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I thought today (July 5) might be the day we break $2K, but we didn’t and we seem to be receding right now.
Which leads me to ask, having lost sight of the /r/ethfinance pulse:
What’s this community’s sentiment with regard to the next few months? Are we still stuck in a foreseeably long bear? Are we at the cusp of a crypto spring? Are there trigger points (such as the Blackrock ETF’s approval, or the XRP verdict) that you think must happen before this is even decidable?
spez: thank you for the replies. I love that among four replies, one says surge up, one says crab sideways, and one says drop back down to the local low.
Spring/bull is imminent IMO. Price action seems to support it. I am not saying that we won’t get another major leg down, but I think we have bottomed for now. We can range here until most people reach apathy (I’m mostly here) and then slowly surge upwards (I think we’re near here)
I think we’ll be going sideways for a while still, but without anything tangible to base that on
Slow grind up still, but most of the volume are existing holders playing musical chairs with their holdings.
When the music stops, don’t get caught holding the wrong narrative. Right now the right thing is defi, it changes with the wind.
There isn’t enough retail yet imo for a bull market this year, hope I’m wrong 😅
Echoing @laughingmime… it’s gotta come with volume. There’s just nothing there right now. It can be a pump or a dump, but something’s gotta give. No one outside the holders cares about crypto right now sadly. It’ll return though. It always does.
If I’m remembering right, @kbrot believes the Nasdaq is likely to correct around 10% in the next few months following its huge gains in the first half of the year, and eth could retest $1400 or lower around October.
Blackrock refiled the ETF specifically listing Coinbase as the exchange they would have a surveillance sharing agreement with. Pretty funny that all these tradfi behemoths are listing Coinbase, who the SEC considers an unlawfully operating unregistered securities exchange as the exchange they will be partnering with.
For the weekly doots livestream today (Friday, July 7) we’ll be joined by Frisson from Tally, an on-chain DAO framework. To listen in and participate, join the EVMavericks Discord at 12pm EST (4pm UTC+0) in the #public-voice channel, or follow along on YouTube!
If you want to help support the work being done to make these livestreams a reality, consider minting the POAP for this week. All proceeds go to those helping out with the stream.
My validator has been running for two weeks and it hasn’t crashed once. Exciting times!
Which CL/EL clients are you running?
spez: updooting your comment takes me to an error page, WTF
spez^2: what should we replace “spez” with for edits now that we’re free from Steve Huffman’s influence?
Besu/Teku
The error when upvoting happens to me too. Thanks for trying!
One thing a lot of people do not like about the fediverse is that you can only sign in on the instance you signed up on.
If only there was a simple solution, a way to login everywhere and ensure that it’s always the same person.
Something public that could identify the person and something private the person could use to prove it’s them.Soo… Who’s going to build ‘sign in with Ethereum’ (or public/private keys) for the fediverse?
that’s not needed as it’s not needed to sign in anywhere other than your ‘home’ instance, except perhaps when it’s offline
I agree there’s a lot of potential to improve on the fediverse model but I don’t think it makes sense to use Ethereum unless absolutely necessary
This thing is going to get sybilled to hell if it gains any popularity. I haven’t even seen a captcha anywhere. All pseudonymous forums need some form of effective sybil resistance mechanism if they don’t want it to devolve into a bot farm, not to mention how exponentially worse this problem will continue to get in the near future as AI improves. The only area I’ve seen even plausible ideas on how to stem that in a privacy conscious manner while not having to trust the ownership of your identity with a central entity is in the Ethereum space. Whether Gitcoin passport, ethereum attestation service, soul bound NFTs, etc. This is where I see a lot of people getting the “Aha” moment when it comes to blockchains in the future, because the current web2 trajectory on this is head first into noise oblivion or exceedingly walled gardens without privacy protections, which are both shit outcomes.
having to deal with any blockchain is going to alienate a huge part of the target audience though. I agree that there will likely be thriving communities sometime in the future for which a blockchain related identity will be required, but for stuff like kbin / lemmy, I think a more likely solution will be paying an instance for the privilege of having an account there, with the associated privacy nightmare.
