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    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    February 07, 2022

    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    Frequently Asked Questions + Weekly Discussion Thread

    Posted: 06 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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    I have won over half an ETH and I have no idea about crypto.

    Posted: 07 Feb 2022 07:38 AM PST

    Hey everyone! I've just recently won a giveaway of over half an ETH and I'm curious about the speculations of this sub, as I'm not into crypto at all. I mainly invest in stocks and I'm honestly a noob when it comes to cryptocurrencies.

    I know it's not the smartest idea to ask a sub full of ETH-supporters - but I still wanna know why you're in here and what makes you hold the currency.

    I'd appreciate any information about if I should sell and if not, what the benefits are - I heard a bit about staking but I have no idea how to do it.

    Thanks in regards, I'm hyped for your comments.

    submitted by /u/lutheroke
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    Activision acquisition will help build the metaverse, says Microsoft CEO

    Posted: 06 Feb 2022 02:56 PM PST

    Why wouldn't Proof of Stake drastically reduce block times vs. Proof of Work?

    Posted: 06 Feb 2022 07:33 AM PST

    I heard that Proof of Stake will only reduce block time by ~1 second to 12s. Why only 1 second?

    Intuitively, it would seem to me that Proof of Stake (PoS) should be able to drastically reduce block times vs. Proof of Work since it replaces the computationally expensive PoW piece and the arms race nature of everyone mining at the same time with random validator assignment. Thus the bottleneck under PoS would only be the network latency it takes to propagate the newly created block to the number of validators required for consensus (51%?) + time it takes for those validators to validate/attest that newly created block and propagate their attestation back to everyone else. I don't know what the block propagation latency on ethereum is to reach 51% of nodes, but I can't imagine that being more than a few seconds.

    I understand that reducing block times too low under Proof of Work would be offset by increased computational waste and forking (due to everyone mining concurrently and network latency). But wouldn't this problem be eliminated under Proof of Stake, thus enabling faster block times (and subsequently higher transactions/second)? (EDIT: I elaborated on my reasoning in this comment)

    Is there a detailed explanation/analysis somewhere comparing Proof of Stake vs. Proof of Work from a performance standpoint? Why is Proof of Stake only 1 second faster than Proof of Work?

    PS: I don't pretend to deeply understand this stuff, so I'm looking forward to my misconceptions being torn apart.

    submitted by /u/JSavageOne
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    Converting Ethereum in MetaMask to Fiat.

    Posted: 07 Feb 2022 02:50 AM PST

    So I have a MetaMask wallet and there is a small amount of Eth in it. I need some money so I am thinking about converting it into currency. I have never sold any of eth . Can someone please explain how to convert my eth in MetaMask to Money. Thank you.

    submitted by /u/iamthomastom
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    Node explorer?

    Posted: 07 Feb 2022 07:11 AM PST

    Hey folks

    Is there a node explorer out there? Something where I can input the rpc of my node and get info on the specific node, such as the IP, uptime, etc

    submitted by /u/skdidjsj
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    Ethereum Whitepaper | ethereum.org

    Posted: 06 Feb 2022 04:32 PM PST

    Question on an issue transferring ETH from Coinbase to Coinbase Wallet

    Posted: 07 Feb 2022 07:18 AM PST

    Disclaimer: I don't think this is an ETH issue, but a Coinbase issue. I have also posted this question on r/CoinBase to try and get answers. I am just hoping someone knows what this issue is and how to fix it.

    I am new to this community, and I have done a lot of Googling and I can't find an actual solution to this problem: I have some ETH in my Coinbase Account, and would like to transfer it to my Coinbase Wallet. It won't allow me to transfer the amount I want, only like 3% of my total ETH supply. I would like to transfer it all if I could (or close to it) but it just isn't allowing me to do so?

    As I was getting into crypto and researching best practices, everyone kept saying "use a wallet, it's more secure." so why won't Coinbase LET me be more secure? I'm not waiting on any transactions to finalize or anything like that. Can anyone help? I have seen a lot of posts with replies saying "I'm having the same problem" but I can't find a cause for this or a way to fix it.

    submitted by /u/LinkMoo
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    PvP vs PvE - The Daily Gwei #432

    Posted: 07 Feb 2022 06:11 AM PST

    It charged me $3.50 but etherscan says the fee was $14

    Posted: 06 Feb 2022 09:35 PM PST

    I don't quite understand why, when I send some SHIB over from Coinbase Pro to CryptoDotCom using ERC20, it says the fee is 139,000 SHIB, which is $3.5, but the Etherscan says the fee was in ETH and it was about $14.

    So Coinbase Pro lose money to help me transfer?

