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    Ethereum World class Ethereum advertisement by CNN

    April 28, 2021

    Ethereum World class Ethereum advertisement by CNN

    World class Ethereum advertisement by CNN

    Posted: 28 Apr 2021 01:49 PM PDT

    MetaMask surpasses 5 million monthly active users

    Posted: 28 Apr 2021 03:56 AM PDT

    JP Morgan acknowledges that Ethereum has more potential than Bitcoin

    Posted: 28 Apr 2021 01:32 PM PDT

    My dad finally bought some ETH

    Posted: 28 Apr 2021 02:50 PM PDT

    After months of talking about nothing but crypto with- no, AT my 73 year old stock market loyalist dad, he just texted me this morning and said he bought some ETH. First of all the fact that it was ETH made me incredibly bullish. Secondly, this just shows me that even the most dedicated followers of the currently most widely accepted system can at least be enticed to dip their toes in to the wonderful world of crypto currency. Maybe it was the news about Goldman Sachs, maybe it was me never shutting up about Eth 2.0 and Ethereum potentially becoming a deflationary asset to rival the granddaddy himself, Mr. BTC. I'm not sure exactly what spurred him to actually sign up to an exchange and buy these mythical magical Internet coins, but whatever it was im grateful.

    submitted by /u/o_0verkill_o
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    I am still not sold on the value proposition of DeFi. 5 key criticisms.

    Posted: 28 Apr 2021 07:40 AM PDT

    Who is DeFi really revolutionary for?

    Is DeFi a good thing primarily for those who live in unstable countries?

    After working full-time in a blockchain startup specifically working on Ethereum, and after spending way too much time learning and using various DeFi protocols, I am still not sold on its various value propositions. There are some clever and creative solutions out there, and we're obviously only starting out. But I still feel like the core offerings of DeFi are weak, and its goals are the same as those of the traditional financial system, i.e. maximise returns. It's not useful or viable for "the little guy". I would love to be proven wrong. Let's look at a few examples (in no particular order), with my thoughts and criticisms.

    1. Higher interest rates

    I've played around with both Aave and Compound. Getting 7-10% interest rate on my deposits is obviously cool. But this is - like Mark Cuban stated in the Bankless podcast - a game of musical chairs. The music will stop. In other words, the high interest rate we're seeing is primarily due to the market being relatively small. It won't stay this high long term.

    The rates are supply and demand based, so if we suddenly saw a major influx of people stream into Aave to deposit USDC, the supply would be way too high, and rates would drop, removing the actual reason why people wanted to use the service to start with. As the market grows, rates will lower as well. That's classic economics. So this is a short term value prop only.

    2. Novel applications and programmable money

    Let's use TokenSets as our first example. I love it and use it, but it's nothing revolutionary. It's like placing your money in a fund, except that you have a robot that manages and rebalances your fund instead of a person. It's also cool that anyone can create a fund strategy (assuming they have the knowhow) and publish it for anyone to follow, but for the user/investor, it's still "just" a fund.

    How about no loss lotteries? Again - it's a fun application, but it's still "just" a lottery.

    Exotic products, like margin trading, perpetuals, yield farming etc? Sure, it's cool if you know what you're doing, but it's still going to appeal to a small fraction of the population - and I'll venture a guess that it's most likely those who already work in or with finance and that have capital to manage. It will probably not benefit or be viable for "the little guy".

    3. Open to anyone. No KYC. Censorship resistant

    I mean, having previously worked in banking, KYC is without a doubt good. Knowing who you deal with is good. Being able to track and stop fraudulent or criminal transactions is a good thing. Banks (at least in civilized countries) won't stop/censor a normal person's payment. Why is it a good thing to remove these mechanisms? What's ironic is that when banks fail doing their KYC checks properly, then we - the crypto sphere - jump on it and make it out to be proof of why banks are bad. It's hypocritical.