Or rather, if I were to run a kbin/lemmy instance, I’d setup a donation portal to a whitelist of charities, and you’d get to register with my instance only after I get proof that you donated to one of those charities. I figure I could get away with storing almost no personally identifiable information that way, while severely restricting new account numbers and dodging any complaints / legal issues since I’m not getting any money. Many people would scoff at such a requirement (just like they would with anything blockchain related) but I could see it work out fine anyway
Sign in with Ethereum (or something like PGP) does not interact with the blockchain. You simply sign a message with your private key.
the thing is though that using private keys hasn’t taken off for online logins because it’s cumbersome in many cases, and having it tied to a wallet doesn’t really improve on that (plus it will scare people of because “blockchain = scam”). That’s one area where google and apple et al. are making some progress, with storing credentials in secure storage, once people are used to not entering passwords anymore it’ll be much easier to switch to a private key
In theory.
But in practice not all content is synced compeltely, and definitely not real time.Additionally, some instances are already defederating.
yeah true, but so far (knock on wood) I’ve had a near seamless experience with my one lemmy account. At first kbin.social wasn’t connected of course so I have a kbin.social account as well, but I don’t need it anymore
Hi all, finally made it through. Nice little community here, from what I’ve seen the signal to noise ratio is even better than on r/ethfinance. I’ll probably be posting/reading both here and reddit for a while. So, a newbie question: Is there a way to use this on a cellphone, or an android app so I don’t have to go to my desktop every time?
have you tried going to the site with your phone and installing it as a web app? Chrome asked me immediately the first time, or if it didn’t I’m sure you can go to settings in Chrome and use “add to homescreen”. I haven’t tried this with kbin as I’m here from a lemmy instance, but the lemmy interface is really quite good when installed as an app
Not the parent, but that’s also what I did with Kbin on iOS and it works well.
Kbin was struggling to display properly in Chrome iOS but works smoothly in Safari iOS, so I used Safari’s “Add to Home Screen” option and the icon took the place of the recently-departed and much-regretted Apollo app.
Eventually I’m waiting for the Artemis app to come of age, though I believe that’s just for iOS and not Android.
Works for kbin as well.
Sorry for the rant-y doomer post, so feel free to skip, but amidst the recent “Threads” news (as well as some other things like the whole Reddit debacle, and some dumb AI stuff), I’ve given up trying to advocate anything on the open or decentralized front to my peers. They only care about UX and literally nothing else.
It actually has me pretty bearish on what we try to do here in Ethereum-land as well. If normal people are only ever going to flock to centralized services (especially those who’ve been known to cause harm historically) because it “just works on their iPhone” or “is 100% free no matter what”, and they’ve already been conditioned to hate (and I mean hate from what I’ve seen from my peers) crypto by all of the scammers and the media, how can we possibly win people over at this point? If the answer is “with the tech” like we’ve been saying for the past X years, will the UX ever be genuinely good enough to get people to care?
We’ve all been conditioned over the past couple of decades to be used to the amenities of unsustainable services, and are so used to consuming content in general, that the only viable “alternatives” on the internet for the vast majority of people is to go back and forth amongst the tech giants who can afford to subsidize their free services via their other offerings, or sell and feed users’ data to the ever-growing array of AI modals, who will in turn consistently churn out “content” that displaces all of the creators, writers, artists, video editors, etc. who need these social services in the first place to get work in the online gig economy.
Unsustainable service then implodes, people flock to the next fancy unsustainable giant-controlled service, and then we repeat again.
And GOOD LUCK trying to get any of these people to conceptually understand DeFi and the like in 2023, let alone feel empowered enough to use it to the extent they do with what they’re used to today. Sign in with Ethereum? Nah, Apple lets me sign in to every site now with just my iPhone; it’s wayyyyy easier than that. And crypto wallets? Nahhhh, Venmo is super easy AND I can send things with silly funny emojis!
Idk, times like these make me feel silly for doubling-down and validating on Ethereum instead of just selling back in 2021; heck, I could’ve retired 30 years early, lol. I like to think I’m trying to help make the world a better, and more open + equitable place by helping keep the proverbial lights on as the bigger brains build, but it feels like the time to do anything with massive impact past niche market segments has passed, and I genuinely don’t know, with the current state of things + tech, what the online world is going to look like in 20, or even 10 years. At this rate, it’s not looking good.
