Ethereum Frequently Asked Questions + Weekly Discussion Thread |
- Frequently Asked Questions + Weekly Discussion Thread
- Popular video game retailer asking for NFT creators on their NFT marketplace
- Microsoft Executive: Ethereum Will Become the Decentralized App Store By 2023
- My bull case and why I'm all in on Ether, tell me how I'm wrong!
- Hashbon Rocket has just launched. Decentralized exchange for Ethereum and BSC blockchain tokens to quickly & easily exchange DeFi crypto tokens
- Ethereum 2.0 May Achieve 1% Deflation Every Year Despite Slow Upgrade Progress
- MrBeast reveals that Gary Vee is responsible for pumping CryptoPunks
- Can anyone who understands smart contracts tell me why this transaction failed?
- The Metaverse Land Rush Is an Illusion
- 3 end of the year tips if you racked up an insane tax bill in 2021
- Has anyone else been messaged by bots/scammers in this subreddit?
- The Web 3.0 Economy
- Spotting True Gems in the NFT Mania
- MetaMask Legacy Web3 disabled by chrome because "This extension violates the Chrome Web Store policy.
- Cost to send ETH from ledger to exchange
- EIP-4399: Supplant DIFFICULTY opcode with RANDOM with Mikhail Kalinin
- What do you guys use to buy ethereum
- Russia introduces digital ruble -
- ETH gas fees question
- How to create a stable coin.
- Ethereum is Great but the Price is just Treading Water
- Ethereum Gas Fees Are Currently 62% Cheaper Than Last Month
- I'm building a blockchain/NFT MMORPG on xDai - Week 4
- Bitcoin can do all that Ethereum can?
- ELI5: Is ETH a toll road?
- For anyone interested in trading/buying with lowest gas fees.
| Frequently Asked Questions + Weekly Discussion Thread Posted: 26 Dec 2021 11:00 PM PST Welcome to the Weekly Discussion. Please read the disclaimer, guidelines, and rules before participating. Rules:
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.
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. [link] [comments] | ||
| Popular video game retailer asking for NFT creators on their NFT marketplace Posted: 27 Dec 2021 06:03 PM PST | ||
| Microsoft Executive: Ethereum Will Become the Decentralized App Store By 2023 Posted: 27 Dec 2021 12:15 PM PST
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| My bull case and why I'm all in on Ether, tell me how I'm wrong! Posted: 27 Dec 2021 12:47 PM PST TLDR; Vitalink says he doesn't care much about price but the current roadmap certainly seems designed to increase the value of ETH. 1) Eth price is driven by supply. At least for ETH/BTC, current supply/demand seems to be a very good predictor of price. This is seen very clearly on the halvings impact on bitcoin price. Predictable events drive up bitcoins price, simply because there is not enough coins to meet demand. 2) Mining adds a lot of ether to supply. POW mining is a commodity business. These industries tend to have very low margins(because competition is very fierce). This means most miners will have costs(hardware, operations and electricity) very close to the rewards they currently get. I believe most miners sell almost all of their mining rewards to cover these costs – adding supply. Currently adding ~4.6 million ether per year(ETH inflation is 4%). 3) The merge will stop this supply As the merge happens, mining will suddenly stop. Thus removing the biggest contributor to ether supply, 3.1) Another way to think of this is, Ether is currently paying for POW, once this is no longer needed, this value will instead contribute to ethers price. 4) Ether is going to become a better store of value. If ether goes deflationary due to high burn-rates, this will make ether a more interesting asset to hold. Further reducing supply in circulation. 5) A lot more ether will be taken out of supply as trust in staking increases. Since staking generates returns, I believe more ether will go in to staking over time. This may increase inflation of ether, but also removing ether from circulation. According to this article, 100 million ether staked would still generate 1.8% yearly returns to stakers. The central banks are starting to warm up to higher interest rates, but right now, this kind of ROI is not that easy to come by for liquid assets. If 100 million ether are staked, that would be 85% of all ether in existence. 7) Increased costs of transactions will reduce supply. I haven't been able to figure out how this works exactly, but my understanding is, increased transaction costs on the base layer will either be burned – decreasing supply or awarded to stakers –Increasing ROI on staking. This in turn will increase the number of staked coins, and that will also decrease supply. 8) Scaling ether will increase transaction-costs(on the base-layer). Contrary to popular belief, sharding and other scaling solutions will first alleviate congestion on the base-layer. But as transactions get cheaper, more transactions will happen. Currently, we see people are willing to pay 20-60 USD for transactions. Over time, we will see the same thing on layer 2(though possibly a bit lower fees due to price elasticity). 100s of layer 2 transactions can then be bundled and all their fees will be used to create a single transaction on the base-layer. I've been struggling find good data on amongst others, daily burn rate, staking rewards and mining rewards. If someone can share that with me, I could quantify some of these statements better. I'd also love to know what i've gotten wrong here. [link] [comments] | ||
