between the 2. Coinbase will take a cut, but you can stake smaller amounts of eth. MEW will pay the actual APR that Ether is offering but you have to stake 32 eth. What are some other pros and cons? Are there better options? What have you all found? Thanks.

    submitted by /u/ShadyNasty14
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    Does anyone know any "decentralized" messenging platforms?

    Posted: 26 Apr 2021 08:35 AM PDT

    Looking for alternatives to facebook messenger, groupme, things of that nature. Are there any cool dapps out there? Just looking to experiment and test out some dapps if I plan to transition, might as well anyways.

    submitted by /u/Immediate_Depth532
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    Hard wallets

    Posted: 26 Apr 2021 08:26 PM PDT

    Does anybody have a hard wallet recommendation preferably on the cheaper side as I only have like 600 in and planing 800 more in a few months, or is it too early for a hardware wallet, thanks

    submitted by /u/KrakerzTheNoob
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    Question- Staining Tokens/ Blood Money

    Posted: 26 Apr 2021 08:07 PM PDT

    Are there any protocols (either in existence or planed) that allow Tokens to get "stained" if they fall in the hands of bad actors? Supposed for instance I am morally opposed to North Korea or other Autocratic Countries, and did not want to accept any token that has come from known accounts within those countries. Guessing they could be "cleaned" once they are paid as Gas. This kind of protocol could also be used to comply with sanctions I think... Guessing we need to have Identity built into the platform first...

    submitted by /u/prudentj
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    Crypto.com or Celsius for interest on my Eth?

    Posted: 26 Apr 2021 04:13 PM PDT

    Also I was going to try Blockfi but there was a glitch while signing up and I couldn't complete the process. I'm leaning towards Celsius currently as it seems they offer %5 on Eth. Any advice?

    submitted by /u/MatrixDiscovery
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    Withdrawing from TokenSets to Kraken

    Posted: 26 Apr 2021 08:23 AM PDT

    So basically, at first I deposited my ether to TokenSets and quickly figured that it was way too less of an amount to use that dapp sufficiently - whatever right, I'm just getting started with this crypto thing and the amazing world of ethereum.

    Next course of action was to withdraw my money from TokenSets back to Kraken (where i bought my ether in the first place). I saw the warning that that those sort of sites don't have erc-20 wallet to support TokenSets tokens or something and I may lose the crypto. BUT I figured that I never really got to transfering my ether to whatever else currency/token on TokenSets dapp, as far as I know it's still pure ether coin - so I decided to go forward with the transaction.

    About an hour after and my ether is nowhere to be seen on my Kraken account, but it definitely is not on my TokenSets account anymore. So did I actually screw up and lost all my ether? I mean it's okay since it wasn't a big amount about 50 EUR worth of eth, but still.

    submitted by /u/lentilsoup4000
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