    Furthermore, a common argument is that criminals don't use crypto. I'd say again, this is due to it being a relatively small market, and the UX for most applications have been bad. Path of least resistance for most people - including criminals - is still cash and systems they know. As the market grows, it's not unreasonable to assume that a percentage of those getting into the market will use it for bad. A proper system for preventing fraud, CTF or other illegal activities surely must be good?

    4. It leads to more open, decentralized and liberalized finance markets

    Open: Sure, a market that is open 24/7 is good for the finance people who already operate actively in the market. Not for anyone else.

    Decentralized: This is valuable to me generally - not just for DeFi, but as a system in general. But I would argue it's not important for the majority of the population. "Not controlled by one company? Ok, but how does that benefit me directly?"

    Liberalized: Do we really want a more liberalized financial market? We've seen many times what that has lead to (e.g. repeal of Glass Steagal). Sound regulation on financial markets is critical, otherwise it'll devolve into whatever financial play that turns the highest yield, disregarding everyone and everything else. And sometimes that ends up with an enormous crash and decades of recovery. Not good. Regulation is good.

    5. Allow everyone to participate in the financial markets

    I can already do everything I want to do and need to do within the existing financial infrastructure. Send instant, feeless payments. Trade stocks and funds. Leverage my investments and speculate. Gamble. Insure my shit. The stuff that is important to me, I can already do. That which is not important is offered by smaller players adjacent to the financial market.

    I live in Scandinavia, where we have a robust, well developed and well regulated financial system, high trust in government, low corruption etc. That is obviously not the case everywhere, so the question then becomes: Does the value propositions of DeFi fall short in highly developed nations like the Nordic countries? Is it only beneficial for people with failed governments, failed economies etc?

    Closing thoughts

    Maybe I am looking for something in DeFi that never was meant to be there - something that helps the little guy - not just an unregulated, unscrupolous, wild west finance market that will undoubtedly be attractive to those who already have capital to invest, but not so much for others.

    The technology is cool. But looking strictly from an end-user perspective, DeFi is still not as big as it's made out to be.

    submitted by /u/primalMK
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    Ethereum on a high after European Investment Bank’s $121M digital bond news

    Posted: 28 Apr 2021 04:58 AM PDT

    Joe Lubin on CNN today -- "[Defi & Ethereum are] replicating the use cases of centralized finance with far greater efficancy"

    Posted: 28 Apr 2021 11:20 AM PDT

    How I feel next to my friend that I been telling me for years that I was crazy putting my money in crypto

    Posted: 28 Apr 2021 07:54 AM PDT

    Almost lost ETH, need help

    Posted: 28 Apr 2021 02:50 PM PDT

    Hi r/ethereum,

    I was trying to move some ETH to my NiftyGateway account for Eminem's NFT drop. The prepaid ETH page on NG didn't show my address, but the Deposit button was working.

    So I clicked that, and from my Brave Crypto Wallet, I moved some ETH to address automatically fetched from NG prepaid ETH page... or so I thought.

    My ETH didn't arrive, and when I checked Etherscan, it says "contract creation."

    Is my ETH lost? or what? I don't understand what's happening...

    I can share Txn Hash if needed... Can someone help me, please?

    submitted by /u/the_Behrouz
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    Gifting a minor

    Posted: 28 Apr 2021 02:50 PM PDT

    She's turning One ina few day (little hodler) , wanna gift her some crypto . How do you guys do it. Thanks

    submitted by /u/shillingi
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    Will Ethereum becoming a deflationary asset reduce participation in its network and reduce decentralization?

    Posted: 28 Apr 2021 06:02 PM PDT

    Tl;dr is in the title

    If Ethereum becomes deflationary, let's say a century from now 99%of Eth has been burned and only the Eth staked from people running 32 Eth validators remains as the other 1%. Either some validators need to sell their Eth (reducing the number of validators) or no one will be able to buy gas to pay for transactions on Ethereum.

    Listening Justin Drakes new Ultra-sound money model, I can't help but wonder what happens if all the "liquid" money gets burned eventually, outpacing the new eth being created from block rewards. All that remains would be "frozen" eth that's being staked. If all the existing liquid Eth is burned then obviously some validators would sell their stakes("thaw" their eth) for high prices. But validators selling their stakes reduces the amount of validators and increases centralization.

