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/r/CryptoCurrency/comments/10rx0j0/ive_managed_to_accumulate_5_eth/j71p8v1/

So staking is an activity you do yourself with your own computer, running a node, and setting up a validator. This requires a little bit of hardware, a little bit of technical expertise, and 32 ETH. Since many people wish to participate in staking, but don't want to (or can't) provide those three requirements, they leave it up to a staking *service* to do it for them. Many such services exist some centralized, some decentralized - examples being Binance, Coinbase, Lido, Rocket Pool. Since they perform a service for you, they take a portion of the income the validator earns as a service fee. Some times, this fee is hidden. For example, [Coinbase is currently listing](https://www.coinbase.com/earn) Ethereum staking at 3.89%, while Lido and Rocket Pool are averaging right below 5%. This is because Lido and Rocket Pool take about 10-15% of your staking rewards as fees, while Coinbase is obviously being more greedy. The exchanges broadly take much higher fees for the convenience of being able to do everything from within their system.

Commented by /u/Njaa in /r/CryptoCurrency on February 3, 2023 08:13:45
/r/CryptoCurrency/comments/10rx0j0/ive_managed_to_accumulate_5_eth/j71du94/

Binance has a staking service that you can use. I think that's called "ETH 2.0", but that's just their name for it. I cannot in good conscience recommend it though. The fees are high, the cbETH liquid staking derivative token is currently depegged under expected value, and Binance is a centralized actor. You should consider [taking control of your own keys, and staking through a decentralized solution](https://www.binance.com/en/how-to-buy/rocket-pool-eth). It will be both better for the ecosystem, and better for yourself, since your yield will be higher.

Commented by /u/Njaa in /r/CryptoCurrency on February 3, 2023 06:13:27
/r/CryptoCurrency/comments/10rx0j0/ive_managed_to_accumulate_5_eth/j718z30/

Uniswap ETH <-> rETH

Commented by /u/Njaa in /r/CryptoCurrency on February 3, 2023 05:07:09
/r/ethereum/comments/10rlv3a/who_is_using_the_ethereumpow_and_for_what_purpose/j6zeotd/

Ethereum Classic is also a fork. Neither ETC nor ETH maintains the 2016 ruleset, so claiming that ETC is somehow "the original" doesn't make sense.

Commented by /u/Njaa in /r/ethereum on February 2, 2023 18:35:57
/r/ethereum/comments/10qxk1z/ethereum_layer_2_transaction_per_second_vs_solana/j6w6t6b/

>In Solana however, these "dependencies" are essentially arguments to the logic that modifies them. The contracts itself are stateless. I understand this as the contracts strictly declaring what bound of data they are intestested in, which enables the execution of two calls with different data bounds in parallel. Is that mostly correct? I've also heard that fees are different depending on which contract you call, instead of a global fee market, meaning that fees might be sky high for a particular AMM or NFT contract, but at the same time low for other less popular contracts. Is this fee-segregation related to the data-segregation above?

Commented by /u/Njaa in /r/ethereum on February 2, 2023 03:57:53
/r/ethereum/comments/10qxk1z/ethereum_layer_2_transaction_per_second_vs_solana/j6w5mku/

What kind of transactions avoid impacting the state?

Commented by /u/Njaa in /r/ethereum on February 2, 2023 03:40:56
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j6p8xn6/

The exchange itself asks you to provide information to [info@fixedfloat.com](mailto:info@fixedfloat.com) I wouldn't get my hopes up though, exchanges don't seem to care too much.

Commented by /u/Njaa in /r/rocketpool on January 31, 2023 17:44:40
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j6p86dg/

So the first thing that happens here is an approval and sale of the rETH for ETH on Optimism, netting 1.2 ETH. Then on the transaction fourth from the bottom [https://optimistic.etherscan.io/tx/0xb83a35ac7f859e7a039190d6a4692681f68f4e34f94191ecb7ea65a392106168](https://optimistic.etherscan.io/tx/0xb83a35ac7f859e7a039190d6a4692681f68f4e34f94191ecb7ea65a392106168) the hacker bridges the funds back to the Ethereum mainnet, using the Hop Protocol. The Hop transaction can be seen here: [https://explorer.hop.exchange/?transferId=0xb83a35ac7f859e7a039190d6a4692681f68f4e34f94191ecb7ea65a392106168](https://explorer.hop.exchange/?transferId=0xb83a35ac7f859e7a039190d6a4692681f68f4e34f94191ecb7ea65a392106168) It lands on mainnet in this transaction: [https://etherscan.io/tx/0xe54d48bd28f92c1500668de545de052a7716dc375ebf5b6ffc4bf041eaa75dea](https://etherscan.io/tx/0xe54d48bd28f92c1500668de545de052a7716dc375ebf5b6ffc4bf041eaa75dea) From this wallet, it is sent to the wallet with ENS "\*road-to-the-dream.eth": [https://etherscan.io/tx/0x9e892ab5f5a5c88e2dfd96f5f10018b05ec996d9d71e26684760fed453fc0375](https://etherscan.io/tx/0x9e892ab5f5a5c88e2dfd96f5f10018b05ec996d9d71e26684760fed453fc0375) This is a busy wallet, so further investigation is hard, but it seems to be exiting all its stolen funds through an Exchange called FixedFloat using single step intermediate wallets. Some examples: [https://etherscan.io/address/0x958e89cc329fa40abce01336728d7762fe08b6b9](https://etherscan.io/address/0x958e89cc329fa40abce01336728d7762fe08b6b9) [https://etherscan.io/address/0xfdf25376a15dce2859a3d4072e185e43d4a633f9](https://etherscan.io/address/0xfdf25376a15dce2859a3d4072e185e43d4a633f9) [https://etherscan.io/address/0xb50286573dda3e44c7f1f66d8f5da160df0beb33](https://etherscan.io/address/0xb50286573dda3e44c7f1f66d8f5da160df0beb33) [https://etherscan.io/address/0x5c763c870111598d20ff790ef8c49a9f80a29b25](https://etherscan.io/address/0x5c763c870111598d20ff790ef8c49a9f80a29b25) [https://etherscan.io/address/0x25777c222158a1338a56e88ac7c162e47d8e0df9](https://etherscan.io/address/0x25777c222158a1338a56e88ac7c162e47d8e0df9) [https://etherscan.io/address/0x3a59afa7a4b0d857e2067a27688978ebde9a6a49](https://etherscan.io/address/0x3a59afa7a4b0d857e2067a27688978ebde9a6a49) These are the six transfers (with transfers > 1 ETH) out from \*road-to-the-dream.eth after they got your money. Each wallet has 2 transactions, one inbound from \*road-to-the-dream.eth, and one outbound to FixedFloat. If you're still seeking law enforcement action here, I would direct them towards FixedFloat. The exchange should know who this person is, if they perform KYC.

Commented by /u/Njaa in /r/rocketpool on January 31, 2023 17:39:38
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j6p47mz/

>https://optimistic.etherscan.io/address/0x90a5e9db6798fd7287ed549359e39f85854f99bf This is the source address of that transaction on Optimism. Is it yours? Are all the transactions on it in the past 34 days the hacker's?

Commented by /u/Njaa in /r/rocketpool on January 31, 2023 17:13:43
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j6onor7/

No tools, I just noted down the flow manually from Etherscan. >0xb61fba97e43b893da0eeb26fe96eaab7f362a8e5cae391ee1c0bac482a15990d This doesn't give me anything when I look it up. Are you sure that's the correct transaction hash? [https://etherscan.io/tx/0xb61fba97e43b893da0eeb26fe96eaab7f362a8e5cae391ee1c0bac482a15990d](https://etherscan.io/tx/0xb61fba97e43b893da0eeb26fe96eaab7f362a8e5cae391ee1c0bac482a15990d) >Sorry, We are unable to locate this TxnHash

Commented by /u/Njaa in /r/rocketpool on January 31, 2023 15:31:34
/r/CryptoCurrency/comments/10pez71/event_poll_ethereum_foundation/j6kguxc/

Something something WEF something something JP Morgan.

Commented by /u/Njaa in /r/CryptoCurrency on January 30, 2023 18:30:16
/r/CryptoCurrency/comments/10n89ra/a_breakdown_of_whether_or_not_eth_should_be/j6cyu0h/

>even after that withdraw is going to be slow, there is also slashing. Certainly, the whole point of the staking is it being a cash bond that can be forfeit under certain explicit conditions. This forfeiture is controlled by the rules that the 10k nodes enforce. The point remains though: Who has the possession? Who was invested into? Who will receive the legal burden of having to comply with insight and disclosure? What insight and disclosure can be made? There is no central point here. If you're gonna take down or regulate Etherum or \*any\* P2P blockchain, you literally need to go after every single node in the peer-to-peer network.

Commented by /u/Njaa in /r/CryptoCurrency on January 29, 2023 08:41:30
/r/CryptoCurrency/comments/10n89ra/a_breakdown_of_whether_or_not_eth_should_be/j6aelys/

The author of the smart contract could literally die, and it wouldn't change the facts of how staking works. No matter if they're alive or dead, all the information is \*on-chain\*. The author has no possession of the funds in question, nor any unique ability to provide disclosure and insight into how the funds are handled. All of this is in stark contrast with how 100% of current securities work.

Commented by /u/Njaa in /r/CryptoCurrency on January 28, 2023 17:30:24
/r/CryptoCurrency/comments/10n89ra/a_breakdown_of_whether_or_not_eth_should_be/j6ad5cw/

>And what SEC chairman Gary Gensler thinks is that all proof of stake cryptos are securities. > >He said this on the same day of Ethereum's merge. No, he did not at all. I recommend reading or listening to his actual words, instead of regurgitating clickbait headlines.

Commented by /u/Njaa in /r/CryptoCurrency on January 28, 2023 17:19:49
/r/CryptoCurrency/comments/10n89ra/a_breakdown_of_whether_or_not_eth_should_be/j6ad14d/

We have \*some\* idea. The main problem with this hypothetical interpretation is that there is no one custodying your funds. No one is being invested into. No one can provide insight and disclosure into how your funds are being managed. For ordinary securities, it would be completely opposite. You're sending your funds \*to someone\* who takes that investment and does \*something\* with it. The whole point of securities regulation is to make sure that they behave above board, and don't try to run away with your money. In the case of Ethereum staking, this doesn't fit at all.

Commented by /u/Njaa in /r/CryptoCurrency on January 28, 2023 17:18:57
/r/ethereum/comments/10m9v7y/ethereums_economic_engine_by_david_hoffman/j668ft2/

A computer program language being able to produce an exit code for failure state is a feature, not a bug. If you're having issues with particular contracts, your issue is with the author, not Ethereum. Of course, you're not an actual user. You're just concern trolling.

Commented by /u/Njaa in /r/ethereum on January 27, 2023 19:19:16
/r/CryptoCurrency/comments/10lspnc/im_seriously_and_slowly_becoming_an_eth_maximalist/j6051jo/

An archive node in ETH is ***not*** equivalent to a full node in BTC. You can run a full ETH node in a Raspberry Pi as well, albeit with slightly higher storage demands, currently at 1 TB.

Commented by /u/Njaa in /r/CryptoCurrency on January 26, 2023 14:49:27
/r/CryptoCurrency/comments/10komv5/pow_is_great_but_if_the_main_goal_is_going/j5u2i36/

At least if you don't know what PoS actually is.

Commented by /u/Njaa in /r/CryptoCurrency on January 25, 2023 11:00:16
/r/ethereum/comments/10k7y9a/ethereum_nodes/j5qxc31/

You don't need to stake to run a **full** node, nor do you need to rely on validators for perform normal full node duties.

Commented by /u/Njaa in /r/ethereum on January 24, 2023 18:01:20
/r/CryptoCurrency/comments/10jpjh1/eth_becoming_more_and_more_centralized/j5q56o4/

Yes. This is true for all blockchains. My point is simply that quadrating weighting of stake isn't a viable solution. It only works as long as validators wish to comply.

Commented by /u/Njaa in /r/CryptoCurrency on January 24, 2023 15:06:09
/r/CryptoCurrency/comments/10jpjh1/eth_becoming_more_and_more_centralized/j5pkktw/

The same operator can run two pools, so this is a pretty shallow solution to the problem.

Commented by /u/Njaa in /r/CryptoCurrency on January 24, 2023 13:00:21
/r/CryptoCurrency/comments/10jpjh1/eth_becoming_more_and_more_centralized/j5pk0b2/

You are free to make a competing roadmap if you so desire.

Commented by /u/Njaa in /r/CryptoCurrency on January 24, 2023 12:56:58
/r/CryptoCurrency/comments/10jpjh1/eth_becoming_more_and_more_centralized/j5pjwww/

The other answers are not precise. The reason for 32 is that each validator coordinates with all the other validators. If the requirement were 0.1, the upper bound for number of validators would be 1.2 billion, which is far far more than what can technically be implemented. The time it would take to coordinate 1.2 billion nodes would cause block time to increase many many orders of magnitude.

Commented by /u/Njaa in /r/CryptoCurrency on January 24, 2023 12:56:24
/r/CryptoCurrency/comments/10juhhz/what_do_you_think_about_the_shanghai_upgrade_eth/j5picod/

You're correct, but I wouldn't characterize them as optimizing for *price* volatility. The queues exist to increase the time window anyone has to take over or exit consensus to increase the window of weak subjectivity. The devs are notoriously price agnostic, which is good.

Commented by /u/Njaa in /r/CryptoCurrency on January 24, 2023 12:47:03
/r/rocketpool/comments/10i8ymm/rocketpool_withdrawals/j5jn7zh/

No, unfortunately I don't.

Commented by /u/Njaa in /r/rocketpool on January 23, 2023 09:08:32
/r/rocketpool/comments/10i8ymm/rocketpool_withdrawals/j5jl07y/

Have a nice day :)

Commented by /u/Njaa in /r/rocketpool on January 23, 2023 08:50:42
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j5j6cj6/

These are the transactions that went to KuCoin. [https://etherscan.io/tx/0x9d94bfeb251f7ac94fd7955c5063bfcbda343e91a9f34ae45e1aa29b77e85903](https://etherscan.io/tx/0x9d94bfeb251f7ac94fd7955c5063bfcbda343e91a9f34ae45e1aa29b77e85903) [https://etherscan.io/tx/0x1019467cbe78ed12ef0f131161634d5a146f9f4a211424d6e5cf01577dd928a6](https://etherscan.io/tx/0x1019467cbe78ed12ef0f131161634d5a146f9f4a211424d6e5cf01577dd928a6) [https://etherscan.io/tx/0x422a88e92abfa883b1627eeb44c082668cab5afb0a608c971583a9abef3f5357](https://etherscan.io/tx/0x422a88e92abfa883b1627eeb44c082668cab5afb0a608c971583a9abef3f5357) All three deposited into the "KuCoin 10" account with address 0xcaD621da75a66c7A8f4FF86D30A2bF981Bfc8FdD

Commented by /u/Njaa in /r/rocketpool on January 23, 2023 06:21:15
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j5j32rn/

Sounds like they just don't understand the transaction flow that happened here. The last three transactions listed above are directly to them...

Commented by /u/Njaa in /r/rocketpool on January 23, 2023 05:37:26
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j5j2qjg/

Your address: https://etherscan.io/address/0x4BA88737b020D45AcCb1ae2eDCAAC7c63590Af06 Hacker's temporary address: https://etherscan.io/address/0x7b1970084a10486d46db4799ef456290fe475301 The hacker transfers your 100 rETH between thes above two addresses in this transaction: https://etherscan.io/tx/0x3dc8bbb9e17cbad37ccbbdd9bc4b04a8974f57c65edb2f1bba76bb36c5b6bc6e The hacker then swaps 100 rETH for 107 ETH using KyberSwap: https://etherscan.io/tx/0x89ebf248d5abd286057fb95c32fe80c8f534af7db5be0c9b4c6beee6b684a4f8 A few seconds later, he receives his 107 ETH payout from the above swap, in this transaction: https://etherscan.io/tx/0x20eef4b74cc4c47cfeaf1942360e5797768ab3c20757cdc8dee77a695937cf66 Hacker then splits the stolen funds into four different addresses: Split 1) Hacker transfers 25 ETH to temp address 0x597C055C40029187BdE1B0875A400409337534c9 in this transaction: https://etherscan.io/tx/0x4a7a77d300b775aacf21f0f6b49db490f09fd7ba25aacbfeffa0e91fb9a72639 He then further transfers them into the OKX facing address 0xbc3793eb08d1ed3f0a0916f6b0ed7042e99e08f3 using three transactions: https://etherscan.io/tx/0x341a214dd99cc0cfcb8ec91839a9e747f254f145b3105eb15ac6ba5cf55b81c4 https://etherscan.io/tx/0x0b143f80bb2853791d270a1177bd9ad756217593922223d67c9dc87157d784f4 Split 2) Hacker transfers 30 ETH to temp address 0x597c055c40029187bde1b0875a400409337534c9 in this transaction: https://etherscan.io/tx/0x30ce48edf5e6a0ab275ba60d1ff63e49e752949ecc528fb8954283b4ad9733dd He then further transfers them into the KuCoin facing address 0x0de1334146244e98679b923f5059423fbe21982c using three transactions: https://etherscan.io/tx/0xa05968073073d1820a0c9931d765787ed6a8b972752b7cb7cb02fc6eeec92b7e https://etherscan.io/tx/0x6aafdc5b64c577e81799f7a26c258e6f5dab7f90324aac7277ce186b0126cfec https://etherscan.io/tx/0x9c947fcd625c045090ebcb578aab789f8c9c9e77fe8ed1cb28fe2357d37aa7ad Split 3) Hacker transfers 26 ETH to temp address 0x4b6d3d019f2b2707cf2185fc2d017d518210cdb3 in this transaction: https://etherscan.io/tx/0xdd103b756241fdbd6403fb6cd5f36045170d3e5cdb700b87545ffc390a38289d He then further transfers them into the KuCoin facing address 0x0de1334146244e98679b923f5059423fbe21982c using a single transaction: https://etherscan.io/tx/0x352bf8563d776b7deede0c78cce6ecf16de5aa9d00c975a73426f28bafc15fe1 Split 4) Hacker transfers 26.27259993 ETH to temp address 0x4b6d3d019f2B2707CF2185Fc2D017d518210Cdb3 in this transaction: https://etherscan.io/tx/0xdd103b756241fdbd6403fb6cd5f36045170d3e5cdb700b87545ffc390a38289d He then further transfers them into the KuCoin facing address 0x0de1334146244e98679b923f5059423fbe21982c using a single transaction: https://etherscan.io/tx/0x352bf8563d776b7deede0c78cce6ecf16de5aa9d00c975a73426f28bafc15fe1 Split 1 above is not related to KuCoin, but rather OKX. The funds from the other three are finally sent to KuCoin in these transaction: https://etherscan.io/tx/0x9d94bfeb251f7ac94fd7955c5063bfcbda343e91a9f34ae45e1aa29b77e85903 https://etherscan.io/tx/0x1019467cbe78ed12ef0f131161634d5a146f9f4a211424d6e5cf01577dd928a6 https://etherscan.io/tx/0x422a88e92abfa883b1627eeb44c082668cab5afb0a608c971583a9abef3f5357 A total of 0.699666059172661 + 55.297851625312702 + 26.271705815836775749 ETH = 82.269223500322138749 ETH. If this proof is considered sufficient, KuCoin should return somewhere around 82 ETH to you, but make ABSOLUTELY SURE you don't use the same wallet to receive those funds. Your wallet is already compromised, so the hacker will just steal them all over again. You need to create a brand new one.

Commented by /u/Njaa in /r/rocketpool on January 23, 2023 05:32:37
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j5i1lyz/

The rest of the funds are sent to OKX. They ask you to report the incident to the police, and refer the police to this: https://www.okx.com/support/hc/en-us/articles/360021858931-Law-Enforcement-Request-Guide

Commented by /u/Njaa in /r/rocketpool on January 22, 2023 22:28:36
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j5hxkie/

You don't, but the hacker does. They asked you to contact the support chat there (you can ask the bot for a human) or by email.

Commented by /u/Njaa in /r/rocketpool on January 22, 2023 21:57:29
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j5humce/

/u/Curious-Recognition9 most of the funds are transferred to KuCoin. I talked to [their support](https://www.kucoin.com/support), and they have apparently locked that account (0x0de1334146244e98679b923f5059423fbe21982c). They are asking you to contact them and provide any proof you can that these funds are yours.

Commented by /u/Njaa in /r/rocketpool on January 22, 2023 21:37:13
/r/rocketpool/comments/10i8ymm/rocketpool_withdrawals/j5hi8va/

If you believe these projects exist to provide you passive yield rather than the yield existing to incentivize node operators to run the network, then we've arrived at your fundamental misunderstanding of how these projects work, and my work is done. I can show you your error, but I cannot make you believe it, so I won't try.

Commented by /u/Njaa in /r/rocketpool on January 22, 2023 20:10:00
/r/rocketpool/comments/10i8ymm/rocketpool_withdrawals/j5hhkun/

Ethereum isn't a staking platform. Staking isn't a \*service\* to the users, it's a necessity for security.

Commented by /u/Njaa in /r/rocketpool on January 22, 2023 20:05:23
/r/rocketpool/comments/10i8ymm/rocketpool_withdrawals/j5hh5zs/

What is still not an excuse? Given that response, there's zero chance you've actually understood the reason.

Commented by /u/Njaa in /r/rocketpool on January 22, 2023 20:02:38
/r/rocketpool/comments/10iycjj/help_with_rocketpool_and_metamask/j5hfszi/

It looks to me like your tokens were moved in this transaction, 6 hours ago: [https://etherscan.io/tx/0x3dc8bbb9e17cbad37ccbbdd9bc4b04a8974f57c65edb2f1bba76bb36c5b6bc6e](https://etherscan.io/tx/0x3dc8bbb9e17cbad37ccbbdd9bc4b04a8974f57c65edb2f1bba76bb36c5b6bc6e) From there, the new address (0x7b1970084a10486d46db4799ef456290fe475301) swapped them for ETH: [https://etherscan.io/token/0xae78736cd615f374d3085123a210448e74fc6393?a=0x7b1970084a10486d46db4799ef456290fe475301](https://etherscan.io/token/0xae78736cd615f374d3085123a210448e74fc6393?a=0x7b1970084a10486d46db4799ef456290fe475301) After which, the 107 was sent to 4 different addresses: 0x4b6d3d019f2b2707cf2185fc2d017d518210cdb3 26.27259993 0x3753a86ef1fd16fe7d3ba293d8fe368f974c0b88 26 Ether 0x597c055c40029187bde1b0875a400409337534c9 30 Ether 0x225aa1b4f9005d5adf86baf2cf656c9d9a1aa1cc 25 Ether If none of these transfers were you, it seems you've been compromised :\\

Commented by /u/Njaa in /r/rocketpool on January 22, 2023 19:53:21
/r/CryptoCurrency/comments/10iow6p/heres_my_theory_why_the_market_will_shift_from_l1/j5hc4qr/

All major blockchains gatekeep their consensus participation behind different ways of proving capital. What's the alternative?

Commented by /u/Njaa in /r/CryptoCurrency on January 22, 2023 19:28:05
/r/rocketpool/comments/10i8ymm/rocketpool_withdrawals/j5hbq4n/

If you have such strong feelings about the topic, you probably ought to spend a few minutes understanding \*why\* the limit is 32 instead of just raging impotently.

Commented by /u/Njaa in /r/rocketpool on January 22, 2023 19:25:24
/r/norge/comments/10hu4qw/trenger_hjelp_med_bandnavn/j5c131o/

The band is just fantastic, that is really what I think! Oh by the way, which one's "Due"?

Commented by /u/Njaa in /r/norge on January 21, 2023 17:24:22
/r/Bitcoin/comments/10h04a6/this_is_how_we_know_theres_only_21_million_bitcoin/j5asosc/

I don't think you understand. X can obviously not pay both Y and Z with the same funds.

Commented by /u/Njaa in /r/Bitcoin on January 21, 2023 12:22:52
/r/incremental_games/comments/10h72j2/100_to_low_tier_generator_upgrades_are_useless/j58465v/

This consistently makes the "low tier" upgrade strictly better, does it not - since it doesn't need to propagate through the tiers?

Commented by /u/Njaa in /r/incremental_games on January 20, 2023 20:43:28
/r/Bitcoin/comments/10h04a6/this_is_how_we_know_theres_only_21_million_bitcoin/j57eron/

One client might have the compatibility issue, but another client might not. One client might have the bug, but another client might not. This is one of the lessons we definitely should learn from our competitors that cannot be named.

Commented by /u/Njaa in /r/Bitcoin on January 20, 2023 17:38:21
/r/Bitcoin/comments/10h04a6/this_is_how_we_know_theres_only_21_million_bitcoin/j57e6eo/

Reorgs literally mutate the history by reverting it, allowing for different transactions to occur through a different set of canonical blocks. If branch A had payments going from wallet X to wallet Y, branch B might have the same UTXO going from wallet X to wallet Z. At that point, the signed transaction sending BTC from X to Y will be rejected - not simply *delayed*. This is an inescapable fact, and the main reason it's important to keep security high enough to prevent such reorgs from being triggered by malicious actors.

Commented by /u/Njaa in /r/Bitcoin on January 20, 2023 17:34:21
/r/ethfinance/comments/10gp4if/daily_general_discussion_january_20_2023/j556k18/

Fees will start being a dominant factor of block rewards in about 20 years, not 120 years. The problem with this is of course that fees are neither of the same size as current block subsidy, nor a stable source of funding - meaning that incentives will be much lower and vary wildly based on season and time of day / week and whether it's a holiday or not. Not only can an attacker spend far fewer resources at that point, but he can time it to a lull in the fees. There is no way to fix this without abandoning the fixed max supply and making other significant changes to smoothen out the consensus rewards. Incidentally that's exactly what Ethereum has done, and also BTC maxis' biggest "critique" of Ethereum, so I'm not holding my breath.

Commented by /u/Njaa in /r/ethfinance on January 20, 2023 09:02:32
/r/norge/comments/10gedog/stay_classy_ber_om_penger_på_spleisno/j52aj39/

Thomas Holstad > Verifisert > Identifisert med BankID

Commented by /u/Njaa in /r/norge on January 19, 2023 17:07:16
/r/norge/comments/10gedog/stay_classy_ber_om_penger_på_spleisno/j5293o9/

Folk for mene hva de vil, men jeg har rapportert dette, og om ikke dette slås ned på vil jeg vegre meg fra å benytte Spleis-tjenesten i fremtiden. Oppfordrer andre til å gjøre det samme.

Commented by /u/Njaa in /r/norge on January 19, 2023 16:58:04
/r/CryptoCurrency/comments/10cz7ii/we_are_now_burning_more_eth_than_we_are_making/j4ld14s/

Nothing you just said explains how they somehow can forcefully upgrade the network. If you wanna keep being confidently ignorant about how nodes and network upgrades work, that's completely fine by me.

Commented by /u/Njaa in /r/CryptoCurrency on January 16, 2023 10:17:54
/r/CryptoCurrency/comments/10cz7ii/we_are_now_burning_more_eth_than_we_are_making/j4l7ejn/

In blockchains like Ethereum and Bitcoin, upgrades are performed by nodes, of which there are about 10 thousand. Centralized actors like Consensys and Blockstream have no authority over this process, and cannot in fact force through a hard fork.

Commented by /u/Njaa in /r/CryptoCurrency on January 16, 2023 09:36:46
/r/CryptoCurrency/comments/10ae8f7/ethereum_on_track_to_reach_500000_validators/j469chk/

No. Anyone can be a whistleblower, and you as the proposer will automatically include the whistleblowing transaction and get a bonus reward for that.

Commented by /u/Njaa in /r/CryptoCurrency on January 13, 2023 08:36:52
/r/CryptoCurrency/comments/10961zy/ethereums_annual_co2_emission_dropped_from_2195m/j41a1fz/

>The real problem is that ETH was a small contributor to overall emissions from PoW mining All estimates I've seen put Ethereum at above *a third of all mining power consumption* when it was running on PoW. Bitcoin is larger, of course, but Ethereum's footprint wasn't *small* by any measure.

Commented by /u/Njaa in /r/CryptoCurrency on January 12, 2023 09:11:49
/r/ethereum/comments/107cqi8/ama_we_are_ef_research_pt_9_11_january_2023/j3wic0t/

>EIP-4444 would change this Is that uncontroversial? Not being able to sync from genesis through the p2p network *seems* like a big deal.

Commented by /u/Njaa in /r/ethereum on January 11, 2023 10:35:55
/r/ethereum/comments/107cqi8/ama_we_are_ef_research_pt_9_11_january_2023/j3w6mkk/

>Second misunderstanding: You don't need the transaction history to validate transactions -- only the current state. If I understand it correctly, the data itself isn't used for state transitions, only the "commitment hash", which is never deleted. Because of this, you can still calculate states from before the data horizon. Is that accurate?

Commented by /u/Njaa in /r/ethereum on January 11, 2023 09:16:32
/r/ethereum/comments/107cqi8/ama_we_are_ef_research_pt_9_11_january_2023/j3w5sbg/

Would encrypted mempools mean that builders and proposers wouldn't even know what they are including in a block? Is research mature on this?

Commented by /u/Njaa in /r/ethereum on January 11, 2023 09:10:20
/r/ethereum/comments/107cqi8/ama_we_are_ef_research_pt_9_11_january_2023/j3w4qm0/

What bounds of the window of opportunity, as you see it?

Commented by /u/Njaa in /r/ethereum on January 11, 2023 09:02:28
/r/ethtrader/comments/107fss2/crypto_lawyer_lashes_sec_chairman_for_considering/j3r2p9m/

Honestly, people repeating lies about what Gensler said are the jokes. "Gensler" as you know him is an invented boogeyman, and not the same person as the actual Gensler.

Commented by /u/Njaa in /r/ethtrader on January 10, 2023 09:26:20
/r/ethtrader/comments/107fss2/crypto_lawyer_lashes_sec_chairman_for_considering/j3r2hns/

Gensler never disputed this. You're getting angry at a person because someone else told you lies about him.

Commented by /u/Njaa in /r/ethtrader on January 10, 2023 09:24:49
/r/CryptoCurrency/comments/107ijzv/help_rehabilitate_a_btc_maxi/j3oa3bh/

Yup, spot on. I might be stretching it a bit, but I even consider it an *ethical* milestone in several ways: Not only has the project reduced \~all its environmental externalities, but it *very* close to being able to run profitably without debasing users through inflation. Other chains still inflate like mad. Bitcoin is one of the least bad ones, but even it is debasing holders through \~2% inflation - and I don't think most retail users truly consider that, which means we're kinda tricking them to pay for operations without their consent.

Commented by /u/Njaa in /r/CryptoCurrency on January 9, 2023 18:02:46
/r/CryptoCurrency/comments/107ijzv/help_rehabilitate_a_btc_maxi/j3nzhvz/

>Now in POS only about 1,700 ETH are being created each day. For ETH to maintain $10,000 for 100 days now the market must only buy $1.7B worth of ETH, and that assumes stakers are selling everything like miners had to. I don't think this calculation is accurate. Since the network burns fees on the same order of magnitude as it pays stakers, the market has only had to absorb 3304 ETH in the past 116 days, per your ultrasound.money source. This would mean around 5 \*million\*, not 1.6 \*billion\* in 100 days. Only way this doesn't hold is if you argue that money created and money destroyed doesn't cancel eachother out, but I think that's a hard argument to make. If I have a black box which accepts a $1 bill, burns it secretly, and spits out a freshly minted $1 bill, that's not going to affect the market.

Commented by /u/Njaa in /r/CryptoCurrency on January 9, 2023 16:54:38
/r/ethereum/comments/106iirb/does_eth_have_admin_keys/j3jd2g1/

>That is not true, even if majority disagree with Ethereum change, they would have to fork That's backwards. If someone proposes a change, that IS the fork. *You have to fork to agree, not to disagree.* If the \~10k nodes decide they don't want to, then the change doesn't happen, and status quo is maintained.

Commented by /u/Njaa in /r/ethereum on January 8, 2023 18:46:33
/r/ethereum/comments/105l8aj/eth_is_intimately_connected_with_the_wef_and_jp/j3cvpvp/

The WEF is alright. Virtually 100% of all criticism against them is rehashed conspiracy theory nonsense, most frequently citing a fictional dystopian thought experiment as if it were their policy goal.

Commented by /u/Njaa in /r/ethereum on January 7, 2023 12:44:50
/r/ethereum/comments/1047glv/ethereum_dev_meeting_summary_teams_agree_to_focus/j375xm1/

It's an open source project. You're free to fork or contribute to a client, and voice your agreement/disagreement.

Commented by /u/Njaa in /r/ethereum on January 6, 2023 09:45:22
/r/CryptoCurrency/comments/zm8ugy/are_you_buying_eth/j32q3xs/

>You aren’t providing me with PHD level papers for your rebuttals to prove “this is not an attack vector” so why should I? You're the one making a claim. No one can prove a negative, which is why the burden of proof is always on the one making the claim. >Give me a break. Do you have to resort to tribalism when having a debate with someone? I was actually delighted to see this argument in a ***non-tribalistic*** context. You don't seem like a BTC maxi. >this is much needed when doing attacks going back to genesis involving DEXs Literally no. You've completely misunderstood what an archive node is and does. Intermediary states of Ethereum are worthless to the protocol after the horizon of finality, and can be discarded. Even when this exploded state is discarded, **nodes still hold all the information necessary to simply recreate the exploded state** if needed. You are simply wrong on this point. Archive nodes' sole purpose is for off-chain applications, not the chain itself. >reorg from genesis would require more computational power than is found on this planet This is kinda almost (but not really) true for PoW, but not relevant for PoS. Computational power is not used for branch choice in Ethereum, and is therefore irrelevant to the argument. >During a sophisticated attack. Finality *is not* reached in 12.5 minutes for the tip of the chain. True, a successful attack could temporarily delay further finality. It could not however roll back finality to genesis.

Commented by /u/Njaa in /r/CryptoCurrency on January 5, 2023 12:33:14
/r/CryptoCurrency/comments/zm8ugy/are_you_buying_eth/j3235f4/

Them caring isn't a prerequisite. Their balances would drop to zero.

Commented by /u/Njaa in /r/CryptoCurrency on January 5, 2023 10:09:18
/r/CryptoCurrency/comments/zm8ugy/are_you_buying_eth/j321uo4/

>If I were to attack ETH with a 51% attack I would do it through LDO governance And what would you actually *do* with control over the LDO governance? >I could attack the cloud hosting for 2/3 of ETH nodes. If you actually take a look at your source, you would realize it presents literally 100% of nodes as if they were cloud hosted. The reason why it does this, is because it is not in fact a graph over all nodes, but of all *cloud hosted nodes* \- and naturally 100% of cloud hosted nodes are cloud hosted nodes. Even if you somehow completely took over Amazon, that would amount to 25.9% of total nodes - and then what? Turning off 25.9% of nodes doesn't actually affect the blockchain. It's a peer-to-peer network, and would simply route traffic between the remaining 74.1% of nodes. >Due to US extradition laws, around 90% of these entities could be strong armed into giving up their control over staked ETH. Doesn't strike me as any more likely than China suddenly nationalizing their ASIC production - which they certainly could. At least under PoS, they would only get one shot before their stake was slashed into the ground. If China amasses hashrate dominance, you can't burn down their ASICs remotely.

Commented by /u/Njaa in /r/CryptoCurrency on January 5, 2023 10:00:21
/r/ethstaker/comments/103ijno/im_confused_by_how_block_rewards_are_determined/j31z63o/

I think it's best to take your questions in reverse order, since they complement eachother that way: >does every block have an MEV reward tied to it? No. MEV is entirely opt-in. You need to either find MEV opportunities yourself, or you can opt in to one or more of a number of MEV services, such as Flashbots (please don't actually use Flashbots despite their profitability - they censor transactions according to US regulation and already have an outsized share) >Can a validator receive an MEV reward but not the priority fee? If so, why and how does that work? If you use MEV-boost, then your entire priority fee reward will be given to the MEV provider. When you propose such a block, their address will be the fee recipient. In return, one of the transactions in the block will pay you your total income for that block. Notably this payment can be \*lower\* than fee you gave to the MEV-service, but the point is that \*you\* wouldn't have been able to build a block with the same total priority fees anyways. If you tried, you would probably have ended up with much less, since you didn't have as many transactions available to choose from as they had. >Is there a way to break down how much of a block reward was priority fee and MEV? Kinda, but not clearly. At least not to my knowledge - maybe someone else can chime in. This is how I see it: Looking at one of the latest blocks, [16341221](https://etherscan.io/block/16341221), you can see that 0.1016 ETH was paid to the builder0x69 relay (and not the actual proposer). This is the Priority fee. If you open up the transaction page, the very first transaction is 0.1021 ETH to the Lido Execution Layer Rewards Vault - which is the total reward to the validator. This makes it look like the priority fees were 0.1016, and the MEV income was 0.005, for a total of 0.1021. The problem is that you don't really know that this validator would have found 0.1016 in priority fees themselves. Maybe they would only have found 0.1 in fees from their own local mempool. If that was the case, the MEV income was actually 0.021 - 5 times higher.

Commented by /u/Njaa in /r/ethstaker on January 5, 2023 09:41:46
/r/ethstaker/comments/103ijno/im_confused_by_how_block_rewards_are_determined/j2z834s/

A transaction consists of two fee components, the basefee and the priority fee. The basefee is a minimum price. It is set automatically based on the congestion of the network. If the previous block was full, the basefee is increased by 12.5%, if the previous block was half full the basefee remains the same, and if the previous block was empty, the basefee is reduced by 12.5%. Importantly, the whole basefee is burned, and not paid as block rewards. The second component, the priority fee, is however much a user is willing to pay in excess of the basefee, to entice a validator to include their transaction in a block. This part is paid directly to the validator. Additionally, there are ways to earn money from outside the protocol. The simplest example of this is someone who wants their transaction to remain private until the moment of inclusion. They can pay a validator under the table, in exchange for them to include the transaction into their local mempool without broadcasting it. This type of income is called MEV, and comes in many other flavours. Recently the MEV-boost feature has allowed automation of this through builders and relays that the validator can subscribe to in order to maximize MEV. Not sure if that clears things up or not. Let. Me know if you have any further questions.

Commented by /u/Njaa in /r/ethstaker on January 4, 2023 18:39:09
/r/CryptoCurrency/comments/1031ovl/lets_talk_about_lsd/j2x2sir/

Intuitively (and probably wrongly) I think of DVTs as a native competitor to LSDs. Where can I read more about what DVTs actually entail? Is there a spec or even implementation somewhere?

Commented by /u/Njaa in /r/CryptoCurrency on January 4, 2023 10:38:50
/r/CryptoCurrency/comments/102dccr/is_ethereum_a_security/j2tv3ys/

Gensler never said this. He did however say that the ICO might have been considered a securities transaction, if it were under US jurisdiction. I suggest you watch the actual MIT lectures, instead of relying on second hand knowledge.

Commented by /u/Njaa in /r/CryptoCurrency on January 3, 2023 17:28:04
/r/CryptoCurrency/comments/102dccr/is_ethereum_a_security/j2t95ys/

>Basically who owns the majority ( ETH Foundation) of ETH controls the network The "ETH Foundation" doesn't own the majority of ETH though, so even if your argument was correct, your assumption isn't.

Commented by /u/Njaa in /r/CryptoCurrency on January 3, 2023 15:14:33
/r/norge/comments/1022bkj/norwegian_ancestry_in_the_us/j2r8shm/

>makrell i tomat og jordbærsyltetøy At det var?

Commented by /u/Njaa in /r/norge on January 3, 2023 06:25:10
/r/Buttcoin/comments/100ti6u/exchanges_have_created_a_huge_number_of_new/j2o6cjs/

>How do they manage to pay 8.1% APR (and keep the lights on)? The validators get a portion of the transaction fees, and can earn a bit on top through MEV - which are non-protocol rewards, for example payments for processing transactions privately instead of publically through the mempool. The "if you don't understand the yield, you are the yield" meme is pervasive, but not apt in this particular situation, since the source of the yield is very well understood.

Commented by /u/Njaa in /r/Buttcoin on January 2, 2023 14:59:26
/r/CryptoCurrency/comments/zpnzt4/eth_will_not_last_long/j2o57ku/

Considering that there aren't even hundreds of millions of ETH in existence, I can pretty confidently say that this claim is false.

Commented by /u/Njaa in /r/CryptoCurrency on January 2, 2023 14:52:13
/r/CryptoCurrency/comments/zpnzt4/eth_will_not_last_long/j2o4u6e/

Not when adjusted for hashrate production efficiency gains. The fact that you can produce hashes today much faster than you could years ago doesn't magically make the chain more secure. If you can produce cheap hash, so can an attacker.

Commented by /u/Njaa in /r/CryptoCurrency on January 2, 2023 14:49:53
/r/CryptoCurrency/comments/zpnzt4/eth_will_not_last_long/j2o4508/

"and not my Ethereum stablecoins, please"

Commented by /u/Njaa in /r/CryptoCurrency on January 2, 2023 14:45:25
/r/TrueReddit/comments/vp85e0/cryptocurrency_should_die_in_a_fire_just_a_really/j2n7cmv/

For the record, my over/under is mid April, so I think mid-year is a good middle point between our estimates.

Commented by /u/Njaa in /r/TrueReddit on January 2, 2023 11:12:47
/r/TrueReddit/comments/vp85e0/cryptocurrency_should_die_in_a_fire_just_a_really/j2n689p/

Then we can do this, and you can once again fail to update your prior despite being repeatedly wrong: RemindMe! 6 months

Commented by /u/Njaa in /r/TrueReddit on January 2, 2023 11:04:57
/r/TrueReddit/comments/vp85e0/cryptocurrency_should_die_in_a_fire_just_a_really/j2n1e1e/

Nothing. If you wanna put up a tungsten cube or something, I'll gladly accept. You still haven't made a claim about a timeline though, so I don't think you're even sincere in your concern trolling. You know I'm probably correct.

Commented by /u/Njaa in /r/TrueReddit on January 2, 2023 10:30:04
/r/TrueReddit/comments/vp85e0/cryptocurrency_should_die_in_a_fire_just_a_really/j2mxjds/

This has nothing to do with a timeline. Besides, you don't need to withdraw unless you're a staker. You don't need to stake to own ETH. Those who staked anyways are paid hansomely for it, and were made extremely aware of the delay before withdrawals would be available. Your concern trolling isn't particularly interesting, and withdrawals will most likely be live in 3-4 months.

Commented by /u/Njaa in /r/TrueReddit on January 2, 2023 10:00:49
/r/TrueReddit/comments/vp85e0/cryptocurrency_should_die_in_a_fire_just_a_really/j2mqrif/

It's exceedingly unlikely withdrawals come later than Q2. You disagree with this?

Commented by /u/Njaa in /r/TrueReddit on January 2, 2023 09:04:57
/r/TrueReddit/comments/vp85e0/cryptocurrency_should_die_in_a_fire_just_a_really/j2mi0c6/

>Letting you know that the actual change is propagating through testnets right now probably wouldn't change your mind. I don't believe anything would, except it actually having happened, so I have only one option: > >RemindMe! 6 months You were wrong.

Commented by /u/Njaa in /r/TrueReddit on January 2, 2023 07:36:51
/r/CryptoCurrency/comments/zz5fkk/youre_converting_all_crypto_to_a_single_asset_and/j2kwy4i/

That's OK, I read up and now understand that 1) 16% is a historical rate, not the current rate and 2) very close to 100% of the yield comes from inflating the supply.

Commented by /u/Njaa in /r/CryptoCurrency on January 1, 2023 21:16:24
/r/ethereum/comments/100pkhy/question_about_future_update/j2k6fgj/

You can already *exit* \- for example if you no longer wish to operate your validator - you just cannot *withdraw*. Almost a meaningless distinction in practice though.

Commented by /u/Njaa in /r/ethereum on January 1, 2023 18:03:36
/r/CryptoCurrency/comments/1003h2z/staked_ethereum_about_to_get_dumped_in_march/j2hyywv/

Where will they move? 10% is already very low.

Commented by /u/Njaa in /r/CryptoCurrency on January 1, 2023 08:23:25
/r/CryptoCurrency/comments/zz5fkk/youre_converting_all_crypto_to_a_single_asset_and/j2b0r5k/

That inflated-adjustment yield is literally incredible. Where do you get that number from?

Commented by /u/Njaa in /r/CryptoCurrency on December 30, 2022 17:50:10
/r/CryptoCurrency/comments/zyid8u/ultra_sound_money_simulation_shows_ethereums/j29n47t/

A supply limit or "hard cap" is very similar to a budget debt ceiling. If one government is spending within their means, and running a 0.01% deficit but has no debt ceiling, and another government is spending beyond their means, running a 2% deficit, but HAS a debt ceiling - which one is the fiscally responsible government? The government with the debt ceiling simply promises they will somehow reach 0% deficit before reaching the ceiling. Whether or not they will actually be able to this is unclear, and past performance suggests they won't.

Commented by /u/Njaa in /r/CryptoCurrency on December 30, 2022 12:28:45
/r/ethereum/comments/zxliuh/who_would_the_sec_sue_serious/j24yyws/

Yes, centralized staking services are definitively common enterprises. I see no way it could *possibly* be otherwise. Paying some *company* for them to further invest your money, is obviously an investment contract. Whether or not they turn around and further invest your money into ETH staking or not is besides the question. Regulation of these entities would be a very good thing.

Commented by /u/Njaa in /r/ethereum on December 29, 2022 13:21:56
/r/ethereum/comments/zxliuh/who_would_the_sec_sue_serious/j21gkmj/

I'm not aware of the SEC chair noises you're referring to. Are you sure you're not simply misunderstanding Gensler's september comments, which were about staking services, not Ethereum itself? If not, please specify.

Commented by /u/Njaa in /r/ethereum on December 28, 2022 18:38:53
/r/GradSchool/comments/zx6e87/people_in_my_lab_think_im_mining_cryptocoins/j2114id/

>You can still do ETH mining with high end GPUs. No, you cannot. ETH doesn't use mining any longer. There are other very small coins where you can mine though.

Commented by /u/Njaa in /r/GradSchool on December 28, 2022 16:51:16
/r/ethfinance/comments/zw8aor/daily_general_discussion_december_27_2022/j1w73f5/

Found it. See edit above.

Commented by /u/Njaa in /r/ethfinance on December 27, 2022 16:23:45
/r/ethfinance/comments/zw8aor/daily_general_discussion_december_27_2022/j1w2yry/

Did you ever figure out when proof-of-stake as a vision was added to the "living" whitepaper?

Commented by /u/Njaa in /r/ethfinance on December 27, 2022 15:56:03
/r/ethfinance/comments/zw8aor/daily_general_discussion_december_27_2022/j1w11dd/

There is significant differences between the content of this document and the [linked PDF](https://ethereum.org/669c9e2e2027310b6b3cdce6e1c52962/Ethereum_Whitepaper_-_Buterin_2014.pdf). Particularly, the linked document doesn't envision anything about proof-of-stake. Was proof-of-stake truly a part of the whitepaper prior to launch of the genesis block, or has it (somewhat surreptitiously) been added at a later date?

Commented by /u/Njaa in /r/ethfinance on December 27, 2022 15:43:10
/r/ethereum/comments/zsho4i/what_exactly_is_the_relationship_between/j1fwne9/

Are Bitcoin Lightning networks similar sidechains, or is there more sophistication to them?

