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So happy to finally see GET Protocol getting some recognition! If you’re attracted to projects with verifiable onchain revenue from paying IRL customers and solid tokenomics to boot look no further.

Commented by /u/biketourthrowaway in /r/ethfinance on February 4, 2023 15:58:13

Toyota is sponsoring a Web3 hackathon to build DAO tooling for employees to provide process feedback.

Commented by /u/biketourthrowaway in /r/ethfinance on February 3, 2023 18:36:10

Check out Dusk Network - regulatorily compliant network for EU securities. They have written extensively about exactly what you’re proposing, but with significantly more ZKPs.

Commented by /u/biketourthrowaway in /r/ethfinance on February 2, 2023 15:52:20

> I really can't think of how There are plenty of other projects with delegated staking at the protocol level to draw inspiration from.

Commented by /u/biketourthrowaway in /r/ethfinance on February 1, 2023 12:22:43

Would love to see a crypto wiki where everyone can contribute towards sourced articles on how everything in the space works.

Commented by /u/biketourthrowaway in /r/ethfinance on January 31, 2023 15:14:45

That’s amazing, we were wondering if it was going to be the full amount or prorated and weren’t sure who to even ask.

Commented by /u/biketourthrowaway in /r/CanadaPublicServants on January 31, 2023 14:11:34

>You are under the mistaken impression that any of this matters. Correct.

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 16:25:37

Polkadot does argue that they were a security though, just that they they were a security that was pursuing a legal exemption from registration and that they have now reached a threshold where they can no longer be considered a security and DOT is just a coordinating software for decentralized infrastructure.

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 16:03:59

A common enterprise towards what end? Governance != profit (:

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 15:50:11

> However on-chain governance is in any structure going to increase the target area for the SEC Funnily enough it’s literally the opposite, but no need to dive in to it with someone who refuses to look at evidence that contradicts their opinions (;

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 15:37:36

Want to make a little side bet on it? No enforcement action against Polkadot before the end of 2024, $20 DAI?

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 15:30:34

And through the power of never looking in to the matter further you surely will never be proven wrong (: Like, you do understand if what the W3F is claiming is true (they worked collaboratively with the SEC to achieve compliance and will not be subject to enforcement action) that is literally direct evidence against what you're claiming right? Saying it can't be done then not looking in to what they have to say is just making an unfalsifiable claim (which is bad).

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 15:21:09

> I dont need to listen because they cant possibly know what the SEC will do even if they talked 1000 years with the SEC. They acknowledge they were a security that was pursuing an exemption, and their claim is that they have morphed to a software following multiple years of guidance from the SEC. Like I said, apples to oranges compared to Ripple.

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 14:43:59

You should listen to that interview then! As far as I am aware they are the first team that went for cooperation instead of litigation, and you can hear about the process from the lawyers who say through three years worth of consultations. Turns out enforcement isn’t the only department interested in crypto! I’ll leave you to explore Polkadot’s governance yourself if you find it interesting as I am far from an expert.

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 13:33:23

> No I am not especially well informed I am just speaking out of experience. You should look more in to Polkadot then, considering it seems to directly contradict your experience in the Ethereum ecosystem and is already fully controlled by an on-chain governance system. >How do you know? Did the SEC say this or do you just assume? Thats not how securities work. if the SEC doesnt like it then they will go after you. Their arguments are malleable and they regulate by enforcement. You may not be well informed here either! Check it out for yourself: [link]( >I cant invest the time to properly analyze it right now. I generally dont have capacity to delve into other crypto projects too much as I am working a lot. Ethereum basically takes all my free time. Fair enough! Kind of undermines statements like "Onchain governance is trash in its current form" if you aren't actually making an effort to learn about projects that have prioritized onchain governance though.

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 13:10:11

You seem well informed about the topic! Curious to hear your thoughts on the update from Gov1.0 to OpenGov - it seems to have made some big leaps forward in what was already a well-functioning governance system. Polkadot's new governance system was specifically designed with regulatory issues in mind, and according to their counsel may be the first to fully comply with existing securities regulation. Source just in case you are less familiar:

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 12:29:47

Interesting talk with Gavin Wood about the merits of onchain governance: [link]( Throws a fair bit of shade at Ethereum which is always fun.

Commented by /u/biketourthrowaway in /r/ethfinance on January 29, 2023 12:03:22

>massive emissions 1.78% inflation rate isn’t massive by any metric. It will be huge over the long run compared to a neutral/deflationary Ethereum, but in the short term it’s a pretty negligible difference.

Commented by /u/biketourthrowaway in /r/ethfinance on January 27, 2023 17:45:44

You did miss the crash down to sub-$0.01 so you do have that going for you (:

Commented by /u/biketourthrowaway in /r/ethfinance on January 25, 2023 17:05:00

Phiz! Check out OriginTrail - supply chain data is already privately published in a publicly confirmable former on their decentralized knowledge graph L2. Already being used for pharma, audit reports, and currently branching in to construction.

Commented by /u/biketourthrowaway in /r/ethfinance on January 25, 2023 15:55:55

Sure, but as staking derivative protocols mature as well they will become increasingly secure. Definitely not zero risk, but maybe a worthwhile trade off when compared against the centralizing effect of one of two LSDs taking over the entire market because they’re the most liquid, to the point that no one would ever use newcomers since they can’t be utilized as easily.

Commented by /u/biketourthrowaway in /r/ethfinance on January 23, 2023 15:16:28

Does Ethereum have anything like Tapio Protocol? It's a sDOT derivative that you can exchange any liquid staked DOT product (that has passed a governance vote regarding its security) for tDOT tokens, allowing a universal standard for DeFi integrations and not splitting liquidity between a dozen liquid staking alternatives.

Commented by /u/biketourthrowaway in /r/ethfinance on January 23, 2023 14:30:52

For anyone who's multichain-curious, here's an informative breakdown from a Polkadot core dev contrasting the differences between Polkadot's and Cosmos' approaches to shared security.

Commented by /u/biketourthrowaway in /r/ethfinance on January 23, 2023 13:09:07

>Deflation of 1-2% isn't much compared to the expected return on most assets. Which is why people trade their depreciating cash for assets. That 2% inflation is enough for people to buy and hold appreciation assets, which is what Ethereum is. That is why they argue Ethereum is a bad currency - the incentives are to hold long term, not trade for other things before it devalues further.

Commented by /u/biketourthrowaway in /r/ethfinance on January 16, 2023 20:46:18

Because it’s directly relevant to the topic they are covering, and to omit it is leaving a gaping hole in their coverage of the multichain thesis. It’s their show and they are free to cover whatever they want, but if they are claiming to have finally seem the merits of the multichain thesis but also only cover the project that paid them $50k around the same time then I definitely question their sincerity. I personally find contrasting design choices between different chains super interesting and helpful for understanding what Ethereum has done well (and where there’s area for improvement), but to each his own.

Commented by /u/biketourthrowaway in /r/ethfinance on January 15, 2023 15:00:49

I'll repeat my criticism here in the hopes you address it: Why do you only talk about the multichain project that paid you $50k? You guys have a ton of content exploring the multichain vision in relation to Cosmos, but to the best to my knowledge have never even mentioned that Polkadot exists beyond trying to bait the Cosmos guy's to scoff at with you. What's up with that? Like, there seems like there should be plenty of thing about them that you guys are interested about (they are a fully modular app chain that inherits security, they have fully on chain governance controlling a large treasury, second largest dev pool after Ethereum, their legal team sat down with the SEC and claim to have established and executed a roadmap to morphed from a security to a software), but nothing from you guys. It's also just incomplete to cover the Cosmos multichain thesis while never contrasting it with the only other major multichain player in the space. It's a huge hole in your coverage, and I just don't understand why if it isn't just about pay to play. I know Gav shot you guys down, but you had another cofounder that offered to come on in his place and you guys shot him down, so what gives?

Commented by /u/biketourthrowaway in /r/ethfinance on January 15, 2023 11:46:57

Life's too short to bicker with pedants. My comment was about the triviality of Bitcoin's inflation rate in the grand scheme of things, but if buddy wants to fish for attention by taking a turn of phrase literally he is free to do so.

Commented by /u/biketourthrowaway in /r/ethfinance on January 14, 2023 15:41:05

Literally just finished a two hour interview with the W3F legal team about exactly this! >It's illegal no matter what, but they'll pretend to go along with it to gather evidence for their case against me. They very much disagree, and believe they have successfully navigated the SECs requirements to morph from a security to a software. Basically there is a legal path to go from issuing a security that is pursuing an exemption to registration to becoming not a security at all. Highly, highly, highly recommend listening if it's something you're interesting in, because their experience directly contradicts your claims here. They go in to quite a bit of depth and take some general questions as well (: Interview:

Commented by /u/biketourthrowaway in /r/ethfinance on January 13, 2023 23:28:35

Is this sarcasm? Legit can’t tell anymore. More people are buying than selling. The Bitcoin inflation rate of 1.78% is the same as it was when we hit $69k, so not sure why it would surprising that it is still capable of going up.

Commented by /u/biketourthrowaway in /r/ethfinance on January 13, 2023 23:11:08

Either they don't believe in the multichain thesis and are giving softball marketing interviews to a sponsor in exchange for payment, or they think it does have merit and are deliberately refusing to discuss the other major multichain project in the space. They're either sold out completely or are failing to properly cover the topic, and personally I suspect it's the former.

Commented by /u/biketourthrowaway in /r/ethfinance on January 11, 2023 16:11:23

Not really IMO. I don't begrudge content creators from monetizing their reach by posting or reading ad copy, but I do consider them sellouts as soon as they start going for a more organic approach and working sponsors in to their regular content. In this case it definitely feels more like the latter scenario.

Commented by /u/biketourthrowaway in /r/ethfinance on January 11, 2023 13:36:32

I've said it before and I'll say it again: the fact that they "see the multichain vision" now that Cosmos paid them $50k but simultaneously refuse to acknowledge that Polkadot exists means their credibility is for sale, full stop. The NFT shilling is just icing on the cake.

Commented by /u/biketourthrowaway in /r/ethfinance on January 11, 2023 12:00:08

Pretty sure they allowed transaction bundling, so 10 tx for the price of 1 basically. They juiced the tokenomics to cover for the fact that fees were taking a 90% hit and are hoping that lower tx cost will lead to more than 10x more transactions in the future I guess.

Commented by /u/biketourthrowaway in /r/LTONetwork on January 11, 2023 11:57:04
/r/AcalaNetwork/comments/106gqrs/lp_staking_still_not_working/j3wtwk4/ You know you can check if they're still working on the code whenever you want, right?

Commented by /u/biketourthrowaway in /r/AcalaNetwork on January 11, 2023 11:48:28

For anyone curious to know more about the intersection of crypto, securities law, and the SEC, here's an interview with the W3F legal team about their strategy of morphing DOT from a security to a software. There are rumours floating around about a top 20 project getting a no action letter sometime soon, and if it ends up being true plus it goes to Polkadot then we could have a prove roadmap for projects to ditch their status as securities in the eyes of the SEC. Super interesting stuff! Link for the curious:

Commented by /u/biketourthrowaway in /r/ethfinance on January 10, 2023 01:15:36

No, they are still staked and subject to slashing. Alternative framing: validators can multiply their returns by proving professional and consistent staking. They have everything to gain by providing good staking services (collecting a portion of delegators staking rewards) and everything to lose by providing subpar service (losing their delegators to more consistent providers. Can VCs with delegated stake force the validators to enforce sanctions? Seems like the opposite: validators can be set up outside US jurisdiction and then VCs can passive stake with them without having any ability to affect them. Coinbase having huge validator counts while headquartered in the US seems like a way higher risk (in that they are actively following the sanctions). >Missing the point of a decentralised chain entirely. Ah yes, nothing says "not decentralized" like being immune from a 51% attack. >If we're talking about a trustless blockchain that's credibly neutral enough for the entire world to trust it, yes the other alternatives are doomed to fail. You're just receateing central banking if you've got unelected groups who own a chain. Nope. >Especially in LIDO's case where LIDO is actually a lot of different validators operating as a co-op - not 1 central entity. It's like 30, but whatever helps you sleep at night.

Commented by /u/biketourthrowaway in /r/ethfinance on January 8, 2023 18:36:42

General workhorse bikepacking rig for the most part - not a huge mountain biker just ready to transition from touring roads to trails/backcountry roads/gravel

Commented by /u/biketourthrowaway in /r/Surlybikefans on January 8, 2023 18:28:40

It has everything to do with security, how do you 51% attack a chain where 50+% of the coins are staked across the validator set? If VCs hold large amounts of whatever token presumably they are also keen to not see it 51% attached by a malicious entity. Most other chains have a maximum number of validators anyways, so growing the validator set isn't something they are optimizing for. The marginal utility of additional validators above a certain threshold rolls off pretty quickly, so having a majority of coins staked across 1000+ nodes could easily be argued to be as secure as 15% staked across 500k. It would also mean validators can be higher spec since they don't have to cater to the lowest common denominator. Ethereum's approach is obviously good, but it's not like it's the only valid one where all alternatives are doomed to fail.

Commented by /u/biketourthrowaway in /r/ethfinance on January 7, 2023 22:24:35

>it’s purely there to lock coins up for price reasons Considering PoS relies on economic security that seems like a weird criticism to make. The whole point is that it needs to be economically infeasible to attack to chain, and have 50+% of supply staked seems like a very good way of accomplishing that goal.

Commented by /u/biketourthrowaway in /r/ethfinance on January 7, 2023 21:03:01

Great initiative! Not sure if you're aware, but you can likely submit any scams you find to the Polkadot Anti-Scam program and get rewards + have your findings more widely disseminated. They accept Ethereum scams as well to the best of my understanding, and you get paid out of treasury funds. Worth looking in to if you're doing the work anyways! Source:

Commented by /u/biketourthrowaway in /r/ethfinance on January 4, 2023 13:35:35

Parachain slots last for two years, and after that they go back up for auction. This provides an opportunity for failed projects to fall away and new projects to step up. Current projects don't have to wait two years either - they can start trying to win auctions at 18 months in to their lease then transfer over to that slot if they win, so there is no downtime. The current limit is semi-technical - they just didn't want to start with too many while so much was still being developed. As things stabilize they anticipate it going up to 200+, and that's before things like nested relay chains are taken in to account. Ultimately there will be as many as the network can support, and then scaling solutions to introduce more will begin to be implemented (already several under research). Polkadot is a trip man - if you fell down the Ethereum rabbithole it is definitely fresh pasture for things to learn about. If you're looking for a place to start reading highly recommend The Lightpaper: The Whitepaper: The Wiki: The Blog:

Commented by /u/biketourthrowaway in /r/ethfinance on January 2, 2023 18:22:10

I used to! Ended up selling to consolidate in to some of my other long shots since it was just too opaque to feel confident about. I think I rode it from $4 -> $40, but sold a bit before the run up to $350+. Six figure whoopsie on that one lol

Commented by /u/biketourthrowaway in /r/ethfinance on January 2, 2023 13:06:06

Nah, this is wildly inaccurate criticism. Quant is trying to be an enterprise bridging protocol similar to XCMP or IBC where you can abstract away the underlying blockchains and make truly multichain dApps with simple APIs. QNT is only used to pay for access to their software stack, it isn't used as a currency. Could still be a scam, but it definitely isn't anything like Ripple beyond the fact that they are targeting industry. It's actually a pretty interesting project with interesting/promising partnerships, but it is definitely opaque.

Commented by /u/biketourthrowaway in /r/ethfinance on January 2, 2023 12:58:45

Nothing that immediately comes to mind, you definitely have to poke around and suss out the long term vision for yourself with Polkadot. I can give you a brief (and totally unsourced) overview of my thoughts tho. Disclaimer: I am very long on DOT and the Polkadot ecosystem First, regarding inflation: if you stake (and you should, since there is 1-click trustless liquid delegated staking), you beat inflation by double. I think inflation is ~7%, and staking rewards are ~15%, and up to 20% with some liquid staking/LP strategies. Basically it is trivially easy to beat inflation and get a ~7% real return, so not losing sleep over it. Polkadot isn't Ethereum. It's hilarious seeing people posting charts of fee revenue to dunk on Polkadot and call it a ghost chain, because Polkadot doesn't rely on fees. There are currently two main drivers for demand - staking (targeting a roughly 50% supply staked ratio through a variable staking reward rate, less stakers = higher rewards as incentive), and securing parachain slots. Parachain slots are issued by auction, with the project that is able to lock up the most DOT during an auction period winning the slot. They can put up their own DOT, or they can do a crowd loan where they offer their native token in return for other people locking up on their behalf. This DOT is locked for 2 years (and can't collect staking rewards, so the cost is that opportunity), and after 2 years everyone's DOT is unlocked and returned to them. Once a parachain gets their slot they get something like 1k TPS and the fulls security of the Polkadot relay chain (as well as unlimited interchain messaging) for that 2 year period, with no further costs. Currently parachains have been relying on crowdloans to get their slots, but as time goes on most of them will utilize their value accrual mechanisms to begin to build up DOT treasuries to ensure they can be self sustaining and win auctions with their own funds moving forward. Those that are very successful will buy more than they need and loan it out to other parachains in exchange for favourable trade deals (utilizing a different chains specialized business logic for free/discount/etc). I would also expect auctions to get more competitive once all the slots are occupied and projects are fighting for their place at the table (currently only 35/100 are filled). Takeaway here being all parachains will be buying up as much DOT as they can afford to ensure they maintain their spot, and if we see some parachains find a good product market fit they could bring a lot of buy pressure over time. Those are the two main drivers today, but there is going to be one more that could end up being quite significant. Currently the only way to leverage Polkadot is as a parachain, but in 2023 we will see the first parathreads launching. Paracthreads are the same as parachains in that they are custom substrate blockchains, however instead of the guaranteed 100% uptime processing that parachains enjoy, they will be a pay as you go model. And you better believe that payment will be in DOT. They anticipate that there can be something like 10k parathreads supported, and they will bid on a certain amount of blockspace to have their transactions included as required. This is neat in that not all use cases need the amount of blockspace reserved for a parachain, and it will also allow new projects to build product-market fit and community before making a bid for a parachain slot. This will be a fee-market similar to Ethereum, and could be pretty huge a there are already hundreds more projects building on Polkadot than there are parachain slots. Finally there are little things like opening XCMP channels costing DOT, but that is pretty minor. Tl;dr: of my thesis is that there will be successful parachains, and they will buy massive amounts of DOT to ensure their continued existence. Parathreads will bring a solid secondary demand driver for pay-as-you-go blockspace, and in the meanwhile my return is double the rate of inflation so waiting is no hardship. Definitely read the blockspace article! It is incredibly helpful for wrapping your head around Polkadot's value proposition.

Commented by /u/biketourthrowaway in /r/ethfinance on January 2, 2023 12:40:05

I got you fam. First off - must read: Then what I would really recommend is following all the various parachains that have won slots to date, since they're where the actual adoption will be happening: > sort by polkadot and then status

Commented by /u/biketourthrowaway in /r/ethfinance on January 1, 2023 19:23:27

I do have a few theories! 1. Polkadot explicitly doesn't market itself as part of it's "we are not a security" strategy. 2. Polkadot is young! The first parachains have barely been live for a year, so still very early days. As the ecosystem matures there will also be less and less focus on polkadot and more and more focus on the parachains themselves. Polkadot is just meant to be infrastructure. 3. There is very little VC money in the polkadot ecosystem, so there are very few VC PR teams drumming up exit liquidity. 4. There was bad blood when Parity initially spun away, and I think a lot of Ethereum people have legacy ill-will towards Polkadot. 5. A bit more conspiratorial, but I think the Ethereum community prefers Cosmos over Polkadot because Cosmos is easier to criticize. Cosmos does have some very cool tech and ethos, but IMO Polkadot is so much more cohesive and polished. Honestly I think in its current form it easily gives Ethereum a run for its money tech wise, although clearly nowhere close community/liquidity/momentum wise. Ethereum people only really talk about chains where they are objectively better on every metric (see Cardano, Solana, BSC) and sort of ignore the one's where they aren't (Polkadot, Near, Tezos).

Commented by /u/biketourthrowaway in /r/ethfinance on January 1, 2023 14:13:04

Happy new years everyone! People have shown interest in these updates in the past, so here's Polkadot's 2022 Recap for anyone who's keen! Source: Controversial around here I know, but IMO Polkadot is one of the few relatively successful projects actually doing something interesting relative to Ethereum, and if nothing else provides some insight in to good solutions to the interoperability problems Ethereum will be experiencing as L2s begin specialize and fragment to ecosystem.

Commented by /u/biketourthrowaway in /r/ethfinance on December 31, 2022 16:24:51

> Well, we would expect the eth network to be valued at its intrinsic value ($180 bil), which means the ecosystem built on top of it can be no bigger than $150 billionish. I don't think this can be taken for granted at all. Network value doesn't have to be greater than ecosystem value, it just has to be great enough to prevent a successfully attack on the network. A $100B network could easily secure a $1T ecosystem if it was designed correctly. Currently I think Ethereum has room to improve based on the percentage of the total supply that is staked and then the percentage of that stake concentrated in the hands of a few staking providers, but as the total stake continues to rise and distribute more widely it will quickly become infeasible for a bad actor to get their hands on enough ETH to attack the network regardless of the value of the ecosystem built on top of it.

Commented by /u/biketourthrowaway in /r/ethfinance on December 26, 2022 16:59:34

A lot actually! Tl;dr: would be all the benefits of being a parachain (security, XCM, trustless bridging, tapping in to functionality on other specialized chains), but they also are the leader in WASM contracts (they also support EVM though), and they have a thing called dApp staking where smart contract creators can receive a portion of block rewards if people choose to support them. They also have Polkadot's first zk-scaling solution, but obviously not needed for a while yet as they can handle something like 1k TPS. They also have some pretty advanced dev tools to help make rolling out smart contract much more straight forward for less technical users. Source:

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 22:35:03

Astar is still a global network, it would just be one with a higher density of projects from a specific country. A country that speaks a unique language and has national pride in supporting projects by their countrymen. This isn’t hypothetical, huge Japanese companies as well as local governments are already working with them.

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 21:06:34

Sure, and the Cardano of Japan is Cardano (; I'm more curious about what the dominant blockchain network of Japan will be though.

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 20:42:09

It's definitely an interesting topic to debate! Not a popular opinion here, but an argument can be make that it's more secure than Ethereum. It has a Nakomoto coefficient of 82 Source: which is: >The Nakamoto Coefficient represents the number of validators (nodes) that would have to collude together to successfully slow down or block any respective blockchain from functioning properly. The higher the Nakamoto Coefficient relative to the total number of validators, the lower the risk of collusion disrupting a decentralized blockchain. Source: Arguably with all the delegated staking on Ethereum the total number of bad actors required to fuck with the network is lower than 82. That said I think Ethereum is secure well beyond any reasonable doubt, I just also think the same of Polkadot.

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 18:46:06

Sure! Every chain will interface with Ethereum though, so it isn't a particularly large hurdle. Astar in particular is a parachain and Polkadot has trustless light client bridges rolling out early-2023, so bridging will be trivial. Also very debatable that it "looks exactly" like Luna beyond targeting a specific region, but maybe you know something I don't (; TAM could also easily be orders of magnitude larger than Ethereum is today, they're a country of 125M people and there is any form of mass adoption it would dwarf current usage of any blockchain network.

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 18:35:58

Don't forget when Neo was China's Ethereum (: That said, there will be plenty of Web3 ventures that succeed where others failed before them.

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 18:24:42

Hot tip! Thanks, I'll try looking a bit more in to them as well. It can be tricky finding examples in the first place when most of their content is likely to be in a non-English language.

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 18:21:48

Maybe! I follow them pretty closely and very much think the opposite though. They haven't been shy about namedropping their partnerships, and it isn't particularly hard to believe that Japanese companies would prefer to work with a Japanese team when developing Japanese products for the Japanese market (;

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 18:20:07

A few people were interested last time, so update on a previous post I made about this. Thesis: we will see at least a few regional blockchains. The Japanese blockchain market seems to be uniting behind Astar Network. They had a few huge bizdev successes with major Japanese companies/governments, locked in some large Japanese IPs for NFT products, and now just cleaned up the Japanese Blockchain Awards with their founder landing the cover of Forbes Japan. Source: I have heard similar rumblings that India will trend towards Polygon, and I have see Polkadot making massive strides to develop a Spanish-language community to target South American devs. And then obviously Cardano will take over Africa (heavy sarcasm). Astar is by far my highest conviction evidence for this thesis, but I'm curious if anyone else has run across any examples. I know everyone here is confident in Ethereum having the best tech, but it will be interesting to see how that will balance out against the projects that have the best bizdev teams.