    Obviously this is a very hypothetical situation but is there some mechanism to counteract this? Something such as Eth inflation will increase the less Ethereum that exists or could it be possible they could reduce the amount of Eth required to stake?

    submitted by /u/troyboltonislife
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    Labor Theory of Value in Cryptocurrency

    Posted: 28 Apr 2021 12:59 PM PDT

    Is there anyone aware of cryptocurrency being used to implement labor theory of value?

    Labor theory of value is the backbone of communism. It states that an item that takes 8hrs to produce will be paid the amount of gold that is mined in 8hrs. (Which is suppressive broken logic. I mean, I'll just grow my hair for a month and trade it for a month's worth of gold if that's the case. But LTV being stupid is a bit off topic for this post)

    A big issue with implementing labor theory of value is that currency isn't mined. The US dollar isn't backed by gold and is inflated and printed willy-nilly. This has been a roadblock in labor theory of value.

    However, cryptocurrency is mined.

    So is anyone aware of any movements pushing to use cryptocurrency to implement labor theory of value.

    submitted by /u/Anthony-AltcoinXP
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    Etherplay is back and we are launching our first alpha for conquest.eth an open-ended game of strategy and diplomacy on ethereum testnet

    Posted: 28 Apr 2021 12:31 PM PDT

    Hey all, it has been a while I did not posted on reddit. My last post was probably about Etherplay's beginning :)

    Guess what, Etherplay is back and this weekend we are launching the first public alpha for conquest.eth (https://conquest.eth.link) with a reward of tokens worth 2000$ for the best players.

    More details on our blog post : https://etherplay.medium.com/get-ready-for-conquest-eth-first-alpha-84f72efdd73d

    It is a game that interestingly enough could have run very well on mainnet back in 2017.

    This time our plan is to launch on L2 when they become ready. (the alpha is on goerli)

    We welcome any feedback and would love to have members involved in DAO, especially Gaming DAO to try to show off how they can self organise to win the game :)

    submitted by /u/wighawag
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    It's time to rewrite the definition of a sidechain.

    Posted: 28 Apr 2021 02:53 AM PDT

    By the current definition, a sidechain is a normal blockchain that communicates (has a two-way bridge) with another blockchain (example 1, example 2).

    This definition is completely useless.

    Why? Because it means that basically any relevant blockchain nowadays is a sidechain. Bitcoin is a sidechain (it has a bridge with Ethereum), Ethereum is a sidechain, BSC is a sidechain etc.

    A sidechain is right now just a synonym for a blockchain. Which makes the term useless.

    I propose a new definition, which would require the following to be true:

    • A sidechain is a chain of blocks. (Already in the current definition)
    • A sidechain has a two-way bridge with the main chain. (Already in the current definition)
    • A sidechain at least partially derives its security from the main chain. (New requirement in the definition)
    • A sidechain cannot exist without the main chain. (New requirement in the definition)

    This would clearly distinguish the terms "blockchain" (in the current multi-chain environment) and "sidechain". Sidechain becomes a hyponym of the term blockchain.

    But even more importantly, this would make a clear division between the terms "main chain" and "sidechain". It would make it clear which of the chains is a sidechain, and which one is a main chain.

    Additional effects of the new definition

    The new definition would also make it clear that the following types of chains are considered as sidechains:

    • Commit chains (but only if they have validator staking/slashing executed on the main chain)
    • Rollups
    • Plasma chains
    • Hybrid solutions such as Volition and zkPorter

    To be honest, these are sidechains even by the current definition, because they are blockchains that have a two-way peg with the main chain.

    But even in the proposed new definition, these chains would fall under the sidechain umbrella, because they either partially or fully derive security from the main chain and cannot exist without it.

    In this sense, the term "sidechain" could be further broken down into two categories (based on its security dependence on the main chain):

    • A fully-dependent sidechain (e.g. a rollup)
    • A partially-dependent sidechain (e.g. a commit chain)

    An independent chain (in terms of deriving security from the main chain) by definition cannot be a sidechain.