Commented by /u/Njaa in /r/ethereum on December 23, 2022 19:55:57
/r/ethereum/comments/zsn3ab/crypto_should_be_focused_on_building_something/j1fnfrl/

>Exchange of value. You can buy gold, stocks and crypto digitally with a fully decentralized application. No centralized companies involved. This makes literally no sense to me. Somewhere, someone actually **physically holds the gold**. How can that someone ever be decentralized?

Commented by /u/Njaa in /r/ethereum on December 23, 2022 18:42:36
/r/CryptoCurrency/comments/zts7x8/what_is_your_big_takeaway_of_2022/j1fmx27/

Good for you! Was it a loss or a gain long term?

Commented by /u/Njaa in /r/CryptoCurrency on December 23, 2022 18:38:33
/r/ethereum/comments/zsho4i/what_exactly_is_the_relationship_between/j1el4r3/

Simply storing a hash doesn't mean it inherits any security though, right? Is 100% of side-chain security provided by their own mechanism?

Commented by /u/Njaa in /r/ethereum on December 23, 2022 14:01:23
/r/ethereum/comments/zsro1g/run_node_vs_validator/j1ab0q1/

You need a node in order to interact with the network in any way, like sending/receiving ETH, sending/receiving tokens, creating smart contracts, running contracts, operating a validator, etc. For some of these things, you can borrow someone else's, like Infura, but if you want high throughput or extra privacy, your own node is the way to go. Wallet software typically dials home either to their developer's node, or to a node service like Infura or Alchemy. Other than that, a lot of tech enthusiasts volunteer to run nodes just the sake of it. I'm running nodes for several blockchain projects with no profit motive, just to learn how things work.

Commented by /u/Njaa in /r/ethereum on December 22, 2022 15:46:11
/r/ethereum/comments/zsnslp/why_did_paxful_ceo_say_that_one_day_we_will_need/j19tfa6/

He got them from a sub where lies gets you upvotes and facts gets you banned.

Commented by /u/Njaa in /r/ethereum on December 22, 2022 13:50:20
/r/ethereum/comments/zsnslp/why_did_paxful_ceo_say_that_one_day_we_will_need/j19oy36/

Wrong again. A full node in Ethereum comes in at around 1 TB, not 11.6. And I know where your bullshit number comes from: 11.6 TB is approximately what Geth requires to run an *archive* node, which isn't the same as full node. Even if you for some reason wanted to run an archive node, you'd be much better served by Erigon or other archive-optimized clients, which can help you do that with around 3 TB, not 11.6 TB. I don't understand the BTC maxi fixation on archive nodes though. Their capacity isn't even used in the peer-to-peer network. It's simply a tool to quickly query historical states that are no longer relevant to the protocol.

Commented by /u/Njaa in /r/ethereum on December 22, 2022 13:21:29
/r/ethereum/comments/zsnslp/why_did_paxful_ceo_say_that_one_day_we_will_need/j19m4hv/

Validators and full nodes are not the same thing at all. A validator is basically a virtual ASIC. It costs 32 ETH to set up, and provides you yield. A full node is a node in the peer-to-peer network. It costs nothing to run, and gives no yield. Just as an ASIC requires a node to be able to mine, a validator requires a node to perform its duties, but an ETH node doesn't require a validator any more than a BTC node requires an ASIC.

Commented by /u/Njaa in /r/ethereum on December 22, 2022 13:03:15
/r/ethereum/comments/zsnslp/why_did_paxful_ceo_say_that_one_day_we_will_need/j19jwhb/

Why wouldn't that be a thing? ETH has nodes too...

Commented by /u/Njaa in /r/ethereum on December 22, 2022 12:48:59
/r/ethereum/comments/zsnslp/why_did_paxful_ceo_say_that_one_day_we_will_need/j19eieb/

If we're so compliant, isn't it weird that Tornado Cash keeps working?

Commented by /u/Njaa in /r/ethereum on December 22, 2022 12:14:40
/r/ethereum/comments/zsnslp/why_did_paxful_ceo_say_that_one_day_we_will_need/j19ctrr/

You're allowed to by *Ethereum*. It's weird to try to blame Ethereum for some state's actions. If you publish a Tornado Cash transaction, it will go through. If you're scared the feds will raid you for it, you have to take that up with them, not us.

Commented by /u/Njaa in /r/ethereum on December 22, 2022 12:03:43
/r/ethereum/comments/zsnslp/why_did_paxful_ceo_say_that_one_day_we_will_need/j19c5ir/

Gish gallops are usually not a sign someone is arguing in good faith. Can you focus on your point, and demonstrate how Ethereum is "permissioned", instead of spewing unrelated nonsense?

Commented by /u/Njaa in /r/ethereum on December 22, 2022 11:59:23
/r/CryptoCurrency/comments/zram0d/why_is_being_labeled_a_security_bad/j13gc6d/

>and in decentralized cases it's impossible Which is why it will never happen. Securities regulation is meant to ***protect consumers***, not outlaw particular economic activity. Demanding "compliance" from an autonomous system that literally has no way of complying isn't regulation.

Commented by /u/Njaa in /r/CryptoCurrency on December 21, 2022 06:42:38
/r/ethereum/comments/zr6rei/noob_here_is_it_a_problem_that_there_is_no/j13f76l/

It's gonna become a serious issue long before 2140 though. Mining subsidy is cut by nearly 90% every 12 years. At the same time, more and more wealth will be protected by this dwindling security budget, meaning that attacks will be both cheaper and have a higher potential yield.

Commented by /u/Njaa in /r/ethereum on December 21, 2022 06:28:57
/r/CryptoCurrency/comments/zqrwo1/vitalik_buterin_on_sam_bankmanfried_quality_of/j11h74g/

Which is why it ***was*** a quote from Vitalik about SBF, not a quote from someone else.

Commented by /u/Njaa in /r/CryptoCurrency on December 20, 2022 18:47:50
/r/CryptoCurrency/comments/zqrwo1/vitalik_buterin_on_sam_bankmanfried_quality_of/j11h2in/

[Vitalik said that, not David Hoffman. False comment.](https://youtu.be/QXKqIIf6_AE?t=1258)

Commented by /u/Njaa in /r/CryptoCurrency on December 20, 2022 18:46:55
/r/ethstaker/comments/zqu5uq/ultra_sound_relay/j10lhug/

I wonder, why do clients not let the mempool compete with relays? I might be mistaken, but I believe clients currently only evaluate the mempool **or** relays, not both. If it considered both, any "censored" transaction would in reality just be an "outbid" transaction - excluded on the merit of its fee, not because of who they are. Is there a technical reason to this, or do I have faulty assumptions?

Commented by /u/Njaa in /r/ethstaker on December 20, 2022 15:13:01
/r/ethstaker/comments/zqu5uq/ultra_sound_relay/j0zzfnf/

Interesting! Thanks for the clarification. Do you have a good resource for finding such statistics?

Commented by /u/Njaa in /r/ethstaker on December 20, 2022 12:52:07
/r/ethstaker/comments/zqu5uq/ultra_sound_relay/j0zxuxk/

>Roughly 2.5% of all validators (781 unique fee recipients) are connected to the relay. I assume this metric is validators who have successfully used this relay for a block proposal, and not necessarily all validators connected to the relay? Might be a bit nitpicky, but if that's how it's calculated then the actual subscription rate might be higher, but look lower because not all validators have proposed a block since they went live, and even if they did, another relay might have outbid them. Or do we actually have a good way of knowing relay subscription rates outside of actual block proposals?

Commented by /u/Njaa in /r/ethstaker on December 20, 2022 12:42:07
/r/CryptoCurrency/comments/zqk9p2/ethereum_stakers_left_confused_when_can_they/j0yvuvd/

RemindMe! 6 months "I wonder what irrational FUD this guy has pivoted to by now"

Commented by /u/Njaa in /r/CryptoCurrency on December 20, 2022 08:08:37
/r/CryptoCurrency/comments/zqk9p2/ethereum_stakers_left_confused_when_can_they/j0yudtb/

Right. I'm looking forward to the next generation of FUD when Shanghai proves you wrong :)

Commented by /u/Njaa in /r/CryptoCurrency on December 20, 2022 07:54:16
/r/CryptoCurrency/comments/zqk9p2/ethereum_stakers_left_confused_when_can_they/j0ythpn/

>I'd prefer if they had more loose time-frames and maybe gave later dates There was a very informal estimate of 6-12 months post-merge, and now it has been committed in the next fork with a soft target of March, which is much closer to the lower end of the previous estimate. Isn't this exactly what you're describing? How much looser can it get?

Commented by /u/Njaa in /r/CryptoCurrency on December 20, 2022 07:45:15
/r/CryptoCurrency/comments/zpiwhs/censorship_is_blending_into_ethereum/j0wf4wk/

It's not even accurate to say 60% of validators "won't touch it". Flashbots is regularly outbidding other relays. Validators just sell blockspace to the highest bidder, as they should.

Commented by /u/Njaa in /r/CryptoCurrency on December 19, 2022 17:37:38
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0s38su/

I mean, to print 1 quadrillion ETH, the stakers and nodes would have to change the software they are running. Similarly, go print 1 quadrillion BTC, the miners and nodes would have to change the software they are running. What difference are you trying to highlight exactly?

Commented by /u/Njaa in /r/ethereum on December 18, 2022 19:08:07
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0r6m5i/

So it's the rate that matters? Because Bitcoin has passed its years of heavy development and is now completely ossified, it is preferable to younger projects still developing? I don't think anyone out there is pretending Ethereum today hasn't forked from its past, but a lot of people pretend that for Bitcoin.

Commented by /u/Njaa in /r/ethereum on December 18, 2022 15:20:19
/r/ethfinance/comments/zfrc8z/why_eth_isnt_a_security_arguments_id_make_if_i/j0qv42k/

>insiders got a vast sum of ETH in excess of what could be purchased using BTC Do you have a source for this?

Commented by /u/Njaa in /r/ethfinance on December 18, 2022 14:05:56
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0pmx4p/

And those can indeed be securities. Wrapping assets in a smart contract doesn't magically exempt you from regulation.

Commented by /u/Njaa in /r/ethereum on December 18, 2022 09:06:45
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0nt5ko/

While Bitcoin code hasn't changed..?

Commented by /u/Njaa in /r/ethereum on December 17, 2022 21:02:09
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0nsapr/

Yet Bitcoin is inflating more than Ethereum, and still has no long term plan for paying for its security. Ethereum has solved it's inflation problem \*now\*. Bitcoin *promises* it can solve it in a century, without commiting to any structural change that would actually allow it to do so. I prefer the *actions* of Ethereum to the *promises* of Bitcoin .

Commented by /u/Njaa in /r/ethereum on December 17, 2022 20:55:19
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0llqo4/

That one also uses the interview in my video as the source, so..

Commented by /u/Njaa in /r/ethereum on December 17, 2022 11:24:28
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0l0f8u/

At least not based on the CFTC chief's actual words despite some people wanting to twist them: &#x200B; https://www.youtube.com/clip/UgkxxoNtShCAr6x7g10yZnZ03AtfKbs6GzFA

Commented by /u/Njaa in /r/ethereum on December 17, 2022 08:29:10
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0l099g/

I have seen zero evidence to that effect, so I have no reason to believe they would.

Commented by /u/Njaa in /r/ethereum on December 17, 2022 08:27:29
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0l05gv/

You're probably not trying to, but you are indeed spreading falsehoods. Whether or not this qualifies as a "lie" only depends on your intention. The video you're linking is a retelling of a retelling of what happened in an interview at Princeton DeCenter. Like a game of telephone, the actual truth gets lost in transit. Here is the \*actual\* words the the CFTC chairman said in the interview they are referring to. You'll notice it doesn't quite match what is being claimed in your video and in countless blogspam articles being posted on Reddit. https://www.youtube.com/clip/UgkxxoNtShCAr6x7g10yZnZ03AtfKbs6GzFA

Commented by /u/Njaa in /r/ethereum on December 17, 2022 08:26:27
/r/CryptoCurrency/comments/znebgn/eth_is_slowly_becoming_decentralised_in_name_only/j0kzpau/

The foundation doesn't write code.

Commented by /u/Njaa in /r/CryptoCurrency on December 17, 2022 08:21:55
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0jgh93/

If you watched the actual interview instead of regurgitating blogspam, you would know that this is a lie.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 21:34:11
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0jgdnu/

>But even if it is a lie It is. You can watch the video of his interview to confirm this for yourself, if you care about truth. I suspect you don't. >So… tell me again how the SEC will declare ETH a commodity… please… I could use a laugh for today. The SEC doesn't "declare commodities", so your request is meaningless.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 21:33:20
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0iztv6/

If when people are saying "ETH is a security" they actually mean "securities tokenized on the Ethereum network are securities" then I completely agree. That is a meaningless tautology.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 19:16:59
/r/ethereum/comments/zmzlah/question_on_halting/j0ivzlj/

Indeed - however you'd find the same type of optimization in any high load cloud based operation, since small changes in their code would vastly change the bill they receive each month.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 18:46:50
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0ivs3a/

I agree, intermediaries that offer investment schemes where they further invest into staking should register with the SEC. This has literally nothing to do with ETH though. If I accept investments from millions of people, you're damn right I should follow regulation. Whether or not I further invest into ETH staking has nothing to do with that matter. There is a huge difference between **this** and "Ethereum being under pressure by SEC rulings".

Commented by /u/Njaa in /r/ethereum on December 16, 2022 18:45:14
/r/ethereum/comments/zmzlah/question_on_halting/j0ilhc1/

>and running out of gas is normal Also this isn't exactly correct. Any smart contract API worth its salt should tell you (or your wallet) the gas it requires to terminate. Any such API that ends recommending you transaction parameters that will halt due to gas expenditure is poorly engineered.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 17:28:18
/r/ethereum/comments/zmzlah/question_on_halting/j0il02z/

I mean, yeah, there is a stop condition. The problem with that explanation is that *all non-theoretical actually existing Turing machines have a stop condiditon*. Therefore, trying to separate actual physical implementations of Turing complete machines and turning-complete-with-stop-condition machines is arbitrary at best and misleading at worst. The whole point of proving the Turing completeness of a system is to prove it can calculate anything calulable if provided infinite resources, but no actual implementation ever has infinite resources. To invert the point: Turing **incomplete** machines cannot calculate all calculable equations \*no matter how many resources you throw at it\*. Such machines have *fundamental blind spots* that prevent them from reaching certain parts of the mathematical space.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 17:24:47
/r/CryptoCurrency/comments/zngv25/btc_the_pow_of_its_own_pow/j0ie4vs/

It would in fact be far easier for a PoS coin to have a max cap, since it needs less subsidy. The only reason Ethereum doesn't have a hard cap, is because no one today can accurately predict what subsidy is required for security to remain high tomorrow. Bitcoin just pretends this isn't true, and that it can completely remove security payments with no downside.

Commented by /u/Njaa in /r/CryptoCurrency on December 16, 2022 16:35:42
/r/CryptoCurrency/comments/zngv25/btc_the_pow_of_its_own_pow/j0idtq8/

If anyone wanna save 12 minutes, these are his points as to why tail emission are not needed in Bitcoin: Price and fees will probably double every 4 years to offset halvings. Adding tail emissions would be bad because it breaks the hard cap. (and then 5 minutes of weird deflecting about how Ethereum and PoS is bad)

Commented by /u/Njaa in /r/CryptoCurrency on December 16, 2022 16:33:31
/r/CryptoCurrency/comments/zngv25/btc_the_pow_of_its_own_pow/j0ic36k/

Sure, but that's a massively smaller amount of mining than today, which would massively reduce the cost to attack the network. Assuming TVL of Bitcoin goes up (which should be a fair assumption - the opposite is to admit defeat), that means you'll protect a rising amount of funds with shrinking amount security.

Commented by /u/Njaa in /r/CryptoCurrency on December 16, 2022 16:21:18
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0ibfo1/

Yet Bitcoin is inflating more than Ethereum, and still has no long term plan for paying for its security.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 16:16:45
/r/ethereum/comments/znihm7/bitcoin_or_ethereum/j0ibbz3/

Any SEC rulings in particular?

Commented by /u/Njaa in /r/ethereum on December 16, 2022 16:16:02
/r/ethereum/comments/zmzlah/question_on_halting/j0ia890/

>Gas failure is halting, right? Imagine someone tells your to execute a program that does \*something\*, but you don't know what it is, and while it is running, it blanks your screen. You also know that you kan kill this program with CTRL-C. *Halting* would be the program actually finishing, and closing on its own. *Running out of gas* would be the same as you running out of patience, and hitting CTRL-C, since you don't know whether or not the program will ever halt on it's own and you consider you've spent enough time waiting.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 16:08:22
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0i8vw1/

>And a few weeks before that, the CFTC said that only bitcoin was a commodity. No, they didn't.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 15:59:09
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0i8u4s/

>I recall the exact same department declaring that only bitcoin was a commodity a few weeks prior to that statement. You recall incorrectly.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 15:58:49
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0i8pu8/

>that very same organization said about a week or two earlier that bitcoin was the only commodity No, they didn't. You've been told lies. Probably by BTC maxis. And don't link me some blogspam repeating the lie. Look up the actual source yourself, or ask me and I will link it for you.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 15:58:00
/r/ethereum/comments/zn6yfv/why_eth_will_be_labeled_a_security_very_soon/j0i8hkr/

>I’m too lazy to look it up Yeah, sounds about right.

Commented by /u/Njaa in /r/ethereum on December 16, 2022 15:56:26
/r/CryptoCurrency/comments/znebgn/eth_is_slowly_becoming_decentralised_in_name_only/j0i8c5a/

How was it both an "insider premine" and also an open sale with ny KYC?

Commented by /u/Njaa in /r/CryptoCurrency on December 16, 2022 15:55:23
/r/CryptoCurrency/comments/znebgn/eth_is_slowly_becoming_decentralised_in_name_only/j0i7kzf/

>Blockstream can propose whatever it wants however it will be up to the individual nodes running BTC core to make the final decision. And in Ethereum, nodes don't have to update their software for a change to take effect? It just happens magically?

Commented by /u/Njaa in /r/CryptoCurrency on December 16, 2022 15:50:20
/r/CryptoCurrency/comments/znebgn/eth_is_slowly_becoming_decentralised_in_name_only/j0i7amh/

A "small group" of \~10k individual nodes who decide which software to run.

Commented by /u/Njaa in /r/CryptoCurrency on December 16, 2022 15:48:23
/r/CryptoCurrency/comments/znebgn/eth_is_slowly_becoming_decentralised_in_name_only/j0i71zv/

Validators are free to include transactions they wish to when it's their turn to produce a block. This is identical to PoW, where miners are equally free to include transactions they wish to then it's their turn to produce a block. When they're not the ones producing blocks, they have no say in either PoW or PoS.

Commented by /u/Njaa in /r/CryptoCurrency on December 16, 2022 15:46:46
/r/ethfinance/comments/zmdpjz/daily_general_discussion_december_15_2022/j0e5c27/

How do you get this?

Commented by /u/Njaa in /r/ethfinance on December 15, 2022 18:57:00
/r/CryptoCurrency/comments/zltz76/sen_elizabeth_warren_just_introduced_an/j07a1c3/

Metamask is a wallet. Bitcoin also has wallets.

Commented by /u/Njaa in /r/CryptoCurrency on December 14, 2022 11:13:55
/r/ethereum/comments/zl2cpf/the_cftcs_indictment_against_ftx_specifically/j06nyxo/

Yes, Bitcoin has done hard forks and changed the consensus mechanism.

Commented by /u/Njaa in /r/ethereum on December 14, 2022 08:37:47
/r/norge/comments/zkttxp/kvinne_dømt_til_seks_måneders_fengsel_etter_at/j042m0m/

#***Skrev han på et avkom av det danske skriftspråk***

Commented by /u/Njaa in /r/norge on December 13, 2022 17:40:12
/r/CryptoMarkets/comments/zktbgx/sec_charges_sam_bankmanfried_with_defrauding/j0401rp/

I think you're saying it could be a situation where Gensler isn't guilty of either bad faith or corruption, but just fast-laned things to remove the *appearance of impropriety*. In that case, I agree that *could* be true.

Commented by /u/Njaa in /r/CryptoMarkets on December 13, 2022 17:23:17
/r/ethereumnoobies/comments/zkjean/if_ethereum_itself_isnt_erc20_compliant_why_own_it/j03p1r5/

I don't follow - why would ERC-20 compatibility for the native asset disrupt DeFi? Wouldn't they just treat it as any other ERC-20 (which is kinda the point of making it compliant).

Commented by /u/Njaa in /r/ethereumnoobies on December 13, 2022 16:13:03
/r/CryptoCurrency/comments/zl2mp8/cftc_yet_again_clarifies_that_ethereum_is_a/j03ogne/

Gensler did not. 99% chance you watched a deceptively edited version of his MIT lecture, where he says the ICO might have been a security (if under US jurisdiction), but that ETH isn't.

Commented by /u/Njaa in /r/CryptoCurrency on December 13, 2022 16:09:29
/r/CryptoCurrency/comments/zl2mp8/cftc_yet_again_clarifies_that_ethereum_is_a/j03mbhr/

They haven't yet. Why would they in the future?

Commented by /u/Njaa in /r/CryptoCurrency on December 13, 2022 15:56:45
/r/CryptoCurrency/comments/zl2mp8/cftc_yet_again_clarifies_that_ethereum_is_a/j03m2xx/

You can earn interest on locking up a bunch of different commodities, yes.

Commented by /u/Njaa in /r/CryptoCurrency on December 13, 2022 15:55:20
/r/CryptoMarkets/comments/zktbgx/sec_charges_sam_bankmanfried_with_defrauding/j03ldwn/

Multiple things *can* be true, but aren't in this case. Regulators meetings with the industry they are regulating is neither rare nor weird, considering they need to both understand the industry nuances and advise it how to comply. Using such meetings as proof of some kind of corruption is facile.

Commented by /u/Njaa in /r/CryptoMarkets on December 13, 2022 15:51:12
/r/ethereum/comments/zjwj2l/postmerge_ethereum_fees_continue_to_remain_much/izzbwm7/

>I remember that last year the average transaction fee on the Ethereum network was around 62.84 nominal U.S. dollars per transaction, according to bitinfocharts.com. Today, the average gas cost required to send ether is estimated to be around $2.87 which is 95.43% cheaper than it was over a year ago in November 2021. I'm pretty sure you remember incorrecly. Are you mixing up Gwei per gas and USD per tx? These are wildly different metrics. [Ycharts](https://ycharts.com/indicators/ethereum_average_transaction_fee#:~:text=Ethereum%20Average%20Transaction%20Fee%20is) shows 4.9 USD per transaction as an average for 13th of december 2021.

Commented by /u/Njaa in /r/ethereum on December 12, 2022 18:17:27
/r/CryptoCurrency/comments/zieyw3/coincidences_comparing_bitcoin_ethereum_and_monero/izu4t0e/

No one drives in Manhattan because of all the traffic.

Commented by /u/Njaa in /r/CryptoCurrency on December 11, 2022 16:32:30
/r/CryptoCurrency/comments/zhvs68/a_compilation_of_some_of_bitcoin_maxi_comments/izq85ra/

That's why you need to be a crypto minimalist. All coins will die and be replaced by something better, and that's great for crypto.

Commented by /u/Njaa in /r/CryptoCurrency on December 10, 2022 19:58:45
/r/CryptoCurrency/comments/zf10j5/ethereums_energy_switch_saves_as_much_electricity/izo3ryj/

Yes, if the price doubles faster than the block reward halves, there will be higher incentives, and thus more electricity consumed. Sustained geometric price growth is literally impossible, so that part doesn't worry me too much.

Commented by /u/Njaa in /r/CryptoCurrency on December 10, 2022 10:51:39
/r/ethereum/comments/zh7doe/what_happens_if_ethereum_is_classified_as_a/iznwca3/

I really struggle to understand this concept. If I sell you ETH, what disclosure and insight can the SEC force me to make in order to protect consumers? The whole point of securities regulation is that when you enter into a more complex investment scheme, the actor being invested into can do a lot of shenanigans behind the scenes which might in the end hurt the investors. If you paid me USD for me to send you ETH, whatever I do with that USD afterwards is literally none of your business. I can light it on fire, and it wouldn't affect you in the slightest.

Commented by /u/Njaa in /r/ethereum on December 10, 2022 09:55:00
/r/ethereum/comments/zgqdq6/senator_says_ether_is_a_security_due_to_proof_of/izl8dmq/

How is open source software development not decentralized?

Commented by /u/Njaa in /r/ethereum on December 9, 2022 17:37:59
/r/CryptoCurrency/comments/zgwvvy/how_much_will_ethereums_shanghai_update_and_the/izl1jjh/

Meaning you're looking to stETH to diversify? In that case, while I don't agree, I can understand the decision.

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 16:51:27
/r/CryptoCurrency/comments/zgwvvy/how_much_will_ethereums_shanghai_update_and_the/izkxx12/

It's a negative rumour though, so shouldn't it be the opposite? Buy the rumour sell the news is usually said regarding positive news.

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 16:27:01
/r/CryptoCurrency/comments/zgwvvy/how_much_will_ethereums_shanghai_update_and_the/izkxqlt/

Please consider rETH instead. Lido isn't good for the ecosystem.

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 16:25:49
/r/CryptoCurrency/comments/zgwvvy/how_much_will_ethereums_shanghai_update_and_the/izkxnbn/

Since this is considered negative news, wouldn't it be inverted? Sell the rumour, buy the news?

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 16:25:12
/r/CryptoCurrency/comments/zg9ote/what_top_tier_coins_would_not_be_considered/izkvm23/

Your two first sources are a gish gallop of unconvincing arguments. Their primary error is that they interpret "profits derived from the efforts of others" as an all-encompassing metric, instead of what it actually is - the efforts of the people being invested into. And **no one reasonably claims that buying ETH on Coinbase or Kraken results in the open source developers being invested into for them to turn around and produce yield.** Your SEC source in particular is exclusively talking about ICOs. There is no ongoing ICO in Ethereum, so it holds no merit. I doubt it's the case, but if someone wishes to litigate transactions from almost a decade ago where they earned an insane yield, I wish them good luck - but it's not relevant to ETH transactions today. Your last source is just a general writeup on securities, with no arguments for Ethereum in particular. I would honestly prefer if you made your arguments yourself, instead of linking to pages upon pages of poorly written arguments and unrelated material.

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 16:11:27
/r/CryptoCurrency/comments/zg9ote/what_top_tier_coins_would_not_be_considered/izktcnq/

All your posts replying to me are still visible to me. They're also visible when using incognito mode.

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 15:57:20
/r/ethereum/comments/zgqdq6/senator_says_ether_is_a_security_due_to_proof_of/izkgap5/

Optics is a matter for PR and politics. Unless you can give me a practical or technical reason, I couldn't care less.

Commented by /u/Njaa in /r/ethereum on December 9, 2022 14:31:44
/r/CryptoCurrency/comments/zg9ote/what_top_tier_coins_would_not_be_considered/izk9knz/

Your post was not deleted. Please go on.

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 13:47:15
/r/ethereum/comments/zgqdq6/senator_says_ether_is_a_security_due_to_proof_of/izjl22w/

Trademark and GPL license for open source projects is pretty standard way of making something explicitly available for all for free. It's exactly the same structure as the Linux Foundation uses. Is there a problem with this practice?

Commented by /u/Njaa in /r/ethereum on December 9, 2022 11:12:46
/r/ethereum/comments/zgqdq6/senator_says_ether_is_a_security_due_to_proof_of/iziw1v3/

...Ethereum trademarks?

Commented by /u/Njaa in /r/ethereum on December 9, 2022 08:08:51
/r/CryptoCurrency/comments/zg9ote/what_top_tier_coins_would_not_be_considered/izivdb5/

Besides, purchasing ETH is not the same as staking ETH.

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 08:02:28
/r/CryptoCurrency/comments/zg9ote/what_top_tier_coins_would_not_be_considered/iziv9we/

>The theory is this - the SEC will eventually regulate most of these coins out of existence. How? If I meet you and sell you an ETH for a handful of cash, what regulations would conceivably apply?

Commented by /u/Njaa in /r/CryptoCurrency on December 9, 2022 08:01:34
/r/CryptoCurrency/comments/zg1clp/ethereum_devs_opt_to_delay_surge_and_prioritize/izfrszk/

It was already lined up next in the NPC dialogue tree after "the merge will never happen" and "if the merge even happens, it will fail".

Commented by /u/Njaa in /r/CryptoCurrency on December 8, 2022 15:00:29
/r/CryptoCurrency/comments/zg35rh/ethereum_developers_target_march_2023_for_release/izfmwec/

And don't forget that for each exit, the interest rate rises for the stakers that remain - disincentivizing their exit.

Commented by /u/Njaa in /r/CryptoCurrency on December 8, 2022 14:28:51
/r/CryptoMarkets/comments/zfkcqn/major_fallout_head_of_the_sec_gary_gensler_now/izfglal/

Yes, let's adhere to "a pox on both houses" - a famous rightwing strategy to demoralize voters - and call it "centricism".

Commented by /u/Njaa in /r/CryptoMarkets on December 8, 2022 13:47:39
/r/Futurology/comments/zf10n3/ethereums_energy_switch_saves_as_much_electricity/izebmp9/

Yes, we agree on this point - but that's a different claim than what the original commenter was making: >Bitcoin is not going to go PoS and anyone that actually thinks it will - or even can - doesn’t understand the most basic elements of bitcoin or crypto in general

Commented by /u/Njaa in /r/Futurology on December 8, 2022 09:12:50
/r/Futurology/comments/zf10n3/ethereums_energy_switch_saves_as_much_electricity/izebbhq/

These are all arguments for why it's a bad idea, not arguments for why it couldn't be done. Also, considering how critical Vitalik has been towards Russia's imperialism - to the point where he openly laments not being able to return to the country until after a regime change - I question the sincerity of your attempt to paint him as some sort of agent for Putin.

Commented by /u/Njaa in /r/Futurology on December 8, 2022 09:10:23
/r/Futurology/comments/zf10n3/ethereums_energy_switch_saves_as_much_electricity/izdtwxk/

>Bitcoiners won't do it but they absolutely could, just like Ethereum did. This was the original claim that you reacted to. We all agree that Bitcoiners **won't** do it.

Commented by /u/Njaa in /r/Futurology on December 8, 2022 06:13:26
/r/Futurology/comments/zf10n3/ethereums_energy_switch_saves_as_much_electricity/izdtglb/

>There is no active development The client is still being updated regularly, and the most recent consensus change happened way after Satoshi left the project. The latest hardfork was in 2017, and the latest intentional consensus change was in 2013. It's true that there hasn't been **significant** changes in the past years, but this is a matter of lacking motivation from the community. It would still be entirely possible if they wanted to do it, which is what the poster above said in the first place.

Commented by /u/Njaa in /r/Futurology on December 8, 2022 06:07:19
/r/Futurology/comments/zf10n3/ethereums_energy_switch_saves_as_much_electricity/izdsk20/

I'm actually very familiar with the document titled "a peer-to-peer electronic cash system". It doesn't contain any reason why this would be impossible. Ethereum just made the change from PoW to PoS. Why would it be harder for Bitcoin?

Commented by /u/Njaa in /r/Futurology on December 8, 2022 05:54:50
/r/ethereum/comments/zez3d0/what_are_ethereums_biggest_problems_and_how_do_we/izbgssh/

I certainly hope you are right.

Commented by /u/Njaa in /r/ethereum on December 7, 2022 16:52:18
/r/ethereum/comments/zez3d0/what_are_ethereums_biggest_problems_and_how_do_we/izbcd02/

>Public opinions is just slowing us and will shift as soon as people can use the network to benefit themselves, notably when all their small businesses can benefit from it through cheap fees for wonderful proven computation. Free Reddit NFTs have shown that. I fear that the problem of public opinion will prevent the broader adoption of any killer app blockchain technologies produce. The ecosystem is rightfully criticized for environmental externalities, and for there being bad actors and scammers rampant, and for a lack of a purpose outside of carrying its own weight. Even if some corner of the ecosystem solves all these, the guilt by association might prevent it from flourishing.

Commented by /u/Njaa in /r/ethereum on December 7, 2022 16:22:33
/r/Futurology/comments/zf10n3/ethereums_energy_switch_saves_as_much_electricity/izbbpuz/

That depends on what you mean by "control". Regardless of your stake, you cannot take money that isn't yours. At best, you can lose your entire stake in order to rewrite the ledger history if - and only if - you control more than two thirds of the entire total stake.

Commented by /u/Njaa in /r/Futurology on December 7, 2022 16:17:55
/r/Futurology/comments/zf10n3/ethereums_energy_switch_saves_as_much_electricity/izbaenu/

The downvotes confuse me. How is this not an accurate statement?

Commented by /u/Njaa in /r/Futurology on December 7, 2022 16:08:39
/r/Futurology/comments/zf10n3/ethereums_energy_switch_saves_as_much_electricity/izba0mb/

Sure, but that's an aspect of their culture, not their tech. When people say "the basic elements of bitcoin or crypto in general", I would expect that to cover technical aspects, not just what the hivemind is currently thinking.

Commented by /u/Njaa in /r/Futurology on December 7, 2022 16:06:06
/r/ethstaker/comments/zemq8t/nethermind_has_just_reached_10_of_fully_synced/izb9l3p/

I might be biased, but I sincerely believe the [Rocket Pool docs](https://docs.rocketpool.net/guides/node/docker.html) are hard to beat. Of course, they're of limited value if you don't wish to run a minipool and earn higher rewards. If any better validator setup documentation exists, I'm interested in knowing as well.

Commented by /u/Njaa in /r/ethstaker on December 7, 2022 16:03:18
/r/ethereum/comments/zewm5n/revealed_the_efficiency_gap_between_ethereum_and/izb6wgw/

They link [the actual scientific paper](https://www.nature.com/articles/s41598-022-18686-8) in the article, which includes full methodology.

Commented by /u/Njaa in /r/ethereum on December 7, 2022 15:45:59
/r/ethereum/comments/zewm5n/revealed_the_efficiency_gap_between_ethereum_and/izb33lq/

Hypothesis: This user is inevitably a major anti-trans Jordan Peterson worshiping alt-right stereotype. Experiment: Check comment history. Result: Null hypothesis voided. First page of comment history contains: "the majority of so called scientists has Bachelor of arts in their pockets and can identify 5000 genders and the rest is employed by government and their former head was chief of train building 🤣 As if we could not check the bios of people behind the fraud. 😂"

Commented by /u/Njaa in /r/ethereum on December 7, 2022 15:21:03
/r/ethereum/comments/zewm5n/revealed_the_efficiency_gap_between_ethereum_and/izb29bn/

Also, replying to yourself while addressing someone else is weird.

Commented by /u/Njaa in /r/ethereum on December 7, 2022 15:15:38
/r/ethereum/comments/zewm5n/revealed_the_efficiency_gap_between_ethereum_and/izb25bw/

You don't need an archive node to participate fully in consensus with a full node. Even if you did, an Erigon archive node runs at 2 TB, not 17 TB, so you're wrong either way.

Commented by /u/Njaa in /r/ethereum on December 7, 2022 15:14:54
/r/ethereum/comments/zewm5n/revealed_the_efficiency_gap_between_ethereum_and/izb1uws/

(and that's the happy case)

Commented by /u/Njaa in /r/ethereum on December 7, 2022 15:13:00
/r/ethereum/comments/zewm5n/revealed_the_efficiency_gap_between_ethereum_and/izb1jsq/

Idk.. I prefer peer-reviewed scientific estimates of something like that over the "how can we *really* know *anything*" approach. The latter only serves to dampen innovation and bolster the status quo, no matter what the topic is.

Commented by /u/Njaa in /r/ethereum on December 7, 2022 15:11:00
/r/norge/comments/zf4i5w/ikke_skaff_deg_dyr_hvis_du_ikke_har_råd_til_å_ta/izb0vqg/

Det får meg til å lure: Hva hadde fullverdig statlig garantert dyrevelferd egentlig utgjort på statsbudsjettet? Jeg er ikke noen dyrevelferdsekstremist, men alt etter hva regningen faktisk kommer på, kunne man jo vurdert noen tiltak.

Commented by /u/Njaa in /r/norge on December 7, 2022 15:06:42
/r/ethereum/comments/zf3so7/bbc_news_ethereum_change_cut_cryptocurrency_power/izb04m5/

The alternative to electric vehicles isn't zero cars, it's fossil fueled ICE cars. The alternative to PoW isn't no crypto, it's PoS crypto. Claiming that electric vehicles are good ***considering the alternative*** while also claiming that PoS is good ***considering the alternative*** isn't in any way hypocritical.

Commented by /u/Njaa in /r/ethereum on December 7, 2022 15:01:44
/r/CryptoCurrency/comments/zf10j5/ethereums_energy_switch_saves_as_much_electricity/izavyq4/

>I'll need you to explain that in excruciating detail. Fortunately for you, I love elaborating on my points almost as much as I hate defending Bitcoin. The central piece to understand here is block timings. In Bitcoin, blocks "arrive" or are "solved" on average every 10 minutes. The chain doesn't know exact time though, and each block is produced probabilistically depending on hashrate. This means that two blocks can be 10 minutes apart, 1 second apart or 30 minutes apart. Over time though, or specifically every 2016th block, the chain evaluates itself to see if it's **average block production rate** is higher or lower than 10 minutes per block, and if it is, it adjusts the required hashrate to balance it out. This is referred to as *difficulty adjustment*. Ignoring slight short term fluctuations (meaning within each 2016 block period), this ensures blocks are produced with the same time intervals in 2022 as they were in 2015 and as they were in 2009. **TLDR #1: Blocks on average arrive every 10 minutes.** The second piece to understand is that each block can carry a static amount of transactions. The bitcoin block size has virtually always been 1 MB. There was a significant community schism during the [2015 blocksize wars](https://en.bitcoin.it/wiki/Block_size_limit_controversy) when some people saw the limitation of the system, and proposed changes to keep the chain relevant. This attempt failed spectacularly with a lot of heavy handed behavior from central actors, and 1 MB limit was kept as it was. Several prominent "big blockers" went on to start alternative blockchain projects, including several of the Ethereum founders, developers and researchers. 1 MB can obviously not hold an infinite amount of data, and in practice limits the chain to a bit under [2000 transactions per block](https://ycharts.com/indicators/bitcoin_average_transactions_per_block), or about 3-4 transactions per second. Each transaction can hold slightly variable amounts of data, so some times it's more, some times it's less. There are techniques such as "segregated witness" that enables squeezing slightly more data into a block, but overall the capacity hasn't changed. **TLDR #2: Each block processes on average about 2000 transactions.** "So where does all the energy go?", you might ask. The simple answer is that it is just burned for the sake of proving you have money. This is more or less an anti-spam technique (or sybil resistance if you're fancy), to prevent single actors from just spinning up a virtually infinite number of nodes and taking over the chain. Block production is a weak point for a decentralized blockchain, so you need to make sure the person deciding what the official history of transactions is, is highly incentivized to be honest. To do this, transaction fees + 50 BTC was given to whoever produced a block, and to even be chosen, you had to win a lottery where your entry ticket was hardware and electricity - i.e. hashrate production. The hashrate produced doesn't actually do \*anything\* except give you a chance at being the block producer. The thought was that given this financial incentive, there would be far far more honest lottery ticket purchasers than malicious ones, and as long as the honest outnumber the malicious ones, the chain can remain healthy, secure, and censorship-free. **TLDR #3: The mining energy is spent making sure the chain is safe.** In 2009, the 50 BTC reward was mostly worthless. Almost four years later, the automatic halving went into effect at 28 Nov 2012, lowering the reward of the lottery winner to 25 BTC. At this point though, the price had increased more than 2x, so more people bought these lottery tickets despite the nominal reward being less. Same story for the 2016 halving and the 2020 halving. Reward keeps going down in BTC, but waaaaaaaaaaay up in USD. And the more a lottery is scheduled to pay out, the more people buy tickets, paying more and more electricity. **TLDR #4: The USD-price of Bitcoin is what scales the power consumption.** I hope these points make my argument clearer, and show how it's not usage, but price movement that drives mining and electricity consumption. The only way for the transaction per second capacity to improve, would be to increase the block size, or speed up the block timings, but neither of these would move the needle on electricity consumption. Bitcoin could run at ten times the speed and ten times the block size on a single gaming desktop computer. The excessive energy consumption comes exclusively from the block reward lottery, not from the transaction processing.

Commented by /u/Njaa in /r/CryptoCurrency on December 7, 2022 14:34:24
/r/CryptoCurrency/comments/zf10j5/ethereums_energy_switch_saves_as_much_electricity/izapqpc/

>There will be fewer miners. We already have magnitudes more hashrate than necessary to secure the money. There is no such thing as "enough hashrate". You will always need more hashrate than an attacker is willing to produce, lest you get 51% attacked - and hashrate gets cheaper each year as ASICs improve exponentially. Hoping that voluntary donations to the blockchain outsize how much attackers are willing to spend is.. an *interesting* approach.

Commented by /u/Njaa in /r/CryptoCurrency on December 7, 2022 13:53:23
/r/CryptoCurrency/comments/zf10j5/ethereums_energy_switch_saves_as_much_electricity/izaoyht/

All investments work to make the investors richer, and investing into Bitcoin mining has been ***far*** more effective at providing yield for its investors, than running staking validators has.

Commented by /u/Njaa in /r/CryptoCurrency on December 7, 2022 13:48:20
/r/CryptoCurrency/comments/zf10j5/ethereums_energy_switch_saves_as_much_electricity/izaooyp/

>If all of global finance had to move on to BTC the energy requirements of BTC would 100x at least. While I broadly agree with your point, this is just a misunderstanding of the tech. Bitcoin energy consumption does not go up with higher usage and down with less usage. It goes up and down with the value of the block reward. What would happen if all of global finance moved to BTC, is that they would wait in line or outbid others for inclusion into the measly 7 transactions per second, or use some sort of side-chain, like lightning.

Commented by /u/Njaa in /r/CryptoCurrency on December 7, 2022 13:46:34
/r/CryptoCurrency/comments/zf10j5/ethereums_energy_switch_saves_as_much_electricity/iz9wt84/

>With POS You have to trust that the ledger you are getting is the right one, you can’t just verify it has the most work This is the case with all blockchains. If you follow the chain with most work on top of genesis, you still need someone to tell you what genesis actually is. Usually this is hardcoded into clients, which is the point at which you decide to trust that the client author doesn't deceive you. In practice though, this is neither a problem for Bitcoin nor Ethereum. >wealth is centralizing into jurisdictions and entities over time, energy is distributed across Jurisdictions, (Look at how centralized wealth is into one country today, and centralized within that country. Wealth buys energy and infrastructure. Both PoS and PoW uses a proxy for capital for its sybil resistance. Pretending that buying HW and energy is somehow fundamentally different than buying a scarce virtual asset makes no sense to me. Wealth begetting wealth isn't a problem that is solved by either PoW or PoS. If you seek redistribution of wealth, you need to look elsewhere. >“With POW, anyone can plug in a miner to receive Bitcoin in return for verifiable work, it’s permission less. POS requires permission, you have to purchase tokens from existing stakeholders. “ By this logic, Bitcoin is permissioned by the ASIC producers. Without them selling you hardware, you are locked out from the block production. If people refuse to sell you BTC, you're also locket out from *using* the blockchain. Of course neither of these things are the case: there is always someone who will sell you ASICS or BTC or ETH at the right price. Pretending there isn't isn't valuable criticism. >There is no way to forcefully dislodge a majority stakeholder. If they misbehave, slash them. If they don't, why would it be your right to overtake them, and why would the chain suffer if you don't? >Eth has created an impressive alliance born of aligned incentives for following government mandated censorship to host censored CBDC/regulated stablecoin infrastructure and financial tools for the world(NGU). An alliance between stakers, staking pools, stablecoins, VC front Ends, users, and infrastructure companies (all of which have to obey sanctions and the like because the vast majority of CAPITAL is centralized in sanction obeying entities) will be impossible for devs to beat. The stakers and pools were the last and most important piece of the puzzle. number will go way up, along with censorship. It's hard to follow your point here. Are you saying Ethereum should censor certain actors from using its blockspace, to prevent state actors from implementing CBDC ERC-20 tokens? If anything, this is sharply against the ethos of both Ethereum and Bitcoin, and it is also a criticism of smart contracts, not PoS. &#x200B; And all of this is completely ignoring the many issues with PoW that PoS actually *solves*, such as hardware waste, energy consumption, centralization through economies of scale and most importantly, long term viability and security through balancing fee intake and staking rewards rather than Bitcoin's current mining subsidies through inflation scheduled to be replaced by \*checks notes\* ***nothing***

Commented by /u/Njaa in /r/CryptoCurrency on December 7, 2022 10:42:49
/r/CryptoCurrency/comments/zedin6/microstrategys_saylor_urges_the_sec_to_shut_down/iz9ea1r/

How many years do you need to admit you were wrong?

Commented by /u/Njaa in /r/CryptoCurrency on December 7, 2022 08:23:14
/r/CryptoCurrency/comments/zedin6/microstrategys_saylor_urges_the_sec_to_shut_down/iz8txy3/

Both the current and previous SEC chair agrees with me. A transaction being determined a securities transaction doesn't somehow taint the methods of exchange forever. **ETH wasn't even involved in the ICO transaction** \- it was BTC in exchange for private keys to at a later date receive the yield of ETH. By this logic, USD is a security, because it is some times the promised later yield of securities transactions.

Commented by /u/Njaa in /r/CryptoCurrency on December 7, 2022 04:06:24
/r/CryptoCurrency/comments/zedin6/microstrategys_saylor_urges_the_sec_to_shut_down/iz757g0/

Of course the ICO itself was a securities transaction. The blockchain didn't even exist at that point. I do however wish people would stop linking this deceptively edited Gary Gensler MIT lecture clip, which conveniently omits the parts of the lecture where he explicitly says his argument is only valid for the ICO and not Ethereum since launch or today.

Commented by /u/Njaa in /r/CryptoCurrency on December 6, 2022 18:34:24
/r/BitcoinNO/comments/zdaocd/kjære_krypto_og_fiatbrør_eit_ope_brev_til_dei/iz1hltw/

Halleluja! (får sterke religiøse assosiasjoner av denne stilen)

Commented by /u/Njaa in /r/BitcoinNO on December 5, 2022 14:48:58
/r/nanocurrency/comments/zbc71x/what_does_nano_have/iyv9l7f/

Let's say Ethereum, who handles billions in daily volume, adopts this model. What prevents malicious users from spamming the network to grind it into a halt, and what prevents malicious node operators from performing double spend attacks by reorging the chain? If the defending party is incentivized by nothing other than their benevolence and interest in the system, and the attackers are incentivized by money, it seems inevitable that the attackers will win.

Commented by /u/Njaa in /r/nanocurrency on December 4, 2022 08:00:06
/r/ethtrader/comments/zbq41e/ethereum_may_be_in_slump_right_now_but_it_has/iysz5du/

The genesis block is over 7 years old.

Commented by /u/Njaa in /r/ethtrader on December 3, 2022 17:41:55
/r/nanocurrency/comments/zbc71x/what_does_nano_have/iysx5se/

How can it both 1) be decentralized and 2) pay nothing for decentralization? In other projects, the whole reason there are fees is because there needs to be an incentive for people to participate in the decentralized process. How does Nano overcome this?

