T O P
Tricky_Troll

**Tricky's Daily Doots #63** Yesterday's Daily 20/06/2022 [Previous daily doots](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id1mmja/) - Is u/General_Illus a [stupid man?](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id2xhjt/) - u/Pa7x1 is [putting in the hard yards](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id1hevd/) for mainstream crypto education. 💪 - u/KBrot market [update.](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id1f15x/) - u/kainzilla's RocketPool [check up.](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id2tui6/) - u/Lazy_Physicist loves [being here.](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id3ervm/) ❤️ - Sepolia testnet beacon chain [goes live.](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id2jtqe/) (u/eth10kIsFUD) - u/quadraticsharting's [bear market memories](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id268kj/) - u/Wulkingdead takes at look at [Ethereum's TVL compared to other chains.](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id16y7l/) - u/ZeroTricks's today in [Ethereum history.](https://old.reddit.com/r/ethfinance/comments/vgdfn4/daily_general_discussion_june_20_2022/id0yuqe/) **Hodlercon Day #4:** We went *phishing* and caught a [beautiful mermaid.](https://i.ibb.co/sscz4Jn/Screen-Shot-2022-06-21-at-12-04-34-AM.png) Another [view of the mermaid.](https://i.ibb.co/fQ5LCcL/7-EC493-C6-450-E-4629-8679-B9-AF076-A4440.jpg) There was also a live band karaoke rendition of Rick James's Super Freak with new lyrics "Super Phiz".


nllfld

I understand that you are hurting. But why though. Life is full of opportunity cost. Just look ahead and buy Cardano. JK lol, fuck Cardano hahahah.


Hocilef

50DAi/lenster profile sigh 😔


not-ngmi

Probably won’t even hit 1k comments in the daily today, you heathens.


Mhotdemnot

This is a good sign


nllfld

fugg you mayyn


I_haven-t_reddit

Outside of ETH, what crypto/tokens do you think you will try to accumulate when you believe the bear market has bottomed?


hotandsoursoup

SNX looking really good right now


ljeezy187

LINK and DOGE. Don’t underestimate the power of memes


CryptoMonger

Doge, youth and enthusiasm can make quite the powerful combo.


ModeratelyTortoise

LINK


ProfessionaIAct

CRV, CVX and may be SNX


nllfld

rETH


lawrenceGQ3

rpl


franzperdido

Bags are heavy... But i recently read some post here in the daily that was not as optimistic about the "investment thesis" which was floating around a couple of years ago (has it really been that long?). Still hopeful, though!


crazdave

If I *only* care about stacking ETH, should I participate in the Arbitrum Odyssey?


REALJohnBMacLemore

Only for flippertunities^TM and airdrops.


Yeopaa

Potential airdrops maybe. Some projects might have pumps at the onboarding of new people. Could be worth buying their tokens (eg Ideamarket) a few weeks before their Odyssey week begins. Hard to say.


anguier

You could imagine an Arbitrum airdop where they do a bonus (say 1% for each NFT) on top of the base amount you receive. (To be clear, I have no idea if Arbitrum will even get a token.)


BeBopNoseRing

Can collect a handful of NFTs and hope to flip them sometime down the line?


headwar

How to buy multiple ens at once?


Mhotdemnot

I really like this site https://www.ens.vision/ It allows you to register in bulk which saves a lot on gas


savage-dragon

Given how sadistic this market is... I don't think max pain is here. I think max pain will come once 95% of all hopes have been crushed. And that won't happen after a straight dump from 3500 to 1000. It'll happen after a dump from 3500 to 1000 then pump to 2500 and then another straight dump to the absolute lowest pits of goblin town. Not saying it'll happen just saying that's what, psychologically speaking, is gonna cause max pain. Just like that fake pump to 850 and then dump to 80 fucked is over in 2018.


REALJohnBMacLemore

This just a bathroom stop on our road trip to $150k. Don’t forget the beef jerky.


mikron2

Can we get up to $3,500? I feel like we didn’t get enough opportunity there and would like another shot at it before 2025.


