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    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    September 27, 2021

    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    Frequently Asked Questions + Weekly Discussion Thread

    Posted: 26 Sep 2021 11:00 PM PDT

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

    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.

    ​

    Frequently Asked Questions

    Where's the best place to buy ETH?

    There are many centralized exchanges that support Ethereum. If you live in the US, the most popular exchanges are Coinbase, Gemeni and Kraken. Coinbase users can use Coinbase Pro for lower fees.

    When is Eth2 launching?

    Eth2 is a marketing term used to represent a number of updates to Ethereum. The Eth2 proof-of-stake chain first launched in December 2020. "The Merge", which is the event that will fully switch Ethereum's consensus to proof-of-stake, is estimated to be ready in early 2022, although there is no exact timeline. Other updates, such as data shards, will follow that update.

    Visit ethmerge.com to learn more about "The Merge".

    Do I need to do anything to update to Eth2? Will Eth2 create a new token?

    No, ETH holders never need to take any action to keep holding ETH. Ethereum users will be unaffected by the Eth2 upgrade. And the Eth2 updates will not create any new tokens.

    How can I stake my ETH?

    There are two ways that you can stake your ETH: by running your own validator, or providing your ETH to a staking pool.

    • Running your own validator requires a modern computer and 32 ETH. Visit /r/ethstaker for more details
    • Staking pools accept any amount of ETH. We recommend Lido or StakeWise

    Why are Ethereum transaction fees so high?

    Like most blockchains, Ethereum fees are determined by supply-and-demand. The large demand to use Ethereum has pushed transaction fees quite high (however, fees were just a few cents only 2 years ago). Fees are especially high during market volatility, and during NFT drops.

    What is being done to lower Ethereum transaction fees?

    Ethereum fees are reduced by using layer-2 rollups. Rollups are scaling solutions that allow for significantly cheaper transactions, while still maintaining Ethereum's security.

    Additionally, Eth2's data shards will make rollups even cheaper.

    While rollups are cutting-edge technology being actively developed, a number are already live on Ethereum mainnet. Visit l2beat.com to learn more about rollups.

    What's the best wallet for Ethereum?

    The most popular tool for using decentralized applications is Metamask. However, for security reasons, we recommend using a hardware wallet such as a Trezor or Ledger.

    ​

    Are there questions you'd like to see added? Leave a comment below.

    submitted by /u/AutoModerator
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    "Thank you to the miner of block 13307440 who we can confirm is returning 7626 ETH that were incorrectly paid today as a tx fee."

    Posted: 27 Sep 2021 04:44 PM PDT

    Someone just paid 24 million dollars in gas for ONE transaction!!!

    Posted: 27 Sep 2021 08:36 AM PDT

    Bitfinex sets gas price to 115,773,961 GWEI for a single transaction. $23m in tx fee sent to a single miner, who is now dumping on Binance. Seems like a new form of money laundering by not broadcasting your transaction to anyone but your own miner.

    Posted: 27 Sep 2021 07:46 AM PDT

    UX project I’m working on. A social media platform built on top of Ethereum. You would be able to tip profiles/posts, sell NFTs, peer to peer messaging, and pay to enter profiles/communities. This is only a concept now, and this is only the UX for the profiles. (Replies tab has been fixed)

    Posted: 27 Sep 2021 05:31 PM PDT

    I made an NFT of Joe Rogan dissing NFTs and now they're blowing up ���� (last sale $5,000)

    Posted: 27 Sep 2021 09:03 PM PDT

    so earlier today I was watching one of Joe Rogan's recent podcast episodes and at the very end almost 3 hours in, he was shown a Bored Ape and he completely dismissed NFT's saying he could just "save it on his phone"

    I'm super active in the NFT community and thinking it could go viral, I recorded a video of it (https://twitter.com/danielgothits/status/1442548685464768513)

    It started gaining crazy traction so I thought it would be funny to mint 100 editions of a Joe Rogan "NGMI" (not gonna make it) NFT and listed them for super cheap just 0.05 ETH (around $140 each) .... fast forward a few hours and now they're selling for over $5000!!

    Here's the NFT if anyone wants to check it out or doubts my story: https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/97591027019961504697687902629187160329616890644749275512203673276364416352356

    This whole NFT industry is simply insane lol

    submitted by /u/danielscenery
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    ETH Space Shuttle [Filip Hodas]

    Posted: 27 Sep 2021 11:08 AM PDT

    Let me beat myself with this

    Posted: 27 Sep 2021 07:37 PM PDT

    Blockchain will transform government services, and that’s just the beginning

    Posted: 27 Sep 2021 03:01 AM PDT

    Economist’s intro piece to DeFi

    Posted: 27 Sep 2021 09:50 AM PDT

    Atari Founder Is Launching Augmented Reality NFTs on Ethereum ����

    Posted: 27 Sep 2021 03:54 PM PDT

    Nocoiners aren't popular.