Commented by /u/Njaa in /r/nanocurrency on December 3, 2022 17:27:00
/r/ethstaker/comments/zb89tj/run_an_ethereum_node_for_less_than_400/iysuweu/

No. You don't get slashed for being offline. There's a small penalty, but you would have to be completely offline several months of the year for it to affect you significantly.

Commented by /u/Njaa in /r/ethstaker on December 3, 2022 17:09:53
/r/CryptoCurrency/comments/zbpy1a/ethereum_and_tether_flow_to_exchanges_while/iysumef/

Still stupid, when non-custodial staking services exist.

Commented by /u/Njaa in /r/CryptoCurrency on December 3, 2022 17:07:51
/r/ethtrader/comments/zb8967/run_an_ethereum_node_for_less_than_400/iyr6b0p/

I doubt there are simpler ways of setting up a node, than using the Rocket Pool software, which downloads and automatically configures any choice of implementation you want. This can be done, even if you're **not** intending to stake and validate.

Commented by /u/Njaa in /r/ethtrader on December 3, 2022 10:08:15
/r/ethtrader/comments/zb8967/run_an_ethereum_node_for_less_than_400/iyqfvid/

You don't need ETH to run a node.

Commented by /u/Njaa in /r/ethtrader on December 3, 2022 05:16:59
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyoh7h5/

I don't foresee a sudden shift - rather I imagine that Bitcoin will bleed value against its successor - whoever that might be - for a long time before it capitulates entirely to it.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 17:37:14
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyodby4/

They could have made the same argument for a transaction made with gold. As long as the physical transaction happened on US soil, it would fall under US jurisdiction, and as long as the product transacted for was a security, it would fall under the SEC's jurisdiction in particular. That still wouldn't mean that **gold** is a security.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 17:08:07
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyoc99j/

Someone who believes all crypto projects will fail at some point - not because crypto in general will fail, but because better projects will appear and rightfully succeed the current market leaders. I hope Bitcoin dies, and is replaced by something better. While I think Ethereum currently represents "something better", I also hope Ethereum dies in turn, and is replaced by something we cannot even conceive of today.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 17:00:06
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyobzd6/

The SEC would be just in claiming jurisdiction if transactions happened with US citizens or on US soil. That is not the same as the claim you made though. Claiming that the US has jurisdiction over a particular transaction of value is not the same as claiming that transaction's medium of exchange was a security.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 16:58:04
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyobmty/

You are getting your tenses mixed up. It certainly could **have been** a security in the past, at the time it hadn't launched, and the return on all investments was determined by a developer team's success or lack thereof. However, *current* transactions of ETH neither funds development, not is reliant on the efforts of the since defunct company EthSuisse.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 16:55:30
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyob7hr/

Yes - the ICO of Ethereum would probably have been a securities transaction, if it had been within the jurisdiction of the SEC. ETH trades today are another beast entirely, though.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 16:52:26
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyoaz0s/

Except he didn't do that at all. You've been misled by "journalists" making up fake stories.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 16:50:44
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyoawmu/

The only problem is that he never said this.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 16:50:15
/r/CryptoCurrency/comments/za0y9i/which_coins_are_not_securities/iyoasiv/

Most PoS coins too, tbh. The problem is that 99% of tokens don't have their own chain, so they are neither PoW nor PoS nor any other consensus mechanism.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 16:49:26
/r/norge/comments/zagvqn/godt_spørsmål_i_en_panelundersøkelse_med_mine/iymp7vd/

>\> Uansett er ikke subsidiering av produktet relevant til diskusjonen her. > >Hvorfor. Hvordan tenker du ellers at de skal gjøre parkeringsplassene sine billigere. Denne tråden handler om hvorvidt du som kunde mistenker at kvaliteten på produktet "parkeringsplass" er dårlig om prisen er lavere enn x kroner per døgn, og om så hva x er i din bok. Denne tråden handler *ikke* om hvordan vi kan gjøre parkeringsplasser billigere, eller om hvorvidt det er politisk korrekt å bruke fellesskapets midler på å subsidiere tjenesten.

Commented by /u/Njaa in /r/norge on December 2, 2022 10:24:03
/r/norge/comments/zagvqn/godt_spørsmål_i_en_panelundersøkelse_med_mine/iymg2bu/

Eller fordi gratis parkeringsplass brukes for å lokke kunder. I dette tilfellet kunne det vært subsidiert av flyselskapene. Uansett er ikke subsidiering av produktet relevant til diskusjonen her.

Commented by /u/Njaa in /r/norge on December 2, 2022 09:15:55
/r/norge/comments/zagvqn/godt_spørsmål_i_en_panelundersøkelse_med_mine/iymdjp4/

Det har ingenting med saken å gjøre. Det er mange steder og butikker som tilbyr gratis parkeringsplass. Jeg har aldri noensinne tatt meg selv i å tenke "det var mistenkelig at denne parkeringsplassen var gratis".

Commented by /u/Njaa in /r/norge on December 2, 2022 08:55:44
/r/CryptoCurrency/comments/z9la3t/cftc_chair_rostin_behnam_snubs_ethereum_claims/iym4hq4/

Finally found the actual source for the claim, and surprise surprise - he doesn't even say what they claim he said.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 07:31:08
/r/CryptoCurrencies/comments/z9nxs4/cftc_chair_rostin_behnam_snubs_ethereum_claims/iym3aci/

Here we go again. The actual source of this nonsense is this interview: https://mediacentral.princeton.edu/media/DeCenter+Inaugural+Summit+-+Kickoff+Event/1\_nqeqhj04/13367761 At 41:45, you can hear CFTC Chairman Rostin Behnam's comments on the matter, and for some reason it doesn't match the claim made in this article. What is true: He identifies Bitcoin as a commodity. What is not true: He does not identify as Bitcoin being the only commodity.

Commented by /u/Njaa in /r/CryptoCurrencies on December 2, 2022 07:17:51
/r/cryptopricesalerts/comments/z9vav8/cftc_chair_changes_his_mind_about_ethereum_being/iym36zk/

Here we go again. The actual source of this nonsense is this interview: https://mediacentral.princeton.edu/media/DeCenter+Inaugural+Summit+-+Kickoff+Event/1\_nqeqhj04/13367761 At 41:45, you can hear CFTC Chairman Rostin Behnam's comments on the matter, and for some reason it doesn't match the claim made in this article. What is true: He identifies Bitcoin as a commodity. What is not true: He does not identify as Bitcoin being the only commodity.

Commented by /u/Njaa in /r/cryptopricesalerts on December 2, 2022 07:16:48
/r/CryptoCurrency/comments/z9vcz1/cftc_chair_changes_his_mind_about_ethereum_being/iym353e/

Here we go again. The actual source of this nonsense is this interview: https://mediacentral.princeton.edu/media/DeCenter+Inaugural+Summit+-+Kickoff+Event/1_nqeqhj04/13367761 At 41:45, you can hear CFTC Chairman Rostin Behnam's comments on the matter, and for some reason it doesn't match the claim made in this article. What is true: He identifies Bitcoin as a commodity. What is not true: He does not identify as Bitcoin being the only commodity.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 07:16:14
/r/CryptoCurrency/comments/z9la3t/cftc_chair_rostin_behnam_snubs_ethereum_claims/iym338a/

Here we go again. The actual source of this nonsense is this interview: https://mediacentral.princeton.edu/media/DeCenter+Inaugural+Summit+-+Kickoff+Event/1_nqeqhj04/13367761 At 41:45, you can hear CFTC Chairman Rostin Behnam's comments on the matter, and for some reason it doesn't match the claim made in this article. What is true: He identifies Bitcoin as a commodity. What is not true: He does not identify as Bitcoin being the only commodity.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 07:15:40
/r/CryptoCurrency/comments/z9yugo/cftc_chair_leaves_ethereum_hanging_says_only/iym2yhh/

Here we go again. The actual source of this nonsense is this interview: [https://mediacentral.princeton.edu/media/DeCenter+Inaugural+Summit+-+Kickoff+Event/1\_nqeqhj04/13367761](https://mediacentral.princeton.edu/media/DeCenter+Inaugural+Summit+-+Kickoff+Event/1_nqeqhj04/13367761) At 41:45, you can hear CFTC Chairman Rostin Behnam's comments on the matter, and \*for some reason\* it doesn't match the claim made in this article. What is true: He identifies Bitcoin as a commodity. What is not true: He does not identify as Bitcoin being the \*only\* commodity.

Commented by /u/Njaa in /r/CryptoCurrency on December 2, 2022 07:14:10
/r/CryptoCurrency/comments/z9beke/is_it_possible_to_exchange_between/iyjn8xh/

That works for all Ethereum tokens - but does there exist a solution for other chains? If I wanted to exchange ETH or SHIB for XMR, ADA, SOL or BTC, could I ever do that in a trust-minimal way?

Commented by /u/Njaa in /r/CryptoCurrency on December 1, 2022 16:56:44
/r/ethereum/comments/z9i3tt/staking_without_having_to_have_32_eth/iyjmkx1/

Of course it isn't - that's its whole purpose. Over time, 1 rETH is far greater than 1 ETH.

Commented by /u/Njaa in /r/ethereum on December 1, 2022 16:52:20
/r/ethereum/comments/z9i3tt/staking_without_having_to_have_32_eth/iyjmg0g/

>stETH or rETH, which is not great for taxes I know stETH has tax issues, because of its rebasing mechanism where you receive micropayments every day, but rETH doesn't rebase, so I'm wondering what its tax problems are?

Commented by /u/Njaa in /r/ethereum on December 1, 2022 16:51:25
/r/CryptoCurrency/comments/z9la3t/cftc_chair_rostin_behnam_snubs_ethereum_claims/iyjm38i/

I think Rostin Behnam's opinion matters a great deal in the matter, since he's the CFTC chairman - but this article doesn't even say what he said, only makes conclusions on his behalf. I would love to hear the actual opinion in question was phrased.

Commented by /u/Njaa in /r/CryptoCurrency on December 1, 2022 16:49:03
/r/ethfinance/comments/z2xnsd/what_happens_to_eth_if_its_considered_a_security/iyddqo6/

You've got the Howey test inverted. You want to *fail* the test to avoid securities regulation. If something passes it, it is a security.

Commented by /u/Njaa in /r/ethfinance on November 30, 2022 10:56:02
/r/AltStreetBets/comments/z7wcpn/bitcoin_and_ethereum_are_not_securities_belgium/iy9t0q9/

Fortunately the SEC agrees independently.

Commented by /u/Njaa in /r/AltStreetBets on November 29, 2022 15:35:31
/r/CryptoCurrency/comments/z7rgg6/has_eth_become_deflationary_and_is_it_sustainable/iy9se7g/

It has a *theoretically* capped supply. There is no guarantee it can transition to zero issuance without a *significant* reduction in the security it is able to buy.

Commented by /u/Njaa in /r/CryptoCurrency on November 29, 2022 15:31:36
/r/WallStreetBetsCrypto/comments/uyku5q/ethereum_the_merge_is_intended_to_shift_the/iy43ek5/

Your claim was that the merge wouldn't have happened in 6 month. Besides, I don't think you actually mean to say the merge caused a market wide correction across all crypto?

Commented by /u/Njaa in /r/WallStreetBetsCrypto on November 28, 2022 11:35:49
/r/WallStreetBetsCrypto/comments/uyku5q/ethereum_the_merge_is_intended_to_shift_the/iy2sslx/

I'm glad you can accept you were wrong.

Commented by /u/Njaa in /r/WallStreetBetsCrypto on November 28, 2022 03:44:22
/r/Buttcoin/comments/z5xc2n/to_truly_be_the_future_of_finance_it_needs_to/ixz5pru/

If you wanna be deceitful, sure. There is a clear difference between *removing something from a timeline*, and *removing the timeline entirely because of an overall redesign of a website*. People using this redesign to claim withdrawals are being delayed are objectively lying. There is literally no signal from the developers that this is being delayed - quite the opposite, considering the signals to remove all other features from the coming release to speed it up. But lying sure does get you a lot of upvotes here, so I can understand.

Commented by /u/Njaa in /r/Buttcoin on November 27, 2022 10:11:44
/r/Buttcoin/comments/z5xc2n/to_truly_be_the_future_of_finance_it_needs_to/ixz34w7/

They didn't. They launched a new website, that didn't contain such a timeline at all. You are being lied to.

Commented by /u/Njaa in /r/Buttcoin on November 27, 2022 09:51:06
/r/phinvest/comments/z55yyx/what_are_your_plans_and_strategies_to_take_profit/ixyv9c8/

Oversight and regulation of *financial institutions* is certainly a good thing. If that is what is meant by "regulating crypto", then I'm all aboard. But *crypto itself* exists outside any centralized financial institution, which makes regulation very tricky.

Commented by /u/Njaa in /r/phinvest on November 27, 2022 08:41:45
/r/Buttcoin/comments/z5xc2n/to_truly_be_the_future_of_finance_it_needs_to/ixyuwgc/

This is factually incorrect. There is no conceptual challenges with withdrawals - it just hasn't been implemented yet, because it had a dependency on the merge being completed first. The merge is now completed, and withdrawals are scheduled for the next release, in around 5 months.

Commented by /u/Njaa in /r/Buttcoin on November 27, 2022 08:38:17
/r/CryptoCurrency/comments/z4yp8u/ethereum_client_teams_test_staking_withdrawals_on/ixx5mw7/

The tone was a bit ambiguous to me and my foreign ear, but i agree it leaned that way.

Commented by /u/Njaa in /r/CryptoCurrency on November 26, 2022 20:54:21
/r/CryptoCurrency/comments/z4yp8u/ethereum_client_teams_test_staking_withdrawals_on/ixx5ewy/

No, Rocket Pool is currently sold out. There is therefore no way to deposit with Rocket Pool, and anyone that wants in needs to buy their position from someone else, paying a premium in the process.

Commented by /u/Njaa in /r/CryptoCurrency on November 26, 2022 20:52:34
/r/CryptoCurrency/comments/z4yp8u/ethereum_client_teams_test_staking_withdrawals_on/ixwsola/

My interpretation is that liquid staking derivatives are actually in high demand (which would mean that there is no imminent mass staking exodus), but that stETH and cbETH in particular are considered subpar LSD products. I would love to hear interpretations contrary to this.

Commented by /u/Njaa in /r/CryptoCurrency on November 26, 2022 19:08:43
/r/FidelityCrypto/comments/z4w1o4/staking_eth/ixwpskw/

Consider Rocket Pool, who offers decentralized permissionless non-custody staking as a third party service.

Commented by /u/Njaa in /r/FidelityCrypto on November 26, 2022 18:45:45
/r/ethtrader/comments/z582bz/according_to_belgium_bitcoin_and_ethereum_are_not/ixwp6zp/

The Belgian courts probably do.

Commented by /u/Njaa in /r/ethtrader on November 26, 2022 18:41:00
/r/CryptoCurrency/comments/z58aqm/belgium_says_btc_eth_and_other_decentralized/ixwnsjx/

The SEC is on the same page, so Belgium = SEC.

Commented by /u/Njaa in /r/CryptoCurrency on November 26, 2022 18:29:47
/r/CryptoCurrency/comments/z58aqm/belgium_says_btc_eth_and_other_decentralized/ixwnq17/

Too bad the people who actually define this disagree with you.

Commented by /u/Njaa in /r/CryptoCurrency on November 26, 2022 18:29:15
/r/CryptoCurrency/comments/z4yp8u/ethereum_client_teams_test_staking_withdrawals_on/ixwn8jx/

Did they formally separate EIP4844 into Cancun already?

Commented by /u/Njaa in /r/CryptoCurrency on November 26, 2022 18:25:22
/r/CryptoCurrency/comments/z4yp8u/ethereum_client_teams_test_staking_withdrawals_on/ixwmy8a/

It was? Withdrawals coming 6-12 months after the merge was - to put it mildly - not a secret.

Commented by /u/Njaa in /r/CryptoCurrency on November 26, 2022 18:23:08
/r/CryptoCurrency/comments/z4yp8u/ethereum_client_teams_test_staking_withdrawals_on/ixwmuky/

If that's the case, why is rETH trading \*above\* peg?

Commented by /u/Njaa in /r/CryptoCurrency on November 26, 2022 18:22:20
/r/phinvest/comments/z55yyx/what_are_your_plans_and_strategies_to_take_profit/ixw2lm4/

What kind of BTC regulation do you foresee? I'm struggling to understand what regulation could even exist on the blockchain itself, when no person or entity has special control or insight.

Commented by /u/Njaa in /r/phinvest on November 26, 2022 15:48:30
/r/ethtrader/comments/z5bt7b/ethereum_foundation_sold_100000_eth/ixw2f6t/

The EF sold more than a third of their holdings? Do you have a source?

Commented by /u/Njaa in /r/ethtrader on November 26, 2022 15:47:20
/r/ExodusWallet/comments/z383u1/eth_staking/ixuszjb/

If people trying to help you understand facts is annoying, you can always stop replying.

Commented by /u/Njaa in /r/ExodusWallet on November 26, 2022 10:17:14
/r/ExodusWallet/comments/z383u1/eth_staking/ixusj3s/

What they are suggesting is not the same as you are suggesting. Their suggestion is at best the same as rETH.

Commented by /u/Njaa in /r/ExodusWallet on November 26, 2022 10:13:31
/r/ExodusWallet/comments/z383u1/eth_staking/ixus60t/

Then you can't do what you are suggesting Exodus let you do. Suggesting that they let you do that reveals that you don't understand how this works, which is why I tried to explain :)

Commented by /u/Njaa in /r/ExodusWallet on November 26, 2022 10:10:33
/r/EtherMining/comments/z4ztx3/ethereum_foundation_sold_100000_eth/ixu2s2m/

How would such a rug look?

Commented by /u/Njaa in /r/EtherMining on November 26, 2022 05:22:03
/r/Buttcoin/comments/z4e4g1/60_eth_nodes_are_run_on_aws_now_it_takes_one/ixsjmaj/

Vitalik and his Ethereum Foundation neither administers ETH nor controls the nodes.

Commented by /u/Njaa in /r/Buttcoin on November 25, 2022 19:17:01
/r/ethtrader/comments/z47oba/some_sweet_stats_since_merge_the_supply_of_coins/ixsip6o/

How it is ruled? Do you mean like how staking rewards and burn is calculated?

Commented by /u/Njaa in /r/ethtrader on November 25, 2022 19:09:21
/r/ethtrader/comments/z47oba/some_sweet_stats_since_merge_the_supply_of_coins/ixsikrz/

For each hypothetical exit, the yield for the remaining stakers grows. Any mass exodus would be extremely unlikely. If such a sell-off was imminent, liquid staking derivatives wouldn't be trading at a premium.

Commented by /u/Njaa in /r/ethtrader on November 25, 2022 19:08:21
/r/ethtrader/comments/z47oba/some_sweet_stats_since_merge_the_supply_of_coins/ixsi5hh/

Regression to the norm.

Commented by /u/Njaa in /r/ethtrader on November 25, 2022 19:04:46
/r/hoge/comments/z4og0s/i_know_i_am_overposting_this_matter_but_its/ixshrb2/

Counterpoint: Acting based on misconceptions of others is generally unwise, and using BTC would be an off-chain matter, vulnerable to oracles or middlemen. You can't ensure the fund trustlessly if you cross into another chain.

Commented by /u/Njaa in /r/hoge on November 25, 2022 19:01:30
/r/CryptoCurrency/comments/z4fgo4/never_use_an_exchange_which_has_its_own_token/ixrx7na/

..or any exchange. There are extremely few reasons to keep using a CEX beyond onboarding/offboarding from/to fiat.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 16:17:38
/r/ethereum/comments/z4gxfa/why_did_eth_supply_go_up_if_volume_was_higher/ixrue0x/

Gas price is a simple concept. If you want your transaction to be prioritized before someone else's, you need to bid more. That's it. Gas price is a pure demand-driven market.

Commented by /u/Njaa in /r/ethereum on November 25, 2022 15:57:19
/r/ethereum/comments/z4gxfa/why_did_eth_supply_go_up_if_volume_was_higher/ixru65d/

Transactions per day is a meaningless metric. All Ethereum blocks have capacity for on average 15000000 million gas, and every block is "full". This means that number of transactions per day doesn't really change based on demand, but rather on how complex transactions people are ordering. If you wanna look at how inflationary or deflationary the network is, you need to look at the average gas fee, not transactions per day.

Commented by /u/Njaa in /r/ethereum on November 25, 2022 15:55:47
/r/Buttcoin/comments/z4e4g1/60_eth_nodes_are_run_on_aws_now_it_takes_one/ixr1i8x/

Yes, and when you include these, the AWS share is 45%, not 60%.

Commented by /u/Njaa in /r/Buttcoin on November 25, 2022 12:25:38
/r/Buttcoin/comments/z4e4g1/60_eth_nodes_are_run_on_aws_now_it_takes_one/ixqyusi/

That would (far) exceed the cost of just buying the hardware yourself.

Commented by /u/Njaa in /r/Buttcoin on November 25, 2022 12:06:11
/r/Buttcoin/comments/z4e4g1/60_eth_nodes_are_run_on_aws_now_it_takes_one/ixqyj1n/

Also also, having an IP associated with a hosting service doesn't necessarily mean you are *hosted* there. Could simply mean you use a VPN service which in turn is hosted on AWS.

Commented by /u/Njaa in /r/Buttcoin on November 25, 2022 12:03:46
/r/Buttcoin/comments/z4e4g1/60_eth_nodes_are_run_on_aws_now_it_takes_one/ixquu26/

Also, this isn't all nodes. It's just the hosted nodes. Lying with statistics 101.

Commented by /u/Njaa in /r/Buttcoin on November 25, 2022 11:36:30
/r/Buttcoin/comments/z4e4g1/60_eth_nodes_are_run_on_aws_now_it_takes_one/ixqukjb/

I struggle to see how AWS is in any way relevant to a 51% attack. For that to work, Amazon would somehow have to access the private keys kept on the VPSes they rent out. If they have that ability, that's a far larger problem than Ethereum going down. Worst case, AWS intentionally coordinates shutting down the nodes they are hosting. If this happens the peer-to-peer network would route around the damage using the remaining 55% of nodes, and the affected node operators could spin up a VPS elsewhere in a matter of minutes.

Commented by /u/Njaa in /r/Buttcoin on November 25, 2022 11:34:29
/r/news/comments/z3o82z/reuters_global_regulators_to_target_crypto/ixqt16n/

How do you suggest regulating things like DEXes, where no single person or entity has any control or insight beyond what is publiclaly available?

Commented by /u/Njaa in /r/news on November 25, 2022 11:22:43
/r/rocketpool/comments/z4ee15/easy_fix_for_the_full_deposit_queue_raise/ixqj0qa/

Rocket Pool used to have a variable commission rate between 5% and 20%, but it didn't solve the issue. The deposit pool was "always" at zero or max regardless - according to the broader market conditions. In addition, if I recall correctly, there was some gaming going on, where people simply refused to launch new minipools before commission rate was at 20%. Because of these reasons, it was instead set to fixed 15%, and focus has since been on leveraging LEB8/LEB4.

Commented by /u/Njaa in /r/rocketpool on November 25, 2022 10:03:58
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixqdh43/

The problem is that you have no idea how the basic building blocks of Ethereum works, so it's pointless talking to you. If you're gonna be opinionated about this, you should look into MEV-boost and relays, but you won't.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 09:16:13
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixq3veu/

Let me know if you have an actual argument.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 07:38:16
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixq3ivi/

Being "all over the sub" doesn't mean it's true. The simple indisputable fact is that Flashbots is the highest payer for blockspace.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 07:34:04
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixq2s5v/

Nope. You're talking about Flashbots, who are buying blockspace. If they didn't pay the most, then they wouldn't be able to. Having to compete in the marketplace and pay sufficient fees is not censorship.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 07:25:02
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixq0ul6/

In their defence, you were in here spreading literal unfounded FUD just a second ago. The signal-to-noise ratio is a real problem in crypto spaces, so some scoff is often warranted. In any case, if you have technical questions, I'm more than happy to answer.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 07:01:10
/r/ethereum/comments/z3niba/are_we_facing_the_most_brazen_fraud_ever_committed/ixq0hny/

I mean, you do. Investment vehicles are investment vehicles, even if you utilize blockchain tech. If you want more enforcement of these already-existing laws, we need to provide more funds to the SEC and other relevant government agencies. The crypto hivemind seems to want *less* oversight and enforcement though, not more.

Commented by /u/Njaa in /r/ethereum on November 25, 2022 06:56:32
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixpv3dl/

If you posed a question, I'm sure they would explain. Just lurking doesn't trigger dialogue. Ethereans don't tend to FUD themselves with lies, so they don't have a lot of reason to speak up about information everyone already knows. Withdrawals being in Shanghai, and Shanghai being 6-12 months after the merge has been repeated ad nauseum the past year. Exact dates are not set anyways. That's one of the things decentralized development cannot provide, since every step requires consensus among dozens of actors and hundreds of people. Even when the code is done and tested, it's up to the nodes whether or not they wish to update their software. There is (fortunately) no one that can centrally commit to a particular date on behalf of all the actors.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 05:38:36
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixptnoz/

The same signals have been present for the previous dev calls. I just provided you the latest one, since that is most relevant. Besides, I'm *sure* you listen in to these all the time when it's not Thanksgiving lol I cannot control the quality of the information you digest. I can only point out that there have never been any actual signals of delays, only very obvious lies about it.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 05:16:29
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixpsz5j/

No, you didn't. You read some guy on Twitter making the claim based on nothing except 1) the Ethereum Foundation website being overhauled after the merge and 2) Micah and Tim discussing how to properly come to devteam consensus - neither of which have **any** relevance to the timing of the Shanghai update. >You are the first person that has told me April. Where did you get that info? Because I can’t find it. March/April was mentioned in the Ethereum dev call yesterday. There was heavy resistance to even short delays from this, even if it could mean including other important issues. This is the actual primary source for any scheduling signals. If you think you have a better source which indicated delay, please provide it.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 05:05:43
/r/CryptoCurrency/comments/z3wy9k/belgian_regulators_explain_btc_eth_are_neither/ixprjfn/

Decentralized is when no development.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 04:43:32
/r/CoinBase/comments/z406h2/ethereum_staking_is_now_paying_685_anyone_know/ixpr965/

If you stake through a liquid staking derivative like Coinbase's cbETH, stETH or rETH, you can exit your position by selling it.

Commented by /u/Njaa in /r/CoinBase on November 25, 2022 04:39:04
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixpqb8t/

>The narrative went from “soon after the merge” to “no set date real quick”. I don't know about the "narrative" BTC and ADA maxis try to force, but there hasn't been any actual changes in the scheduling of the Shanghai upgrade, which includes withdrawals.

Commented by /u/Njaa in /r/CryptoCurrency on November 25, 2022 04:24:41
/r/CryptoCurrency/comments/z33jbc/i_think_im_ready_to_buy_eth/ixooqe3/

>Most importantly, the shift to PoS goes directly against one of the distinctions between securities and commodities emphasized by the SEC in its early whitepapers This seems to be the only hard claim in your reply. Can you elaborate on it?

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 21:17:42
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixoo0jz/

I somehow doubt that, considering your continued support for it. You probably think I'm talking about BCH or BSV or something, instead of BTC.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 21:11:04
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixonkxv/

I wonder if you opposed the Bitcoin hard forks with equal vigor.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 21:07:08
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixonffs/

No. The nodes upgraded their software. Nothing was rolled back, but a thief's contraband were confiscated. Despite it being a common misconception, the EF doesn't have some sort of magical rollback button.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 21:05:45
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixon815/

I wonder what straws your are gonna grasp at when withdrawals are live in ~April. Probably BLS signatures requiring 32 ETH min stake, ignoring that smaller delegations are available.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 21:03:51
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixon0ir/

Ethereum doesn't block transactions. The clients do not even have software support to do so even if the node operator wanted to.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 21:01:59
/r/CryptoCurrency/comments/z3cjqu/ethereum_cofounder_vitalik_buterin_discusses_ftx/ixomoqz/

No. Clients means different software releases capable of running the chain. Ethereum currently has hundreds of thousands of validators and tens of thousands of nodes, not nine. As for the Vitalik boogeyman, the dude doesn't even participate in most of the development calls any longer. He looms far larger in your mind than he does in reality.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 20:59:05
/r/ExodusWallet/comments/z383u1/eth_staking/ixom6gf/

Then why are you asking about staking in a wallet? To stake directly in a validator, you need hardware and 32 ETH, not just wallet software.

Commented by /u/Njaa in /r/ExodusWallet on November 24, 2022 20:54:32
/r/ExodusWallet/comments/z383u1/eth_staking/ixom276/

What do you mean? Usually it's the rebasing that causes tax concerns, but rETH doesn't rebase.

Commented by /u/Njaa in /r/ExodusWallet on November 24, 2022 20:53:28
/r/CryptoCurrency/comments/z3rl40/bitcoin_ether_neednt_follow_financial_rules/ixoltte/

There exists no non-tribalistic arguments for Ethereum being a security in the first place. The Howey test doesn't concern itself with nuances of consensus mechanisms or cybil resistance in open source projects.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 20:51:24
/r/CryptoCurrency/comments/z33jbc/i_think_im_ready_to_buy_eth/ixmkrh3/

How have things changed considerably?

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 11:18:36
/r/CryptoCurrency/comments/z33jbc/i_think_im_ready_to_buy_eth/ixlpmwk/

Literally every single signal from the SEC and the overall US government is in the direction of Ether being a commodity. Both the [previous SEC director](https://www.sec.gov/news/speech/speech-hinman-061418#_ftn1) and [previous chairman](https://www.coindesk.com/markets/2019/03/12/sec-chair-clayton-affirms-agencys-stance-ether-is-no-longer-a-security/) has said Ethereum wasn't a security, and the [current SEC chairman](https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/8db830650d24c30dcc3266c4cb31e9ea_7EXcHqLg7BI.pdf) has previously agreed with those statements, despite not making any clear statements lately. The CTFC has [declared](https://www.cnbc.com/video/2022/05/16/bitcoin-ethereum-are-commodities-says-cftc-chair-rostin-behnam.html) Ethereum a commodity. Legislators have [drafted legislation](https://www.cnbc.com/2022/06/07/bipartisan-crypto-bill-lummis-and-gillibrand-want-to-empower-cftc-treat-digitals-assets-like-commodities.html) that would [declare Ethereum a commodity](https://www.gillibrand.senate.gov/news/press/release/-lummis-gillibrand-introduce-landmark-legislation-to-create-regulatory-framework-for-digital-assets). These same legislators have [claimed to have both the SEC and CTFC](https://www.youtube.com/watch?v=qcxzwUH6Okk&t=2870s) behind them on this decision, including the chairmen. The whole securities argument is an irrational red herring put forward by people trying to undercut Ethereum to their advantage.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 06:34:53
/r/CryptoCurrency/comments/z33jbc/i_think_im_ready_to_buy_eth/ixlp2zc/

None of the people who actually decide these things have ever indicated that Ethereum is a security. Many of the people who actually decide these things have indicated that it is a commodity. Besides, it being a security would be completely meaningless. Security-classification has a **purpose**, which is to compell disclosure and insight from the security issuer, in order to protect the customers. In Ethereum's case there is no such issuer and no information that could even be disclosed, since it's all on-chain. It would be as meaningless as declaring corn securities. Who could possibly provide insight into the assets and management backing up the value of corn?

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 06:27:09
/r/CryptoCurrency/comments/z33jbc/i_think_im_ready_to_buy_eth/ixlolgt/

Burning doesn't increase fees. It just reduces the amount that goes to the "miners". Fees are set by *demand*, regardless of the burn mechanism. If you want to skip ahead of someone else in the queue, you need to outbid them.

Commented by /u/Njaa in /r/CryptoCurrency on November 24, 2022 06:20:27
/r/DotA2/comments/z2vge2/if_you_tell_people_to_kill_themselves_over_a/ixjyzqa/

Yes, yes, I get it. Telling people to go kill themselves is ACTUALLY the morally superior action. *Especially* if the target is depressed.

Commented by /u/Njaa in /r/DotA2 on November 23, 2022 19:26:14
/r/DotA2/comments/z2vge2/if_you_tell_people_to_kill_themselves_over_a/ixjufu4/

Victim blaming at its finest. You are a bad person.

Commented by /u/Njaa in /r/DotA2 on November 23, 2022 18:50:47
/r/technology/comments/z2s93d/mercedes_locks_faster_acceleration_behind_a_1200/ixjtk42/

This is a complete lie. The WEF has no such policy goal. The WEF and others published a dystopian short essay by Danish politician Ida Auken about how a future could look where literally everything had the subscription service model, instead of ownership. It was obviously fiction, and considering the unequivocally dystopian elements of the piece it was in no way an endorsement of such a future.

Commented by /u/Njaa in /r/technology on November 23, 2022 18:43:57
/r/ethereum/comments/z1gq3b/staking_eth_on_coinbase_and_slashing/ixjsi9a/

They never specifically removed any sort of withdrawal date, but they launched an entirely new website in September when the merge completed. The new website obviously doesn't have the exact same content as the old one, but there doesn't exist a timeline or list of dates where withdrawals have been moved or removed. I've seen Bitcoin maxis claim otherwise, but they are simply lying, and do not correct their claims even when corrected by the core devs themselves. It's frustrating how quickly lies spread in the crypto community, and how slowly truth catches up.

Commented by /u/Njaa in /r/ethereum on November 23, 2022 18:35:55
/r/ethereum/comments/z1gq3b/staking_eth_on_coinbase_and_slashing/ixiciwo/

You're certainly welcome to wait, but *not only* is withdrawals included for Shanghai, but the actual coded implementations of withdrawals are [already running live in the devnet](https://twitter.com/vdWijden/status/1595386746786779137), so I can't say I understand your skepticism.

Commented by /u/Njaa in /r/ethereum on November 23, 2022 12:40:28
/r/ethereum/comments/z1gq3b/staking_eth_on_coinbase_and_slashing/ixgllki/

Nothing about Shanghai/withdrawals has changed. If you think so, you've been lied to.

Commented by /u/Njaa in /r/ethereum on November 23, 2022 02:48:26
/r/btc/comments/z1e1b8/will_ofac_demand_that_eth_validators_censor_ftx/ixex0o5/

The fundamental flaw in your analysis is that the 76% of blocks mentioned isn't controlled by *OFAC-compliant nodes*, but rather is *bought by the highest bidder*, which happen to be an OFAC-compliant buyer. Flashbots being OFAC-compliant is only relevant as long as they are the highest bidder. If someone bids more for a block, then this metric drops. What this means is that as long as the fee offered for blockspace is competative in the market, then you will be included - whether you are OFAC-sanctioned or not.

Commented by /u/Njaa in /r/btc on November 22, 2022 17:39:26
/r/btc/comments/z1e1b8/will_ofac_demand_that_eth_validators_censor_ftx/ixewm3j/

If only people knew the difference between MEV-boost and PoS.

Commented by /u/Njaa in /r/btc on November 22, 2022 17:36:29
/r/CryptoCurrency/comments/z1jic3/6_staking_on_eth2/ixevyxe/

No, not necessarily. There are non-custodial ways of staking arbitrarily small amounts, like Rocket Pool.

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 17:31:44
/r/ethereum/comments/z1gq3b/staking_eth_on_coinbase_and_slashing/ixeokm3/

Withdrawals are coming in Shanghai, which is the next release, and expected to come in 2023. That is a realistic expectation.

Commented by /u/Njaa in /r/ethereum on November 22, 2022 16:39:09
/r/ethereum/comments/z1gq3b/staking_eth_on_coinbase_and_slashing/ixeoasy/

They have neither corporate responsibility nor the issues that arise with giving custody to a potentially greedy corporation. At the end of the day I would rather hand over my funds to an autonomous piece of code that I can read myself, than a corporation running a non-autonomous piece of code.

Commented by /u/Njaa in /r/ethereum on November 22, 2022 16:37:19
/r/CryptoCurrency/comments/z1pok8/what_is_the_best_coin_to_stake_now/ixcz5yh/

2-3% yield on liquid tokens isn't so bad. I actually thought inflation was higher for ADA.

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 09:50:28
/r/CryptoCurrency/comments/z1pok8/what_is_the_best_coin_to_stake_now/ixctdrb/

I'm not asking about any country's fiat inflation. I'm asking about Cardano's inflation.

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 09:06:27
/r/CryptoCurrency/comments/z1pok8/what_is_the_best_coin_to_stake_now/ixclxpn/

How much of that yield is inflation?

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 08:01:44
/r/CryptoCurrency/comments/z1pok8/what_is_the_best_coin_to_stake_now/ixclsps/

How much of that is inflation?

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 08:00:26
/r/CryptoCurrency/comments/z1pok8/what_is_the_best_coin_to_stake_now/ixclqpx/

That is true for custodial services like Lido or Coinbase. It is not true for non-custodial services like Rocket Pool.

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 07:59:56
/r/CryptoCurrency/comments/z1pok8/what_is_the_best_coin_to_stake_now/ixclmky/

How much of that 5% is eaten by inflation?

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 07:58:52
/r/CryptoCurrency/comments/z1jic3/6_staking_on_eth2/ixc7jma/

The code is open source and audited. If such a backdoor exists, it's visible to anyone reading the code. It can be obfuscated and missed by people reading the code, but someone having custody by design and someone having custody by somehow hiding a backdoor in plain sight is **not the same risk**.

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 05:17:22
/r/CryptoCurrency/comments/z1jic3/6_staking_on_eth2/ixc3frt/

Anything humans create has a risk of having critical weaknesses. Claiming that this risk is equal for all things is not correct or meaningful. Removing (possibly incompetent or malicious) custodians from the equation is a massive risk reduction.

Commented by /u/Njaa in /r/CryptoCurrency on November 22, 2022 04:17:55
/r/CryptoCurrency/comments/z0fy32/energy_consumption_of_bitcoin_ethereum_and_cardano/ix5ptqu/

There is no logical connection between consumption of large amounts of electricity and being decentralized.

Commented by /u/Njaa in /r/CryptoCurrency on November 20, 2022 18:11:45
/r/TrueReddit/comments/yzg822/does_elon_musk_deserve_the_56b_megabonus_tesla/ix2k90l/

Graphic cards are not used for Bitcoin mining, but rather some other cryptocurrencies.

Commented by /u/Njaa in /r/TrueReddit on November 20, 2022 01:35:08
/r/law/comments/yz4xr7/sbf_said_his_lawyer_chewed_him_the_fuck_out_for/iwywq8c/

That would be a motive to *invest*. I'm asking about the motive to set up SBF as a patsy, and tank FTX.

Commented by /u/Njaa in /r/law on November 19, 2022 07:47:08
/r/law/comments/yz4xr7/sbf_said_his_lawyer_chewed_him_the_fuck_out_for/iwyv9yz/

Considering these actors lost enormous amounts of money on this, I would suspect the latter. What motive would they have?

Commented by /u/Njaa in /r/law on November 19, 2022 07:30:22
/r/law/comments/yz4xr7/sbf_said_his_lawyer_chewed_him_the_fuck_out_for/iwytr7c/

Is this some conspiracy theory, where the democrats orchestrated FTX' fall, since they received political donations from SBF?

Commented by /u/Njaa in /r/law on November 19, 2022 07:11:34
/r/ethereum/comments/yxtllm/ethereum_turns_into_first_profitable_blockchain/iwu6n95/

>So, as far as I can tell, the blockchain's profitability benefits neither its holders nor new investors. Deflation, on the other hand, has the potential to be a significant speculative growth factor for cryptocurrency in the future. Don't follow this point. If a chain needs to inflate 10% per year to subsidize their security providers, that's certainly much worse for the users than if their assets *aren't* devalued like that?

Commented by /u/Njaa in /r/ethereum on November 18, 2022 06:23:36
/r/ethstaker/comments/yy9us7/shanghai_upgrade_timeline_removed/iwu5w2v/

The entire webpage was refurbished when the merge happened, since large swaths of it was only relevant in a pre-merge context. A timeline having existed in the previous pre-merge version of the website is not relevant to when Shanghai will be delivered. >so this could possibly happen in 2024 or later It certainly *could*, but not because the EF website was refurbished.

Commented by /u/Njaa in /r/ethstaker on November 18, 2022 06:14:13
/r/cryptoleftists/comments/yxxggu/israel_accused_of_seizing_crypto_wallets_from/iwu5elh/

>If I’m a block proposer, my customer is the Validator network. This is backwards. The MEV relay *pays the validator*. If the validator network were the customer *they* would be paying the MEV relay, not the other way around. MEV relays are basically users that wish to buy entire blocks instead of buying individual transactions. Typically they do this to resell the blockspace to their own customers, since their customers are sensitive either to privacy or block ordering. Because of this, your initial argument about the "approvals" also fails, since MEV relays don't *approve* regular users' tx, they just *compete* with them with regards to fees vs inclusion timing. Fee-market-based competition to be included on-chain isn't censorship. Flashbots is simply paying the most, and therefore represent a large amount of blocks. >Meanwhile, the validators have a large financial stake - a stake which can be slashed if enough other validators agree you’re misbehaving. True, and one of the criteria for slashing is attempts at censoring the network. >Proof of Stake is not a Nakamoto Consensus. Neither Proof of Stake nor Chia's Proof of Space is Nakamoto Consensus, since Nakamoto Consensus by definition is Proof of Work. Nakamoto Consensus is also irrelevant to the discussion. If block producing nodes under PoW decide to exclude transactions, it has the exact same effect as in PoS.

Commented by /u/Njaa in /r/cryptoleftists on November 18, 2022 06:08:00
/r/cryptoleftists/comments/yxxggu/israel_accused_of_seizing_crypto_wallets_from/iwt86iv/

>If no validators will accept my transactions (perhaps based on some political embargo) the effect is identical to me losing access to my funds. Yes of course, but that's a big "if". No transactions have so far been stuck in the mempool for more than minutes at worst. As long as there is a ***single*** honest validator, your transactions will be processed according to their offered fee.

Commented by /u/Njaa in /r/cryptoleftists on November 17, 2022 23:08:41
/r/cryptoleftists/comments/yxxggu/israel_accused_of_seizing_crypto_wallets_from/iwt5hy4/

Indeed, but according to the non-headline part of the article, we're apparently talking about the Binance wallet. Even if that *weren't* the case, Ethereum has no pay-to-confiscate-other-peoples-money feature, so I'm still confused what you were so angry at PoS for.

Commented by /u/Njaa in /r/cryptoleftists on November 17, 2022 22:45:37
/r/cryptoleftists/comments/yxxggu/israel_accused_of_seizing_crypto_wallets_from/iwt3epp/

I'll try to pose the question more clearly: The funds were on Binance. Suddenly the funds were gone from Binance. How is this Ethereum's fault and what has it got to do with PoS? If Binance, a centralized company, gave the money to Israel, your beef is with *them*.

Commented by /u/Njaa in /r/cryptoleftists on November 17, 2022 22:28:20
/r/cryptoleftists/comments/yxxggu/israel_accused_of_seizing_crypto_wallets_from/iwsxvz9/

How is any of that relevant to the article (let alone true)?

Commented by /u/Njaa in /r/cryptoleftists on November 17, 2022 21:42:53
/r/ethereum/comments/yy1w1t/centralization_of_eth/iwsi886/

One server?

Commented by /u/Njaa in /r/ethereum on November 17, 2022 19:39:04
/r/ethereum/comments/yx6x9u/why_are_coinbase_staking_rewards_significantly/iwpsvwu/

Yes, or about half that if you run a Rocket Pool node. Of course you can also run a node with zero stake.

Commented by /u/Njaa in /r/ethereum on November 17, 2022 08:19:11
/r/zkSyncCommunity/comments/yx0sab/lost_all_faith_in_zksync/iwpsmjo/

Bitcoin notably *isnt* evolving, and Ethereum had significant seed capital through their ICO.

Commented by /u/Njaa in /r/zkSyncCommunity on November 17, 2022 08:16:48
/r/ethereum/comments/yx6x9u/why_are_coinbase_staking_rewards_significantly/iwpr4zm/

It probably requires a lot less than you are assuming. A node runs on pretty simple hardware, and you do not need 100% uptime.

Commented by /u/Njaa in /r/ethereum on November 17, 2022 08:03:07
/r/CryptoCurrency/comments/yx1242/ethereum_foundation_eliminates_the_estimated/iwpoe3r/

So that's a no then? Sassal isn't EF, and no one has claimed a delay.

Commented by /u/Njaa in /r/CryptoCurrency on November 17, 2022 07:36:26
/r/CryptoCurrency/comments/yx1242/ethereum_foundation_eliminates_the_estimated/iwo1stx/

Where did they say it was gonna take 6-12 months? Where did they say it would take longer? I think you will struggle to find sources for either of these claims.

Commented by /u/Njaa in /r/CryptoCurrency on November 16, 2022 20:40:31
/r/ethstaker/comments/ywqxew/i_want_to_validate_using_rocketpool_but_rpl/iwnyptg/

You can't adjust the balance as if it were APY, and you can't adjust APY as if it were balance. These things are not in any way exchangable. You get \*wildly\* different results if you do this. &#x200B; ||Minipool correct|Minipool incorrect|Error size| |:-|:-|:-|:-| |APY|5.00%|5.00%|| |Effective APY|5.75%|5.00%|| |ETH invested|32|33.6|| |0|32|33.6|1.60| |1|33.84|35.28|1.44| |2|35.79|35.28|\-0.51| |3|37.84|37.04|\-0.80| |4|40.02|37.04|\-2.98| |5|42.32|38.90|\-3.42| |6|44.75|38.90|\-5.86| |7|47.33|40.84|\-6.49| |8|50.05|40.84|\-9.21| |9|52.93|42.88|\-10.04| |10|55.97|42.88|\-13.09| |11|59.19|45.03|\-14.16| |12|62.59|45.03|\-17.56| |13|66.19|47.28|\-18.91| |14|70.00|47.28|\-22.72| |15|74.02|49.64|\-24.38| |16|78.28|49.64|\-28.63| |17|82.78|52.12|\-30.65| |18|87.54|52.12|\-35.41| |19|92.57|54.73|\-37.84| |20|97.89|54.73|\-43.16| |21|103.52|57.47|\-46.06| |22|109.48|57.47|\-52.01| |23|115.77|60.34|\-55.43| |24|122.43|60.34|\-62.09| |25|129.47|63.36|\-66.11| |26|136.91|63.36|\-73.55| |27|144.78|66.53|\-78.26| |28|153.11|66.53|\-86.58| |29|161.91|69.85|\-92.06| |30|171.22|69.85|\-101.37| |31|181.07|73.34|\-107.72| |32|191.48|73.34|\-118.13| |33|202.49|77.01|\-125.48| |34|214.13|77.01|\-137.12| |35|226.45|80.86|\-145.58| |36|239.47|80.86|\-158.60| |37|253.24|84.91|\-168.33| |38|267.80|84.91|\-182.89| |39|283.19|89.15|\-194.04| |40|299.48|89.15|\-210.33| |41|316.70|93.61|\-223.09| |42|334.91|93.61|\-241.30| |43|354.17|98.29|\-255.88| |44|374.53|98.29|\-276.24|

Commented by /u/Njaa in /r/ethstaker on November 16, 2022 20:16:28
/r/ethstaker/comments/ywqxew/i_want_to_validate_using_rocketpool_but_rpl/iwngggh/

RocketPool does indeed have 5.75% in cases where solo has 5%, since minipools have +15% commission for running a node. 5\*1.15=5.75

Commented by /u/Njaa in /r/ethstaker on November 16, 2022 17:56:08
/r/ethstaker/comments/ywqxew/i_want_to_validate_using_rocketpool_but_rpl/iwn3y39/

I already increased their starting balance by 10%. That's why you see them having 36.96 after 1 year instead of 33.84.