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 17:26:05

GET Protocol's 2022 year-end report just dropped! Source: NFT ticketing start-up with over 6000 events and $22M in revenue this year. Easily the front-runner in the NFT ticketing space, transitioning towards full DAO governance, and growing rapidly. It's a super cool project that is actually seeing success competing against IRL incumbents, and is one of my most promising moonshots. It's very aligned with all the ideals of this community, so hopefully at least a few folks here find it interesting (:

Commented by /u/biketourthrowaway in /r/ethfinance on December 23, 2022 14:17:35

The Messari report is a behemoth but always worth reading - highly recommend setting aside some time for it over the holidays.

Commented by /u/biketourthrowaway in /r/ethfinance on December 22, 2022 14:17:00

Interlay maybe?

Commented by /u/biketourthrowaway in /r/ethfinance on December 17, 2022 13:46:44

I wonder what they offered in return for that funding? Probably not their token. Lol

Commented by /u/biketourthrowaway in /r/ethfinance on December 14, 2022 13:55:24

>No we have utility tokens acruing value. Sure, but nothing with particularly impressive adoption yet. If you believe Web3 protocols are going to become a major segment of the digital economy we haven't seen 1% of the total number of eventual users yet. >A forced 30% charge seems like its limiting options massively. Agree to disagree I guess, choosing to direct some of their gas fees towards encouraging people to built on the platform seems objectively smart. Maybe you know about people leaving NEAR because the fees were too high tho, so I could be wrong. >You can make a dapp that charges a fee that goes directly to your wallet. And who paid to make that dApp? For their legal team, for their community outreach, for their biz dev, for their developers, for their bug bounties, etc? You really seem unwilling to address the fact that making dApps isn't free, and that teams need funding up front, not after the product is built.

Commented by /u/biketourthrowaway in /r/ethfinance on December 14, 2022 12:13:38

Commented by /u/biketourthrowaway in /r/ethfinance on December 14, 2022 11:23:58

OriginTrail no contest. Decentralized knowledge graphs, totally unique product and already seeing widespread use by industry.

Commented by /u/biketourthrowaway in /r/ethfinance on December 14, 2022 01:12:57

>You could use wrapped Eth just asgood as wrapped Link on other networks. Sure, except for all the benefits I have already mentioned, like paying for LINK to exist, etc. It also allows oracle operators to be blockchain agnostic - instead of needing native tokens to put up as collateral for every network they operate on, they just need LINK. >Not all designs can work with 30% fees for contract creators What are you talking about? When a user pays for a transaction, 70% goes to validators and 30% goes to the contract creator. Do you feel similarly about EIP1559 burning a percentage of Ethereum fees? Ethereum doesn't even pay their EIP1559 tax back to the people who build useful things on the network, they just burn it to the benefit of the people who passively hold ETH. > I am criticizing them for not experimenting with alternatives to the token model. Because I dont actually believe that this is the best way to go. Right, but also you haven't explained why relying on donations would be better or more effective. Make an argument for why it's better, and then explain why despite it being better no one is doing it successfully at scale. >Acruing the value towards the native token and growing its utility will make imo make them more money long term than setting up a token that gets destroyed sooner or later in a bear market. We haven't seen a utility token actually start accruing value to itself yet, it's all been speculation so far. Don't let that dool you in to thinking they can't though. If/when an onchain service starts seeing enterprise levels of adoption, we will see how well their token models really work. We have already seen that Ethereum's model works, and most utility token models are basically the same concept: pay for service, so it's safe to assume we will see similar results once legitimate buying pressure to pay for service usage picks up.

Commented by /u/biketourthrowaway in /r/ethfinance on December 13, 2022 17:10:00

Why would someone using a Chainlink oracle want to pay in wrapped ETH? At that point they would just pay in NEAR, wouldn’t they? The whole point you’re trying to make is you can sue any medium of exchange, so why not use the base layer token, right, This isn’t a hypothetical question, there are Chainlink oracles on tons of networks already being paid in bridges LINK tokens. No one has the power to issue LINK, there is a finite supply that was minted day 1. ERC20 tokens can be bridged to non-EVM chains, it’s just a data standard. Sure, but none of them have. On NEAR it isn’t even opt-in, 30% of the gas fee automatically goes to the contract creator. You are paid for contributing to the ecosystem anytime your product is used. How can you criticize people pursuing profit? Literally the entire security model is dependent on validators pursuing profit - the whole point of the entire crypto space is that we can assume people with pursue things that are in their economic best interest.

Commented by /u/biketourthrowaway in /r/ethfinance on December 13, 2022 16:18:54

>How do they operate on other chains using Link ? How do the other chains pay them? They pay them in LINK tokens. >If we would donate to projects via Eth some of them could just skip tokens completely. If we only relied on donations to teams nothing would get built. People need to get paid for their work, and no one is going to donate to something that isn't built yet. >devs should try to use eth more often than a token so we can add utility to it and value No, user should use ETH to pay the gas fees to interact with whatever product devs make. The whole point of Ethereum is that devs can build whatever they want overtop of it, not to make ETH the only asset on the network. >But nobody is even trying. It's been years, so maybe if a) no one if pursuing that option or b) the people who are haven't found success, then maybe that says something about how feasible your suggestion is. Blockchains like NEAR allow a portion of gas fees to be paid out to smart contract creators, so plenty of teams are building tokenless products over there. Ethereum doesn't work that way though, because there is no incentive to dos o.

Commented by /u/biketourthrowaway in /r/ethfinance on December 13, 2022 14:36:22

Most are definitely dumb, but some are not. Just like most L1s are pointless, but some are not.

Commented by /u/biketourthrowaway in /r/ethfinance on December 13, 2022 13:45:18

Free meaning “we have a pot of tokens that cost us nothing to acquire that we use to incentivize bug bounties, early adopters, open source contributions, community building, etc”. Spending a portion of the pie to build a much larger pie results in more pie for everyone. If the funds are used wisely they can be the boost that enables to projects to get actual marketshare and the momentum to continue growing. See: the entire field of venture capital. It takes money to make money, and tokens allow projects to literally print their own funding.

Commented by /u/biketourthrowaway in /r/ethfinance on December 13, 2022 12:47:56

> But they could have designed it in a way that doesnt require a token from the start. How would they get enough funding to pay multiple years of high octane development using ETH as their currency? How would they operate on other chains using ETH and their currency? How could they provide “free” bounties using ETH as their currency? How could early supporters be rewarded for their risk using ETH as their currency? Ethereum is great, but tokenization and the internet-native game theoretical systems it enables is also great. If you really don’t think there is a benefit to *some* projects having *well-designed* token models you haven’t been paying attention.

Commented by /u/biketourthrowaway in /r/ethfinance on December 13, 2022 12:38:30

Utility tokens bootstrap development costs, provide “free” incentives for desired behaviours, enable decentralized governance by stakeholders, incentivize early adoption by rewarding those who get in early, allow multichain deployment, enable tokens used as collateral to scale in value with the utility of the network, among many other benefits I’m sure. There are plenty of ERC20 tokens that do anything, but projects that have actually built a service (such as Chainlink) couldn’t just drop the token with zero effect.

Commented by /u/biketourthrowaway in /r/ethfinance on December 13, 2022 11:47:44

Not currently, but we are close imo Appchains are launching and will be way better suited for high volumes of trade - this has been a known issue for years now and people have been working towards solutions for quite a while. On-ramp will always be necessary, but if it’s just a pass through to get funds in chain the value proposition is pretty low compared to being an all in one provider like coinbase currently is.

Commented by /u/biketourthrowaway in /r/stocks on December 11, 2022 17:41:57

Time will tell! They’re certainly yelling it from the rooftops, so if the SEC disagrees I’m sure we’ll find out sooner than later

Commented by /u/biketourthrowaway in /r/ethfinance on December 11, 2022 11:15:50

Here’s a relevant section:

Commented by /u/biketourthrowaway in /r/ethfinance on December 11, 2022 02:30:22

Yes, that would be very helpful. But as is discussed in the talk, that’s not how the system works. It’s way less structured than everyone here seems to think, but the lawyers (if you trust them, which I imagine you don’t) describe this as the norm and that expecting clear instruction from the SEC (something which they never do and is not their mandate, they are exclusively enforcement) would be unprecedented. You should really listen to the talk, it heavily suggests your expectations are unreasonable and unlikely to ever be satisfied. Lawyers interpretations of laws is how the legal system works, and now that these lawyers have said it’s not a security because xyz it’s up to regulatory lawyers to claim otherwise.

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 21:50:59

> In November 2019, the digital asset regulatory climate was tense. When the Web3 Foundation first approached FinHub, the SEC had recently filed its complaint against Telegram, and the FinHub staff’s Framework for “Investment Contract” Analysis of Digital Assets (the “Framework”) had been published only a few months earlier, on the heels of many other SEC enforcement actions and announcements, including its 21A Report of Investigation: The DAO (“The DAO Report”), the Munchee cease-and-desist order and the Kik decision. > Daniel Schoenberger, Chief Legal Officer at Web3 Foundation, said: “The Framework suggested that nearly every digital asset offered and sold for fundraising purposes, initially, was highly likely to constitute a security when it was delivered to initial purchasers. Yet the Framework also contained a compliant path forward – one that would permit a digital asset initially offered and sold as a security to be re-evaluated at a later date. For purposes of U.S. federal securities laws, there was a possibility that it would no longer be a security. In other words, digital assets could morph.” Source:

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 20:11:41

No, it would not be fair to assume their actual structure matches my flippant phrasing. Their structure is much more decentralized than Ethereum if you’re actually interested - devs and legal counsel paid out of a decentralized onchain treasury that is distributed by a decentralized onchain governance body.

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 19:08:11

All we’re missing is a standardized privacy preserving DID/SSI for KYC requirements, and plenty are launching this year. Three years tops

Commented by /u/biketourthrowaway in /r/stocks on December 10, 2022 19:04:21

There will absolutely be regulatory complaint DEXes as well.

Commented by /u/biketourthrowaway in /r/stocks on December 10, 2022 18:48:28

And? That’s only a problem if they can’t decentralize over time.

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 18:45:48

Do you have a particular criticism of the TON blockchain or just throwing out a blanket statement? Looks like they're focused on a massively sharded chain that can handle millions of TPS where the shards are all relatively composable. This will not be the case with L2s for many years if I understand correctly, until zkEVMs are fully mature. Plenty of time for them to develop a secure and decentralized chain of their own.

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 16:56:26

Surely you are not implying that more than one variable can be at play?! Ethereum inflation is ~0%, Bitcoin inflation is 1.65%. Unpopular opinion: both are negligible and can effectively be considered equivalent. Demand is way more important than supply at these low numbers.

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 16:01:22

You also have the risk of Coinbase being made redundant. As self-custodial wallets and on-chain exchanges continue to mature the need to store and trade crypto on a centralized exchange lessens with each passing year. Basically if crypto actually succeeds, services like Coinbase will be unnecessary.

Commented by /u/biketourthrowaway in /r/stocks on December 10, 2022 14:47:59

You definitely should! There will be trustless light client bridges between Ethereum and Polkadot by mid-2023, so this will be a good privacy layer option for people mourning the loss of

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 14:11:52

Whitepaper for anyone interested: Seems interesting! Will be cool to see if it lives up to the whitepaper. Telegram has 700M monthly users, and if they’re hoping for mass adoption the Ethereum scaling ecosystem is nowhere near being able to support their needs yet.

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 13:59:46

Yep, fully covered in the talk. Short version: that isn’t how it works. They have met the criteria given provided by regulators, declared that they aren’t a security, and then no one has objected. Basically the process isn’t what we would have imagined it to be, so listening to actual lawyers is very informative.

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 12:38:10

Full Twitter Spaces with Polkadot's lawyers discussing how they met the regulatory hurdles to transition from being a security to a software is uploaded for anyone interested in learning more about the intersection of crypto and securities laws. Source: I posted a recap about it a few days ago, but the full interview is definitely worth a listen. Interesting take away was all the lawyers being confused about why people would expect the SEC to provide guidance when their role is enforcement. Definitely a good reminder not to pay too much mind to legal opinions from people who aren't lawyers.

Commented by /u/biketourthrowaway in /r/ethfinance on December 10, 2022 12:17:34

Not on Ethereum. Check out Dusk network for tokenized securities.

Commented by /u/biketourthrowaway in /r/ethfinance on December 9, 2022 09:14:49

Congrats, you just invented an ETF.

Commented by /u/biketourthrowaway in /r/ethfinance on December 9, 2022 01:06:43

But compared to America's 7.7%, 1.6% is very not much (20%). Comparing essentially zero to anything is not a good faith argument. Imagine if we were currently ultrasound - Bitcoin has INFINITELY more inflation! Wow wow wow, what useful analysis. Both are close to no inflation, so that's probably not going to be the variable that we should focus on for explaining price action.

Commented by /u/biketourthrowaway in /r/ethfinance on December 8, 2022 22:22:02

1.65% inflation is not “inflating hard as fuck” by any reasonable metric, some statements are in fact not true.

Commented by /u/biketourthrowaway in /r/ethfinance on December 8, 2022 21:28:46

I think privacy is a) the one thing that really matters and b) the easiest way for a project to ‘surpass’ Ethereum. All of Ethereum’s scaling solutions will be under utilized if institutions don’t ever use them because of privacy issues, and they might as well for nothing if another project gets secure scalable zk privacy years before Ethereum does. If this is a topic you are interested in Manta Network on Polkadot and Dusk Network as an L1 are both making huge strides in terms of zk privacy.

Commented by /u/biketourthrowaway in /r/ethfinance on December 8, 2022 16:43:56

When are ETH staking withdrawals getting enabled again?

Commented by /u/biketourthrowaway in /r/ethfinance on December 8, 2022 14:12:44

Article explaining: Basically removes the super-user admin key, so from that point on all upgrades are triggered by decentralized governance votes and not admins

Commented by /u/biketourthrowaway in /r/ethfinance on December 7, 2022 17:41:59

You know you’re still allowed to buy securities right? Also Ethereum likely isn’t a security under the Howey test so not sure why that’s what you’re focusing on.

Commented by /u/biketourthrowaway in /r/ethfinance on December 7, 2022 16:15:26

> Who gets to gets to arbitrarily declare that my purchase of said software is strictly for a future profit? The SEC does.

Commented by /u/biketourthrowaway in /r/ethfinance on December 7, 2022 15:57:09

What if that software allows users to invest money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others?

Commented by /u/biketourthrowaway in /r/ethfinance on December 7, 2022 15:39:00
/r/ethfinance/comments/zetm2h/daily_general_discussion_december_7_2022/izavkry/ Very interesting thread summarizing a Twitter Spaces where the Web3Foundation goes over the steps they took to ‘transition DOT from being a security to a software’. As far as I know this is uncharted territory and could be very valuable info for plenty of projects if their claims are accurate. Having a clear roadmap for projects to protect themselves from being securities would be huge for the entire crypto ecosystem.

Commented by /u/biketourthrowaway in /r/ethfinance on December 7, 2022 14:31:49

Im sure plenty of people have found Tim Ferris’ content useful, but let’s be real he’s a self-help guru. Between many people still thinking NFTs are half baked, the name being cringe as fuck, and a general distrust of self-help gurus there are plenty of reasons to not be excited about his project.

Commented by /u/biketourthrowaway in /r/ethfinance on December 7, 2022 10:14:22

That’s the status quo already though - electronic payments are easily tracked as it is, and crypto payments even more so. On-chain analysis and exchange KYC means most accounts are already fully doxxed.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 18:43:03

You can't gamble with customer funds just because you run one of the servers. It's fundamentally different, and it's wild that people here choose not to understand why. I guess this is just another case of "anything less secure than Ethereum is insecure" - this community is incapable of viewing anything that competes with Ethereum without massive bias.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 15:54:44

Nope. >However, depending on a central bank’s design choices—and there is a multitude of options to consider—a successful CBDC introduction could prove highly disruptive to the traditional banking sector and could simultaneously spur a new wave of financial services innovation. >Estimates vary widely on the potential reduction in commercial bank revenues stemming from a successful retail CBDC launch, but the combined affect on interest (through deposit substitution) and transaction fees (erosion of payments volumes) could quickly reach billions of euros. A more moderate degree of market uptake and CBDCs targeted to specific use cases—wholesale, cross-border or financial inclusion—would, of course, have a smaller impact. Source: >Over the past few decades, central banks have never particularly served consumers directly. They might have created policies designed to help improve financial inclusion and prosperity, but their focus has never exclusively been to interface with retail consumers. >Instead, it has been the commercial banks that have been more customer-facing. They, in turn, work with central banks on policies that can directly benefit the populace. >CBDCs could fundamentally change that, bringing central banks closer to the people in a way that nothing else has done. All of a sudden, central banks could control how people deal with money directly, essentially cutting out the commercial banks. Source: >According to the report, risks to financial stability depend on the take-up, or rate of adoption, of a CBDC as well as bank funding, lending and resilience. If take-up is too fast, it could throw the existing financial and banking systems out of balance, the report says. The prevailing fear is that the use of any CBDC would require a shift of funds out of bank deposits and into digital cash. Without bank deposits, banks won’t have the funds to issue loans that help them make money. Should CBDCs rapidly replace bank deposits, they could reduce banks’ ability to lend, leading to instability in the financial system. Source: The initial roll-out would likely be on retail banking rails to begin since that's low-friction, but once there is enough in circulation retail banks no longer provide any real value and the system can be move past them. Banks see this is an existential threat and will definitely be lobbying hard to try and slow down the rollout, and anything that threatens retail banks is a win in my books (:

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 14:30:23

I think you are conflating central banks with retail banks. Previously central banks created fiat and retail banks distributed it. CBDCs will allow central banks to distribute money directly without first passing it through retail banks who take a cut for their troubles. You will self-custody your centrally-issued CBDCs just like people self-custody their centrally issued dollar bills. The people on this sub already use cash & credit/debit cards, so I don't see why you don't think they'll use CBDCs. You should read up! They're a huge improvement over the existing system. Source:

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 13:47:09

You can't have a bank run on CBDCs because they are not stored in banks. They are stored in your own account, much like dollar bills are stored in your own wallet. If that does not answer your question please rephrase it more clearly. >What is the point of a CBDC without banks? Digital value transfer without a custodial middleman. You know, the thing we all love about crypto. Yes it's a centralized stablecoin, but that's still a huge improvement over IOUs from banks.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 12:59:38

It's a massive change to the current system by any metric. It removes the banks as middlemen in digital value transfer, which is the same thing that gets all of us hard about blockchains. It removes the need for Venmo, cashapp, debit cards, etc.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 12:49:03

It was never in a bank though, that's the whole point lmao You self-custody CBDCs in an app on your phone silly billy.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 12:43:46

Withdrawing where? A CBDC is literally a digital dollar. If you held a dollar in your hand and I asked you "how are you going to withdraw it?", would that makes sense? That's what you're asking. >The whole point of CBDCs are to avoid Eth’s decentralized nature. This is gibberish. CBDCs would be issued by THE CENTRAL BANK, just like currency is currently. The only thing that would change is now you don't need to deposit your money in a bank to access it digitally. CBDCs disempower banks, no idea why people here froth at the mouth so hard when they come up.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 11:28:11

A CBDC is *literally* a dollar. It isn't backed by a dollar, it is a dollar. Currently there is not a digital dollar, there are stablecoins that are backed by dollars, and there are fractional reserve IOUs that banks treat as digital dollars. A real digital dollar doesn't currently exist. What can you do with it? Use digital dollars without needing to trust a bank. It's hilarious to me that crypto people are so anti-CBDC when they're such a massive blow to the modern banking industry.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 11:23:41

Withdrawal from what? The whole point is you dont need a bank. That’s like saying you can’t withdraw ETH from Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 10:14:30

When you use digital money currently, it’s an IOU from a bank. A CBDC is tokenized money where you actually hold the digital value yourself. It’s a government issued stablecoin.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 10:13:34

> A CBDC eliminates the third-party risk of events like bank failures or runs. Any residual risk that remains in the system rests with the central bank. Source:

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 09:30:30

That’s hilarious. I wonder if the NFTs are burnt or is there a chance they are buying up NFTs for micropennies on the dollar and will be able to resell any that end up having value again down the road (should that ever occur).

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 01:32:45

GET Protocol is a prime case to throw back in people's faces for sure. It even resonates with normies - the tickets can't be scalped, and there are no additional fees. They are the anti-ticketmaster, and they legitimately compete with traditional ticketing services on price and features.

Commented by /u/biketourthrowaway in /r/ethfinance on December 5, 2022 00:37:37

GET Protocol just sold their three-millionth NFT ticket! Source: >🎟 3 million tickets >🏟️ 15.000 events >🌎 16 integrated partners >⛽️ 500,000 $GET used as fuel If people are looking for neat Web3 projects to learn about over the bear, GET would check a lot of this community's boxes: >NFT tickets >POAP integration >DeFi event funding for artists >Transitioning towards DAO governance >Tangible non-inflationary on-chain revenue It is a crime that every crypto-focused conference doesn't use them for ticketing.

Commented by /u/biketourthrowaway in /r/ethfinance on December 4, 2022 15:14:17

Good overview on the trilemma: Trigger warning: they do mention other projects as well

Commented by /u/biketourthrowaway in /r/ethfinance on December 3, 2022 10:29:06

Web3 - internet of assets & relay chain Psych - huberman lab

Commented by /u/biketourthrowaway in /r/ethfinance on December 2, 2022 12:39:48

> as they don’t really seem to fill a compelling need that cannot be done better on Ethereum. They allow for parachain (rollups) to specialize and trustlessly interoperate. This allows app builders to move away from a generalized silo approach to a modular one where highly specialized chains work together each doing what they do best in the background while abstracting it all away from the user. Here’s a great article from a cofounder about their approach: You will eventually be able to build out a similar stack with the whole L3 concept, but currently it’s a unique offering.

Commented by /u/biketourthrowaway in /r/ethfinance on December 1, 2022 18:31:21
/r/ethfinance/comments/z8j5c9/daily_general_discussion_november_30_2022/iyekuun/ Might be a bit premature to make that call.

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 15:33:19
/r/ethfinance/comments/z8j5c9/daily_general_discussion_november_30_2022/iyej1u3/ It is in no way hyperbolic.

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 15:21:53

Can you blame someone who was abused their whole life for abusing others? At a certain point you have to be accountable for your actions. You also don’t seem to acknowledge that plenty of people weren’t stupid or apathetic, they agreed that destroying the world was a fair price to pay to stop the spread of communism. We’re they victims of propaganda? Sure. But that doesn’t mean the rest of us have to be sympathetic about their callous willingness to make others their victims because of it.

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 14:58:40

I think you are way too generous. The US was ready to blow up the entire world to spite Russia and the populace fell in line. That wasn’t hidden from them, and even when humanity’s future was on the line they did nothing.

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 14:40:55

Unfortunately the people have also either been ignorant, apathetic, or supportive of these actions. Sorry, but the populace doesn’t get a free pass just because the government has entrenched power.

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 14:28:16

That’s the thing with democracies though - the people are not wholly absolved of the actions of their government. When you vote in the people making the decisions and then fund their actions with your taxes, you don’t just get to shrug away the misdeeds they do to others.

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 13:50:51
/r/ethfinance/comments/z8j5c9/daily_general_discussion_november_30_2022/iydorf2/ Speech from SEC commissioner on digital assets

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 12:08:27

Some are much closer to the present though, so it’s hard to argue that the tiger had changed its stripes. My country has had a fairly amiable relationship with the US, but that doesn’t mean I have to look past all their missteps. If I meet someone who is nice to me but beats their wife, I’m allowed to think they suck.

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 12:02:42
/r/ethfinance/comments/z8j5c9/daily_general_discussion_november_30_2022/iydgdjv/ I think at this point the list of countries that don’t have legitimate grievances with the US Gov’t has to be shorter let than the list of those that do lol

Commented by /u/biketourthrowaway in /r/ethfinance on November 30, 2022 11:13:49

Polkadot will be trustlessly interoperable with Ethereum within the next year, so these tools will be available to anyone here who wants to use them.

Commented by /u/biketourthrowaway in /r/ethfinance on November 29, 2022 20:34:55

TEEs are a stopgap privacy solution at best - only way to guarantee true privacy is with ZKPs. For anyone interested, Dusk Network is building a private-by-default L1 where every part of the protocol, including consensus, is private using ZKPs. Probably the coolest privacy-focused project I have found to date, and potentially the most advanced? I'll be real the cryptography jargon starts going over my head pretty quickly.

