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    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    December 21, 2021

    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    Frequently Asked Questions + Weekly Discussion Thread

    Posted: 19 Dec 2021 11:00 PM PST

    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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    Jack Dorsey: "You don’t own “web3.” The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label."

    Posted: 21 Dec 2021 02:35 AM PST

    Vitalik Buterin Event: "Future: Crypto/Smart Cities"

    Posted: 21 Dec 2021 03:47 AM PST

    Someone posted a fantastic link (still only 323 views) with Vitalik Buterin being interviewed in Munich recently. I learned a lot, surprises (NFTs), when he spoke about DAOs but my favorite section was on the future and 'Crytpo or Smart Cities', has this been discussed? This was totally new to me (I am relatively new here) but the ramifications could be so enormous. Smart Cities are discussed just shy of the 40 minute mark here:

    https://youtu.be/IE8mV8N6cfw?t=2394

    Other notes:

    - Vitalik has such an amazing mind and he can write and speak which is so hard for so many 'developer' types. I do hope he is getting outside and getting some Vitamin D.

    - They did this event inside a museum in Germany. You have to watch the end where they let the director speak (I guess it was the 'ad'.) The two running it must not know they are still on camera as the guy rambles on and on in his Star Trek shirt and does the weird Klingon gesture at the end? Perfect guy to run a museum and of course Vitalik was nothing but kind to that 'question?' (I was dying watching the guys laughing trying to hold their shit together.)

    Another huge win with DAOs, no psychopath CEOs, or 700 fluffed up VPs, no fancy buildings or suits needed to run an organization?

    https://www.forbes.com/sites/stephaniesarkis/2019/10/27/senior-executives-are-more-likely-to-be-psychopaths/?sh=a0ff82e47c45

    Edit: Here is some more info on why Vitalik may have been speaking about City Dao? Always look at the motivation.

    https://beincrypto.com/vitalik-buterin-buys-citydao-citizenship-is-decentralized-management-the-future/

    submitted by /u/havoknkaos55
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    Ethereum Launches First-Ever Public Testnet for Full Upgrade to Proof of Stake Known as “The Merge”

    Posted: 20 Dec 2021 10:33 AM PST

    I made an Ethereum wallet. Does my private key unlock the wallets on other EVM compatible chains such as Avax, Polygon and BSC?

    Posted: 21 Dec 2021 05:29 AM PST

    Let's say I create a new wallet on Ethereum blockchain. The wallet address (which is basically my public key) is 0xABC123. Because I am the owner I also have the private keys to this wallet on Ethereum and can access the funds there.

    But, does my private key also give me access to wallet 0xABC123 on BSC, Polygon and other EVM-compatible chains?

    In other words, I am wondering if I create a wallet on ETH, do I then inherently also own the same wallet on other EVM-compatible chains. Continuing from above example, if someone would send me some BNB to my BSC address 0xABC123, would I have access to it, even though I never explicitly made the wallet on BSC?

    submitted by /u/goodstuffcomming
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    The universal shortlink for your Web3 username, now available for .eth names

    Posted: 20 Dec 2021 06:45 PM PST

    My Ethereum conundrum

    Posted: 21 Dec 2021 04:25 AM PST

    I am fairly new to crypto world. I have seen coins being dubbed as Ethereum killers. People say Ethereum's gas fees is high, eth has low number of transactions and whole lot reasons. Other cryptos say that they are better than Ethereum and solve issues that eth can't but Ethereum is still going up. What are you seeing in Ethereum that I'm not seeing ?

    submitted by /u/Gammaconvex
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    I'm tired of Ledger and need a better hardware wallet. Any advise?

    Posted: 20 Dec 2021 04:23 PM PST

    I was interested in the gridplus lattice1 but it's too big for me. I wish they had a compact version similar to the ledger and trezor.
    Are there any other recommendations out there?

    submitted by /u/ynotplay
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    Is there a way to see an NFT on etherscan?

    Posted: 21 Dec 2021 05:11 AM PST

    I don't know if anyone can perhaps help me. Someone stole art work from me and minted it for sale on opensea. The piece is no longer up so it's possibly in his hidden folder on opensea. Is there a way to see the tokens he has hidden? Thank you

    submitted by /u/Fayyaaz7
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    Starkware: Fractal Scaling From L2 to L3

    Posted: 21 Dec 2021 06:21 AM PST

    Cheapest way to DCA ETH

    Posted: 20 Dec 2021 09:33 PM PST

    Title says it.

    I'd like to buy $50 of ETH every day. Using Binance.US at the moment. Costs me a quarter every time, and Binance charges a fortune in withdrawal fees. Would love to try something else. I have accounts with Gemini, FTX, Crypto.com, and Coinbase. All have high transaction and withdrawal fees.

    I use Strike to DCA BTC and love that there are no extra costs to deposit or withdraw. I know I am going to pay gas fees to move ETH, just looking to minimize cost beyond that.

    submitted by /u/TheHarmonic
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    Find the best crypto tax software for your needs

    Posted: 21 Dec 2021 08:06 AM PST

    To the Ethereum OGs- where was the first place you could buy Ethereum after the sale in 2014?

