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    Home Unlabelled Ethereum I painted Vitalik in oil. Thought y’all might enjoy and wanted to share ☺️

    Ethereum I painted Vitalik in oil. Thought y’all might enjoy and wanted to share ☺️

    October 03, 2021

    Ethereum I painted Vitalik in oil. Thought y’all might enjoy and wanted to share ☺️

    I painted Vitalik in oil. Thought y’all might enjoy and wanted to share ☺️

    Posted: 03 Oct 2021 07:35 AM PDT

    1st Round Draft Pick 2014 - Rookie Card - think he'd autograph it?

    Posted: 03 Oct 2021 11:03 AM PDT

    For the First Time Ever, Institutional Traders Favor Grayscale's Ethereum Trust Over Bitcoin Trust

    Posted: 03 Oct 2021 12:03 PM PDT

    PSA: There is no "burn wallet" that receives all the ETH that gets burned (and other clarifications about EIP1559)

    Posted: 02 Oct 2021 09:07 PM PDT

    Some people think that EIP1559 burning ETH means sending it to 0x0000...0000 or 0x000...000dead. If the receiving wallet has no private key, it's as good as burned, right? That's true for tokens, and true for all the ETH that was manually sent to these addresses over time, but not for EIP1559's burning mechanism. In that case, the ETH is burned by reducing the sender's balance and having no matching increase to anyone else's balance. By all meaning of the word, it ceases to exist. It doesn't go to an abstract place forever out of reach, it just disappears.

    Simplified example: Alice sends Bob 1 ETH and pays 0.01 ETH as a transaction fee

    Before EIP1559:

    • Alice's balance goes down by 1.01 ETH

    • Bob's balance goes up by 1.00 ETH

    • The miner that mined the block that includes the transaction sees his balance increase by 0.01

    For a total of -1.01 + 1.00 + 0.01 = 0 ETH change on the total supply.

    After EIP1559:

    • Alice's balance goes down by 1.01 ETH

    • Bob's balance goes up by 1.00 ETH

    For a total of -1.01 + 1.00 = -0.01 ETH change on the total supply.

    FAQ

    Can't you just remove the transaction fee altogether if you're gonna burn it any way?

    No. Using the Ethereum network requires using gas, an abstraction of the concrete amount of computation and storage state used by the transaction. This has an intrinsic value (denominated in Ether) as far as things having value due to supply vs demand go. There is only so much gas (up to 30M every 13 seconds or so) and a lot of people want it. Limited supply, high demand = high price.

    Not paying for gas would mean the system would get clogged up, the same way things in the real world quickly run out when their price is artificially set lower than their actual value.

    But why tho lol?

    Prior to EIP1559, blocks were always full. Consider a 100% block full of transactions that all have the same gas price at 50 gwei. Clearly, this means the value of gas at that particular point in time, as decided by the market, was 50 gwei. This means that someone willing to pay 50 gwei should be able to get their transaction confirmed. But if the block is full, that's impossible. You now have to up your bid to 51 gwei to bump someone else off the block. Or 55-60, if you want to play it safe because other people are thinking the same way.

    Paying more than the actual fair-market value is economic inefficiency. You paid extra, and someone who paid the actual value couldn't get it.

    After EIP1559, blocks are targeting 50% capacity (and the gas limit was doubled to account for it). This means that if the block is 50% full of transactions paying 50 gwei, then there's still room for an extra one who pays 50 gwei. Having more than half just means demand went up, so the next block might price gas at 51 gwei. But the important bit is that this system is more economically efficient. You pay the actual value it's worth, not more. It's even better when you consider that you can send a transaction with a max fee instead of a bid. Essentially, you tell the network you're willing to pay up to 100 gwei, but if the actual price was 50 gwei, then you only pay 50 gwei and you get the rest refunded refund. No guess work involved.

    But really though, why burn it at all? Couldn't it still go to miners?

    The base fee per gas is the actual amount burned for every unit of gas used and is algorithmically decided by the current usage of the Ethereum network. If blocks are more than half full, the base fee goes up. If they are less than half full, the base fee goes down.

    If you set your maximum fee lower than the base fee, it cannot get accepted into a block (the same way a transaction is deemed invalid if the sender doesn't have enough ETH in their wallet). It will sit there until a block comes along with a low enough base fee to include it.

    Since miners have total control over how many transactions are included in a block, they could game the system to their advantage if they received the base fee. They could simply create dummy transactions from themselves to themselves, and the base fee they would pay would go back to themselves. They could keep block 100% full and force everyone else to pay up artificially high prices.

    By burning the fee, they gain nothing by creating dummy transactions.

    But it's unfair to miners! They work hard and should get the fee!

    It sucks for miners, because they were used to profiting from high transaction fees. But it's actually a better system for the network as a whole when you consider social cost of transactions:

    Imagine a world where EIP-1559 was implemented from the start and people wanted to switch to a first priced auction system where miners get all the fees.