Commented by /u/biketourthrowaway in /r/ethfinance on November 29, 2022 15:52:17

Neat opportunity for privacy enthusiasts - Manta Network is currently launching their trusted setup ceremony and is looking likely to have the largest participation to date: Rewards are an NFT and the cozy feeling that you helped secure a fledging privacy protocol.

Commented by /u/biketourthrowaway in /r/ethfinance on November 29, 2022 12:22:55

>I've seen a lot of people say that transaction fees paid by users is a good measure to gauge the value of a network It's a neat metric, but hardly one-size fits all. Classic example would be Polkadot, where there is no real correlation between transaction fees and network activity - DOT is staked to win an auction for a parachain slot that allows the winning parachain to have 'unlimited' transactions for two years. No fees involved in the core economic model. Hypothetically Polkadot could have an order of magnitude more activity than all other blockchains combined and it still would have have negligible transaction fees.

Commented by /u/biketourthrowaway in /r/ethfinance on November 29, 2022 12:02:07

You forgot the end of the story! There actually were less snakes because of the bounty, the problem only occurred when the bounty was cancelled and all the snake farmers turned their snakes loose.

Commented by /u/biketourthrowaway in /r/ethfinance on November 29, 2022 11:27:27

Neat anti-scam initiative from the Polkadot community: Looks like a decent portion of the scam target Ethereum users as well - would love to see EVM wallets incorporate this functionality.

Commented by /u/biketourthrowaway in /r/ethfinance on November 29, 2022 10:17:22

They aren't well enough informed to ask critical questions. They don't seem to do any sort of real research leading up to interviews with guests outside the Ethereum bubble and just take whatever they're saying at face value. Whenever they push back it's rarely about what is said, but rather just "but what if Ethereum is actually the best tho". They are totally incurious about anything outside Ethereum, and even within Ethereum they only really seem to integrate info that suits their personal narrative. Polynya's episode is a perfect example of this: basically saying Ethereum may be in the lead but nothing of real consequence has been made yet, and that L2 scaling may totally outpace blockspace demand keeping gas fees low for years to come. They were like "oh wow crazy" and then next episode were continuing on about how ultrasound Ethereum will be. Meanwhile Hal Press comes on talking about ETH to $10k post-merge and they spend the entire episode circlejerking about how right he is and how to maximize exposure through options.

Commented by /u/biketourthrowaway in /r/ethfinance on November 28, 2022 17:09:59

Sure, but teasing a big Friday announcement about the future of your product all week then going “sign up here! Big changes coming” is all sizzle no steak imo

Commented by /u/biketourthrowaway in /r/ethfinance on November 28, 2022 15:34:43

Sure, but teasing a big Friday announcement about the future of your product all week then going “sign up here! Big changes coming” is all sizzle no steak imo

Commented by /u/biketourthrowaway in /r/ethfinance on November 28, 2022 15:20:02

I particularly enjoyed their "new Bankless experience" announcement just being a straight up plug for a premium membership being while totally devoid of any information about what the new experience might entail. Source: I get that they need to pay the bills, but I really wish we had some alternative ambassadors to rally behind when it comes to getting big interviews & narrative shaping.

Commented by /u/biketourthrowaway in /r/ethfinance on November 28, 2022 15:05:42

Don't see this kicked around too often, but I think next cycle will be 2017 ICOs that actually built a tangible product beginning to disrupt their markets of choice. I still follow a few 2017/2018 ICOs that raised a bunch of money, kept their heads down for the last 4-5 years and have been building, testing, iterating, and reaching out to industry and it's starting to look like their efforts are bearing fruit. There were plenty of ICO projects that were led by people with industry experience who clearly understood how blockchain could improve their field, and I think we will see these projects slowly gaining a market until their advantages become impossible to ignore. My favourite example (at the risk of shilling) is OriginTrail, which started as a supply chain project and has matured in to a full-featured decentralized knowledge graph. They are currently being used by BSI, the SCAN Association, and AidTrust and all of those pilots projects have proven successful and are now in the process of scaling up. They were a 2017 ICO that has oscillated between $0.01 and $3.50 based on speculation alone, but we could be getting the point where tokenomics start to be the main driver within the next few months and I am PUMPED.

Commented by /u/biketourthrowaway in /r/ethfinance on November 28, 2022 13:19:00

I mean, blue chip Ethereum DeFi shitcoins are like UNI, AAVE, MKR, CRV, SNX, etc are all down 90-95% from ATH as well. Alts are a fickle mistress in the bear. Historically this has been the time to be buying them though.

Commented by /u/biketourthrowaway in /r/ethfinance on November 28, 2022 10:18:56

Not an ETH-killer, just an option for people who want to develop natively multichain applications. Honestly, go read about it if you’re interested. Polkadot Litepaper: Wiki: It’s a cool project, expect to totally fall down a rabbithole once you start learning (:

Commented by /u/biketourthrowaway in /r/ethfinance on November 27, 2022 01:58:42

Definitely worth reading up on! I just find that Polkadot’s approach is much more structured and modular whereas Cosmos is much less organized and more independent. Parachains are meant to specialize and work together by design, which the shared security and secured messaging of the relay chain supporting that. Polkadot takes care of you validator set, whereas Cosmos doesn’t necessarily. I also like the governance model, although many people feel differently. ATOM also doesn’t really seem to do much compared to DOT, although they are working on that. Here’s a neat article about Polkadot’s direction from one of the cofounders if you’re looking to learn more: It’s a fundamentally different approach from pretty much every other chain in the space and personally I find it much more well thought out.

Commented by /u/biketourthrowaway in /r/ethfinance on November 27, 2022 01:20:33

I’m not bearish on ETH, but I am definitely bullish on DOT. I’m so so about Cosmos, but I do think it will be big. Multichain isn’t bearish Ethereum since Ethereum and L2s will be many of those chains.

Commented by /u/biketourthrowaway in /r/ethfinance on November 27, 2022 01:12:18

I exaggerate knowing my audience (:

Commented by /u/biketourthrowaway in /r/ethfinance on November 27, 2022 01:08:12

The trick will be to ensure that the method by which you are tokenizing the asset is legally compliant in the first place. Just like going from paper to digital record keeping - the government won’t care what you’re doing as long as you are operating with it their legal framework. I follow a project that it working around tokenized securities for the EU markets, and they have built their tech stack from the ground up to be compliant with EU securities regulation. I’m doing so they are no different than any other technology provider and just have to compete on service alone. The problem with lots of blockchain projects is that they are building their product without clear plans for how they will meet the existing regulations. They may build cool stuff, but they are basically banking on laws changing to their benefit which feels unlikely, especially when there are dark horse projects putting in the work to figure out how to be compliant in the first place.

Commented by /u/biketourthrowaway in /r/ethfinance on November 26, 2022 17:34:43

Hard to benefit in the long term when you get outcompeted in the short term. The whole point of the multichain thesis is that the barriers and distinctions between chains will fall away over time and all that will matter is the product itself. I’m sure by the time L3s can offer a comparable service trustless bridges and crosschain communication protocols will be more than mature enough for appchains to “reintegrate” to Ethereum. Better to spend your timedeveloping your core product offering and building up your userbase rather than just waiting. Blockchain is a means to an end, not the end itself. If teams can build a better product or service on a sovereign chain expect them to do so.

Commented by /u/biketourthrowaway in /r/ethfinance on November 26, 2022 16:22:28

You aren’t missing anything, the reason given is very clear: >As mentioned, a major benefit of Cosmos is that the chain can be developed to suit the exact needs of the dYdX network. Source: I’ve seen it with a bunch of Polkadot parachain teams that started on Ethereum as well - having a custom runtime allows functionality that can’t be replicated efficiently with smart contracts. I think people here really bury their heads in the sand about this fact - teams that have a very specific product in mind will get better performance building from scratch. Tooling is being built, security is likely more than adequate, composability will improve, liquidity will flow wherever it will get the best returns, but the base layer is the foundation upon which everything is built. I’m sure L3s will eventually offer the same functionality, but as we see from the number of teams who have peeled away from proof on concepts on Ethereum to custom chains on Cosmos/Polkadot motivated developers aren’t looking to wait.

Commented by /u/biketourthrowaway in /r/ethfinance on November 26, 2022 13:11:44

CCIP is a solid contender for the go-to cross-chain solution for rollups/L1s. Definitely worth reading up on - Ethereum scaling currently looks like going from one big L1 silo to multiple smaller L2 silos. Whoever comes up with the best solution to weave them all together in to one big trustlessly interlinked system is going to make bank.

Commented by /u/biketourthrowaway in /r/ethfinance on November 25, 2022 21:33:02

DUSK for tokenized securities TRAC for supply chain with actual industry adoption GET for NFT ticketing longshot

Commented by /u/biketourthrowaway in /r/ethfinance on November 25, 2022 21:29:40
/r/ethfinance/comments/yz97op/how_does_usdt_or_chainlink_bridging_work/ixex7zs/ Tether is issued natively on multiple chains now.

Commented by /u/biketourthrowaway in /r/ethfinance on November 22, 2022 17:40:55

Fun fact: Bob Metcalfe is actively [working with a Web3 project]( and sees blockchain as a key component of the semantic web.

Commented by /u/biketourthrowaway in /r/ethfinance on November 22, 2022 12:07:49

I’m surprised it isn’t a hotter topic around here! Everyone’s excited for the L2 explosion, but no one seems to be fully appreciating how fragmented everything will become. Polkadot discussion is all about the cool usecases that multichain dApps will enable right now, with a big focus on abstracting away the blockchain altogether while keeping every aspect onchain. KYC on one, data on another, privacy on a third, DeFi integration on a fourth, and scheduled automation on a fifth all working together to make a seamless user experience. Obviously this is all possible on Ethereum (and the Cosmos/Polkadot ecosystems discuss this with Ethereum integrations being part of the pie), just curious to see when the narrative begins to take off here as well.

Commented by /u/biketourthrowaway in /r/ethfinance on November 21, 2022 22:40:16

Are there any Ethereum-native protocols being developed for cross-rollup data bridging? I know Composable is working on bringing IBC/XCM to Ethereum, and Chainlink has CCIP, are there any more? It will be interesting to see if there is a distinctly 'Ethereum' solution or if projects just end up adopting existing data transfer standards from Cosmos/Polkadot/Chainlink to compete with the multichain dApps that are being developed elsewhere.

Commented by /u/biketourthrowaway in /r/ethfinance on November 21, 2022 17:26:03

Commented by /u/biketourthrowaway in /r/ethfinance on November 21, 2022 01:11:47

Commented by /u/biketourthrowaway in /r/ethfinance on November 20, 2022 22:29:49

>what if in 500 years all the NFTs that exist now become precious collectors items? I will have been dead for ~450 years and would have gone to my grave knowing naught but regrets.

Commented by /u/biketourthrowaway in /r/ethfinance on November 20, 2022 22:28:30

And that has nothing to do with the legitimacy of the underlying blockchain, which is what I was responding to.

Commented by /u/biketourthrowaway in /r/ethfinance on November 20, 2022 01:56:03

No, it’s iFinex, parent company of Bitfinex. Still a completely centralized system though, which by the OPs logic reflects poorly on the blockchain that hosts it.

Commented by /u/biketourthrowaway in /r/ethfinance on November 18, 2022 13:49:14

> Edit: The fact that the BTC backing soBTC was custodied with FTX is just mind boggling. Why are humans acting as a custody for a “decentralized” blockchain? Just wait until you learn who custodies all the USD backing the USDT issued on Ethereum, it’s going to blow your mind.

Commented by /u/biketourthrowaway in /r/ethfinance on November 18, 2022 11:38:59

"Community members" might be underselling it a little, Asynchronous Rob is one of Polkadot's cofounders lol

Commented by /u/biketourthrowaway in /r/ethfinance on November 17, 2022 18:27:44

For sure! That's why I said 100 and not like, 4. It will be very interesting to see how it plays out post-withdrawals. I am guessing most people here will be pretty disappointed honestly - don't be surprised if delegated staking services maintain their marketshare since the people who *really* care about decentralization likely never staked with them in the first place. Hopefully we see more competitors entering the space to spread the stake around a bit more though.

Commented by /u/biketourthrowaway in /r/ethfinance on November 17, 2022 16:50:14

Very fair! Will this still be necessary with browser based light clients? Like game-theoretically once there is an option to interact directly with the chain without paying for the hardware required to do so will we still see many people running them?

Commented by /u/biketourthrowaway in /r/ethfinance on November 17, 2022 16:23:37

"People." I'm sure in absolutely numbers there are still way more solo takers than any other protocol by a country mile, but by percentage there are mostly just a few big entities who want to stake. Source: I also wonder what the magic roll-off number is for number of validators vs decentralization/security. Would a chain with 1000 validators evenly staking 50% of the supply between them be more secure than Ethereum staking 12% with a majority concentrated in the hands of <100? It will be interesting to see play out longterm! I have no doubts about Ethereum's security, but it will be interesting to see which other protocols end up never having issues either.

Commented by /u/biketourthrowaway in /r/ethfinance on November 17, 2022 16:20:39

It's cool that Ethereum has low spec requirements and is pushing for them to be even lower, but compared to the ~38k USD in ETH required to get up and running it's not like hardware cost is the limiting factor for most people. I don't think it's really a big deal in the grand scheme of things. With the exception of blockchains that have chosen to chase the monolithic scaling dragon, most are well within the realm of reasonableness in relation to the total investment required. Here's Polkadot for example: Bitcoin is obviously terrible in this regard though.

Commented by /u/biketourthrowaway in /r/ethfinance on November 17, 2022 15:27:01

Still early but Dusk Network had a good shot in the EU imo

Commented by /u/biketourthrowaway in /r/ethfinance on November 16, 2022 10:02:12

Those are the two big ones I have come across so far, but if there was a huge Spanish community or African community for something it wouldn’t necessarily be on my radar. Cardano was supposedly focusing on Africa so maybe? But that’s not an African team targeting Africans so not sure it really counts for much.

Commented by /u/biketourthrowaway in /r/ethfinance on November 16, 2022 01:13:26

Oligopolies are not monopolies. Which you snuck in there like a sneak.

Commented by /u/biketourthrowaway in /r/ethfinance on November 16, 2022 00:00:15

No newcomers, no new products gaining marketshare, companies all making record profits, no pressure from outside markets, no frantic rush to new features like autonomous, totally it’s all there. Look up how many young people use cash app as their primary bank and ask yourself if things will ever change re: banking. Neo banks are a fast growing market segment with a ton of investment pouring in.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 22:27:02

I’m sure we will only have a single car company any day now. Right on, multichain for life. Spread the gospel!

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 22:02:44

Except for the times they do, which obviously is never because incentives. Hey how many blockchains do you think there are going to be in the long run again?

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 21:46:15

Oligopoles can still compete amongst each other to the benefit of consumers. So the opposite of what you just said actually.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 21:25:02

Or in other words, a not monopoly.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 21:11:45

Now it’s oligopolies?! Can’t keep your sorry straight can you.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 20:49:35

> do you have any experience of the real world? stopped reading here, like I said you are no fun to bicker with. I’ll try to remember next time you reply to save us the trouble. Not even a single smiley face, honestly.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 20:22:07

>Proven usage is that centralized entities tend to worsen quality for a given price at the expense of their customers and try to monopolize the service as much as they can. Historically, there are lots of centralized entities proving that. Decentralized entities simply can't afford that, by their very nature. This is plainly false, and presenting it as such is absolutely idealism. There are endless centralized entities that provide great services due to competition (consumer electronics come to mind), and it is absolutely not to be taken for granted to decentralizing them would meaningfully improve anything. Collective action is *really hard* and we haven't seen decentralized protocols even coming close to replicating services centralized entities can currently offer. There are definitely capable of doing things that centralized entities can't, but we aren't anywhere near competitive yet. Also not to be taken for granted that a decentralized platform wouldn't be just as capable of monopolizing the market. If there was a decentralized UBER that gained a dominant share of the market for whatever reason they could absolutely add in fees paid to token holders and not be outcompeted by forks due to the aforementioned network effects and convenience factor. People aren't out there looking for new apps before each ride, users are sticky which is why apps pay huge incentives to acquire them. I'm not pulling out five apps and comparing ride costs, I just use the one I'm familiar with.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 19:45:25

Oh Perle, my only problem is that you suck all the joy out of bickering. You clearly aren't having any fun - it all just feels so dry and academic. You barely ever even use any smiley faces! We don't have an audience, there is no judge giving points for calling out fallacies. Maybe try assuming if I mention something it isn't for no reason just because it isn't addressing the point you have decided is the single focus of the conversation and let things flow a bit more naturally. You don't seem to be trying to actually even learn what my arguments are, you just find a single thing you object to and then dismiss the whole thread out of hand. I know I do the same, but clearly I hold myself to lower standards than you do for yourself. Also I'll have you know I am incredibly skeptical, I just happen to also be skeptical of the things you have decided are superior based on philosophical merit alone rather than proven usage (;

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 18:26:05

Rust salaries are high because of crypto, not despite it.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 17:46:07
/r/ethfinance/comments/yvoib1/daily_general_discussion_november_15_2022/iwiolm8/ \#2 after Solidity, so they should be fine.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 17:35:28

>Providing a useful service even when you don't yet have any network effect isn't worthless By providing a service of value you have begun accruing a network effect. You can't just fork hospitality, this involves real world connections to people and things. >Notably, what restaurants? What drivers? What brand? Are you imagining they are providing a useful service without these things? You'll have to walk me through that chain of logic. >These forks don't provide the same quality at all and these forks have been made after network effect. See: early forks of ethereum >You mean prediction is something alien to you? Predictions are just claims about the future, and claims are apparently worthless (: >Being centralized would necessarily be in the way of it providing a service as good as a decentralized platform. Not at all, it could be operated at a loss by a benevolent dictator who funds it with profits from a renewable energy project with clear and fair rules that are voted upon by a committee elected by the userbase. I doubt that would happen, but I have just described a method by which it would be possible therefore I am meeting you standard for valid argument. >I have provided arguments about that. The fact you don't even attempt to disprove them doesn't in any way disprove them, quite the opposite. See above. >It's just that scams try to make people believe what's agreed upon is different from what's actually agreed upon So, not the same at all then lol

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 17:34:10

Solana is Rust so I would expect devs to move on to Polkadot, Elrond, Near, etc

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 16:54:50

>There's no network effect in a network that has just been built and can be copy pasted any time. There's no value in copying a network that has no value. >without any additional quality to justify that price discrepancy. Like bizdev? Or do you see the restaurants/drivers/STRs/hosting/branding just automatically being seamlessly copied over as well. See: forks of Ethereum. >not an inability, since I've provided at least two methods to build it Do you have evidence it has been built? It is unable until proven otherwise, no? >the decentralized platform still is better for clients and providers nonetheless. the decentralized platform still is *hypothetically* better for *hypothetical* clients and providers, who knows if your perfect vision has any similarity with what would actually get built. I can also conceive of a centralized version that is perfect, but that that doesn't seem like a fair comparison imo >I know you just want to scam Bets are mutually agreed upon, you were always free to say no (as clearly demonstrated by you doing so) (:

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 16:46:11

>And then, you'd need funds for it, which won't be easy to find given that a decentralized platform can hardly be more than a tiny bit profitable: once you've built it, if you ask for full percents of fees, there's no reason for no one else to just copy paste the platform and ask for a tiny fee compared to yours. >That's precisely why such funding would most probably be closer to crowdfunding from users, providers and passionates or from initiatives like Gitcoin. Yet, this kind of funding is extremely hard to predict. That's why that bet is non sensical. Any delay wouldn't prove decentralized platforms aren't better than centralized ones. The inability to get built seems like it could be considered be a weakness compared to centralized competitors, who have all managed to overcome that hurdle. >that's that you are pushing into me an argument I didn't make, aka a strawman No my friend, what I am trying to push you in to is a bet. My goal isn't to prove you wrong, it's to take your money..

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 16:23:23

So I will assume this means you don’t actually disagree with me enough to take the bet then lol

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 15:26:50

Silly me to think that a an automated protocol that delivered superior value to both user and provider and could easily collect a minor platform fee to fund development would ever get built and gain marketshare (: Not looking for an academic debate, and not particularly concerned if you ever come around to my way of thinking. I am confident in my opinion though, and am happy to put money on it. Let me know if you're interested! Happy to adjust the timeline to your liking as I believe it will never happen.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 15:20:17

*Completely* disproven?! Perlerlamme, claim shatterer. Happy to bet on it! Say $100 USDC no decentralized food delivery or STR app, service, or protocol will have 10% marketshare by transactional value within 5 years.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 14:32:18

The obvious example that comes to mind would be Polygon and India, and to a way, way less credible extent Cardano's focus on Africa.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 12:53:15

Tried posting this on FTX explode day and got lost in the churn, so posting one more time: A bit of a different topic, but I think we might end up seeing regional blockchains after all (shout out 2017 narratives back from the dead - RIP NEO). Astar is positioning itself as the go-to blockchain for Japan and seems to be making great progress. Japanese Gov't has Web3 strategy: Astar Japanese Web3 community: Japanese City partners with Astar: Major Japanese artist does first NFT project on Astar: Largest japanese internet provider partners with Astar, announces $4B dev fund: Clearly they are having some buy in from Japanese companies who want to work with a Japanese team - it will be interesting to see how this plays out longer term. Vendor lock is a real thing, and while Astar supports EVM they also support WASM. Are there any other teams/regions seeing similar trends?

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 11:32:04

If they consistently rule against the provider that’s bad UX for them, and if the courts have the ability to pay out of protocol revenue (not at the expense of the user or provider) then the protocol has to collect enough to float that and all of a sudden isn’t that much cheaper than the centralized services. Users will not seek out different services based on their customer service alignement, users will seek out price, and then abandon when they have a bad experience. Airbnb/food delivery is not meaningfully improved by being decentralized and immutable.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 10:23:38

They can eat costs to keep people happy.

Commented by /u/biketourthrowaway in /r/ethfinance on November 15, 2022 01:00:33

The market decides system is terrible UX though. A driver stealing your food and having your only recourse being to rate them poorly is brutal, and I would never use that service again. As a thieving driver I can also sign up infinite times with new wallet addresses, so I can steal food all the time. I can even self deal and give myself a few positive reviews before stealing your food. Having the driver bond would also be terrible UX for them, since they can just have someone review them poorly for something out of their control (late delivery, restaurant fucks up, etc) and actually lose money on the order. I know Kleros is working on trustless dispute mediation tooling, but it would be way harder than people assume to make a platform that would be significantly better user experience than the existing apps

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 19:40:21

So you would have to pay to get work?

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 17:34:18

EVM compatibility should make a swift redeployment trivial, and MATIC would be a layer 1 token for the ecosystem with the most industry momentum - I’m sure most investors would be just fine with it. Anyways, hope they don’t and doubt they will, but I think people here make way too big a deal about it. If they leave it’s because they think it’s better for them than staying, and at the end of the day the only things in crypto you can rely on are cryptography and economic incentives.

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 17:13:07

They gained popularity based on being low-fee with good UX and strong biz dev. Anyone who deployed to Polygon instead of Ethereum was doing it for utility (low fees), not for their Ethereum alignement. The “true” Ethereum community has hated on Polygon since day 1 for being an upgradable multisig, so any teams who really cared about the Ethereum ethos wouldn’t have deployed there in the first place. And once again, it is pay-as-you-go. No one “gave them money”, they paid for blockspace, which was delivered in full.

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 16:42:19

How would it be fucking the community over? Anyone who was aggrieved would be free to leave, and no one in the Ethereum community would be any worse off because of it.

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 16:03:23

Ethereum is a protocol, you can’t “fuck it over”. No one owes Ethereum anything. It is a pay-as-you-go service with no long-term obligations from users. People will pay as long as the value gained is more than the cost paid, and it is unreasonable to expect any more than that. If entities like Polygon choose to sever ties, consider it a red flag that Ethereum’s value proposition isn’t as strong as you thought it was. With that said, Polygon talks (and walks) a very pro-Ethereum game. I don’t see them breaking away anytime soon.

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 14:34:48

Dusk Network has been putting out some good content around EU regulation for anyone interested:

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 13:33:15

Changes detailed in the Atom 2.0 whitepaper won’t be enacted, so no shared security or value accrual to ATOM token. I’m sure they will rejig it with community feedback and try again. Short term bullish for Polkadot maybe, as they are still the only shared security dAppchain play until this passes.

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 12:56:57

ATOM 2.0 governance vote failed to pass. Source:

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 11:33:21

Expect 99% of NFT projects to trend towards zero over time.