Commented by /u/Njaa in /r/ethstaker on November 16, 2022 16:30:16
/r/ethstaker/comments/ywqxew/i_want_to_validate_using_rocketpool_but_rpl/iwn1dt1/

No, I understand the opportunity cost. I just get very different numbers. Even when assuming the lower-than-actual rate of 5%, the minipool pulls ahead after 13 years. ||Minipool|Solo|Solo advantage| |:-|:-|:-|:-| |APY|5.75%|5.00%|| |1|33.84|36.96|3.12| |2|35.79|38.81|3.02| |3|37.84|40.75|2.90| |4|40.02|42.79|2.77| |5|42.32|44.93|2.60| |6|44.75|47.17|2.42| |7|47.33|49.53|2.20| |8|50.05|52.01|1.96| |9|52.93|54.61|1.68| |10|55.97|57.34|1.37| |11|59.19|60.20|1.02| |12|62.59|63.21|0.62| |13|66.19|66.37|0.18| |14|70.00|69.69|\-0.30| |15|74.02|73.18|\-0.84| |16|78.28|76.84|\-1.44| |17|82.78|80.68|\-2.10| |18|87.54|84.71|\-2.83| |19|92.57|88.95|\-3.62| |20|97.89|93.40|\-4.50| If we use the observed 7 day average, minipools beat solo stakers after 9 years. If we meet halfway between the very bearish 5% and the somewhat high observed current APY, minipools beat solo stakers after 11 years.

Commented by /u/Njaa in /r/ethstaker on November 16, 2022 16:13:33
/r/ethstaker/comments/ywqxew/i_want_to_validate_using_rocketpool_but_rpl/iwmwm34/

I'd like to see your work. Did you include MEV rewards and re-staking the yield? Without MEV and compounding interest, I guess it could take a significant amount of time to recoup the worst case RPL loss.

Commented by /u/Njaa in /r/ethstaker on November 16, 2022 15:42:42
/r/ethereum/comments/ywja72/can_someone_eli5_this_tweet/iwm8uyx/

Any particular other posts you want to highlight?

Commented by /u/Njaa in /r/ethereum on November 16, 2022 13:06:57
/r/ethereum/comments/ywja72/can_someone_eli5_this_tweet/iwm8gum/

This is a false premise. Whether or not they respect a law that dictates they have to protect their customers' funds is irrelevant to the blockchain protocol. If they do, great. If they don't, those funds are forfeit and they are evicted from the validator set. Not that you care, considering your incoherent edit.

Commented by /u/Njaa in /r/ethereum on November 16, 2022 13:04:21
/r/ethereum/comments/ywja72/can_someone_eli5_this_tweet/iwm7z8h/

No one can force an actor to move, but the contracts wouldn't be broken, they would work fine. If the market participants want to maintain an abandoned fork, they can. That has always been the case. But if all of the L0 moves on, that's indistinguishable from these participants just shutting down their business. In any case, Circle is a bad example, since they already have blacklist capabilities in their contracts, so they have no reason to try to dictate what the base layer does or doesn't do with regards to OFAC.

Commented by /u/Njaa in /r/ethereum on November 16, 2022 13:01:02
/r/ethstaker/comments/ywqxew/i_want_to_validate_using_rocketpool_but_rpl/iwm61rx/

>A demand for it for new minipools? What happens when the number of minipools reaches an equilibrium or maybe even drops? Equilibrium would be fine. If this equilibrium exists at a point significantly higher than today's number of minipools, you would still enjoy the rise of value *towards* that equilibrium, even if price stagnates when it is reached. A *drop* in minipools over time should definitely cause RPL value to go down, but it would also increase your share of the RPL staking rewards. >And the inflation. Shouldn’t the value for RPL automatically drop with inflation? Considering 70% of the inflation is paid directly to the RPL stakers, your staked RPL would only start losing value once more than 70% of **all** RPL is staked. Currently, RPL stakers are getting about twice the rewards from staking that they are losing to inflation. If more than 70% of all RPL were to be staked, there would be a very small bleed of RPL value, but much lower than the 15% increased commissions you get from running a minipool with RPL staked. Even then, going from today's staking rate all the way up to 70% staked would in all likelihood mean a significant upwards price movement. **Even if** you assume RPL to be worth literally *zero* immediately after buying and staking your 10% entry ticket, you would still come out ahead over time, since +15% ETH staking rewards would claw back this hypothetical extreme loss over approximately a decade - and then continue to put you ahead of a regular solo staker.

Commented by /u/Njaa in /r/ethstaker on November 16, 2022 12:48:15
/r/CryptoCurrency/comments/ytdb2l/ethereum_will_inevitably_flip_bitcoin/iwkmure/

You are noise, not signal. I was about to make the effort, but it seems @ercwl has it covered.

Commented by /u/Njaa in /r/CryptoCurrency on November 16, 2022 04:41:12
/r/norge/comments/yvc4zs/vedtak_fra_politiet_om_ulovlig_kniv/iwf4x12/

Lover og bøter er det ikke politiet som bestemmer.

Commented by /u/Njaa in /r/norge on November 14, 2022 23:07:50
/r/CryptoCurrency/comments/yvi0y0/wallet_linked_to_vitalik_buterin_sells_off_375/iwetkxo/

Vitalik is not a billionaire.

Commented by /u/Njaa in /r/CryptoCurrency on November 14, 2022 21:40:19
/r/ethstaker/comments/yufsw1/how_can_rocketpool_staking_offer_932_apr/iwbokb3/

It's a true statement, but meaningless or even dishonest in this context, since we do in fact know where the yield comes from.

Commented by /u/Njaa in /r/ethstaker on November 14, 2022 08:27:44
/r/norge/comments/yt8ddy/er_det_dette_skattepengar_mine_går_til/iw50ti8/

Hvis dette er hva skattepengene mine går til, betaler jeg for lite skatt!

Commented by /u/Njaa in /r/norge on November 12, 2022 19:32:56
/r/rocketpool/comments/ysch3a/how_is_rpl_different_from_ftt/iw4zyvf/

>also, that was not "my" number, I provided a link, right. if you do not agree with the Rocket Pool Explorer, maybe contact them My numbers are from the exact same source, so this doesn't make a lot of sense. It's just two different metrics, one of which is closer to what OP asked for than the other.

Commented by /u/Njaa in /r/rocketpool on November 12, 2022 19:26:17
/r/CryptoCurrency/comments/ytdb2l/ethereum_will_inevitably_flip_bitcoin/iw4tyea/

Then you were mistaken.

Commented by /u/Njaa in /r/CryptoCurrency on November 12, 2022 18:39:35
/r/rocketpool/comments/ysch3a/how_is_rpl_different_from_ftt/iw4tw71/

>So I guess my real question that ties it all together is this: what percentage of reth is secured by eth, and what percentage is secured by RPL? Because in my mind, the amount secured by RPL can be treated only as a liability.

Commented by /u/Njaa in /r/rocketpool on November 12, 2022 18:39:07
/r/CryptoCurrency/comments/ytdb2l/ethereum_will_inevitably_flip_bitcoin/iw41ih7/

How would this one person go about screwing it up, if he wanted?

Commented by /u/Njaa in /r/CryptoCurrency on November 12, 2022 15:12:59
/r/CryptoCurrency/comments/ytdb2l/ethereum_will_inevitably_flip_bitcoin/iw41cfj/

Yes, they're working on Shanghai, which includes withdrawals...

Commented by /u/Njaa in /r/CryptoCurrency on November 12, 2022 15:11:51
/r/CryptoCurrency/comments/ytdb2l/ethereum_will_inevitably_flip_bitcoin/iw412xr/

Gas fees says Ethereum is actually in vastly higher demand. This is a self own.

Commented by /u/Njaa in /r/CryptoCurrency on November 12, 2022 15:10:01
/r/CryptoCurrency/comments/ys4cqh/is_ethereum_still_the_future/iw00ibr/

It's trying to be both in the sense that not a single transaction has been censored, yet individual validators are free to choose which transactions they listen to. The resistance lies in the fact that if you don't include a censored transaction, the validator 12 seconds after you will happily take the fees you willingly abandoned.

Commented by /u/Njaa in /r/CryptoCurrency on November 11, 2022 16:50:49
/r/cardano/comments/ys1qlt/proof_of_staking_cardano_or_ethereum/ivzwvfo/

We all have narratives to tell, including me. I just hope I'm able to base my narrative on facts. That said, I'm surprised and disappointed no one has countered any of my points. Such a large post surely has some weaknesses?

Commented by /u/Njaa in /r/cardano on November 11, 2022 16:24:38
/r/rocketpool/comments/ysch3a/how_is_rpl_different_from_ftt/ivzrm2j/

That's fair - RPL has dropped off a bit from ratio ATH - but OP was asking about the collateralization of rETH, not the collateralization of nodes.

Commented by /u/Njaa in /r/rocketpool on November 11, 2022 15:48:06
/r/rocketpool/comments/ysch3a/how_is_rpl_different_from_ftt/ivzp4i2/

Maybe I don't understand some nuance here, but are you sure your number is more correct than mine? I'm worried that you're mixing average collateral per node, and average collateral per minipool. I went to the main page of Rocketscan, found that there were 149635 rETH minted at 1.046 ETH value. Then I went to the RPL page on Rocketscan, and saw that there was 7577367 RPL effectively staked at 0.0117 RPL/ETH ratio. (7577367\*0.0117)/(149635\*1.046)=57% (it has actually dropped 2% in a few hours due to the RPL/ETH ratio) An explanation for the discrepancy can be put like this: If there were 99 nodes with 1 minipool each at 100% collateral, and 1 node with 99 minipools with 10% collateral, the average **per node** would be `(99*100%+1*10%)/100=99.1%` While the average collateral **per rETH** would be `(99*1*100%+1*99*10%)/(99*1+1*99)=55%` For this discussion, the **per rETH** metric is the most important one.

Commented by /u/Njaa in /r/rocketpool on November 11, 2022 15:31:02
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivz78ce/

>according to the link u sent nov 8th is when the inflation rate went from positive to negative And if you move your cursor to the day before, was it higher or lower? >the quote i provided was an accurate quote Yes, there are many ways to lie. Yours is neither novel nor effective. A full archive node takes ~2 TB for the entire history of Ethereum, not 85 TB per year, no matter what you have been led to believe.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 13:30:17
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivz3iq6/

Did you mean October 8th? November 8th is far down the deflationary slope. >i didn't send any meme? You did indeed. The 85 TB claim is a persistent meme in Bitcoin circles, and has no basis in reality. The Ethereum chain does in fact not grow 85 TB per year. It's a quote taken from a discussion about a *hypothetical* scenario, presented as a fact, and parroted by people who don't have a habit of checking their claims. No, I'm not running an archive node. Does that somehow disqualify my arguments?

Commented by /u/Njaa in /r/ethereum on November 11, 2022 13:05:25
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivz022t/

The negative inflation isn't "for the past few days", it's *since the merge.* There is fewer ETH in existence today than there were the 15th of September, when the merge happened. Even if it were to tick back above 0, it would be a fraction of a fraction of Bitcoin or Monero's inflation. Nice unrelated memes though.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 12:42:32
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivywc58/

This was true before the merge. It is no longer true. Fees actually make out more than 100% of the staking rewards, making the project [deflationary](ultrasound.money).

Commented by /u/Njaa in /r/ethereum on November 11, 2022 12:18:03
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivyuesq/

You must be thinking of a different project. The yield in Ethereum comes from transaction fees, not inflation.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 12:05:24
/r/rocketpool/comments/ysch3a/how_is_rpl_different_from_ftt/ivyexd8/

>RPL pools can be siphoned Did you mean "can't"?

Commented by /u/Njaa in /r/rocketpool on November 11, 2022 10:20:54
/r/rocketpool/comments/ysch3a/how_is_rpl_different_from_ftt/ivyef16/

>what percentage of reth is secured by eth > >what percentage is secured by RPL 100% is secured by ETH. The value of rETH is literally the same as the total amount of ETH available to the Rocket Pool protocol after node operators take their cut. This means rETH is designed to be able to safely wind down to 0 supply, if that is ever required - even if RPL is worth 0. It is currently *further* secured by 100% in the node operators' ETH, since they have to provide half the ETH themselves - and this half bears the costs of any slashing before the customers' half. Additionally, there is an average of 59% RPL collateral per node. In total, this means every ETH worth of rETH is backed up by 259% collateral, of which 200% is ETH denominated, and 59% is RPL denominated. For rETH to become illiquid (or significantly depeg), the node operators' 100% + 59% collateral would have to be wiped out by slashing events. Note that this calculation might change going forward. The project is considering reducing the collateral requirement to 8 ETH and 2.4 ETH worth of RPL for every 24 ETH worth of rETH. Once that happens, the project will be less **over**collateralized, at a minimum of (24+8+2.4)/24=143% per node. >What happens if RPL drops 90% in relation to eth? Then the collateral per rETH will "only" be 205.9%. The only way rETH loses its value, is if there's a major smart contract bug, or if extremely large slashing events happen. Such events would not be a matter of mere accidents or mismanagement of nodes or funds - it would require issues across a very large portion of the Ethereum validator set and across most if not all clients.

Commented by /u/Njaa in /r/rocketpool on November 11, 2022 10:17:21
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivy5a1s/

Depends on you definition of "hard fork". Do you have one? [This source](https://blog.bitmex.com/bitcoins-consensus-forks/) uses "loosening of previous rules" as the definition. By that metric BIP50 was the previous BTC hard fork. I disagree with the definition though, as even the most recent "soft forks" forced the miners to upgrade their nodes - making them not particularly "soft" at all.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 09:11:44
/r/ethereum/comments/yqr6zf/what_are_the_arguments_against_ethereum/ivy4gd9/

Thank you! I've actually been looking for some low quality BTC propaganda.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 09:05:25
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivy3q4r/

Bitcoin has in fact had many forks, both soft and hard.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 08:59:44
/r/ethereum/comments/yqr6zf/what_are_the_arguments_against_ethereum/ivy2ztt/

Ouch! Your insults are very clever and effective. You've now ruined my whole weekend.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 08:53:58
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivy2mrh/

Bitcoin is perfectly able to do that. They just have to decide what to do, and it will happen, just as it did in Bitcoin's many previous upgrades.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 08:51:06
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivy2aw1/

Yes, the tens of thousands of nodes did indeed choose to do that. If the tens of thousands of Bitcoin nodes chose to do something similar, they could as well.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 08:48:26
/r/ethereum/comments/yqr6zf/what_are_the_arguments_against_ethereum/ivy1xju/

About what? My very first response to you emphasized how there was a very minor penalty, and that you could be offline for **months of the year** while still being profitable. It's hard to understand why you're being so emotional here.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 08:45:27
/r/ethereum/comments/yqr6zf/what_are_the_arguments_against_ethereum/ivy1ivn/

Yes, if you have like 50% uptime on your internet, I would advise against running a validator, since you would be losing money. Managing to have more than 50% uptime on your internet is hardly a centralizing aspect. If you disagree, I feel bad for your country's infrastructure.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 08:42:07
/r/ethereum/comments/yqr6zf/what_are_the_arguments_against_ethereum/ivy0ixw/

You don't get slashed from being offline. It's not my problem if you wanna go around being [objectively wrong](https://eth2book.info/altair/part2/incentives/slashing) while simultaneously refusing to learn anything new, so I think we'll leave it at that :)

Commented by /u/Njaa in /r/ethereum on November 11, 2022 08:33:49
/r/cardano/comments/ys1qlt/proof_of_staking_cardano_or_ethereum/ivxzadd/

>Stake is locked If stake is not locked, you can use the funds to attack the network and sell your funds immediately. If stake is locked, you actually risk the funds being devalued or slashed, and thus have an infinitely larger incentive to play nice. >Withdrawals not yet allowed A fair point, but "allowed" is the wrong word. It's not yet *implemented.* The reason for this is that the merge itself was considered a critical enough developmental task that focus should be maintained on it and not spread over secondary objectives. Tighter spec = less chance of bugs. It is now scheduled for the next release. >Minimum 32 ETH This is because all the validators are actually performing coordinating actions to protect the network - not just the one randomly chosen to produce a block. This means that the coordination between them has to conclude in a timeframe (far) less than the 12 second block interval. If the minimum staking amount was 0.1 ETH, that would mean that there would be 320 times more validators running. Which would significantly increase the time to coordinate and confirm each other's actions, and increase the node hardware requirements. In Cardano, most stakers don't actually participate in the protocol. They just delegate to someone who does. >Custody passes to staking address or third party It's hard to understand what this even means. The staking contract doesn't have "custody". There is no one controlling it. It's simply code. Since code governs the stake, account balances, transactions, and everything in both Cardano and Ethereum, it's hard to understand how this is somehow a criticism. Maybe you can clarify? >Select from thousands of stake pools Ethereum also has (non-custodial) staking pools. >Either technical expertise or a third party Yes, actually running a node on the network requires some basic skills with computers/Linux. If you don't want to do this, you'll have to rely on a pool. >Slashing risk This is the same point as #1. If you don't attack the network, you don't get slashed. If you start breaking the rules, you do. >Newly-purchased ETH is not automatically staked This is also the same point as #1. If staking locks funds, then obviously you cannot automatically stake. >Third parties need signing keys Simply incorrect. You never hand over your signing keys to anyone. You either hand over *custody* of your funds if you use a custodial service, or you don't if you use a non-custodial service. In neither case do you share your keys. &#x200B; The fundamental difference in approach seems to be that in Cardano staking is promoted as a *feature* of the project, instead of a *necessity* to secure it. In my opinion, this is backwards. Both projects would be much better if they could be sufficiently secured without stakers at all - but alas there are no better options.

Commented by /u/Njaa in /r/cardano on November 11, 2022 08:22:57
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivxwdks/

Your criticism would be infinitely more precise if you used "privacy" instead of "fungibility". The ability to note transactions on a ledger and publish that ledger does not relate to fungibility. Furthermore, the ledger only lists accounts, not coins. If two people (A and B) transfer 1 ETH to you, and you transfer 1 ETH to someone else (C), there is entirely undefined if C's coin came from A or B or both. For non-fungible assets, this would not be the case. That being said, I completely agree that on-chain ***privacy*** has a ways to go.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 07:56:36
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivxv5nl/

Yes, and 1 coin of ETH is mutually interchangeable with another coin of ETH. It is in fact so interchangeable that you cannot even tell one coin from another in an account.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 07:44:55
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivxuz8v/

Ethereum isn't in fact more "alterable" than Bitcoin or any other blockchain project.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 07:43:11
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivxue2x/

The US government has consistently called and treated Ethereum as a commodity.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 07:37:21
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivxu57n/

>sorry to break it to ya, but if you don’t know where the yield is coming from, you are the yield Sure that's true, but we do know where the yield is coming from, so I struggle to understand your point.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 07:34:57
/r/ethereum/comments/yrqkps/ethereum_is_the_greatest_asset_on_earth/ivxty7h/

This makes me wonder how you define fungibility.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 07:32:57
/r/CryptoCurrency/comments/yrxkko/sec_vs_ripple_case_accredify_inc_gave_amicus/ivxoi8g/

No, he did not. You will find it challenging to find a quote to that effect. He did speak about how transactions to intermediaries (exchanges) offering to further invest customers' funds into the staking contract would be security transactions. This is both obviously true, and has nothing to do with Ethereum's status.

Commented by /u/Njaa in /r/CryptoCurrency on November 11, 2022 06:31:50
/r/CryptoCurrency/comments/yrxkko/sec_vs_ripple_case_accredify_inc_gave_amicus/ivxnon1/

>And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. . >ETH has since transitioned into something that is more utility than security . >In this case, I would argue that ETH has been successfully converted into a commodity (and would pass a theoretical decentralization audit), whereas the supply of XRP is still more than 50% controlled by Ripple and therefore too centralized under the proposed rules. This whole document is in line with what Hinman, Gensler, the SEC, the CFTC, the senators working on crypto-legislation and even **ETH maxis** have all been saying. Whether or not some transactions that happened during the ICO, almost a decade ago, would have been deemed security transactions if they were under US jurisdiction (which they weren't) is not relevant to ETH transactions *today*. It doesn't seem like they're "coming after all", but rather making very limited claims about very specific actors.

Commented by /u/Njaa in /r/CryptoCurrency on November 11, 2022 06:21:25
/r/ethereum/comments/yqr6zf/what_are_the_arguments_against_ethereum/ivx9y45/

About what? At least specify your argument if you're gonna be confidently incorrect.

Commented by /u/Njaa in /r/ethereum on November 11, 2022 03:02:23
/r/ethereum/comments/yqr6zf/what_are_the_arguments_against_ethereum/ivu8w4v/

Only if you have a very casual relationship with words and their meanings. "Slashing" by definition prevents you from continuing to stake. Being offline does not. Also "requires" doesn't mean the same as "would be slightly more optimal with". There is in practice no actual rational reason not to use an unmetered residential internet connection to stake. It's more than good enough.

Commented by /u/Njaa in /r/ethereum on November 10, 2022 12:28:33
/r/CryptoCurrency/comments/yraxcp/when_can_we_withdraw_stacked_eth/ivtrl2k/

Why? A developer can just \_not use\_ the global state, if they so wish. You can write Cardano-like code in Ethereum. You cannot write Ethereum-like code in Cardano. If you actually were a developer, you wouldn't go around being so confidently incorrect :)

Commented by /u/Njaa in /r/CryptoCurrency on November 10, 2022 10:35:10
/r/ethereum/comments/yqrnex/ultrasound_money/ivtq2k2/

It wasn't the *primary* reason for creating it, but at the same time it did solve a problem that needed solving. The researchers and developers have been talking about *minimum viable issuance* for years.

Commented by /u/Njaa in /r/ethereum on November 10, 2022 10:25:00
/r/ethereum/comments/yqr6zf/what_are_the_arguments_against_ethereum/ivtom8h/

>It's centralized because it requires 100% internet uptime for validators. Failure results in slashing funds. Maybe that changed though. This has never been the case. You miss out on rewards, and get a very minor penalty, but you'll still be profitable even if you're down several months in a year.

Commented by /u/Njaa in /r/ethereum on November 10, 2022 10:15:11
/r/ethdev/comments/yqd4h1/since_eth_had_the_merge_to_pos_network_doesnt/ivo574n/

Not active on Twitter unfortunately.

Commented by /u/Njaa in /r/ethdev on November 9, 2022 06:30:44
/r/ethdev/comments/yqd4h1/since_eth_had_the_merge_to_pos_network_doesnt/ivo4rmw/

I think the word "generally" is doing a lot of heavy lifting to make this statement not outright false. At the time this was written, the only major PoW chains available were Bitcoin and Ethereum. Their security budgets were at that time almost the same, and extremely high. There were no PoS projects at anywhere close to their sizes and security budgets. Comparing **market leading PoW** to a much smaller **altcoin PoS** will of course make PoS look weaker, but now that one of the market leaders have transitioned to PoS that calculation has also changed. That said, I don't think Cardano PoS was weaker than, let's say, Ethereum Classic or Dogecoin PoW.

Commented by /u/Njaa in /r/ethdev on November 9, 2022 06:25:29
/r/ethdev/comments/yqd4h1/since_eth_had_the_merge_to_pos_network_doesnt/ivnwijz/

There is no rational reason to claim PoS is less secure than PoW. The important factor is how hard (i.e. expensive) it would be to **launch** and **maintain** an attack, and by both these metrics Ethereum is far more secure than Bitcoin or any other protocol. Bitcoin *rents* it security, paying about 6.35 BTC per block, and has no slashing mechanism to punish malicious block producers. To attack, you would have to provide incentives equal to this expense. Ethereum locks up funds to secure, currently locking up 14.7 million ETH. To attack, you would have to lock up *and lose* ETH equal to this. An attack on Bitcoin would cost on the scale of 700 thousand USD per hour. A one-off attack on Ethereum would cost on the scale of 17 billion USD.

Commented by /u/Njaa in /r/ethdev on November 9, 2022 04:30:45
/r/Conservative/comments/yq2pp8/2022_midterm_live_thread/ivnlnzs/

Re-educate the voters. Simply *appealing* to them isn't appealing to us.

Commented by /u/Njaa in /r/Conservative on November 9, 2022 02:01:53
/r/Conservative/comments/yq56dh/dems_back_at_it_again/ivnj3od/

Is Stacy Abrams claiming election fraud or something?

Commented by /u/Njaa in /r/Conservative on November 9, 2022 01:31:24
/r/Futurology/comments/ypk3wl/bosses_may_soon_become_obsolete_an_introduction/ivk47dr/

In lieu of social engineering, all hacks fall in to this category, do they not?

Commented by /u/Njaa in /r/Futurology on November 8, 2022 10:40:53
/r/Buttcoin/comments/yot06n/the_next_ethereum_upgrade_will_allow_select/ivhea0m/

The move to PoS wasn't plutocratic. Blockchain was *already* plutocratic under PoW, if not even more so. Sadly, crypto isn't some socialist utopia in a box. It's a financial tool, and as with all financial tools, they benefit the ones with capital more than the ones without.

Commented by /u/Njaa in /r/Buttcoin on November 7, 2022 18:58:06
/r/Buttcoin/comments/yot06n/the_next_ethereum_upgrade_will_allow_select/ivh709m/

"Serving as a coin" has never been its purpose. The chain was tailored for decentralized code execution from its inception. It was the main focus point of the whitepaper. You are simply wrong, and you will now promptly downvote me into oblivion for providing correct information, as is customary here.

Commented by /u/Njaa in /r/Buttcoin on November 7, 2022 18:05:29
/r/defi/comments/yoi66g/what_happens_as_soon_as_staking_is_unlocked/ivfjmhx/

Furthermore, if this urge to sell existed, the liquid staking derivatives should currently be trading at a significant discount. They are not.

Commented by /u/Njaa in /r/defi on November 7, 2022 11:36:24
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivae42d/

Har du noen politiske preferanser rundt alt dette? Burde det legges begrensninger på antall Indiske restauranter? Burde staten slutte å anerkjenne ekteskap mellom raser?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:56:13
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivackbh/

Som jeg forstår er en ren moralsk vurdering du foretar. Det er med andre ord immoralsk å besøke en indisk restaurant?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:45:21
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivac7ew/

Og hvis man drar på en indisk restaurant, så ligger man tynt an?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:42:46
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivabzf5/

Er kebab fra Hellas og kebab fra Iran like mye Haram?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:41:12
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivabkld/

Da er altså løpet kjørt, uansett hvor mye man foretrekker fårikål foran kebab?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:38:15
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivabcxd/

Kan man ha en forelder med etnisitet fra midtøsten?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:36:42
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivab1p4/

Men pizza er greit, eller?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:34:27
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivaaue4/

Men man kan ikke spise kebab?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:32:56
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivaaot4/

Kan man stemme for Arbeiderpartiet?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:31:49
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivaaleb/

Kan man tilhøre en ikke-kristen religion og likevel være pronorsk?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:31:08
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/ivaa4dy/

Må man være kristen?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:27:45
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iva9y8u/

Heller ikke om man er en transperson?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:26:30
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iva9ufs/

Er man antinorsk om man er homofil?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 09:25:43
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv9o3qj/

Så du støtter en slags demokratisk nazisme? Jeg ville uansett sagt at hvordan ideologien innføres er mye mindre viktig filosofien bak ideologien. Om du ønsker implementasjon ved revolusjon eller kupp eller lobbyvirksomhet, eller kulturell påvirkning eller stemmegivning er for meg irrelevant. Merkelappen er like anvendelig.

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 05:58:14
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv9necr/

Så hva er det som skiller deg fra dem?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 05:48:57
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv9mjzz/

Likevel ser jeg for meg du ville blitt fornærmet av den dermed åpenbare merkelappen. Hvorfor?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 05:37:33
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv9m24z/

Kjenner du til kilden til den frasen?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 05:30:39
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv9m03k/

Og det at jeg ikke har et problem med vedkommende sin adferd, betyr det at jeg også er antinorsk under likegyldighetsparagrafen?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 05:29:54
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv9lwz9/

Så for å være pronorske, så må vi sikre eksistensen til vårt folk og en fremtid for våre hvite barn?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 05:28:40
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv9k0kf/

Hva med hvis den utenlandske ektefellen hadde vært fra Tyskland, og barnets hudfarge derfor forble hvit? Fortsatt antinorsk?

Commented by /u/Njaa in /r/Nordmenn on November 6, 2022 05:01:39
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv7typa/

Tar gjerne /u/OwlNormal8552 sitt svar på samme spørsmål.

Commented by /u/Njaa in /r/Nordmenn on November 5, 2022 19:43:02
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv7tlvz/

Jeg kjenner noen som har fått seg utenlandsk ektefelle og som konsekvens barn med en hudfarge som ikke er tradisjonelt norsk. Er vedkommende av den grunn antinorsk?

Commented by /u/Njaa in /r/Nordmenn on November 5, 2022 19:40:25
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv6c0yf/

I så fall er jeg og alle jeg kjenner "pronorske".

Commented by /u/Njaa in /r/Nordmenn on November 5, 2022 13:21:09
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv6b8fu/

Er vel bare du som kan stemme antinorsk, siden det er et meningsløst begrep du selv fant opp og ingen andre vet hva betyr?

Commented by /u/Njaa in /r/Nordmenn on November 5, 2022 13:15:55
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv6a99s/

Det tror jeg ikke du klarer faktisk, men det står i mitt flair på /r/norge

Commented by /u/Njaa in /r/Nordmenn on November 5, 2022 13:09:38
/r/Nordmenn/comments/ymyl8e/meningsmåling_om_norskhet_på_rnordmenn/iv666o5/

Norge er dritkult, *på tross av* folk som deg.

Commented by /u/Njaa in /r/Nordmenn on November 5, 2022 12:42:56
/r/phinvest/comments/yksuif/whats_everyones_strategy_here_with_bitcoin_or/iv4s0kc/

Yes, that's true. No one knows what the value of ETH will be in the future.

Commented by /u/Njaa in /r/phinvest on November 5, 2022 04:30:10
/r/phinvest/comments/yksuif/whats_everyones_strategy_here_with_bitcoin_or/iv1d8yv/

An example of an automatic market maker is Uniswap. It works like an ordinary exchange's order book trading engine, except it's ran entirely automatically with no human input other than the users providing liquidity or making trades. Ethereum Name Service (ENS) is the primary blockchain domain name service available, but you also have Unstoppable Domains.

Commented by /u/Njaa in /r/phinvest on November 4, 2022 11:32:55
/r/phinvest/comments/yksuif/whats_everyones_strategy_here_with_bitcoin_or/iv1cr78/

In the case of Ethereum, you would have to stake your funds, locking them up. While they're locked up, you would receive your share of this income.

Commented by /u/Njaa in /r/phinvest on November 4, 2022 11:29:42
/r/phinvest/comments/yksuif/whats_everyones_strategy_here_with_bitcoin_or/iuwr25z/

Blockspace can be used as a decentralized way of storing data or executing code. This enables the building and consumption of decentralized services like automatic market makers, domain name services, NFTs, or just simply regular old coin transfers. Whether or not you or I think any of these services are valuable or not isn't necessarily relevant to the point. Many people do, and those people pay money to use these services. These payments constitute a revenue stream for the blockchain. The most in-demand blockspace is currently Ethereum, which earns around 340 USD (or 20000 PHP) every 12 seconds.

Commented by /u/Njaa in /r/phinvest on November 3, 2022 12:07:09
/r/phinvest/comments/yksuif/whats_everyones_strategy_here_with_bitcoin_or/iuvvkfc/

>Cryptos (even reputable ones like Bitcoin and etc.) are not like businesses where you are producing something and generating income so there is really no basis for its price movement besides the demand in the market. This isn't strictly true. All blockchains sell blockspace for fees, and have a revenue stream as a result. Depending on the project in question, this revenue stream will be larger or smaller than inflation and speculative forces, but saying it doesn't exist isn't correct.

Commented by /u/Njaa in /r/phinvest on November 3, 2022 08:19:37
/r/CryptoCurrency/comments/ykargd/weve_only_seen_3_bitcoin_halvings_29_more_yet_to/iuu25vf/

What do you mean? Price discovery is not a function of supply and demand?

Commented by /u/Njaa in /r/CryptoCurrency on November 2, 2022 20:37:43
/r/CryptoCurrency/comments/yi6ur5/four_months_ago_i_calculated_the_yearly_rate_of/iuk1n5w/

SHIB doesn't pay for its own security since it's a token on the Ethereum blockchain. It has no need for inflation. On the other hand, projects like Bitcoin need to pay their miners, so they inflate to cover the miner salaries.

Commented by /u/Njaa in /r/CryptoCurrency on October 31, 2022 18:37:00
/r/ethereum/comments/ygg47t/possibly_a_dumb_question_but_if_above_51_of/iuiy9vo/

>Hypothetically any attacker of any network gets rewarded for their attack. That's why they do it. There could be *many other* reasons they do it. An attacker might be incentivized by yield from double spending an asset, yield from shorting the value of the chain before exposing its vulnerability, or simply for political reasons - they just want to crash the chain regardless of any reward. In these cases, the expected reward from the block reward itself is either secondary or irrelevant.

Commented by /u/Njaa in /r/ethereum on October 31, 2022 14:02:19
/r/rocketpool/comments/yhyuox/whats_the_future_utility_of_rpl/iuh48e5/

And this benefit is gatekept behind RPL staking, in order to ensure collateral beyond 50/50, and also to ensure treasury funding for DAO activities like liquidity incentives.

Commented by /u/Njaa in /r/rocketpool on October 31, 2022 04:19:45
/r/CryptoCurrency/comments/ygex5n/the_merge_brings_down_ethereums_network_power/iuapola/

If only you could make an argument at all.

Commented by /u/Njaa in /r/CryptoCurrency on October 29, 2022 17:46:11
/r/ethereum/comments/ygg47t/possibly_a_dumb_question_but_if_above_51_of/iuajvjl/

Under PoW, the attacker actually gets *rewarded* for their attack. As long as the energy expenditure is within ordinary profitabilty, the attack costs nothing. In the case of Bitcoin: The block reward is 6.25 BTC per block regardless if the miner is attacking the network or not.

Commented by /u/Njaa in /r/ethereum on October 29, 2022 17:03:06
/r/ethereum/comments/ygg47t/possibly_a_dumb_question_but_if_above_51_of/iu91632/

Especially not BTC. Their nodes are good, but their consensus is massively centralized due to economies of scale.

Commented by /u/Njaa in /r/ethereum on October 29, 2022 10:32:15
/r/ethereum/comments/ygg47t/possibly_a_dumb_question_but_if_above_51_of/iu90yx3/

There is no way to slash a malicious miner who controls 51% of the hashrate in PoW. Someone in that position can take down the network with no way to stop them. In PoS, this is not the case, since they have "virtual miners" on chain. If they take down the system, we simply delete their virtual miners.

Commented by /u/Njaa in /r/ethereum on October 29, 2022 10:30:46
/r/BitcoinNO/comments/yfgvm7/bitcoin_frå_klimaversting_til_klimavenn/iu8a55s/

Det finnes andre PoS kjeder enn Ethereum. Listen over topp 20 cryptocurrencies viser faktisk bare to PoW baserte kjeder. Bitcoin og Doge.

Commented by /u/Njaa in /r/BitcoinNO on October 29, 2022 05:46:26
/r/AskReddit/comments/yfmug6/whats_a_scam_that_people_think_isnt_a_scam/iu6kf7p/

Snark aside, is your prediction really that crypto as a whole is heading for the gutter?

Commented by /u/Njaa in /r/AskReddit on October 28, 2022 18:54:55
/r/BitcoinNO/comments/yfgvm7/bitcoin_frå_klimaversting_til_klimavenn/iu66tqk/

Det hele virker veldig som finansielt motivert bortforklaring. Slikt energibruk er uforsvarlig, spesielt når det finnes etablerte alternativer uten dette problemet.

Commented by /u/Njaa in /r/BitcoinNO on October 28, 2022 17:11:54
/r/ethereum/comments/yfm2o0/any_estimate_what_the_nakamoto_coefficient_of/iu64r7r/

I'm sure you didn't :)

Commented by /u/Njaa in /r/ethereum on October 28, 2022 16:56:56
/r/ethereum/comments/yfm2o0/any_estimate_what_the_nakamoto_coefficient_of/iu641ia/

I always know I'm talking to a rational and stoic person when I get downvoted to 0 every time they post a reply.

Commented by /u/Njaa in /r/ethereum on October 28, 2022 16:51:52
/r/ethereum/comments/yfm2o0/any_estimate_what_the_nakamoto_coefficient_of/iu62y1l/

Calm down, mate. You're making a fool out of yourself.

Commented by /u/Njaa in /r/ethereum on October 28, 2022 16:44:07
/r/ethereum/comments/yfm2o0/any_estimate_what_the_nakamoto_coefficient_of/iu62s2l/

Yes, and the concept of "full node" and the concept of "validator" are disctinct. You don't need hashrate to run a full node under PoW, and you don't need stake to run a full node under PoS.

Commented by /u/Njaa in /r/ethereum on October 28, 2022 16:42:55
/r/ethereum/comments/yfm2o0/any_estimate_what_the_nakamoto_coefficient_of/iu62mlx/

>You really don't get it do you. I don't indeed. Consensus *scales* with capital. In the case of PoW, there's not just ***some*** capital needed, you literally need to pour in as much as you can in order to have *any* chance of participating in the consensus. No one is able to mine blocks on their i7 processor. I don't know which camp you are so eagerly defending here, but I assume it's Bitcoin. If that's the case, your stance is completely orthogonal to the rest of the Bitcoin community, which repeatedly insists miners don't run the show, nodes do. This is one of the few "Bitcoin arguments" I happen to agree with. If you don't, you have yet to make that case for it being wrong.

Commented by /u/Njaa in /r/ethereum on October 28, 2022 16:41:52
/r/ethereum/comments/yfm2o0/any_estimate_what_the_nakamoto_coefficient_of/iu60daq/

***You*** responded to a comment chain about nodes, as opposed to validators. I just pulled it back to the original topic. Since you're insisting on the pivot: Which blockchain does not guard consensus participation behind a proxy for capital?

Commented by /u/Njaa in /r/ethereum on October 28, 2022 16:25:59
/r/ethereum/comments/yfm2o0/any_estimate_what_the_nakamoto_coefficient_of/iu5zdhp/

Consensus participation requires - and scales with - capital in all blockchains. Furthermore, we're talking about nodes, not validators, so if you're gonna insist on that pivot, know you're talking about a different topic than the rest of us :)

Commented by /u/Njaa in /r/ethereum on October 28, 2022 16:19:07
/r/ethereum/comments/yfm2o0/any_estimate_what_the_nakamoto_coefficient_of/iu5yyov/

You might be surprised to learn that the required stake to run a node is zero.

Commented by /u/Njaa in /r/ethereum on October 28, 2022 16:16:16
/r/CryptoCurrency/comments/yfkn17/the_ethereum_network_has_become_remarkably_stable/iu5ymfd/

Cardano has had flat inflation for 3 years?

Commented by /u/Njaa in /r/CryptoCurrency on October 28, 2022 16:13:55
/r/CryptoCurrency/comments/yfkn17/the_ethereum_network_has_become_remarkably_stable/iu5ykuw/

I cannot recall a single time I saw criticism of Solidity without seeing 'ADA' flair for the user making it. They also never seem to understand the limits of functional programming. I love Haskell and other functional programming languages, but I would never suggest them for general purpose coding.

Commented by /u/Njaa in /r/CryptoCurrency on October 28, 2022 16:13:36
/r/CryptoCurrency/comments/yfkn17/the_ethereum_network_has_become_remarkably_stable/iu5xscw/

The ironic part is that Infura was a central RPC provider since way **before** the merge, and has become LESS central since the merge, since validators can no longer use them as a fallback for their execution client. It's ironic, because the facts we're actually discussing contradict your rehearsed criticism.

Commented by /u/Njaa in /r/CryptoCurrency on October 28, 2022 16:08:14
/r/CryptoCurrency/comments/yev4zf/bull_run_gonna_start_google_introduces_blockchain/iu507gi/

Sure, but if they're taken out through that centralized attack vector, the only consequence is that you're back to having 10000 nodes. There is no downside.

Commented by /u/Njaa in /r/CryptoCurrency on October 28, 2022 12:22:30
/r/CryptoCurrency/comments/yev4zf/bull_run_gonna_start_google_introduces_blockchain/iu4yb0j/

These are nodes, not staking validators. They just relay messages and data peer to peer. They have nothing to do with consensus. Besides, even if you also had a majority of consensus through staking validators, you couldn't modify transactions and balances. But again, that's not the topic here.

Commented by /u/Njaa in /r/CryptoCurrency on October 28, 2022 12:09:45
/r/ethereum/comments/yetawj/google_introduces_blockchain_node_engine_for/iu3ohmw/

The nodes in question aren't even staking nodes, so even finalization would be unaffected.

Commented by /u/Njaa in /r/ethereum on October 28, 2022 05:36:00
/r/ethereum/comments/yetawj/google_introduces_blockchain_node_engine_for/iu3m0i8/

How is it a problem? What could they do to attack?

Commented by /u/Njaa in /r/ethereum on October 28, 2022 05:00:05
/r/CryptoCurrency/comments/yev4zf/bull_run_gonna_start_google_introduces_blockchain/iu3k2jy/

So imagine you have control over 80000 centralized nodes, and wish the network harm. What do you do to attack the network?

Commented by /u/Njaa in /r/CryptoCurrency on October 28, 2022 04:31:35
/r/CryptoCurrency/comments/yev4zf/bull_run_gonna_start_google_introduces_blockchain/iu1zg5y/

If you have 10000 decentralized nodes, and someone permissionlessly adds 5000 more, the network will be \*more\* decentralized, even if those 5000 are in the same datacenter. The robustness of peer-to-peer networks isn't *reduced* by some megacorp spinning up peers.

Commented by /u/Njaa in /r/CryptoCurrency on October 27, 2022 19:25:32
/r/Buttcoin/comments/ye92af/a_lot_of_members_here_are_not_better_than_btc/itzs3fc/

>Ignoring the problematic 40% of the ecosystem to argue that the ecosystem has solved a problem is not as persuasive as it was probably intended to be. I don't think this is a fair representation of my arguments and stance. I've been laying out how there's opposing forces within the pro-crypto community, explicitly **recognizing** the problematic part of the ecosystem, and highlighting the alternative. We're not *ignoring* the 40%, but it's not within our power to affect them either, beyond arguments, boycott and condemnation. The point wasn't to say 40% is a low number. The point was to say there's 60% choosing a different path. It was furthermore a response to this: >Also, Eth is hardly the entire crypto ecosystem Where you implied that my arguments were only valid for a minority of the ecosystem, instead of a majority. In any case, we have established our positions, and are now far into semantic insignificances. Thank you for your time.

Commented by /u/Njaa in /r/Buttcoin on October 27, 2022 10:35:38
/r/Buttcoin/comments/ye92af/a_lot_of_members_here_are_not_better_than_btc/itzeeo3/

Ethereum represented the *vast* majority of GPU mining, and now represents none of it. As a result GPU mining has plummeted, and markets are flooding with used GPUs. >Also, Eth is hardly the entire crypto ecosystem It certainly isn't, but it's also not the only one shunning the PoW consensus model. If you take a look at the [top 20 cryptocurrencies](https://www.coingecko.com/), the *only* ones based on PoW are Bitcoin and Dogecoin - a literal Bitcoin clone. Together, they make out around 40% of the total market cap. Non-PoW protocols have become far more representative of the broader ecosystem than PoW. >PoS makes mining some currencies less egregious, but transaction energy costs are still high In relative terms Ethereum represented about 40% of total blockchain energy consumption. It now represents less than 0.1% of it. In absolute terms, Ethereum used to run on around 10000 MW, and currently runs on around 1 MW of energy, and its energy consumption *does not scale with transaction throughput:* This is a common misconception. Energy consumption scales with the amount of nodes, and each node's wattage. More nodes do not lead to more throughput, and more throughput does not necessitate more nodes. I suspect your point will remain that even 1 MW is too high, so let's look at the numbers. For a *base* throughput of 21428 transactions per hour, this results in 46 Wh per transaction, ignoring any L2 scaling benefits. If we were to include L2 transaction scaling, we're talking about several orders of magnitude lower consumption per transaction. In the US, 46 Wh costs less than a cent. Transactions are sold for around a dollar. No one would ever criticize another service industry for consuming 1 cent worth of power to produce a service they sell for 1 dollar. If none of this moves the needle for you at all, it seems to me that your stance on externalities isn't based on the numbers but rather on ideology, and will *never* change unless we strangle Vitalik to make him stop producing CO2 through his breathing.

Commented by /u/Njaa in /r/Buttcoin on October 27, 2022 08:55:26
/r/Buttcoin/comments/ye92af/a_lot_of_members_here_are_not_better_than_btc/itz77t5/

>they've solved exactly zero of those problems we agree are problems How has Ethereum not solved its environmental externalities and its effect on the GPU market?

Commented by /u/Njaa in /r/Buttcoin on October 27, 2022 07:50:48
/r/Buttcoin/comments/ye92af/a_lot_of_members_here_are_not_better_than_btc/itz4gug/

>We don't like the environmental effects, the GPU price gouging, the treatment of the blockchain as technological panacea, the endless ugly procgen jpegs sold as priceless treasures to suckers who don't know any better. There's a significant portion of the *pro*\-crypto community that would see eye to eye with you on every single one of these points. I would take it a step further, and say that's the *only* part of the pro-crypto community that has any value, and if they fail to promote and create their version, crypto is indeed doomed. This sub regularly and indiscriminately dumps on both camps though, so your defence rings hollow.

Commented by /u/Njaa in /r/Buttcoin on October 27, 2022 07:22:23
/r/Buttcoin/comments/ye92af/a_lot_of_members_here_are_not_better_than_btc/itz4e8s/

Bitcoin *has* a revenue stream, consisting of fees paid by customers who use the blockchain's services. It doesn't look like it's anywhere close to carry its weight, but it's definitely *there.*

Commented by /u/Njaa in /r/Buttcoin on October 27, 2022 07:21:37
/r/Buttcoin/comments/ydq46n/til_about_pending_hell_in_eth_dont_make_crypto/itysd5v/

You're *broadcasting* the nonce twice as a client, but it is only accepted once by the network for the reasons you already highlight. Attempting to use a nonce twice will fail at least one of the attempts. In this case, failure (i.e. the transaction is cancelled) is the intended outcome.

