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    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    February 28, 2022

    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    Frequently Asked Questions + Weekly Discussion Thread

    Posted: 27 Feb 2022 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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    Video of Russian tank being stolen by tractor is being sold for at least 500'000$ 🤯 on Opensea

    Posted: 28 Feb 2022 04:31 AM PST

    nice job Vitalik

    Posted: 27 Feb 2022 12:41 PM PST

    My first QUARTER!

    Posted: 28 Feb 2022 04:48 AM PST

    I start DCAing in November last year and today i have my first 0,25 ETH on hardware wallet!

    I know, it's not much but im happy. My goal is 1 whole ETH by November 2022.

    Cheers from Slovakia!

    submitted by /u/Elrondarius
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    Puma Embraces Blockchain Tech, Rebranding to Puma.eth On Twitter

    Posted: 27 Feb 2022 10:25 PM PST

    Solidity Summit 2022 on April 20th in Amsterdam - Speaker and Attendee Applications are open!

    Posted: 28 Feb 2022 07:28 AM PST

    EBay Might Take Crypto Payments, Already Accepts NFTs

    Posted: 28 Feb 2022 04:36 AM PST

    Non-Skeuomorphic Harberger Properties may not be implementable as ERC721 NFTs

    Posted: 27 Feb 2022 09:47 PM PST

    Can a NFT be transferred from ETH or Polygon to BSC, and sold onwards?

    Posted: 28 Feb 2022 07:53 AM PST

    Re-evaluating Cryptocurrency as a Risky Asset Class

    Posted: 28 Feb 2022 07:27 AM PST

    how to be notified when gas fees become reasonable

    Posted: 28 Feb 2022 06:30 AM PST

    I have several ERC20-based coins that I'd like to transfer, but I'm not willing to do it now because of the outrageous fees.

    I don't follow the crypto world all that closely...what news source should I monitor so that I'm notified when Eth2 is fully implemented?

    Thanks.

    submitted by /u/hepba
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    Excessive Behavior - The Daily Gwei #447

    Posted: 28 Feb 2022 06:11 AM PST

    Dr Viroshan Naicker on Musk, Market and Money

    Posted: 28 Feb 2022 01:23 AM PST

    We provide over 100+ FREE crypto articles on our SubStack! :D (Link on our profile). This is not financial advice.

    TLDR:

    We have seen a lot of KOLs memes about cryptocurrencies and how that has affected the price. Especially with Elon Musk, one of the most famous people on the planet has also had coin meme actions like talking about Dogecoin and Bitcoin. His Tweets have greatly influenced the price of the above cryptocurrencies and the market as a whole.

    We are not talking about good or bad here, but for the main market, but something like this can be a good signal for people to know more about crypto space. But on the contrary, it also brings risks when people consider the coin meme as an action to invest in. We need to be careful, have our own analysis to be wise in a market like this.

    Introduction

    This is a guest post by Dr Viroshan Naicker. With a focus on mathematics and graph theory, Dr Naicker brings in his insight into how nodes interact, similar to how powerful nodes like Elon Musk affects interactions between nodes and edges in a network.

    Elon Musk has always evoked public interest (as billionaire genius types tend to do). The ongoing story this year, for better or worse, has been in the crypto space, where people have taken their cues from his views.

    Earlier this year Tesla caused waves when they published their balance sheet and announced to the world that they had 1.5 billion dollars worth of Bitcoin (BTC) listed as an asset. More recently, Musk's comments have prompted crypto sales that have seen the price of Bitcoin tumble from above $60,000 into the $30,000-$40,000 range. Overall, the collective crypto market cap fell by just over a trillion dollars over May.

    Musk and Market

    So why does Elon seem to have this power to influence the world of crypto?

    First, let's talk about money in all its forms: fiat and crypto. Arguably, money is a type of social power storage, like a battery. We use it to temporarily store our power to engage others (on our projects and for our whims), and when we pay for a good or a service, we draw on that power. In a similar vein to electricity, it is a consumable resource and is transferred as it is used.

    After that, the question is which money (or battery) to use? History shows that an implicit contract exists between society and the choice of money system: At various points in world history, including Weimar, Venezuela, and Zimbabwe, nation state-backed fiat systems have broken down because economic agents broke this contract.

    Elon Musk, in this context, has a good amount of stored social power (money). This social power he harnesses can move markets, as we see below.

    Market and Money

    This points to monetary systems as a type of database that accounts for social power, but only if we agree to use that database. In this vein, a token system is a medium for value storage (and possibly utility storage) for a network of users that choose to adopt that system using a social contract. If the database is corrupt, why would you use it?

    Less dramatic than the collapse of a national currency is the assignment of social power to crypto assets. Over a decade, a social contract has developed between crypto and a user network, along with bridges between crypto tokens and fiat tokens as valid stores of value. Remember the guy who paid 10,000BTC for two pizzas in 2010? That was the start of a social contract that turned BTC into a form of social power storage.

    The beauty of crypto is that we are now moving from a type of general-purpose money backed by states to a system of fit-for-purpose tokens that do weird and wonderful things. However, the network effects on cryptocurrencies are more pronounced and subject to social whimsy.

    Musk and Money

    Elon's whims can either endorse the implicit contract between BTC and other forms of storing social power (Dogecoin) or they can repudiate this contract. Earlier this year, the decision to add BTC to the balance sheets of Tesla acted as an endorsement of value. And so, on cue, people bought more BTC.

    Now Elon is tweeting the other way, and Tesla has decided not to accept BTC as a form of payment for its vehicles. The good news is that while toddlers stumble more than adults, eventually, we all learn to walk.