Commented by /u/biketourthrowaway in /r/ethfinance on November 14, 2022 00:41:37

It isn’t about whales though - you pay the same gas fee regardless of transaction size. Unless whales are doing thousands of transactions per day having the 99% of non-whales move to L2s will have massive effect on gas fees. And if all retail all moves to L2s then liquidity providers who want trading fees will surely follow.

Commented by /u/biketourthrowaway in /r/ethfinance on November 13, 2022 16:44:48

> Fee revenues are going to go down significantly. Perhaps, but current events may even be bullish for DeFi as it’s proving to be the safest alternative and there could be some flight to quality. Fee revenue will go down because of L2s maturing and proto + full danksharding dropping the floor out on the cost of rollups. There could very well be years of incredibly low fees after everything migrating to L2s and before all that increased cheap blockspace induces enough demand to bring us back up to current levels. Polynya has written pretty extensively about this, as have others.

Commented by /u/biketourthrowaway in /r/ethfinance on November 13, 2022 15:59:03

DeFi Pulse Index should finally moon when L222 fully kicks off, am I right? Also after years of scoffing at multichain maybe it is a thing but also it’s only Cosmos.

Commented by /u/biketourthrowaway in /r/ethfinance on November 11, 2022 18:14:06

Maybe stop platforming the cult leaders then.

Commented by /u/biketourthrowaway in /r/ethfinance on November 11, 2022 18:11:00

They wouldn’t grab even more political power though, they would just temporarily disrupt a network and lose a ton of money in the process. In a corrupt nation the money would be stolen instead, and in a country with oversight the usage would never be approved. You can argue the means exists (although as we have discussed that would be very debatable), but I’m even less convinced of the motive. You can buy a lot of votes with a few billion dollars.

Commented by /u/biketourthrowaway in /r/ethfinance on November 9, 2022 00:30:00

Personally I think people really overestimate the likelihood of nation states attacking chains - the ability to fork away isn’t a secret and spending billions of taxpayer dollars on something that at best takes down the network for a while is just not an ideal strategy imo It’s important to build defences against that possibility to avert it, but I doubt it would ever actually happen since it would be political suicide.

Commented by /u/biketourthrowaway in /r/ethfinance on November 9, 2022 00:15:00

Yeah, more just that a similar playbook to Ethereum’s would be well within their abilities - honest validators fork and community follows, leading to attacker losing all funds invested in attack.

Commented by /u/biketourthrowaway in /r/ethfinance on November 9, 2022 00:07:39

Ahh yeah gotcha, I see what you mean.

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 23:57:29

True, plenty of time for them further secure themselves as their native tokens accrue value from this increased network usage (;

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 23:51:50

Sorry, are they simultaneously buying huge numbers of tokens to build their attack warchest while also crashing the price in order to liquidate vaults in this scenario? lol

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 23:22:58

>Not any PoS system does the same, though. It requires permissionlessness. Firstly, they meet that criteria (not you Polygon), and secondly, no it doesn't. It just requires the validators to agree on the bad actor and the action to be taken. So even conceding your point on permissionlessness (a criteria they meet), they could still do it.

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 23:18:57

If only there were DeFi primitives that allowed them to use their staked assets as collateral (:

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 23:11:34

Assuming they don’t just stake their rewards to keep ahead of inflation, as is the optimal and currently practiced strategy lol

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 23:07:41

They also have the same nuclear option that Ethereum does - Layer 0 social slashing. Just as Ethereum can fork away bad actors if a majority of validators are action in bad faith, so can any PoS system do the same. They really are much more secure than you give them credit for.

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 23:03:03

They have between 50-80% of their supplies actively staked with good incentives to keep staking at those levels, not sure how easy it’s going to be to buy up enough to attack the network without it quickly becoming economically infeasible.

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 22:48:27

Ah yes, PoW - the thing none of these examples use. What a good historical example to draw conclusions from lol

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 22:35:56

How would astar, polygon, or Cardano be considered regional by your definition? They are global networks, I am just talking about them being preferred by users from certain regions for their network effects. I can only assume your mind will be blown when blockchains with lesser security than Ethereum still prove to be fully secure.

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 21:45:09

L3s don't have bizdev teams who have been putting in work on the ground for several years already. See Polygon in India: or Cardano in Africa: I have trouble seeing companies that have successfully launched on Astar moving over to an L3 when they are already getting the services they desire, and I have an even tougher time seeing companies looking to benefit from frictionless integration to the local Web3 paradigm choosing an L3 over joining them on Astar.

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 21:13:07

A bit of a different topic, but I think we might end up seeing regional blockchains after all (shout out 2017 narratives back from the dead - RIP NEO). Astar is positioning itself as the go-to blockchain for Japan and seems to be making great progress. Japanese Gov't has Web3 strategy: Astar Japanese Web3 community: Japanese City partners with Astar: Major Japanese artist does first NFT project on Astar: Largest japanese internet provider partners with Astar, announces $4B dev fund: Clearly they are having some buy in from Japanese companies who want to work with a Japanese team - it will be interesting to see how this plays out longer term. Vendor lock is a real thing, and while Astar supports EVM they also support WASM. Are there any other teams/regions seeing similar trends?

Commented by /u/biketourthrowaway in /r/ethfinance on November 8, 2022 14:15:42

> Good overview: Huge change coming in V6 is the node requirement going from 5K -> 50K TRAC minimum as collateral as well as larger stakes having a larger proportional share of jobs. This change along with trustless delegation *could* lead to a massive supply shock. Like if the same number of nodes as exist today are present in V6 20% of token supply will be taken out of circulation.

Commented by /u/biketourthrowaway in /r/ethfinance on November 7, 2022 19:08:17

It's a good time to remember it! Biggest update to date (V6) goes live in about a month. Best resource for getting back up to speed:

Commented by /u/biketourthrowaway in /r/ethfinance on November 7, 2022 16:44:28

Don't see this kicked around too often, but I think next cycle will be 2017 ICOs that actually built a tangible product beginning to disrupt their markets of choice. I still follow a few 2017/2018 ICOs that raised a bunch of money, kept their heads down for the last 4-5 years and have been building, testing, iterating, and reaching out to industry and it's starting to look like their efforts are bearing fruit. There were plenty of ICO projects that were led by people with industry experience who clearly understood how blockchain could improve their field, and I think we will see these projects slowly gaining a market until their advantages become impossible to ignore. My favourite example (at the risk of shilling) is OriginTrail, which started as a supply chain project and has matured in to a full-featured decentralized knowledge graph. They are currently being used by BSI, the SCAN Association, and AidTrust and all of those pilots projects have proven successful and are now in the process of scaling up. They were a 2017 ICO that has oscillated between $0.01 and $3.50 based on speculation alone, but we could be getting the point where tokenomics start to be the main driver within the next few months and I am PUMPED.

Commented by /u/biketourthrowaway in /r/ethfinance on November 7, 2022 13:31:19

The Ethereum community is more than capable of fracturing itself without outside help thank you very much.

Commented by /u/biketourthrowaway in /r/ethfinance on November 7, 2022 13:16:22

If I understood the Twitter thread correctly they are arguing that for AMMs the reading fees never offset the IL though. How much hedging would be required to offset this risk, and would it be worthwhile va other opportunities outside the AMM markets?

Commented by /u/biketourthrowaway in /r/ethfinance on November 7, 2022 01:49:36
/r/ethfinance/comments/yoec5j/daily_general_discussion_november_7_2022/ivdwu9w/ So didn’t see this discussed here too much (might have missed it), but are there any good refutations against this? Tl;dr: being that even the most profitable LPs lose money overall (fees < impermanent loss) and that providing liquidity to an AMM is a terrible allocation of capital. What will this mean for Uniswap specifically and DeFi more broadly if this analysis is accurate?

Commented by /u/biketourthrowaway in /r/ethfinance on November 7, 2022 01:31:59

Sounds like OriginTrail! Web3 knowledge graph using blockchain s a trust layer where users own their digital assets/knowledge. Source: Disclaimer: I am irresponsibly long on TRAC

Commented by /u/biketourthrowaway in /r/ethfinance on November 6, 2022 23:12:54

Source for anyone wanting more info: Not sure I would consider this FUD personally - it seems like a pretty legit criticism.

Commented by /u/biketourthrowaway in /r/ethfinance on November 6, 2022 11:48:32

So far, but it’s also something they have been working towards for years - I can’t imagine they would be announcing this is they didn’t believe they have met whatever criteria the SEC gave them. It will be interesting to see if/when there is any confirmation from the SEC down the road.

Commented by /u/biketourthrowaway in /r/ethfinance on November 4, 2022 16:00:37

On chain governance and on chain treasury were the two things that jumped out in the article.

Commented by /u/biketourthrowaway in /r/ethfinance on November 4, 2022 15:14:40

Web3Foundation saying they have worked with SEC and believe that as of today Polkadot can no longer be considered a security but have *morphed* in to a software: Nothing from the SEC that I have seen yet, but interesting to read between the lines and see what they said they had change in order to meet their requirements for compliance.

Commented by /u/biketourthrowaway in /r/ethfinance on November 4, 2022 14:52:05

It’s an Ethereum commit-chain.

Commented by /u/biketourthrowaway in /r/ethfinance on November 2, 2022 20:15:52

> Or industry just doesn’t have the same priorities you hoped they would have.

Commented by /u/biketourthrowaway in /r/ethfinance on November 2, 2022 18:56:00

Or industry just doesn’t have the same priorities you hoped they would have. These are entities that are clearly capable of doing their own due diligence, insisting that “polygon must be lying” is pure uncut copium.

Commented by /u/biketourthrowaway in /r/ethfinance on November 2, 2022 15:27:01

I will credit them for the UN, but the rest of the partnerships are old, not growing, and some have ended altogether (still sitting at 50k transactions down fro over 100k years ago). The APY wasn't the broken part - going from rewards paid out exclusively from transaction fees (which was actually impressive) to a double digit APY from inflationary block rewards is embarrassing. Even if it is capped at the max supply, it's a desperate look. Those projects are all massive and built an insane amount during their slow times - LTO is like a dozen people and half of them are marketing. You can't just say other cryptos started small then got big, therefore LTO will as well. Price predictions are just guesses, that isn't based on anything. It has been bleeding out vs ETH/BTC for three years straight - you would have been better off today buying either at any point since 2019. 2nd comment B2B is why I came to LTO in the first place, and that was the vision that failed. They aren't onboarding new businesses, and clearly no one is onboarding themselves. The early businesses they got were heavily subsidized in terms of tokens and dev costs, but that wasn't sustainable and since they stopped transactions have declined then flattened. They might be locked in, but no one else is coming. They have like four integrations where other projects have hundreds if not thousands. Too little too late and not bringing enough functionality. Why would someone use LTO DIDs when they could just use native DIDs on the chains they actually use. Those DIDs can also integrate with Chainlink, so they will be just as portable. Other than the UN LTO is dead in the water, and they could easily change from anchoring on LTO to any other blockchain. They have zero moat, less functionality, bad tokenomics, a small team, tiny adoption, and no community of users (just of holders). I sold years ago and check in every now any then to see if it is worth buying back in, and nothing much has changed.

Commented by /u/biketourthrowaway in /r/LTONetwork on November 2, 2022 10:20:26

Recognition for what? LTO was a promising project three years ago, but they totally failed to launch. Initial plan for business adoption never took off, initial tokenomics model failed as a result, transactions are down massively, market cap is down massively, and the pivot to NFTs/DIDs will similarly fail to gain traction (why would anyone launch a niche blockchain with no integrations/liquidity/community when there are already so many viable alternatives out there). Other ecosystems have multibillion dollars incentive funds and huge teams that have spent years building dev tooling - why would anyone build on top of LTO when the alternatives are so much more mature? Not to mention more secure, decentralized, integrated, liquid, etc

Commented by /u/biketourthrowaway in /r/LTONetwork on November 1, 2022 22:31:43

>but frankly left feeling like SBF had the better informed takes and was trying to listen and understand the other side, while EVH sounded like a stubborn know-it-all, not looking to engage in a constructive conversation. Totally agree with your take, I was very unimpressed with EVHs whole approach. SBF was tripping over himself to try and be understanding of his arguments and EVH was just using this as a platform to argue that there should be even less regulation than there currently is. The fact that he hadn't even read the policy proposal, the email comparison being such a cheap rhetorical trick, and then his final steel man just being briefly recaping what SBF had said without any effort to defend the position were all weak as fuck in my eyes. Definitely came out respecting SBF way more for actually trying to engage.

Commented by /u/biketourthrowaway in /r/ethfinance on November 1, 2022 00:25:30

I said YouTube has bad recommendations, TikTok on the other hand has great recommendations! > Notably, you wouldn’t get the undesirable YouTube recommendations because you would find someone who would match your tastes. I’m sure they would be easy to find in this suggestionless system! Way easier than just continuing to use what I already use (;

Commented by /u/biketourthrowaway in /r/ethfinance on October 29, 2022 02:56:30

Not really, it would just be to avoid seeing things they didn’t want to see. Ideally people prefer having suggested content - see TikTok, the worlds largest and fastest growing social media site.

Commented by /u/biketourthrowaway in /r/ethfinance on October 29, 2022 02:52:33

So all they would get for their efforts is completely hamstringing the experience by restricting people to whitelsited content? That seems like a win for the trolls honestly.

Commented by /u/biketourthrowaway in /r/ethfinance on October 29, 2022 02:24:16

Do you know the difference between good UX and bad UX? The difference between something being a big enough improvement to justify leaving your current platforms and how easy it is to stay with the familiar where you already have established yourself? Because you seem to think people will want to start from scratch for a worse UX just because it's decentralized, and you seem to think having to trust people to filter out trustless objectionable content for you is somehow better than being on a platform that just doesn't have any. Why is decentralization and trustlessness better from the perspective of a normal user? Assume they don't care about the platform collecting their data if you're willing to challenge yourself.

Commented by /u/biketourthrowaway in /r/ethfinance on October 29, 2022 02:00:28

What does everyone thinking alike have to do with there being a non-trivial number of people who derive pleasure from causing discomfort?

Commented by /u/biketourthrowaway in /r/ethfinance on October 29, 2022 01:58:15

So a system of incentivized gatekeepers who protect their audiences from objectionable content and in return get to monetize their attention with ads? I’ll be real with you that just sounds like a jankier version of Web2 social media with the influencers steering the ship.

Commented by /u/biketourthrowaway in /r/ethfinance on October 29, 2022 00:51:11

So in this case you are you only be following curators who are doing this filtering for you? Or having a feed made up exclusively or people you already subscribe to? YouTube is a weird example to give because it famously leads people to extreme content through their recommendation algorithms and they censor/remove an absolutely insane amount of content as well so it’s kind of throwing me off

Commented by /u/biketourthrowaway in /r/ethfinance on October 29, 2022 00:20:12

So does that mean you won't sign up until filters are proven to be 100% effective? Or rather that you think designing filters that will thwart trolls will be a trivial task.

Commented by /u/biketourthrowaway in /r/ethfinance on October 28, 2022 23:05:10

Sweet summer child, the whole point is that they want to bother people.

Commented by /u/biketourthrowaway in /r/ethfinance on October 28, 2022 23:03:11

That nonsense is a hydras head - it doesn't go away when you cut it off once.

Commented by /u/biketourthrowaway in /r/ethfinance on October 28, 2022 19:26:42

Tell me how to profit massively off this potential!

Commented by /u/biketourthrowaway in /r/ethfinance on October 28, 2022 14:21:03

>People can 'collect' your posts as NFTs and you receive a royalty (if you set a price). Lenster does this, mirror does this. Cool concept, but feels like more of a fleeting novelty for crypto natives than a feature average social media users would care about. People do love collecting stuff and being superfans though, so who knows! >That's a possibility that can replace Patreon. This would be cool to see >Social media is absolutely not 'free'. You're giving up all of your data. For a grand total of $0 to the user. If it is not painfully obvious by now: the majority of social media users don't value their data at all. If anything, they are happy to provide it since it gives them a more curated social media experience (relevant suggested topics/posts/ads). I'm also still not convinced decentralized social media won't become just as data-hungry to improve user experience/monetization potential. If all activity is public and linked to your wallet/DID, you better believe services will start mapping your behaviour as soon as they are able. >But yea, I dunno, to somebody (most people?), who don't give a crap about owning what they post or don't care about giving up their data to "freely" use a platform, they wont care about decentralized social media. For sure, honestly I can't see normal users leading the migration, but rather heavy hitting influencers/creators moving over to have more control over their monetization strategies and then having some of their userbase following. Basically start with the Patreon/Substack replacement and then build out the social features to supplement them.

Commented by /u/biketourthrowaway in /r/ethfinance on October 28, 2022 13:31:21

>In once sense, we can have proof of humanity. Proof that there is an actual human behind the account, without having to provide email, phone, etc. I do think we will eventually see proof of humanity, but it is far from a solved issue at this point. You can currently sign up for Web2 social media with 1-click using your gmail/facebook, or with an email address/phone number that takes under 30 seconds. I can't see proof of humanity solutions catching up to that level of convenience for quite a while, once again alienating the normal people who aren't motivated by crypto enthusiasm or blacklisting elsewhere. >We can have true ownership of content and monetization. I also don't completely agree with this take - how are we monetizing it? Will people pay to post? Will there be advertising, but just through some sort of decentralized auction? Are we token-gating features? Currently social media is free for 100% of users, so adding any form of cost is once again likely to disincentivize normal users from joining. I'm sure people are coming up with neat ways to do so, I just haven't seen any that really resonated yet. Paying for algorithms or collecting a portion of tip revenue felt the most promising, but they would be orders of magnitudes less than the current Web2 advertising/data selling model imo And what does ownership of content really mean in this context? Beyond being able to export your social graph I don't really see what issues this addresses - social media posts are currently things you post for free to an audience that views them for free. That's cool that no one can delete them without your permission, but also you can always just post them again elsewhere. It just doesn't feel the same as artists having ownership of digital works, but I could be totally off base here. >but the assets can be centralized and curated, changed, gamified, etc by the project team. For sure, I'm sure a lot of my concerns are just a lack of imagination on my part since whatever would make it unique will be new and fundamentally different than existing models. I just have trouble seeing how they will overcome the very well known issues that even (formerly) trillion dollar social media giants have trouble getting control over.

Commented by /u/biketourthrowaway in /r/ethfinance on October 28, 2022 12:49:34

I'm sure it could be, but why would anyone do that work? It's a never ending garbage job and the social media giants hire tens of thousands of people to judge content on top of employing cutting edge image detection tech. I can't see Web3 social media pulling in nearly as much money as Web2 advertising models, so how is the DAO going to pay for this small army of content moderators? Also is that even in the spirit of decentralized social media? If there are still guidelines and moderation (even if those are voted on by token holders or whatever), is that really a 10x improvement over Web2 social media that is worth switching over for?

Commented by /u/biketourthrowaway in /r/ethfinance on October 28, 2022 12:03:09

>but wouldn't a decentralised social media just increase the inability to remove the most extreme and dangerous opinions? The first wave of users will be crypto enthusiasts who think the technology is neat, but the second wave will be from communities that aren't welcome on Web2 social media, and their presence will ensure that there won't ever be a third wave of normal people. It's exactly what happened with Voat when they started banning subreddits, and most people don't want to wade through toxic/hateful/horrifying content on a new platform even when they have good block/filtering tools at their disposal. I really don't believe that most crypto people fully understand what it is to operate in unmoderated online spaces - expect to see gore, CP, snuff, hate crimes, etc on a semi-regular basis.

Commented by /u/biketourthrowaway in /r/ethfinance on October 28, 2022 11:51:01

How is it greedy to not overpay? If they can get a slot for 0.5% of their supply, it would be foolish to offer up more when those tokens could be used for better purposes (bootstrapping liquidity, dev grants, future auctions, treasury, etc). Wait until all the slots are taken before judging the auction mechanism - there will have to be competition once winning an caution means taking someone else’s spot.

Commented by /u/biketourthrowaway in /r/Polkadot on October 27, 2022 13:53:40

The solution is to just wait for more projects to come online and to establish product/market fit. The first few slots were huge for capturing marketshare and riding hype, but now projects that have taken a risk (by building on Polkadot) get rewarded by locking down a slot before there is much competition. By the second or third round of auctions competition should be much fiercer. It is still easily days, and saving your tokens for future auctions or for buying a treasury full of DOT is the smart move.

Commented by /u/biketourthrowaway in /r/Polkadot on October 27, 2022 13:50:38

So the community fund is the staking rewards from $150k USD worth of LTO, or about $25k USD annually at current prices? Am in understanding this correctly?

Commented by /u/biketourthrowaway in /r/LTONetwork on October 25, 2022 12:30:34

Question about doing a soft fork to stop censoring validators from capturing the network: what happens if USDC/Tether/Paxos + CEXes all support the censored fork? From my rough understanding the plan is the the honest minority would fork away and eventually the censoring validators would begin being slashed until they were below a majority at which point they could rejoin. But what happens if the stablecoin providers say the censoring chain represents the legally compliant majority and those are the valid tokens, effectively making all the stablecoin parings on the honest chain worthless. Is that a possibility or am I totally misunderstanding.

Commented by /u/biketourthrowaway in /r/ethfinance on October 23, 2022 02:23:43

It would be nice if it was updated, but it still provides plenty of jumping off points for learning about what differentiates Polkadot.

Commented by /u/biketourthrowaway in /r/ethfinance on October 19, 2022 15:10:50

Try starting here: There are links to learn more about each of the relevant technologies as you go. Otherwise most of the answers to the question will be in isolation - you'll have to read about how the protocol works and then contrast their approach to Ethereum for yourself.

Commented by /u/biketourthrowaway in /r/ethfinance on October 19, 2022 12:47:46

Commented by /u/biketourthrowaway in /r/ethfinance on October 19, 2022 12:12:36

Oh, I was just being sassy and linking absolute beginner articles about multichain protocols because this dude has been a total dick in my previous encounters with him and has made zero effort to familiarize himself with the concepts. You should be able to find pretty good answers there though - they are very comprehensive wikis (:

Commented by /u/biketourthrowaway in /r/ethfinance on October 19, 2022 11:59:42

Polkadot has the second highest number of active devs after Ethereum, they’re probably all just morons tho (:

Commented by /u/biketourthrowaway in /r/ethfinance on October 19, 2022 11:34:52

And the people you called morons are pretty tired of your bad faith arguments and bizarre antagonism whenever anyone tries to answer you. Polkadot wiki: Cosmos wiki: Fell free to find the answer for yourself if you are really so curious.

Commented by /u/biketourthrowaway in /r/ethfinance on October 19, 2022 09:56:57

>And if you don't think those are the world currency and language, frankly you are a moron. Lmao, don't tell the entire fields of economics or linguistics they'll panic. Fun fact:only 1/6 people in the world speak english (1/6 also speak mandarin), so no, it isn't a global language, and just because the USD is used for most global today that doesn't mean all currencies are covering towards USD. What a stupid argument lol >It isn't a coincidence that languages and dialects have to be explicitly preserved. They really don't, but even if they did then the fact that people are willing to make intentional effort to preserve alternatives to your global default totally undermines your terrible argument >Can you rationalize a benefit and a trigger for language not to converge? Culture, status quo, lack of interest, preference for local, personal identity How about those other examples? You would have to be a moron to think those were relevant too, right? Lmao Anyways, long story short you are totally wrong about multichain and the fact that you have to grasp at incrdibly weak analogies rather than actually argue directly against them (which requires having done even the most basic homework about how they work) is pretty fucking embarrassing.Try taking some time to actually learn about the things you claim to hate, they might surprise you!

Commented by /u/biketourthrowaway in /r/ethfinance on October 19, 2022 09:39:13

That’s why we have one global currency and one global language, right? Wait until you find out about train track gauges.

Commented by /u/biketourthrowaway in /r/ethfinance on October 19, 2022 01:18:38

New distributed social media protocol from Jack Dorsey. Source:

Commented by /u/biketourthrowaway in /r/ethfinance on October 18, 2022 17:52:37

I think it's the second one maybe, seeing as how he's doing the same thing with me (:

Commented by /u/biketourthrowaway in /r/ethfinance on October 17, 2022 21:06:01

No? I’m surprised. Here’s a question for you: why would you wait several years for rollups to mature when the functionality already exists on Polkadot today? Harder question: what protocol with all these rollups use to communicate with each other? If we’re all about converging on existing standards, will they use IBC or XCM?

Commented by /u/biketourthrowaway in /r/ethfinance on October 17, 2022 17:19:58

Could you steel-man Polkadot for me?