Commented by /u/Njaa in /r/Buttcoin on October 27, 2022 04:45:05
/r/Buttcoin/comments/ydq46n/til_about_pending_hell_in_eth_dont_make_crypto/ityrzm2/

>Examples of nonce in the correct sense would be a confirmation number in a food app, it is a token that the server creates and attaches to the order so that if a payment confirmation fails on the client side for some reason it won't accept exactly the same order from the same costumer, which could generate multiple deliveries if the costumer tries to press the order button many times. Which is what happens here too: You're broadcasting the same nonce twice from the client side, which necessarily causes one of them to fail. In this particular case, failure (cancellation) of one of them is the *intended* effect.

Commented by /u/Njaa in /r/Buttcoin on October 27, 2022 04:39:37
/r/Buttcoin/comments/ydq46n/til_about_pending_hell_in_eth_dont_make_crypto/itxbq1x/

A [nonce](https://en.wikipedia.org/wiki/Cryptographic_nonce) is a well-established term for the concept. It wasn't coined by Vitalik.

Commented by /u/Njaa in /r/Buttcoin on October 26, 2022 20:00:32
/r/Buttcoin/comments/ydq46n/til_about_pending_hell_in_eth_dont_make_crypto/itv9dds/

It's not a "patch by a third party". We're talking about the intended frontend. Furthermore, abstracting away API calls to a backend and instead presenting a intuitive UI to the user is literally the purpose of every single frontend in existence. Releasing software that needs frontends or other integrations to interface towards it according to its spec is completely normal in all fields of software development.

Commented by /u/Njaa in /r/Buttcoin on October 26, 2022 11:46:20
/r/Buttcoin/comments/ydq46n/til_about_pending_hell_in_eth_dont_make_crypto/ituqi83/

I'm pretty sure none of us go around worring about quirks in the backend API of other services you use, when the quirks do not result in any UI issue for us as users. There's zero reason for a user to know about the concept of nonces or whatever. They just click the cancel button, and it works. If you have criticism about blockchains requiring fees to operate, **then make that argument**. Don't muddy the waters by making incorrect claims about the ability to cancel a transaction.

Commented by /u/Njaa in /r/Buttcoin on October 26, 2022 09:36:12
/r/Buttcoin/comments/ydq46n/til_about_pending_hell_in_eth_dont_make_crypto/ituisim/

Yes, replacing the transaction with another one you intend to complete makes this action free. It's entirely a UI issue, and one that has been solved by all major wallets. People are grasping at straws.

Commented by /u/Njaa in /r/Buttcoin on October 26, 2022 08:32:53
/r/Buttcoin/comments/ydq46n/til_about_pending_hell_in_eth_dont_make_crypto/ituhl2e/

Yes, interacting with the blockchain requires fee payments. The point was that it's possible, despite what the commenter above incorrectly claimed. All it takes is clicking the "cancel" button, and about 40 cents, which is offset by the fee for the original transaction which is returned.

Commented by /u/Njaa in /r/Buttcoin on October 26, 2022 08:21:57
/r/Buttcoin/comments/ydq46n/til_about_pending_hell_in_eth_dont_make_crypto/itu4wq3/

>But you can’t leave the queue either. You can leave the queue.

Commented by /u/Njaa in /r/Buttcoin on October 26, 2022 05:59:59
/r/ethtrader/comments/ydrmez/if_we_ever_want_to_experience_an_efficient/itu4nym/

>Why? It ran just fine before, just consumed a lot of power. It was subsidized by 4% inflation. If it weren't, the transactions would have been 10 times more expensive. This 10x cost was always paid, it was just paid through debasing the value of ETH, meaning the holders paid 90% of the cost of the users. This is no longer the case. Ethereum is so far the only major chain to have solved this issue.

Commented by /u/Njaa in /r/ethtrader on October 26, 2022 05:56:32
/r/CryptoCurrency/comments/xrtxvp/45_of_eth_validators_now_complying_with_us/itpeq1f/

RemindMe! 3 years "Were the doomsayers right all along?"

Commented by /u/Njaa in /r/CryptoCurrency on October 25, 2022 06:26:17
/r/CryptoCurrency/comments/xrtxvp/45_of_eth_validators_now_complying_with_us/itp8uve/

Your criticism would be more valuable if you didn't conflate MEV-boost and PoS.

Commented by /u/Njaa in /r/CryptoCurrency on October 25, 2022 05:04:35
/r/rocketpool/comments/ycddsu/risk_of_slashing/itp5e2m/

>The part I didn't understand was the extra 87% value (13.92 ETH). Is that a value based on what we see in the protocol right now? Yes. The minimum collateral \*required\* by the protocol is 10% (1.6 ETH). The observed \*actual\* collateral is 87% (13.92 ETH).

Commented by /u/Njaa in /r/rocketpool on October 25, 2022 04:13:35
/r/Buttcoin/comments/w6f8vr/a_word_on_ethereum/itmww1s/

You were wrong. I'm shocked.

Commented by /u/Njaa in /r/Buttcoin on October 24, 2022 16:37:21
/r/rocketpool/comments/ycddsu/risk_of_slashing/itmmst4/

It's a bit hard to understand what you're missing, but I'll try to explain the fundamentals. Maybe that clears things up. When you buy rETH, you are allowing your ETH to be deposited into some node operator's validator. The node operator will pony up 16 ETH themselves, and receive the other half from people buying rETH. To ensure that the operator doesn't do a bad job, they have to pay all penalties, as long as they have funds to cover it. To entice them to do a good job, they receive \~15% of the rETH half of the rewards. In addition to the 16 ETH collateral they put up, they also have to put up 1.6 ETH in RPL, the projects native token. This means the *minimum* collateral is 17.6 ETH. In practice though, people are overcollateralizing their nodes, not just putting up 1.6 ETH in RPL (10%), but an extra 13.92 ETH on average (87%). So on average there is 16+13.92 = 29.92 ETH of the node operator's funds, and 16 ETH of the rETH holders funds on each node. This means each node holds on average a total of 16+16+13.92=45.92 ETH value, but the maximum amount that can be slashed is 32 ETH. Since the operator loses funds first before rETH loses any value, the maximum slashing event of 32 ETH will first affect their 29.92 ETH, and only the overshooting amount will affect the rETH holders. This means that in the \_extreme\_ event of a full balance slash, rETH only loses 32-29.92=2.08 ETH. You can think of it as if there is 93.5% insurance. If there's a 50% slashing event (also an extremely high amount - I don't think we've ever seen anything close in the entire Beacon chain lifetime) rETH holders do not lose a single dime. This is a little bit simplified for several reasons: 1) Balances aren't static at 32 ETH, but grow over time. 2) The 93.5% insurance is on average. Some operators have more, some have less. 3) A huge slashing event across thousands of Rocket Pool validators could in theory tank the RPL price, affecting how much the collateralized RPL ends up mitigating the damage. Despite these caveats, Rocket Pool is extremely careful with its customer's funds. Expecially when compared to actors like Lido, where there is no insurance at all, and any slashing event is immediately socialized, affecting the token holders.

Commented by /u/Njaa in /r/rocketpool on October 24, 2022 15:32:54
/r/rocketpool/comments/ycddsu/risk_of_slashing/itlhpg4/

If a node operator is slashed, the funds are first taken from their collateral. Collateral is at at least 17.6 ETH for every 32 ETH validator, but on average it's actually at 87% RPL collateralization, meaning the validator slashing event would have to be higher than 16+87%=30 ETH to affect rETH. Since a validator is only 32 ETH (plus rewards) the downside is limited, even in some sort of black swan event where the slashed amount is far higher than normal slashings.

Commented by /u/Njaa in /r/rocketpool on October 24, 2022 11:05:33
/r/ethstaker/comments/yb8yw7/mev_ofac_and_middle_ground/itksakx/

The relays make bids for the blockspace. What they use that blockspace for is their own business, not the protocol's. We should still strive to make it harder for them to be assholes, but fundamentally - the highest paying customer can print blank tx/blocks if they so wish. It's their money.

Commented by /u/Njaa in /r/ethstaker on October 24, 2022 07:40:14
/r/ethstaker/comments/yb8yw7/mev_ofac_and_middle_ground/itiyqge/

Because someone paid more for the total block than the gas and tips of individual txs would have summed up to. Validators selling blockspace to the highest bidder(s) doesn't seem like censorship to me.

Commented by /u/Njaa in /r/ethstaker on October 23, 2022 19:59:53
/r/ethstaker/comments/yb8yw7/mev_ofac_and_middle_ground/itiptzc/

How is MEV a form of censorship?

Commented by /u/Njaa in /r/ethstaker on October 23, 2022 18:53:43
/r/CryptoCurrency/comments/ybipeh/how_ethereums_merge_made_crypto_mining_more/ithdesd/

[Here's some research](https://np.reddit.com/r/EtherMining/comments/yaxlxt/where_have_eth_miners_gone_5_weeks_after_the/), showing a \~71% reduction in miners and a trend towards even fewer miners. Where are you getting your "fking" research?

Commented by /u/Njaa in /r/CryptoCurrency on October 23, 2022 13:42:29
/r/CryptoCurrency/comments/ybjwqu/i_see_ethereum_being_dethroned/ithbpzg/

That is not an answer to the question you were asked.

Commented by /u/Njaa in /r/CryptoCurrency on October 23, 2022 13:31:46
/r/CryptoCurrency/comments/y9umtz/ethereum_postmerge_did_feature_a_total_eth/it9kcy7/

And who are those few? The ten thousand nodes?

Commented by /u/Njaa in /r/CryptoCurrency on October 21, 2022 18:54:23
/r/CryptoCurrency/comments/y9umtz/ethereum_postmerge_did_feature_a_total_eth/it9ckdc/

I'm sure you think you are, but they whole point of the Howey test is to determine at what point some centralized entity being invested into needs to disclose how they manage the funds invested into them. In the case of buying ETH, or staking it, there is literally no entity that can be forced to provide this insight, as all relevant data is already on-chain. To put it in a different way: Even if you are 100% right, who is it exactly that would be tasked with disclosing the security-related information? Vitalik? What is he able to disclose that isn't already publicly available on the chain?

Commented by /u/Njaa in /r/CryptoCurrency on October 21, 2022 17:54:43
/r/CryptoCurrency/comments/y9vr0u/explain_to_me_how_burning_ethereum_is_a_good_thing/it8zzib/

>Seeing as you provided no argument as to why it’s better to have a system where the wealthy literally can’t lose their wealth, than a system where competition ensures survival of the fittest. The core problem here is that competition is supposed to benefit the customers. In the case you've outlined, the so called "competition" only serves the oligarchs who are able to outcompete startups because of their pre-existing wealth. The actual customers of the blockchain aren't better off for your being able to secure cheap behind-the-meter electricity due to your political connections. The actual customers of the blockchain aren't better off for you being able to source ASICs directly from the manufacturer due to your excessive wealth that enables your to buyout their entire production line. These things are centralizing forces that provide zero benefit to neither the blockchain nor the end customer, but extreme benefit to the pre-existing elite.

Commented by /u/Njaa in /r/CryptoCurrency on October 21, 2022 16:26:33
/r/ethereum/comments/y82d9y/why_not_update_eth_to_increase_and_reduce_tps_and/it8t4kx/

Sure, but those roles are *designed* to be non-decentralized. We can aim to decentralize them, but that's a nice-to-have, not a must-have, since their work can be confirmed by the decentralized swarm of nodes.

Commented by /u/Njaa in /r/ethereum on October 21, 2022 15:40:23
/r/CryptoCurrency/comments/y9vr0u/explain_to_me_how_burning_ethereum_is_a_good_thing/it8spps/

No, I don't see the value in exaggerating "mismanagement", when the term is just used as a shorthand for non-oligarchs. You don't have the ability to "negotiate with local regulators" as a function of your ability to serve the chain, you have it from your pre-existing affluence and/or capital. Security providers provide security, and are compensated according to their ability. Pre-existing advantages they have in terms of capital or connections is not rewarded. From the chain's perspective, this is utilitarian, as its security is all that it cares about. Your ability (or lack thereof) of manupulating the energy sector or political manuvering or ability to buy hardware in bulk isn't \*\*\*and shouldn't be\*\*\* the network's concern.

Commented by /u/Njaa in /r/CryptoCurrency on October 21, 2022 15:37:32
/r/ethstaker/comments/y9xse4/eth_staking_profits_hit_a_record_high/it85h4i/

Technically true.

Commented by /u/Njaa in /r/ethstaker on October 21, 2022 13:02:17
/r/CryptoCurrency/comments/y9vr0u/explain_to_me_how_burning_ethereum_is_a_good_thing/it85dvu/

That's an interesting take. It's the version where everyone stands on equal grounds despite their size and wealth that is the problem, while the one dominated by economies of scale and existing buy-in with local regulators is the solution?

Commented by /u/Njaa in /r/CryptoCurrency on October 21, 2022 13:01:40
/r/CryptoCurrency/comments/y9vr0u/explain_to_me_how_burning_ethereum_is_a_good_thing/it84oft/

You should be aware that in Ethereum, the 32 ETH limit is a technological one, not an economical one. It has already been reduced to 17.6 by Rocketpool, and they're working on further reducing it to 10.4 in Q4/Q1 and even further. Technological improvements to things like BLS aggregation can further lower the limit. The technological advances that allow lowering the limit are progressing far faster than the deflation of the Ether supply. And of course, all of this is only relevant to those allergic to joining a staking pool. The one's who don't mind joining pools already have a solution to this problem.

Commented by /u/Njaa in /r/CryptoCurrency on October 21, 2022 12:56:57
/r/CryptoCurrency/comments/y9vr0u/explain_to_me_how_burning_ethereum_is_a_good_thing/it83po5/

It's deflation is dependent on it's usage though, so the hypothetical scenario where deflation causes people to stop using the network is literally impossible.

Commented by /u/Njaa in /r/CryptoCurrency on October 21, 2022 12:50:33
/r/ethereum/comments/y82d9y/why_not_update_eth_to_increase_and_reduce_tps_and/iszhubr/

Once we reach features like state expiry, single slot finality, and other things that reduce each block's burden on the validator and nodes, can't we use the headroom we bought to increase block frequency or sizes with no *increase* in centralization?

Commented by /u/Njaa in /r/ethereum on October 19, 2022 16:51:16
/r/ethereum/comments/y7g66z/vitalik_solo_validators_who_censor_transactions/isyzqep/

This doesn't contradict my claim. MEV relays purchase blockspace from the block proposing validators. The only reason Flashbots is dominant, is because they pay the most.

Commented by /u/Njaa in /r/ethereum on October 19, 2022 14:57:33
/r/ethereum/comments/y7g66z/vitalik_solo_validators_who_censor_transactions/isy58zp/

Additionally, the only reason they have to wait, is because someone bid more than them for the blockspace.

Commented by /u/Njaa in /r/ethereum on October 19, 2022 11:39:35
/r/ethereum/comments/y7g66z/vitalik_solo_validators_who_censor_transactions/isy50sn/

>But at the same time I genuinely hope he understands the massively scary implications of an *OFAC action causing the block times to effectively double or triple for anyone they feel like sanctioning.* ***THAT'S WHAT THIS IS ABOUT!*** Paying low fees will also make your block times increase. This is the same scenario, since Flashbots is literally the highest bidder for block space in a significant amount of blocks. Why should a validator not sell to the highest bidder? Why should we care what the highest bidder uses the blockspace for?

Commented by /u/Njaa in /r/ethereum on October 19, 2022 11:38:04
/r/ethfinance/comments/y6xcur/daily_general_discussion_october_18_2022/isu2d96/

>Flashbots dominates the relay space because it has the best searchers yielding the most MEV. So there is a significant economic incentive for validators to point at them. Isn't this congruent with them being the highest paying customer for the blockspace? Why should a validator concern themselves with what the highest payer is using the block space for? I support the argument that it's better if we can force Flashbots to play nice with OFAC-afflicted transactions, or even better if they can't even tell which ones are which, but the current state just seems like the free market awarding auctions for blockspace to the highest bidder - which is a politically neutral action.

Commented by /u/Njaa in /r/ethfinance on October 18, 2022 14:29:19
/r/ethfinance/comments/y6xcur/daily_general_discussion_october_18_2022/isu1jao/

All of their soft forks are tightening of rules, meaning new version is a subset of the old version. Because of this, the old versions should be able to validate them without problems. I don't think the old versions can propose new blocks though, since the newer nodes would fail them during their stricter validation. All in all, it's a pretty hand-wavy way to define the softness forks when backwards compatibility is broken for proposers.

Commented by /u/Njaa in /r/ethfinance on October 18, 2022 14:23:52
/r/CryptoCurrency/comments/y6xstw/not_even_a_single_tx_has_been_censored_on_eth/ist6vx2/

Shanghai contents have not been finalized, so no one really knows.

Commented by /u/Njaa in /r/CryptoCurrency on October 18, 2022 11:02:41
/r/CryptoCurrency/comments/y6xstw/not_even_a_single_tx_has_been_censored_on_eth/ist54ab/

>If 50% of validators use censoring MEV relays but 50% don't so all transactions are successful, albeit slightly delayed is that ok? Yes. The blockspace was sold to the highest bidder. What this bidder does with the blockspace isn't a validator's concern. >What about if 99.99% of validators start censoring but 0.01% don't so all transactions will eventually be processed is that still ok? Depends - is it the same situation as today where it's just a matter of the censoring relay being the highest bidder? If so, yes. If validators are choosing to ignore the highest bidder, because they don't like what they're gonna do with the blockspace (i.e. they will include OFAC sanctioned transactions), I would say no. These are extremely different problems though. The former will be solved by the free market. The latter can an will be solved with crLists and other anti-censorship mechanisms. This whole topic is extremely complex, since a particular OFAC-compliant MEV-boost relay is also the highest paying MEV-boost relay.

Commented by /u/Njaa in /r/CryptoCurrency on October 18, 2022 10:50:35
/r/CryptoCurrency/comments/y6xstw/not_even_a_single_tx_has_been_censored_on_eth/ist40rb/

It's even more nuanced than that: Flashbots is buying out whole blocks through MEV-boost. Validators aren't *compliant* as much as they're just accepting the highest bidder for their blockspace. That this high-paying customer doesn't want to share their block with OFAC-sanctioned transactions has nothing to do with the validator. Customers *should* be free to share or not share the blockspace they buy with anyone they want. We also should make it harder for them to tell who they're sharing it with.

Commented by /u/Njaa in /r/CryptoCurrency on October 18, 2022 10:42:59
/r/CryptoCurrency/comments/y68gmc/ethereum_pos_the_sec_wants_to_enforce_know_your/isp3mt5/

Not really. The source of this article has been posted dozens of times already, and the SEC didn't say anything anywhere close to what the article is implying. But regardless of the article's veracity, it makes people rage, which causes engagement, and thus income for these information vultures.

Commented by /u/Njaa in /r/CryptoCurrency on October 17, 2022 13:27:33
/r/CryptoCurrency/comments/y59omq/the_ethereum_merge_was_1_month_ago_whats_happened/islq74r/

[Nicehash's XMR mining calculator](https://www.nicehash.com/profitability-calculator/amd-cpu-ryzen-9-5950x) shows the most effective CPU having negative profitability after deducting the average US cost of electricity. You you wanna contribute to consensus at a loss, you can still do that in Bitcoin and other projects. Although, at those levels, the contribution to consensus is meaningless. You'd be much better off just running a plain node.

Commented by /u/Njaa in /r/CryptoCurrency on October 16, 2022 18:38:35
/r/CryptoCurrency/comments/y54u2a/what_is_everyones_thoughts_on_ethereum_after_the/iskjee1/

I think encrypting transactions prior to inclusion is the way to go. MEV will still exist. but the adversarial types, like frontrunning, won't. I'm not certain the timestamp-solution is feasible. Can you even cryptographically prove when a transaction was signed?

Commented by /u/Njaa in /r/CryptoCurrency on October 16, 2022 13:56:46
/r/CryptoCurrency/comments/y54u2a/what_is_everyones_thoughts_on_ethereum_after_the/iskba52/

How would you go about removing it?

Commented by /u/Njaa in /r/CryptoCurrency on October 16, 2022 13:06:24
/r/EtherMining/comments/y5gwps/us_controls_more_than_51_of_blocks_on_ethereum/iskaiam/

Yes, it should trend that way over time. Currently that's not the case. They somehow remain the most profitable \*despite\* excluding valuable transactions.

Commented by /u/Njaa in /r/EtherMining on October 16, 2022 13:01:27
/r/CryptoCurrency/comments/y54u2a/what_is_everyones_thoughts_on_ethereum_after_the/iskae5q/

Flashbots doesn't need to be removed. It needs to be out-competed. Which I expect to happen sooner rather than later, when they're hamstringing themselves by not including valuable transactions.

Commented by /u/Njaa in /r/CryptoCurrency on October 16, 2022 13:00:40
/r/EtherMining/comments/y5gwps/us_controls_more_than_51_of_blocks_on_ethereum/isk9uzt/

It's not even staking pools - it's the block producing relays. Validators are typically configured to use the most profitable relays, and the highest bidders are currently complying actors. Excluding complying relays takes 1 minute, but why would you when it pays more?

Commented by /u/Njaa in /r/EtherMining on October 16, 2022 12:57:05
/r/CryptoCurrency/comments/y4v23v/ethereum_transactions_are_no_longer_censorship/isk9c9p/

Unless you can link me an example of a transaction stuck in the mempool, not being processed due to censorship, I will close this ticket as "cannot reproduce".

Commented by /u/Njaa in /r/CryptoCurrency on October 16, 2022 12:53:33
/r/CryptoCurrency/comments/y4v23v/ethereum_transactions_are_no_longer_censorship/isk951k/

I agree that this is a good shorthand for thinking about it, but in reality the network should even be *more* resistant, since the presence of valuable transactions in the mempool would increase the chance of non-complying MEV relays offering a competatively priced block. Imagine if 75% of all transactions were sanctioned. At that point, complying relays would find it extremely hard to build full blocks consisting of the remaining 25%, and compete with the relays without that restriction. Even that is a huge simplification, since if you ignore transactions at some basefee level, then the basefee will drop, and these 'stuck' transactions will be more and more valuable relative to the new basefee. It's one of those pretty nifty multi-faceted self-regulating market-driven mechanisms that Ethereum has quite a few of - and the reason I don't believe we'll *ever* see significant periods of successfully censored transactions.

Commented by /u/Njaa in /r/CryptoCurrency on October 16, 2022 12:52:16
/r/CryptoCurrency/comments/y4v23v/ethereum_transactions_are_no_longer_censorship/isk7suh/

You are correct. There is no on-chain governance where your consensus power determines your vote. Such a change would mean that the full nodes have to agree and upgrade - regardless of their staking size (which can be 0, 32 or millions of ETH). It's one of those pieces of misinformation that somehow never goes away, because people are finacially motivated to believe it.

Commented by /u/Njaa in /r/CryptoCurrency on October 16, 2022 12:43:21
/r/CryptoCurrency/comments/y54u2a/what_is_everyones_thoughts_on_ethereum_after_the/isk6vcm/

The miners are indeed following financial incentives. The miners (block producers) receive offers for pre-packed blocks with higher payments than what they would have gotten by picking transactions from the mempool. Whether or not these pre-packed blocks are excluding certain types of transactions is irrelevant to the miners, as long as they get paid more. The people pre-packing blocks, and offering them to the miners are certainly choosing to comply instead of earning more money though, but they're a centralized actor with no authority in the protocol.

Commented by /u/Njaa in /r/CryptoCurrency on October 16, 2022 12:37:16
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isd3mam/

>You can own all the Bitcoin and have no influence over Bitcoin at the protocol level. PoS trades the old oligarchs for new ones. You can certainly own all of Ethereum in theory, but then it's a closed system that no one but you can use. It this completely ridiculous scenario comes to pass, literally no one would be able to use the network other than the owner - which would make it completely worthless. >If the cartel has 60% of coins that other 40% could be circulating forever If your goal is to unseat some imaginary cartel, you are yourself a cartel. At some point you own 40% against their 60%, at which point my previous point applies. If course, none of these things are gonna happen, and even if they did, why would I care if a "cartel" controlled 60% of ETH? It's not like they can leverage this position in any significant way, since the network of full nodes would keep them honest.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 21:13:00
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscylxi/

The only case you cannot buy more coins, is if there is no coins for sale. If that is the case, the price of ETH is virtually infinite. I personally don't think the price of ETH will trend towards infinity. If you do, that's an impressive level of ETH maximalism.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 20:32:25
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscy9wq/

The mechanism being discussed here is MEV-boost. You can claim this is somehow exacerbated by PoS, but you have yet to make that case. Besides, the largest actor you mention, Lido consists of dozens of actors in a wide range of jurisdictions. The entity itself is incorporated in the Cayman Islands, far out of reach from the US government. You probably thought they're US. It's been a consistent piece of misinformation floating around.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 20:29:44
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscxyat/

Sure, but that's not an indictment of Ethereum. That's an indictment of totalitarian governments. If such a dystopia comes to be, development will happen in the parts of the world that aren't afflicted. And if all parts of the world are afflicted, we have larger issues to deal with.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 20:27:12
/r/CryptoMarkets/comments/y43wyp/censored_ethereum_blocks_hit_the_51_threshold/iscweox/

You told us MEV-boost was a bad thing?

Commented by /u/Njaa in /r/CryptoMarkets on October 14, 2022 20:14:45
/r/ethstaker/comments/y45hdi/im_removing_ofac_complaint_mev_relays_from_my/iscw4lg/

Risking 5 minute transactons for exposed actors still seems like a damn good reason for choosing non-complying relays. Giving Flashbots or other censoring relays more and more market share certainly doesn't incentivize them **stop** overcomplying.

Commented by /u/Njaa in /r/ethstaker on October 14, 2022 20:12:25
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscus7b/

I already answered this: >You buy it on the open market - or are you imagining a scenario where there is zero supply despite high demand? If so, you're more bullish on ETH than anyone I've met.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 20:01:31
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscpoi8/

>The validators are choosing to use MEV which censors transactions. They are choosing to use MEVs which yield the most profit. >You cannot buy a majority of the supply and counter them if the cartel already has a majority, unless they sell it to you and they won’t. You buy it on the open market - or are you imagining a scenario where there is zero supply despite high demand? If so, you're more bullish on ETH than anyone I've met.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 19:20:56
/r/CryptoCurrency/comments/y3bnte/til_5_years_ago_bitcoin_had_a_controversial/iscpay6/

I find this incredulous. You have 10 minutes to sync the block. Your network speed has to be from 1999 to actually have an issue with this modest increase.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 19:17:59
/r/CryptoCurrency/comments/y3bnte/til_5_years_ago_bitcoin_had_a_controversial/iscp1tp/

>During the bull run when ETH as was $1000s for a transaction The literally highest ever daily gasprice was 709: [https://ycharts.com/indicators/ethereum\_average\_gas\_price](https://ycharts.com/indicators/ethereum_average_gas_price) This means it would have cost 21000\*709/1000000000 to make an ETH transfer, or 0.01 ETH. On the date in question, this would have been 32 USD. Even this literal worst case comes *orders of magnitude* short of your claim.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 19:16:04
/r/Nordmenn/comments/y44o0r/fredag_satser_vi_på_en_berikelsesfri_helg_uten/isco6xi/

Greit, jeg skal prøve å oppføre meg denne helga.

Commented by /u/Njaa in /r/Nordmenn on October 14, 2022 19:09:11
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isco2zh/

It will be illegal to develop software?

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 19:08:18
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isco05z/

This isn't a MEV-argument, but rather a PoS-argument - and an easily counterable one: You get rid of them by buying ETH and running validators. If they act against other neutral validators, you slash them.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 19:07:39
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscnacr/

>No, my statement is premised on the fact that even if the OFAC compliant MEV relays will not be the most profitable, government regulators could force people to use them in order to censor transactions, and because the validators have no running costs, they'll be able to to this in perpetuity. So your theory is that it's just an *accident* that Flashbots is the most profitable MEV relay, and also the most chosen one? There are plenty of other less profitable OFAC compliant relays, but for some weird reason they don't get chosen as often. Hmm..

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 19:02:05
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscmyak/

Not quite. Rather it's because MEV-boost feature was made available at the same time as PoS. MEV-boost allows all participants to extract MEV on an equal footing, while before only the largest players were able to do this.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:59:31
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscmiau/

This is in the roadmap, fortunately.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:56:03
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscm6fo/

>When over 60% of the PoS validators are being compelled to censor there is no way to unseat them unless they choose to sell. If 60% of PoS validators censor, then 40% will let the transactions through. This is the beauty of *censorship resistance*. Even if the majority boycotts you, you will still be served by the minority.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:53:31
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isclzcx/

This isn't a PoS issue. MEV-boost and PoS are separate concepts.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:52:00
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscly5n/

This isn't a PoS issue. MEV-boost and PoS are separate concepts.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:51:45
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isclqd6/

It never did, because MEV-boost was introduced recently. This isn't a consensus mechanism *thing*.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:50:08
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isclnvl/

This has nothing to do with the PoS change, but rather the MEV-boost change.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:49:36
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isclkg6/

I disagree. Any individual miner/staker has to be free to accept network connections. We should however implement features that fool them into accepting connections they otherwise wouldn't.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:48:53
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscl735/

If TC transactions are stuck in the mempool with no-one serving them, we certainly have a problem. We're *extremely* far from that point though.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:46:04
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isckyie/

Right about what? The nuances of MEV?

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:44:15
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isckv9o/

How much of the supply does the Ethereum Foundation hold?

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:43:36
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isckobw/

The consensus mechanism isn't the relevant factor here what-so-ever. MEV-boost is.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:42:07
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/isckdwl/

Yes? Your sarcasm tag doesn't seem extremely apt when there's ***zero*** TC transactions stuck in the mempool. The difference between having to wait 12 and 24 seconds doesn't seem to warrant your disdain.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:39:56
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscjxhe/

What's the alternative? What you are descibing was the previous status quo, but that didn't mean MEV wasn't a factor. Instead, it meant that the only benefactors of MEV were the centralized actors able to implement their own MEV relays. If centralized actors have a financial advantage, the whole network will centralize around this financial incentive. Democratizing MEV so that it is available to \*all\* participants is an unambiguously good thing, despite the short term turbulence it might cause.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:36:30
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/iscj4xd/

>I like how you are trying to compare 1 miner mining OFAC compliant blocks for a short amount of time, and then stopping (as they have now), to 51% of the validators on the network creating OFAC compliant blocks. The comparison is apt, because in the end it's up to the individual decentralized actors to choose whether or not to include a transaction. Whether they do this or don't do this has nothing to do with PoW vs PoS. "Ah!", you might say, "but then why did this escalate after the merge?!" Well, as coincidence would have it, the MEV-boost feature, which democratizes MEV, was released in the same fork as the the change from PoW to PoS. It doesn't have a single thing to do with PoS though, other than this happenstance. Any chain sensitive to the ordering and inclusion of blocks is sensistive to MEV, and if the MEV-boost feature had been launched prior to The Merge, this increase in OFAC-compliant blocks would have happened then. In the end, MEV-boost is better than the alternative, since it takes already existing advantages and provides \*all\* contributors the ability to participate instead of just the huge mining pools. It does however lay bare the need for more work on censorship resistance, but even then it's not like a single goddamn TC transaction is stuck and not being processed. That's the beauty of decentralized censorship resistance. Even if 50% of participants hate you, you will still be served.

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:30:33
/r/CryptoCurrency/comments/y413q8/in_the_last_24hrs_51_of_eth_blocks_were_censored/ischjya/

Because Vitalik was the SPOF here?

Commented by /u/Njaa in /r/CryptoCurrency on October 14, 2022 18:18:55
/r/norge/comments/y2y139/voksenlivet_eller_hva/is7q01s/

Du er rik når du har mer penger igjen på slutten av måneden. Du er fattig når du har mer måned igjen på slutten av pengene.

Commented by /u/Njaa in /r/norge on October 13, 2022 18:17:55
/r/norge/comments/y2y139/voksenlivet_eller_hva/is7ppoy/

1) Separer lønnskonto, regningskonto, sparing og brukskonto 2) Overfør automatisk nok penger til regningskonto og sparing på lønningsdagen 3) Overfør automatisk en åttendedel av resterende saldo til brukskonto hver mandag og fredag Slik har du aldri en gigantisk sum med penger på brukskontoen som frister, men i stedet en jevn strøm av innskudd. Det har for meg helt drept impulskjøp knyttet til lønningsdato.

Commented by /u/Njaa in /r/norge on October 13, 2022 18:15:52
/r/CryptoCurrency/comments/y2nj4c/when_did_bitcoin_stop_feeling_like_part_of_crypto/is779jp/

Bitcoin is currently inflating by about 2% per year.

Commented by /u/Njaa in /r/CryptoCurrency on October 13, 2022 16:14:08
/r/CryptoCurrency/comments/y2nj4c/when_did_bitcoin_stop_feeling_like_part_of_crypto/is7743d/

What prevents an ordinary user from running an Ethereum node? All you need is a Raspberry Pi and an SSD of size > 600 GB.

Commented by /u/Njaa in /r/CryptoCurrency on October 13, 2022 16:13:08
/r/EtherMining/comments/y20lhf/eth_goes_below_1300_where_will_be_the_bottom_of/is4sp20/

There are no delegators in the protocol. You either stake or you don't. If you do, you're responsible for the actions of the validator.

Commented by /u/Njaa in /r/EtherMining on October 13, 2022 04:58:59
/r/CryptoCurrency/comments/y0axqc/bitboy_crypto_alleges_former_sec_director_took/irva6cf/

Because the ethics office is concerned about appearances of conflict of interest? You can hate him for being a rich bastard. You can lament *appearances* of conflict of interest. You cannot claim to have proof of a bribe. How was his speech illegal?

Commented by /u/Njaa in /r/CryptoCurrency on October 11, 2022 05:02:29
/r/CryptoCurrency/comments/y0axqc/bitboy_crypto_alleges_former_sec_director_took/irtrlbn/

Assuming this is the usual meme that used to make the rounds, you're actually talking about him receiving a pension from his former law firm and that this (huge) law firm representing someone crypto/Ethereum related, where their billings were on the order of 15 million. Calling this a "bribe" is pushing a very particular narrative, and not a very truthful one.

Commented by /u/Njaa in /r/CryptoCurrency on October 10, 2022 19:50:28
/r/CryptoCurrency/comments/y0azid/eth_has_been_deflationary_for_over_2_days_now/irsk4kf/

Indeed, anyone can copy an open source project. Is your point that you prefer closed source proprietary code?

Commented by /u/Njaa in /r/CryptoCurrency on October 10, 2022 14:37:35
/r/CryptoCurrency/comments/y0azid/eth_has_been_deflationary_for_over_2_days_now/irsjpbz/

If it's not used, the basefee goes down, so it's a completely self-regulating mechanism :)

Commented by /u/Njaa in /r/CryptoCurrency on October 10, 2022 14:34:46
/r/CryptoCurrency/comments/xysiva/cardano_is_voted_as_the_most_interesting_crypto/irnefqr/

Ethereum funds are only locked to prevent attack where the staker attacks, and immediately exits their staking position - and thus doesn't actually feel the negative side of their attack. How does Cardano protect against this? From what I can see, it doesn't - and if that's true, it's weird to present this weakness as a strength.

Commented by /u/Njaa in /r/CryptoCurrency on October 9, 2022 12:19:50
/r/CryptoCurrency/comments/xysiva/cardano_is_voted_as_the_most_interesting_crypto/irme2pg/

What disincentivises an attack, if your actions has no consequences?

Commented by /u/Njaa in /r/CryptoCurrency on October 9, 2022 07:13:06
/r/Buttcoin/comments/xy2zx0/bitcoin_hacked_ethereum_hacked_binance_coin/irkvgoc/

>They still mutated the immutable blockchain. What does this mean?

Commented by /u/Njaa in /r/Buttcoin on October 8, 2022 21:05:11
/r/CryptoCurrency/comments/xysiva/cardano_is_voted_as_the_most_interesting_crypto/irktgux/

Naw bro, it doesn't matter, don't worry about it. It's just a concern for the damn nerds who care about security aspects.

Commented by /u/Njaa in /r/CryptoCurrency on October 8, 2022 20:49:04
/r/CryptoCurrency/comments/xysiva/cardano_is_voted_as_the_most_interesting_crypto/irkne22/

Staking on Cardano isn't actually *staking*. If your funds are not actually at risk, you have zero actual stake. It's just a performance using the same terminology.

Commented by /u/Njaa in /r/CryptoCurrency on October 8, 2022 20:00:18
/r/ethstaker/comments/xxqoaj/stopping_the_blockchain_scenario/irgg9vj/

The thing is that \*even if\* the vast majority of nodes agreed to stop validating and handling transactions, that wouldn't really matter - you only need *one*. There's currently 440k validators running, and getting literally every single one to stop proposing blocks is a fool's errand - even for someone with the social capital of Vitalik. In *theory* you could get half - 220k validators - to reorg the ones that didn't get the memo, but even that seems like a herculean task. This is the very point of decentralization. No one person can dictate the course of the chain. You need buy-in from *at least* the majority of nodes and consensus participants.

Commented by /u/Njaa in /r/ethstaker on October 7, 2022 18:37:39
/r/norge/comments/ty613h/skal_vi_midt_i_en_klimakrise_sløse_norsk_fornybar/irg4zo6/

Hvordan ser du det nå når det har skjedd, da?

Commented by /u/Njaa in /r/norge on October 7, 2022 17:03:39
/r/Buttcoin/comments/xy2zx0/bitcoin_hacked_ethereum_hacked_binance_coin/irfzrsq/

There is nothing preventing these protections from existing in crypto as well. Smart contract chains are just a base layer for code execution with native handling of assets. What layers of security and separations of duties is added on top is entirely up to the developer.

Commented by /u/Njaa in /r/Buttcoin on October 7, 2022 16:23:00
/r/Buttcoin/comments/xy2zx0/bitcoin_hacked_ethereum_hacked_binance_coin/irfze68/

No rollback happened. They added a transaction recovering the funds from the affected smart contract. A "rollback" would entail resetting the entire chain to some point before the hack, which isn't what happened.

Commented by /u/Njaa in /r/Buttcoin on October 7, 2022 16:20:09
/r/cardano/comments/xwbf4q/how_does_cardano_prevent_a_hypothetical_51_attack/iremcgh/

There is no reference to Vitalik telling miners to stop mining. There is no reference to miners stopping mining. There is no reference to the chain halting/stopping. The closest any of them get to supporting your take is the following slightly poorly worded phrase from the Gemini article: >The hard fork *effectively* rolled back the Ethereum network’s history to before The DAO attack and reallocated The DAO’s ether to a different smart contract so that investors could withdraw their funds. What they're *trying* to describe is true, the fork **added** a transaction, which reallocated The DAO's ETH to a different smart contract, but there was no rollback. Every single transaction is still on chain. Not a single transaction has been rolled back since the inception of Ethereum. Instead the nodes implemented an "irregular state change", where they moved funds of a single smart contract to another. [Here's Vitalik himself describing it](https://i.redd.it/2ojog0a7bzw21.png), explicitly underlining how a rollback couldn't be considered. The other article gets it right: >To refund the lost money, Ethereum hard forked to send the hacked funds to an account available to the original owners. That's all that happened. They added a single transaction. You might still not like that they did, but you shouldn't spread misinformation about the network being stopped or rolled back.

Commented by /u/Njaa in /r/cardano on October 7, 2022 10:07:27
/r/cardano/comments/xwbf4q/how_does_cardano_prevent_a_hypothetical_51_attack/ireh2s4/

I'll say I'm wrong when you provide a source for your incorrect claims :)

Commented by /u/Njaa in /r/cardano on October 7, 2022 09:23:36
/r/cardano/comments/xwbf4q/how_does_cardano_prevent_a_hypothetical_51_attack/iredba5/

I didn't say the keys were stolen. I said it's the same thing *as if* the keys were stolen, and consequently it's stupid to blame the blockchain in question for matters it doesn't control. If I deploy a smart contract on Cardano that has a vulnerability, and that vulnerability is exploited resulting in a large loss of funds, it would be silly of me to deflect and claim that this was a problem with the Cardano chain, or a "successful attack" on it. > The DAO hack was such a major hack VB actually told all the miners to stop and he STOPPED AND REVERSED the ETH chain/network. >Some of us were there...so. If you were there, you would know that neither of these things are true. The miners weren't told to stop, and they didn't stop, and the chain was never stopped nor reversed. You're thinking about the exchanges halting trading.

Commented by /u/Njaa in /r/cardano on October 7, 2022 08:50:05
/r/cardano/comments/xx1kxj/comparing_the_decentralization_of_cardano_and/irdwwc7/

You don't get slashed for being offline, so the last part here doesn't make sense. You can be offline for ~60% of the whole year, and still be profitable.

Commented by /u/Njaa in /r/cardano on October 7, 2022 05:26:43
/r/cardano/comments/xwbf4q/how_does_cardano_prevent_a_hypothetical_51_attack/irdsr8e/

I did indeed read. The difference between Bitcoin itself being hacked and someone's keys being stolen isn't splitting hairs. This is the same thing.

Commented by /u/Njaa in /r/cardano on October 7, 2022 04:17:25
/r/cardano/comments/xwbf4q/how_does_cardano_prevent_a_hypothetical_51_attack/irdrvdl/

I see, you mean bugs in and attacks on third party software, not Ethereum itself.

Commented by /u/Njaa in /r/cardano on October 7, 2022 04:02:32
/r/ethereum/comments/xx18p2/ethereums_choice_to_go_pos_will_attract_so_many/ir9u2tg/

And the status is pretty damn nice: The Ethereum Foundation sits on [less than 0.3% of the total supply](https://ethereum.foundation/report-2022-04.pdf), which still amounts to decades (if not centuries) of research and grants.

Commented by /u/Njaa in /r/ethereum on October 6, 2022 08:29:03
/r/cardano/comments/xwbf4q/how_does_cardano_prevent_a_hypothetical_51_attack/ir9fa1l/

> ETH layer 1 has had a few famous ones Huh? I'm not aware of any successful protocol attacks on Ethereum.

Commented by /u/Njaa in /r/cardano on October 6, 2022 05:40:22
/r/ethereum/comments/x6atcs/the_crypto_world_could_face_its_own_y2k_moment/ir7rf4t/

As it turns out, you were wrong. How shocking.

Commented by /u/Njaa in /r/ethereum on October 5, 2022 19:14:57
/r/CryptoCurrency/comments/xvnhur/what_is_your_key_crypto_prediction_that_others/ir6tdmv/

Not entirely unlikely, I guess. [Redenomination has been done before.](https://wiki.polkadot.network/docs/redenomination) > `Before the change the decimal was here` `v` `1.000000000000 DOT` `100.0000000000 DOT` `^` `After the change the decimal is here`

Commented by /u/Njaa in /r/CryptoCurrency on October 5, 2022 15:24:26
/r/CryptoCurrency/comments/xvsqf6/taking_a_nonbiased_approach_at_proof_of_stake/ir4vkna/

What's the definition of transaction speed and fee in USD? Both seem to be off at least for Ethereum, but maybe I don't understand the methodology. Inflation rates need to be included.

Commented by /u/Njaa in /r/CryptoCurrency on October 5, 2022 07:02:19
/r/CryptoMarkets/comments/xulwq3/btc_vs_eth/ir00mfn/

Nice pivot, but we were talking about forks, not ledger mutability. To be fair, forcing a topic change is a very useful tool for people who aren't capable of having an honest discussion.

Commented by /u/Njaa in /r/CryptoMarkets on October 4, 2022 06:45:18
/r/CryptoMarkets/comments/xulwq3/btc_vs_eth/iqzssjk/

I'm sorry, does that mean you now understand how forking works, and that Bitcoin has had several hard forks?

Commented by /u/Njaa in /r/CryptoMarkets on October 4, 2022 04:57:24
/r/CryptoMarkets/comments/xulwq3/btc_vs_eth/iqzo3i7/

>We need to distinguish between a soft fork vs a hard fork. I'm *already* talking about **hard** forks, as should be obvious when I mentioned client compatibility. [Here's an overview of Bitcoin's forks, including several hard forks.](https://blog.bitmex.com/bitcoins-consensus-forks/) >ETH has had hard forks starting with The DAO hack, and did so in a rather centralized fashion When Bitcoin makes a fork by r and especially centralized now that it is POS.

Commented by /u/Njaa in /r/CryptoMarkets on October 4, 2022 03:46:34
/r/CryptoMarkets/comments/xulwq3/btc_vs_eth/iqxuen6/

Doesn't matter. The point is that forks is an inherent part of blockchains. Your original stance is meaningless, since **Bitcoin itself** (not BSV or BCH or whatever) is a fork upon a fork upon a fork. You cannot download the Satoshi client and validate the head of the chain, and that's an *extremely* good thing.

Commented by /u/Njaa in /r/CryptoMarkets on October 3, 2022 17:54:06
/r/CryptoMarkets/comments/xulwq3/btc_vs_eth/iqxsp1t/

Utter nonsense. Both ETC and ETH has forked a dozen times since they split apart. Neither is some sort of fabled "original" chain.

Commented by /u/Njaa in /r/CryptoMarkets on October 3, 2022 17:42:04
/r/ethtrader/comments/xtwha3/eth_is_in_trouble_but_that_doesnt_mean_it_cant/iqv9h3c/

https://en.wikipedia.org/wiki/Fundamental\_attribution\_error

Commented by /u/Njaa in /r/ethtrader on October 3, 2022 06:50:51
/r/norge/comments/xucgpt/er_det_noe_jeg_kan_gjøre/iquzmdy/

Kanskje vi snakker forbi hverandre her - jeg lurer mest på det tilfellet som førte til 1 måneds fengsel, ikke tilfellet etter at du fikk tilbake lappen.

Commented by /u/Njaa in /r/norge on October 3, 2022 04:28:47
/r/norge/comments/xucgpt/er_det_noe_jeg_kan_gjøre/iquzek4/

Det slår meg som noe som burde vært helt innafor. Hasj-rus varer vel neppe et døgn?

Commented by /u/Njaa in /r/norge on October 3, 2022 04:25:23
/r/norge/comments/xucgpt/er_det_noe_jeg_kan_gjøre/iquz04v/

Hvor lenge før bilkjøringen hadde du røyka?

Commented by /u/Njaa in /r/norge on October 3, 2022 04:19:17
/r/Satoshi_club/comments/xticve/ethereum_merge_a_flop/iqrbb8h/

Reduced inflation by 95%, lowered gas fees by 7%, and increased security. Prior to the move, the holders were being debased through inflation at almost 4% per year. Now, the security subsidy is at 0.18%, and will probable go negative once we're out of the bear. In comparison, Bitcoin is still inflating at 1.72% per year.

Commented by /u/Njaa in /r/Satoshi_club on October 2, 2022 11:13:44
/r/CryptoCurrency/comments/xtm88g/ethereum_merge_spikes_block_creation_with_a/iqra80i/

That hype engine was certainly a factor, but was it a marketing scheme worth 5.5 billion USD per year?

Commented by /u/Njaa in /r/CryptoCurrency on October 2, 2022 11:06:19
/r/ethtrader/comments/xsyxmc/i_fail_to_see_a_reason_to_own_any_competing_l1s/iqr0cze/

Ah, you mean it's secure against a hypothetical type of attack in the future, not attacks currently possible. I'll give you that one. Quantum proofing Ethereum is a few years down the line.

Commented by /u/Njaa in /r/ethtrader on October 2, 2022 09:56:45
/r/ethtrader/comments/xsyxmc/i_fail_to_see_a_reason_to_own_any_competing_l1s/iqqzw9d/

The ritual is soon complete All hail the lightbringer!

