Ethereum Crypto now guarantees more security than banks in the uk.Coinbase offers upto £150k for stolen coins. Whereas banks only offer £85k guarantees. Isn’t that amazing when government are telling us there is no security!.

inb4 "that's not a practical use of the blockchain; just use IPFS". This is part of an art project, so please just humor me for a moment. I'm not trying to do this at scale. I just want to make a couple of these and I know they'll be expensive to mint.

I'm having trouble figuring out the mechanics of how to actually store a 1kb file on the blockchain as part of an NFT. There's obviously no file upload field on OpenSea lol... do I have to find a developer to help me create a special kind of smart contract, or is there an existing NFT exchange that would allow me to do this?

If you know of other blockchains that enable this functionality natively, that's cool and I'd love the info, but for this particular project I need the actual file to live on the base layer of either eth or btc. I'm figuring eth is probably the less expensive and complicated of those two options, right? The concept is that I'm storing this tiny file in a way that will definitely be retrievable in 100 yrs so long as at least one eth or btc node survives the apocalypse, so I think that rules out not only the newer chains but also all of eth's layer 2 since we aren't sure which protocols are going to stick. Right?

Also, how would the file be retrieved, exactly? Could anyone retrieve it who can see the NFT listing? Would you need some kind of special software to retrieve it?

Oh... and how much would this cost? I calculated based on a stackexchange thread from 5 yrs ago and current gas prices and came up with $62... which sounds too good to be true...

submitted by /u/uptownprimate
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Ledger x Lido

Posted: 21 Aug 2021 04:30 PM PDT

Yes or no on this? I haven't found any conducive response on previous posts. Was finally able to transfer all my ETH to my ledger, need opinions on how trustworthy Lido is. Try not to be too vague, please. Thank you in advance.

Btw: 4.7%? would almost be better off buying more ETH when the price drops. What do you think?

submitted by /u/Permanently_Vexed
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EGL is not governance, it is a highly toxic attack on Ethereum.

Posted: 21 Aug 2021 09:00 AM PDT

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Blockchain legos

Posted: 21 Aug 2021 12:18 PM PDT

The era of the monolithic blockchain is ending. The era of blockchain legos is dawning.

Broadly speaking, blockchains have three functions:

Execution: Collecting transactions from users, and executing them as efficiently as possible.
Consensus: Provide security and safety - eliminate double spends, reorgs or other fraud.
Data availability: Store transaction data and ensure it's always available.

For the last 12 years, blockchains have had to do all of this all by themselves. This has lead to significant inefficiencies and bottlenecks, leading to the blockchain trilemma. To have a highly decentralized and secure blockchain, the execution side is always underutilized. Ethereum is an example of this, of course. On the other hand, you can let the execution side off the leash, but you do this at the cost of an insecure consensus, and the rampant data availability required to keep execution fed makes these networks very centralized over time due to state bloat - Polygon PoS and Binance Smart Chain being examples of this trade-off.

But what if we could separate out these three functions, so three different protocols that are focused on one of these can do what they do best? Enter blockchain legos. This is why rollups are so special. They can focus exclusively on fast and cheap execution, while letting another chain do the hard work of security and most of data availability. But, it doesn't just stop at rollups! Here are some of my thought experiments on how this can proliferate. This is just a fun experiment, don't take these nomenclatures too seriously!

Type	Execution	Security	DA	Nomenclature	Example
Monolithic	1	1	1	L111 or L1	Ethereum, Polygon PoS
Rollups	2	1	1	L211 or L2	Arbitrum, dYdX
Validium	2	1	2	L212	DeversiFi, Sorare
Volition	2	1	1/2	L211/2	zkSync 2.0, Immutable X
Multi-volition	2	1	N	L21N	None yet
Validium (external DA)	2	1	3	L213	None yet, but I bet we see Hermez + Avail
Data availability	0	0 (1?)	1	L001 (L011?)	Avail, Celestia, Ethereum data shards
L1 with external DA	1	1	3	L113	None yet, but I bet Polygon PoS + Avail
Security chain	0	1	0	L010	Polkadot relay chain, Ethereum beacon chain (pre-shards)

You can take this further... the sky's the limit as zk proofs mature. Some other ideas: adding the type of proof used. E.g. L2V would be zkR, L2F would be OR. Or even, L2P would be Aztec or zkSync as they use PLONKs, while L2T would be StarkNet. Similarly, L212V would be validium, L212F would be Plasma. And before anyone asks, sidechains are just L1. Or, one could argue L222, but that's once again, just L1.

So how does this impact users? It's simple - over the next couple of years, most users will find themselves on execution-exclusive chains like rollups, volitions and validiums, instead of L1s. These will offer lower fees, higher security, and higher decentralization than any L1 ever could. Today's L1s will either need to become a rollup, volition or validium, or become a security and/or data availability chain. The latter is precisely Ethereum's pivot. Yes, there'll still be an execution layer, but it'll mostly be used to settle rollup transactions and larger financial institutions, governments, whales etc. Ethereum's greatest strength will be industry leading security and decentralization, and massive data availability with data sharding - making it the perfect home for rollups. Going forward, most users will use rollups, and rollups will then settle on Ethereum. Of course, there'll be other data availability only or security + data availability solutions emerging, starting with Celestia and Polygon Avail. Architecturally, these are actually the only competition for Ethereum going forward, till other L1s start making their pivots to the new era of blockchain legos.

I believe 90+% of all transactions in the blockchain industry will happen on rollups or other execution-exclusive chains. This is a paradigm shift in how blockchains function, and with Arbitrum One's launch imminent, this would be a great time to reorient your perspective from being L1-centric to being rollup-centric!