/end rant. I’m just so tired. :P
You’re not wrong. I agree that public sentiment is abysmal and trying to talk to somebody about the merits of decentralization suddenly makes you a crypto bro. On the other hand, the bar is so, so low, that small improvements over time, such as UX development, can be really valuable. And large improvements, like the Merge, are a great way to combat misinformation if you find yourself in a conversation with a crypto hater.
You’re not wrong. This push to decentralize gives me some hope, but even many of the pro-decentralization people mindlessly hate blockchain technology because it’s what they were conditioned to do. They can’t even begin to argue their belief but god damn do they believe it strongly.
I don’t have a lot of faith in the future of the internet or social media. I think it’s going to continue to fracture. We’ll have the centralized internet, and the decentralized internet on the fringes that the rest of us live on.
The people on the centralized services will spend all day complaining about all the awful things the centralized services do while hating on the decentralized services that fix all the things they want fixed, because that’s what they’re going to be conditioned/brainwashed to think. People are too easily tricked and misinformed, and not educated against it, for modern social media. It’s just too fucking easy to manipulate people.
Agreed across the board. Good friends of mine that would ideologically align on most issues could not give less of a shit about any of this.
NFTs are a joke to almost everybody, Crypto is just FTX and/or a pyramid scheme to them and a source of some of the most annoying people on Twitter. There is no value in any of this for anybody but the most stubbornly ideological / anti-bank nerds. When it was easy money, it pulled in some normies. Now nobody cares. People are happy to use threads, Instagram, Facebook, Wells Fargo, etc. and I’m not arguing with any of them.
I get the feeling. I’ve been a linux desktop user for 20 years now, waiting for people to see the light. But, sadly they don’t, for all kinds of reasons.
And I’ve made peace with that.
Because things like linux, or ethereum, or the fediverse don’t need huge, widespread adoption to succeed. They need a core of serious, dedicated folks willing to keep pushing it forward while it’s presence in the market acts as a very real check on the centralized and walled off ecosystems.
And eventually, the core of what’s been built will end in up in consumers hands and running their servers in the background, and will gain billions of oblivious users.
The 3 thing’s that keep me from using ubuntu as my every day machine is there’s like 3 or 4 different ways to install app and only one of them is easy but apps are rarely distributed that way, the directory structure makes it difficult to find app files, and the UI feels unpolished like most open source apps/websites.
I guess two things need to happen so we can get out of this rut in the technology cycle.
One, the Web3 developers and contributors need to shed their engineering mindset and start getting preoccupied with UX and ease of adoption. As you mentioned, we’re not going to convert the market to embrace the tech for tech’s sake; the onus is on us to adapt to the market’s expectations that “it just works”. That’s the Apple model and there’s a ton of money to be made for those who crack that magic formula.
Second, but related to the first point, is that the tech needs to take a backseat and become an invisible layer. No mass market user needs to even know that their next-gen Venmo or SSO is settled on, or powered by, the Ethereum network. We as a community want our champion L1 network to get the name recognition we think it deserves, but the reality is that just like no average user cares about TCP/IP or even knows about it, our own tech needs to efface itself and be a silent enabler of higher-level apps and use cases.
solid rant. Ethereum is just the base layer, nobody has to ask permission to build on top of it, so if a killer app does get built on Ethereum there’s no telling what it will be (unless you’re a visionary like that). Like you said though, it’ll probably be something corporate/VC sponsored with a slick UX that hides its Ethereum roots, and it’ll probably implode and be replaced by the next similar thing in a few years. It won’t do anything for the privacy or self sufficiency its users, but it will boost the value of the Ethereum base layer so that’s fine I guess. But actually open and decentralized applications that can properly take advantage of the security of Ethereum, I don’t think that will ever get mainstream adoption unless said corporate giants think it’s to their advantage to facilitate access to it and create a slick UX for it. And given the open / decentralized nature of what we wish would happen, that’s very unlikely
Good rant!