    People would be asking: Why should transaction fees go to miners? They're not the only ones running the computation. Every single node does, whether they mine or not. Every single transaction is additional bytes to the state that get stored by every single node. All of this extra computation and storage has a cost, and before EIP-1559 no one got rewarded for it other than the one lucky mining node who happened to win the lottery by mining a valid block that included the transaction.

    Burning the base fee returns that value in an abstract manner to the network as a kind of a broad tax, instead of an arbitrary reward for merely including it in a block. Yes, mining is expensive, but that's because of proof of work's inherent computation-heavy design, not because of transaction computation. Rewarding the work done under PoW is literally what the block reward is for.

    They decided to burn ETH to increase the price!

    No. All the bullish talk about potential deflation and any effect of EIP1559 on prices is a side-effect of the overall mechanism. "Curbing inflation" is nothing but a side-note in the actual proposal.

    The reason for burning it is outlined above, anything else is an added benefit. The stuff about social cost was detailed by Vitalik in his original ethresearch paper about general pricing, way before EIP1559 came about.

    submitted by /u/MrQot
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    $162 million up for grabs after DeFi bug, warns Compound founder

    Posted: 03 Oct 2021 12:39 PM PDT

    Eth rocket pool staking info

    Posted: 03 Oct 2021 10:11 AM PDT

    I know that it will be possible to staking ethereum through the rocket pool platform from October 6th if I'm not mistaken, I have read from the site what they say but I would prefer to know more about how it works and its safety and in particular if it will be possible to staking while holding the own eth in the hardware. I have read that eth is not yet proof of stake so it is not clear to me how eth can be staking with lido via ledger or in this case rocket pool. Thanks in advance.

    submitted by /u/Anonymous_Darkness
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    A Novel Framework for Reputation-Based Systems - Future

    Posted: 03 Oct 2021 02:45 PM PDT

    Cheapest way to get my funds from Binance to Coinbase Pro? Any help is appreciated ����

    Posted: 03 Oct 2021 04:51 PM PDT

    Hi there,

    I had USDT on Binance and wanted to send it to Coinbase Pro and convert it to euros there, but the transaction fee to send USDT from Binance to Coinbase Pro was 25 USDT 😳 Far too much for me and the amount I want to pay out.

    Now I have converted USDT to Euro on Binance and wanted to send Euro to Coinbase Pro, but as I just noticed, that does not work 🤦🏻‍♂️

    Now I wanted to buy BTC with euros and send BTC to Coinbase Pro and convert it back into euros there, but sending BTC from Binance to Coinbase is also extremely expensive.

    My question would be, how do I get my Euros to Coinbase Pro now? Which crypto should I buy in order to send it inexpensively to Coinbase Pro and convert it back into euros. I would be very grateful for your help 😭

    submitted by /u/sdsdsds5454
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    What really happened in North Korea: Longread from author who was on trip with Virgil Griffith

    Posted: 03 Oct 2021 07:24 AM PDT

    Wondering about NFT money laundering?

    Posted: 03 Oct 2021 03:24 PM PDT

    So I'm wondering about how NFTs are used for money laundering, and it doesn't necessarily make sense for me.

    Is it just that Person A buys NFT-ART from person B for (e.x. $100,000). Does this actually legally fly? How is the original NFT established to be worth $100,000?

    submitted by /u/versaceblues
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    Is USD inflation good or bad for ETH and DEFI?

    Posted: 03 Oct 2021 10:07 AM PDT

    Is USD inflation good or bad for ETH/DeFi? On the one hand, people will probably want to have less of their assets in USD which is good for us. On the other hand, high inflation will force the fed to raise interest rates which may wreck us, especially defi.

    submitted by /u/Specialist_Feeling_9
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    How can anything beat Eth 2.0?

    Posted: 03 Oct 2021 08:13 AM PDT

    the main problem with eth rn is transactions per second and the 2.0 is gonna be able to do 100k tps and thats not the only thing eth 2.0 is gonna upgrade.

    How can any other blockchain compete with eth anymore then?

    submitted by /u/gildoman2
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    Crypto101: What is volatility and how it affects crypto? :O

    Posted: 03 Oct 2021 06:38 PM PDT

    We provide over 100+ FREE crypto articles on our SubStack! :D (Link on our profile)

    TLDR:

    Option contracts are a way to hedge against volatility (price movement) in the market. Other ways include futures contract and swapping.

    In general, higher volatility means higher risk because prices move more. That affects people's demand for option prices. Form options contracts, we can also tell how bullish or bearish the market is.

    Get smart: Options are a tool that can be used to hedge against risks or to bet in the market. Difficult tool, but powerful when used right.

    Get smarter: CeFi options for crypto exists. And DeFi options protocols are coming right up.

    General Conclusion

    2 types of volatility — external volatility (aka market) and implied volatility (aka internal). They are useful factors when understanding your assets.