BigglyBillBrasky

Could we not use terms like "max pain" and "95%" in the same sentence please...(clutches AED and a chilled Vitalik Buterin to his chest)


I_haven-t_reddit

Lol welcome to team bear. The challenge is these dips and pumps for ETH kind of have a time limit. We are 3 months away from the merge (if there aren’t yet more delays). Once the merge happens we are in a whole new world in terms of price discovery since so much structural sell pressure disappears and ETH becomes significantly de-risked. So if ETH continues to drop fast then we can reach a very low number, there’s almost no floor to where it could land. But if it’s a gradual decline then at some point the opportunity cost of the merge factors into decision making and it becomes very hard for bears to keep pushing the price down when people know 95% of structural sell pressure is gone and we need a period of time for new price discovery. Bears need to make the most of pre-merge and be relentless right now.


jp0417

What about current staked eth coming unlocked?


I_haven-t_reddit

Won’t happen until at least 6 months after the merge. Given that ETH developers always miss their projected timelines it could even be up to a year after the merge before staked ETH can be withdrawn.


jp0417

Are you sure that’s after the merge?


stablecoin

It is. It’s the next update after the merge but it won’t happen right away, devs estimate 6 months after. Plan for 12 to be safe. In that time, the staked ETH will not be able to be sold and only tips can hit exchanges.


elixir_knight

yes


HauntedJockStrap88

People won’t know until they see number go up after the merge.


less338

O


Mhotdemnot

No, u


monkeyhold99

Anyone using multiple accounts for Arbitrum odyssey? Trying to figure out if it's worth it or if I'm just wasting ETH lol


TheOnlyHodlerInCuau

You're wasting ETH in my opinion. Projects are working directly to avoud sybils, Odyssey can easily be sybilled, so if you're doing it for an airdrop, chances are its not going to be a factor in eligibility. Edit: however NFTs could gain some value, who knows?


Ribilla_

People will not the hell out of the airdrop NFTs, I don't think they are going to be worth anything. Same as the optimism NFT.


SpontaneousDream

Arbitrum odyssey bridging lasts for a week right?


Yeopaa

Yeah one week, it closes on June 27th 12:59pm EST.


billysisouk

Can anyone please help, looking to try and sell my eth on Binance, it’s says I’ve got 3.1 coins worth but 0 unavailable?


PinkPuppyBall

If you're looking on "your" address on etherscan then it's not actually your coins. Binance handels your balance in their own databases, not on chain.


skidseverywhere

oh hi snax Couple days ago someone said something like 'looks like SNX is getting repriced'. Absolutely. I'll take fundamentals being priced in during a bear market.


usswsbregrets

I was just curious what the volume was like with snx trading these days and saw the highest volume with an exchange I have never heard of? P2PB2B. google says it's based in the UK but it has 15% of all snx volume traded today (per Coingecko.) ​ Nothing else to say really. Just thought that was interesting. Have you heard of that exchange? edit: Ok it's actually second to Binance (23.62%)


skidseverywhere

Interesting, I have not heard of that exchange


stablecoin

Bear market coin is back.


skidseverywhere

Infinity


SuddenMind

What’s the best place to trade? Dex or Cex in your opinion? I have 1 ETH and I want to try to get it up to 10+ ETH. I’m in the US so there are some CEXes/DEXes that I can’t use.


Spacesider

I would use a L2 dex. Loopring or Arbitrum/Uniswap.


Lets_go_ride_bikes

Loopring doesn’t have nearly as deep a list of tokens to swap, but it is very inexpensive.


Spacesider

That is very true, I guess it really depends what they want to trade.


scarecrow4554

Try gmx.io on arbitrum. You'll be able to partake in Odyssey and scratch your itch all in one go. Just be careful with leverage...


SendN00dles1

Cap.finance on arbitrum has 50x leverage.


Yeopaa

Seconding cap. The layer 2 gas fees make it great imo. When I'm bored at work sometimes I take 0.05 eth and long/short it to see how high I can get. You only need to make 0.0003 eth to cover the gas costs. 🤗


suclearnub

This is like fucking crack isn't it. Must be addictive.


SuddenMind

I’m not a big leverage person. Just want to be able to flip between different coins and also short potentially.


SendN00dles1

U don't have to use leverage. I think it's 0% trading fees still.