Commented by /u/biketourthrowaway in /r/ethfinance on October 17, 2022 15:38:42

>Please explain why parallel blockchains will become the norm and please explain what incentive users have to use a less secure chain? Because specialization outcompetes generalization, and because "less secure" != insecure. Something can be "less secure" than Ethereum by metrics like total number of nodes while still being fully protected against attacks. >the parallel roads that are “faster and cheaper”. If you think that these are the only metrics multi-chain projects are optimizing for you haven't made a good-faith effort to understand them.

Commented by /u/biketourthrowaway in /r/ethfinance on October 17, 2022 15:06:49

>No one that understands the benefits of the blockchain believes in a multi-chain future If anyone was wondering if this sub is becoming an echo chamber, here’s a red flag for you. Plenty of people who understand the benefits of blockchain believe in a multi-chain future. This is far from a settled issue and pretending otherwise is just wilful ignorance.

Commented by /u/biketourthrowaway in /r/ethfinance on October 17, 2022 13:54:19

Most chainlink posts have always been from 4chan - it’s been the official /biz/ token since like $0.10

Commented by /u/biketourthrowaway in /r/ethfinance on October 16, 2022 20:42:09

This assumes that you can easily buy large amounts of tokens, which at currently isn't true. TRAC has very little liquidity, and if we have multiple businesses setting up multiple nodes expect the price to move significantly. Honestly when you factor in how much enough buying pressure to scoop up a few million tokens would move the price, it might actually be cheaper to just pay as you go. This assumes businesses haven't already bought up all the tokens they need, which I would personally doubt.

Commented by /u/biketourthrowaway in /r/OriginTrail on October 14, 2022 23:09:08

50k TRAC locked per node, with good incentives to lock significantly more than that. This is going to a fucking rocketship once everything is live, holy shit.

Commented by /u/biketourthrowaway in /r/OriginTrail on October 14, 2022 14:49:29

Very interesting essay about the various qualities of blockspace and how it is best allocated from Rob Habermeier - has a lot of relevancy to Ethereum's roll-up centric road map. Source:

Commented by /u/biketourthrowaway in /r/ethfinance on October 14, 2022 14:46:14

I’ve been following the project they are partnered with for years and I think we are about to see adoption really start to take off. Trustless Web3-native knowledge graphs are a huge breakthrough and they already have several huge organizations trialing their solutions. More info for the curious:

Commented by /u/biketourthrowaway in /r/ethfinance on October 14, 2022 12:51:59

For all my supply-chain enthusiasts - BSI is pushing blockchain solutions around tracking donated pharmaceuticals to ensure they reach their intended targets. BSI is the organization responsible for standardizing barcodes on all retail products. Probably nothing. Source:

Commented by /u/biketourthrowaway in /r/ethfinance on October 14, 2022 11:59:23

I’m personally enjoying that David had clearly not grasped the point at all and is tweeting about how people should stop making L1s since Ethereum and Cosmos both already exist, when the entire point of Cosmos is to connect sovereign L1s. Talk about missing the forest for the trees.

Commented by /u/biketourthrowaway in /r/ethfinance on October 14, 2022 10:19:00

>both sides said at least some things I don't agree with. I'm mostly sad that the interview didn't happen. Agreed, didn't reflect well on anyone. >I've actively searched for Polkadot mentions with substance in the ecosystem at times and found barely anything other than a few Polynya tweets I went through this process as well - I had learned a ton about Ethereum from what I now understand to be relatively Ethereum-maxi sources and assumed they would have informed opinions about Polkadot as well since their roots were in the Ethereum ecosystem and many of their design choices being made to explicitly address Ethereum's perceived shortcomings, but I came up pretty much empty. >I guess it's not as suspicious as it first may seem considering that Ethereum has the big fat network effect while simultanously having - for my understanding - so little attack surface that even smart people often feel little incentive to look at other ecosystems in detail. I agree, it usually feels less like trying to sweep a threat under the rug and more like general apathy to anything non-Ethereum due to (in my view) overconfidence in Ethereum's permanent dominance. It's too bad honestly, I'm increasingly feeling disconnected from this community in particular - what I assumed were shared values that would allow for mutual appreciation of interesting projects trying to achieve similar goals seems to have very much devolved in to mindless Ethereum maximalism. It reeks of the early Bitcoiner mentality that anything any outside innovations will inevitably be adopted by Bitcoin (look how that turned out), or that optimizing for anything other than what Bitcoin optimized for was inherently a bad decision. I've seen so many people argue that anything that has a "lesser" decentralization than Ethereum is basically a centralized timebomb that will inevitably fail, while completely ignoring metrics like Nakomoto coefficient or next to comment discussing how like three liquid staking services/CEXes essentially control half the total supply. Things are moving fast outside the Ethereum ecosystem, but no one here even seems to notice or care. Sure zkEVMs will allow heterogenous appchains within the next few years, but they are also already live and establishing product/market fit on Polkadot right now. Basically I am just frustrated that there isn't a better general crypto subreddit for me to lurk around instead lol

Commented by /u/biketourthrowaway in /r/ethfinance on October 13, 2022 15:47:25

Sure, but if the topic was Polkadot I don't see why one of its cofounders wouldn't be an acceptable substitute. It's sad to see them be more concerned with clout-chasing than exploring different crypto technologies/philosophies, but I guess that's what pays the bills. >I guess that happens when you are running one of the main Ethereum clients, raise a lot of money *to build a new blockchain*, lose it due to ~~~stupidity~~~ *a hack* and then ask the community to bail you out and get rejected. ~~~Then storm off, quit Ethereum and abandon the work you did there~~~ *stop contributing to your open source code and move on to start your own competing blockchain as was planned the entire time* while bad-mouthing everyone on the way. Ethereum is doing fine, I'm sure nothing bad would happen if a supposedly neutral podcast that just happens to think Ethereum is currently the best vehicle for their thesis take the high ground and doesn't fixate on six year old drama. Polkadot has the second largest number of active devs after Ethereum, most of whom are former Ethereum/Solidity devs. Do they really not see that as something worth keeping an eye on? They keep talking about Solana and Cosmos, why not Polkadot?

Commented by /u/biketourthrowaway in /r/ethfinance on October 13, 2022 13:44:52

Initial announcement of cancellation: Shooting down Rob: Polkadot has always felt like a huge elephant in the room for Bankless and they seem to make an active to never mention it on air (isn't obvious until you listen for it, but they only ever mentioning Cosmos when discussing multichain despite it being the "smaller" project), so seeing them go mask-off for a bit was interesting. Nice to find a fellow Polkadot apreciatooor on here! I feel the same - I'm not as wowed by Cosmos but still think it's a neat concept and that there are some teams making some cool stuff, but their shared security model does definitely feel like an awkward afterthought compared to the parachain/parathread approach.

Commented by /u/biketourthrowaway in /r/ethfinance on October 13, 2022 13:30:54

It was mostly on twitter and wasn’t a big thing at the time – they had Gavin Wood scheduled to come on and talk Polkadot but he ended up canceling on them without much explanation. The Polkadot PR guy (who to be fair was fairly hostile for whatever reason) offered up Rob Habermeier in his place (Rob is a Polkadot cofounder who is more than qualified to talk about the project), but they turned him down saying they would only talk to Gavin. It felt super petty honestly. I’m a big Polkadot fan and think it brings some really interesting functionality/design philosophies to the table, and I was a big Bankless fan – they really helped me get up to speed with all things Ethereum over the past few years. It has been disappointing coming to terms with the fact that they aren’t these unbiased educators exploring crypto topics with an open mind, which feels silly to say but honestly it threw me for a bit of a loop. In the Cosmos episode they were just taking bizarre shots at Polkadot (calling their model rent seeking when no payments are ever made – parachains just lock up tokens for a fixed amount of time to win their slot) or complementing Cosmos on things like shared security or dev count, both of which are metrics where Polakdot totally blows Cosmos out the water. I don’t know, it just felt like a weird combo of malicious wilful ignorance and side-picking, which I’m not a fan of. Like presenting the multichain thesis as the Cosmos thesis and then vaguely shitting on Polkadot without giving them a chance to explain their choices isn’t a good look imo. It’s their show though, so what can you do.

Commented by /u/biketourthrowaway in /r/ethfinance on October 13, 2022 11:51:30

It was very frustrating listening to the bankless guys shutting in Polkadot then praising Cosmos for implementing a half-baked shared security system. Any idea why they have such strong opinions about Polkadot other than Gavin snubbing them?

Commented by /u/biketourthrowaway in /r/ethfinance on October 13, 2022 10:19:55

Because it's only cheap on Kucoin, and they don't have withdrawals enabled to allow for arbitraging. We won't see $1 until this loop is closed IMO.

Commented by /u/biketourthrowaway in /r/AcalaNetwork on October 11, 2022 11:30:39

It loses a decentralized stablecoin.

Commented by /u/biketourthrowaway in /r/AcalaNetwork on October 11, 2022 11:28:39

Potentially much less if zkEVMs are fully online and populated?

Commented by /u/biketourthrowaway in /r/ethfinance on October 10, 2022 15:18:08

I do consider Ethereum multichain, but colloquially when people here discuss multichain they typically mean chains other than Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on October 6, 2022 20:35:54

Protocol revenue is a poor metric for criticizing a multichain future when it doesn’t apply to the competitors. For example, Polkadot doesn’t have protocol revenue - the prime demand driver is locking up DOT to secure a parachain slots. Even if it reached the same economic activity spread across its 100 parachains as Ethereum has today, by this metric it would still be valueless next to ETH despite 80+% being locked in staking/auctions and there being consistent demand for upcoming auctions. It’s a valuable metric against other L1 chains (no one else compares), but it’s a terrible metric against the multichain thesis put forward by Polkadot/Cosmos.

Commented by /u/biketourthrowaway in /r/ethfinance on October 6, 2022 15:39:24

Commented by /u/biketourthrowaway in /r/ethfinance on October 5, 2022 18:54:49

This would be them automating compliance and auditing while allowing for instant trustless settlement. CBDCs are tokenized fiat, so they absolutely change everything in that you don't have to rely on someone else's centralized database being accurate. This would eliminate counterparty risk entirely.

Commented by /u/biketourthrowaway in /r/ethfinance on October 5, 2022 17:51:04

What makes you think it will be centralized? It could easily be decentralized but permissioned with nodes being operated by a global network of banks. Compared to the traditional SWIFT system this would be massively groundbreaking and would allow orders of magnitude higher efficiency.

Commented by /u/biketourthrowaway in /r/ethfinance on October 5, 2022 15:46:27

Interesting interpretation - was there anything in the article that led you to feel that way? Not sure CBDCs and fully permissionless ledgers are going to be a great fit personally.

Commented by /u/biketourthrowaway in /r/ethfinance on October 5, 2022 15:28:18

>SWIFT, in collaboration with Capgemini, achieved CBDC-to-CBDC transactions between different DLT networks based on popular Quorum and Corda technologies, as well as fiat-to-CBDC flows between these networks and a real-time gross settlement system. The success showed that the blockchain networks could be interlinked for cross-border payments through a single gateway, and that SWIFT’s new transaction management capabilities could orchestrate all inter-network communication.

Commented by /u/biketourthrowaway in /r/ethfinance on October 5, 2022 13:39:12

Sure, but that’s speculation on the future vs something that is already live and working. Being first to market for heterogeneous interoperable shards by several years will be plenty of time for successful usecases to grow marketshare.

Commented by /u/biketourthrowaway in /r/ethfinance on October 2, 2022 22:04:17

I was thinking more like Cosmos/Polkadot for interoperability or Dusk/Secret for privacy.

Commented by /u/biketourthrowaway in /r/ethfinance on October 2, 2022 21:03:43

That the critical threshold for sufficient decentralization is an order of magnitude or two less than what Ethereum has achieved and projects that have optimized for other metrics end up being more viable for whatever the killer usecases end up being.

Commented by /u/biketourthrowaway in /r/ethfinance on October 2, 2022 19:02:32

I would love to do more of it! It just isn’t always particularly well received here (; For the Polkadot stuff: Asynchronous backing: halves block time, increases block size, allows for less replication of work, and enables load balancing between shards. Basically faster finality and way higher throughput before requiring L2 scaling (100k to 1M tps estimated). Parathreads: on demand parachains. Allows teams to build custom pay as you go runtimes to get up and running and community build without winning a parachain auction. Massively lowers barrier of entry. XCMv3: improvements in cross-chain communications to enable data (not just tokens) Weights v2: different types of transactions can have different gas costs. Governance v2: more democratic, fewer centralized mediators, more throughout. New advisory body with no real power but that help steer decicisons, positions based on objective metrics of expertise. Collective parachain: common good parachain for DAOs, useable by all parachains Bridge hub: common good parachain for exterior bridges, usable by all parachains. Nomination pools: simplifying staking and allowing lower barrier of entry (no lower limit, unlimited number of stalkers). Staking dashboard: leverages light clients to get direct info about different stakers for greater transparency. Disputes slashing: maximum penalty for invalid blocks

Commented by /u/biketourthrowaway in /r/ethfinance on September 28, 2022 22:52:41

I’ve asked about it before and mods said it was cool to discuss other projects here as long as it isn’t outright shilling. I’m very bullish on ETH, but also don’t believe that it is operating in a vacuum - I think it’s important to seriously appraise other projects in the space. Also this is one of the best crypto communities I’ve found, and it’s nice to discuss interesting topics with intelligent well-informed people (:

Commented by /u/biketourthrowaway in /r/ethfinance on September 28, 2022 18:58:11

Big news in the multichain world! New Polkadot roadmap: ATOM 2.0 Whitepaper: Chainlink SmartCon Day 1:

Commented by /u/biketourthrowaway in /r/ethfinance on September 28, 2022 18:16:03

What actionable power do you see them wielding in this new set up?

Commented by /u/biketourthrowaway in /r/ethfinance on September 27, 2022 09:06:15

To what end? The council can’t actually do anything besides speed up certain proposals.

Commented by /u/biketourthrowaway in /r/ethfinance on September 27, 2022 06:09:22

Or they started working on it earlier than two weeks ago.

Commented by /u/biketourthrowaway in /r/ethfinance on September 26, 2022 19:25:55
/r/ethfinance/comments/xo9nws/daily_general_discussion_september_26_2022/iq160tp/ Polkadot coming out with their second gen Governance mechanisms - curious what people think of the changes.

Commented by /u/biketourthrowaway in /r/ethfinance on September 26, 2022 18:40:04

Check out GET Protocol! Over 2.5M on chain NFT tickets sold and something like 10 independent ticketing companies using the protocol for their sales. Easily the current leader in the space and are in the process of transitioning to being a DAO

Commented by /u/biketourthrowaway in /r/ethfinance on September 25, 2022 12:54:24

Induced demand is definitely a real thing and I totally expect that we will see a huge increase in transactions, it was more trying to wrap my head around what a 1000x increase in blockspace would look like following the Polynya episode. Like, that wouldn’t be a slow and steady increase with time for demand to scale with it, it would be a one two punch of proto and then full danksharding within a year or two of each other.

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 19:30:14

Been following since 2017, and totally agreed on the abstraction. It’s one of the reasons I am actually a bit bearish on ETH vs DOT in terms of user experience - I feel like Polkadot has way more flexibility when it comes to insulating the user from even being aware that they’re using blockchain. That said I’m sure as L2 development advances we will see similar solutions in the Ethereum ecosystem.

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 19:27:15

Yeah that’s true, but on the flip-side supply chain. DIDs, tokenized securities, major DAOs, etc have all been “right around the corner” for years now and have yet to meaningfully materialize and could still be many years away from manor adoption. I feel like the non-crypto adoption (as is not catering to “crypto people”) has still been pretty mediocre, and while it could be right around the corner it also could not be. Basically I don’t doubt that It could happen, but it certainly doesn’t feel inevitable in the short to medium term

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 18:52:19

Could you give some vague examples of what you mean along with a rough timeline?

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 17:54:25

So you are saying we can't really say that we are outpacing demand, because the low-fee use cases haven't been possible yet so we don't really know what demand will look like? As a counterpoint - something like Solana has rock bottom fees (and tons of problems, but putting that aside) and they haven't had anything that's broken out to millions of users yet. Is it not possible that we are a ways away from any monster use cases gaining traction? I don't doubt that it will happen eventually, but it certainly doesn't feel right around the corner at the moment.

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 17:53:38

I guess my question would be "what equilibrium?". Like, all this depends on all things being equal and the demand for ETH being inflexible, which it clearly isn't. Demand has been hugely speculative at pretty much all times (looking at you single digit gas fees), and the actual non-speculative demand for ETH is super low compared to the total trade volume.

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 17:50:21

Full danksharding with mature L2s would be literally multiple orders of magnitude more throughput, and we have yet to see any killer apps that are seriously bottlenecked by blockspace. Seems completely reasonable to assume we won't see a 1:1 increase in space vs demand for a very long time unless you know something we don't.

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 17:46:34

Curious how people felt after listening to Polynya and Jordi Alexander Bankless episodes - I feel like they both made pretty good cases for why Ethereum wouldn’t go parabolic in the near future (scaling outpacing demand and the trading narratives not being as strong as assumed), but it doesn’t seem like they made David (or people here) so much as blink. How did you balance their arguments with your own theories?

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 16:10:06

Commented by /u/biketourthrowaway in /r/ethfinance on September 24, 2022 16:01:49

Maybe people just don’t agree with you that this is a misstep.

Commented by /u/biketourthrowaway in /r/dot on September 24, 2022 00:18:14

From my understanding for Cardano if you misbehave you stop getting block rewards (you lose your positive incentive) which will cause your delegators to leave and seek greener pastures (causing you to lose your cut of the rewards their higher stake brings you). Basically validates are like small businesses that need to appeal to stakers, and if you stop being profitable they will invest elsewhere.

Commented by /u/biketourthrowaway in /r/ethfinance on September 23, 2022 15:52:40

You can send USDT between exchanges using Tron nearly instantly for $1 or less, LTC has been suboptimal for exchange to exchange transfers for years now.

Commented by /u/biketourthrowaway in /r/ethfinance on September 22, 2022 14:54:38

It shouldn’t be, because it is decentralized.

Commented by /u/biketourthrowaway in /r/ethfinance on September 22, 2022 09:11:00

Is your criticism about Polkadot specifically or just a catch-all to meant dismiss everything that isn’t Ethereum out of hand? If it is decentralized/secure enough to not be successfully attacked, why does it matter if something is more decentralized/secure? It’s like saying an oven that can only hit 500 degree is shit compared to one that can hit 4000 degrees, but also you are just trying to bake a cake at 350.

Commented by /u/biketourthrowaway in /r/ethfinance on September 22, 2022 01:16:15

Definitely could be wrong! But considering we haven’t even begun to see mainstream adoption of blockchain yet it feels very early to be calling a winner already (or to be totally dismissing the possibility that there could be multiple).

Commented by /u/biketourthrowaway in /r/ethfinance on September 21, 2022 23:27:59

It's also why the drawdown was so brutal - all those ICOs sold that ETH to fund themselves/ride off in to the sunset.

Commented by /u/biketourthrowaway in /r/ethfinance on September 21, 2022 21:38:14

>How does DOT beat ethereum in decentralization? It doesn't, nor does it have to. Decentralization is a means to an end, not an end in to and of itself. >How does DOT beat ethereum in securing the chain? It doesn't, nor does it have to. The chain is adequately secured and their solutions are well documented if you are genuinely interested. >How does DOT beat ethereum in privacy? By having actual privacy - >How does DOT overcome the comprehensive and growing DAPP ecosystem on ethereum? By developing an equally deep dApps ecosystem, and then surpassing it by adding in custom runtimes (parachains) that allow use cases that are not possible with smart contracts. >How does DOT beat ETH's tokenomics? I'm not sure it does, but I think it could. ~50% locked in staking (algorithm optimizes inflation to incentivize this level), DOT is the only way to secure parachain slots (renting security from Polkadot, but you get the DOT back after two years. Only cost is opportunity). Once parachains are generating their own revenue they will move from borrowing DOT from supporters in exchange for tokens to setting aside a portion of revenue to grow their own DOT treasury and secure their spot in future auction. More successful parachains can gather more than they need and use it to support other projects they rely on (parachains allow for custom chains that offered specialized functionality and then interoperate) in return for favourable trade deals (fee exemptions, etc). >How does DOT attract developer and user mindshare over ethereum's established ecosystem? By offering way more powerful dev tools - substrate is OP and allows functionality via custom blockchains that exceeds what is possible with smart contracts. Polkadot is the second largest dev pool after ETH by a wide margin and it only just fully launched this year. They also allow programming in a wider variety of industry standard languages (anything that complies to WASM, with Rust being dominant) meaning it is way easier to onboard new devs vs solidity. >How does DOT compete with the already crowded DEFI space in terms of TVL considering there are already well marketed altchains like BSC that also aren't supplanting ETH? By offering new products that can't exist with smart contracts. Time will tell on this front (: >What financial incentives do users have to use DOT over ETH or any other platform? None, users never need to interact with DOT to use the ecosystem. It is not dependent on gas fees - parachains can delegate blockspace however they choose, they just need to win an auction every two years.

Commented by /u/biketourthrowaway in /r/ethfinance on September 21, 2022 21:36:57

The thing that's tricky with learning about Polkadot is that Polkadot isn't where the actual adoption will happen - it will all be on the parachains. Once you have wrapped your head around how Polkadot itself works to enable them (ditto for Kusama), try learning a bit about some of the bigger parachains. There is some legitimately cool stuff starting to launch and a lot more in the pipeline. [Here]( is a good place to get started!

Commented by /u/biketourthrowaway in /r/ethfinance on September 21, 2022 21:19:01

I'm way heavier in DOT than ETH, and I will be continuing to buy. I genuinely think the Polkadot ecosystem is a year or two away from giving the Ethereum ecosystem a run for it's money in terms of the functionality it will offer, and that the risk/reward is worth not putting everything in to ETH. People don't really seem to have grasped how fundamentally different the Polkadot model is, and if it ends up working out the demand for DOT could be huge.

Commented by /u/biketourthrowaway in /r/ethfinance on September 21, 2022 21:07:38

>2017 all ETH had going for it was (mostly scammy) ICOs All of those ICOs were funded with ETH though - there was billions of dollars of buy pressure with relatively low liquidity in a very short timeframe to buy ETH that was then traded for ERC-20 tokens. The ICO boom wasn't big for ETH because of gas fees, it was big for ETH because ETH was the currency being used.

Commented by /u/biketourthrowaway in /r/ethfinance on September 21, 2022 19:51:41

If you’re at the point where you disable obstacles you out in place to help control your impulses it’s time to seek external assistance. Go see a therapist/counsellor who specializes in online addiction, or if that isn’t feasible seek out a help group for online addicts. This sounds like it is out of your control, so get some help building up the tools and reframing that you need to take effective action. Also recommend learning a bit about mindfulness and meditation - it is basically just practicing identifying your thought patterns and getting control over them without letting them control you. It takes time, learning, and practice but it’s basically the mental/willpower equivalent of weightlifting.

Commented by /u/biketourthrowaway in /r/ethfinance on September 19, 2022 15:39:59

Not a good long term solution, but to start: parental controls. Put a time limit on your apps/sites of choice and get a friend to set the passcode for you. My Reddit app locks after 2hrs of usage, and now I am much more deliberate of how much time I spend mindlessly scrolling.

Commented by /u/biketourthrowaway in /r/ethfinance on September 19, 2022 13:41:16

Never forget: ETH might be the best crypto, but it’s still crypto. If you aren’t always expecting a 90+% crash you’re gonna be in for a bad time.

Commented by /u/biketourthrowaway in /r/ethfinance on September 19, 2022 02:02:15

Are there not any tools that track miner wallets/when they deposit to CEXes? This feels easy enough to verify onchain

Commented by /u/biketourthrowaway in /r/ethfinance on September 18, 2022 16:10:24

Then one we live in? Pretty sure the people developing internet-native money can handle internet-native culture.

Commented by /u/biketourthrowaway in /r/ethfinance on September 17, 2022 15:05:03

> Posting an out of context screenshot on Twitter for clout isn’t constructive debate Maybe not debate, but it sure does bring attention to the topic. Case in point: we are talking about it now. It’s called rhetoric, and maybe making memes about unpopular dev opinions shouldnt be considered a big deal.

