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    Home Unlabelled Ethereum Ethereum Has Burned 1.2 Million ETH in 4 Months, Close to $5 Billion in Ether Destroyed

    Ethereum Ethereum Has Burned 1.2 Million ETH in 4 Months, Close to $5 Billion in Ether Destroyed

    December 30, 2021

    Ethereum Ethereum Has Burned 1.2 Million ETH in 4 Months, Close to $5 Billion in Ether Destroyed

    Ethereum Has Burned 1.2 Million ETH in 4 Months, Close to $5 Billion in Ether Destroyed

    Posted: 29 Dec 2021 09:39 AM PST

    Question on L2 security

    Posted: 30 Dec 2021 01:28 AM PST

    I'm trying to understand the security and risks behind L2s. On l2beat.com, the thing that sounds most scary to me is the upgradeability. For most L2s, including Arbitrum, it says "Funds can be stolen if a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL)."

    Am I understanding this correctly that they could just deploy an upgrade to their contract that allows them to immediately steal all the funds?

    I really hope I'm misinterpreting or missing something there, as this would obviously be a huge red flag.

    submitted by /u/Shaogong12
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    I don't invest for the tech, nor I invest for the gains. What I am investing in is for...

    Posted: 29 Dec 2021 10:20 AM PST

    the philosophy, the belief that crypto, NFT, metaverse or in more general decentralization is what will make the world a better place for humanity.

    For me, tech is too boring and gains are too volatile. What keeps me in this space is developing a belief, a vision that I can build a conviction in: by painting the picture of the world and imagining where we are all heading to.

    ​

    Unfortunately, with my cat's eyesight, it is not a pretty scene.

    We are living in an age of increasing authoritarianism, where the livelihoods of the majority are under the hands of the few:

    - The banks control the value of our hard work and how we choose to use it.

    - The governments dictate the environment, the culture and the social system in which we are born and grow up.

    - The politicians create laws and policies that often put constraints on our potential and our ability to reach freedom.

    So much of our sufferings, our wrongdoings, our biases, and our corrupted behaviours can all be pointed to one apparent problem that is the extreme centralization of power.

    We are all living in a reality where much of our life is governed by those who are in positions of power, and while they can promise us to provide the best educational system, the best financial system, the best healthcare system...

    How do we ever trust that these systems are established and operated in the best interest of us, the majority, the people and not of themselves?

    ​

    The answer is we can't, because as humans, "Absolute Power Corrupts Absolutely", and it is only getting worse as we trend toward digitalisation.

    We already see this happening in the digital age, the effects of extreme centralization of power to some of the most important aspects of our life: our privacy, our freedom, our wealth, our education, our opportunities and our future.

    - When we give someone an infinite money printing machine, what do we expect?

    - When we give a group of people the ability to restrict, censor and enforce unconstitutional laws, what do we expect?

    - When we give corporations absolute control of information and our digital identity, what do we expect?

    Answer: We expect to be f**** over and over and over again, and yet we have come to accept it because partly we have no other choice but to participate in this system where the game is already rigged at the very start.

    ​

    In a centralized system of power, there only exists the powerful and the powerless.

    ​

    To have faith in the future of humanity, we must distribute and decentralize this power, especially as we digitalize ourselves in the metaverse. I'd suspect none of us ever want to have Mark Zuckerberg or the US government to make decisions for the rest of our life.

    So we must create, develop and INVEST in a new system, where the majority, the people actually have a CHOICE and a SAY in how we live our lives and where we should collectively head towards in the future.

    Taking back control of our lives, subsequently, we take back control of our destiny and our fate. Bitcoin enables this, DEFI enables this, NFT enables this, decentralized metaverse enables this.

    This is my thesis for investing in this space. I'm no longer scared of crashes nor euphoric about gains, but instead, always excited to the days ahead of what will be made possible. It is all part of the process.

    But what do I know as someone who has all the freedom and the choice in the world to eat and sleep. Of course, it is easy for me to find the insights and the excitement to hold on to, though I believe this is one perspective that has actual value in giving people hopes during the ups and downs of what is going to be the future of mankind

    ​

    We are all in this together. WAGMI.

    ​

    Follow me on Twitter at u/cryptocat1607 to see similar posts about the potential and philosophy of blockchain technology.

    submitted by /u/CryptoCat1607
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    Noob question

    Posted: 29 Dec 2021 09:49 PM PST

    so I recently have gotten into NFT's and got a Ledger hardware and read ERC -20 eligible and most NFTs I own are ERC 721, ERC 1155. How do I know what's compatible? I don't want to just know if it's compatible and if it's the same but i want to understand what categorizes each and what it means. Sorry if I'm not clear but I'd hope I could ask the pros, or people with way more knowledge than me.

    submitted by /u/NotSRT8
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    Educational: How to use SushiSwap (on Ethereum) securely with a hardware wallet

    Posted: 29 Dec 2021 08:36 AM PST

    Hey guys!