SabishiiFury

Sounds like the best way to get it down to 0.01


SuddenMind

I’m sure you have a small % of your portfolio that you are more degen with- I think it’s a good thing


Burnqc

If you have to ask between cex or dex then no, it's probably not a good thing.


masterRoshi9

Heads up for any CVX holders in here, there’s a massive unlock coming the 30th of this month https://www.theblock.co/post/153321/convex-liquidity-declines-amid-imminent-126-million-token-unlock


jtnichol

Can you please change the short url to the full url. Cheers


masterRoshi9

Done :)


jtnichol

Heyooooo


crumbumcrumbum

>"But come June 30, about 27.4 million CVX coins worth over $126 million will be unlocked, according to this Dune Analytics dashboard. This figure amounts to over 27% of the total Convex token supply." >"These unlocked tokens are the first of 16 unlocks for vote-locked CVX tokens that will happen once a week from June 30. In total, 52.2 million CVX tokens will be unlocked. " Vote locked CVX unlocks every 16 weeks, so while this week ha about half the overall vlCVX unlocking, this is just the usual cycle. 52.2 million is the total number of locked CVX. This isn't some initial unlock for people receiving CVX as an incentive. Nearly 16 weeks ago, the locking contract was redeployed, which unlocked everything and required relocking. Hence, half the overall CVX relocked right away. It's too bad there's a big "17 year cicada" type spike in the unlocking, but my (worthless) guess is that most of that vlCVX relocks, instead of sells for a big loss. Though maybe I'm misunderstanding the market mood or how much of the vlCVX is held by possibly insolvent institutions.


masterRoshi9

Great insight! I do remember the re-lock as a result of the newly deployed contract, and I figured this was as a result of that. I think people consider selling just because of the market conditions, although bribe yield is still very high


behind245

Anyone know where I can find the UI (assumes if it exists?) that enables self-delegating $OP?


Fuego710

It's here: https://app.optimism.io/airdrop/delegates Under the title "**Choose a delegate**" there's a paragraph of text. The last line reads "**You can *delegate to anyone*, including yourself**", click "delagate to anyone" and a window will open allowing you to enter your address.


behind245

Ah ha! Thank you.


Revanchist1

Where are all the pictures from hodlercon?


Etereve

Here's one: https://imgur.com/a/eySQPV4 There are others in the Discord: https://discord.gg/zAXHY5SxAA


ThenOwl9

Can I just saw how absolutely refreshing this sub is! I'm so happy to be here! After years in all-bad crypto subs, what a breath of fresh air. It's disguised in this daily gen thread, which is very clever of y'all. In any case, yay!


lawfultots

About 50 of us are in Hawaii right now for our first meet-up, turns out r/ethfinance people are even cooler irl than on the keyboard. Everyone is so welcoming and fun to talk to, not an ounce of pretentiousness among them.


ThenOwl9

That's so awesome! Thanks for sharing. If there will be another one sometime soon and y'all don't mind, would love to join.


lawfultots

All are welcome, some lurkers joined us, friends and family and kids too. Don't know where or when the next one will be, probably next summer? Beachbum NFT holders are going to vote on it


sharkhuh

We the stealth best eth subreddit


Dracgnar

I'd say cryptö in general, we always have high quality discussions about anything else going on in the ecosystem


sharkhuh

Agreed. I think we try to be the least bias we can for being a eth maxi sub, lol.


ThenOwl9

mos def


Yeopaa

Welcome :)


ThenOwl9

Thanks! :D


I_haven-t_reddit

UK inflation comes out in a little over 6 hours. Who’s excited? Any predictions if it’ll be above/below the 9.1% consensus estimate?


Yeopaa

I'd like to be the optimist and say below. Theres at least been a gentle reprieve on global food prices as wheat and oilseed fall. But I just can't see it being below realistically. With the rail strikes, people calling for Andrew Baileys head and several sources pushing young people to trade stocks rather than make use of cash ISAs this week I can see it being over 12% by autumn.


henkgaming

I think it’s going down, housing market here already has some cracks, same for job market


oblomov1

Also Papa Powell speaking twice tomorrow.


I_haven-t_reddit

Always a treat. Guess we’ll get some nice volatility for a few days.


domotheus

So I initiated a withdrawal of 0.7 ETH from Bancor V3 a week ago and now that it's been 7 days I can finally hit withdraw, but it says ["Final amount: 0.4 ETH"](https://i.imgur.com/EBI4wwv.png) Does that mean if I go ahead and finalize the withdrawal I effectively got rugged 0.3 ETH? I thought I was safe since I initiated the withdrawal way before they paused the IL protection, but guess not. Is my best bet to just cancel the withdrawal and wait for IL protection to come back?


anguier

It's a tough decision you have to make. Either take the loss now or wait. If you wait you may get it all back or lose more than 0.3 ETH. The big concern is if the BNT token collapses completely in value due to the trust lost. They will need to pull something off soon to save the situation. At this time, I am going to take the loss and if it makes you feel better, it's a lot more than 0.3 ETH.