    Why is it important to revise existing definitions?

    Due to the need to scale Ethereum, our community is in the midst of debating various scaling solutions, which means terms such as "sidechain" are often used. And due to an inadequate definition, this term is often misused and misunderstood. So, if we want to have quality discussions, we need to have proper and precise definitions.

    Looking forward to your views on this subject. How would you define a sidechain?

    submitted by /u/crumango
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    How do pre-merge Eth2.0 staking rewards work?

    Posted: 28 Apr 2021 05:29 AM PDT

    Right now people are earning rewards through Eth2.0 staking, but people are also earning rewards through the existing PoW system. Does that mean that until the merge we essentially have 2 sources of new Ether instead of just 1? Is inflation technically higher now than it ever will be because of this?

    submitted by /u/Cayos
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    Ethereum holders ⚠️ WARNING ⚠️

    Posted: 28 Apr 2021 12:29 PM PDT

    I'm not an ethereum holder. I just thought to warn the people who get a glimpse of this that I just seen a scam... yes a scam... advertised - key word "ADVERTISED" on YouTube aimed at Ethereum holders.

    Some of you might already know this or have made a post, I literally just joined the sub as soon as I saw this to alert as many people as I can.

    Stay safe.

    P.s it's a doubling money scam, just like what they do in RuneScape... for those who know 😉

    submitted by /u/Anton_Courtney
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    What are some good ETH wallets?

    Posted: 28 Apr 2021 11:16 AM PDT

    Looking for long term ETH hodling. Anything else I should know?

    submitted by /u/spiritbear1
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    Please ELI5 - Thank you

    Posted: 28 Apr 2021 07:47 AM PDT

    Hey, I have a question regarding Ethereum 2.0, I apologise if it's been answered elsewhere but I have been hunting around for 2 hours now and can't find a satisfying answer

    Is it true that once ethereum2.0 is launched, it's adoption still requires the consensus of the vast majority of holders? Is it possible that a few significant members of the community reject ethereum 2.0 for some reason, and create a situation where ethereum2.0 just is a fork off of the main coin like bitcoin cash?

    All I see is stuff online that says existing holders will have nothing to worry about, and their existing ETH will be the same with ethereum2.0, but what if a significant amount of people do not migrate, and prefer "the devil you know" with ethereum1.0 and it's proof of work versus ethereum2.0 proof of stake and sharding which is arguably much more complicated, and something new for people to learn

    Thanks - I hope my wording makes sense!

    submitted by /u/rachel1248
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    European Investment Bank Sold $121 Million in Two-Year Notes on Ethereum

    Posted: 28 Apr 2021 02:07 PM PDT

    Music to my ears.

    Posted: 28 Apr 2021 10:11 AM PDT

    What is the future of main net transaction fees?

    Posted: 28 Apr 2021 09:11 AM PDT

    I have a small amount of ETH spread across various accounts. At some point I'd like to move to just one account, but I'm not sure when to do this. Are transaction fees on the main net going to go up and up, so I should get these transactions in now? Or should I wait?

    submitted by /u/variobahn
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    Sending ETH vs Withdraw/Deposit

    Posted: 28 Apr 2021 11:12 AM PDT

    Hello,

    I have a question. I want to get my ETH from one exchange to another to stake it there.

    If I send it from one to another, it says I pay 20€ (i assume those are the gas fees?).

    If I swap to € (0,15% = 1,5€) and cash out, then deposit the same amount at the other exchange (0,1% = 1€) and rebuy ETH, I only pay 2,50€ total.

    So am I missing something, or is withdrawing and redepositing a lot more attractive??

    Thanks

    submitted by /u/dalibor68
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    Is there a way to swap or use trash tokens for gas or...?

    Posted: 28 Apr 2021 10:30 AM PDT

    Wondering if anyone has built anything to convert trash tokens (from dead projects or whatever) into something that can be used? Not sure if there's even a possibility of doing this

    submitted by /u/CurtisCosmos
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