Commented by /u/Njaa in /r/ethtrader on October 2, 2022 09:53:22
/r/ethtrader/comments/xsyxmc/i_fail_to_see_a_reason_to_own_any_competing_l1s/iqqzowd/

How is Algorand more secure?

Commented by /u/Njaa in /r/ethtrader on October 2, 2022 09:51:51
/r/ethtrader/comments/xsyxmc/i_fail_to_see_a_reason_to_own_any_competing_l1s/iqqz4p0/

Yes? Isn't the ability for force an exit against a compromised L2 a silver bullet to all potential L2 risk?

Commented by /u/Njaa in /r/ethtrader on October 2, 2022 09:47:41
/r/norge/comments/xtjcse/kripos_på_reddit/iqqy7s7/

Da driter du sikkert ikke på åpen gate heller. Dette er et åpent og offentlig forum.

Commented by /u/Njaa in /r/norge on October 2, 2022 09:40:42
/r/science/comments/xrd53i/bitcoin_mining_is_just_as_bad_for_the_environment/iqltu1v/

>i see. and its programed like this on purpose im guessing. the speed and capacity. and the program and only work on one block at a time as well? Yes, this fixed capacity is on purpose, in order to make sure anyone can participate. Imagine the capacity was a million transactions each block, and a block every second. That would mean that you would need strong servers to be able to participate. Instead, with the current limitations, anyone can participate on their laptop or even a Raspberry Pi. >or unlimited. because obviously theres a lot more then 2800 transactions at a time and theres more then a single reward given out every 10 minutes. There are transactions queued up in the "mempool", but only 2800 are served every 10 minutes. Also, there is only one reward per 10 minutes. This reward consists of 6.25 BTC plus the fees of all the transactions included. >why do transfering times differ? or is that an exchange/dex thing that slows the process. or why does the fees differ if they should all be the same. is it because more miners more fees? who decides the fee to the consumer The miners don't control the prices at all, it is the user that decides the fees they wish to pay. Then they enter the mempool waiting to be included in a block. Since each block only has room for 2800 transactions, the miner picks the transactions that pay the highest fee. If you experience having to wait before being included in a block, that means your choice of fee was too low compared to the other users, so they were allowed to go first.

Commented by /u/Njaa in /r/science on October 1, 2022 05:28:03
/r/CryptoCurrency/comments/xrtxvp/45_of_eth_validators_now_complying_with_us/iqlkikk/

This is simply not true. Non-staking nodes have the exact same role in Ethereum as non-mining nodes in Bitcoin.

Commented by /u/Njaa in /r/CryptoCurrency on October 1, 2022 03:11:14
/r/science/comments/xrd53i/bitcoin_mining_is_just_as_bad_for_the_environment/iqlkamm/

>Right so either 1 or 1million miners the capacity is the same is what your saying? Yes. >the speed it finishes transactions differ tho depending on number of processors and transactions correct? No, or at least not in any meaningful sense. Blocks are like bus departures. They have room for a certain number of transactions and they arrive at a certain frequency. For Bitcoin, the bus carries ~2800 transactions every ~10 minutes. For Ethereum, the bus carries ~700 transactions every 12 seconds. In neither case does the hardware or mining speed affect these stats.

Commented by /u/Njaa in /r/science on October 1, 2022 03:08:07
/r/science/comments/xrd53i/bitcoin_mining_is_just_as_bad_for_the_environment/iqlfyg0/

Yes, that's correct. Furthermore, the capacity of the network is identical with 1 computer mining as with the whole world mining.

Commented by /u/Njaa in /r/science on October 1, 2022 02:09:24
/r/CryptoCurrency/comments/xrtxvp/45_of_eth_validators_now_complying_with_us/iqlf67f/

Why would the regular nodes in Ethereum have less power than the regular nodes in Bitcoin? Ethereum hasn't changed what powers block producers have. There is no on-chain governance. Stakers aren't able to increase their salaries any more than miners are.

Commented by /u/Njaa in /r/CryptoCurrency on October 1, 2022 01:59:32
/r/science/comments/xrd53i/bitcoin_mining_is_just_as_bad_for_the_environment/iqfnyix/

The more value is being secured, the more valuable an attack becomes, so security needs to increase as the total value of the ledger increases. If not, that's a relative reduction in security. Also, just as a matter of incentives, if price of BTC doubles, then the expected value of mining doubles, until a new equilibrium is reached where energy expenditure also has doubled.

Commented by /u/Njaa in /r/science on September 29, 2022 19:56:39
/r/science/comments/xrd53i/bitcoin_mining_is_just_as_bad_for_the_environment/iqfnchg/

No, verifying isn't done through mining. Any node can verify a block, but the privilege of suggesting a block is given to those who burn the most power.

Commented by /u/Njaa in /r/science on September 29, 2022 19:51:50
/r/ethstaker/comments/xqxx0p/could_somebody_explain_to_me_why_the_community_is/iqf68hb/

>Tornado blocked Not sure what you mean by "blocked". The Tornado Cash contracts are still there, if you wish to interact with them.

Commented by /u/Njaa in /r/ethstaker on September 29, 2022 17:42:34
/r/ethereum/comments/xrfvm6/pow_vs_pos_225907500_savings_so_far/iqf4wye/

No decentralized blockchain has "physical power" securing it. What they have is financial *game theory*.

Commented by /u/Njaa in /r/ethereum on September 29, 2022 17:33:13
/r/CryptoCurrency/comments/xpzabd/cardanos_hoskinson_calls_out_the_ethereum_crowd/iq9rzmi/

The funny thing about object-oriented programming languages is that you can always write parallelizable stateless functional methods/classes/programs *if you want*. While if you're writing in Lisp, you can't just create a class pointer at a whim.

Commented by /u/Njaa in /r/CryptoCurrency on September 28, 2022 14:59:14
/r/CryptoCurrency/comments/xpzabd/cardanos_hoskinson_calls_out_the_ethereum_crowd/iq8vswe/

It sounded like you highlit how Cardano doesn't allow transactions that can change a global state, and therefore affect subsequent transactions. This, if true, is exactly how functional programming languages work when compared to object-oriented programming languages. Please clarify if that's not the case.

Commented by /u/Njaa in /r/CryptoCurrency on September 28, 2022 11:31:44
/r/CryptoCurrency/comments/xpzabd/cardanos_hoskinson_calls_out_the_ethereum_crowd/iq8varg/

1) I wasn't comparing Cardano to Bitcoin in the slightest. They are obviously very different. 2) What do you mean? There is no fail-state for native transactions in Ethereum. Failures happen during smart contract execution, not ETH transactions.

Commented by /u/Njaa in /r/CryptoCurrency on September 28, 2022 11:28:21
/r/ethstaker/comments/xqa3y7/switch_to_a_noncensoring_mev_relay/iq86kxj/

"I won't let you bribe me to let you perform an intra-block attack on another actor" doesn't strike me as inherently non-neutral. Nor does it seem reasonable to use the word "censorship". Their transaction will be included on the merits of their bundled basefee and priority fee, just like all others.

Commented by /u/Njaa in /r/ethstaker on September 28, 2022 08:24:42
/r/CryptoCurrency/comments/xpzabd/cardanos_hoskinson_calls_out_the_ethereum_crowd/iq863ck/

It strikes me that these advantages are in the same category as Bitcoin's "advantages" over Ethereum - which are fewer features, and therefore fewer feature-specific drawbacks. But at the end of the day, you can always send ETH natively (to emulate BTC's features) or write a smart contract with static gas fees, no external calls, and no state that other transactions can affect (to emulate Cardano's features). Criticizing Ethereum for having features is weird, when you can just not use them. The important question is can Cardano do something Ethereum can't?

Commented by /u/Njaa in /r/CryptoCurrency on September 28, 2022 08:20:16
/r/CryptoCurrency/comments/xpzabd/cardanos_hoskinson_calls_out_the_ethereum_crowd/iq85azw/

Well, slippage is just an abstraction over the order book anyways. You can always enter a static position, but for 99% of users it's more useful to just do a single conversion action, than to monitor whether or not an order has been completed. But that's kinda beside the point - if Cardano smart contracts can't handle such a feature, it seems to me that it is pretty feature-limited. This limitation might in turn be a feature, but then we're talking about pretty separate domains of non-competing blockchains. I love functional programming languages like Scheme, but I would never claim that it competes with Java in real-world applications.

Commented by /u/Njaa in /r/CryptoCurrency on September 28, 2022 08:12:58
/r/CryptoCurrency/comments/xpzabd/cardanos_hoskinson_calls_out_the_ethereum_crowd/iq7wckb/

What would happen if two people are trying to transact with a DEX with 1% slippage, and both of them would cause the listing to slip by more than 1%? This type of transaction doesn't immediately seem to be parallelizable.

Commented by /u/Njaa in /r/CryptoCurrency on September 28, 2022 06:35:47
/r/CryptoCurrency/comments/xpzabd/cardanos_hoskinson_calls_out_the_ethereum_crowd/iq7qoys/

Does MEV not exist in Cardano?

Commented by /u/Njaa in /r/CryptoCurrency on September 28, 2022 05:16:14
/r/CryptoCurrency/comments/xpzabd/cardanos_hoskinson_calls_out_the_ethereum_crowd/iq7qjjr/

What are the significant benefits to Cardano over Ethereum?

Commented by /u/Njaa in /r/CryptoCurrency on September 28, 2022 05:13:58
/r/CryptoCurrency/comments/xoxbrc/ethereum_community_split_over_reversible/iq2xpc8/

Who are "they"? This isn't a proposed change to Ethereum.

Commented by /u/Njaa in /r/CryptoCurrency on September 27, 2022 04:37:46
/r/CryptoCurrency/comments/xoxbrc/ethereum_community_split_over_reversible/iq2xk8r/

This isn't a proposed change to Ethereum, so that's irrelevant.

Commented by /u/Njaa in /r/CryptoCurrency on September 27, 2022 04:35:34
/r/CryptoCurrency/comments/xoxbrc/ethereum_community_split_over_reversible/iq2xh5o/

>It’s a proposal to allow creation of tokens on Ethereum that are reversible. A small nitpick, but you can already do this. No one needs to *allow* for such a smart contract to be made.

Commented by /u/Njaa in /r/CryptoCurrency on September 27, 2022 04:34:19
/r/CryptoCurrency/comments/xoxbrc/ethereum_community_split_over_reversible/iq2xbzm/

Someone sharing their BTC keys with other people is proof of BTC being centralized! Would you agree with that claim? If not, you probably don't *actually* have an issue with the topic at hand. It's not a proposed change to Ethereum, it's a proposed use case of smart contracts.

Commented by /u/Njaa in /r/CryptoCurrency on September 27, 2022 04:32:09
/r/ethereum/comments/xnetle/why_is_rocketpool_able_to_give_a_higher_apr_than/ipvvtyv/

Correct, but your non-commission RPL rewards would cease until you reached 10%+ again.

Commented by /u/Njaa in /r/ethereum on September 25, 2022 16:26:36
/r/CryptoCurrency/comments/xn6tmb/cardano_founder_says_cardano_staking_method/iptoy98/

Less than a year into Ethereum's existence there was something called the TheDAO hack, where a single smart contract vulnerability led to the loss of a significant portion of the entire ETH supply. Notably, this wasn't a hack on the Ethereum protocol itself, but considering the size of the theft being 14% of the total supply, it still represented a risk to the whole project. The community decided to recover the stolen funds through a fork, and the opposing minority decided to maintain the old fork, which we now know as ETC.

Commented by /u/Njaa in /r/CryptoCurrency on September 25, 2022 06:34:57
/r/CryptoCurrency/comments/xn6tmb/cardano_founder_says_cardano_staking_method/ipthhtf/

You recall incorrectly. ETC was not due to a double spending bug.

Commented by /u/Njaa in /r/CryptoCurrency on September 25, 2022 04:50:11
/r/ethereum/comments/xmhbnt/hey_fellas_how_much_is_the_eth_gas_fee/ipr03d2/

I guess there's a organized and blatant XYO shill effort going around. Never heard about it before, and now I've seen it mentioned in 3 random posts apropos of nothing.

Commented by /u/Njaa in /r/ethereum on September 24, 2022 15:04:16
/r/CryptoCurrency/comments/xlt6dc/how_decentralized_is_lido/ipnlps3/

Maybe, but that's not an economies of scale argument.

Commented by /u/Njaa in /r/CryptoCurrency on September 23, 2022 19:24:02
/r/CryptoCurrency/comments/xlt6dc/how_decentralized_is_lido/ipnhsd3/

There's one on the ISS though.

Commented by /u/Njaa in /r/CryptoCurrency on September 23, 2022 18:52:10
/r/CryptoCurrency/comments/xlt6dc/how_decentralized_is_lido/ipnhppg/

>A second issue of Lido dominance is that if 34% of stake resides in Lido, then economies of scale will make it the most profitable method for everyone to stake, including those with 32ETH. This then creates a runaway centralization incentive scenario. I never understood this point. The overhead of staking compared to the yield is so small, that it doesn't matter if you spread it across 100 or 1000 validators. The market isn't gonna make or break you on a 0.01% difference in yield. Are there aspects here I'm not aware of?

Commented by /u/Njaa in /r/CryptoCurrency on September 23, 2022 18:51:35
/r/btc/comments/xlt4p4/something_flying_under_radar_ethereum_became/ipnevne/

>Censorable? The largest staking entity’s are centralized and are all U.S. based companies that answer to the SEC. The source you're linking doesn't say this. It doesn't even contain the word "SEC", and out of the exchanges it lists, only Kraken and Coinbase are U.S. based, making out less than 23% of the staked amount.

Commented by /u/Njaa in /r/btc on September 23, 2022 18:29:04
/r/ethfinance/comments/xizkvl/daily_general_discussion_september_20_2022/iparuxc/

I believe this includes the priority fees, but not MEV, since the first post-merge reward period doesn't occur for another week.

Commented by /u/Njaa in /r/ethfinance on September 21, 2022 02:23:56
/r/ethereum/comments/xj31km/is_ethereum_a_security/ipang7w/

Buying a currency doesn't entail a reasonable expectation of profit.

Commented by /u/Njaa in /r/ethereum on September 21, 2022 01:33:00
/r/CryptoCurrency/comments/xj8qzq/torn_on_things_postmerge/ipalsb3/

It has more to do with the performance/complexity of x peers coming to agreement. If the limit was 1 ETH instead of 32, that would mean up to 120 million nodes signing stuff and validating signatures of all 119999999 others. With 32, the upper bound is 3.75 million.

Commented by /u/Njaa in /r/CryptoCurrency on September 21, 2022 01:15:10
/r/ethereum/comments/xi3igo/frequently_asked_questions_weekly_discussion/ipai8nr/

The minimum requirement for a Rocket Pool node is 10% insurance, but the actual insurance rate is currently 87%

Commented by /u/Njaa in /r/ethereum on September 21, 2022 00:39:09
/r/CryptoCurrency/comments/xjcgc4/ethereum_price_drops_20_percent_as_sec_declares/ip99un6/

Unless you're talking about a different clip, he was literally talking about loans to commercial staking intermediaries, not staking itself. If this doesn't match what you're talking about, I would love a source.

Commented by /u/Njaa in /r/CryptoCurrency on September 20, 2022 18:47:32
/r/ethereum/comments/xismjk/what_would_happen_if_ethereum_is_considered_a/ip95dho/

The problem is that full nodes (the non-staking kind) does the exact same "validating" of blocks that Bitcoin nodes do - meaning they investigate the validity of blocks before propagating them into the peer-to-peer network. Hence, the role of a staker shouldn't be called "validator". Stakers propose blocks and attest that other stakers are acting in good faith. That's mostly it.

Commented by /u/Njaa in /r/ethereum on September 20, 2022 18:15:33
/r/CryptoCurrency/comments/xjcgc4/ethereum_price_drops_20_percent_as_sec_declares/ip94ncl/

Nor has the SEC announced any such thing.

Commented by /u/Njaa in /r/CryptoCurrency on September 20, 2022 18:10:23
/r/CryptoCurrency/comments/xjcgc4/ethereum_price_drops_20_percent_as_sec_declares/ip94inl/

Yes it does, as both Hinman and Gensler have commented many times.

Commented by /u/Njaa in /r/CryptoCurrency on September 20, 2022 18:09:27
/r/ethereum/comments/xigfk8/dear_sec/ip6ntil/

Which I think they should be - ***maybe*** with the exception of rETH, since it's somewhat organized through automation through smart contracts, not commercial entities. At least for the others, Genslers words ring true: If you are lending your funds to a company for them to further invest, you should enjoy lending-related consumer protection regulation to make sure they don't fuck you over. Whether this "further investment" is staking or if it is something else doesn't really matter in that regard.

Commented by /u/Njaa in /r/ethereum on September 20, 2022 08:15:14
/r/ethereum/comments/xismjk/what_would_happen_if_ethereum_is_considered_a/ip6moex/

It's a minor nitpick, but you would still *validate* \- you just wouldn't participate in the block production. Ethereum hasn't been the best at naming things. What we call a "validator" today should be called a "staker" or "block producer".

Commented by /u/Njaa in /r/ethereum on September 20, 2022 08:04:38
/r/ethereum/comments/xismjk/what_would_happen_if_ethereum_is_considered_a/ip6clbx/

That's incorrect. You don't need 32 ETH to run a full node.

Commented by /u/Njaa in /r/ethereum on September 20, 2022 06:12:12
/r/ethereum/comments/xismjk/what_would_happen_if_ethereum_is_considered_a/ip6cdpr/

You can download one of their clients, such as Geth, Besu or Nethermind. They can be ran on just about any computer (even a Raspberry Pi 4), given that you have \~700 GB free storage space.

Commented by /u/Njaa in /r/ethereum on September 20, 2022 06:09:17
/r/ethstaker/comments/xj3bdq/mevboost_relays_to_avoid/ip6bcyl/

While I totally agree further work is necessary, a censoring relay wouldn't be outcompeted until there actually were censored transactions being stuck in the mempool. As this isn't the case, the economic incentive doesn't currently kick in.

Commented by /u/Njaa in /r/ethstaker on September 20, 2022 05:55:19
/r/ethereum/comments/xismjk/what_would_happen_if_ethereum_is_considered_a/ip6ak95/

Ethereum, like other decentralized blockchain projects, is ran on a peer-to-peer network consisting of tens of thousands of nodes (computers). To shut down or coerce a change to the system, you would have to at the very least compromise a majority of these nodes. This is very similar to how Bittorrent works, which has been notoriously hard to shut down. I suggest looking at [this excellent 3blue1Brown video](https://www.youtube.com/watch?v=bBC-nXj3Ng4) for an introduction to the concept.

Commented by /u/Njaa in /r/ethereum on September 20, 2022 05:43:56
/r/ethstaker/comments/xj3bdq/mevboost_relays_to_avoid/ip6a2er/

It's unknown how many of those 80% also subscribe to other relays though. If they do, a valuable enough transaction would increase their block values enough that the node would ignore the Flashbots suggestion if it censors it.

Commented by /u/Njaa in /r/ethstaker on September 20, 2022 05:36:56
/r/ethstaker/comments/xiwkd7/best_arguments_to_refute_postmerge_centralization/ip68g83/

No, you can exit today. You just won't be able to *withdraw* until Shanghai. If your goal is to avoid being coerced by sanctions and risk slashing, that's ***currently*** an option you have.

Commented by /u/Njaa in /r/ethstaker on September 20, 2022 05:12:54
/r/ethereum/comments/xikujb/hi_guys_can_i_address_in_the_elephant_in_the_room/ip67h15/

Nor do stakers decide the rules in ETH. They perform the same role.

Commented by /u/Njaa in /r/ethereum on September 20, 2022 04:58:16
/r/ethereum/comments/xikujb/hi_guys_can_i_address_in_the_elephant_in_the_room/ip67eyt/

They're at 15% commission, considering turning it down to 14%. It's also the only liquid staking derivative trading at proper ETH prices, and not below - which might be both good and bad depending on how you look at it.

Commented by /u/Njaa in /r/ethereum on September 20, 2022 04:57:23
/r/technews/comments/xib9zp/ethereum_plunges_after_sec_chair_says_the_merge/ip4qecm/

Decentralized code execution and programmable asset transfers is a service.

Commented by /u/Njaa in /r/technews on September 19, 2022 19:52:16
/r/technews/comments/xib9zp/ethereum_plunges_after_sec_chair_says_the_merge/ip4psci/

Staking pools should *certainly* be challenged to provide disclosure, when they are accepting funds to further invest them. Gensler commented on this too last week, and compared such transactions to loans, which I cannot disagree with. Any given staking pool service might fraudulently be using the funds in different ways from what they are promising - for example by running a literal ponzi scheme and paying out earlier investors with later investors' funds. There should be consumer protection regulation to combat this. What kind of investments *traditional centralized companies* offer to the public is a different topic from the blockchains themselves though, even if the service entails crypto-transactions. The Ethereum Foundation doesn't make a lot of sense to me. They're a non-profit, and they never receive any investment funds from the public, nor provide any returns. Their only role is research and funding grants for open source projects. I struggle to see what guidelines they could follow, even *hypothetically*.

Commented by /u/Njaa in /r/technews on September 19, 2022 19:47:24
/r/technews/comments/xib9zp/ethereum_plunges_after_sec_chair_says_the_merge/ip4ng1b/

It's not really *arguing* the different points of the Howey test though. It's pointing at some extremely vague statements from the SEC chair and raising its eyebrows suggestively.

Commented by /u/Njaa in /r/technews on September 19, 2022 19:29:05
/r/technews/comments/xib9zp/ethereum_plunges_after_sec_chair_says_the_merge/ip4mpsr/

What puzzle me is how the hypothetical enforcement would play out. An asset's classification as a security isn't supposed to be some sort of moral lever to ban that asset from society - it's a legislative tool to enforce companies who receive investments from others to disclose relevant information in order to protect the investors. The way I see it, there's no such entity here, no one who could conceivably comply with the regulatory disclosure requirements - I mean it's all on the public ledger anyways. There similarly wouldn't be anyone to penalize for failing to comply. It might make exchanges' lives hell, but it wouldn't serve any real regulatory purpose. If you pay x and receive y ETH at market rates, there is literally nothing else the exchange can possibly disclose.

Commented by /u/Njaa in /r/technews on September 19, 2022 19:23:15
/r/EtherMining/comments/vya4n6/after_the_eth_merge_what_youre_gonna_mine_the_most/ip4l4pn/

Told me what? I literally agreed there was risk going into the merge.

Commented by /u/Njaa in /r/EtherMining on September 19, 2022 19:10:46
/r/CryptoMarkets/comments/xi1r9a/what_do_you_think/ip3ie8k/

Can you link me the Tweet in question? I couldn't find it when searching their profile.

Commented by /u/Njaa in /r/CryptoMarkets on September 19, 2022 14:36:08
/r/ethstaker/comments/xhyamp/debunking_the_myth_on_the_controversial_rpi4/ip2op3q/

Take a look at [etherscan.io/blocks](https://etherscan.io/blocks). You'll see plenty of blocks with less than 5 million or more than 25 million gas, even just in the past few minutes. Block #15568393 seven minutes ago had 29990647 gas used (99.97%)

Commented by /u/Njaa in /r/ethstaker on September 19, 2022 11:23:26
/r/ethstaker/comments/xhyamp/debunking_the_myth_on_the_controversial_rpi4/ip2b1xr/

30m gas cannot be sustained for any significant period, since any block that is close to that increases the basefee of the next block exponentially.

Commented by /u/Njaa in /r/ethstaker on September 19, 2022 09:49:22
/r/CryptoMarkets/comments/xi1r9a/what_do_you_think/ip29bd0/

Lido has like dozens of individual node operators. How do you know that these operators adhere to US regulation?

Commented by /u/Njaa in /r/CryptoMarkets on September 19, 2022 09:36:27
/r/ethstaker/comments/xhyamp/debunking_the_myth_on_the_controversial_rpi4/ip28c7w/

That's a good point, but it's tempered by a) such events being exceedingly unlikely to happen, and b) quadratic leaking taking multiple days / weeks to kick into high gear - giving you ample time to recover if your hardware isn't good enough.

Commented by /u/Njaa in /r/ethstaker on September 19, 2022 09:29:06
/r/ethstaker/comments/xhyamp/debunking_the_myth_on_the_controversial_rpi4/ip27xyu/

Why would the market affect the resource usage of a staking machine? An Ethereum block is limited to 30 million gas, with a 15 million average, no matter what the market says.

Commented by /u/Njaa in /r/ethstaker on September 19, 2022 09:26:06
/r/ethtrader/comments/xh7paz/sec_chairman_warns_ethereum_update_could_classify/iozicsr/

No, he actually did not do that. 99% of all Gensler/SEC headlines are made up bullshit.

Commented by /u/Njaa in /r/ethtrader on September 18, 2022 18:03:32
/r/CryptoCurrency/comments/xh7xeq/mit_named_proofofstake_pos_as_a_top_technological/iozfh9z/

You don't delegate your stake in Ethereum. You do in Cardano and others though. You can pool resources outside of the protocol, and then stake those pooled resources, but that's not stake delegation.

Commented by /u/Njaa in /r/CryptoCurrency on September 18, 2022 17:44:38
/r/rocketpool/comments/xhk75z/is_node_setup_different_post_merge/iozbwf9/

Yes. There are no plans to get rid of the two layer structure. It's a feature, not a bug.

Commented by /u/Njaa in /r/rocketpool on September 18, 2022 17:21:14
/r/ethereum/comments/xgq4ks/what_are_some_major_concern_for_ethereum_post/ioy77a5/

Naw, that's OK, I've had my fill of bad faith arguments for one day. Let's just do this: RemindMe! 1 year "Has the SEC classified Ethereum as a security yet?" You see, ***another*** difference between you and me is that it would actually bother me if I were wrong on this. You, on the other hand, will never look back at this exchange with any semblance of self reflection if you turn out wrong.

Commented by /u/Njaa in /r/ethereum on September 18, 2022 13:12:44
/r/Buttcoin/comments/xgpua8/hours_after_ethereum_transition_to_proofofstake/ioxmao9/

Yet, every single comment here is interpreting it as if it was regarding Ethereum or other PoS projects, due the nature of ther consensus, not loans to commercial companies. Some times the proof is in the pudding. Not one person commenting here read that headline as Gensler talking about loans. >The SEC said that POS crypto could be reclassified They never even said this, so your deception continues.

Commented by /u/Njaa in /r/Buttcoin on September 18, 2022 10:54:46
/r/Buttcoin/comments/xgpua8/hours_after_ethereum_transition_to_proofofstake/ioxkf9w/

I understand it to be editorialized deception, yes.

Commented by /u/Njaa in /r/Buttcoin on September 18, 2022 10:41:48
/r/Buttcoin/comments/xgpua8/hours_after_ethereum_transition_to_proofofstake/ioxjrsd/

I read the article before you posted it :)

Commented by /u/Njaa in /r/Buttcoin on September 18, 2022 10:37:11
/r/Buttcoin/comments/xgpua8/hours_after_ethereum_transition_to_proofofstake/iowumv9/

Your title clearly states that Ethereum itself could be considered a security, when he's not actually talking about Ethereum being a security.

Commented by /u/Njaa in /r/Buttcoin on September 18, 2022 07:09:26
/r/CryptoCurrency/comments/xgyz8l/the_dust_has_settled_from_a_user_perspective/iovmouj/

Ah, you're extrapolating from the 1d burn rate. Fair enough, but that's very unlikely to be the actual YOY inflation. Both x and y axis values are revealed if you click a point in the graph. The graph is obviously bounded by the merge date and today's date on the x axis, and by the merge supply and today's supply on the y axis, with ~20% padding. It's a simplified graph, but there's no deception going on.

Commented by /u/Njaa in /r/CryptoCurrency on September 17, 2022 22:50:01
/r/CryptoCurrency/comments/xgywdk/will_eth_always_require_32_eth_to_be_a_validator/iovlkil/

A lot more than that, now that it benefits from priority fees and MEV

Commented by /u/Njaa in /r/CryptoCurrency on September 17, 2022 22:40:43
/r/CryptoCurrency/comments/xgyz8l/the_dust_has_settled_from_a_user_perspective/iovl1wl/

There hasn't been a single day in Ethereum's history where you had to pay 100 USD to get your transaction included. There's been individual blocks, sure, but.just fucking wait 12 seconds.

Commented by /u/Njaa in /r/CryptoCurrency on September 17, 2022 22:36:35
/r/CryptoCurrency/comments/xgyz8l/the_dust_has_settled_from_a_user_perspective/iovk2wz/

How is the chart misleading exactly?

Commented by /u/Njaa in /r/CryptoCurrency on September 17, 2022 22:28:39
/r/Buttcoin/comments/xgpua8/hours_after_ethereum_transition_to_proofofstake/iovfu1p/

Sure! SEC Chair Gensler's words were as follows: >If an intermediary such as a crypto exchange offers staking services to its customers, Mr. Gensler said, it “looks very similar—with some changes of labeling—to lending.” The SEC has repeatedly signaled over the past year that firms offering crypto-lending products need to register with the agency and in February forced BlockFi Lending to pay $100 million for failing to do so. He's talking about commercial intermediaries who might offer staking services, and how transactions to them for them to further invest into staking might be considered loans. This is undeniably true, and has nothing to do with Ethereum or its consensus mechanism.

Commented by /u/Njaa in /r/Buttcoin on September 17, 2022 21:54:38
/r/ethereum/comments/xg9jm9/i_hold_eth_and_i_hold_xrp_do_not_ignore_the_sec/iov87my/

The ICO didn't break Swiss law. Whether or not it WOULD have broken US law if performed in the US is irrelevant. But you're just a troll, so you're not gonna argue in good faith anyways. Goodbye.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 20:54:27
/r/ethereum/comments/xgq4ks/what_are_some_major_concern_for_ethereum_post/iov4uge/

The difference between you and me, is that I actually read the sources of shit like this. Take the first result in your Google result, for example: [https://blockworks.co/ethereum-merge-attracts-sec-chairs-attention-eth-drops/](https://blockworks.co/ethereum-merge-attracts-sec-chairs-attention-eth-drops/) >If an intermediary such as a crypto exchange offers staking services to its customers, Mr. Gensler said, it “looks very similar—with some changes of labeling—to lending.” The SEC has repeatedly signaled over the past year that firms offering crypto-lending products need to register with the agency and in February forced BlockFi Lending to pay $100 million for failing to do so. It's explicitly making hay out of Gensler's thoughts on centralized staking services, and how they might be deemed loans - exactly as I predicted above. Do try again though.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 20:27:58
/r/ethereum/comments/xg9jm9/i_hold_eth_and_i_hold_xrp_do_not_ignore_the_sec/iov2onv/

ETH doesn't "enter the US", and even if it did, it would be irrelevant. The ICO is an event that happened 7 years ago. It doesn't follow the ETH.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 20:10:59
/r/ethereum/comments/xgjtwj/apr_is_now_lower_after_merge/iov1gvv/

There's also MEV though, so not only priority fees.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 20:01:19
/r/ethereum/comments/xgq4ks/what_are_some_major_concern_for_ethereum_post/iov0jtj/

I believe you'll find it hard to source your claim, but please go ahead and surprise me. The only comments Gensler/SEC has made wrt. the merge is that transactions to centralized commercial staking services might be considered loans. They've made no comments on Ethereum or its staking.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 19:53:58
/r/ethstaker/comments/xgxmqv/after_merge_is_anyone_staking_succesfully_with_a/iov071g/

Have you [overclocked](https://docs.rocketpool.net/guides/node/local/prepare-pi.html#overclocking-the-pi) the Pi?

Commented by /u/Njaa in /r/ethstaker on September 17, 2022 19:51:07
/r/ethereum/comments/xgc6dc/best_staking_option_for_small_balance_wallets/iouz1rh/

>Usually stETH/rETH are worth a little less then ETH. Currently rETH is trading at a \*premium\*, being worth more, not less, than the underlying ETH assets.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 19:42:08
/r/ethereum/comments/xgc6dc/best_staking_option_for_small_balance_wallets/iouycvu/

No. You either have to commit the funds to the staking contract yourself, or you have to lend the funds to a staking provider that do it for you. In either case, you ETH leaves your wallet.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 19:36:40
/r/ethereum/comments/xgq4ks/what_are_some_major_concern_for_ethereum_post/iouxzhe/

It's not being targeted by the SEC.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 19:33:50
/r/Buttcoin/comments/xgpua8/hours_after_ethereum_transition_to_proofofstake/ioux73c/

Try to read what he actually said, instead of repeating lies. You guys are worse than the actual Buttcoiners.

Commented by /u/Njaa in /r/Buttcoin on September 17, 2022 19:27:31
/r/ethereum/comments/xg9jm9/i_hold_eth_and_i_hold_xrp_do_not_ignore_the_sec/iouwtjv/

The US SEC is gonna go after a no longer existing Swiss company for events happening past the statute of limitation in a jurisdiction they don't control? I want whatever you're smoking.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 19:24:33
/r/ethereum/comments/xg9jm9/i_hold_eth_and_i_hold_xrp_do_not_ignore_the_sec/iouw1xm/

The pre-sale happened in Switzerland, not a US jurisdiction, performed by a no longer existing company. Even if these things weren't true, and US jurisdiction applied, the statute of limitations have long since lapsed.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 19:18:28
/r/ethereum/comments/xg9jm9/i_hold_eth_and_i_hold_xrp_do_not_ignore_the_sec/iouuv9q/

Not really. The SEC has never contradicted the CTFC on crypto. People are just taking the time to actually read or listen to Gensler's words. For example, in the most recent memes about Gensler bad, he was explicitly talking about commercial staking services, not Ethereum itself. People like to hate him for the lulz, but he's never actually said anything close to what people are hating him for.

Commented by /u/Njaa in /r/ethereum on September 17, 2022 19:09:07
/r/Buttcoin/comments/xghrcd/81_of_eth_2_transactions_are_processed_by_one_us/iotynwd/

Flashbots neither process transactions, nor run nodes. They're a service that suggests blocks that might be more valuable than picking loose transactions from the mempool. If a valuable sanctioned transaction still appears in the mempool, the nodes will pick that instead. Ironic OP flair.

Commented by /u/Njaa in /r/Buttcoin on September 17, 2022 15:14:08
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/ioqdac8/

There are recourses to 51% attacks under PoS, yes. That's half the point of it. Goodbye.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 19:36:43
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/ioq9m2i/

This isn't a discussion about the existence of 51% attacks. It's a discussion about the fallout of one. If you're gonna put words in my mouth and scoff at the resulting strawman, this is probably not gonna be a fruitful discussion.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 19:07:33
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/ioq7l2c/

Define "authoritative ledger". The attacking majority can certainly *propose and play* on an alternative ledger, but they would quickly find themselves alone with no one to play with, while the actual users continue to use the honest chain where the attacker would have lost billions of dollars.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 18:51:58
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopwyuy/

Well, time will tell. My prediction is that no attack will occur, or that if it does, it will indeed result in slashing of the attacker(s). Let's see which one of us is correct: RemindMe! 3 years

Commented by /u/Njaa in /r/ethereum on September 16, 2022 17:34:09
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopp2sv/

I don't think that's accurate, since that happens to be the exact USD value of the BTC rewards per day. Miners are not operating at 0% profit. In any case, a 51% attack would be rewarded \~6.35 BTC per 10 minutes, or 18 million dollars per day. In comparison, mounting a 51% attack on the Ethereum network would cost you 13705388 ETH, or ***19 billion*** for just the staking position.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 16:39:09
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopljfg/

Which is a trivially small cost, compared to being slashed. Furthermore, a successful PoW attack would mean that the attacker is actually getting 100% of the block rewards, so they would be compensated indeed.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 16:15:33
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopl5uo/

It's different from the capital provider's side, sure, but that's not relevant to the protocol. From the protocol's side, a mining/staking pool either behaves faithfully, or it abuses its position. In PoW's case, the protocol has to pray the miners realize this and migrates away. In PoS' case, the protocol can defend itself.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 16:13:01
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopkhbv/

You mean proposals, not attestations.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 16:08:24
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopkcxo/

Individual nodes including or not including transactions is their own business. This isn't a change from PoW->PoS.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 16:07:36
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopk03i/

You seem to think that there is on-chain governance at play in Ethereum, when there isn't.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 16:05:12
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopjq1i/

What you're describing protects the capital of the consensus participant, not the decentralization of the system. Pools can attack in both PoS and PoW. In PoW the miners can coordinate a migration away from said pool. In PoS there can be migrations, and also the pool can be slashed.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 16:03:17
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopjdta/

If you are using LSDs like stETH or rETH, you can exit at any time according to market rates. I find it hard to believe you're staking in any other manner, if you didn't know withdrawals are not yet enabled.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 16:01:01
/r/ethereum/comments/xfu7pe/52_of_total_eth_staked_by_3_entities/iopj6aq/

There is no attack vector where colluding stakers can earn more than colluding miners could anyways. In fact, the game theory harshly discourages this due to the possibility of slashing. It's *strictly* an upgrade in matters of security.

Commented by /u/Njaa in /r/ethereum on September 16, 2022 15:59:40
/r/CryptoCurrency/comments/xfqdca/environmentalist_are_attacking_btc_and_other_pow/iophih0/

No, that is not what he's saying. Go back and read his actual words.

Commented by /u/Njaa in /r/CryptoCurrency on September 16, 2022 15:48:36
/r/CryptoCurrency/comments/xf4sxp/watch_eth_burn_in_realtime_the_next_few_months/iolzky4/

I would assume because it's simpler, while the end result is the same. Stakers always get x amount of fresh bills, and fees are always burned. Simple. The alternative would be an internal accounting mechanism to divide and distribute the exact same "bills", adding more fresh bills if the fees are too low and burning *some* fees if they exceed what is needed to pay validators.. Complex, and zero benefit.

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 21:39:46
/r/environment/comments/xezn5a/ethereum_just_completed_the_merge_heres_how_much/iolwwh2/

That's pretty good! In Bitcoin that number would be just [five](https://buybitcoinworldwide.com/mining/pools/).

Commented by /u/Njaa in /r/environment on September 15, 2022 21:20:00
/r/CryptoCurrency/comments/xf4sxp/watch_eth_burn_in_realtime_the_next_few_months/iolv9xz/

No. The burn mechanism has been unchanged for the past year AFAIK.

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 21:07:52
/r/CryptoCurrency/comments/xf4sxp/watch_eth_burn_in_realtime_the_next_few_months/iolv1qh/

Bitcoin is still inflating though. The narrative is as if it were already deflationary, so maybe it's more of a psychological thing.

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 21:06:09
/r/CryptoCurrency/comments/xf4sxp/watch_eth_burn_in_realtime_the_next_few_months/ioluuan/

Because then someone could just send 5839595973399958377383 transactions, and effectively kill the network. Also, the fee burn offsets the inflation, so that token holders don't get their value reduced to pay for infrastructure.

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 21:04:35
/r/Buttcoin/comments/xexf2g/does_anyone_else_kind_of_enjoy_the_eth_vs_btc_war/iolu4d0/

>authentication model and inability to handle failures / the unexpected. What do you mean by this?

Commented by /u/Njaa in /r/Buttcoin on September 15, 2022 20:59:21
/r/CryptoCurrency/comments/xeucg3/ethereum_cryptocurrency_completes_move_to_cut_co2/ioltmc3/

Electricity and energy are not the same concept. My sources are comparing electricity. Your source is mixing in oil and gas and other types of fuel.

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 20:55:40
/r/CryptoCurrency/comments/xeucg3/ethereum_cryptocurrency_completes_move_to_cut_co2/iolmnqh/

>Where did you get that figure? By searching for "Bitcoin energy consumption" and "global electricity consumption" and comparing the numbers: >*The world's electricity consumption has continuously grown over the past half a century, reaching approximately 23,900 terawatt-hours in 2019.* > >*It's estimated that Bitcoin consumes electricity at an annualized rate of 127 terawatt-hours (TWh).* 127/23900 = 0.53%

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 20:02:30
/r/ethereumnoobies/comments/xf9k4y/why_is_proof_of_capacity_less_popular/iolm9f5/

Proof-of-Capacity uses less power than PoW, but still relies on an ever increasing amount of hardware and e-waste, with no inherent benefit to Sybil resistance beyond what the "simulated mining" of PoS provides.

Commented by /u/Njaa in /r/ethereumnoobies on September 15, 2022 19:59:23
/r/CryptoCurrency/comments/xeucg3/ethereum_cryptocurrency_completes_move_to_cut_co2/iol63in/

Considering liquid staking derivatives are trading at close to 1:1, that would surprise me to put it mildly. If there was such a sell pressure inbound, these LSDs would sell at a steep discount.

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 17:58:22
/r/CryptoCurrency/comments/xeucg3/ethereum_cryptocurrency_completes_move_to_cut_co2/iol5jt9/

The moment you think you are perfect, is the moment you abandon improvements. I'm enthusiastic about ETH, but I would never claim that it is perfect.

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 17:54:32
/r/CryptoCurrency/comments/xeucg3/ethereum_cryptocurrency_completes_move_to_cut_co2/iol5alg/

Half a percent of the \*\*\*total electricity consumption of the world\*\*\* is a \*\*\*rounding error\*\*\*?

Commented by /u/Njaa in /r/CryptoCurrency on September 15, 2022 17:52:46
/r/ethstaker/comments/xf32c0/increased_frequency_of_missed_attestations/iokzpuo/

Besu is having [some issues](https://media.discordapp.net/attachments/468923220607762485/1020063083911184435/unknown.png) they're working on. I recommend waiting for a new release, or changing to a different EL client.

Commented by /u/Njaa in /r/ethstaker on September 15, 2022 17:14:17
/r/EtherMining/comments/vzi6yv/ethereums_tentative_merge_schedule_targets_a/iokucwb/

Information asymmetry strikes again!

Commented by /u/Njaa in /r/EtherMining on September 15, 2022 16:38:41
/r/hardware/comments/xeqlta/ethereum_merge_to_proofofstake_completed_gpu/ioktlbk/

I mean, fair enough, but a *roadmap* isn't a delivery prediction or promise - it's an internal tool for development prioritization.

Commented by /u/Njaa in /r/hardware on September 15, 2022 16:33:36
/r/technology/comments/xeq7yl/ethereum_will_use_less_energy_now_that_its/iokngdc/

>No, but the implicit argument for crypto way back when was to remove control of the established elites at the Fed, and give it to the people. Which has happened. No governmental agency controls the monetary policies or access to blockchain ledgers. >The implication was that this would lead to more just outcomes not just in terms of power, but with purchasing ability too. Anyone can start a mining operation in their own home! This is where you lose me. You seem to be claiming that Bitcoin offered some sort of *universal basic income* \- which has never been its stated goal. It would be interesting if such a system could even exist, but it would require some kind of proof-of-humanity mechanism to prevent people from claiming more than is theirs. >This was always a fantasy, sure, but let's not pretend that "those with more money get more power" was compatible to the marketing around crypto. I don't exactly know what you mean by "more power". Mining and staking are mechanisms to ensure sybil resistance - preventing single actors from spamming the network pretending that they're millions. The mining and staking rewards are just incentives to ensure enough people participate in this resistive mechanism. At the end of the day, the actual *power* doesn't lie in the hands of block producers (or the Fed) in either system, but in the hands of the users - as is proper in a system that has "democratized the exchange of money".

Commented by /u/Njaa in /r/technology on September 15, 2022 15:53:09
/r/technology/comments/xeq7yl/ethereum_will_use_less_energy_now_that_its/iokicf4/

And in your world, democratization inherently entails socialistic redistribution of wealth?

Commented by /u/Njaa in /r/technology on September 15, 2022 15:19:53
/r/nvidia/comments/xepxq5/breaking_ethereum_eth_successfully_merges_to/iokaqi4/

It's ETH denominated too, so any change in ETH value can completely eclipse the gain or loss from the actual staking. The rate is *however* market determined. If people actually thought this was too low, it would rise as fewer staked. It's at \~4% because that's where the market determines it should be.

Commented by /u/Njaa in /r/nvidia on September 15, 2022 14:30:04
/r/technology/comments/xeq7yl/ethereum_will_use_less_energy_now_that_its/iok2w9z/

It's actually quite a bit more constricted than that. Any given transaction requires a signature from the account in question. This signature cannot be forged by stakers. Because of this, no matter the size of your stake, you can never force through invalid blocks or invalid transactions. The only thing you can do is reorganize the blocks since finalization (normally <12 minutes) or refuse to process transactions.

Commented by /u/Njaa in /r/technology on September 15, 2022 13:38:44
/r/technology/comments/xeq7yl/ethereum_will_use_less_energy_now_that_its/iok1lmb/

It fascinates me that people somehow fault crypto for not being a vehicle of overthrowing capitalism or wealth redistribution.

Commented by /u/Njaa in /r/technology on September 15, 2022 13:30:19
/r/Futurology/comments/xetqvj/ethereum_completes_the_merge_that_will_make_its/iok0e4s/

>This is actually how most blockchains work really Not exactly. Most blockchains have a fee marketplace to combat *congestion*, not to fund the infrastructure. Yesterday, every single blockchain funded infrastructure through inflation. Today, one blockchain does not.

Commented by /u/Njaa in /r/Futurology on September 15, 2022 13:22:31
/r/Futurology/comments/xetqvj/ethereum_completes_the_merge_that_will_make_its/iojzjmy/

When tens of thousands of people have to *coordinate* a software update for it to work, that speaks to decentralization. How could it be otherwise?

Commented by /u/Njaa in /r/Futurology on September 15, 2022 13:17:03
/r/Futurology/comments/xetqvj/ethereum_completes_the_merge_that_will_make_its/iojz6mf/

Mostly accurate. A couple corrections would be 1) there's no actual "mining" going on, but if you're just using the term to mean "block producing", then you would be correct. 2) There's not necessarily a smaller group of lottery winners. In both mining and staking, there was a winner every 12-14 seconds - the only difference is if the entry cost to this lottery was denominated in refundable virtual currency or electricity consumption. For the protocol there's little difference - both types mean that you cannot fake a ton of lottery tickets. For the real world though, the differences are massive.

Commented by /u/Njaa in /r/Futurology on September 15, 2022 13:14:40
/r/Futurology/comments/xetqvj/ethereum_completes_the_merge_that_will_make_its/iojxq1b/

>Asking people to take $25k \~ $50k and put it into an unregulated security so they can be a validator is a LOT of money. I assume you mean unregistered security. Ethereum isn't an unregistered security. >On top of that, they need commercial internet and a proper server, it's no longer a game of just installing some software on your gaming PC and making some extra money. A common misconception, but there is nothing about Ethereum staking that requires industrial network and hardware. You need hardware on the scale of $200 USD, and your network just needs to be unmetered. A few hours downtime every now and then doesn't meaningfully impact the result, so datacenter redundancies are not important.

Commented by /u/Njaa in /r/Futurology on September 15, 2022 13:05:09
/r/OutOfTheLoop/comments/xetilo/whats_going_on_with_the_ethereum_merge/iojopf4/

Exactly. Ethereum isn't a means of overthrowing capitalism, or a vehicle for wealth redistribution.

Commented by /u/Njaa in /r/OutOfTheLoop on September 15, 2022 12:07:45
/r/btc/comments/xe3akr/the_ethereum_merge_is_finally_here/iogu8xp/

Tbh, only good source is Telegram channels that claim to be posting for the family members of the former POTUS.