    I've made a new educational video for the community on how to set up and use SushiSwap in a secure way with a hardware wallet (in that case a ledger device):

    https://www.youtube.com/watch?v=B4J7q2Ogo0E

    I heard recently about a lot of people who lost all their money because they used a "simple" 12 seed phrase metamask "cold wallet", and it's very sad.

    Therefore I think education is crucial in crypto adoption, and that's why I make those simple easy-to-follow tutorials.

    By using a hardware wallet-like ledger device you are making the hacker's life much harder since the private key doesn't exist in the computer itself but is stored in a secured way in the ledger operating system memory.

    We will learn how to connect your ledger to the Metamask Extension and sign the transaction on the ledger itself.

    The transaction will be signed on the ledger and will be sent to SushiSwap Smart Contracts by the RPC nodes that are configured in the MetaMask Extension.

    The metamask extension is not aware of the private key, and the private key never "touches" the computer memory, but is living in a secured and encrypted way inside the Ledger device.

    Let me know if that guide helps you, and if you need any additional assistance, feel free to ask.

    SAFE FARMING,

    Johnny :)

    submitted by /u/alenaramda
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    Ethereum Addresses with Non-Zero Balance and Total Value in ETH 2.0 Deposit Contract Just Reached All-Time Highs

    Posted: 30 Dec 2021 01:26 AM PST

    Alert: Coinone to Stop Withdrawal to Certain Wallets, Other South Korean Crypto Exchange Might Follow

    Posted: 29 Dec 2021 11:21 PM PST

    StakeWise staking service is going fully decentralized

    Posted: 29 Dec 2021 01:05 PM PST

    Borrow 1 wETH against 1 ETH instead of swapping to avoid tax event?

    Posted: 29 Dec 2021 09:17 PM PST

    I have a big bag of ETH bought a long time ago, and I sit on some unrealized gains for which I want to defer taxation as much as possible. I'd like to farm them on AVAX or Terra, as some of the yields are far better (plus hardly no gas fees) than on the Ethereum network.

    Is there a way for me to swap my ETH for wETH without triggering a tax event? I was thinking of collateralizing my ETH (ERC-20) bag and borrowing wETH (C-Chain or Terra) against it but I'm not sure if that's even possible, since it would be a cross-chain collateral...

    Anyone?

    submitted by /u/LeminMelin
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    Christine Parlour Discusses How Investors in Crypto Can Stay Safe

    Posted: 30 Dec 2021 02:02 AM PST

    Can this smart contact be made?

    Posted: 29 Dec 2021 06:20 PM PST

    [Question] I think I messed up sending some LRC

    Posted: 29 Dec 2021 07:42 AM PST

    I'm new to the loopring wallet/exchange and I wanted to get a wallet set up and send my LRC to said wallet.
    Got the wallet set up and deposited some Eth. I had some LRC in a separate Metamask wallet and I sent it to the address I had saved in Metamask that I though was my Loopring wallet address but I now think it is the Loopring exchange wallet.

    Here is the transaction: Etherscan

    Did I mess up and give my few LRC to the exchange for free?

    submitted by /u/Ryanjc01
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    How does a collectibles redemption interface work?

    Posted: 29 Dec 2021 02:02 PM PST

    I want to create a simple interface for the following steps:

    1. User connects metamask wallet
    2. Platform detects NFT within the wallet
    3. Platform checks if wallet / NFT is in the whitelist
    4. If true, a file (e.g. an image) is downloaded

    I've reached the end of the internet and I couldn't find any tutorial / repo that has this. Inexperienced programmer here, any help will be highly appreciated

    submitted by /u/Healthy_Note_5482
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    How to know when eth gas fees are lower?

    Posted: 29 Dec 2021 12:28 PM PST

    Sorry guys huge eth fan but a real newb…For instance im wanting to swap some eth on MetaMask but it's like 90 bucks right now…is there a way to know when fees are lower? Thanks

    submitted by /u/allintowin1515
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    Having trouble with mnemonic and private key

    Posted: 29 Dec 2021 10:49 AM PST

    1. I have opened a wallet in Coinomi
    2. I have then started a new account in Metamask
    3. I tried to re-create from Coinomi to Metamask, but Metamask didn't recognize the seed phrase
    4. I have imported it finally by the private key.
    5. Now, I have deleted the Coinomi wallet.
    6. Now I try to export the seed in Metamask but it doesn't work.
    7. How to get the seed from the private key?
    submitted by /u/StSymeonNT
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    Let’s buy Reddit

    Posted: 29 Dec 2021 06:28 PM PST

    Okay this isn't my own idea but I saw it posted here a few weeks/days ago and I don't know what happened. Somebody was talking about creating a DAO to buy Reddit when it IPO's.

    If i actually knew what I was doing I'd do it myself and make the announcement here. Im willing though so let's do it and keep control of my(our) fav social media platform in the hands of the everyday people that use it.

    I figure there's at least a few other souls on this sub that agrees it's a decent idea. Anybody wanna tell me where to start on this?

    submitted by /u/hostelhoppinhomie
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