Commented by /u/biketourthrowaway in /r/ethfinance on September 17, 2022 14:52:18

Strong disagree on the entirety of point b Transparency isn’t a blessing in a decentralized system, and dev discussions are not above criticism. We should not be thankful that decisions aren’t being made behind closed doors in an ivory tower, we should expect it as a bare minimum. The project would immediately lose all legitimacy if it was otherwise imo

Commented by /u/biketourthrowaway in /r/ethfinance on September 17, 2022 14:20:08

GET, DUSK, TRAC, DOT ETH is the lowest risk play in crypto right now, but it likely isn’t also the highest reward. This is the birth of a new asset class, there are still 1000x projects to be found.

Commented by /u/biketourthrowaway in /r/ethfinance on September 16, 2022 10:19:07

>I never took any of the "sell the news" guys seriously but I guess they were right? Been around since 2017, and they are almost always right. Ethereum may be the best crypto, but it's still crypto.

Commented by /u/biketourthrowaway in /r/ethfinance on September 15, 2022 11:21:41


Commented by /u/biketourthrowaway in /r/ethfinance on September 15, 2022 00:51:30

Polakdot is sharded: Zilliqa is as well:

Commented by /u/biketourthrowaway in /r/ethfinance on September 14, 2022 17:55:15

>You can basically attack a parachain at any time. By spinning up a lot of nodes. Short Dot. And simply block every single transaction to the main chain. This would cause outages randomly, when bad actor nodes get chosen. Spinning up Polkadot Nodes or Parachain Nodes? I feel like you are completely ignoring the slashing/governance side of things - this behaviour would be punished severely and immediately.

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 20:23:34

What? Like instead of providing liquidity to a ETH/whatever pool where ETH is gaining value against whatever and people are arbitraging away the ETH side of your liquidity, you could just provide liquidity using USDx/whatever and not have to worry about people siphoning away your ETH.

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 18:59:04

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 17:48:11

Not inherently, if they have a decentralized and varied collator set they will be fine. That’s like saying L2s have the same - they may currently, but that will change as they mature. Similarly the validator set is randomly selected and then randomly distributed, and then their work is checked by other validators. If they act inappropriately they are slashed up to 100%. If there is an attack on a parachain it will last a single block and governance can revert any damage. Not as decentralized/secure as Ethereum, but still sufficiently decentralized/secure.

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 17:35:19

Do you think that will last once ETH becomes deflationary? If ETH inevitably trends upwards will people want to pair against things that don’t and endure endless arbitrage as people balance against stablecoin pairings? It will be super interesting to watch play out.

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 16:37:39

Sorry, I thought your intention was to learn about alternative solutions to the blockchain trilemma, not test my ability to explain it to you. If you aren’t interested enough to learn for yourself, why would you expect someone else to take the time to explain? Very strange approach to learning. I personally just go read about stuff independent of whether someone else is willing to jump through hoops for me. Different strokes for different folks I suppose.

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 16:27:54

> All I care about is you telling me in your own words what the revolutionary part about parachains is. Thats the ONLY thing that can pique my interest What a strange criteria, hopefully it doesn’t come up too often in your other hobbies!

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 16:18:20

> I am reading about blockchain scaling for close to a decade. And somehow in all that time you never came across polkadot? Like I said man, I’m not going to bother trying. If you are interested they have written extensively about their design choices across the whitepaper, documentation website, GitHub, blogs, and interviews. You would find the answers you are looking for, but only you can decide if it’s worth the effort. If the fact that it was created by parity, one of the premier Ethereum client teams, and has since attracted the next largest number of devs after Ethereum isn’t enough to even pique your interest, then I’m not sure what an explanation from a layman is going to change.

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 15:55:23

And I am trying to show you that I am not interested in walking you through something when you are openly antagonistic to the concepts without having made any self directed effort to understand them. The fact that you assume that the first thing that comes to your mind from reading a few sentences is in fact an unaddressed fatal flaw does Not inspire confidence. Plenty of Ethereum devs are talking about it, they are just called polkadot devs now. Second largest dev pool after Ethereum - where do you think they all came from. Spoiler: Gavin Wood is an Ethereum founder. Does that not meet the threshold for eth dev in your eyes? Lol

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 15:18:28

> Writing this response should have taken you more time than simply explaining what the special thing about parachains design is. I disagree

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 14:55:05

Or maybe I just have better uses for my time than spoon feeding concepts to someone who has already made their mind up without ever engaging with the material 🤷‍♂️ If you won’t even read the whitepaper, which fully explains their design choices, why would I expect you to engage with what I have to say in a meanful way?

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 14:34:04

>Also I wont read the whitepaper in detail I skimmed over it Okie dokie

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 13:53:53

> I would actually want a chain that is more decentralized has more users better scaling without compromising on safety and decentralization. Has more fee revenue and an even better way of acruing value towards the token. And what if a chain was way better at some of those things but worse at others? > What is special or different about polkadots parachains? How is it different from rollups ? What is the benefit over rollups? If you don’t already know you should really look in to it! Happy to discuss once you’ve read [the whitepaper]( or at least a few intro articles. It’s a fundamentally different approach that I believe has a great chance at becoming successful. > I also think you totally underestimate the network effect Ethereum has already. I dont see anything catching suddenly up… I think you overestimate how much of the total addressable market is currently using crypto at all. If we expect a 100x increase in users in the next 10 years the current userbase is trivial. I also think a huge amount of the existing usecases on Ethereum (and all networks for that matter) are garbage at best and scams at worst. Is the userbase nearly as impressive when you filter out the number of people who were just speculating on uniswap coins or NFTs?

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 12:56:21

Here’s a simple description: You will not get a satisfying answer to your question here. r/ethfinance is the best place I have found when it comes to Ethereum content, but no one seems to be particularly interested in other chains beyond shitting on Solana and Cardano. The fact that anything other than pure PoS is dismissed as garbage and that having a team to help onboard people is considered a scam should tell you everything you meed to know about how other blockchains are treated around here. I don’t follow Elrond personally so can’t really comment on it, but if you want real answers I would recommend trying elsewhere.

Commented by /u/biketourthrowaway in /r/ethfinance on September 9, 2022 12:10:19

>ISO 20022 has yet to do something for XRP. You don't think it would be much lower without the ISO 20022 narrative? I would argue that narrative is a large part of what has kept it in the top 10 for years now. >I will let you in on a little secret: Ether is the ONLY cryptocurrency after the merge that acrues value to its token through usage. Except for the other L1s that do, like DOT, or the applications that do, like GET. >Ethereum is the only one that designed their way out of the security cost issue and where most of the cashing out has been done years ago. Once again, patently false. >You are the DYDX Guy right I don't categorically believe DXDY will fail just because they left the Ethereum ecosystem if that's what you mean by "DXDY guy". Definitely think it could, just don't believe it's guaranteed - the team is clearly capable of building a quality product. >Lets list all the investments you think are good: This is a strawman, I never said any of the are good investments. >See my investment thesis is probably wildly different from yours. I believe there only needs to be a single decentralized ledger that can do everything. I dont see the need to run so many infrastructures in parallel. Also there is a massive benefit of having one open platform for everything. Thank you for acknowledging it's a thesis. This has not been decided yet, and there are equally persuasive arguments for a multichain future. We could end up with a monochain future, I just don't have the hubris to assume that it's guaranteed. >ISO 20022 for example is a low hanging fruit its cheap and easy to achieve but what are the benefits. According to some here there are little to none. Which might be true or not. If I see it having success I will advocate for it. The benefits are interoperability with global finance. >But the sad truth is NO other chain does something original that has success. Tell me right now which chain does something with success that Ethereum doesnt do in a more succesful way? Polkadot >I have yet to see numbers that clearly show how much XRP is being bought and used for this purpose on a daily basis. Me neither, good chance it never happens as well. >I am keeping my eyes open but I have not seen anything yet that makes me want to invest outside of the direct ethereum ecosystem If you only ever look at them based on similarities to Etheruem you'll never find anything interesting because you assume that any deviation from waht Ethereum does is a mistake, and anything is does the same is a cheap imitation. Let me fill YOU in on a secret: we are barely getting started. We don't know what is going to work longterm, or what systems will end up seeing massive adoption, or what philosophies will bear the sweetest fruit, or what backroom deals will land the biggest userbases, or what economic models prove to be unsustainable, or what protocols will have a fatal flaw, or what feature sets will unluck the next big advancement in functionality, or what the killer app that onbaords a billion new users will be. This is pure speculation still, and Ethereum might have the best *current adoption*, but current adoption is so trivial that it could be completely changed over in a few years if something else finds a product market fit. Personally I'm not betting against Ethereum, or necessarily saying that anything else is provably better, I'm just saying that this is an incredibly young field with a ton of innovation and we have no idea what things are going to look like 5/10/25 years down the road. Is Ethereum's economic model great? Undoubtedly. But does that mean inflationary models *can't work*? No, it doesn't. Is Ethereum the most secure? Undoubtedly. Does that mean all other chains are insecure and won't ever be used? No, it doesn't. Does Ethereum have a good scaling solution? Undoubtedly. Does that mean it has the best one? No, it doesn't (I think Polakdots is way better personally). Does it have the most usage? Undoubtedly. Will it always? *We don't know yet*. I am not *for* the things you listed, I am also just not *against* them and am keeping an open mind since the tech is always a hotbed for dark horse events.

Commented by /u/biketourthrowaway in /r/ethfinance on September 8, 2022 19:15:28

XRP is #7 by marketcap and Ripple is a actively on the ISO 20022 standards committee helping to design the standard. Do you think there is a chance they might find a way for XRP to be used, considering that was explicitly what they designed it for in the first place? Like I said, people here are not particularly well informed about anything outside the ecosystem (which things like RP would fall under).

Commented by /u/biketourthrowaway in /r/ethfinance on September 8, 2022 10:19:52

Just like Esperanto outcompeted English

Commented by /u/biketourthrowaway in /r/ethfinance on September 8, 2022 10:05:49

Read the website my dude. ISO 20022 is a series of standards that allow banks to communicate with other banks. Any system that doesn’t utilize those standards won’t be able to communicate with other banks, which is literally the only thing the system is meant to do. If you don’t utilize the standards you will not outcompete anything, because you won’t be able to communicate with anyone. I really cannot overemphasize how wrong you see about this.

Commented by /u/biketourthrowaway in /r/ethfinance on September 8, 2022 02:09:30

No, it won't. Not sure why this is so hard to understand: whatever replaces SWIFT will do so over an extended period of time where the two systems have to interact with each other. This will be accomplished by a set of common standards. Those standards are called ISO 20022. This isn't some sort of secret, they literally have a website that explains how it will work:

Commented by /u/biketourthrowaway in /r/ethfinance on September 8, 2022 01:14:58

> this is a bottom up process not top down, institutions will change over when they choose and legacy systems will still have to be supported. There isn't a global body that just flips a switch and everything is blockchain now, it will be gradual and the systems will interoperate for years if not decades.

Commented by /u/biketourthrowaway in /r/ethfinance on September 8, 2022 00:25:01

People here made the right call when it came to investing in Ethereum, that doesn't mean they will automatically make the right call when it comes to investing in anything else (:

Commented by /u/biketourthrowaway in /r/ethfinance on September 7, 2022 19:31:59

ISO 20022 is the thing that will allow all the different solutions selected by banks to play together nicely, and there is a very good chance plenty of them will pick options that are ISO 20022 compliant out of the box. Basically I would do some of your own research rather than asking here, since the only answer you will get is "why should the banking system exist when we now have Ethereum?". ISO standards are a big deal and all banks will move over to this or be left out of the global economy.

Commented by /u/biketourthrowaway in /r/ethfinance on September 7, 2022 17:13:01

>SWIFT is going to be replaced by a blockchain because financial entities can get better cost savings and performance without SWIFT as a middleman. Yes, and those blockchains will use ISO 20022 standards. >So what does it matter if a blockchain is compliant with SWIFT's standard? Because it will have to communicate with SWIFT - this is a bottom up process not top down, institutions will change over when they choose and legacy systems will still have to be supported. There isn't a global body that just flips a switch and everything is blockchain now, it will be gradual and the systems will interoperate for years if not decades.

Commented by /u/biketourthrowaway in /r/ethfinance on September 7, 2022 16:37:01

Industry released a set of standards and said if you want us to use your tech, conform to this standard since we will all be moving over to this within the next few years. What do you think has a better chance of being adopted - something that adheres to these standards or something that doesn't? We could also see many protocols being adopted since the whole point of the standard is that they play nicely together, so it isn't winner take all.

Commented by /u/biketourthrowaway in /r/ethfinance on September 7, 2022 16:13:32

ISO 20022 will integrate blockchain though - this whole thread is discussing blockchains that are ISO 20022 compliant. I agree though, the ISO 20022 blockchain components will outcompete the non-blockchain ones due to the automation of overhead and trustlessness.

Commented by /u/biketourthrowaway in /r/ethfinance on September 7, 2022 16:04:54

So to be clear, the bank that chooses not to use the *industry-standard interbank communication protocol* will outcompete the banks that do at *interbank communication*? Like I said, I admire your optimism!

Commented by /u/biketourthrowaway in /r/ethfinance on September 7, 2022 15:51:57

They definitely sound ready to adopt the most cutting edge solution then (;

Commented by /u/biketourthrowaway in /r/ethfinance on September 7, 2022 15:28:40

Commented by /u/biketourthrowaway in /r/ethfinance on September 7, 2022 13:15:14

I’m all in on TRAC, DUSK, and GET.

Commented by /u/biketourthrowaway in /r/BitcoinMarkets on September 6, 2022 20:15:48

The petrodollar is the cost of having the worlds largest navy secure the seas for trade and act as a security guarantor for a significant percentage of the world’s nations. There is an alternative in China, but they would demand trade in CNY in exchange for their favour (already happening in belt and road counties). Idk, it could happen for sure but I would see it as more akin to gold (hordes to shore up exchange rates in times of crisis) than to an alternative reserve currency actively used for trade.

Commented by /u/biketourthrowaway in /r/ethfinance on September 5, 2022 19:46:04

Russia seems like a weird example to reference when the reason they lost their foreign reserves was because they illegally invaded their neighbour. I suppose some countries will want to structure their reserves in a way that will allow them to avoid such constraints, but for most this is a nonissue. It also seems unlikely that there would be enough liquidity to for a national currency/ETH pairing for anyone that wanted to move FOREX volumes around without touching USD, but I guess anything is possible.

Commented by /u/biketourthrowaway in /r/ethfinance on September 5, 2022 19:09:39

>Because they don't trust one another and would rather give up marketshare to a neutral entity than to their opponents. They are all each others largest trade partners > If they can use a neutral currency instead, that's not as good as using their own currency, but better than using someone else's, and better than not doing the thing they want to do at all. But smaller nations need those three currencies. Why would I care about trading in USD when I need it to buy oil, or in CNY when I need it to buy manufactured good? They already have massive demand, volume, and liquidity and allow you to trade with the planets largest economic powers with the lowest possible friction.

Commented by /u/biketourthrowaway in /r/ethfinance on September 5, 2022 18:56:01

>I didn't say "THE base currency", just "A global base currency". I repeat my question: why would this be allowed to happen. Between the USD, EUR, and CNY all vying for primacy + controlling the majority of the world's trade volumes, why would they allow a neutral party to eat any of their marketshare/reduce their ability to dictate fiscal policy? If the US, Eurozone, and China all say they won't trade with anyone who abandons fiat currencies, the cons will far outweigh the pros.

Commented by /u/biketourthrowaway in /r/ethfinance on September 5, 2022 18:42:03

>fail the "credible neutrality" test But they do pass the "worth today what they were yesterday" and "do exactly what I expect of them" tests. Stablecoins aren't trying to compete in the credible neutrality market, and the fact that stablecoins currently hold the #3, #4, and #6 positions by market cap should tell you they have found a product/market fit that few other crypto products ever have. >I think there's a very non-negligible chance that Eth winds up as a global base currency in the coming decades. Why would any of the existing power structures allow this to happen?

Commented by /u/biketourthrowaway in /r/ethfinance on September 5, 2022 18:14:36

I would suspect the Cardano developers also feel like they're doing meaningful work.

Commented by /u/biketourthrowaway in /r/ethfinance on September 5, 2022 02:23:42

lol I mean the sad reality is they probably will be They definitely have technical hurdles to overcome, but it’s not like they lack the resources to throw at them

Commented by /u/biketourthrowaway in /r/ethfinance on September 5, 2022 00:44:44

That seems like a pretty uncharitable summary. Alternative phrasing: Cardano implements large breakthrough in optimizing novel Implementation of UTxO smart contracts rather than just copying whatever Ethereum is doing. Also was it just Cardano maxis celebrating? Because the complaint here is that the entire crypto world isn’t celebrating the merge, not that Ethereum maxis aren’t.

Commented by /u/biketourthrowaway in /r/ethfinance on September 4, 2022 20:48:19

>Risk reward ratio is the best on Ethereum by far. How would you know that if you don't ever check in on other blockchains though? Purely hypothetical, but if there was a better risk/reward that started gaining traction you would never have even heard of it if you never look outside the Ethereum ecosystem.

Commented by /u/biketourthrowaway in /r/ethfinance on September 4, 2022 14:49:33

> whereas a shitcoin getting a useless upgrade seems to get the whole wider crypto scene hyped up Can you list some recent examples? I'm pretty sure that hasn't been true for years now.

Commented by /u/biketourthrowaway in /r/ethfinance on September 4, 2022 14:46:12

Gotta lose money to make money!

Commented by /u/biketourthrowaway in /r/ethfinance on September 4, 2022 13:12:55

Good morning! First, full disclaimer: I am very heavily invested in DUSK. >I understand there are projects on ethereum that will use ZK tech, so why should anyone preferentially choose to use this L1 rather than ZK proofs built in the ethereum ecosystem? Because it offers functionality that no L2 is even close to developing. They not only use ZKPs, but have optimized them to such a level that they use them for every step of the protocol. Block building, node operating, transactions, and smart contracts are all obfuscated using ZKPs. They don't just have privacy for some transactions, it is true privacy at every layer of the tech stack. The other reason it will be used is because while they are a general purpose blockchain where anyone will be able to execute arbitrary smart contracts, they built the entire project from the ground up for a single usecase: legally-compliant tokenized securities. They initially started building on Ethereum, but after conferring with EU regulators they came away with he understanding that absolute privacy would be required on a public system to meet regulatory compliance. Alongside all the ZKP stuff they have also developed XSC (a token standard), along with Zedger (a transaction model) to meet any and all regularity requirements. They are starting with EU since that's they have the highest requirements and then plan to expand from there. They already have sign-off from regulators to issue securities once they are done development (full sign off on the design), and they have a partial ownership stake in a Dutch securities exchange which will allow them to legally issue securities under EU law. I really encourage anyone to set aside some time to learn about the project. As far as I am able to tell they are among the front runners in two of cryptos potential killer apps: ZKP privacy and tokenized securities. I have been following the project for about two years now and will continue to buy as much as I can until it breaks in to the top 100.

Commented by /u/biketourthrowaway in /r/ethfinance on September 3, 2022 13:13:23

I definitely see r/ethfinance as the r/boggleheads of crypto "just ~~buy VSTAX~~ *stake ETH* and chill"

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 17:34:58

Much easier?! I wish I had your skill at picking winners. What are your current sure things?

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 17:25:44

>Definitely more interesting than the old trick of trading decentralization for cheap fees and vc marketing Hoping those days are behind us, but not holding my breath.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:47:57

Yeah, any EVM-forks just feel like they're on borrowed time.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:46:43

For large L1: Polkadot (tons of innovation w/ the parachain model, allows chains to optimize and then collaborate, custom runtimes allowing flexibility in fee structures, feeling security rentals with DOT lockups, on-chain governance, part of inflationary block rewards goes to democratic funding of public goods, massive scaling on horizon through multiple nested relay chains, second largest developer count after Ethereum, uses WASM which allows developers from any language that compiles to WASM to hit the ground running, etc). For an small-cap: Dusk Network (fully zk protocol, true privacy at every level of the stack, custom built to be optimized for issuing legally compliant tokenized securities, already signed off to issue securities in EU).

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:44:05

Yeah they are definitely big boots to fill! I have done similarly and Polkadot is the only one that comes close for me, but obviously still give the major edge to Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:39:24

I'm still holding out hope for Polkadot (and to a lesser degree Cosmos). The EVM-fork L1s just feel pointless, won't be sad to see them go.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:36:03

This sub is invaluable for discussing the shortcomings of other L1s, but when was the last time you saw a thread discussing their strengths or innovations? Inb4 "what strengths or innovations?" (;

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:31:04

Absolutely, but I'm just here to ask a hypothetical question (:

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:22:02

[Right on!]( Are you keeping tabs on any other promising contenders?

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:21:20

Is it? There are people here who would argue Ethereum has a decent chance at becoming the global settlement layer for the internet of value. Even if we only ever reached the same marketcap as gold, that's still a 60x from here.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:18:50

>If there really were a legitimate competitor Do you mean legitimate competitor philosophically, or competitor economically? I am asking purely from a financial perspective. I know you could argue that no project could compete economically without also competing philosophically, but let's pretend there was a competitor that only had 1000 validators and on-chain governance while still having this (hypothetical!) superior upside.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:15:13

>If another blockchain arose that had Ethereum's level of decentralization, security, development, infrastructure, dapps, roadmap, etc., plus some other advantages that Ethereum doesn't and could/would never have, I would be willing to switch. I would argue that if a blockchain with those things did appear no one here would ever even hear about it. I don't get the impression that many people here are following developments outside the Ethereum ecosystem.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:12:06

>Ethereum is pretty poor risk / reward play Not sure I would agree with you there - the risk is low compared to most other projects (proven market fit), and the reward is quite high (triple halving, deflationary burn, etc). My question isn't about speculating on high risk coins for potentially huge gains/losses, but rather if a comparable project to Ethereum appeared (proven market fit) but had *even better* rewards that didn't seem priced in yet (**QUINTUPLE HALVENING**), would you switch over to that.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 16:08:27

Genuinely curious, are there any folks here that aren't "true believers" and just think Ethereum is the best risk/reward play in the space currently? As in, if a more safer + lucrative option appeared (heresy, I know) would you jump ship to that?

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 15:51:15

>are there any coins that you hold that you'll take to your grave? Nope, even for those I am philosophically aligned with bag-holding doesn't really do much to help further the cause so I would sell to preserve whatever capital I could salvage.

Commented by /u/biketourthrowaway in /r/ethfinance on September 1, 2022 11:28:53

Revolut partnered with Acala to offer liquid DOT staking to their users (announced maybe six months ago? It was at a conference, having trouble finding the video again). Basically a compliant FinTech front end that allows the crypto backend to be fully abstracted away from users - DeFi mullet in action. Here is a video of one of the Acala founders discussing it broadly: Not sure if it's live yet, but I would imagine that the Learn and Earn is priming their users for the launch (here is $15 worth of DOT, now you can stake it for ~15% APY).

Commented by /u/biketourthrowaway in /r/ethfinance on August 31, 2022 16:40:20

Yeah I agree, it’s hypocritical for sure.

Commented by /u/biketourthrowaway in /r/ethfinance on August 29, 2022 14:45:34

Considering how fired up people here get about alt-L1s preselling tokens to VCs, it isn't really an unreasonable criticism. Insiders and VCs had an opportunity to buy huge amounts of the supply pre-launch. Regular people did too, but I would imagine that the aforementioned were a bit better positioned to take advantage of the opportunity. Ethereum can still be great even if it didn't have an immaculate conception. We don't have pretend that no compromises were ever made.

Commented by /u/biketourthrowaway in /r/ethfinance on August 29, 2022 13:05:26

I'd have to go digging, I've been following their development for about two years now and they have released a lot of content since they started. Anyways, time will tell! Personally I've been very persuaded by their arguments and the utter lack of success from all the tokenized securities platforms building on top of Ethereum so far. I'm sure an L2 could eventually be made that meets the requirements, but I also believe in first mover advantages (just look at Ethereum) so it will be interesting to see how it plays out (:

Commented by /u/biketourthrowaway in /r/ethfinance on August 28, 2022 00:12:23

>Sinnce pure UTxO-based models are incapable of satisfying the requirements outlined above and *neither do the previous attempts at creating a privacy- preserving account model* They initially attempted to build on top of Ethereum and after year of discussions with EU regulators decided they wouldn't be capable of meeting their requirements using an account model. They already have an ownership stake in a Dutch securities exchange and a license to legally issue tokenized securities once they have completed development. Definitely a project worth being at least a little bit curious about imo! Their ZKP breakthroughs alone are pretty incredible.