    I supposed Coinbase Pro didn't send it by BSC or Cronos since CryptoDotCom has such option to receive it, but Coinbase Pro doesn't have an option to choose which blockchain to send with.

    submitted by /u/CJ_Euler
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    More On Censorship in Crypto & Tech In General

    Posted: 07 Feb 2022 08:09 AM PST

    I have bad news for you folks, but if...Breitbart made a Dao and ENS clone, and promoted web3 to christians, you in theory have 100 million people who won't cancel conservative devs. Coastal people live in a complete bubble with no grasp on the sheer number who disagree with them

    ​

    and I say this as someone who *has had several lifetimes too much Catholicism* to do me. I want no part of it, but I know what Jesus Land is, and it's about 100 million people who disagree with you. This lack of awareness liberal tech people have is profound.

    ​

    Like what this boils down to, is coastal liberal Gen Z and Gen Y act like Web3 belongs to them, they represent it, and none of other 7.9 billion people who disagree with them on virtually everything will join in on their hyper american centric bandwagon.

    Woke is hegemonic world view that requires gate keepers, it is a continunation of the Cecil B Rhodes, Ruyard Kipling mindset, and will continue in many ways everything it claims to aim to change, this is due to mass psychology involved in group behavior and group narratives when mobs begin to do 'cultural revolutions' to impose collective freedom against individual freedom.

    ​

    You need to learn about Operation Choke Point, and Visa Merchant Termination Lists, Woke will lead to Web2 on the blockchain, they will use domestic terrorist laws against people to justify using narcware, doxxing, backdoors, multisig confiscation mechanisms, sanctions, and freezes, via the banking secrecy act and collusion between major crypto companies and the federal government.

    ​

    Coastal americans will basically ruin the space for all the other cultures of the world who use permissionless crypto as a lifeline, by forcing their views, and their laws on the globe through the pure power and force of the Treasury and FinCen and Federal Courts and Prosecutors.

    ​

    No group as censorious as the average well to do tech person in the Ba area should be telling us how to run this industry, and how to make open platforms for 168 countries and thousands of languages, creeds, and beleifs. They will sell us out, they're vangardist.

    If you don't like freedom of association and people you disagree with using permissionless networks, crypto's not for you, you should stay in statist fintech kyc banking land.

    submitted by /u/samdane7777
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    Good Gwei big V unveils Layer 2.0 [Criticism/Satire of big V's and Ethereum Foundation handling of Eth 2.0][Hope Mods don't do a CCP on this one if they claim to represent core values of Eth and tolerate satire]

    Posted: 07 Feb 2022 07:22 AM PST

    How to stake ETH on the iOS Ledger Live app after the “discover” tab disappeared?

    Posted: 06 Feb 2022 11:59 PM PST

    What platform are you staking eth2 on?

    Posted: 06 Feb 2022 04:30 PM PST

    ENS Developer Booted For A Controversial Tweet From 2016

    Posted: 07 Feb 2022 08:21 AM PST

    NFT ownership is bad, misleading and wosrt unenforcable for Ethereum/Decentralization Ethics and Morals [Unpopular Opinion/ Criticism]

    Posted: 07 Feb 2022 08:19 AM PST

    NFT's do not actually prove ownership of digital media in digital, [most importantly] legal or physical realms aand the worst part is the overheads and cost in maintaining this concept of Non Fungibility both in terms of programming complexity as well as physical reality. ERC 721 should be scrapped. Blockchain has it's uses but current enviornment is doing more bad than good for adoption of this tech. As Vitalik once said if you can manage with Excel you don't need blockchain, but in todays cryptosphere it is more of Excel is outdated because blockchain. I guess greed, anarchy and lack of ethics are the main drivers of the current trends. Somethings are to change but current direction that I see is ETH burning itself to ground.

    ​

    https://www.youtube.com/watch?v=0pWTRsztTtY

    submitted by /u/UInt86
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    Can I use the Ethereum logo in the background of my NFT?

    Posted: 07 Feb 2022 02:04 AM PST

    Hi guys,

    I'm wondering if anybody can give me an insight on whether there will be any copyright issues if I use an Ethereum logo in the background of some NFTs that I plan to sell?

    Thanks in advance

    submitted by /u/wooderson197
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    If You Ignore (or Defend) The Censors, They Will Come For Our Industry Next

    Posted: 06 Feb 2022 07:42 AM PST

    If You Ignore (or Defend) The Censors, They Will Come For Our Industry Next

    I a m a degenerate gambler (not really, I'm a quant), but I'm telling you that we are at the point where using crypto exclusively to get rich is not the point. You need to be saving your rear end;

    and by that I mean we *must* *must* *must* build unconfisctable, uncensorable, full stack web 3 social media, with ENS and IFPS and the front end and back end, it cannot be something that gets turned off.

