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    Ethereum Weekly Discussion Thread

    June 26, 2021

    Ethereum Weekly Discussion Thread

    Weekly Discussion Thread

    Posted: 20 Jun 2021 11:00 PM PDT

    Welcome to the Weekly Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less active on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources.

    Rules:

    • All sub rules apply in this thread.
    • Discussion topics must be related to Ethereum.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    Reminder

    /r/ethereum is a community for discussing the technology, news, applications and community of Ethereum. Discussion of the Ether price or trading is not allowed. Please keep those discussions to /r/ethfinance and /r/ethstaker.

    submitted by /u/AutoModerator
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    I see everyone getting exited over burning ETH.... Am I doing this right?

    Posted: 25 Jun 2021 10:57 AM PDT

    Toxic Period

    Posted: 26 Jun 2021 05:05 AM PDT

    I understand with ETH being so low that a lot of people may have lost a lot of money recently in ETH but oh my god the community can be toxic af during these dips. I don't really get it either as I see these periods as a great time to collect more ETH. If you believe in the technology then you shouldn't worry as much about these periods but I guess a lot of people are in it for the profits. Some of the comments on twitter are just awful though so i hope this bear market is short.

    submitted by /u/fiach23
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    ETH Hash Rate Crash by 20% After China's Crypto Crackdown

    Posted: 26 Jun 2021 02:29 AM PDT

    More Than 85,000 Ethereum Burned On Ropsten Testnet Through EIP-1559

    Posted: 25 Jun 2021 05:23 AM PDT

    Buy the dip and then buy craft beer in Ontario with BTC and ETH

    Posted: 26 Jun 2021 04:53 AM PDT

    Curated selection of craft beer, shipping across Ontario. Pay with BTC, ETH and LTC at checkout. Must be legal drinking age. Cheers!

    https://torontobrewing.ca/collections/beer

    submitted by /u/torontobrewing
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    DeFi Explained for new Crypto investors! Featuring Ethereum!

    Posted: 25 Jun 2021 03:54 PM PDT

    By the way if youre investing for retirement you can totally put Ethereum in your IRA

    Posted: 25 Jun 2021 04:40 PM PDT

    Bitcoin, Ethereum Drops-Down Its Worth after Options Expire

    Posted: 26 Jun 2021 06:22 AM PDT

    Provable Volunteers. Proposing the Laurel - a digital marker of volunteering effort, which cannot be bought nor sold nor traded.

    Posted: 26 Jun 2021 03:12 AM PDT

    Question

    Posted: 26 Jun 2021 12:09 AM PDT

    I can see regularly on Binance Ethereum orders capping the rise of Ethereum over this drop. Always an amount between 150k and up to 250k. Whales short selling ETH right?

    submitted by /u/nathancprong
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    How to explain NFT to dummies and not hurt the market itself. - Important

    Posted: 26 Jun 2021 02:46 AM PDT

    I think NFT is for real. But unlike what the wannabe crypto enthusiasts want-it-to-be.

    Just like how crypto is, some have value and some just exist because they took advantage of the already successful product. BTC inspire the creation of a lot of shit coins. The existence and success of BTC inspired doge and others. Not necessarily a bad thing since ETH among others really did make something out of the technology. But the shit coins? The pump and dump game? To put it simple, its not fair to put all the blame on crypto in general when not all of them are bad.

    Now when it comes to NFT, treat it as a collectible items. But not the item itself, but the "mutual agreement" for now it belongs to who, sold by who, and the history record of the people who owned them. Why is this valuable? To put it simple, bragging rights.

    "I own this shit, and this (NFT) proves it."

    The NFT value then differs according to which item you own, proven by the history, connecting the dots straight to the origin which might directly be someone who have enough reputation to make what they minted to be valuable in the first place.