    Posted: 27 Sep 2021 08:53 PM PDT

    ‘We Are on The Finish Line’ as per Vitalik ����

    Posted: 27 Sep 2021 07:08 AM PDT

    This article explains how you can actually avoid taxes on crypto by trading with a self directed Roth IRA

    Posted: 27 Sep 2021 08:33 AM PDT

    Snoop Dogg Buys NFT

    Posted: 27 Sep 2021 09:21 PM PDT

    You can now mint on Polygon and sell on the Ethereum mainnet

    Posted: 27 Sep 2021 05:37 AM PDT

    Very bullish stuff, the Shoyu project is letting artists mint on Polygon and sell on the Ethereum mainnet. I think this is going to go a long way in supporting small artists who might not be able to mint on Ethereum directly while still helping Ethereum grow.

    Maybe this will put Polygon haters to rest, They're not trying to kill Ethereum. They want it to thrive and this is added to prove of that IMO. What are your thoughts? I don't completely understand how all this works but it seems bullish to me.

    submitted by /u/-Aporia
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    Why Token Economics is different from Economics 101

    Posted: 27 Sep 2021 05:16 PM PDT

    General Conclusion

    Traditionally, economics is the study of how resources are produced, consumed and distributed in a market. Resources are input factors to produce goods or services for commerce. They are factors of production. There are four main resources: labour, land, capital and entrepreneurship.

    Economics is a "soft science" like psychology, political science and sociology, compared to a "hard science" like physics, biology and astronomy. As our ecosystems evolve due to technological upgrades and increased complexity of human behaviours, the analysis and objectivity in economics evolves with resource evolution.

    The advent of new economic resources like information as a resource, and technology allowing for interaction between agents, has resulted in new economic fields. Many of the recent Nobel prizes were awarded in recognition of new economic approaches. For example, auction theory (2020), integrating technological innovations into long-run macroeconomic analysis (2018), nudge theory and choice architecture (2017), contract theory (2016), two-sided markets (2014), and market design (2012).

    New Economic Resource: Intangible assets

    The four traditional economic resources are land, labour, capital, entrepreneurship. These are traditional tangible resources.

    In today's digital ecosystems, a new resource has come into the picture: information (intangible resource).

    4 Properties of this new resource

    Sunk costs: these are costs that have already been paid for and consumed.

    Spill-overs:

    these are additional effects that can be both positive and negative. This is determined by the secondary impacts and implications related to the intangible assets created.

    Scalability:

    this is the ability to expand growth easily. The key feature in an intangible asset is that it has a non-rivalry characteristic. One person's usage does not reduce the existence of the asset. The asset is also supercharged with "network effects", a positive spill-over.

    Two people in two cities can read the same article online at the same time. This is different to an article in a newspaper, where only one person at a time can read the newspaper because they are each in different physical places.

    Synergies and complementarities: these are intangible assets that can produce synergies and complementarities with other assets, enhancing network effects. This helps networks to scale and produce positive spill-over effects, as opposed to substitutability.

    TLDR:

    As markets evolve, the economics governing the markets also evolve. Markets evolve due to technological advancements and new types of resources creation. Intangible resources are a new resource in the space today. Supported by technological advancements, these developments have reshaped the way we understand how markets work and can be designed.

    Get smart: Technology has changed the way economic principles are being applied. The good news is that fundamental economic principles do not change. We just have a new resource to play with now.

    submitted by /u/economicsdesign
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    Virgil Griffith is literally gonna be king of the hodlers next year

    Posted: 27 Sep 2021 05:50 PM PDT

    ETH to 15,584k in Jan 2022!

    Posted: 27 Sep 2021 04:57 PM PDT

    https://www.youtube.com/watch?v=qzVP1e6vYb8

    Good vid comparing 2017 bullrun to current year which points to a price of $15,584 in Jan 2022. Talks BTC too (187k!)

    submitted by /u/SphereCubed
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    22.7% of Mining Share is about to be reallocated. WORST CASE SCENARIO, it all goes to Ethermine (currently 27.4%) & they control 50.1%. What do you think will actually happen?

    Posted: 27 Sep 2021 07:04 AM PDT

    Bitfinex Just Spent $23.7 Million In Fees To Transfer 100,000 USDT In A Single Ethereum Transaction

    Posted: 27 Sep 2021 09:33 AM PDT

    cBridge 2.0: Coherent Blockchain Interoperability Powered By The State Guardian Network

    Posted: 27 Sep 2021 04:17 PM PDT

    ebike Company Pave Building on Streamr (DATA)

    Posted: 27 Sep 2021 04:11 PM PDT

    CoinGecko Security Tab is now live – Check Projects Safety Standards & Bug Bounty Data on More than 100 Coins

    Posted: 27 Sep 2021 10:22 AM PDT

    Quantum Computing

    Posted: 27 Sep 2021 12:34 PM PDT

    Hi. I've heard that quantum computing has the potential to undermine bitcoin and crack it's blockchain encryption. (Apologies if I'm describing this incorrectly). Does anyone know if POW or POS is any different in protecting against quantum attacks?

    submitted by /u/CoyoteClem
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