starode.eth

eth

[starode.eth @starode_]

@Mastiff_Optimus @eurofounder For us Europeans, call it a tax. Then we'll gladly pay

[starode.eth @starode_]

@BuyTheDiplo For a while, fiat will come with a premium, because it's corruptible. People will pay extra for this.

Once institutions demand an incorruptible asset, the premium shifts to ETH.

Burn, fees, staking etc. are just small factors that will add to the premium.

[starode.eth @starode_]

@BuyTheDiplo It's only a matter of time.

Medium term, people, institutions and tradfi will choose ETH as collateral simply because it's more convenient.

Long term, institutions will choose ETH because it's incorruptible. This will create a demand that massively moves the price.

[starode.eth @starode_]

@wmougayar There have been many bottoms this week

[starode.eth @starode_]

@CryptoTice_ They will eventually Just Use ETH

[vitalik.eth @VitalikButerin]

We need better decentralized stablecoins. IMO three problems:

1. Ideally figure out an index to track that's better than USD price
2. Oracle design that's decentralized and is not capturable with a large pool of money
3. Solve the problem that staking yield is competition

Tracking USD is fine short term, but imo part of the vision of nation state resilience should be independence even from that price ticker. On a 20 year timeline, well, what if it hyperinflates, even moderately?

If you don't have (2), then you have to ensure cost of capture > protocol token market cap, which in turn implies protocol value extraction > discount rate, which is quite bad for users. This is a big part of why I constantly rail against financialized governance btw: it inherently has no defense/offense asymmetry, and so high levels of extraction are the only way to be stable. And, of course, it's a big part of why I refuse to give up on DAOs entirely.

If you don't have (3), then again you have a few percent APY suboptimal return rates, which is quite bad. The possible paths to solving (3) [treat this as enumeration of the solution space, not endorsement] are basically:

(i) reduce staking yield to like 0.2%, basically hobbyist level
(ii) create a new category of staking which has yield almost as high as regular staking, but which does not have the same slashing risk
(iii) figure out how to make slashable staking compatible with usability as collateral (does it mean that slashing risk somehow passes on to stablecoin and CDP holders, so both of those need to stake and trust the same delegate?)

If you're going to try to reason through this in detail, remember that the "slashing risk" to guard against is *both* self-contradiction, *and* being on the wrong side of an inactivity leak, ie. engaging in a 51% censorship attack. In general, we think too much about the former and not enough about the latter. Also remember that a stablecoin cannot be secured with a fixed amount of ETH collateral; in the event of large drops you need to be able to handle rebalancing (though of course you could choose to partially drop this goal in a clever way, eg. if ETH price moves too much you stop earning staking yield until you take some other action)

[vitalik.eth @VitalikButerin]

Ethereum is not the world. Ethereum is an opinionated take on properties that we think should be available in the world for those who want or need them.

We need to be okay with sticking hard to our principles and acknowledging the costs of that, and yes, sometimes being the unreasonable man fighting against the ways of the world. We are Linux, not Google. The alternative is that we become inevitably dragged into being "only epsilon more decentralized than the big corps" in an endless quest to win the competition for top dog, and we lose anyway, because the corps have 100x more money than we do.

The most honorable slogans are those that explicitly acknowledge tradeoffs, and don't try to pretend you can wish them away. "Move fast and break things" is actually excellent in this regard, it was a deeply brave choice to openly acknowledge the tradeoff and not hide it. Even though, of course, there are a lot of downsides to that approach in many situations, and indeed, I am saying the exact opposite slogan: Ethereum doesn't break on you and we should be openly okay with the possibility that that means it is slower.

[Ethprofit.eth 🦇🔊 @Ethprofit]

ETHEREUM

[starode.eth @starode_]

@adamscochran @agathanonymous Put it on IPFS

[Ethereum Foundation @ethereumfndn]

🚨 PSA: There is an ongoing issue with the Prysm consensus client on mainnet. If you are running Prysm, you will need to reconfigure your CL node as per the linked tweet.

If you are running another client, you are not affected and no action is required.

[starode.eth @starode_]

@LHerfel @toghrulmaharram Well, they at least had an ultra clear roadmap and were completely up front with the "training wheels" and what the ambitions were

[starode.eth @starode_]

@ValidatorEth @freedomfactory @base How kind of you!
starode.eth. dGen1 seems dope

[starode.eth @starode_]

@fejau_inc People are clearly consolidating, average balance going up and 0x02 credentials increasing

[starode.eth @starode_]

@lawddemis @TedPillows They will sell in small increments, just like they've been doing the last couple of weeks as reported on https://t.co/srjFNtHRCn

[starode.eth @starode_]

Monday thought: Why is there no crypto strategy company called BlockRock? #ETH

[starode.eth @starode_]

@chetankale_ @JasonYanowitz So the answer is "no" then?

[starode.eth @starode_]

@eth_everstake @kript0mat @everstake_pool @FigoETH @i8art_ @chainyoda @Raullen @Game_Set_Max @tempofeng @AminCad @ManuLionCrypto @BTCBitcoin_ETH How much is 1 burned Eth worth? 👀

[starode.eth @starode_]

@koeppelmann Crazy reading the comments. So much has happened! I remember running my own Parity wallet (which was also a full node/rpc back then, accessing a public rpc was not a given). I could also mine all the eth needed for transactions and then some with my graphics card. Truly wild

[starode.eth @starode_]

@RichardWag67343 @TheBTCTherapist PoW and PoS are sybil-resistance mechanisms where PoS is more scalable. With PoS you also have economic security with slashing, in PoW you'd need to fork or trust altruistic miners. PoW is not more secure in itself. It's, however, different and less efficient.

[starode.eth @starode_]

@Giveth 👀