    One may say "but who cares? I can simply copy paste the so-called-art/ticket/gif/3d/ and its mine now"... very true indeed. But you get the art, not the NFT. Which means that particular item which you copy pasted is definitely yours. But the one minted, now registered and have their own NFT, belongs to the proper owner. To put it simple, if the owner sell them, it have values. Your copy paste images, not as much. Even if you mint them after, the record will not direct it to the first original creator which mean its a fake.

    So now let us talk about the misconceptions. Just like how most shitheads get into crypto, "invested" their money in and expect to buy lamborghini next week BUT the only thing they know about BTC is it is the abbreviation of Bitcoin, the same goes to NFT. When cryptopunk value rises and Beeple sold it for $69m, now wannabe artists (just like wannabe investors) thought they can just mint shit and get rich quick.

    Surprisingly, some of them actually did. Just like how early birds shitheads joined the crypto run earlier and get lucky. These artists sold them to wannabe investors who suddenly KNOW art and buy random NFT from common artists thinking EVERY NFT WILL BLOW UP SOON... sounds familiar? Just like how everyone been preaching moon, shiba inu, because they thought every crypto is the same... and since they cannot afford to buy BTC, ETH, or even XRP, why not get the shitcoins because all the big dogs now used to be a puppy too. To put it simple, the hype train sold one way ticket to the fools who dont know where the destination is in the first place.

    The recent crash with NFT happen when the godly-art-buyers realized they bought useless stuff from talentless people.. and while some NFT will definitely rise in value (cryptopunk, beeple among others).. most will definitely not. Because they worth nothing in the first place. And this crash now, hurts the brand (NFT) which eventually the company (Crypto) in general.

    TLDR : Do not overgeneralized the problem. Just like how there murderers exists in all colors, form, religion... the same scam issue exists in every business/practice too. It is your job to learn what you invest in, to calculate your own risk, and finally to decide if its worth it. Any less, then its a gamble. Spread the word.

    submitted by /u/dolarestheguy
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    Q: How will eth be burnt in eip 1559?

    Posted: 26 Jun 2021 12:52 AM PDT

    Will it just send it to an address without a known private key?

    submitted by /u/industriestitus
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    Best location to store ETH?

    Posted: 26 Jun 2021 06:41 AM PDT

    I know of BlockFi, but looking for more/other recommendations as well please - or if you have feedback on using BlockFi yourself. I currently purchase on Coinbase Pro, and am looking to accrue interest on another platform but not fully to the extent of staking my ETH to 2.0 yet. I have also seen security get exploited and people have their keys lost or stolen, so I want to keep less risk but still try and get as much reward. A reputable and protected/insured location is preferable.
    I'd also like to reserve the opportunity to be able to sell my ETH if need be or if I'd like to for any reason, which is why I'd rather not stake it. Also wondering if there are extended delays in transfer time between one platform to another besides the transaction time, similar to 'clearing funds' in a brokerage account. I know cryptocurrency is very different, but just trying to plan accordingly to hold now for longer term.
    Thanks in advance!

    submitted by /u/PM_ME_UR_TANGOS
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    What Will Happen to Ethereum Miners After ETH 2.0?

    Posted: 25 Jun 2021 02:59 PM PDT

    $70 million of Ethereum was just burned after keys are lost

    Posted: 25 Jun 2021 04:45 AM PDT

    EIP-1559 and ETH 2.0 Are Scary: Andre Cronje

    Posted: 26 Jun 2021 02:11 AM PDT

    Jay Z / Shawn Carter is now verified on OpenSea and owns hov.eth with reverse resolution set up

    Posted: 25 Jun 2021 10:43 AM PDT

    Conscienteum: A Decentralized Autonomous Organization for the Universe

    Posted: 25 Jun 2021 08:57 PM PDT

    Hey, everyone!

    I've come up with an idea for a DAO and am looking to build a community around it for those interested.