Commented by /u/Njaa in /r/btc on September 14, 2022 20:21:22
/r/CryptoCurrency/comments/xeb2xm/ethereum_merge_how_one_big_cryptocurrency_is/iogp32x/

It isn't. Neither Bitcoin or Ethereum is centralized - which was the point of the comment you responded to. >As for it being "a huge waste of energy". You don't get something for nothing. There's no way ETH can use 99% the energy and be as secure. How do you quantify security?

Commented by /u/Njaa in /r/CryptoCurrency on September 14, 2022 19:41:46
/r/CryptoCurrency/comments/xeb2xm/ethereum_merge_how_one_big_cryptocurrency_is/ioghyko/

Neither Bitcoin nor Ethereum is governed by their block producers. Governance is done off-chain, on the social layer.

Commented by /u/Njaa in /r/CryptoCurrency on September 14, 2022 18:46:21
/r/EtherMining/comments/xdwqv0/welcome_to_the_last_day_of_eth_mining/iofjnb7/

RemindMe! 12 hours

Commented by /u/Njaa in /r/EtherMining on September 14, 2022 14:46:15
/r/CryptoCurrency/comments/xdeck0/ethereums_merge_pos_vs_pow_and_the_most_common/ioembl0/

You probably meant to say "which eth will", since securities need to **pass** the test, not **fail** it.

Commented by /u/Njaa in /r/CryptoCurrency on September 14, 2022 11:12:36
/r/EtherMining/comments/xd6bjj/looking_back_on_how_you_navigated_the_fall_of_eth/iodwn6q/

That's half the point though. If the project can rent the same security for $50 as they previously did for $960, that's a huge improvement for the users who don't need to bear that needlessly excessive cost.

Commented by /u/Njaa in /r/EtherMining on September 14, 2022 08:08:15
/r/CryptoCurrency/comments/xdeck0/ethereums_merge_pos_vs_pow_and_the_most_common/iodu4q6/

>You forgot the main problem with Nothing at stake. > >If you were previously in the validator set and unstaked, you can still produce fake blocks, your not in the validator set anymore so what’s gonna get slashed? > >The only solution to this is to basically “ignore it” because you’ve seen the original before. You couldn't **not** ignore it, since you've already attested on the finalized real chain. Joining the attacker's chain would require your stake to be forfeit on both chains. >But what if you’re a new node? Which one is the original? You’ve added trust to the system This is true. If you join as a validator in the middle of such an attack, you cannot *mathematically* know which one is the true one. It would however be completely obvious, since all the *users* would be on the real chain. The attacker's chain would be full of empty blocks, and the proper chain would have every single large DAPP running on it as normal. It might not be mathematically provable on the protocol level, but it wouldn't be a mystery to the actual people running the protocol.

Commented by /u/Njaa in /r/CryptoCurrency on September 14, 2022 07:46:09
/r/CryptoCurrency/comments/xdeck0/ethereums_merge_pos_vs_pow_and_the_most_common/iodsltu/

Assets are not deemed securities based on their complexity. You will have to wait a *very* long time :)

Commented by /u/Njaa in /r/CryptoCurrency on September 14, 2022 07:32:01
/r/environment/comments/xclcv2/in_two_days_ethereum_will_no_longer_be_able_to_be/iodanue/

The weighting of the bond has a max value of 32, meaning your vote can only shrink in size, not grow. But yes, capital begets capital. Ethereum isn't overthrowing capitalism.

Commented by /u/Njaa in /r/environment on September 14, 2022 03:56:58
/r/CryptoCurrency/comments/xd8i1q/ethereum_is_grappling_with_the_risk_of_censorship/ioba2qn/

Well, I can't argue against a lack of interest. Thanks for the pleasant chat!

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 17:38:12
/r/CryptoCurrency/comments/xd8i1q/ethereum_is_grappling_with_the_risk_of_censorship/iob8yny/

>who is "they"? you are speaking as if miners are one entity. If miners are to act as white blood cells and defeat malicious (censoring) pools, they need to do so in a concerted effort. The *hypothetical* **possibility** of them acting is meaningless if the game theory results in no change in the pool's hashrate when they enact the censorship. So yes, "they" are the miners as a collective entity. >yeah, my whole issue is the fact they even have this choice at all to begin with is ridiculous. I agree. It's like buying and hosting miners in a mining service. You'll earn less and have no control of your assets. Hosting your own validator with 16+ ETH or patronizing a decentralized pool is strictly superior to using CEX pools. >will lead to an ecosystem where everyone pretends they are decentralized and fighting the man, when in practicality you are just in a bigger digital cage The proof is in the pudding. Well see how the OFAC sanctions fare in the coming years. I predict Tornado Cash and all other contracts/wallets will remain accessible on the Ethereum blockchain without protocol level censorship, and if I'm right, I wonder what the "cage" is exactly. Monero is cool though.

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 17:30:45
/r/CryptoCurrency/comments/xd8i1q/ethereum_is_grappling_with_the_risk_of_censorship/iob707r/

Unless I misread you here, you missed that Rocket Pool is a *staking* pool, not a *mining* pool. We're moving towards it, not away from it. Even Lido, the largest pool by far, consists of dozens of individual operators in different jurisdictions. (Although that's not anywhere close to Rocket Pool's ratio).

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 17:18:02
/r/CryptoCurrency/comments/xd8i1q/ethereum_is_grappling_with_the_risk_of_censorship/iob345c/

>The difference is a miner can up and leave to a different pool instantly Yet they provably didn't when PoW pools adopted the OFAC sanctions. (Which by the way didn't happen last month. Pools have been observing OFAC sanctions for years.) It does indeed seem like censorship resistance requires heavier incentives to overcome the financial self interest of consensus participants. If not, your scenario would already have played out. Incentives such as slashing. >Compare this to validators who you lock your funds with, and have the ability to get YOUR money “slashed” for THEIR mistakes. If you lend your car to your dipshit nephew with a history of reckless driving, and he engages in a high speed getaway from the police resulting in the car being totaled, it's sure sad you lost your car. But the most important thing (by far) is not your car, but that the police got a madman off the roads before he killed someone. When you lend your assets to someone, you are responsible for determining their trustworthiness. If you deem there to be a risk, that's up to you to account for when you calculate the interests you will require. Besides, all of this slashing talk is irrelevant unless the censoring party literally 51% attacks the minority. In lieu of this, the minority will just include the censored blocks in their proposals, and everyone will be happy.

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 16:53:10
/r/CryptoCurrency/comments/xd8i1q/ethereum_is_grappling_with_the_risk_of_censorship/iob13q4/

This looks like it's entirely analogous to decentralized pools in Ethereum, like Rocket Pool, where your pooled resources are divided among thousands of independent operators instead of a single pool admin organization. Unless you see any significant differences, your subsequent snark seems unwarranted.

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 16:40:40
/r/CryptoCurrency/comments/xd8i1q/ethereum_is_grappling_with_the_risk_of_censorship/ioat65p/

>It’s not hard to figure out what happens next. What happens next is that people remember game theory still applies, and choose to not get slashed.

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 15:51:36
/r/CryptoCurrency/comments/xd8i1q/ethereum_is_grappling_with_the_risk_of_censorship/ioash1f/

I do wonder where this meme comes from. The by far largest staking pool is Lido, which from what I can tell is incorporated in the Cayman Islands. Besides, there has been no sanctions or other executive action targeted at block producers in the US - neither miners nor stakers.

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 15:47:21
/r/CryptoCurrency/comments/xd8i1q/ethereum_is_grappling_with_the_risk_of_censorship/ioas1kp/

Indeed, they are not the same. One is a discussion about censorship. The other is a discussion about hosting solutions. But since you wanna change the topic: Do you think billion-dollar pooling companies self-host in residential networks? If so, feel free to show statistics to that effect.

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 15:44:45
/r/ethereum/comments/xclpxx/why_the_merge_could_change_the_future_of/io9xxgw/

I know you're just trolling, but like.. join a pool?

Commented by /u/Njaa in /r/ethereum on September 13, 2022 12:21:41
/r/CryptoCurrency/comments/xcokvf/nobel_laureate_eugene_fama_says_bitcoin_is_not_a/io96zdy/

It's literally being debased 6.25 BTC every block though.

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 09:29:20
/r/CryptoCurrency/comments/xd5whm/dca_into_btc_or_btceth/io933ux/

Because of speculation, not fundamentals. There's a lot of money to be earned in predicting other people's behaviour, even if that behaviour is irrational.

Commented by /u/Njaa in /r/CryptoCurrency on September 13, 2022 09:01:28
/r/ethereum/comments/xcqcwn/how_are_you_guys_feeling_about_the_merge/io7a8jw/

I'm curious - are you continuing as a staker now, with your mined profits, or will this be the end for you? It's probably not something you should even comment on, nor is it any of my business. I just wonder how many miners transition to stakers.

Commented by /u/Njaa in /r/ethereum on September 12, 2022 21:43:10
/r/environment/comments/xclcv2/in_two_days_ethereum_will_no_longer_be_able_to_be/io74r65/

Yes, you can mine using mental calculation for that matter - but what is relevant is how you can do it profitably. Modern GPUs are possibly profitable for some alternative coins, but not Bitcoin. Not by a long shot.

Commented by /u/Njaa in /r/environment on September 12, 2022 21:03:54
/r/environment/comments/xclcv2/in_two_days_ethereum_will_no_longer_be_able_to_be/io73efk/

This is entirely wrong. PoW is **not** remaining as a part of the execution layer. In about 48 hours, there will be literally zero participation from miners in the Ethereum project.

Commented by /u/Njaa in /r/environment on September 12, 2022 20:54:15
/r/ethtrader/comments/xchucy/75_billion_eth_futures_need_to_be_dumped_within_2/io6yxud/

The fork already happened a week ago. There is no further fork planned until Paris in about a year.

Commented by /u/Njaa in /r/ethtrader on September 12, 2022 20:21:55
/r/ethereum/comments/xchauj/is_ethereum_20_with_lamport_signature_truly/io6xp53/

I really do think the R&D Discord is where you want to be for this discussion.

Commented by /u/Njaa in /r/ethereum on September 12, 2022 20:12:52
/r/environment/comments/xclcv2/in_two_days_ethereum_will_no_longer_be_able_to_be/io6w5lh/

You don't mine Bitcoin with GPUs. That is done with ASICs.

Commented by /u/Njaa in /r/environment on September 12, 2022 20:01:24
/r/environment/comments/xclcv2/in_two_days_ethereum_will_no_longer_be_able_to_be/io6vpf4/

Validators (which can be ran on Raspberry Pis) who put up a 32 ETH bond process the transactions. If they do this faithfully, they receive the tramsactiom fees, making out around 6% APY. If they betray this trust, they lose 32 ETH.

Commented by /u/Njaa in /r/environment on September 12, 2022 19:58:05
/r/ethfinance/comments/xc3ttm/daily_general_discussion_september_12_2022/io6tv0c/

What's up with that lion pfp that everyone has?

Commented by /u/Njaa in /r/ethfinance on September 12, 2022 19:44:06
/r/CryptoCurrency/comments/xbe8xs/what_about_the_crypto_world_confuses_you/io1ass4/

You have it mostly right - a lot of releases self-host files - but in the case of more serious releases, they host their images and metadata in a more decentralized manned on IFPS.

Commented by /u/Njaa in /r/CryptoCurrency on September 11, 2022 16:28:57
/r/ethstaker/comments/xbb4wm/list_of_noncensored_mevboost_relays/inzatl2/

I'd argue being prevented from ordering a block to perform a sandwich or frontrunning attack isn't the same as being censored. Your transaction will still be included based on the merits of its basefee/priority fee.

Commented by /u/Njaa in /r/ethstaker on September 11, 2022 08:42:43
/r/EtherMining/comments/v8u1dr/why_do_miners_think_the_value_of_eth_will_go_down/inywpkj/

It depends on how much people want to pay in fees to use the network, but 10-15% doesn't seem likely no. Including priority fees and MEV, the rewards will be around 6%.

Commented by /u/Njaa in /r/EtherMining on September 11, 2022 06:09:20
/r/EtherMining/comments/v8u1dr/why_do_miners_think_the_value_of_eth_will_go_down/inyw3bs/

By all means, we can wait and see, but the staking reward from issuance isn't some sort of mystery. It follows a pretty simple mathematical formula: 32000000000*64/sqrt(x*32000000000)*82125/1000000000/32 Where x is the number of validators. Currently there's [424939](https://beaconcha.in/) validators, so the formula resolves to 4.5% There's rewards beyond this, from priority fees and MEV, but those aren't awarded by the protocol, and doesn't affect inflation.

Commented by /u/Njaa in /r/EtherMining on September 11, 2022 06:00:54
/r/EtherMining/comments/v8u1dr/why_do_miners_think_the_value_of_eth_will_go_down/inyutg8/

We currently issue 2.23 ETH per block. This will be reduced to 0.23 ETH. The burn is higher than 0.23 if the average basefee is above 15.33. See [here](https://ycharts.com/indicators/ethereum_average_gas_price) for daily basefee averages.

Commented by /u/Njaa in /r/EtherMining on September 11, 2022 05:43:17
/r/Buttcoin/comments/x9u91a/whats_going_on_with_ethereum/ins079l/

Given current activity, it is slated to be between -0.1% and +0.1% per year.

Commented by /u/Njaa in /r/Buttcoin on September 9, 2022 17:17:30
/r/Buttcoin/comments/x9u91a/whats_going_on_with_ethereum/inrzzox/

RemindMe! 6 months "How about those 51% attacks?"

Commented by /u/Njaa in /r/Buttcoin on September 9, 2022 17:16:00
/r/ethfinance/comments/x9md3j/daily_general_discussion_september_9_2022/inrj6yy/

Maybe more of a dead bird flight.

Commented by /u/Njaa in /r/ethfinance on September 9, 2022 15:20:56
/r/ethfinance/comments/x9md3j/daily_general_discussion_september_9_2022/inreust/

ATH was 10 months ago. We were at 3500 in April. The capitulation happened in May. We just entered September. Saying we're *over a year* into the bear market doesn't track with reality.

Commented by /u/Njaa in /r/ethfinance on September 9, 2022 14:51:28
/r/CryptoCurrency/comments/x995rm/is_doomsday_coming_for_many_alts_the_sec_will/inp7r0r/

What tax implications? It's not like trading commodities for profit is a tax free endeavor anyways...

Commented by /u/Njaa in /r/CryptoCurrency on September 9, 2022 03:46:29
/r/CryptoCurrency/comments/x98lx3/eli5_will_bitcoins_inability_to_move_to_pos/innlkdd/

Other unsolved issues with PoW include the inflation rate and its relation to the ongoing security budget. For Bitcoin, the plan is to halve inflation every 4 years, but this cannot be done without affecting the payments to miners, and subsequently the network's security. The real interesting inflection point is when Bitcoin in about two decades pays less in block issuance than they earn in fees.

Commented by /u/Njaa in /r/CryptoCurrency on September 8, 2022 19:13:11
/r/ethereum/comments/x85mcf/why_people_wont_sell_the_news_on_the_merge/ini012a/

Not everyone's ETH is staking, but everyone's ETH is inflating.

Commented by /u/Njaa in /r/ethereum on September 7, 2022 16:36:58
/r/collapse/comments/x89t2j/world_economic_forum_futurist_we_just_dont_need/inhza9h/

He's even suggesting that we need to find a new definition of "productive" that emphasizes things like teachers and mothers and community builders, not just raw economic output. Something I think this sub would agree to, if they weren't being led by the nose by this right-wing propaganda.

Commented by /u/Njaa in /r/collapse on September 7, 2022 16:32:30
/r/collapse/comments/x89t2j/world_economic_forum_futurist_we_just_dont_need/inhyr3d/

I'm listening to the recording right now, halfway through. The sentiment of \*looks at notes\* *"Klaus Schwab’s eugenicist lieutenant, Yuval Noah Harari"* is indeed nowhere close to what this article or post suggests. He isn't celebrating how we can now stop caring about the vast majority of human life. He's literally lamenting how automation is gonna make a lot of people unemployable, and comments that we will need to find new definitions of "productivity" that emphasizes things like teachers, community builders and raising families, rather than raw economic output. How this is somehow *evil* is beyond me, and you falling for this bullshit over and over again is the main reason I'm gonna go ahead and unsubscribe now. Goodbye.

Commented by /u/Njaa in /r/collapse on September 7, 2022 16:29:18
/r/CryptoCurrency/comments/x73w0e/bitcoin_dominance_is_now_at_a_new_low_and_ethbtc/indisd1/

Difficult adjustment is a mechanism to stabilize block timings to 10 minutes regardless of changes in the total hashrate, it provides no benefit to security. It's a common misconception.

Commented by /u/Njaa in /r/CryptoCurrency on September 6, 2022 18:35:35
/r/CryptoCurrency/comments/x73w0e/bitcoin_dominance_is_now_at_a_new_low_and_ethbtc/indcw48/

Yes. It does. That's like the whole point. The decentralization is an obstacle to overcome to attack the chain. If the obstacle is smaller, attacking becomes easier.

Commented by /u/Njaa in /r/CryptoCurrency on September 6, 2022 17:54:36
/r/CryptoCurrency/comments/x73w0e/bitcoin_dominance_is_now_at_a_new_low_and_ethbtc/indcjpb/

>Yes, but the miners do not have the power to unilaterally force a hard fork. POS stakers do. No. Ethereum has nodes as a counterbalance to the consensus providers, in the exact same way as Bitcoin does. Staking nodes have exactly the same power as miners. They produce blocks. The propagation and validation of the blocks is done by nodes.

Commented by /u/Njaa in /r/CryptoCurrency on September 6, 2022 17:52:13
/r/ethereum/comments/x6eoyf/vitalik_buterin_reiterates_that_his_influence_on/in8ozkj/

How many coins does he hold, and how large a percentage of the supply?

Commented by /u/Njaa in /r/ethereum on September 5, 2022 18:33:17
/r/bitcoincashSV/comments/x4w1t5/switching_to_posethereums_predicted_corruption/in03r7p/

Sure, but the Ethereum Foundation has less than half a percent of the supply.

Commented by /u/Njaa in /r/bitcoincashSV on September 3, 2022 21:45:18
/r/ethfinance/comments/x4m18u/daily_general_discussion_september_3_2022/imzdgyh/

I wonder what makes you say that? What society considers *underweight* is actually the most healthy body weight to maintain. He's also a runner, which is some of the best longevity-effective exercise you can do.

Commented by /u/Njaa in /r/ethfinance on September 3, 2022 18:19:26
/r/bitcoincashSV/comments/x4w1t5/switching_to_posethereums_predicted_corruption/imzaxvk/

How does the Ethereum Foundation gain more power under PoS?

Commented by /u/Njaa in /r/bitcoincashSV on September 3, 2022 18:00:57
/r/ethereum/comments/x4vqc6/how_will_the_merge_affect_energy_consumption_on/imz8gci/

Nor do you get rewards for simply holding ETH under PoS. You have to maintain nodes that actually runs the network.

Commented by /u/Njaa in /r/ethereum on September 3, 2022 17:42:56
/r/ethereum/comments/x4a2zw/eth_merge_is_on_the_horizon/imyet97/

Ironically, only when zooming out. Using the most recent data it looks like there will still be between 0.1 and 0.2% inflation - which is still a massive reduction.

Commented by /u/Njaa in /r/ethereum on September 3, 2022 14:15:50
/r/ethereum/comments/x4a2zw/eth_merge_is_on_the_horizon/imyekg1/

Ironically, only when zooming out. Using the most recent data it looks like there will still be between 0.1 and 0.2% inflation - which is still a massive reduction.

Commented by /u/Njaa in /r/ethereum on September 3, 2022 14:14:08
/r/CryptoCurrency/comments/x3ykt4/ethereums_vitalik_buterin_worried_about_bitcoins/imv9j2b/

Uh, why did you parrot the 100 years meme if you know that the effects are front-loaded? Pretending that the 2140 halving is equal to the 2024 halving is idiotic. Fees will eclipse issuance in merely a couple of decades.

Commented by /u/Njaa in /r/CryptoCurrency on September 2, 2022 20:31:54
/r/CryptoCurrency/comments/x3ykt4/ethereums_vitalik_buterin_worried_about_bitcoins/imv7lsc/

What exactly do you think it costs to run an ETH node, lol? They can be ran on Raspberry Pis.

Commented by /u/Njaa in /r/CryptoCurrency on September 2, 2022 20:16:35
/r/CryptoCurrency/comments/x3ykt4/ethereums_vitalik_buterin_worried_about_bitcoins/imv77gh/

The hacks in question are not on Ethereum, but on their customers. There has been zero protocol hacks in Ethereum.

Commented by /u/Njaa in /r/CryptoCurrency on September 2, 2022 20:13:23
/r/CryptoCurrency/comments/x3ykt4/ethereums_vitalik_buterin_worried_about_bitcoins/imv70zn/

Hardware improvements benefit attacker and defender equally.

Commented by /u/Njaa in /r/CryptoCurrency on September 2, 2022 20:11:56
/r/CryptoCurrency/comments/x3ykt4/ethereums_vitalik_buterin_worried_about_bitcoins/imv5h5g/

An ordinary ETH transfer never fails. You are spreading lies. "Failures" are cases like if you want to swap tokens, specify a slippage, but the price changes by more than your slippage by the time your transaction is included in a block. It's literally a feature people want.

Commented by /u/Njaa in /r/CryptoCurrency on September 2, 2022 19:59:34
/r/CryptoCurrency/comments/x3ykt4/ethereums_vitalik_buterin_worried_about_bitcoins/imv50lk/

The difficulty adjustment has nothing to do with the matter. If the network is "secured" by John Doe's Windows 98 PC, it will be trivial to attack it.

Commented by /u/Njaa in /r/CryptoCurrency on September 2, 2022 19:55:52
/r/CryptoCurrency/comments/x3ykt4/ethereums_vitalik_buterin_worried_about_bitcoins/imv4g4e/

>If bitcoin tx cost were even 50% of eth tx cost, fee revenue ALONE will be higher than entire current mining revenue including block subsidy and current fee revenue. Let's explore this claim. Ethereum has a break-even limit of 15.33 Gwei per gas. This means it is revenue neutral at 21000*15.33 Gwei=0.00032193 ETH, or about 50 cents at current prices. At 50 cents per transfer, Bitcoin would muster a total of 2759*0.50=1379.5 USD contribution to the security budget per block. Mining is currently awarded around 6.35 BTC per block if you include both issuance and fees - or about 127000 USD. 1379.5 is about 8% of 127000. Even at not just 50% of Ethereum's revenue, but 100%, AND assuming a higher gas price than what is currently the case, your claim makes no sense. Almost as if you're lying through your teeth.

Commented by /u/Njaa in /r/CryptoCurrency on September 2, 2022 19:51:14
/r/CryptoCurrency/comments/x3ykt4/ethereums_vitalik_buterin_worried_about_bitcoins/imv2msz/

The security budget is cut by 90% every 12 years. It might be literally zero in 118 years, but the effects are front-loaded.

Commented by /u/Njaa in /r/CryptoCurrency on September 2, 2022 19:36:52
/r/ethtrader/comments/x0n3az/senator_warren_worries_that_fed_will_tip_us/im9fh0y/

Ah, I see. Pedestrian conspiratory theories.

Commented by /u/Njaa in /r/ethtrader on August 29, 2022 10:43:01
/r/ethtrader/comments/x0n3az/senator_warren_worries_that_fed_will_tip_us/im95a8j/

>The Fed's explicit goal is to put people out of work. What's your source for this..?

Commented by /u/Njaa in /r/ethtrader on August 29, 2022 09:28:52
/r/ethereum/comments/wz9atb/not_your_keys_not_your_coins_so_why_staking_with/im78dks/

Sure, but we're talking about more than a thousand nodes, whose votes are weighted by the square root of their staked RPL, to hinder whales from dominating. Is that not decentralization?

Commented by /u/Njaa in /r/ethereum on August 28, 2022 21:09:48
/r/ethereum/comments/wzu445/i_have_a_maybe_conspiracy_theory_around_the_eth/im70e2x/

No. If there are forks, anyone with 10 ETH at address 0xwhatever will have the same balance on the same address in all forks as they have in the Ethereum mainnet, and their private keys will be the same.

Commented by /u/Njaa in /r/ethereum on August 28, 2022 20:06:13
/r/ethereum/comments/x07smr/convince_me_not_to_sell_all_my_eth_right_now/im6wzbg/

**TLDR**: What you are referring to was a tempest in a teacup during a time when there was uncertainty as to how different actors would respond to the OFAC sanctions. There is no reason to think the Ethereum protocol will be censored after the merge. TC is still available, and will continue to be available. &#x200B; >Heard ETH dev say themselves that the POS fork introduces new censorship threat, and no other dev argued that point. You are talking about MEV-boost, which is a separate matter from PoS, but censorship is a valid concern in general. MEV-boost is generally a good thing. Without MEV-boost you get a centralizing force through economies of scale for operations who are large enough that they can exploit MEV. With it, this value is instead shared between all willing validators regardless of their size, but the block builders and the relays they use can choose to censor. It's important to note that this threat was always there, since large mining/validating operations already availed themselves of MEV tools where they outsourced the block production to others. In the devcall you mention, there was a point made that Ethereum couldn't launch MEV-boost if the only available relays were censoring ones - since that would be defacto censorship not just enabled, but *endorsed*, by protocol. However, there has been a lot of movement on the relay front since the OFAC sanctions, and several relays have committed to avoid the *eager* route of censoring transactions "just in case". Because of this, it is up to the validators which ones they want to use and whether or not to censor - and censorship was always in the hands of miners/validators anyways, in both PoS and PoW. In the end, the important part is that a **majority** of consensus doesn't *force* censorship on the minority by orphaning the minority's blocks. As long as they don't, any censorship they perform only affects their own blocks, and is resolved by non-censoring validators including it when it's their turn. In practice, this means that an afflicted actor needs to wait 12 seconds to see if the next block producer wishes to include them. If they \*do\* choose to orphan the blocks of the neutral minority, their validators will be slashed. This has been committed to both by the general community, but also in the devcall you are referring to.

Commented by /u/Njaa in /r/ethereum on August 28, 2022 19:39:10
/r/ethereum/comments/wyxpu4/if_i_could_buy_32_eth_what_would_be_the_best_way/im2h3e5/

As in dozens of hours without power and internet per month?

Commented by /u/Njaa in /r/ethereum on August 27, 2022 20:13:04
/r/CryptoCurrency/comments/wz9tdk/the_ethereum_merge_an_inevitable_problem_pos_will/im1s8lq/

How many nodes does Bitcoin and Ethereum have, respectively?

Commented by /u/Njaa in /r/CryptoCurrency on August 27, 2022 17:00:37
/r/ethereum/comments/wyxpu4/if_i_could_buy_32_eth_what_would_be_the_best_way/im1r6c5/

What is a better system than equal APY for all participants? Are you looking for a system with baked-in redistribution of wealth?

Commented by /u/Njaa in /r/ethereum on August 27, 2022 16:52:42
/r/ethereum/comments/wyxpu4/if_i_could_buy_32_eth_what_would_be_the_best_way/im1qvhi/

I seriously doubt that most people availing themselves of cloud services wouldn't be better off just buying the hardware themselves, and stashing it in a closet or bookshelf somewhere. Look at the [\#stakefromhome](https://twitter.com/hashtag/stakefromhome) hashtag on Twitter for inspiration

Commented by /u/Njaa in /r/ethereum on August 27, 2022 16:50:28
/r/ethereum/comments/wyk906/vitalik_and_ethereum_core_devs_and_researchers/im0ml4e/

They will have inactivity penalties for the time they are gone, but no slashing.

Commented by /u/Njaa in /r/ethereum on August 27, 2022 12:08:33
/r/Buttcoin/comments/wydkha/over_90_of_ethereum_nodes_are_hosted_on_amazon/ilzfhos/

When you only look at the subset of hosted nodes, saying that more than 90% is hosted is a tautology. 100% of hosted nodes are hosted.

Commented by /u/Njaa in /r/Buttcoin on August 27, 2022 05:47:30
/r/ethereum/comments/wyk906/vitalik_and_ethereum_core_devs_and_researchers/ilzdj2w/

Which third party will be determining the enterprise's success after the merge?

Commented by /u/Njaa in /r/ethereum on August 27, 2022 05:24:32
/r/ethereum/comments/wyk906/vitalik_and_ethereum_core_devs_and_researchers/ilzdai9/

In the slim chance you're not just concern trolling: People would set up camp elsewhere. Spinning up a node on a different VPS or on your own local hardware is trivial. AWS can stop serving validators, but they don't hold the validating keys.

Commented by /u/Njaa in /r/ethereum on August 27, 2022 05:21:25
/r/ethereum/comments/wya2vk/how_does_proof_of_staking_work/ilzbp7l/

Comebase and Kraken are running about 23% of validators on behalf of their customers. They receive about 23% of the minted coins. 77% are received by other actors. > why would I bother? The only reason you would stake is if you believe in the long term price action of Ethereum, and would like to have 6-8% on top of that while helping secure the project. Coinbase's holdings isn't really relevant to your income in this scenario.

Commented by /u/Njaa in /r/ethereum on August 27, 2022 05:00:00
/r/ethereum/comments/wya2vk/how_does_proof_of_staking_work/ilxuprm/

Yes, you will need a proxy for capital to propose blocks. In PoW chains this is ASICs or other hardware, and in PoS it is the native coin. An Ethereum staking validator with 32 ETH will have approximately one in 400000 chance of being the one who proposes a block. If you have 64 ETH staked in two validators, that chance doubles.

Commented by /u/Njaa in /r/ethereum on August 26, 2022 20:10:48
/r/ethereum/comments/wya2vk/how_does_proof_of_staking_work/ilxg7hz/

No. The terminology is weird, but "validators" propose and validate blocks, while nodes of all kinds validate them. This means that the role of block proposal is given to the wealthiest (same as in PoW), but the validation and propagation of blocks is still governed by nodes validating each block's adherence to the rules of the protocol.

Commented by /u/Njaa in /r/ethereum on August 26, 2022 18:20:44
/r/CryptoCurrency/comments/wxopwk/ethereum_holders_begin_moving_eth_crypto_to/ilsgifi/

Does that increase the odds of it happening? Seems like a self-fulfilling prophecy.

Commented by /u/Njaa in /r/CryptoCurrency on August 25, 2022 17:46:33
/r/ethereum/comments/wxp6nw/gary_gensler_ethereum_is_a_security/ilsfg9e/

If you watch the full lecture, Gensler is *very* specific about framing it as a possible security ***at the time of the ICO*** when there was central issuance. >Ethereum, ***when it was first promoted in 2014***, I believe passed this test. > >Ethereum, ***in 2014***, exchanged Bitcoin for an ETH. It ***was*** an investment in a common enterprise ***at that point in time***, a 20- or 21-year-old Vitalik Buterin running Ethereum Foundation out of Switzerland. It ***was*** one group. > >An expectation of profits-- they ***had*** no functioning network. It ***was*** just an idea and a white paper-- a really good idea-- and good-faith actors. And it ***was*** reliant on whether Vitalik and his team of coders ***were*** going to stand this project up. > >To me, I don't even think there's much doubt what this was ***in 2014*** when they raised the $18 million Even if this somehow was true in 2014, there is no longer central issuance or enterprise being invested in, so it no longer passes the Howey test, as he explicitly confirms this later in [the same MIT lecture](https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/resources/session-20-primary-markets-venture-capital/), referring to SEC director Hinman's remarks on the matter: >I mean, the US Securities and Exchange Commission and Hinman's speech sort of said you could be sufficiently decentralized as Ethereum. They, in essence, had some regulatory forbearance. > >And there's a key sentence in that speech as to, I think the words were, regardless of what Ethereum might have been in 2014-- like, Hinman kind of pushed that to the side and said, I'm not going to address that question implicitly. But it's sufficiently decentralized. [This](https://www.sec.gov/news/speech/speech-hinman-061418) is the transcript of the speech in question: >\[P\]utting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, **current offers and sales of Ether are not securities transactions**. Bringing up this edited clip of Gensler's thoughts about the *ICO* to argue something Ethereum's *current state* is deeply dishonest.

Commented by /u/Njaa in /r/ethereum on August 25, 2022 17:39:24
/r/CryptoCurrency/comments/wxp8p4/gary_gensler_ethereum_is_a_security/ilsej7y/

If you watch the full lecture, Gensler is *very* specific about framing it as a possible security ***at the time of the ICO*** when there was central issuance. >Ethereum, ***when it was first promoted in 2014***, I believe passed this test. > >Ethereum, ***in 2014***, exchanged Bitcoin for an ETH. It ***was*** an investment in a common enterprise ***at that point in time***, a 20- or 21-year-old Vitalik Buterin running Ethereum Foundation out of Switzerland. It ***was*** one group. > >An expectation of profits-- they ***had*** no functioning network. It ***was*** just an idea and a white paper-- a really good idea-- and good-faith actors. And it ***was*** reliant on whether Vitalik and his team of coders ***were*** going to stand this project up. > >To me, I don't even think there's much doubt what this was ***in 2014*** when they raised the $18 million Even if this somehow was true in 2014, there is no longer central issuance or enterprise being invested in, so it no longer passes the Howey test, as he explicitly confirms this later in [the same MIT lecture](https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/resources/session-20-primary-markets-venture-capital/), referring to SEC director Hinman's remarks on the matter: >I mean, the US Securities and Exchange Commission and Hinman's speech sort of said you could be sufficiently decentralized as Ethereum. They, in essence, had some regulatory forbearance. > >And there's a key sentence in that speech as to, I think the words were, regardless of what Ethereum might have been in 2014-- like, Hinman kind of pushed that to the side and said, I'm not going to address that question implicitly. But it's sufficiently decentralized. [This](https://www.sec.gov/news/speech/speech-hinman-061418) is the transcript of the speech in question: >\[P\]utting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, **current offers and sales of Ether are not securities transactions**. Bringing up this edited clip of Gensler's thoughts about the *ICO* to argue something Ethereum's *current state* is deeply dishonest.

Commented by /u/Njaa in /r/CryptoCurrency on August 25, 2022 17:33:13
/r/CryptoCurrency/comments/wxp8p4/gary_gensler_ethereum_is_a_security/ilsdbc9/

Gary Gensler argues this.

Commented by /u/Njaa in /r/CryptoCurrency on August 25, 2022 17:25:02
/r/EtherMining/comments/wwkgcy/over_75_of_ethereum_pos_went_down_merge_delay/ilpk606/

If only they had bothered to take the time to run merges on the testnets first.

Commented by /u/Njaa in /r/EtherMining on August 25, 2022 04:50:19
/r/ethtrader/comments/wvoji8/what_date_do_we_receive_the_eth_pow_tokens_after/ill6ezp/

The concept is called LEB, LEB8, or Low ETH Bond. You can read more in [this thread](https://discord.com/channels/405159462932971535/971215160192688138) on the Rocket Pool Discord server, or the governance forum: https://dao.rocketpool.net/

Commented by /u/Njaa in /r/ethtrader on August 24, 2022 08:52:36
/r/ethtrader/comments/wvoji8/what_date_do_we_receive_the_eth_pow_tokens_after/ilkqtxd/

Rocket Pool is lowering the requirement to either 4 or 8 soon

Commented by /u/Njaa in /r/ethtrader on August 24, 2022 06:22:31
/r/CryptoCurrency/comments/wvtncb/eth_may_be_headed_for_a_fork_into_a_censored_and/ilk5qg4/

Bitcoin has the exact same issues though.

Commented by /u/Njaa in /r/CryptoCurrency on August 24, 2022 01:46:00
/r/CryptoCurrency/comments/wvtncb/eth_may_be_headed_for_a_fork_into_a_censored_and/ilk5nq9/

The indication of willingness to act here was made by dozens of individuals working on the open source code that makes out the project. The foundation itself hasn't made any dictation. Even if the developers are willing to release code slashing these actors, it only takes effect if enough nodes install the software. There are around 10k nodes in play. This is the same model as Bitcoin uses, and is within any reasonable definition of decentralization.

Commented by /u/Njaa in /r/CryptoCurrency on August 24, 2022 01:45:06
/r/ethereum/comments/wvt8r7/esg_impact_of_the_merge_if_you_value_blockchains/ilhvyid/

>the top 4 mining pools are about 52% of btc network When you say 52%, do you mean [67.3%](https://btc.com/stats/pool)? >it's the miners that would have to coordinate to take over the network, not the pools It's the other way around: The pools are the block builders, who interact with the protocol. The miners don't. The pools could perform a takeover on their own, and the miners would have to coordinate to \*stop\* them. This is pretty similar to how Ethereum works in that sense, since pools conspiring to censor the protocol (which will never happen due to game theory) would have to be stopped by social intervention. The largest difference is that Ethereum can actually directly *punish* these malicious actors, while PoW chains cannot.

Commented by /u/Njaa in /r/ethereum on August 23, 2022 15:31:43
/r/ethereum/comments/wvt8r7/esg_impact_of_the_merge_if_you_value_blockchains/ilhtsk0/

It's OK to admit you're wrong. Ethereum rewards have ***never*** been 10 ETH / block, and during the ATH the block reward was at a long term *low*, not *high*. The [last time there was a significant reduction in Ethereum block rewards](https://ycharts.com/indicators/ethereum_block_rewards_per_day) was during the Constantinople update, which happened early 2019.

Commented by /u/Njaa in /r/ethereum on August 23, 2022 15:18:02
/r/ethereum/comments/wvt8r7/esg_impact_of_the_merge_if_you_value_blockchains/ilhrb0x/

>they own the majority of the eth2 network Who are "they"? >And mining pools don't equal staking pools that's a common misconception. I assume you mean there can be a collective social reaction to any pool overstepping, with miners changing the pool they patronize?

Commented by /u/Njaa in /r/ethereum on August 23, 2022 15:02:08
/r/ethereum/comments/wvt8r7/esg_impact_of_the_merge_if_you_value_blockchains/ilhpt71/

Almost seems like we're being brigaded. I can smell the fear.

Commented by /u/Njaa in /r/ethereum on August 23, 2022 14:52:37
/r/ethereum/comments/wvt8r7/esg_impact_of_the_merge_if_you_value_blockchains/ilhpjp7/

2140 has nothing to do with the matter. The security budget is cut by 90% every 12 years.

Commented by /u/Njaa in /r/ethereum on August 23, 2022 14:50:55
/r/ethereum/comments/wvt8r7/esg_impact_of_the_merge_if_you_value_blockchains/ilhpa77/

ATH was november 2021. [Here](https://etherscan.io/block/13598320) is a block from then. Notice that the reward was 2 ETH + fees, not 10.

Commented by /u/Njaa in /r/ethereum on August 23, 2022 14:49:16
/r/ethereum/comments/wvt8r7/esg_impact_of_the_merge_if_you_value_blockchains/ilhorjj/

Lol this is not true. Do you know how much $ would be needed to get to 51% of staking power? It's economically impossible. Concensus is that PoS is more secure than PoW it's really not a debate. Don't even get me started w decentralization, the top 4 centralized entities own over 60% of the mining network.

Commented by /u/Njaa in /r/ethereum on August 23, 2022 14:45:57
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/ildnotv/

Yeah, this is low effort trolling. I could just as easily claim that purchasing hashing power is permissioned, since any ASIC has an owner - but I'm not that stupid. Good luck with the grift.

Commented by /u/Njaa in /r/technology on August 22, 2022 18:07:34
/r/CryptoCurrency/comments/wurlob/153000_ethereum_added_to_eth_20_as_investors/ilcr2cf/

>ETH inflation hasn't been close to 5% for a long time. It's already around half that number which actually is quite a healthy place to be for long term adoption. Issuance is currently (2.23*(60/13)*60*24*365)/118000000*100=4.6% Even if you deduct burn, you land on something like 4.3%. This is simply block issuance times blocks per year. Where are you getting *your* numbers? >Actually, that's the long term vision and the primary reason PoS has been pushed so hard by the likes of Vitalik. No, it hasn't. Vitalik has spoken about such speedups on L2, but never Ethereum mainnet.

Commented by /u/Njaa in /r/CryptoCurrency on August 22, 2022 14:28:12
/r/Buttcoin/comments/wuud2b/i_asked_the_ponzi_scammers_on_rethereum_what/ilciqpd/

It might surprise you that cost of sending ETH has been below a dollar for a good while.

Commented by /u/Njaa in /r/Buttcoin on August 22, 2022 13:35:06
/r/Bitcoin/comments/wo8nct/gigi_destroys_a_shitcoiner_for_claiming_bitcoin/ilch3x3/

Least unhinged Bitcoin maxi.

Commented by /u/Njaa in /r/Bitcoin on August 22, 2022 13:24:42
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/ilcgjqg/

Permissioned in the sense that you need to buy 32 coins (or 16 in the case of Rocket Pool)? I don't think you would ever describe *buying* a coin as permissioned in the case of Bitcoin or whatever, so this comes across as pretty troll-y.

Commented by /u/Njaa in /r/technology on August 22, 2022 13:21:07
/r/CryptoCurrency/comments/wurlob/153000_ethereum_added_to_eth_20_as_investors/ilcfi8i/

Not quite double, but definitely a significant increase, which is also immediately liquid.

Commented by /u/Njaa in /r/CryptoCurrency on August 22, 2022 13:14:32
/r/CryptoCurrency/comments/wurlob/153000_ethereum_added_to_eth_20_as_investors/ilcezrr/

>That means 99.95% of ETH bought and sold every day is from existing circulating supply. Comparing trading volume to exit and entry trades is meaningless. A shit-ton of trades are just arbitrage and AMM without any human input. >Likewise, the current inflation of mining ETH is already so low vs circulating supply that cutting that further has a relatively small impact compared to say the first BTC halving. The impact of removing 5% inflation per year is on the scale of 5% per year, which might *seem* like a small increase, but it is *huge*. >Then when blockspace could rise as much as 50,000x and gas fees drop to almost zero you're going to need thousands of fold increase in transaction volume just to stay still. There is no 50000x throughput increase planned.

Commented by /u/Njaa in /r/CryptoCurrency on August 22, 2022 13:11:16
/r/ethereum/comments/wu4sdb/why_exactly_are_you_excited_about_the_merge_if_it/ilb5fx4/

Keep in mind this is the sum of issuance, and doesn't factor in burn. The actual supply is lower, at around 120 million.

Commented by /u/Njaa in /r/ethereum on August 22, 2022 07:43:46
/r/ethereum/comments/wtoh19/censorship_and_a_potential_fork_not_powchain/ilatosk/

Yes, you would need a majority of the consensus, which is the same in both PoS and PoW. Not attesting only delays finality by a block - it doesn't prevent the block from being added. I fail to see the difference.

Commented by /u/Njaa in /r/ethereum on August 22, 2022 05:21:27
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/ilapa1l/

Stripping away the senseless price speculation going on in crypto generally, Ethereum has two simple use cases: 1) Same as all crypto, it can be used for payments and store of value. 2) Arbitrary code execution through "smart contracts", which is a fancy term for small computer programs. Both of these use cases are decentralized and highly censorship resistant, meaning you can do things like hosting simple web pages criticizing the Chinese government with no way for them to take it down. "Aha!", you might say, "What about the recent TC sanctions?" Well, the protocol remains uncensored. What has been done so far is that *centralized exchanges* and the likes have refused to let you interact with this particular smart contract, but it's still there, accepting transactions. The protocol can't prevent non-protocol actors from censoring, and never claimed it could. Price action is largely affected by the speculation common to the crypto sphere, which is zero sum. There is a positive sum component though, through the fees people willingly pay to actually *use* the abovementioned features. Such payments drives the price up without being zero sum, both since an actual service is provided to the payer, and because the fees go towards paying the upkeep and any leftover is used to reduce the total supply. Ignoring the speculative aspect, the only reason the project will remain in ten years is if there's an actual demand for the two services I outlined above. If there isn't, the project can and should die. You definitely should put money into things like index funds and real estate before investing or speculating in crypto. You'll get no pushback from me on that point.

Commented by /u/Njaa in /r/technology on August 22, 2022 04:19:01
/r/ethereum/comments/wtoh19/censorship_and_a_potential_fork_not_powchain/ilanesz/

Unless they orphan blocks.

Commented by /u/Njaa in /r/ethereum on August 22, 2022 03:52:34
/r/ethereum/comments/wtoh19/censorship_and_a_potential_fork_not_powchain/il926k5/

I must have missed something here, but why does Lido keep getting referred to as bound by US sanctions? They're incorporated in the Cayman Islands, and have node operators in many different jurisdictions. Is there something to it, or is it just some baseless maxi narrative being parroted?

Commented by /u/Njaa in /r/ethereum on August 21, 2022 18:49:53
/r/ethereum/comments/wtoh19/censorship_and_a_potential_fork_not_powchain/il91yc6/

Because miners in Bitcoin cannot exclude transactions?

Commented by /u/Njaa in /r/ethereum on August 21, 2022 18:48:13
/r/ethereum/comments/wtoh19/censorship_and_a_potential_fork_not_powchain/il91mm4/

Yes. This isn't a PoS vs PoW thing.

Commented by /u/Njaa in /r/ethereum on August 21, 2022 18:45:50
/r/ethereum/comments/wtoh19/censorship_and_a_potential_fork_not_powchain/il91969/

The real reason the USDC point is dumb, is because they're economically forced to support the popular fork, since that's where their customers are. If the uncensored fork *doesn't* have popular support, we have bigger issues than USDC.

Commented by /u/Njaa in /r/ethereum on August 21, 2022 18:43:05
/r/ethereum/comments/wtoh19/censorship_and_a_potential_fork_not_powchain/il90sim/

Can people explain why this is wrong, instead of just downvoting? There is no sign RP will require the censored relays. The devs have explicitly supported making uncensored relays available in the software.

Commented by /u/Njaa in /r/ethereum on August 21, 2022 18:39:46
/r/Bitcoin/comments/wt80hc/discussion_how_will_pos_and_pow_coexist_or_their/il8zg10/

If you have a time machine and wrote the genesis block, I guess.

Commented by /u/Njaa in /r/Bitcoin on August 21, 2022 18:29:50
/r/rocketpool/comments/wtwlx5/forcing_the_use_of_mevboost_is_leading_us_to/il8stwh/

>One attractive option is just bundling multiple different relays in the Smartnode and let you pick the one you want with a dropdown or something. Each could have some descriptive text explaining its pros and cons. That way, you could pick whichever one best suited your particular preferences. I strongly suspect there will be at least one relay out there eventually that claims to be truly transaction agnostic An acceptable approach, but the agnostic choice ***needs*** to be the default option. The difference between censorship and ***opt-out*** censorship is practically zero.

Commented by /u/Njaa in /r/rocketpool on August 21, 2022 17:42:08
/r/cryptoleftists/comments/wtwr35/im_flabbergasted_this_sub_even_exists/il7qdh5/

Specifically, in a few weeks, the only PoW chains on the top 20 are Bitcoin and its clones/forks.