    Posted: 21 Dec 2021 06:35 AM PST

    I'm sure there was OTC trading but what was the first exchange anyone could buy Ethereum?

    submitted by /u/mybed54
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    Demand and price for ethereum will rise as layer 2 protocols become popular?

    Posted: 21 Dec 2021 12:05 AM PST

    For example, with the demand for POLYGON and LOOPRING rising, will it help increase the demand and price of Ethereum?

    submitted by /u/RoyalChamp2222
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    My Etherum node is getting to big. I won't be able to run it anymore.

    Posted: 21 Dec 2021 03:52 AM PST

    What is everyone else doing to solve this? People won't be able to afford to run them.

    submitted by /u/TradeBitter
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    Eth2 update - a conversation with Ben Edgington - thanks Ben for agreeing to this!

    Posted: 21 Dec 2021 04:47 AM PST

    An excerpt from one CEO on Ethereum Staking

    Posted: 21 Dec 2021 08:16 AM PST

    Here is an excerpt from an internal newsletter that gives a good idea of what Ethereum staking is all about...

    If you ran a node with Launchnodes last year at the genesis of the beacon chain, as of writing you will have made approximately 2.66 ETH which at today's price means you made on each node about $10,640 USD give or take a few dollars. Many of our customers have multiple nodes and so made even more money through staking as well as enjoying a 546.3% increase in the value of the Ethereum they initially staked. Well done to all our customers.

    submitted by /u/andreilicious
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    How to retreive token balance for given address using python?

    Posted: 21 Dec 2021 06:45 AM PST

    Hello guys. I'm stuck here. I want to get token balance for a given eth address using web3 or whatever you want. If I search online there are just answer 4/5 years old.

    The last code I tried but got error was in a post on this subreddit:

    from web3 import Web3, IPCProvider

    import json

    ​

    token_t_abi = json.loads('[{"constant":true,"inputs":[{"name":"_owner","type":"address"}],"name":"balanceOf","outputs":[{"name":"","type":"uint256"}],"payable":false,"stateMutability":"view","type":"function"}]')

    wallet_w = '0x95aD61b0a150d79219dCF64E1E6Cc01f0B64C4cE'

    ​

    w3 = Web3(IPCProvider())

    token = w3.eth.contract(

    '0x95aD61b0a150d79219dCF64E1E6Cc01f0B64C4cE',

    abi=token_t_abi,

    )

    print(token.call().balanceOf(wallet_w))

    Somebody can help me?

    submitted by /u/gkm-chicken
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    Will the staking amount of 32 eth ever be lowered?

    Posted: 20 Dec 2021 05:59 AM PST

    Hey guys,

    So from my understanding when 32 was determined this was worth about 10k. A pretty reasonable amount and is achievable by most given enough time. However today that is worth over 120k which most of the world will never achieve.

    I'd love to stake myself without joining a pool however it will take me upwards of 10 years at current price to have 32 eth. In lower income countries this is an unfathomable amount of money. With the intent of decentralization shouldn't this be lower?

    Is there a specific reason 32 was selected or is there the possibility that this will change in the future?

    submitted by /u/SirCamCam
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    The Web3 Browser [and the Web3 web] - packed, linked, interoperable data

    Posted: 21 Dec 2021 08:11 AM PST

    The Material community is strong and on the move!

    Posted: 21 Dec 2021 07:14 AM PST

    I just added NFT support on Orbis, the crypto native social network

    Posted: 20 Dec 2021 09:46 AM PST

    DeFi in Ether: $99B in DeFi, The Gnosis Chain (formerly xDai) journey begins, Coinbase and…

    Posted: 21 Dec 2021 02:39 AM PST

    Former Argentine president Mauricio Macri with Vitalik. Macri’s statement in the thread.

    Posted: 19 Dec 2021 11:51 AM PST

    I need some help on Proof of stake

    Posted: 21 Dec 2021 04:49 AM PST

    It seems to me although I'm still working through this that proof of stake can be abusively used to turn a decentralized system into a centralized one. In essence are you not just paying to be a trusted node in the system. Obviously the higher the stake the more perceived (trust) in that node because they have more to lose if things go wrong (theft, fraud) with that node. So as the system grows what's to stop the creators of the blockchain from raising the stake to levels that only whales can afford?. In my mind this could place the control of the blockchain in one entities control. Can someone help with this summation? Tell me I'm wrong by telling me I'm wrong. I understand the benefit so no need to go down that path.

    submitted by /u/AMCistheway
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    Eth Swapping?

    Posted: 21 Dec 2021 04:40 AM PST

    Hi. Been stumbling across sites that offer ETH swaps like https://www.ethereum-swap.com/. that offer anonymous and simple conversion of ETH into another crypto. Looking into it, I found that a lot of sites like that seem to exist.

    Does anyone here have experiences with these sites and can recommend some cheap/reliable/secure ones? Any Good/Bad Experiences with those?

    Would you recommend those or would you convert currencies in your regular trading platform?

    I'd rather use one that is recommended by this community. Any Input is appreciated. Thx.

    submitted by /u/FiftyHP
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