Me too homie. I’m so damn tired. If only a long time member of this community made something with a good UX and sign in with Ethereum just for this community, just for those reasons. sigh…
Adding a new trading rule for myself. Never re-buy something I’ve sold in the same day. What a moron 🤦♂️.
Don’t kick yourself. Perfect trading discipline is incredibly hard for everyone. It matters more to keep a cool head when the trade goes against you. You’ll make it back!
Thanks anon ❤️
did you cut yourself on a falling knife?
Right through the hand, live and learn 🫡
If you can learn new rules from a single mistake and stick to them, you’ll be ahead of many, so don’t feel bad.
Ahead of me lately for sure, I’ve had a string of committing the same mistakes repeatedly. It can be an easy thing to do when the fomo hits.
Should I EigenLayer?
I’m having a hard time deciding if I should point one of my validators at an EigenPod, and I’d appreciate some input.
I’ve been thinking about this for weeks. I went through all the documentation, created a pod, and have a json file ready to set my withdrawal address for a single validator (I still have 0x00 credentials, because I don’t want to declare my reward income yet, and the process of changing credentials is frankly terrifying).
In contrast to LST restaking, native restaking on EigenLayer has been slow to gain traction. As of this writing, 134 validators have signed up, out of an expected initial cohort of approximately 300. Based on Sreeram’s recent Bankless panel participation, I believe those fewer than 300 brave (stupid?) souls will receive a significant airdrop in the future, and may have privileged access to lucrative opportunities.
I’m honestly torn. If there’s a problem with the BeaconProxy contract, losing a validator would suck, but it wouldn’t significantly damage my crypto prospects. Part of me thinks EigenLayer is a grave threat to Ethereum, and should be shunned. Another part of me is excited about the possibility of being among the first to participate in something genuinely innovative.
What say you, fam? I’m leaning toward broadcasting the message. It should be an interesting journey, even if it ends in disaster
I’m personally sitting this one out. I’ve watched Sreeram’s lectures and I share some excitement about the innovative concept of Eigenlayer. I can see that the additional degree of abstraction that it brings creates novel use cases that cleverly leverage Ethereum’s consensus protocol.
But I’ve also chosen to forego some yield by solo-staking instead of playing the LST game because I want what’s best not just for myself, but for the Ethereum network of which I consider myself a modest but principled steward.
For now, I’m applying the same cautious logic to Eigenlayer. I may be foregoing some hypothetical future airdrops and extra yield, but I won’t rush into something so fresh that its impact is not yet fully understood. Like you, the risk of slashing my own node is not even my main concern; the risk of subverting the network is.
The most neutral advice I can give is to read Vitalik’s post on the topic if you haven’t done so already (https://vitalik.ca/general/2023/05/21/dont_overload.html) and decide how much risk the restaking use case you’re considering brings to Ethereum.
I have the exact same viewpoint. Hopefully the coredevs design the protocol such that this behaviour is discouraged if it really does bring a net negative effect to the network. Can’t expect all participants to be foregoing yields in the long run.
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if you’re already apprehensive about changing the credentials at all, then I don’t get why you’re even considering pointing them at the eigenlayer smart contract which should be infinitely more scary. But if it interests you and losing a validator wouldn’t completely sink you, then why not do it for 1 validator? It won’t expose the rest of your stack
personally I’m too risk averse to deal with eigenlayer at this time, I like the idea of restaking but the way it works right now feels a bit to wonky and thorny
Here’s an interesting thread (on Twitter, unfortunately) about the centralization risks of restaking: https://twitter.com/0xidanlevin/status/1675866647800709127
scary to see how many people are willingly signing up for another Meta privacy nightmare. And then there are even people defending it in the fediverse, like as if Meta isn’t gunning to destroy us ASAP
I think embracing and valuing the principles of FOSS, decentralization, anonymity, privacy, ownership of one’s digital identity and data, online security, etc. requires a degree of technological literacy that most people don’t possess. For most online citizens today who’ve only ever known the current centralized Web 2.0 through the glass of a mobile device, convenience trumps those principles even when you explain their value to them.