| Posted: 27 Dec 2021 11:33 PM PST
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| Ethereum 2.0 May Achieve 1% Deflation Every Year Despite Slow Upgrade Progress Posted: 26 Dec 2021 10:36 PM PST
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| MrBeast reveals that Gary Vee is responsible for pumping CryptoPunks Posted: 27 Dec 2021 03:55 AM PST
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| Can anyone who understands smart contracts tell me why this transaction failed? Posted: 28 Dec 2021 02:38 AM PST Please help me, I don't know what is wrong: https://etherscan.io/tx/0xac8a5a872158114aee1595045359bae5daeb0d8841eef475c4dde0b3d0594919 [link] [comments] | ||
| The Metaverse Land Rush Is an Illusion Posted: 26 Dec 2021 10:54 PM PST
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| 3 end of the year tips if you racked up an insane tax bill in 2021 Posted: 27 Dec 2021 09:33 AM PST 2021 was huge for the crypto ecosystem, and there's a good chance many of you reading this probably saw big gains during the year. If this is you, then congratulations! However, if you were actively buying and selling and not passively holding, there's a good chance that you probably have an insane tax bill to pay when April rolls around. Anyway, here are some tips for how you can (legally) reduce your tax liability and avoid trouble with the IRS. I do want to note that I'm not a tax professional and all of this is based on my own research and conversations with my accountant. Please do your own research before you listen to some random dude on Reddit! Harvest your losses Are you down on any one of your positions this year? Even though it sucks to see yourself in the red, it's good to look at the silver lining: capital losses can offset your capital gains for the year and up to $3000 of income. I know what some of you are probably thinking: 'What if I don't want to sell my tokens? I still think they can go up!' I got good news for you — unlike with stock trading, cryptocurrency has no wash sale rule. That means you don't need to wait 30 days to buy back the crypto you sold if you want to claim a loss on your tax return. You can sell your crypto at a loss, claim a capital loss, and buy back shortly after! This might be ending soon. The Build Back Better Act would have introduced the wash sale rule to crypto. Even though the bill doesn't look like it's going to pass, it's clear that the government is looking to end wash sales on crypto in the very near future. That means it's probably a good idea to take advantage of the tax benefits of wash sales while the opportunity is still there. And remember, harvesting your losses does come with some risks (just like any other financial decision). If you plan on selling your cryptocurrency sometime in the future, there's a chance you might be paying more in taxes later down the road since you're bringing down your cost basis. This can turn out to be a problem (especially if you think you'll be in a higher income bracket in the future). Tax-loss harvesting also restarts your holding period, which means you'll have to pay higher taxes if you sell in the next 12 months. Send some crypto donations! Remember, donating crypto to an organization with 501(c)(3) status is tax-deductible! Crypto donations come with two tax benefits.
One thing to note here - itemized deductions (like donations) will only reduce your tax bill if the total amount of your itemized deductions exceeds the standard deduction. That's $12,550 for single individuals and $25,110 for married couples filing jointly. Remember, mortgage interest and state/local taxes can also be considered itemized deductions. One charity I like is Give Crypto. They give cryptocurrency directly to people around the world who are living in poverty. By donating, you're not only helping people in need, but you're also helping accelerate the worldwide adoption of cryptocurrency! Consider putting some money aside Some investors have a large percentage of their net worth in crypto. If you're in this situation and you made a lot of taxable trades this year, it's probably a good idea to set aside some money you can use to pay your tax bill when April rolls around. There's a reason for this — I've heard a few horror stories about people who got insane gains during the 2017 tax year, only to lose it all a few months later. Then, they didn't have the money to pay their taxes. To avoid these types of situations, you can get started with a crypto tax platform that can help you calculate your tax bill. Most of them aren't that expensive. Personally, I like CryptoTrader.Tax because of their customer support, but there are other options as well. Anyway, once you've calculated your taxes, you'll know exactly how much money you'll need to get the IRS off your back. TL;DR: Harvest your losses, make some donations, and put some money aside that you can use to pay your taxes! [link] [comments] | ||
| Has anyone else been messaged by bots/scammers in this subreddit? Posted: 27 Dec 2021 10:29 PM PST If so, what did the message say? I want to keep a lookout [link] [comments] | ||
| Posted: 27 Dec 2021 02:09 PM PST
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| Spotting True Gems in the NFT Mania Posted: 28 Dec 2021 01:38 AM PST
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| Posted: 27 Dec 2021 05:13 AM PST The extension was removed from the store, and turned off on browsers where it's installed [link] [comments] | ||