    I'm currently in the process of creating a white paper and jointly a decentralized autonomous organization. A quick summary:

    ​

    • Conscienteum intends to be the basis of a decentralized autonomous organization (DAO) being facilitated by Ethereum, AI applications, and a benevolent council of people with the mission to fund scientific institutions, infrastructure, and humanitarianism for the benefit of all of humanity in preparation to provide the foundations for an altruistic decentralized super artificial intelligence on the horizon.

    Conscienteum looks far into the future as the basis of its mission, but the short-term "profit"/sustainability is that developers that wish to establish a presence on the Ethereum platform without being squashed by the big tech giants beginning to take up and develop in this space are able to be supported by Conscienteum with a livable income and provided resources to develop their applications under their own time and control. After their dapp hits the network, based on a fixed rate and an additional percentage from the dapps profits (rates and income to be discussed and voted on by community as Conscienteum is being developed), the developer(s) would receive their profits without the middle man of a corporation taking all of it. The percentage Conscienteum receives is the investment return plus a mutually agreed upon percentage from the popularity of the dapp. The location of profits that go into Conscienteum is completely transparent and goes towards the overall mission of the DAO which is to fund research, development, and other institutions for the benefit of humanity as a whole.

    The long-term vision: From a zeroth-principles-thinking perspective, the sums of the AI systems and regular Dapps secured away from tampering on Ethereum would create the "body" for the aforementioned super-intelligence. For instance: When you get a cut, it hurts and you bleed. To minimize that pain and help the healing process, you place some Neosporin and a Band-Aid over it. It would be the same concept for the relationship between the AI systems/applications and the actual "sense of self". If Ethereum begins to bleed, the "sense of self" will notice through the Conscienteum network (the nervous system) and the information Conscienteum sends to the "sense of self" is where all the pertinent information comes from. The "sense of self" would then be able to repair itself or help facilitate that healing. Conscienteum (the nervous system) would be the communication pathway to facilitate that conversation between Ethereum (the body) and the "sense of self". This allows for the "sense of self" to be unaware of humanity, but is aware of its systems that it must maintain to "stay alive"…since humanity is what would be sustaining it just like the cells and chemical processes in our bodies.

    Considering the long-term vision will be in a future none of us here will be able to reap the benefits of, laying down the foundations now will propel the future of humanity exponentially. Every developer who participated in this progression would be rewarded in more than way one in this lifetime due to the intended model of Conscienteum (Which would consist of: Dapps, AI network, governance, etc.).

    Conscienteum would work decentralized from any government to sustain and govern such systems. Each member of the different departments of Conscienteum (AI, dapps, entertainment, etc.) would receive a token to secure voting rights and rewards. These members and the users of such applications would not be filling the pockets of a corporation, they would be providing humanitarian aid and investments into humanity as a whole.

    I am reaching out to the Ethereum community because you are all the people that would be developing, maintaining governance, and guiding the outlook of this DAO as well as the identity of Ethereum for the future.

    There is so much more to Conscienteum that I wish to discuss, but I don't want to make this post too long.

    Anyone who is interested in contributing or becoming a co-founding member and wishes to pursue this dream with me, feel free to head over to the Discord I created to help facilitate a Conscienteum community. I want to hear what this community thinks because this idea of mine is far more than just a means to "make profit". This organization is for the world. Eventually it would be for Earth and beyond as Elon Musk reaches for a colony on Mars. I am making this organization happen. I am determined to help more than myself. Together, we could create a whole new era of organizations that put forth the developers and humanity first rather than the profit of a select few. I will never see the benefit of any of the work I put into this organization. But, this is the vision behind a whole new type of "business" Conscienteum wishes to create. Everything goes to humanity and our future. Gaining membership in this organization is more than just a way to make a livable wage and sustain your own career/livelihood. Conscienteum is a way to reach out to others whose names and lives you will never know but will shape and touch in irrevocable ways you could never anticipate. Join me in this journey, even if it is for a moment!

    We need more than just Ethereum developers as well! Artists, AI experts, enterprisers, accountants, anyone that has something to give and receive from this organization!