Commented by /u/Njaa in /r/cryptoleftists on August 21, 2022 13:15:23
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il7p6yl/

>Which is no payout until the end of the phase - one to three years. I don't know what you mean by "phase". Withdrawals go live for everyone at the same time - pools or not. >You will pay more penalties for downtimes than get income from your stake. This just reveals you don't know how the penalty system works in the slightest. You would have to have more downtime than uptime for penalties to outscale rewards. This is a very very low bar to clear. >False. They are not governed by smart contract. Pool issue their own tokens that literally is their promise to payout ETH at the end of the phase. They are not tied by any smart contract at all. The pool i was referring to was Rocket Pool. Please do read up on it. It fills all my claimed features, and matches none of your retorts. >they must run a node for up to 3 years without a single payout after all. I really do wonder what this multi-year phase you keep talking about is. >"Blessed are those who have not seen, and have believed." (C)Jesus Who knows, but I'm happy to revisit this issue in several years from now to see whose power of prediction matched reality on this point. >I definitely am better protected - I run my node on AWS prepaid for the whole time and with out anyone accessing it at all. You run a validator? Which clients? >Coinbase doesn't run a pool. [Huh](https://help.coinbase.com/en/coinbase/trading-and-funding/coinbase-earn/eth-2-0-staking)? >False again. it's 50/50 - by validator running the node and rocket pool. Gains losses are also 50/50 - so if validator get's penalised - 50% of penalty goest to the pool. It is not. Rocket Pool nodes collateralized not just using ETH, but provide additional collaterlization by locking up RPL. [Currently the average RPL stake is 79%](https://www.rp-metrics-dashboard.com/dashboard/MAINNET/), meaning that for each node of 32 ETH, 16+79%=28.6 ETH is risked by the node operator. Nor are fees divided 50/50, but rather 42.5/57.5, since there is a 15% commission. Not are penalties divided 50/50, but entirely on the pool side. See [this page](https://docs.rocketpool.net/guides/node/responsibilities.html#rocket-pool-node-operators) for node operator instructions, paying particular attention to the following phrasing: > as a node operator you are responsible for your own performance. If your node performs poorly and you actually end up losing ETH by the time you decide to exit your minipool, all of the lost ETH is coming out of your share. For example: if you exit with a balance of 30 ETH, then your minipool lost 2 ETH from its initial 32 ETH deposit. You will receive 14 ETH, and 16 ETH will be returned to the staking pool. >I have no questions for you. Unsurprising. Curiosity and inquisitiveness are signs of intelligence after all.

Commented by /u/Njaa in /r/technology on August 21, 2022 13:07:14
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il743d3/

Certainly! >Staking pool is when you send your money/crypto to some anonymous group of people (of which you don't even know the part of the world where they live) No, most staking services are known business, many of which in western jurisdictions. > for the period of at least a year or more (the duration of the current phase phase) without any possibility to withdraw your stake No, this has nothing to do with pools. The withdraw mechanism is implemented at the same time for pools and solo stakers. > and they in turn entrust your crypto to a node operator because there is no point to stake more then 32ETH - so they need to divide all ETH they pooled to 32ETH and entrust each block to some node operator. No, the pools don't in turn need to trust a third party. They can run thousands of validators on a single node with very simple hardware. > All this time hoping that they will still be there and active by the end of the phase, that they will be willing to pay you your share (because it is not protected by smart contract when you don't hold a full stake), No, there are pooling services that ARE entirely governed by smart contracts, if that's what you want to optimize for. > that the validator node they entrusted your ETH will not fail, will not be penalized due to hardware or software issues - this kind of staking pools? Every single pool I am aware of either pays any penalties themselves, or is overcollateralized, so that it's virtually impossible for you, the customer, to lose money through slashing or leaking. There's certainly the possibility of black swan events where a majority of all staked ETH is slashed, but 1) that's not gonna happen, and 2) if it were to happen, I doubt you would be better protected running your own node. >Care to point at any example of the other kind? If you want to optimize for known actors you can sue in case of malfeasance, I would go for someone like Coinbase. Considering your overall approach here though, I would go with Rocket Pool, who are decentralized over thousands of independent node operators, and controlled 100% through smart contracts, which leads to permissionless entry of node operators and non-custodial staking, where the node operators couldn't take your money even if they wanted to. They're also heavily overcollateralized, with each node on average risking around 25 ETH for each 16 ETH the pooling customers provide. Let me know if you have questions. Preferably not dripping with unwarranted sarcasm this time.

Commented by /u/Njaa in /r/technology on August 21, 2022 10:41:35
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il70f8g/

And you're wrong even within your tea leaves logic: The TC sanctions happened on the 8th of August, and was followed by a ***rally***, not a dump. Today's levels are down, but barely below the price at the time of the sanctions. I suggest you try astrology instead.

Commented by /u/Njaa in /r/technology on August 21, 2022 10:14:21
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il6nay8/

If Ethereum specifically dropped, you might have had a point, but it didn't. Bitcoin led the drop - it had nothing to do with TC. You're just reading tea leaves at this point.

Commented by /u/Njaa in /r/technology on August 21, 2022 08:19:16
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il67rpw/

>That to me sounds like most crypto coming out Sure, there are certainly scam attempts in crypto, but if your argument cannot be generalized to the most popular projects, it's not a good argument. The topic at hand is Ethereum, not MoonDogeElonCumCoin_copy_(7)

Commented by /u/Njaa in /r/technology on August 21, 2022 04:56:44
/r/Bitcoin/comments/wt80hc/discussion_how_will_pos_and_pow_coexist_or_their/il4hawn/

How can you forge a stake?

Commented by /u/Njaa in /r/Bitcoin on August 20, 2022 18:51:50
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il4gmrj/

It costs a couple dozen cents to transfer ETH. Needing 70 bucks for ordinary transfers have never been a *thing*.

Commented by /u/Njaa in /r/technology on August 20, 2022 18:46:42
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il4gbde/

GPUs have literally no role in ETH post merge. Your argument makes zero sense.

Commented by /u/Njaa in /r/technology on August 20, 2022 18:44:14
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il4fqlx/

You could also have quoted "ponzi scheme" here. That term has completely lost its meaning in the crypto hate bandwagon.

Commented by /u/Njaa in /r/technology on August 20, 2022 18:39:47
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il4fiwv/

You cannot forge transactions, even with 99% control of the consensus. You can double spend your own coins, and censor the remaining 1%.

Commented by /u/Njaa in /r/technology on August 20, 2022 18:38:05
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il4f5ti/

The economies of scale have nothing to do with this. It starts ramping up when you can order enough units to get a discount directly from ASIC manufacturers, and when you consume enough power that running your own coal plants lowers your costs compared to metered electricity.

Commented by /u/Njaa in /r/technology on August 20, 2022 18:35:16
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il4esiw/

There are staking pools as well, some more decentralized than others.

Commented by /u/Njaa in /r/technology on August 20, 2022 18:32:26
/r/technology/comments/wtbfmc/ethereums_merge_is_about_to_put_every_ether_miner/il4enn4/

Not quite. The consensus providers have no meaningful impact on the *rules* in either system. They can vote on a particular set of issues (primarily which transactions to include in a block), but they cannot suddenly change the rules of the network.

Commented by /u/Njaa in /r/technology on August 20, 2022 18:31:23
/r/ethereum/comments/wsg2gy/can_we_have_a_merge_fud_debunk_megathread_or/il3gudf/

Why would that change?

Commented by /u/Njaa in /r/ethereum on August 20, 2022 14:24:32
/r/Buttcoin/comments/wshzi2/one_month_until_merge_day_place_your_bets_on_how/il3aq6j/

Yes, your edit is accurate. A date has never before been set. The difficulty bomb is just a mechanism to force everyone to make *some* upgrade within a certain time, and the upgrade expected at the ***last*** time it was delayed was the merge.

Commented by /u/Njaa in /r/Buttcoin on August 20, 2022 13:41:15
/r/ethereum/comments/wsg2gy/can_we_have_a_merge_fud_debunk_megathread_or/il3a2b7/

Which is the same thing that is happening currently in ETH as well, right?

Commented by /u/Njaa in /r/ethereum on August 20, 2022 13:36:33
/r/Buttcoin/comments/wshzi2/one_month_until_merge_day_place_your_bets_on_how/il2v34v/

The Byzantium difficulty bomb and the merge are not the same thing.

Commented by /u/Njaa in /r/Buttcoin on August 20, 2022 11:51:21
/r/ethereum/comments/wsg2gy/can_we_have_a_merge_fud_debunk_megathread_or/il2ly1c/

90% of the time, it's people rediscovering general issues and limits with cryptocurrencies as a concept, but dishonestly framing them as an Ethereum or PoS issue specifically.

Commented by /u/Njaa in /r/ethereum on August 20, 2022 10:46:12
/r/ethereum/comments/wsg2gy/can_we_have_a_merge_fud_debunk_megathread_or/il2lmmq/

Why is what coin they're mining relevant? Both BTC and ETH had OFAC sanctioned addresses.

Commented by /u/Njaa in /r/ethereum on August 20, 2022 10:43:51
/r/ethereum/comments/wsg2gy/can_we_have_a_merge_fud_debunk_megathread_or/il2kw3n/

Speaking of the devil.

Commented by /u/Njaa in /r/ethereum on August 20, 2022 10:38:24
/r/Buttcoin/comments/wshzi2/one_month_until_merge_day_place_your_bets_on_how/il2jl3a/

Can you give me an example of one of these five or six dates?

Commented by /u/Njaa in /r/Buttcoin on August 20, 2022 10:28:42
/r/Buttcoin/comments/wshzi2/one_month_until_merge_day_place_your_bets_on_how/il2jh4x/

It's called a merge because there are two chains. One is for execution, and is the one running Ethereum today. The other is the Beacon Chain, which handles PoS consensus, and has been running in parallel for two years. At the merge, these will merge. It's possible one or more actors will maintain the project from a fork of a pre-merge revision, but that's not really the merge's fault

Commented by /u/Njaa in /r/Buttcoin on August 20, 2022 10:27:53
/r/ethereum/comments/wr5cg8/censorship_resistance_uasf/ikwvoyt/

The only way to overcome Ethereum's built-in censorship resistance is for a majority of consensus to perform reorg attacks to exclude the non-censoring minority from participating in block building. This is an explicit attack on the protocol, which would result in those actors being *slashed* by the minority through a UASF. How can the minority slash the majority, you ask? Well, the *users* in User Activated Soft Fork doesn't just consist of validators, but all nodes - whether staking or not. Being slashed primarily means you are evicted from the validator set, not necessarily that you will lose *all* funds - although in such a case, I wouldn't argue against a very high penalty.

Commented by /u/Njaa in /r/ethereum on August 19, 2022 05:40:01
/r/CryptoCurrency/comments/ws2gon/ether_is_up_100_since_its_bottom_in_june/ikwva9c/

It's a decentralized blockchain where consensus is protected by a proxy for capital - same as BTC. The comparisons with fiat is a weird maxi narrative without basis in reality. The value added to ETH beyond the environmental aspect, is that transactions no longer are subsidized by devaluing holders through inflation - which is how both BTC and ETH currently do it. Instead it will be paid 100% by fees. This means deflation, or at least close-to-zero inflation, and removing millions of dollars in daily sell pressure. Bitcoin currently has $20 million in daily sell pressure from issuance.

Commented by /u/Njaa in /r/CryptoCurrency on August 19, 2022 05:34:34
/r/ethereum/comments/wr5cg8/censorship_resistance_uasf/iku44wz/

>The censorship resistance of Ethereum cannot rely on the goodwill of its validators. It doesn't. It's the people leaving their funds in the hands of custodial validator services that are relying on their goodwill, not the Ethereum protocol. The Ethereum protocol has a hard fix for this, and will fell no tears if it has to use it.

Commented by /u/Njaa in /r/ethereum on August 18, 2022 15:36:23
/r/ethfinance/comments/wqu46d/about_the_censorship_fears_triggered_by_the/iksod9j/

Yeah I don't think we disagree on much here, other than what the proper level of pessismism is :D Resisting the concerted effort of large nation states trying to halt or co-opt crypto protocols is an unsolved problem in more way than one. In PoW, the ultimate attack would be China nationalizing Bitmain and MicroBT, and setting up huge amounts of ASIC hashrate running at a loss. No one could challenge them without also running at a loss, meaning no Bitmain/MicroBT-competitor could stay afloat without a comparable coalition of governments backing *them* in turn. Only feasible solution I see to such a scenario would be "slashing" ALL the ASICs by changing the hashing algorithm.

Commented by /u/Njaa in /r/ethfinance on August 18, 2022 09:57:58
/r/ethfinance/comments/wqu46d/about_the_censorship_fears_triggered_by_the/ikslsvf/

The moment a pool uses its position to attack the network against their customers' wishes, slashing is the *least bad* outcome, and cannot be avoided. I still think the game theory is \*heavily\* stacked against this even being necessary. A pool attacking the network with customers' funds will lose all the ETH in their custody, lose all their customers, lose all the fee revenue they otherwise would have gotten, completely lose all reputation, and most likely face criminal prosecution for mismanagement of customer funds. And after all, game theory through incentives/disincentives is what holds all of crypto together anyways. This particular flavor of game theory is less explored in practice, but I don't see why it would be any weaker.

Commented by /u/Njaa in /r/ethfinance on August 18, 2022 09:39:55
/r/ethfinance/comments/wqu46d/about_the_censorship_fears_triggered_by_the/iksh6yd/

I don't think Rocket Pool can as easily be lumped in together with the rest there, due to their decentralized structure and heavy collaterlization, but for the rest you are entirely correct. They can run away with your ETH, or burn it, or use it to attack the Ethereum network. Other than taking them to court or something, you're entirely out of options if they refuse to manage your funds properly. The network can always slash such actors, but you as a customer are shit out of luck.

Commented by /u/Njaa in /r/ethfinance on August 18, 2022 09:05:52
/r/ethfinance/comments/wqu46d/about_the_censorship_fears_triggered_by_the/iksfccp/

The queued exits makes it somewhat more sticky than PoW, but you can already exit validators today. You just can't withdraw the funds. So pools are able to halt validation for users who don't want to participate any longer. The pools could refuse, but at that point they've basically stolen your money anyway.

Commented by /u/Njaa in /r/ethfinance on August 18, 2022 08:51:22
/r/ethfinance/comments/wqu46d/about_the_censorship_fears_triggered_by_the/ikscjcw/

>A censoring mining pool could lose all its miner's within a day. Why would miners under PoW care about the censorship, if the rewards are higher in that pool than elsewhere? How would they even know about the censorship?

Commented by /u/Njaa in /r/ethfinance on August 18, 2022 08:28:16
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikoyxdt/

And yet none of the listed addresses have ETH stuck in them. Isn't it wonderful how protocol level censorship resistance works? :)

Commented by /u/Njaa in /r/CryptoCurrency on August 17, 2022 14:56:46
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/iknuxhf/

They can stop validating. They can keep validating, and move the operation to a different jurisdiction. They can keep validating, and only self-censor, instead of censoring other people's blocks. They can challenge the notion that protocol level censorship is in fact required by the OFAC sanctions. The governments have not gone after mining pools that process blocks containing OFAC sanctioned addresses. These are things they can all control. If they chose do none of these, and instead overpower neutral validators by only accepting censored blocks, that's their explicit action and fault.

Commented by /u/Njaa in /r/CryptoCurrency on August 17, 2022 10:44:22
/r/ethtrader/comments/wpsgnv/ethereums_vitalik_buterin_votes_to_burn_the/ikmvwg0/

>what is the purpose of the proposal to punish the censoring validators? Why is Vitalik talking about this? You only threaten to punish someone if that someone is likely to pose a threat to you. Are censoring validators a threat to Ethereum PoS? Individual validators choosing to include or not include individual transactions is not a threat to PoS. There has however been a streak of *eager* intepretation of the OFAC sanctions lately, where non-protocol actors like dYdX and others have not only blacklisted the OFAC entries, but started including arbitrary *associated* addresses. In addition, there has been indications from people developing block building software that they consider adding OFAC censorship as an *opt-out* in their software - software which is expected to be very popular to run by validators. Neither of these threats are critical - although certainly not good. The critical threat is if staking pools consider refusing to build on neutral validator's blocks - similar to your A/B example above. No one has indicated supporting this extreme approach, but the community is worried about the generally eager intepretation of the sanctions, and are rallying the white blood cells, so to speak, in case this all comes to a head. Bitcoin block producers have so far *not* chosen to do this type of protocol level censorship on OFAC sanctioned addresses, and haven't been prosecuted for it. Given this, it's not clear why Ethereum block producers would be in a worse legal position - so the pushback is important to signal that this eager approach isn't something the community would take lying down when it comes to the protocol level: If large pools start refusing to build on valid blocks, because of their contents, they will be punished.

Commented by /u/Njaa in /r/ethtrader on August 17, 2022 05:31:37
/r/ethtrader/comments/wpsgnv/ethereums_vitalik_buterin_votes_to_burn_the/ikmr8ye/

Nothing you wrote here is incorrect, but catching up to B is trivial when A has the majority of hashrate. Block times will double in the short term (max 2016 blocks), but the reduction in profit is 100% on B's side, since A will suddenly be reaping the rewards of 100% of half the amount of blocks, instead of 51% of all the blocks. >I believe that eventually, non-censorship will win in the long run. I totally agree. Huge actors conspiring to exclude a neutral minority isn't a likely scenario - I'm just pointing out that it's a *possible* scenario in both consensus methods, not an aspect of PoS in particular. It's especially unlikely with the added game theory slashing provides in Ethereum, where A would have much more to lose if resisted by the community.

Commented by /u/Njaa in /r/ethtrader on August 17, 2022 04:27:44
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikmjk2q/

RemindMe! 1 year Ethereum regulatory capture, protocol level censorship and/or mass slashing? Or was it a tempest in a teacup?

Commented by /u/Njaa in /r/CryptoCurrency on August 17, 2022 02:44:16
/r/ethtrader/comments/wpsgnv/ethereums_vitalik_buterin_votes_to_burn_the/ikmj1cc/

Why would the censoring nodes have the shortest chain? Were talking about a 51% attack. They would produce blocks faster than the minority.

Commented by /u/Njaa in /r/ethtrader on August 17, 2022 02:37:33
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikk6acq/

I'm sorry, I could have been clearer. I'll try to rephrase. Both ETH and BTC have addresses covered by OFAC sanctions. Both ETH and BTC can through census majority abuse choose to censor these on the **protocol layer**, preventing ***any*** blocks from including the affected transactions. Only ETH can do something about it, through slashing. Your initial dilemma was more or less this, slightly rephrased >A. \[**Protocol level** censorship\] B. Process potentially illegal transactions and face legal proceedings C. Leave the (...) ecosystem If these were truly the only alternatives available, then BTC pools/miners would have chosen one of them. They haven't. The reason they haven't, is because B is false. The OFAC sanctions has so far never been enforced with regard to block producers. (It also seems you were confusing protocol level censorship with individual actors choosing what to include in their blocks - which is not what would cause you to get slashed, and is not what Vitalik and people are discussing on Twitter)

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 15:28:28
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikjz839/

Are you unaware that attack in question is possible on both chains, with 51% and 67% thresholds respectively. The only difference (beyond the threshold) is that Ethereum has a way out.

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 14:44:05
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikjxkj3/

I don't think you're talking about the same thing as we are. A single or collective of validators not hearing/including a transaction isn't a problem. In that case, others will include it, and no harm is done. The problem is if a 67% majority colludes to exclude anyone that DOES include the same transaction. This isn't some "lol can u prove a negative??" type of scenario, but a very explicit and obvious attack. Which will result in slashing.

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 14:33:38
/r/hoge/comments/wppa77/eth_merge_in_september/ikjng50/

Kinda, but not really. PoW is being heavily subsidized by inflation. PoS is not. The fees will remain the same, but they will no longer be paid by devaluating ETH holders. The only part of the merge that might effect fees is that block times are reduced to 12 seconds flat, from a variable 13-14 seconds today.

Commented by /u/Njaa in /r/hoge on August 16, 2022 13:29:29
/r/ethereum/comments/wohvfu/ethereum_post_merge_censorship_concerns_would/ikjmvtk/

>I mean not really as far as these exchanges are concerned. Why would it be hard for the exchanges to change the jurisdiction of their validation activities?

Commented by /u/Njaa in /r/ethereum on August 16, 2022 13:25:59
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikjm6wl/

No, they don't - which is why they're completely free to perform such a censorship attack with no repercussions. Yet they haven't, despite identical OFAC sanctions. Why?

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 13:21:39
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikjkwkb/

If they choose to do so, they're the ones performing the slashable offense. It's decidedly in their *reasonable control*.

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 13:13:37
/r/ethtrader/comments/wpsgnv/ethereums_vitalik_buterin_votes_to_burn_the/ikjk437/

The exact same attack can be performed in Bitcoin, except it's easier because of lower consensus thresholds and no community recourse.

Commented by /u/Njaa in /r/ethtrader on August 16, 2022 13:08:38
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikjjgej/

Depends on what you mean. You can exit the validators, but you can't withdraw. If your goal is to avoid being lumped together with hypothetical exchanges who are planning to attack the network, then that should suffice. You'll lose the rewards for the period you're waiting to withdraw, but considering the alternative, that's a minor penalty.

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 13:04:30
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikjiybh/

There's OFAC listed BTC addresses too. Are Bitcoin miners and nodes being arrested? Do they already have censorship in place? Have they left the ecosystem?

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 13:01:21
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikji491/

That's exactly what they can do. If 51% conspire to not respect any blocks the 49% produce, the 51% chain will be the longest, and will consist entirely of their blocks - making the rewards entirely theirs. A censorship attack in Ethereum would be the exact same, except if would require a higher treshold of 67%.

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 12:56:13
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikjhl50/

You can unstake. You just can't withdraw. If the exchanges are preventing you from unstaking, they've basically stolen your money anyways.

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 12:52:55
/r/CryptoCurrency/comments/wpf7yd/vitalik_supports_slashing_eth_stakes_of_exchanges/ikjhaod/

Being slashed when attacking the network was always the deal. If you outsourced your decision making to someone willing to attack the network, then tough luck. I don't believe there's a chance in hell it will happen though. The game theory is vastly in favour of pools staying neutral (possibly through changing jurisdiction), or just not including the tx in their own blocks, but letting other validators do what they wish.

Commented by /u/Njaa in /r/CryptoCurrency on August 16, 2022 12:51:07
/r/ethereum/comments/wohvfu/ethereum_post_merge_censorship_concerns_would/ike3twk/

>under PoW, onboarding/offboarding and mining are segregated between the large exchanges and the large miners whereas under PoS the large exchanges will assume both roles making an attack easier to pull off. The attack where exchanges play kingmaker and ostracize a certain fork isn't dependent on them controlling hashrate/stake in the first place, and regardless stakers/miners can choose to migrate their contribution to actors they align with ideologically. >PoW chains like BTC, while definitely highly centralized in terms of mining, don’t seem to be centralized to a potentially dangerous degree like ETH will be post merge. (Only <40% of BTC is mined in the US vs the potential >60% of ETH). As far as I can tell, [47%](https://ethernodes.org/countries) of nodes are in the US, not >60%. Each node might have different staking capital though, so it's not a clear cut disproval of your claim, but I wonder how you got >60%. In any case, relocating a staking node to a different jurisdiction is trivial, compared to moving mining operations.

Commented by /u/Njaa in /r/ethereum on August 15, 2022 11:12:56
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ikdq5iy/

Yes, that's *another* self proclaimed Bitcoin maxi that is trying to argue that archive nodes are fundamental, when they are not. As has already been pointed out in the comments (with no response), the protocol doesn't care about the fine details surrounding a block a year ago. It cares about the current state, and blocks that have not been finalized. You can *choose* to spend terrabytes to be able to serve queries into the exact basefee of block #3463475, but queries you receive for this information never comes from the protocol, so it is completely irrelevant to the discussion. You can *choose* to host a database of the temperature in Moscow for each block in Bitcoin, but doing so isn't in any way relevant to the continued operations of the chain.

Commented by /u/Njaa in /r/CryptoCurrency on August 15, 2022 09:36:40
/r/ethereum/comments/wohvfu/ethereum_post_merge_censorship_concerns_would/ikdoqtm/

The scenario where the majority or all of exchanges are opposed to a fork isn't a strictly solvable case for either PoS or PoW - but in either case it only affects on-boarding and price, not the quality and security of the protocol people wish to use. For example, if exchanges had delisted BTC and given BCH the BTC ticker, and it didn't cause user flight, the delisted project would have been severely set back as well, with significant negative price action. Also, the claim that exchanges could cripple the chain making out the vast majority of their trading volume without being hurt is dubious at best. This is an example of how the *vast majority* of PoS criticism is people examining and finding weaknesses of crypto generally - but only applying it to Ethereum for some reason. I'm not saying you're arguing in bad faith, but this is by far the biggest signal-to-noise issue in the general community these days.

Commented by /u/Njaa in /r/ethereum on August 15, 2022 09:25:50
/r/CryptoCurrency/comments/wocyba/world_economic_forum_wants_to_use_ai_to/ikdbzm8/

>free speech absolutism Then we use this term differently. Most people I've come across using it about themselves also happens to have the opinion that organizations like Twitter should be legally prevented from moderating its content, typically through modifications of [something called Section 230](https://en.wikipedia.org/wiki/Section_230).

Commented by /u/Njaa in /r/CryptoCurrency on August 15, 2022 07:31:01
/r/CryptoCurrency/comments/wom3f6/jpmorgan_ethereum_miners_face_an_abrupt_change/ikcgcj1/

You might be right, who knows, but if more than half the poeple can survive on a thirtieth of the food, I'll be very surprised.

Commented by /u/Njaa in /r/CryptoCurrency on August 15, 2022 00:52:43
/r/ethereum/comments/wohvfu/ethereum_post_merge_censorship_concerns_would/ikcenms/

I assume you're asking about the PoS side. There's several levels of disincentivization: Not including valuable transactions means you build a less valuable block, and instead leave that value to the next block producer, who includes it 12 seconds later. Refusing to accept another validator's valid block, because it includes sanctioned txs, means you are considered offline for that attestation, and you get a small penalty. Conspiring with 34% of the total stake to do this would temporarily prevent finalization (but not halt the chain). Inactivity penalties would skyrocket until your group had less than 34% or you yield and accept the blocks. So far these are all automatic mechanisms. There is one final one, that is based on human intervention: Conspiring with 67% of the total would enable you to completely censor txs by pretending you're not hearing the 33% minority. This is where a social fork is necessary, and the 67% will lose their entire stake.

Commented by /u/Njaa in /r/ethereum on August 15, 2022 00:35:10
/r/ethereum/comments/wnzv40/my_ofac_compliant_chain_in_my_ofac_compliant/ikcc6pk/

I'd love to see OP respond to this one, but I fear he's just doing a FUD and run.

Commented by /u/Njaa in /r/ethereum on August 15, 2022 00:10:31
/r/CryptoCurrency/comments/wonq1l/ethereum_merge_cryptos_carbon_footprint_is_about/ikcbij3/

Since Ethereum alone represents something like 97% of the GPU mining rewards across all coins, there's a large majority that will have to shut down or mine at a loss.

Commented by /u/Njaa in /r/CryptoCurrency on August 15, 2022 00:04:08
/r/CryptoCurrency/comments/wom3f6/jpmorgan_ethereum_miners_face_an_abrupt_change/ikcaw72/

>More like edit two lines in the config and change your pools/algo to ETC/CFX/ERG/VTC/RVN. Maybe Maybe for 3% of them. The vast majority will need to sell, or mine at a loss.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 23:58:18
/r/ethereum/comments/woa1yj/if_the_cost_of_generating_new_eth_going_to_drop/ikcabri/

It did fork to roll back a couple of times though, and to remove 184 billion units from the supply.

Commented by /u/Njaa in /r/ethereum on August 14, 2022 23:53:01
/r/ethereum/comments/wohvfu/ethereum_post_merge_censorship_concerns_would/ikc9t6y/

He's just assuming a 51% (67%) attack, and then lamenting the effects of such an attack. This isn't a difference between PoW and PoS, and there's no rational reason to assume such an attack would occur. In both cases, block producers (i.e pools) can be pressured by the government to exclude certain transactions. In both cases the protocol disincentives this.

Commented by /u/Njaa in /r/ethereum on August 14, 2022 23:48:12
/r/CryptoCurrency/comments/wocyba/world_economic_forum_wants_to_use_ai_to/ikc9cbi/

Well, I disagree. I don't think having content moderation in your platform should be a crime.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 23:43:48
/r/CryptoCurrency/comments/wocyba/world_economic_forum_wants_to_use_ai_to/ikbs4y4/

Can you go ahead and link me where this quote was written or spoken? Take your time. I'll wait.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 21:21:18
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ikb0tr0/

>The number of ETH nodes as risen dramatically in recent months for staking in anticipation for the PoS merge. No they have not. I'm not sure why Etherscan's history presents like that. It's likely to due with their data archiving horizon or something. I know for a fact that there weren't 7 nodes active in late july, like they show, as I reguarly check the nodecount. You could easily have checked [the history on the second source](https://ethernodes.org/history) and have seen that they show a sharply \*declining\* trend in the past months, down from a peak of 12k. >It's entirely driven by greed, not verifying consensus rules. And no, you cannot say that the same happens in mining since there you just need 1 node for an entire pool. That would have been a good argument, if the same wasn't true for Ethereum, so I could indeed have said that if I wanted to. You can run thousands of validators on a single node, which is the reason we're operating with numbers in the thousands when talking about node counts, instead of the more than [400 thousand validators](https://beaconcha.in/) that are live - since a lot of them run in pools. >Running it is not as cheap and easy and that is easily verifiable: https://blog.lopp.net/2021-altcoin-node-sync-tests/ This person plainly doesn't know what he's talking about. A full node would have ran perfectly well on his system, as it requires around 600 GB, not the 8 TB he claims. He is (***maybe*** inadvertently) running a non-standard archive node instead of a standard full node. These have higher requirements, but provide **zero** extra benefit to the protocol health and decentralization.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 17:52:17
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ikatnyv/

>You are purposefully ignoring the fact that the node count in ethereum is alarmingly low and the great majority is hosted in aws or other cloud services. The number of Ethereum nodes is not strictly known since there is no central register - only the lower bound, which is 9757 according to [Etherscan](https://etherscan.io/nodetracker)'s network survey, or 4915 according to [Ethernodes](https://ethernodes.org/). Bitcoin has 14170 nodes, according to [Bitnodes.io](https://Bitnodes.io) While 14170 is certainly the larger number, your argument cannot seriously be that (at least) 9757 is a *alarmingly low*, while 14170 is perfect? Only a third of these are hosted in residential networks, sure. I cannot find similar stats on the Bitcoin side, so that's hard to compare. >It's impossible to know who is behind those nodes but from their nature and the heaviness of the client software, it does not look like it's being run by plebs. > >(...) > >Comparing that to bitcoin is just putting your head in the sand. Most avid bitcoiners do run nodes, as evidenced by recent node count estimates and how easy and cheap it is to do it. Running an Ethereum node is also very cheap and easy. To be honest you're probably imagining requirements that are not accurate. I've seen that a **lot** in maxi echo chambers, where they loudly and incorrectly claim that you need some sort of super computer to run a full node, when it can in **reality** be ran on a Raspberry Pi. >EF can effectively shutdown the network, reverse transactions, void contracts and change consensus rules ... How can they do this? (Spoiler: They can't) What can happen though, is that the rest of the ecosystem implements one of their proposed changes - the same way as when Bitcoin rolled back their chain not once, but twice. >since their VCs hold the majority of the consensus verifying nodes. Source very much needed, since the EF in fact owns less than 0.3% of the supply. >The project had VC backing, a pre-mine (equity distribution) and it's run like any most corporations. I don't care what-so-ever about your claim about what happened in 2014. I'm focusing about the current state of the project, not some weird obsession with a perceived original sin from almost a decade ago. If you have other than memes to back up your claims about current VC involvement, please provide it.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 17:01:28
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ikamrw7/

The EF has no more control of the Ethereum blockchain than does the actors behind the Bitcoin development. In neither case are they the ones performing issuance or governing underlying assets, nor are they able to provide any transparency into the inner workings of the asset beyond what is readily available on-chain. The EF is simply one of many who perform research and make Ethereum Improvement Proposals (which is same as how the BIP process works in Bitcoin). For any of the proposals to become reality, you would need not only the developers of the client team(s) to implement the changes, and for the nodes to roll out the new software (which is also the same as how the Bitcoin process works). Tasking them with complying with regulatory insight would be meaningless.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 16:13:21
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ikadxoo/

Legal concepts do. An entry on "investopedia" doesn't mean it's not a strictly legal term. One actual ***reason*** the SEC and CFTC (and their counterparts in other countries) is treating Ethereum as a commodity, not a security, is because there's no one to target with regulatory demands. There is no one to update the security holders on the state of their investment. There is no one to provide insight into the underlying assets being owned through the security. There is no one who can be told to stop issuing the asset. The lack of these things forces the asset into "commodity" classification, no matter how much you BTC maxis dislike that.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 15:11:44
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ika5cjs/

And each of their jurisdictions have their own legislation for financial instruments - none of which are treating Ethereum differently than they are Bitcoin. The concept of "security" doesn't exist outside legislature, unlike "purple" and "recession" which do.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 14:12:26
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik9yslr/

If your definition of "security" is not dependent on the US government, you are operating with different definitions than the rest of us. They're literally the ones who invented the term and made checklists for determining such a status, and are now saying Ethereum doesn't fit the bill. Do tell me what definition you are operating with though.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 13:28:31
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik9t8jp/

Neither "recession" nor "purple" are legal terms.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 12:51:33
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik9e3va/

Security is a legal designation, not a logical one. Not "caring" about the US government is meaningless in this context.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 11:05:59
/r/ethereum/comments/wngiyy/are_there_any_smart_people_in_ethereum_at_all_or/ik98et7/

He's had these same questioned answered here many many times before. He's not here to argue in good faith. He's here to proselytize.

Commented by /u/Njaa in /r/ethereum on August 14, 2022 10:23:43
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik96dp7/

All relevant parts of the US government disagree with you. There is zero evidence Ethereum is a security, and tons that it is not.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 10:07:46
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik8qexe/

You can keep repeating it. It doesn't make it true. Ethereum is currently considered a commodity by the US government, and there are no signs of this changing.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 07:37:04
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik8l40v/

No it isn't. It's ***currently*** being treated as a commodity by the SEC and the CTFC.

Commented by /u/Njaa in /r/CryptoCurrency on August 14, 2022 06:29:36
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik7216a/

Curious. Both the [previous SEC director](https://www.sec.gov/news/speech/speech-hinman-061418#_ftn1) and [previous chairman](https://www.coindesk.com/markets/2019/03/12/sec-chair-clayton-affirms-agencys-stance-ether-is-no-longer-a-security/) has said Ethereum wasn't a security, and the [current SEC chairman](https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/8db830650d24c30dcc3266c4cb31e9ea_7EXcHqLg7BI.pdf) has previously agreed with those statements, despite not making any clear statements lately. The CTFC has [declared](https://www.cnbc.com/video/2022/05/16/bitcoin-ethereum-are-commodities-says-cftc-chair-rostin-behnam.html) Ethereum a commodity. Legislators have [drafted legislation](https://www.cnbc.com/2022/06/07/bipartisan-crypto-bill-lummis-and-gillibrand-want-to-empower-cftc-treat-digitals-assets-like-commodities.html) that would [declare Ethereum a commodity](https://www.gillibrand.senate.gov/news/press/release/-lummis-gillibrand-introduce-landmark-legislation-to-create-regulatory-framework-for-digital-assets). These same legislators have [claimed to have both the SEC and CTFC](https://www.youtube.com/watch?v=qcxzwUH6Okk&t=2870s) behind them on this decision, including the chairmen. It seems you're either lying or parroting something you don't understand.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 20:38:47
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6yhsr/

This doesn't in any way address my question.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 20:10:08
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6ye9v/

No. That is not what I mean.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 20:09:18
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6vm36/

I have no opinion on day trading matters like these. I'm only interested in the strengths and weaknesses of the protocols.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:46:44
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6uzj0/

Why would the fees change significantly between now and 4 weeks from now?

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:41:48
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6u7iw/

\> Well the reduction continues and last btc will be mined by 2140. Most of us will be dead then. And if crypto takes off btc is and always will be the hardest asset in the planet. The security budget is reduced by \~90% every 12 years. The year 2140 is a meme that has nothing to do with the matter. \> Eth will still inflate at 1-5% yearly after the merge to pay off staking for a proof of stake chain. Not true. Unless the fee market dives *significantly*, ETH will already be deflationary in 4 weeks. Not 1%, not 4%. 0% or lower.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:35:38
/r/CryptoCurrency/comments/wmndrr/ethereum_merge_explained_like_i_am_5/ik6tod1/

Bitcoin has "changed" many times. There's like a dozen hard forks, including 2 that rolled back the chain - something Ethereum has never done.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:31:25
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6thxw/

The only reason Bitcoin can boast a supply cap, is because they've schedules infinite reductions in their security budget. This is obviously not sustainable, as someone needs to pay the miners/block producers. Criticizing chains that have solved sustainability because of the cost of doing so is irrational, coming from that position.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:30:01
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6smsg/

That's a weird definition though. So imagine if in 10 years ETH has overtaken BTC, is it still an "altcoin"?

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:23:05
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6sgjy/

So if you limit it to a technical analysis, then you would agree? The rest is just marketing.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:21:45
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6sazo/

Which ETH will in technical terms outshine BTC on, once it's deflationary while BTC keeps inflating. The *narrative* is a different topic, but I struggle to see the technical advantage of BTC.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:20:33
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6s2qr/

ETH is an expansion of BTC though, is it not? What can BTC do that ETH can't?

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:18:45
/r/CryptoCurrency/comments/wnobq1/why_are_people_still_comparing_bitcoin_and/ik6rvjo/

But one is literally the same as the other, but then also more? I sincerely don't get this argument.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 19:17:09
/r/SubredditDrama/comments/wndok4/america_blacklists_crypto_service_tornado_cash/ik66do8/

Going after open source software developers for making privacy tools kinda fit the bill though. It's an echo from the PGP litigation in the 90s that obviously concluded that encryption isn't *inherently* illegal or sinister.

Commented by /u/Njaa in /r/SubredditDrama on August 13, 2022 16:32:56
/r/CryptoCurrency/comments/wmo99v/is_pos_really_better_than_pow/ik52g94/

Consider running a 16 ETH Rocket Pool node instead, and diversifying the rest, instead of going all in.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 11:50:31
/r/CryptoCurrency/comments/wmu44q/1_year_since_ethereums_burning_mechanism_went/ik50unk/

After the merge, net issuance will be negative.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 11:39:11
/r/CryptoCurrency/comments/wmndrr/ethereum_merge_explained_like_i_am_5/ik46pkf/

Finalization is critical to prevent attacks. The attacks it prevents would require 67% of consensus to be compromised. This agrees with my point that the critical threshold is 67%, not 34%, as misusing 34% in and of itself does nothing. The two of us have spoken about "the runaway condition" before. When we did, you refused to elaborate further on what it actually is, other than hand waving that "prominent members of the Ethereum community" had spoken about it, insulted me and left. Do you have more info today?

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 07:21:16
/r/CryptoCurrency/comments/wmndrr/ethereum_merge_explained_like_i_am_5/ik43kj6/

Finalization isn't critical to the service continuing. Blocks are usually finalized after 32 have been proposed, but this being temporarily delayed isn't an issue in and of itself. In the mean time, Lido would lose massive amounts of funds until they no longer had 34%.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 06:42:04
/r/CryptoCurrency/comments/wmu44q/1_year_since_ethereums_burning_mechanism_went/ik41rfh/

The Bankless made a correction later: It's 15-16, not 7. It also rises slightly as the number of validators grow. But the weekly averages are still higher than this, so we're ok.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 06:17:48
/r/CryptoCurrency/comments/wmndrr/ethereum_merge_explained_like_i_am_5/ik41hm4/

51% isn't a relevant metric in PoS. To overpower honest validators, you would need 67%. Furthermore, Ethereum mining is already dominated by three pools.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 06:14:05
/r/CryptoCurrency/comments/wmndrr/ethereum_merge_explained_like_i_am_5/ik40vz5/

There are already pools *today*. Slashing risk is lower with a pool than solo staking, since it would be carried by the whole pool or node operator, not the individual pool customer. In Rocket Pool for example, the customer is the last person to be affected by any penalties.

Commented by /u/Njaa in /r/CryptoCurrency on August 13, 2022 06:05:37
/r/ethtrader/comments/wmbprv/is_cryptos_censorship_resistance_narrative_dead/ijzkg0k/

You can still use Tornado Cash. You might not be willing, due to legal concerns, but it's still there.

Commented by /u/Njaa in /r/ethtrader on August 12, 2022 08:41:19
/r/CryptoMarkets/comments/wma2p9/ethereum_the_merge_may_happen_earlier_than/ijzjmk0/

Only if someone steps up to maintain the old version. There's rumors of an ETH PoW chain maintained by the miners. If that happens, you'll have equal amounts of that token. Be careful though, since using that network will open you up to replay attacks on the main chain, unless you protect yourself.

Commented by /u/Njaa in /r/CryptoMarkets on August 12, 2022 08:34:26
/r/ethtrader/comments/wlub93/ethereum_foundation_suggests_tentative_dates_for/ijwcy7r/

According to the TTD tentatively set today, it might be more like Sep 15-16

Commented by /u/Njaa in /r/ethtrader on August 11, 2022 15:37:20
/r/Superstonk/comments/wli4g9/something_major_just_occurred_for_ethereum_which/ijwccpi/

Far more than 99% Each validating node runs about 10-100 validators on average, and a single node consumes around 100w. There are 400k validators. This gives us an upper bound of 4Mw constant load. Mining is estimated to burn around 110Twh yearly, or 12500Mw constant load. This is a reduction of conservatively 99.967%

Commented by /u/Njaa in /r/Superstonk on August 11, 2022 15:33:37
/r/Superstonk/comments/wli4g9/something_major_just_occurred_for_ethereum_which/ijwaxio/

Linear. Unlike PoW, there are no economies of scale.

Commented by /u/Njaa in /r/Superstonk on August 11, 2022 15:24:35
/r/CryptoCurrency/comments/wl1847/ethereum_merge_is_extremely_overhyped/ijrucyb/

Sure, but another factor is the fee burn, which with even current low fee levels will more than equalize the issuance - making it deflationary.

Commented by /u/Njaa in /r/CryptoCurrency on August 10, 2022 17:19:16
/r/ethereum/comments/wl2yok/if_i_wanted_to_invest_in_ethereum_would_i_just/ijqznj6/

RPL doesn't accrue value. You are thinking about their staking token called rETH.

Commented by /u/Njaa in /r/ethereum on August 10, 2022 14:07:37
/r/CryptoCurrency/comments/wkr8yz/ethereum_upgrades_understanding_the_merge_and/ijpj1nf/

What about it is reducing security? The cost of attacking the network will increase, not decrease.

Commented by /u/Njaa in /r/CryptoCurrency on August 10, 2022 08:14:23
/r/CryptoMarkets/comments/wkn4b2/vitalik_buterin_speaks_up_on_tornado_cash_saga/ijok8gc/

I would prefer if they *didn't* act on conspiracy theories. The WEF isn't what you've been told it is.

Commented by /u/Njaa in /r/CryptoMarkets on August 10, 2022 01:16:27
/r/ethfinance/comments/wjuhnb/daily_general_discussion_august_9_2022/ijohkss/

If you're not happy with node services like Infura, you can always interact with the network through a [local node](https://metamask.zendesk.com/hc/en-us/articles/360015290012-Using-a-Local-Node).

Commented by /u/Njaa in /r/ethfinance on August 10, 2022 00:49:42
/r/AskReddit/comments/wfx3vy/what_do_you_genuinely_not_understand/ijmpb0s/

It's not just billionaires, it's *everyone* who uses the blockchain. In the case of Bitcoin, there is about 2% inflation per year, which is awarded to the people ***securing the chain*** by performing these math problems. If they didn't pay this 2% net worth fee, then the chain wouldn't be usable, as it would be attacked left and right.

Commented by /u/Njaa in /r/AskReddit on August 9, 2022 16:48:23
/r/ethereum/comments/wk46fn/how_should_i_hodl_eth_now_that_the_ethereum_merge/ijmotny/

Fair enough, the *minting* is higher than what OP suggested, but minting isn't really a relevant metric when it differs from *net minting*, and *net minting* has to consider the *burn*. If the government is replacing currency with new notes as they take in old notes and burn them, they're not inflating the supply, they're just replacing it.

Commented by /u/Njaa in /r/ethereum on August 9, 2022 16:45:16
/r/ethereum/comments/wk46fn/how_should_i_hodl_eth_now_that_the_ethereum_merge/ijmmww3/

\~89.4% before the burning mechanism is accounted for. More than 100% after accounting for it, at current fee levels.

Commented by /u/Njaa in /r/ethereum on August 9, 2022 16:32:56
/r/ethereum/comments/wk46fn/how_should_i_hodl_eth_now_that_the_ethereum_merge/ijml5rn/

It doesn't need to *trend upwards*, it just needs to exceed a certain value. That value is as follows: (32000000000*64/sqrt(numberOfValidators*32000000000)*numberOfValidators/32)/15000000 Gwei per gas Entering the current number of validators, you get 15.31 Gwei per gas. Even [the insanely low levels so far in august](https://ycharts.com/indicators/ethereum_average_gas_price) have averaged 17.

Commented by /u/Njaa in /r/ethereum on August 9, 2022 16:21:35
/r/technology/comments/wk2tv1/almost_every_ferrari_sold_since_2005_is_being/ijl5h6c/

https://youtu.be/_Cp-BGQfpHQ

Commented by /u/Njaa in /r/technology on August 9, 2022 10:57:43
/r/CryptoCurrency/comments/wja66n/tornado_cash_has_been_sanctioned_by_the_us/ijhfydu/

If you think about it, democracy itself is decentralization.

Commented by /u/Njaa in /r/CryptoCurrency on August 8, 2022 15:51:06
/r/ethstaker/comments/wjcuuy/what_type_of_computer_and_spec_is_recommended_for/ijh5hga/

Sure, but 2\*32\*1700\*5%/(365\*1.5) is like 10 bucks.

Commented by /u/Njaa in /r/ethstaker on August 8, 2022 14:44:45
/r/ethstaker/comments/wjcuuy/what_type_of_computer_and_spec_is_recommended_for/ijgvldb/

Backup power is really not needed, unless you have daily outages or something. Inactivity penalties are tiny.

Commented by /u/Njaa in /r/ethstaker on August 8, 2022 13:42:39
/r/CryptoCurrency/comments/whyo67/ethereum_merge_is_going_to_be_the_game_changer_we/ijfpda3/

What amount? Who told me? I'm sorry, but I have a hard time parsing what you mean here.

Commented by /u/Njaa in /r/CryptoCurrency on August 8, 2022 08:59:02
/r/CryptoCurrency/comments/wimdg9/for_38_consecutive_days_ethereum_gas_fees_record/ijdox08/

There's no empty blocks, sure, but the mempool is smaller, and fewer people are bidding up gas to get included first. This is a clear reduction in activity, despite the gas throughput remaining the same.

Commented by /u/Njaa in /r/CryptoCurrency on August 7, 2022 20:25:57
/r/EtherMining/comments/wgwv3f/sounds_like_nothing_can_stop_the_ethereum_merge/ijd8uj2/

Another one! I'm almost there!

Commented by /u/Njaa in /r/EtherMining on August 7, 2022 18:24:08
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