Commented by /u/biketourthrowaway in /r/ethfinance on August 27, 2022 23:47:15

From the whitepaper: 7.3 Zedger Zedger is a hybrid privacy-preserving transaction model created to comply with the regulatory requirements of security tokenization and lifecycle management. In Zedger, an expanded account model is utilized to track user balances and a Phoenix-like UTxO model is utilized to facilitate user-to-user transfers. Below, we formalize the requirements for a privacy-preserving transaction model capable of complying with the requirements of security tokenization: 1. There can only exist 1 account per user. 2. Only whitelisted users are permitted to transact. 3. The receiver is required to explicitly approve incoming transactions. 4. The transferred asset amount should be accounted for in the sender’s balance until the receiver has explicitly approved the transaction. 5. The account is required to log every balance change since the creation of the account. 6. The account is required to log transactional, voting and dividend-eligible balances separately. 7. The asset operator-appointed party is required to be capable of recon- structing the capitalization table for any snapshot point. Since pure UTxO-based models are incapable of satisfying the requirements outlined above and neither do the previous attempts at creating a privacy- preserving account model [Fau+18; Gua+20], we have formalized Zedger. Source:

Commented by /u/biketourthrowaway in /r/ethfinance on August 27, 2022 23:29:32

Is it possible to have straight UTXO L2s on Ethereum? I get the lego-ness appeal, I am just unclear that compliant legos can be built in the first place. Definitely not my area of expertise though!

Commented by /u/biketourthrowaway in /r/ethfinance on August 27, 2022 23:17:14

Interesting perspective. Regarding Dusk - it is an L1 token so not clear on that criticism. The reason they would use something like Dusk over their own network (or Ethereum for that matter) is that it was built from the ground up for their specific usecase with zkps to allow for regulatory compliance with trustless privacy. What would the advantage of having an L1<->L2 rail to Ethereum when it fundamentally can’t meet regulatory requirements? Like you would be a walled garden regardless from what in understand since you capsulent bridge securities to Ethereum in a compliant manner.

Commented by /u/biketourthrowaway in /r/ethfinance on August 27, 2022 22:39:18

Do you think that will remain true for long though? With protocols like Polkadot's XCMP or Cosmos's IBC we are getting pretty close to any alt-L1 only needing a single integration to be compatible with any other network. Bridging might be whack currently, but I can't see us being more than a year or two away from it being 'solved' with better technology. Have you ever come across Dusk Network? Would love to hear your opinion on their approach if you are at all familiar, if not it seems like it would be up your alley (barring the fact that it isn't an L2, of course).

Commented by /u/biketourthrowaway in /r/ethfinance on August 27, 2022 21:43:53

Interesting background! A project that I follow that is targeting tokenized securities as a product makes a pretty good case that we won't ever see them on account-based blockchains due to the lack of privacy/MEV allowing for illegal transactions (front-running, etc). They are developing a fully zk platform at the protocol level to try to meet the regulatory requirements after consulting with EU regulators. Curious what your thoughts on this would be - are you counting on them changing regulations to allow Ethereum to operate in the space, or do you see this all happening on L2s that are designed with similar principles in mind?

Commented by /u/biketourthrowaway in /r/ethfinance on August 27, 2022 16:57:51

This assumes you are the only person looking for exploits - why leave the Kusama money on the table for someone else to take in the hopes that no one else catches it before it's deployed to Polkadot? Typically Kusama gets stuff pre-audit as well, so there's also a good chance that the auditors catch whatever exploit you've found before it gets to the big leagues. Some people might wait, but plenty won't since exploits are a competitive zero-sum game. The smart move is to be the first one to collect.

Commented by /u/biketourthrowaway in /r/ethfinance on August 27, 2022 15:36:39
/r/ethfinance/comments/wyu2xd/daily_general_discussion_august_27_2022/im0u03z/ If anyone else is also forever on the hunt for more quality crypto content Internet of Assets is a podcast focusing on the intersection of crypto with TradFi, tokenized securities, and navigating financial regulations (EU focus). Just five ~20min episodes so far but not a lemon in the bunch

Commented by /u/biketourthrowaway in /r/ethfinance on August 27, 2022 12:59:51

You know what a tweet is right? The whole point is they they’re character limited. Just click the links

Commented by /u/biketourthrowaway in /r/OriginTrail on August 27, 2022 11:02:51

It's really valuable for the Polkadot ecosystem because they iterate way faster due to each parachain essentially being a custom blockchain and all of them being able to to do forkless upgrades using unchain governance. It is definitely an expense to maintain two communities, but it lets them test out new features and deploy code on Kusama where there is an incentive to break it to help ensure it will be more robust when they deploy to Polkadot. Kusama has also developed its own unique community and culture since it's a high speed low cost sandbox for devs to try spinning up new ideas and seeing if they have a market fit. Overall it's dope for the Polkadot system, but I can't see it having the same value for Ethereum. The rate of change is way slower (on purpose), and there's only one main chain (whereas Polkadot will have ~100).

Commented by /u/biketourthrowaway in /r/ethfinance on August 26, 2022 22:24:03

Public testiest don't have financial incentives. Kusama is meant to test economic models and game theory as well as code.

Commented by /u/biketourthrowaway in /r/ethfinance on August 26, 2022 22:15:34

GET Protocol for NFT ticketing! Over 2.5M tickets sold to actual real world concerts. Everything is in chain, they have something like 10 ticketing company using the protocol as their back end on multiple continents with more being on-boarded, they just released V2 with super juicy tokenomics, and they are in the process of transitioning to full DAO governance. It’s a moonshot, but they have been killing it for years and aren’t slowing down.

Commented by /u/biketourthrowaway in /r/ethfinance on August 26, 2022 21:05:58

Just click the link for more info if you’re interested - theyre just copy and pasting tweets here so people who aren’t on Twitter don’t miss them.

Commented by /u/biketourthrowaway in /r/OriginTrail on August 26, 2022 14:55:49

Utility tokens with real world adoption targeting non-crypto native usecases. Only found a few but I am throwing everything I have at them.

Commented by /u/biketourthrowaway in /r/ethfinance on August 25, 2022 09:28:45

Oh, then for 6-12 months we could just see a sustained bear market with DeFi and NFTs fully ceasing to draw crowds. There is very little economic activity on Ethereum that *needs* to happen - 90% of activity could drop away at any moment. Probably won’t, but it could.

Commented by /u/biketourthrowaway in /r/ethfinance on August 24, 2022 18:20:25

Danksharding + rollups If everything moves to L2 then L1 demand could crater. If they allow for a 1000x improvement in throughput but only lead to a 100x increase in transactions that’s a 90% reduction on L1 (generally speaking). It probably won’t, but it definitely could.

Commented by /u/biketourthrowaway in /r/ethfinance on August 24, 2022 18:02:57

> We need an nft to prove you ***didn’t get student aid*** *have rich parents*. Make you worth more since you ***manage expenses better *** *are rich* lol

Commented by /u/biketourthrowaway in /r/ethfinance on August 24, 2022 14:11:01

Sure I agree that all things being equal a higher number is better, I just don’t agree that all other things are equal.

Commented by /u/biketourthrowaway in /r/ethfinance on August 23, 2022 20:17:36

Takes one to know one I guess (; (Does that count as a concession?) Yes, it could very well mean it can’t happen. Arguably that number is even lower and 500 is already a ton of headroom, let alone 2000. On the flip side it could still happen with Ethereum due to a lack of delegated staking options - if Lido and CEXes control a huge portion how decentralized is it really? Not saying I know the answer since only time will tell, but more than a certain threshold isn’t necessarily better *in practice*. 1M validates isn’t 10x more secure than 100k, the marginal gain has to roll of aggressively above a certain number, and personally I can’t see that number being above 10k

Commented by /u/biketourthrowaway in /r/ethfinance on August 23, 2022 19:57:07

It wasn’t, but I know you’ll never concede a single thing so let’s just move past it. It’s absolutely possible, but I personally doubt it. Have there been any DPoS protocols with >500 validators that have been compromised?

Commented by /u/biketourthrowaway in /r/ethfinance on August 23, 2022 19:24:10

That wasn’t what I asked. Decentralization is a tool, it only matters insofar as it can help you reach your actual goals (censorship resistance, prevention of collusion, robustness, etc). If the number of validators required to reach those goals is 500, and Chain X has 2000, then does it really matter if Ethereum had 998,000 more?

Commented by /u/biketourthrowaway in /r/ethfinance on August 23, 2022 19:07:13

Is that difference theoretical or practical? Like if I have an oven that goes to 550 and yours goes to 4000, does it make a difference if you only bake cakes at 350?

Commented by /u/biketourthrowaway in /r/ethfinance on August 23, 2022 18:53:34

Seems like a lot of work for a system that ends up being DPoS anyways.

Commented by /u/biketourthrowaway in /r/ethfinance on August 23, 2022 18:41:46

It isn’t, most other chains just went with some form of DPoS since it is inevitable anyways (see: Lido, RocketPool, CEX staking).

Commented by /u/biketourthrowaway in /r/ethfinance on August 23, 2022 18:24:45

Honestly lack of VC money speaks of a maturing ecosystem in my eyes - they seem to prioritize getting in crazy early at rock bottom valuations (since ICOs are illegal they are basically them only source of funding for new projects and can demand criminally low prices for early tokens), and the crowdloan model isn’t really conducive to that. Could be wrong, but at this point VCs are so predatory (100x gains then dump on retail) that I’m not really sad to see they are looking elsewhere.

Commented by /u/biketourthrowaway in /r/dot on August 23, 2022 13:12:11

Isn't it literally just a governance token?

Commented by /u/biketourthrowaway in /r/ethfinance on August 22, 2022 18:27:01

By dollarization I mean everything will be priced in dollars rather than ETH (think of an NFT being $1000 instead of 0.5ETH). Currently things are priced in ETH since it is the most secure/trustless "money" in the ecosystem, but I wonder if those properties will become less valuable for people once the merge is done and ETH is clearly appreciating versus everything else. There isn't any impermanent loss with a stablecoin pair, there isn't any psychological barrier if your NFT is priced in dollars, etc

Commented by /u/biketourthrowaway in /r/ethfinance on August 21, 2022 20:27:04

I agree, blockspace and collateral seem like the guaranteed uses, it’s the “base layer money” usecase that I wonder about. Liquidity pools would just lead to impermanent loss, and when used as collateral that increases the dollarization of the ecosystem. Not necessarily a bad thing, just at odds with the whole “bankless thesis” a lot of people here seem to subscribe to.

Commented by /u/biketourthrowaway in /r/ethfinance on August 21, 2022 18:45:15

Maybe a better way to phrase my concern is that if it would always be increasing in value versus a benchmark like USD, then no one will want to use it as a currency. That’s what actually would have a psychological impact on investors, the issuance is the just a mechanism that would affect the price. If you think ETH is always going to out-appreciate everything, why would not ever get spent for anything other than blockspace?

Commented by /u/biketourthrowaway in /r/ethfinance on August 21, 2022 18:23:08

Do you see that as an issue for the protocol long-term? One of the criticisms of deflationary currencies is that they reward hoarding. Why would I set up a liquidity pool or speculate on a new dApp token when I know my base currency is likely to outperform? I worry that it will disincentivize investment in the ecosystem, or lead to the defacto dollarization of everything since no one will want to 'spend' their ETH on anything other than blockspace.

Commented by /u/biketourthrowaway in /r/ethfinance on August 21, 2022 17:55:27

NFT bridges. ERC-721 & ERC-1155 are just token standards like ERC-20, they can be bridged between L1 <-> L2 and well as cross-chain easily.

Commented by /u/biketourthrowaway in /r/ethfinance on August 21, 2022 14:08:29

What ERC-20 token do you think has a decent chance of outperforming ETH over the long run?

Commented by /u/biketourthrowaway in /r/ethfinance on August 21, 2022 14:06:59

>Is it possible to transfer an NFT from a L2 to the ethereum mainnet? Yes

Commented by /u/biketourthrowaway in /r/ethfinance on August 21, 2022 13:57:51

Choosing not to work with someone isn't suppression.

Commented by /u/biketourthrowaway in /r/ethfinance on August 18, 2022 16:28:16

Commented by /u/biketourthrowaway in /r/ethfinance on August 18, 2022 13:36:33

I’m not holding my breath - anytime they mention layer zero/multichain they go “cosmos and others” lol It’s hard not to notice once you’re listening for it

Commented by /u/biketourthrowaway in /r/ethfinance on August 16, 2022 10:16:33

Agreed, totally understand why they would have preferred Gavin. That said, a Polkadot focused episode would have been very interesting considering it’s the closest thing to a real Ethereum alternative IMO with some very different design choices (only for consensus, on chain governance, auction vs fees, delegated staking, etc). I was just bummed it fell through, and then double bummed they rudely turned down a very worthy replacement.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 19:19:57

One of the other founders (Rob) offered to come on in his place and they shot him down saying they only want Gavin

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 19:03:07

Thank you for making the effort to see things from my perspective and find common ground, I know it can be hard (:

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 17:21:04

1. PoW is *currently* critical to Web3, as Ethereum (the dominant Web3 network) is a partially PoW network. I am not arguing that it is critical to all Web3 networks, nor will it be critical to Ethereum in one months time, but if PoW "broke" today, Ethereum (and therefore Web3 at large) would also break (aka it is a critical component). 2. Bitcoin and PoW are *foundational* technologies in that they kicked off this entire Web3 movement. The concept of peer-to-peer value transfer started with Bitcoin, and the 1st/2nd gen blockchains were almost exclusively PoW. Their early experiments are the philosophical *foundation* upon which the rest of the Web3 movement is built. I am not arguing that Web3 runs on Bitcoin or on PoW (although currently the Ethereum portion does, as mentioned). Like I said, I don't disagree with your arguments since we clearly are just using words differently (specifically "foundation", "built upon", and "critical"), although for some reason you really seem determined to disagree with mine ):<

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 15:55:03

That must be what I’m saying, way to read between the lines lol

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 15:35:39

The conceptual foundation then (: The OP is literally laughing at them, so not sure I completely agree with your assessment.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 15:22:54

Sorry, what does the merge do again?

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 15:10:13

> Bitcoin enabled blockchain Some might even say that it was the *foundation* of web3 technologies. Like I said, semantics. >Would you rather people embraced misinformation because it might pump their bags because "it's good for all of crypto"? I certainly wouldn't Pretty sure I made my position clear when I said "just bummed to see people's first reactions to a central bank posting positively about crypto being a cynical sneer about how dumb they are." Do you not think we are able to address misinformation/misunderstanding without being a dick about it? Because if we aren't then yeah I would prefer we smile when people are wrong about something they arew just learning about so we don't drive them away with hostile elitism.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 14:51:40

Yes I agree, in the future it will be replaced.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 14:47:28

>Bitcoin certainly isn't the foundation of that, Ethereum most prominently is. Bitcoin is absolutely the foundation for Web3, just like the telegraph is the foundation for modern communications. Anyways, not looking to argue semantics about what Web3/3.0 *really* is, just bummed to see people's first reactions to a central bank posting positively about crypto being a cynical sneer about how dumb they are.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 14:08:20

It has been up to and including today. It won't be for long, but it currently is.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 14:03:24

Ethereum is literally using PoW right now though.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 13:21:37

Twitter :( It really is ground zero for most discussion and breaking news. Otherwise if you want to keep up with general news the major crypto news sites are pretty good - they mostly just do press releases from projects, but it's a good way to find topics for further self-directed research. If you want a broader understanding of the crypto world spend some time reading whitepapers from major projects. It really helps you understand what problems people are trying to solve and the different approaches they are taking. I was personally all in on Ethereum before I found out a project I was really fond of was moving over to Polkadot, so I went on a deep dive to try learn everything I could about the DOT ecosystem and why they would make that choice when Ethereum was clearly the strongest ecosystem. It really broadened my understanding of crypto in general, and now I would definitely put myself in the multichain camp since a lot of their design philosophy really made sense to me. Still super bullish on Ethereum, but there are tradeoffs between every design choice and you'll never hear about them if you're only getting news from here.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 11:31:30

Sanity check: we should be happy to see major financial entities endorsing crypto, even if they aren't cheering for our team. Tribalism is toxic, try to fight your maxi impulses.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 11:15:30

> I’m starting to wonder if I’m in an Ethereum confirmation bias bubble. If this is your only crypto news-source you 100% are. r/ethfinance is an amazing resource, but you will never find positive news about a non-Ethereum project here.

Commented by /u/biketourthrowaway in /r/ethfinance on August 15, 2022 11:10:42

Considering Polkadot's entire ethos is using governance to avoid community forks solving this hack without creating an Acala Classic would seem like a success, no? >The existence of this debate is what decentralization means. Polkadot had this debate already, they chose governance over forks. This is the system working as designed. Feel free to read from the horse's mouth: This is just what DAO governance looks like, not sure why you would say it isn't decentralized.

Commented by /u/biketourthrowaway in /r/ethfinance on August 14, 2022 14:29:24

Philosophically it’s identical - taking action to stop an early hack that would adversely affect the protocol before it has a chance to stabilize. It also was done via governance, it got put to a vote as does everything in the DOT ecosystem. If this was so reprehensible to people on here then why aren’t they in r/ethclassicfinance

Commented by /u/biketourthrowaway in /r/ethfinance on August 14, 2022 12:20:29

Acala *governance* (which is on chain voting) disabled it so that $1B didn’t get stolen on day 1 of a new feature being implemented. How is this different than the DAO hack?

Commented by /u/biketourthrowaway in /r/ethfinance on August 14, 2022 12:06:36

I recently unfollowed Ryan/David/Bankless on Twitter and only listen to the podcast when it’s a guest I’m especially interested in (used to binge every episode as soon as they dropped). Not sure if I just outgrew them or if there has been an actual change in their personas/content, but I just am not vibing with them anymore. They can just feel kind of condescending now, like they have found all the answers and are just evangelizing. Seeing how they handled Gavin Wood canceling was also a huge turn off for me honestly, super childish response that really made me see them in a different light.

Commented by /u/biketourthrowaway in /r/ethfinance on August 14, 2022 00:59:29

There is a real chance we see Ethereum flip Bitcoin at some point in the near future (assuming the merge goes well), and if that happens Bitcoin could have a real narrative problem (still wastes a ton of energy vs "greener" Ethereum, no longer the biggest, less functionality, no yield, etc). Obviously far from a sure thing, but there is a real chance BTC collapses once ETH surpasses it.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on August 13, 2022 19:50:43

Haha thanks, I will do my best! This sub is unparalleled when it comes to Ethereum content, but I would love to see more discussion about other protocols and the pros/cons they have relative to Ethereum - there's some neat stuff being developed out there that I think people here are really doing themselves a disservice by ignoring.

Commented by /u/biketourthrowaway in /r/ethfinance on August 13, 2022 15:34:53

Cardano does use UTXOs and they do present different design challenges, but just because they aren't as optimized as Ethereum's account model is today I would caution against writing them off as impractical. Cutting edge development takes time and different branches will mature at different paces. I'm not sure if one will be objectively better or worse, but will likely just offer different functionality or allow devs to optimize for different things.

Commented by /u/biketourthrowaway in /r/ethfinance on August 13, 2022 15:28:33

Ahh gotcha, public like transparent not public like permissionless.

Commented by /u/biketourthrowaway in /r/ethfinance on August 13, 2022 14:50:20

> MEV is inevitable for public blockchains - this is a fact. Except it totally isn't. There is a parachain that has a MEV-resistant DEX: THere's one being built for L2 as well: There are protocols like SCRT or DUSK that make private blocks using TEE or ZKPs, which don't allow miners to see the block content. And I'm sure there are many others being developed as well. MEV is inevitable *for Ethereum*, not for blockchains. MEV is a technical issue that is actively being solved, just not in the place people here are most concerned about.

Commented by /u/biketourthrowaway in /r/ethfinance on August 13, 2022 14:25:11

That’s what Dusk Network did - they went with UTXO and then put every part of the protocol through zk curcuits. End result is fully private smart contracts. L1 Ethereum just isn’t set up for true privacy - if you want real privacy you’re going to have to live on L2s or other protocols for better or for worse.

Commented by /u/biketourthrowaway in /r/ethfinance on August 13, 2022 14:17:32

I’m a huge DOT bull and the value case is the same as it always has been - parachains offer more customization than L2s (that could change, but is the case today) and Polkadot allows trustless interoperability between them (tokens, data, function calls, etc). Functionality wise nothing really changes for Ethereum post-merge, the big changes are economic (triple halvening) and narrative (no PoW), so the Polkadot value proposition vs Ethereum remains the same. It will be interesting to see how interoperability between parachains and L2s develops - I know composable finance is building light client based bridges that seem head and shoulders above anything else out there, but bridges clearly aren’t easy so not holding my breath there

Commented by /u/biketourthrowaway in /r/ethfinance on August 13, 2022 12:06:32

Zero knowledge solutions will make mixers completely unnecessary, this is a temporary hurdle.

Commented by /u/biketourthrowaway in /r/ethfinance on August 13, 2022 11:46:25

Still think people here are sleeping on Polkadot tbh

Commented by /u/biketourthrowaway in /r/ethfinance on August 12, 2022 14:52:20

Dusk Network (can’t vouch for the aesthetics tho)

Commented by /u/biketourthrowaway in /r/ethereum on August 10, 2022 23:22:43

If only there was a protocol that offered Ethereum-style smart contracts paired with Monero-tier privacy and most importantly had *dank ass aesthetics* to help get us out of this mess.

Commented by /u/biketourthrowaway in /r/ethereum on August 10, 2022 20:37:39

>The same way you do any other AML process. You aren't allowed to use those services without completing the AML first, and the service is responsible for collecting the credentials. Does that sound like how works to you? >I'm under the impression that mixers have not actually been made illegal Something being legal doesn't mean you are entitled to it. They don't have to provide you an alternative if they shut it down, it is on you to find your own legally-compliant privacy preserving techniques. >What are you going to say then, use another thing that hasn't been sanctioned yet? I will say *use a thing that is legally compliant while still preserving your privacy*. I am utterly unconcerned by this because I already know the solution, and you could be too if you ever get over your aesthetic hang-ups (;

Commented by /u/biketourthrowaway in /r/ethfinance on August 10, 2022 16:59:44

>The point is exactly this - the fact that I can KYC myself means a blanket sanction is unnecessary. How so? How would they blacklist stolen funds after they are mixed if they don't flag all outputs? Ideally I agree and would like to see a way for affected users to recover funds through a KYC/AML process (maybe through a regulated exchange?), time will tell if they ever approve one. >I might want to hide the fact that I've lawfully bought gay porn, used a gambling site, or something else that could mean I lose my job or get excluded from my community. Or perhaps I've accidentally doxxed myself and want to hide my addresses to avoid social engineering attacks. Maybe I want to make a small political donation or I'm Russian and want to make a donation to Ukraine. Find other options then, you aren't legally entitled to a mixing service. >First of all I disagree TC is non-compliant for the reason stated above. If it can't stop sanctioned entities from engaging with it, it is non-compliant. >the police would need to obtain a search warrant to search the house, they would obtain this from a judge after illustrating they've got probably cause Are you under the impression there was no legal basis for this action? >The aesthetics are pretty bad for sure. It's going to be very hard to find alternatives if this is all it takes to dissuade you from learning about something.

Commented by /u/biketourthrowaway in /r/ethfinance on August 10, 2022 16:06:13

>Regulators, exchanges, banks, IRS, whoever, can require targeted users who interacted with TC to prove their deposit history. Then what would be the point? At that point you are KYCing your mixed coins which negates the entire purpose. >People have legitimate reasons for wanting/needing to use a privacy tool, it's a freedom people should be entitled to, without being labeled as criminals. Sure, and people are still entitled to privacy, you just can't use to achieve it. They banned a non-compliant service, not a concept. >Criminals can also hide illegal funds in their homes, commit other criminal activities from the safety or their homes, but that doesn't mean police can just enter your house, we forbid locking doors or install surveillance cameras inside people's homes. This would be more like you mix your money into a communal pile in a trap house and now are surprised that the feds got a warrant and raided them. You are not operating in isolation, your money provides cover to sanctioned entities. >Also, I checked out Dusk Network, but I have to admit the site looks pretty scammy and money-grabby imo Sounds like you did a pretty deep dive.