    Bitcoin, the new money

    The difference between crypto and fiat is simple. We are privatising money. Thus, the risk to governments everywhere is that society decouples (at least partially) from the default, nation-state fiat store of value because there are valid alternatives. Is it good or bad? You decide.

    submitted by /u/economicsdesign
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    Geth: Get historical transactions of an address?

    Posted: 28 Feb 2022 03:31 AM PST

    Hello,

    Can anyone tell me how to get the historical transactions of an address using Geth?

    submitted by /u/notooth1
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    Ukraine Amasses Nearly $11M Crypto Donations In 2 Days — Dogecoin, Polkadot Backers Call For Their Coins’ Acceptance – Bitcoin – United States Dollar ($BTC), Ethereum – United States Dollar ($ETH)

    Posted: 28 Feb 2022 03:08 AM PST

    Why does every crypto currency use seedphrases?

    Posted: 28 Feb 2022 01:07 AM PST

    Is it possible to create a crypto currency that doesn't use seedphrases? And if so are there already options out there?

    Seedphrases are codes that represents the keys right? If that is so isnt there another way people can access their wallets without seedphrases, as seedphrases are easily forgotten and confusing to new people. Also i dont completely understand how seedphrases work or how they are created/stored. Aren't they just code for the real private keys?

    Id love to hear opinions and possible ways something can replace seedphrases to something users create themselves that cant easily be hacked or guessed.

    submitted by /u/GBArcturus
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    Ethereum Network Fees Continue to Drop — Transfer Fees Hit Lowest Rate in 6 Months

    Posted: 27 Feb 2022 06:41 PM PST

    Constitutional Republic DAOs: An Open Brainstorm

    Posted: 27 Feb 2022 04:33 PM PST

    This is an open brainstorm for a whitepaper I'm intending on writing, and as I am very much a beginner at blockchain development, I am hoping for constructive criticisms from people more knowledgeable than I am. Also, this is not a "make money" project; this is unapologetically about rebuilding the culture of the internet.

    The Outline

    The key problem with web communities today is that they are autocratic, with members having virtually no control over a community's choice in hosting, administration and moderation staff, and community finances. Current blockchain governances operate with ownership models, which are appropriate for businesses, but not for community governments which are open to the public.

    This project aims to create a membership-governed DAO as the backbone for a web community by using the following principles:

    • Members earn fungible tokens by participating in the community. (Proof of participation content mining.)

    • Members may spend their fungible tokens to rent governance tokens from the DAO's base smart contract. The DAO is considered to own its own governance tokens, which it rents out to its membership in exchange for funding.

    • Members may use their governance tokens to vote on community governance, such as voting on hosting solutions, rules changes, and placing elected positions in the community's government, such as admin positions. Admins may then appoint moderators. A more complex constitution can include positions outside this, such as representation in a legislature, or to compensate members for fact-checking political claims rather than relying on external fact-checkers.

    • The community's government uses the funds collected from subscriptions to pay members for hosting the community or for taking elected or appointed positions.

    • Community discipline can be maintained with restitution fees. When you break the rules, you must pay a fine in Fungible Tokens which will be paid to anyone you harmed with your behavior. Failing to do this means you will be locked out of community governance.

    The purpose here is to create a web community which operates like a constitutional democratic republic, and is secured with a public ledger blockchain. I think that it is far more practical to incentivise members to host their own community with token rewards because members are likely to be available and to offer lower than market hosting costs. Obviously, this requires very low transaction fees to function, but I need some opinions on other practical elements of the DAO's design:

    • 1. Is issuing the Fungible Token as a reward for community participation rather than as an exchange for money enough to not be considered a security?
    • 2. I am not sure how to implement a rental agreement in a smart contract. Is this possible? Would it be better for a new token to be issued and old governance tokens to expire?
    • 3. The way such a community would distinguish between members is presumably with wallet addresses. This means that multiple accounts will be an issue. Can tokenomics be designed to make multiple accounts a manageable problem?
    • 4. How much of a smart contract does the DAO actually need? Can you write a constitution a la the US Constitution and use the smart contract to verify it's application (so the constitution can be amended) rather than having an immutable smart contract?

    I am looking forward to your comments.

    submitted by /u/Fheredin
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    Ethereum's Heroes and Villains: Book Review of 'The Cryptopians'

    Posted: 28 Feb 2022 03:13 AM PST

    Cryptocurrencies Inheritance Planning

    Posted: 27 Feb 2022 06:43 PM PST

    First question...

    Posted: 27 Feb 2022 03:30 PM PST

    Hi. I got some good advice on my last post and a lot of links. None of them have simple answers to questions, and I kind of clogged up my post by asking a shitload of questions at once. It was suggested that I ask them one at a time.

    So, onto my first question. When this Beacon blockchain merges with the current one, will the amount of ETH change? Or will there still be the same amount that was originally slated as when this project was started? That is, it'll be he exact same amount, since I keep being told that it will change in name only, once the two chains have merged to start Proof of Stake as opposed to Proof of Work?

    There are so many answers online that it's impossible to get to an actual answer to a question, as all the results use the terms, Ethereum; blockchain; merge; Beacon, etc.

    Thanks for your help. So far the sub has been the most help, as they seem to be the only subreddit that doesn't delete my questions right away or outright ban me.

    Thanks in advance.

    submitted by /u/Library_Liner
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    Update on our situation as a thank you <3

    Posted: 28 Feb 2022 03:01 AM PST

    Read more
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