ThenOwl9

I'd wait (they're getting so much flack they'll have to reinstitute it soon to have a shot at being viewed as trustworthy IMO), but hope your ultimate goal is getting your stuff off their platform.


Papazio

Busy day today eh? Trail Of Bits DARPA research, EF Fellowship, Uniswap acquisition of Genie & USDC airdrop, Lens profiles for $50 Gitcoin GR14 donations, FTX credit line for BlockFi, Arbitrum Odyssey begins, Polygon zkEVM in July tease, Metamask improved fiat onramp including L2s, Vitalik upgrades microphone.


Syentist

Vitalik did a new episode? Which podcast is that on


Papazio

Not sure. I just saw a pic of the new mic with a make shift stand using TP.


Daliroth

Metamask improved fiat onramp including L2s? Had to follow the theme, but I didn't see this anywhere - do the fees look competitive with other onramps? Also opened my Metamask and didn't see any options under buy which support it.


Papazio

Soon… https://twitter.com/metamask/status/1539310860350332934?s=21&t=KIOO6il4Ocjy8sadj6bN9A


Bob-Rossi

USDC airdrop?


Papazio

https://nitter.net/Uniswap/status/1539306970653806592#m


Bob-Rossi

Oh well, but thank you


not-ngmi

For users of [genie.xyz](https://genie.xyz) prior to April 2022. They will still be doing an airdrop, but they were acquired by Uniswap, so the airdrop will be delivered in USDC instead of a new token.


headwar

2x users


usswsbregrets

Genie said they will be doing an airdrop even after the Uniswap acquisition in the form of a USDC airdrop ​ edit: to be eligible depends on if you used Genie before April 15th


TAKgod123

Lens profiles?


usswsbregrets

See: https://claim.lens.xyz/ I don’t know much about it. It’s like a web3 Twitter maybe?


Papazio

Think bigger. Lens is building base layer social legos for composable and portable profiles where users own their data and any potential monetisation of it.


headwar

Wasn’t that what status built?


Papazio

I’m not sure, I remember Status but never really understood it. After their strange launch party it seemed to disappear. Was Status a social graph? Have a look at Lens, it is from Aave and there’s third party builders creating front ends for it such as Lenster.


Papazio

https://nitter.net/LensProtocol/status/1539311418339516421#m


Ribilla_

How do we feel about PoolTogether, especially from a safety perspective in these adversarial times? I've used it in the past with no issues at all, but thinking about moving a more significant amount in.


usswsbregrets

I've used Pooltogether (mainnet only) since inception. I had a decent stack of stables so snagging a nice weekly DAI or USDC top prize draw happened to me (more than once) before they changed the payout settings. So I may be skewed in opinion one way because of that but I also think the changes to winnings has been a good thing too and better for the overall health of the protocol. Right now, I think It may even be economical to actually use it on mainnet again due to (temporary) low gas fees. Although, with the new reward structure I still believe you're way better off utilizing the Polygon version of PoolTogether (PT). edit: Important note if you haven't used PT lately, the small draw winnings ($5, $50 makes no difference) are all separate claim transactions so your claim gas fee can get very high very fast on mainnet. ​ So really what I think you're asking is if polygon is safe enough to use PT. Because I think PT is top notch and has proved itself to be a reputable project, my biggest hang-up with putting any significant coin into PT would be trusting the polygon/matic team. From a non-technical viewpoint, they seem to be trustworthy and the network seems to be running just fine even with the recent drawdowns. I have used the network various times in the past with significant (to me) sums of coin. Polygon/Matic seem to be working to enhance, rather than detract, from the eth ecosystem and they haven't had any serious negative news lately that I've seen.


Ribilla_

Thanks for your thoughts, appreciate the write up! I'm already on Polygon and have similar feelings to you, so I will begin to move to PoolTogether. I have been priced out of mainnet somewhat, having only arrived here in mid-2021 (the low gas now makes the occasional transaction okay). So I am a native of Arbitrum and Polygon.


usswsbregrets

Gotcha. Nothing wrong with taking advantage of the scaling solutions! Once upon a time there was an ethfinance DAI pod back in the old pools. I don’t think it ever won sadly but there was over 250k DAI in there at one point I think. So there’s a fair amount of ethfinanciers who have dabbled in the pools!