    FactorsBeyond Volatility

    Volatility is not the only thing you should care about when looking at your (crypto) assets. Also note the other data and factors.

    • Micro Economy: Inflation of assets
    • Macro Ecosystem: Market Conditions. Market could change and that affects the assets.
    • Past Data: Beyond micro and macro markets it's also good to look at historical data to look at past data to get some reference and understanding. Note: Past data does not define future performance

    Historical Volatility vs Implied Volatility

    There are two types of volatility. One is the market volatility and the other is implied volatility. In a very simple way it's basically historical volatility and future volatility.

    Historical volatility: It is based on past data and on all the information that is already given.

    Future volatility: It is based on people's expectations of the assets and here you calculate based on how people pay for the expected assets.

    Higher Volatility = Higher Risk

    The general notion about volatility is that higher volatility = high risk.

    Sometimes it is called educated gambling or educated speculation but it's not always true. The general notion of higher volatility means that the price will move more and when the prices move more, higher risk will be experienced. But it really depends on the trading strategy because that will help to mitigate different risks as when you have something with high volatility you can do something else to try and offset the risk or try to reduce that risk.

    What is Market Volatility?

    It's a statistical measure of how "spread" is the value from the middle average. More spread (like a pancake) means higher volatility. Less spread (like a mountain) means lower volatilty.

    1. Uses Past Data: It's historical volatility or using past data to get some understanding of where the asset is right now.
    2. Fluctuation of Returns: It is the fluctuation (movement) of the returns of the prices of the assets. It is measured by measuring the spread of the returns so you can think of it as two bell curves. One bell curve is flat so almost like a very low middle line and it spreads out very widely like a pancake. You have another bell curve like the Mount Everest so it has a very high peak and everything is very narrow towards the peak.

    Higher Volatility: Volatility is the spread of the value of the assets so when it's more pancake shape (i.e. when the sides are more spread out into different directions) that's where it's more volatile. Because there are more ways the spread could go.
    Whereas if it's higher like a mountain (i.e. when it's very narrow towards the center ), then there is low volatility because the prices won't change so much and it's all within a very constrained range.

    Why do we care?

    These values give us two main information:

    1. Market sentiment: It is something like the better volatility where we try to figure out what the market is thinking about and how it compares to other assets
    2. Historical spot price: It is how the asset itself is doing

    We use the information to make bets with it or to hedge against the future

    submitted by /u/economicsdesign
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    Google has roughly 1,000,000,000 TPS capacity

    Posted: 03 Oct 2021 06:32 PM PDT

    They have 1,000,000 servers, so I just assume each can process 1,000,000 Tps. How can any blockchain compete with that? Say Google and Amazon decide to do things the blockchain way, they open source everything and let anyone verifies everything. Who the hell can process all that without being a tech giant as well?

    submitted by /u/shiroyashadanna
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    Does anybody know of any NFT playing card games like pokemon where opening a pack will mint new cards?

    Posted: 03 Oct 2021 11:50 AM PDT

    I get that for it to be an NFT it cant be identical to any other cards but maybe there are ones with stat randomizers for cards?

    submitted by /u/cstein123
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    Buying with fiat

    Posted: 03 Oct 2021 05:37 PM PDT

    Hello, I am in the US and I need some eth for gas fees on a very time-sensitive transaction. I have tried to purchase via simplex and moonpay but America doesn't allow citizens to spend our money how we want. Exchanges take multiple days to approve fiat injections and allow withdrawal. How can I obtain some eth? pls help

    submitted by /u/APestilentPyro
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    USDC Question

    Posted: 03 Oct 2021 08:22 AM PDT

    Hey All,

    I hold so ETH and a few other coins, and I was just reading into USDC, which seems awfully stable, given it's name and nature.

    I'm curious if it's actually worth holding though? Like what are it's real uses and utilities? I guess I'm somewhat confused about how it operates with other networks or coins out there?

    Thanks.

    submitted by /u/riderfoxtrot
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    Staking through live ledger

    Posted: 03 Oct 2021 04:17 AM PDT

    Hello fellow ethersluts! Has anyone here have experience staking using the ledger live app? I have 50 percent of my eth staked on kraken untill 2.0 and the other half on celcius.

    I know I know not my keys not my crypto! So I was interested in how live ledger let's you stake while holding your keys. If im correct your ether get wrapped in a smart contract. Is this just as safe as hodling on a cold wallet? Are there any risks that ledger could lose my eth or get hacked or something?

    Anyone have good or bad experiences with it? Planning to collect more eth in the near future.

    Hodl on

    submitted by /u/PolloDiablo82
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    How do I transfer ETH on Ropston Test Network to a crypto exchange?

    Posted: 03 Oct 2021 02:10 PM PDT

    I have like 0.3 ETH on the Ropston Test Network (MetaMask), how do I cash it out?

    submitted by /u/Dr-WalterWhite
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