    Yes, I am talking about Rogan, and if you are against him, I don't care, you're not quick enough on the draw to read the room. The same people after him have been after us off and on the last four years, and now they're going on about the climate, and NFT's and every conceivable concern troll. (Just look into Dave Troy).

    The censorship deplatform debank Washington apparatus is one in the same, and they intend to come for DeFi hard. If you're one of these people that thinks you can just "behave and do the right thing and not say naughty words, only bad people that deserve it get it" you are absolutely clueless and it won't do us any good. We need people who *get it* , like they need to build this technology, immediately.

    submitted by /u/samdane7777
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    Educational Post - Tutorial - How to use Metamask

    Posted: 07 Feb 2022 01:07 AM PST

    For those of you out there that are still in the beginning or for the ones that still don't know how to use Metamask, here is a tutorial. I would love to know if you found this to be useful.
    https://youtu.be/thGsINiUn3Q

    submitted by /u/Emulion
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    Replenish a Goerli Faucet?

    Posted: 06 Feb 2022 11:19 PM PST

    Hello everyone!

    I operate a small Goerli faucet that uses a simple reCaptcha / non-social media restriction. I operate this for fun, to give back to the community, and to assist some developers. Like most faucets, I'm running into depletion issues, so I have a couple of, questions.

    1. I read that Goerli was given a monetary value at one point and caused a massive drain to the faucets. Is this still an ongoing issue?
    2. Where do the large faucets get their Goerli contributions? Is there someone I can reach out to?

    I had fueled the faucet myself for over a year with Goerli I acquired during testing. I didn't want to make my faucet private, as that defeats the purpose of contributing to the community.

    Thanks for any insight!

    submitted by /u/LittleMonsterMine
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    Is Vitalik right... future is multi-chain vs cross-chain?

    Posted: 06 Feb 2022 03:37 PM PST

    Didn't think much of Vitalik's post in early Jan, but after last week's $326m wormhole hack on Solana... got to wonder if cross-chain bridges are ngmi. After all, Jump Trading can't keep bailing out chains hacked using faulty bridges!

    In small circles, BTC and ETH whales getting excited about direct integration between chains. Is BTC, ETH and ICP the only chains working on multi-chain direct integrations? When BSC, DOT, SOL, ADA, XRP, ATOM, etc? Is this what Vitalik had in mind when he downplayed bridges and pumped "multi-chain"?

    submitted by /u/lyvren
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    NFT ‘Color Museum’ Claims You Can Own Hues & Gain Royalties From Them

    Posted: 07 Feb 2022 04:59 AM PST

    I don't know what to do...

    Posted: 07 Feb 2022 08:11 AM PST

    This just happened. I don't know if or how to respond to her. I showed her my nice new fanart desktop wallpaper with the ETH logo in the back. She said: ''Hey I remember that sign! iTs tHe SiMs"'.

    What should I do? I'm panicking.

    submitted by /u/Volt1C
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    Resources for Criticism and Use Cases of Crypto

    Posted: 06 Feb 2022 06:00 PM PST

    Hi all!

    Recently I've been struggling to find compelling reasons to invest in the future of cryptocurrencies. At first I was drawn in by the idea of decentralisation but it seems to me as if there is actually very little decentralization going on and I'm not even sure if real decentralisation is that doable/desirable at this point.

    I feel like the bad crypto currently does in the world outweighs the good. The fact its so easy to lose your money by sending to a wrong address and hard to find the genuine projects in a sea of scams are just some of the things that makes me skeptical about the future of the industry. I'm struggling to see exactly why the total crypto market cap is in the trillions.

    Does someone have any resources (videos,debates, articles, reddit threads) that detail both criticisms and proper use cases for crypto? I'm looking for proper, detailed discussions and explanations about the broader vision of the industry as a whole so I can be more informed.

    Thank you :))

    submitted by /u/Working-Nose-5606
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    Ethereum & Centralization

    Posted: 06 Feb 2022 12:01 PM PST

    Dear Ethereum community;

    I'm very curious about one issue about Ethereum. On twitter i always see this "Ethereum is centralized" topic. It looks like everyone stake their ETHs (because a majority of people cannot afford to 32 eth) and they locked their ETHs on centralized exchanges. And most of them are on Kraken, Binance and sites like Allnodes.

    ​

    Isn't that hurting the decentralization leg of ethereum? AWS and other exchanges are totally centralized. US government might shut down the AWS easily (or Don't get me wrong i'm not attacking Ethereum, just trying to figure out how this problem will be solved.

    ​

    Thanks for your valuable responses.

    submitted by /u/isdudu
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