Ribilla_

I remember reading about the pod when I first discovered EthFinance. At that point I had a fraction of and ETH on Robinhood and understood nothing that was said.


Aggravating-Ear6289

if you are sad that you bought Looks tokens that went down in value, it could be much worse. Ypu could have spent $130m for 8% of Magic Eden https://techcrunch.com/2022/06/21/magic-eden-raises-130m-hitting-unicorn-status-at-1-6b-valuation/


Lazy_Physicist

Honestly I'm still mulling over buying looks because of their weth fee distribution. But I havent pulled the trigger yet because I have no idea how well looksrare is going to do in the nft marketplace space. Feels like something that could have multiple new competitors eventually pop up and blow them away.


Jey_s_TeArS

>**At last a brief lull,** >**Shaken out an empty skull,** >**Unwanted or dull.** ~Daily haiku until we’re at least at 0.178 on the ETH/BTC ratio or highest market cap


believeinapathy

Trail of Bits that was contracted by DARPA, released a report saying Bitcoin and Ethereum are impossible to decentralize. [https://twitter.com/trailofbits/status/1539171350027423744?s=21&t=NT4V13mPpDyD0uMYQjJ6NA](https://twitter.com/trailofbits/status/1539171350027423744?s=21&t=NT4V13mPpDyD0uMYQjJ6NA) "Governments, ISPs, or somebody running a Tor exit node, can control how you spend your cryptocurrency." Fresh bear market FUD.


Spacesider

That is so laughably incorrect, but non-crypto people will still believe it.


domotheus

"Key findings" from the report for the lazy: >* The challenge with using a blockchain is that one has to either (a) accept its immutability and trust that its programmers did not introduce a bug, or (b) permit upgradeable contracts or off-chain code that share the same trust issues as a centralized approach. >* Every widely used blockchain has a privileged set of entities that can modify the semantics of the blockchain to potentially change past transactions. >* The number of entities sufficient to disrupt a blockchain is relatively low: four for Bitcoin, two for Ethereum, and less than a dozen for most PoS networks. >* The vast majority of Bitcoin nodes appear to not participate in mining and node operators face no explicit penalty for dishonesty >* The standard protocol for coordination within blockchain mining pools, Stratum, is unencrypted and, effectively, unauthenticated. >* When nodes have an out-of-date or incorrect view of the network, this lowers the percentage of the hashrate necessary to execute a standard 51% attack. Moreover, only the nodes operated by mining pools need to be degraded to carry out such an attack. For example, during the first half of 2021 the actual cost of a 51% attack on Bitcoin was closer to 49% of the hashrate. >* For a blockchain to be optimally distributed, there must be a so-called Sybil cost. There is currently no known way to implement Sybil costs in a permissionless blockchain like Bitcoin or Ethereum without employing a centralized trusted third party (TTP). Until a mechanism for enforcing Sybil costs without a TTP is discovered, it will be almost impossible for permissionless blockchains to achieve satisfactory decentralization >* A dense, possibly non-scale-free, subnetwork of Bitcoin nodes appears to be largely responsible for reaching consensus and communicating with miners—the vast majority of nodes do not meaningfully contribute to the health of the network. >* Bitcoin traffic is unencrypted—any third party on the network route between nodes (e.g., ISPs, Wi-Fi access point operators, or governments) can observe and choose to drop any messages they wish. >* Of all Bitcoin traffic, 60% traverses just three ISPs. >* Tor is now the largest network provider in Bitcoin, routing traffic for about half of Bitcoin’s nodes. Half of these nodes are routed through the Tor network, and the other half are reachable through .onion addresses. The next largest autonomous system (AS)—or network provider—is AS24940 from Germany, constituting only 10% of nodes. A malicious Tor exit node can modify or drop traffic similarly to an ISP. >* Of Bitcoin’s nodes, 21% were running an old version of the Bitcoin Core client that is known to be vulnerable in June of 2021. >* The Ethereum ecosystem has a significant amount of code reuse: 90% of recently deployed Ethereum smart contracts are at least 56% similar to each other.


o-_l_-o

No one can control how I spend my crypto. All they can do is attempt to censor me form submitting my transaction to the network, and all I have to do is find a single non-censored channel in order to get past them. They’re basically arguing that, since I can be kicked off of the internet by the govt or my ISP, internet technology isn’t as useful as it sounds.