| Cost to send ETH from ledger to exchange Posted: 28 Dec 2021 01:19 AM PST Hello fellow ethereum holders, I have a question: I hold some ethereum on a ledger nano S. Sometimes I think about to sell some of my ethereum but therefore I need to send the ETH to a exchange platform first. A friend told me that to send ethereum from a ledger nano S to a exchange, that the cost of this is ridiculous. He is talking about , let's say you send 1 eth, you will have to pay like 700 dollar. Is this true? How can I know what the cost is to send ethereum from a ledger to a exchange platform? Thanks in advanced for your help guys. [link] [comments] | ||
| EIP-4399: Supplant DIFFICULTY opcode with RANDOM with Mikhail Kalinin Posted: 27 Dec 2021 06:46 AM PST Follow the recording of EIP-4399 for an overview of one of the two TheMerge proposals with exemplary process flow & possible usage. Recording - https://youtu.be/wwfOqmCbPNU Quick summary
Resources - EIP: https://eips.ethereum.org/EIPS/eip-4399 - Discussion: https://ethereum-magicians.org/t/eip-4399-supplant-difficulty-opcode-with-random/7368 - How The Merge Impacts Ethereum's Application Layer - https://blog.ethereum.org/2021/11/29/how-the-merge-impacts-app-layer/ - Practical SNARK-based VDF - https://zkproof.org/2021/11/24/practical-snark-based-vdf/ - EIP-3675 - https://youtu.be/zNIrIninMgg - The Merge playlist - https://www.youtube.com/playlist?list=PL4cwHXAawZxqoLxXqZqT4hcYhoHoP6w12 [link] [comments] | ||
| What do you guys use to buy ethereum Posted: 27 Dec 2021 01:42 PM PST | ||
| Russia introduces digital ruble - Posted: 27 Dec 2021 04:20 PM PST
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| Posted: 27 Dec 2021 10:10 PM PST Yes, I know you are mentally rolling your eyes with another gas fees question but i have a genuine question. I currently use bitcoin for transactions that i frequently make due to the low fees. I want to use Ethereum, but i don't want to pay 10 dollars on a 20 dollar transaction in gas fees. is there any workaround to this? i want to switch to ETH but it's difficult. [link] [comments] | ||
| Posted: 27 Dec 2021 10:09 PM PST I have some experience with working on smart contracts, but I am still confused on how stable coins work. I looked at the code for tether smart contract and had some questions. Firstly, do stable coins use the erc20 contract but just modify it? Secondly, how does the contract know how much of a coin to give. For example say the US dollar drops to 96 cents will the contract adjust for that? I am still trying to learn so any help would be greatly appreciated. [link] [comments] | ||
| Ethereum is Great but the Price is just Treading Water Posted: 28 Dec 2021 01:29 AM PST Anyone know why Ethereum has just been treading water after the stock market in general recovered from the Omicron scare that brought it down in the first place? I am reading non-stop great news about Ethereum but the token price can't stay above 4000 for weeks now. I would think it would come up to like 4500ish but at the moment it's below 3900 again. [link] [comments] | ||
| Ethereum Gas Fees Are Currently 62% Cheaper Than Last Month Posted: 26 Dec 2021 09:13 AM PST
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| I'm building a blockchain/NFT MMORPG on xDai - Week 4 Posted: 27 Dec 2021 11:40 AM PST This week marks week 4 for CoinQuest! The play-to-earn crypto games I've come across didn't get me excited, so I'm building the game that I would want to play myself. The game is hosted on xDai, and every week the top players get airdropped prizes, with updates coming in daily, come stop by and leave some feedback: Last week, multiple skills such woodcutting + firemaking, mining + smithing, fishing + cooking, and attack. You can now fight monsters to collect gold, and even fight other players. If another player kills you, they take all your gold, and if you kill another player you get all of their gold! Two new prize pools opened up this week, for a total of 1,680 xDai (and growing!) to be won by the top players of each prize pool Next week, the party room will be introduced, where you'll be able to compete every 12 hours in a battle royale to win xDai! Looking forward to week 5! [link] [comments] | ||
| Bitcoin can do all that Ethereum can? Posted: 27 Dec 2021 06:50 PM PST I browse r/bitcoin and read many pro-bitcoin posts (i hold and love BTC, as well as ETH) and I've constantly seen this notion that all that ETH is doing now can easily be done with BTC. Is this true? I was not aware that Bitcoin had the opcode richness of ETH, but maybe BTC accomplishes this with some of its layer-2s. Curious to hear from those more knowledgable than me (so basically everyone else) [link] [comments] | ||
| Posted: 27 Dec 2021 10:34 AM PST None of my ETH owning friends can answer this so maybe someone here can. Catch me if im wrong here. Also Im not trying to be an ass i just genuinely dont know much and cant find info about this. It seems to me that hypothetically
If this is true, then do ETH owners effectively rent out their ETH to companies such as mine so I can use the ethereum network? Or do i buy and "spend" Eth permanently which drives the price up? Why would i just avoid eth all together and make an application that doesnt use eth. If im wrong eli5 why that is [link] [comments] | ||
| For anyone interested in trading/buying with lowest gas fees. Posted: 26 Dec 2021 01:37 AM PST
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