If you want to learn more about these various types of blockchain lego solutions, I go in-depth into them on my Reddit profile or my blog at polynya.medium.com.

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Swedish gov’t pays out $1.5M in Crypto to convicted drug dealer

Posted: 21 Aug 2021 01:34 AM PDT

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NFT on mobile

Posted: 21 Aug 2021 12:00 PM PDT

So people are making lots of cool stuff out of NFTs

And I would love to make one too, but I don't know how.

I am on mobile and currently I can only do it on mobile so has anybody an idea what

the best place to sell NFTs is

The best place to make an NFT on mobile

and maybe a good video or so wich explains that, I couldn't find a good one

Thanks

submitted by /u/SosseKun
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What is the best place to stake Ethereum?

Posted: 21 Aug 2021 07:59 PM PDT

Hi guys I need some help on what is the best place to stake my Eth?

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Do I understand collateralizing debt?

Posted: 21 Aug 2021 04:09 PM PDT

Wanna see if I understand fully and explaining it back to someone helps me learn it. This is all one big question so take nothing as fact and correct me where in wrong.

SCENARIO

I have 1 BTC and it's currently worth 50k. I want to buy a $40,000 Tesla.

SOLUTION

In most cases, people would sell the BTC to buy the car. The issue here is two fold - not only do you have to pay capital gains tax, but you're also forced to liquidate your position in an appreciating asset. So you'd likely have to sell ~50k to end up with 40k after taxes. At the end of the day here, you're walking away with just a Tesla.

A better option here would be to take a loan out against your BTC. So you'd use your 1 BTC as collateral and take a 40k loan out (over-collateralize a bit to prevent a partial auto-liquidation should the market pull back).

Let's say the loan you take out come with 5% interest. You take the 40k loan and buy the car. No capital gains tax paid because you aren't taxed when you spend a loan (or at least that's my understanding).

Maybe I wait 6 months to pay the loan back. So I'd owe 40k + 2.5% interest = $41,000. However, during that 6 month span, my BTC appreciated from 50k to 60k. So pay 41k back and still hold 19k. So in this scenario, I walk with a Tesla +19k in BTC with no capital gains tax paid.

I know this is obviously super risky should the asset depreciate over those 6 months, but Let me know if im understanding the concept fully.

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Is L2 best option if I were to create a dapp / enterprise?

Posted: 21 Aug 2021 06:55 PM PDT

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Burn baby Burn

Posted: 21 Aug 2021 08:53 AM PDT

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Ethereum White Paper question

Posted: 21 Aug 2021 03:55 PM PDT

So I'm currently reading the Ethereum white paper and one part I'm not sure I understand so well is where it talks about the scripting limitations that bitcoin has which Ethereum says they solved.

Lack of Turing-completeness
Value Blindness
Lack of State
Blockchain-blindness

The first limitation makes sense to me and I see why it can be powerful to use loops in applications such as smart contracts. However, when it starts talking about UTXO's it kind of loses me because I don't seem to understand why UTXO's limitations are such a fundamental problem that Ethereum felt they needed to focus on it. So could anyone please help me understand why moving away from the UTXO/ Bitcoin scripting is so crucial? Thank you

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Paper wallet withdrawal

Posted: 21 Aug 2021 05:33 AM PDT

So i've been locking up paper wallets and how they work and the it seems fairly simple the only confusion i have is with the eventual withdrawal.

From my understanding i have to either scan the qr code or input the private code to access the funds but the only option to do so that i found was mycelium and i don't really like that app.

Are there any other safer/ more trust worthy options?

submitted by /u/SerialM
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Is privacy going to improve?

Posted: 20 Aug 2021 09:31 PM PDT

There are lots of fascinating developments going on in Ethereum, including those related to decreasing transaction costs, inflation becoming almost zero or negative, etc.

However, is anything being done to improve privacy? As of now, if you know someone's address you have access to way too much information.

submitted by /u/Enormouslypoor
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Latest Video Discussing the EIP 1559 Update!

Posted: 21 Aug 2021 02:14 PM PDT

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Noob question: How do I use my ETH for DeFi if I only have a small amount in my crypto wallet?

Posted: 21 Aug 2021 10:09 AM PDT

I'm sorry if this is a dumb question but I've searched everywhere and watched many youtube videos. I understand that gas fees are high in ETH and it's being addressed by the upgrades. But what if I have a small amount like 0.02 ETH. I tried stuff like UNI, AAVE etc to see if I could explore a bit more to understand the space a little better. But the gas fees to transfer ETH to these platforms was more than what I could afford to lose. I couldn't swap it on Uniswap and receive USDC for it because of the fees. If this is the case, I'll just be holding it in my wallet for a long period, which is also fine by me because I believe in the project.

TLDR: Is ETH just unusable for me to use in DeFi if I have a very small amount sitting in my wallet and don't want it to lose half its value in gas fees? Thank you

submitted by /u/magiye1747
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How much Eth in cold wallet for insane gas?

Posted: 21 Aug 2021 01:28 PM PDT

I have some ERC20 tokens in my cold wallet, and want to make sure that I have enough gas to send and swap the tokens if they for some reason decide to moon. How much Eth should I add for each token to have enough even on high gas days?

submitted by /u/the_real_kontorstol
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Breaking News

CryptoCurrency

Saturday, August 21, 2021

Ethereum Crypto now guarantees more security than banks in the uk.Coinbase offers upto £150k for stolen coins. Whereas banks only offer £85k guarantees. Isn’t that amazing when government are telling us there is no security!.

Ethereum Crypto now guarantees more security than banks in the uk.Coinbase offers upto £150k for stolen coins. Whereas banks only offer £85k guarantees. Isn’t that amazing when government are telling us there is no security!.

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