domotheus

This endless chain of "ok but what if" lazy rebuttals is so annoying. I'd much rather be part of the crowd trying to find solutions to mitigate all these wild what-if scenarios rather than the crowd that seemingly thinks it's all useless because somewhere along the line you can get $5 wrench'd.


pocketwailord

I was in cybersecurity for many years and of course you can say to literally every client: "Your security and hardening is useless in the face of unified state actors attacking through ISPs, governments, or a bunch of people running in here armed with guns and plugging in their USB payload to hack your systems. But more likely through some outdated driver" No shit....wow what a revelation Ethereum and Bitcoin are resistant to such attacks but like any software, they're vulnerable. The goal is to move that threshold high enough where people are extremely disincentivized to do so, and would take a large coordinated effort to pull off such an attack. Is this FUD? I thought everyone in crypto knew this.


pocketwailord

I have respect for Trail of Bits, but reading the report is making me feel like someone did the bare minimum by putting this one to to the interns. One laughable finding was "The Ethereum ecosystem has a significant amount of code reuse: 90% of recently deployed Ethereum smart contracts are at least 56% similar to each other".. Did they think someone fires up Remix and starts from scratch every time? Software is iterative and has templates, of course it's going to be similarities. Wait until these researchers find out about stackoverflow and open source software in web2


KaiserMerkle

A developers job is 90% copy/pasting from stackoverflow lol


Aggravating-Ear6289

the reused parts are the parts that are the most battle tested and hardened


Fheredin

I want to see them try after the merge. Please do get slashed.


AltsAreTrash

Who called in the pump protection team


-lightfoot

Me, sorry, I need bargain pre-merge eth and this is my last chance Just a little longer…


oblomov1

Even after all... [https://youtu.be/KUadPehOXuI](https://youtu.be/KUadPehOXuI)


hblask

For anyone who was on the fence on whether it was worth it to come to Hodlercon, the answer is definitely yes. This is an amazing group. I'm not someone who seeks out socialization opportunities in normal life, so I wasn't sure how I'd do here, but everyone is incredibly friendly and welcoming. I think all who are here agree this needs to be a regular event. So if you skipped it this time, start gearing up for the next one. (We'll try to plan the next one around Superphiz's reproductive habits.)


throw353964246away

Always Hawaii or new location next year?


hblask

I believe the current consensus is every two years, and always a new location.


nixorokish

hard agree with all of this! i'm so pleased with how incredible this group of people is. hope to see you tomorrow, i didn't actually get a chance to chat with you/properly introduce myself yesterday after talking to your wife, before i hopped in the water!


hblask

Yeah, so far we seem to be just crossing paths


RestStopRumble

Did /u/evilphiz show up?


evilphiz

You rang? Ikr? Phiz doesn't have "reproductive habits", you have to do something more than once for it to be a habit, and that dude ain't got no habit.


KBrot

> We'll try to plan the next one around Superphiz's reproductive habits. r/brandnewsentence ...


krokodilmannchen

Superphizial.


hipaces

Been getting major fomo checking out the Hodlercon discord chat + pics.


llamachef

Reposting from the EthStaker discord in regards to the Kiln participant POAP: "EthStaker is proud to support the #TestingTheMerge initiative. We are offering a POAP to everyone who was involved in testing the Kiln merge testnet. If you setup a Kiln node with a validator that proposed a block, you can claim this POAP by going to https://nftychat.xyz/ and signing in with your deposit address. Check your Inbox. You should receive a DM from poapdispenser.eth with your claim link! @everyone" The DM icon on Firefox mobile was hidden behind my URL bar on the bottom left, if you also can't find it


communist_mini_pesto

The NFTs for participating are still in progress, right?


llamachef

I would assume so, idk, I just saw this on the ethStaker discord announcement channel


ZephyrFlash12

I’ve missed a few days worth of news (feels like a years worth lol). Can someone catch me up on what’s happened/happening with Bancor?