The Meta crowd and the Fediverse crowd are not two perfect distinct sets - more like a Venn diagram with some inevitable overlap.
yep, agreed. I think there should be a public education effort (like billboards / PSAs) to impress upon the general public what kinds of dangers there are in handing their information and social media presence over to large corporations. We’ve already seen a bit of that in response to tiktok
People don’t care. They just want to scroll their friends feeds.
@kbrot thanks for the liquity recommendation. I feel like an idiot for using MKR all these time. I seriously have no idea why LUSD is not used more with the low fees that they are giving.
When there is a crash and you need to delever, LUSD tends to go up in price a penny or two, which can really increase your repayment costs relative to shorter term maker loans.
Fair enough, but with a 3%+ interest on maker for vanilla ETH, if you’re pretty under leveraged, it is a no brainer IMO.
And you’re not in a hurry to close your position since it is a one time fee, not to mention lower collateral requirements.
For sure, liquity is pretty great. As to why it’s underutilized, it’s similar to what mouse is saying. Particularly in the early days, LUSD commonly ranged from 0.97 to 1.03. It was always fine in the end, but it requires that one extra step of making sure you’re repaying at a beneficial time (or buying troves at a beneficial time). And of course, any add’l step makes a protocol slightly less tasty. I think the range is much smaller these days with added liquidity.
Fair enough. I have basically abdicated from Maker due to their weird changes with the new ‘endgame’ roadmap.
Is there a similarly big lending protocol in L2? I imagine gas costs would be quite prohibitive during the bull
As fireworks explode around me, I’m dreaming about a time in the future when Ethereum itself will rocket upwards and bring me one step closer to FIRE. Happy 4th. 🎆
A bit meta, but in parallel to migrating to Kbin, I also started playing with the news aggregator https://news.kiwistand.com/, which is a Hacker News clone for Web3.
As I understand it, a key difference from HN, though, is that Kiwi is an open protocol for submitting and upvoting links. It does not contain identity management features nor the ability to store comments and replies. All you can do, as a user, is connect your Ethereum address to post and upvote links. You also need one ERC-721 Kiwi NFT in your wallet to have the ability to post.
Clients are then free to build their own commenting system (similar to Kbin or Lemmy) on top of the Kiwi protocol. Those clients may store comments data on the blockchain (e.g., an L2) or on a traditional server instance (federated or otherwise), and they may use Web3 authentication, e.g. Metamask or SIWE.
I thought this community might be interested given the Web3 focus and the openness of the protocol. Read more at https://paragraph.xyz/@kanfa/what-is-kiwi (disclaimer: I have zero affiliation to this project).
interesting. I never quite liked HN (honestly I didn’t even know it still existed), but this seems interesting. No comments/discussion though, just link aggregation…
Since it’s Web3 related, we could post the most relevant links in this community for discussion!
Wonder why they call it kiwi news. Makes it seem like some local New Zealand news outlet lol
Nice investor report from BoA on digital assets.
Key takeaways:
- “TradFi” is in their abbreviations list.
- Eth’s Market Value/Tx fees = 88, this is only beaten by Tron (8) which has had 163% increase in tx fees this year. I suspect this is related to whatever is going on with TUSD. Further down in the Defi section it’s noted that 66% of Tron’s defi TVL is in 1 application. Polkadot (16395) and Stellar (21652) rounding out the bottom on the Market value/tx fees metric.
- Arbitrum and Optimism leading the way (in percentage growth terms) for DeFi TVL with 223% and 198% respectively over the last 1 year. ETH TVL down 8% in that timeframe. I suspect much of that L2 growth is L1 migrations. Arb and Opt also have the lowest Mkt Cap/TVL metrics.
Eth’s Market Value/Tx fees = 88
What’s the point of this metric? What can be inferred by it?
Just a way to look at the market cap relative to the protocol revenue via fees. Fees can be a surrogate for usage/utility/financial sustainability, and in cases like ETH, value accrual to the token via EIP1559 burn. A lower value there may suggest relative undervaluing of the token, whereas high values may indicate overvaluing. There’s a lot of nuance that’s not captured by that metric but I think it’s an interesting data point.