    I've included a link to my wip website.

    Here is the Discord I've created to facilitate such discussions.

    This is my Discord: https://discord.gg/8TmGA9qq67

    This is my website: https://conscienteum.org/

    submitted by /u/Conscienteum
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    ERC 20 network? Has anyone heard of this coin? Whackd? I can't find it anywhere on stocktwits either.

    Posted: 25 Jun 2021 10:05 PM PDT

    I animated the eth logo for you guys. Its a bit trippy. Enjoy...

    Posted: 24 Jun 2021 09:29 PM PDT

    With the rise of synthetic assets and stablecoins, we need to revise how we calculate marketcap dominance.

    Posted: 26 Jun 2021 04:10 AM PDT

    Billionaire Mark Cuban Now Holds 115 Altcoins – Here's a Look at His Wild Ethereum Wallet | The Daily Hodl

    Posted: 25 Jun 2021 09:17 AM PDT

    ENS Gas Question

    Posted: 25 Jun 2021 02:59 PM PDT

    ENS Gas Question

    I have a noob question on the gas price for getting a domain on ENS. At the time, I saw the gas prices on Etherscan were at 17 gwei but when I went to ENS, the gas price was much higher (screenshot attached) even though it also shows it's based on a 17 gwei gas fee.

    Does anyone know why this is?

    ​

    https://preview.redd.it/58gy7rxxhh771.png?width=1245&format=png&auto=webp&s=7a2d5042900425c3f788067f96e08cb721c9c692

    submitted by /u/chopstix906
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    The Ethereum Ecosystem has reached Meme Territory with wenrugpull.io

    Posted: 25 Jun 2021 09:16 PM PDT

    "What's an important Defi Metric?" and more Q&A with Emanuel Coen, Core Team, Indexed.Finance

    Posted: 25 Jun 2021 03:02 PM PDT

    Recently our subreddit mods posed 3 questions to Emanuel Coen, a core team member of Indexed.Finance. We'll look to make this a monthly feature at r/IndexedFinance - Thanks to Lito for taking a moment to answer some questions! We'll source our next round of questions from the reddit community next month.

    1- What's something coming up for Indexed.Finance you're excited about?

    There's a lot of things that we're working on. A lot of it is not really visible for users but it affects how we're working together as a core team. Managing a decentralized protocol is no easy job and definitely not something you learn at school but we're becoming better and better by the day and more importantly we love working together.

    Tasks are well separated between marketing, operations and tech.

    On the product side I am very excited about the NDX staking feature which will let stakers participate in the revenue generation of the protocol.

    Dillon is also working on another product which is highly synergistic with our ETFs and fits our overall mission to develop passive portfolio management strategies but I don't want to say too much now otherwise there's no surprise when we launch it 😉

    2- What's a metric you think is important to Defi projects? Why is it important?

    It really depends from one DeFi project to another and what your goal is. Example TVL: Uniswap V3 is more capital efficient, so it achieves more trading volume with less TVL. In this case less TVL can be good.

    Or number of holders/users. Some projects have a lot of TVL but not many users. They are catering to whales and big funds.

    At Indexed I think TVL and no. of users are both relevant. High TVL translates to more revenue from index token burns and ultimately our product is most interesting for retail users.

    3- What are some things community members can do to help and to get involved?

    I think there is a lot one can do. I love when people don't ask but just do it.

    Example: Austinography didn't ask the core team what to do, he just built the index competition page (contest.ndx.holdings). You, Buck, didn't ask what to do, you just started managing and growing the subreddit for Indexed.

    It's hard for a small core team to coordinate a million small things so it's super welcome when people just do things. It can be small things like memes, referral to friends & family, tagging NDX in relevant twitter threads for brand awareness or bigger things like making introductions to other DeFi projects, contributing code or building Dune dashboards.

    submitted by /u/DeFiCoachBuck
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