suicidaleggroll

Bancor is a platform that runs liquidity pools (LP) to allow trading. Normally when you provide liquidity to an LP you deposit both sides of the pair and then collect fees from any swaps made on that pair. These pairs are subject to impermanent loss (IL) though, if demand for one side of the pair is greater than the other, as the LP you'll end up lopsided on your liquidity, stuck in the coin with lower demand and no way to swap back for the higher demand coin without losing a lot on the trade. Bancor offers single-sided LP deposits though, where users only have to provide a single asset. In the back end these are basically LP pairs referenced to BNT. These single assets are protected against IL by Bancor basically minting BNT as necessary to keep depositor's balances in-tact. A large whale (Celsius) has been having issues lately, and they were sitting on an absolute shit-ton of BNT from years of providing liquidity on Bancor. They decided to dump all of that BNT, nuking the price. The drop in BNT price caused everyone taking part in Bancor's LPs to immediately suffer massive IL, causing Bancor to mint a bunch more to provide their users with the promised IL protection, dropping the BNT price further, increasing IL more, etc. Basically it started to death-spiral, not unlike Terra/Luna. To try to salvage the situation, Bancor temporarily halted IL protection, pausing the death spiral. That means no more BNT printing. It also means anyone who tries to pull their funds out of Bancor right now will have no IL protection, and will take a ~40% loss (deposit 10 ETH, get 6 ETH back). This was a calculated move, they're trying to force Celsius to withdraw and take the IL hit without making their other users pay for it. The *idea* is that once Celsius is gone and the situation stabilizes, they can turn IL protection back on. The problem though is that now nobody has faith in Bancor. If IL protection is just switched back on everyone will run for the exits and the whole situation starts back up again. The trick now is whether or not Bancor can find a way to turn IL protection back on without triggering a bank run. Here's their official statement: https://blog.bancor.network/market-conditions-update-june-19-2022-e5b857b39336


BoGGy5m4ll5

great summary. thanks kind internet stranger!


-lightfoot

That was a very very good and easily digested summary, thanks


headwar

Doesn’t affect v2 right?


anguier

Yes, as they suspended withdraws in 2.1. If you want to withdraw now you need to upgrade to V3. I am very pissed off as had waited in 2.1 out of caution and they unilaterally intervened and suspended withdraws... I have now upgraded and initiated a withdrawal. It takes seven days in V3. My thinking is that if the team can pull something off in the next week then I can cancel that withdrawal, if not, then I get out what I can.


headwar

Watt? I stayed in v2 to be safe from any bs-.-


anguier

Yep... I am not sure if they may reenable 2.1 in the future and maybe you could withdraw whole positions. But for me the risk is too great if they have merged 2.1 and 3. We don't know as the team hasn't provided an update. But yeah, it's really fucked eh. Seems like a few of us here... sitting in 2.1 out of caution and then they fuck us over by unilaterally changing it. So much for DeFi right.


SwagtimusPrime

lol exact same situation here. had some ETH in the v2.1 pool for over a year. now they're fucking me over. thanks a lot, Bancor!


anguier

Yep... it's pretty fucked up... with ETH might be lucky to get half of it back.


suicidaleggroll

I'm afraid I don't know


ZephyrFlash12

I love you, thank you for this. I've got a not so small amount in V3 so here's to hoping I don't get banged up too bad through all of this.


suicidaleggroll

Same here. What I’m hoping they do is slowly scale IL protection back up, something like 1% every 1-2 days. People who don’t trust them anymore will bail at the beginning with basically no impact on the network or other users. People who decide to wait it out for higher IL compensation will gain more confidence in the system over several months, and will hopefully end up staying for the long haul. Maybe Bancor could add a much faster IL vesting for new deposits to encourage people to join the system to help offset the BNT impacts of those that trickle out over time. I’m not an expert though, it’s possible that approach might have its own problems.


anguier

This is a really nice summary. I would just add that the team had very aggressive liquidity mining in their previous version (2.1) and they are saying that this is adding a lot to the problem. V3 had cut down on this but not in time... People are very panicked and are getting out without their impermanent loss protection. Have a look at this Chainlink LP who just took a hit of 173,000 LINK when they withdrew: https://etherscan.io/tx/0x0d50c7739e81b9ff1c954f2f11beddc70c1770e32921ec3067154ae18ce0be12 They had provided 400,000 LINK so lost 46.7% of their initial amount. Let's hope the team can save it... apparently an update is on it's way.


stablecoin

Apparently it’s better if more people withdrawal without IL protection because the amount owed by the protocol reduces. So being patient and trusting can pay off if enough people bail, then others see the damage healing and fees still accruing and decide to stay in. That’s my hopium at least.


anguier

Doesn't that assume that BNT remains stable though? I think the big concern is BNT collapsing as people dump it when ILP comes back.


stablecoin

Yeah, there's still a lot that can go wrong here. It would still be worse if people weren't taking the IL haircut from a recovery standpoint.


suclearnub

Bancor has IL protector for its LPs by paying out any IL using their own BNT token. IIRC, Celsius was a major user of Bancor, and they were going to pull out their LP and dump lots of BNT. To prevent a death spiral Bancor paused IL protection.


Chapo_Rouge

So I tried accessing Uniswap over IPFS with ipfs-desktop + ipfs companion web extension and while I can load the Uniswap link just fine, I can't seems to add any tokens from [tokenlists.org](https://tokenlists.org), odd !


[deleted]

[удалено]


IronicSpeech

Another explanation is that most of its liquidity is tied with eth, not usdc, same as many other ERC-20 tokens. That's why the price in ETH is a better metric of performance than fiat price.


Hocilef

Thanks


cryptOwOcurrency

Because people and bots generally buy it while buying other things, and generally sell it while selling other things.


Hocilef

It makes sense thank you


IlIIIlIlII

"Beta" - it's just how markets work


permissionlessrock

[historical state pruning](https://twitter.com/peter_szilagyi/status/1539183240799563776) for Geth finally coming


Syentist

Avalanche devs - we worked really hard to finally implement super pruning. We continue to buidl through the bear!!!


not-ngmi

I tried to ask on twitter, but maybe someone here knows… Is this basically the same thing as “online pruning” in Erigon? The functional implication is that (upon release) I won’t have to prune geth anymore?


permissionlessrock

yes you're spot on


mikron2

I’ll take Shiba’s 32% pump for us


pr0nh0li0

Those pumps are actually good for Eth holders That is to say it's my favorite meme coin because meme coin enjoyoooorrs pay us to use it. Shib has burned 10 ETH in past 24 hours alone. They get their memes + security guarantees of ethereum, we get paid. Everyone wins.


IronicSpeech

wtf I love shib now. Gotta defend it from dogecoin and its bsc clones now.


Stobie

SHIB is semi loyal to eth to thanks to VB and gitcoin treating them much better than they could have.


stablecoin

Shib > doge


oblomov1

It's interesting to see selected DeFi tokens (SNX, CRV, CVX, AAVE, etc...) keeping good relative strength or even rallying through this pullback of BTC & ETH from resistance.


TheHighFlyer

Tbf, they're all beaten down pretty heavily, have a high probability of being here during the next bull cycle and a money flow / incentives attached. It doesn't hurt to have a small exposure to them, especially as they're pretty illiquid. They can pump tremendously


c0mm0ns3ns3

aaaaaaand it's go......


stablecoin

..oing going, back, back, to Cali


pnwEther66

Go?


KingLeo23

https://beincrypto.com/tether-prepares-full-audit-to-improve-usdt-reserves-transparency/


IronicSpeech

This might actually be the most bullish news I've heard in a while. If tether is clean, that's the biggest black swan gone, other than like satoshi waking up and sending all their coins to an exchange.


ModeratelyTortoise

Hop Protocol already has a massive lead for Arbitrum Odyssey


SpontaneousDream

When is the last day for users to bridge? We have a week right?


ModeratelyTortoise

Yeah, and it started today


ProfessionaIAct

yeah.. i saw that they are now giving a POAP to anyone using their bridge


accountaccumulator

Speculation that FTX may be going for a loan-to-own with the recent $250M revolving credit facility signed by BlockFi, i.e., BlockFi may go belly up despite the loan. >BlockFi is untenable even after the Alameda loan >I have them burning ~$350mm in 2022 and w/ negative gross profit >Calibrated 'leaked' financials for >- Lower retail volumes (in line to q1 actuals) >- Higher borrowing costs due to rates >- Normalized credit loss >- New RCF interest https://twitter.com/0xHamz/status/1539256060225146885


SpontaneousDream

So glad I took everything off there


oblomov1

Gotta love how the "leaks" conveniently only support the bear case, and instantly appear to countervail anything that undermines their heavily promoted thesis.


Maswasnos

Ouch. Out of curiosity, what happens if I have a BlockFi credit card and they go under? Does their credit card service just continue under FTX?


TheHighFlyer

Withdraw everything, there are no guarantees


Maswasnos

I don't actually have any funds there, I only use their credit card for the rewards and I pay the full balance each month. I'm just wondering what happens to my card if BlockFi goes under.


maninthecryptosuit

Memento, souvenir, keepsake, a reminder.