Commented by /u/biketourthrowaway in /r/ethfinance on August 10, 2022 14:56:45

For anyone interested in ZKP privacy and/or tokenized securities, Dusk Network just released their 2022 Report:

Commented by /u/biketourthrowaway in /r/ethfinance on August 10, 2022 14:21:54

>I also suspect the high percentage of illicit funds is a result of this still being early days, but as security improves and the space grows, this will constitute a smaller part. This is true, but ultimately doesn't matter. Even if illicit funds were 0.1% of the total, the fact that the protocol is fundamentally incapable of preventing sanctioned parties from utilizing its services means that there is no option for regulators other than to either blanket sanction to protocol or just shrug their shoulders and do nothing while sanctioned parties openly launder money using the 99.9% legal funds as cover. If you don't want to get sanctioned then maybe don't pool your funds with sanctioned parties. A lot of people here immediately jumped to "well banks do money laundering and get away with it scott free all the time, so why shouldn't!". First of all, they do not get away with it scott free all the time, there are caught and penalized regularly (even if the penalties aren't nearly enough), but more importantly *they have the ability to block, ban, freeze, or refuse to do business with sanctioned parties*. When the government comes to them and says "stop doing what you're doing", they can actually comply with the order and stop doing that specific thing. * cannot do this,* and so they are not the same. If it was run by a DAO and the government could issue demands to freeze certain funds then this would be an entirely different story, but it isn't so here we are. I want to be clear that I don't think this is right, or ethical, or that normal people deserve to get caught up in this, but if you are a US citizen or want to use exchanges that do business in the US maybe take regulatory factors in to account before using mixers. Protocols might be immune to sanctions, but users are not and if projects don't make any sort of attempt to meet regulatory requirements plenty of users will eventually get rekt. Privacy will still be entirely achievable with ZKPs (as always, shout out Dusk Network - if you care about privacy at all you should check it out), it's just that in particular is so transparently being used for industrial money laundering by sanctioned parties it seems naïve not think they would take some sort of action against it.

Commented by /u/biketourthrowaway in /r/ethfinance on August 10, 2022 13:35:53

I went down for his rabbit hole about a year back and the best solution I found was Dusk Network. It’s a layer 1 built using and optimized for zero knowledge proofs. Literally the entire consensus is ZK as are all transactions and smart contracts. They made it to meet requirements to issue tokenized securities but it is easily best in class for privacy. You can even build legally compliant privacy since you can add KYC/AML to your wallet and then demonstrate your meet criteria without ever revealing and personal info using ZKPs. I’m not sure Ethereum can get all the way there due to using the account model (Dusk team came away believing UTXO is required for their usecase), but in terms of *blockchain* we will be fine.

Commented by /u/biketourthrowaway in /r/ethfinance on August 10, 2022 10:06:29

Agreed, ideally much more than that.

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 19:15:16

The author of those tweets is the founder of Dusk Network, which is a ZK L1 with a token. I am irresponsibly long on DUSK since as far as I can tell it is the most promising ZK privacy play at the moment, but I would definitely do some research before diving in.

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 19:14:05

And you ignored my point. Asking if a 1% fine is a real repercussion is clearly a rhetorical question, no? Unless we know how much they profited off money laundering we have no idea how proportional the fines were. For all we know they were fined more than they made off money laundering, although personally I doubt it.

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 18:28:57

>Also presumably all $500B in profits didn't come exclusively from illegal dealings

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 16:01:03

Sure it is, it just isn't proportional. Also presumably all $500B in profits didn't come exclusively from illegal dealings, but then again it is Deutshebank..

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 15:48:08

>all it does is stop US citizens and entities from using the application legally What else would US sanctions be expected to do? Iran didn’t stop existing when the US sanctioned them either. > at the moment they have just given themselves more work Alternative phrasing: they are doing their job

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 15:29:03

>I think it's misguided, it's like banning guns because they kill people They aren't banning guns, they are seizing one gun that is left out on a table in the middle of town that has already been used in multiple shootings with zero plans to stop it from being used for more in the future. There is no sweeping ruling against the concept of privacy, they have just sanctioned a protocol that is *clearly* being used by a sanctioned entity to launder *clearly* stolen funds. If the protocol had a way of preventing that it would not be subject to this action. ZK privacy is the route forward, not obfuscation-by-pooling-with-known-criminals privacy.

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 14:57:23

Can we stop pretending that banks never face any repercussions? Deutschebank has paid over $18B in fines: Have they profited more than that amount? Clearly yes. Should they be be shut down for regularly breaking the law? Arguably also yes. But have they never suffered any legal consequences for their actions? Clearly no. Maybe if there was a DAO that was able to handle compliance through governance votes they would issue fines to it instead similar to how they treat banks, but you can't fine a protocol so it just gets banned instead.

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 14:43:40

You will be able to have complete privacy while still provably meeting KYC/AML compliance requirements: ZK is for more than scaling.

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 12:34:13

Lazarus Group (DPRK hacking outfit) are suspected of being behind numerous big name heists (including recent Axie and Harmony bridges), and large amounts of those stolen funds were very clearly behind laundered through TC (to the tune of hundreds of millions of dollars). Lazarus Group was specifically placed on the SDN list by OFAC in April for cybercrimes (including all sorts of ransomware attacks as well) with the intention of funding DPRK's nuclear ambitions, so this would just be the government following through on those sanctions. It's really interesting stuff, definitely worth reading up on! Basically they are a DPRK military unit that specializes in hacking for financial gain to fund the military. >where tbh stolen is a pretty loose term lol

Commented by /u/biketourthrowaway in /r/ethfinance on August 9, 2022 12:09:20

And do you think it’s reasonable that the government might target the one that is fundamentally incapable of following regulations? It’s not like they aren’t also targeting the banks - those times you linked are literally enforcement actions.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 23:42:48

Update: they can in fact blacklist us all

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 22:26:45

Now just do it 500,000 times and BAM! You laundered $100M stolen from a bridge hack. Once again, not comparing apples to apples.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 22:21:04

That would be demonstrating compliance! I imagine most people using the service would not be very eager to follow on your footsteps though since the entire point is separating your wallets from each other.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 21:33:37

Do you think there is a difference between a bank that has people who choose to not disregard regulations versus a protocol that is fundamentally incapable of following regulations or are they literally the same in your eyes?

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 21:30:21

Fight away, it just doesn't seem like the best hill to die on IMO. Better tools are coming anyways.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 20:36:02

>Agreed, and the guy with a new Lambo whom couldn't afford a Lambo before should be investigated. Seems like an external solution is needed. Like an agency or something to audit people. They can literally see stolen money being deposited in to the protocol though, why wouldn't you expect them to take action? >When I gave the cop the serial numbers on the money stolen from my wallet he laughed at me, like I was crazy for expecting them to be blacklisted or for him to do something I imagine they have a larger threshold, like say the $2B+ stolen in hacks on a transparent ledger (;

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 20:20:15

Are you depositing your cash in to a big bag full of stolen serialized bills and trying to spend them after? If not it doesn't really feel like a good analogy.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 20:16:16

They are redesigning cash to make it more difficult for it to be used to launder money. Just because cash has legacy privacy doesn't mean they like it. There's a reason banks have mandatory reporting for large deposits.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 20:14:18

Not locking my door enable thieves to steal my TV - it's still illegal for them to have taken it. >What's to stop them from expanding on that to all zero knowledge solutions? That would not be good for the space. Agreed, that would be terrible, Thankfully you could still be legally-compliant with full privacy using ZKPs so they should be fine (KYC that doesn't reveal any personal info). Just these early solutions seem ripe for regulation. >just because a criminal uses cash at the store doesn't mean I shouldn't be allowed to use the store Try depositing serialized bills that have been flagged as stolen at a bank and let me know how it goes for you.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 20:13:04

It is interesting for sure! It's just strange to me that people would knowingly mix their funds in a protocol that is well known for its use by money launderers and then be surprised they are being treated as potential money launderers. I'm not arguing it's right, but what did they think was going to happen?

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 20:08:54

Look in to CBDCs if that's your best argument.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 20:05:17

>If you want to fully ban money laundering, you need to ban privacy. And they very clearly want to ban money laundering, so why are we surprised by this? There actually are projects that are working on regulatorily-compliant privacy through ZKPs (shout out Dusk Network), they just aren't production ready yet. I am fully in favour of privacy, but it just seems naive to not expect the US government to crack down on things like when they are so blatantly being used to launder money.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 19:47:17

This isn't addressing my point though, your usage to hide your fetish porn enables a hackers usage to launder money. They aren't happening in isolation.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 19:41:10

I feel like maybe I am missing something with the whole situation. The whole point of TC is that everyone deposits their funds in one big pool in return for deposit receipts which can be redeemed for the deposit amount to the address of your choosing at a later date. Since the funds are all mixed together and then are being withdrawn to clean addresses, there is no real way to track who the withdrawn funds belong to. So if the privacy is dependent on everyone using the same pool, and you know that a large amount of the funds in that pool are deposited from hacks with the intention of laundering them, how is that not knowingly participating in money laundering? This isn't the banning of a standalone privacy tool where users have zero interaction with each other (ie. banning it for the privacy it provides), this is banning an application where all users provide cover for each other *despite knowing a large portion of their fellow users are laundering money*. Seems like a weird hill to die on - surely anyone who is even passingly familiar with money laundering regulation saw this coming?

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 19:31:40

That might be what you wanted to use it for, but in practice you pooled your funds with dirty money and provided cover for launderers who were also using the service. The anonymity comes from the number of people using it, by ‘legally’ using the service you help to enable the illicit users as well. If only dirty money went in the concept wouldn’t work.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 18:38:50

Is there a way you can achieve that use case without pooling your funds with *known to be stolen funds* and helping to provide cover for money launderers though? Because if not you might just have to learn to live without it.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 18:35:23

My god, is there no end to how many strawmen can they throw at you lol Seems to be some wilful ignorance on here about how works - it isn’t just encryption, it’s pooling your funds with *known to be stolen funds* and then withdrawing your share of the pool at a later date. You aren’t getting painted with the same brush for innocently using the same service, you are literally using your funds to help provide cover for money launderers. Glad to see at least one other person here isn’t missing the forest for the trees. The US Gov might not be able to shut down a protocol, but they sure as shit can make life hard for anyone who uses it.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 18:31:27

Alternatively zero knowledge will allow for regulations to be met while still preserving privacy. You could have KYC on your address without ever having to reveal any private information. Dusk Network is taking this approach with tokenized securities and have regulatory sign off. You don’t need to reveal who you are, you just get a binary pass/fail that you meet the appropriate criteria.

Commented by /u/biketourthrowaway in /r/ethfinance on August 8, 2022 18:24:50

So far the only project I see making a legit attempt at meeting the regulatory requirements is Dusk Network

Commented by /u/biketourthrowaway in /r/ethfinance on August 6, 2022 18:50:15

Is he not just referring to L2s?

Commented by /u/biketourthrowaway in /r/ethfinance on August 5, 2022 11:40:14

I would imagine you would plan your tokenomics around using it when you were designing your chain.

Commented by /u/biketourthrowaway in /r/ethfinance on August 1, 2022 20:36:17

Commented by /u/biketourthrowaway in /r/ethfinance on August 1, 2022 20:24:38

Just watching conferences on project updates - all crypto influencers are trash.

Commented by /u/biketourthrowaway in /r/ethfinance on August 1, 2022 16:27:38

Parachain auction contributions are returned at the end of the lease period (typically two years). The only real cost is the opportunity cost of staking over that period, and now with liquid crowdloans that cost is being reduced as well.

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 22:30:03

I was surprised myself! They also just released browser-embedded light clients which is pretty neat: To the best of my understanding this means no more RPCs - users can interact directly with the blockchain and sync nearly instantly.

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 19:25:39

Looks like five + two in development 1. Parity 2. Gossamer 3. Kagome 4. Polkadot-JS 5. Smoldot +6. Golkadot +7. Polkadot in Java Plus maybe a few more?

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 19:18:59

Cool metric! Looks like there are for a few for different languages and found an independent (smoldot) as well.

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 18:32:33

It also doesn’t have smart contracts lol All economic activity is on parachains (L2s), so maybe active wallet or something? Trying to figure out some good apples to apples comparisons

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 18:11:25

Polkadot doesn’t really have fees though, it’s kind of like the basis of their whole economic model. Edit: maybe cumulative parachain fees? It would be a bit trickier to track but that would basically be the measure of economic utility closest to matching L1 fees

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 18:08:39

What would good comparison metrics be for Ethereum vs Polkadot?

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 18:00:59

Check out GET Protocol for a legit longshot. NFT ticketing with several million tickets already sold. Several big clients already with several more currently being on-boarded. Token is needed for tickets, and only at $25M marketcap. Also transitioning to full DAO governance. Definitely DYOR, but if it ever breaks in to the top 100 it would already be a 20x

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 13:23:31

I’ll go against the crowd and say high risk high reward with all of it (assuming you are following the number 1 rule and not investing money you can’t afford to lose). That’s a small enough amount that investing in ETH isn’t likely to be life changing - pick something in the 300-500 marketcap range and shoot for the moon! This has been my strategy and it has gone pretty well so far (:

Commented by /u/biketourthrowaway in /r/ethfinance on July 31, 2022 13:06:10

Found the data: Not apples to apples though since nearly all economic activity is on parachains (Polkadot only handles consensus, dot transfers, message passing, and governance).

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 20:09:00

Pretty sure Parity was the fastest Ethereum client before they stopped supporting it (source needed though) so I would imagine they do a fine job, but Polakdot is also a very stripped down chain (no smart contracts) so your guess is as good as mine!

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 18:53:00

> The syncing process will take a while depending on your bandwidth, processing power, disk speed and RAM. On a \$10 DigitalOcean droplet, the process can complete in some 36 hours. Also written in Rust I believe

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 17:07:05

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 16:51:06

Are they using ZKPs for block creation as well? Curious to see how it works with Ethereum's account model (since you can still see tokens in/out of an address. DUSK went ZK for block creation and UTXO for transactions so that there is not way to just monitor account balances to see where things end up.

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 15:07:49

Curious about why DeFi tokens - it seems like a race to the bottom where any protocol that activates fees will just lose marketshare to another that hasn't.

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 14:51:53

What are your thought on privacy for Ethereum? It's the one feature that I think people are really overlooking (it will be necessary for tons of users, no company is going to have their financials onchain). One of my big contrarian bets is DUSK Network, which is zero knowledge at the protocol level. Truly private smart contracts (and transfers, and block creation for that matter). Bonus: no MEV!

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 12:01:18

Augur! Still so bummed it never really took off, prediction markets seem like such a slam dunk usecase. Just too early I guess. If the concept still appeals check out Zeitgeist! They even do their governance through prediction markets.

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 11:56:16

For people who aren’t 100% ETH, what else are you holding? Interested to hear what contrarian bets & moonshots people here are drawn to. Hardmode: no BTC, RPL, or airdrops

Commented by /u/biketourthrowaway in /r/ethfinance on July 30, 2022 11:35:44

If you’re willing to start outside the Ethereum ecosystem Dusk Network is worth a look.

Commented by /u/biketourthrowaway in /r/ethfinance on July 29, 2022 22:23:17

This is such an important topic and it’s always so disheartening to see people refuse to actually address or acknowledge it in any meaningful way. As we see increased privacy layers come online alongside encrypted decentralized storage there are going to be open air CP markets and we are woefully underprepared to deal with the fallout from that. “It’s a security” regulatory FUD will be nothing compared to CP FUD hitting mainstream news. The other big one will be terrorist financing. There’s a reason every financial institution is supposed to be collected KYC/AML, and there will be a huge push to get crypto in compliance.

Commented by /u/biketourthrowaway in /r/ethfinance on July 25, 2022 11:51:19

>Dapps that are only worth using when the gas is at 3 gwei simply don't get deployed on L1 these days, they're all on L2s or alt-L1s. Do you have any examples?

Commented by /u/biketourthrowaway in /r/ethfinance on July 24, 2022 18:55:09

Does it concern anyone else that it is a struggle to come up with stuff for people to do in order to take advantage of the lowest transaction fees we've seen in ages? u/liberosist's warning about the lack of valuable applications feeling prescient as always

Commented by /u/biketourthrowaway in /r/ethfinance on July 24, 2022 18:46:10

There are plenty of ETH maxis who walk among us. I hope this round of dunking on BTC maxis functions as a reminder for us to keep our own maxi tendencies in check.

Commented by /u/biketourthrowaway in /r/ethfinance on July 24, 2022 17:24:34

>There's precisely 0 chance SE took a look at all the chains, their NFT ecosystems and said "Fuck yes, it's got to be Enjin on Polkadot". But they did take a look and go "this will meet our needs" once you factor in the presumed assistance with engineering. That isn't nothing, and if this is successful it could become a very easy sell for future franchises looking to branch out. I only say all this because I know plenty on here have dismissed the concept of a multichain future out of hand, but then also refuse to look in to or acknowledge progress that other chains are making. Not arguing this will unseat Ethereum or anything along those lines, just hoping to remind people to keep their eyes open.

Commented by /u/biketourthrowaway in /r/ethfinance on July 21, 2022 20:56:04

It will be interesting to see play out! I think we are 2-3 years away from total age not really mattering (Ethereum starting in 2014 va Polkadot in 2016 isn’t a huge discrepancy), and EVM tooling all works on Polakdot parachains, while Polkadot tooling doesn’t work on Ethereum, which is to say that anything new they make becomes a competitive advantage while anything on EVM can be shamelessly stolen. I certainly wouldn’t bet against Ethereum, but I don’t think it’s nearly as settled as the consensus on this sub seems to be.

Commented by /u/biketourthrowaway in /r/ethfinance on July 21, 2022 17:06:25

Me too! I love this sub for pro-Ethereum content but for general crypto/blockchain discussion it can be disheartening at times. If it isn't negative no one wants to hear it.

Commented by /u/biketourthrowaway in /r/ethfinance on July 21, 2022 16:32:38

>IMO, Ethereum + it’s L2s have the best offering based on technical maturity, security, cost, and developer resources. I won't contest security (although in this case I personally think Polkadot's security is adequate even if it isn't as gold-plated as Ethereum's), but I want to push back on the rest of this a little bit. In terms of technical maturity Efinity is a custom blockchain developed around NFT usecases exclusively vs the general smart contracts on Ethereum/L2s. AS far as I'ma ware we won't have any NFT-specific L2s for at least another year or two. Costs are negligible, documentation is great, and IMO most importantly they will be trustlessly interoperable (no bridges required) with the entire Polkadot ecosystem, ranging from storage on Crust, identity with KILT, discoverability with OriginTrail, and financialization with multiple DeFi chains. So since it can be argued we are a year or less away from most services being at least relatively on par with those found in the Ethereum ecosystem, why would projects move across once they have settled (even if it was due to business incentives)? If we say that a product has to be 10x better for people to pull up roots and change, will that be the case for gaming NFTs? > If it doesn’t, then a fully centralized platform will spin up to run all of these services and handle the KYC and AML requirements, making all blockchain-based solutions obsolete. This is definitely my concern, and I hope these early experiments are successful enough that they don't trend in that direction.

Commented by /u/biketourthrowaway in /r/ethfinance on July 21, 2022 16:30:49

Interesting perspective! Assuming that is what happened here, how do you feel about that practice existing in the blockchain space and do you see it as an advantage or disadvantage for Ethereum as a whole?

Commented by /u/biketourthrowaway in /r/ethfinance on July 21, 2022 15:16:33

Once again, do you have a source for those claims? It would mean that a big legacy company is comfortable anchoring their flagship NFT product on Polkadot, which seems like a pretty big vote of confidence considering Square Enix is planning to aggressively pivot to blockchain/NFT products. Source: edit: downvotes? For *my* multichain future?! I am shocked. Don't forget to peek outside the bubble every now and then - if all your news comes from here + a curated ethereum-centric twitter feed you are getting a very incomplete picture of the crypto space at large. Fight your maximalist urges!

Commented by /u/biketourthrowaway in /r/ethfinance on July 21, 2022 13:36:56

That's a pretty big accusation - do you have any supporting evidence or are you just being petty because this doesn't fit your preferred narrative? Final Fantasy is objectively a huge get, if that isn't "bearing fruit" then nothing is.

Commented by /u/biketourthrowaway in /r/ethfinance on July 21, 2022 13:11:56

[Final Fantasy NFTs Coming to Polkadot in Square Enix, Enjin Alliance]( Curious what people think about Enjin's choice to redeploy from Ethereum to Polkadot - this was the DyDx of a few years ago and now we're seeing their decision begin to bear fruit.

Commented by /u/biketourthrowaway in /r/ethfinance on July 21, 2022 12:52:36

I mean, their whole schtick is that picking individual stocks is gambling and index funds are the only ‘no fail’ investment option. Surely it isn’t hard to understand why they wouldn’t be interested in crypto when they see buying Apple stock as literally the same as buying a lottery ticket. r/fatFIRE has way more nuanced discussions from what I’ve seen

Commented by /u/biketourthrowaway in /r/ethfinance on July 20, 2022 23:32:28

Not sponsors, users. Too funny. Feel free to set a two year reminder and see who had it right (:

Commented by /u/biketourthrowaway in /r/BitcoinMarkets on July 19, 2022 09:58:09

Imagine all the missed profit finding one of the handful of projects in the space that are already legit being used by real world industry and not buying up as much as you can afford. I take it you didn’t bother actually reading up on the project then?

Commented by /u/biketourthrowaway in /r/BitcoinMarkets on July 19, 2022 01:28:35

Imagine trying to swing trade TRAC. Buy TRAC and never sell. It’s going to easily hit top 50 within the new two years.

Commented by /u/biketourthrowaway in /r/BitcoinMarkets on July 18, 2022 23:08:35

Preach! The purity testing here can be exhausting sometimes.

Commented by /u/biketourthrowaway in /r/ethfinance on July 16, 2022 22:13:34

Banning fiat on/off-ramps and classifying any transactions that aren’t taxed (ie all of them) as tax fraud would get the job done for sure. Sure you could still use the network, but the economic inertia would come to a screeching halt.

Commented by /u/biketourthrowaway in /r/ethfinance on July 16, 2022 18:34:13

It’s definitely possible and anyone who says otherwise is being willfully ignorant. There is historical precedent and there are politicians actively agitating for it. Is it likely though? I personally don’t think so - stablecoins are good for dollar dominance, it’s clearly a source of future technological innovation and it will hurt to get left behind, and SBF is going to bribe the ever loving shit out the entire US political apparatus.

Commented by /u/biketourthrowaway in /r/ethfinance on July 16, 2022 16:34:02

Been DCAing for years and have performed about the same overall so far, but I think the best is definitely yet to come. Been focusing on utility tokens that are working to disintermediate real world industries and have made actual discernable beachheads outside of the cryptosphere. Only hold 4: OriginTrail (TRAC), Dusk Network (DUSK), Get Protocol (GET), and Polkadot (DOT) Happy to answer any questions - I’ve been following all of them for years now and love chatting about them.

Commented by /u/biketourthrowaway in /r/ethfinance on July 16, 2022 01:34:18

Majority alts for me, I see Ethereum as crypto VSTAX and this forum as crypto Boggleheads (meant as a compliment!) Ethereum is definitely the benchmark to beat, and I still see crypto as an opportunity to make 100x gains if you can find one of the projects that will have real world utility outside the existing crypto ecosystem. Basically I’m here to speculate wildly and structure my portfolio accordingly. Love Ethereum and see it as a safe bet, but have a hard time imagining it doing a 100x from here

Commented by /u/biketourthrowaway in /r/ethfinance on July 15, 2022 22:44:44

The argument here would be that if a mature rollup ecosystem offers a 100x increase in blockspace while transactions only only increase by 10x then we would see a 90% decrease in L1 fees. Obviously it’s way more complicated than that since there will likely still be L1 transactions as well, but there could very well be a long period where L1 fees crater as rollups take transaction marketshare. The concept of L3s take it even further with rollups settling to rollups that then settle to L1. Theoretically all transactions could be on a rollup of a rollup and fees could be 1 gwei forever.

Commented by /u/biketourthrowaway in /r/ethfinance on July 15, 2022 22:29:53

Lack of novel applications/transaction density. Polynya/Liberosist is already talking about it - we will have all this blockspace with L2s and no applications to fill it up. There could really be a long period of low fees as everything migrated to L2 but before we see orders of magnitude increases in usage, so dunking on the deflationary narrative will probably be pretty popular.

Commented by /u/biketourthrowaway in /r/ethfinance on July 15, 2022 19:58:15

Ethereum wouldn’t currently work for this application - unless the law changes securities can’t be traded on a public platform. What we call MEV is actually illegal when it comes to securities, so any tokenized securities would need to be issued on a non-public chain. A project I follow has been working on this for years and their legal counsel steered them towards building a fully zero knowledge blockchain at the protocol level in order to meet compliance requirements. Basically your transactions have to be private but still auditable, so zkps are the best route forward. I’m sure there will eventually be an L2 designed with tokenized securities in mind, but we currently aren’t close in the Ethereum ecosystem to the best of my knowledge.

Commented by /u/biketourthrowaway in /r/ethfinance on July 15, 2022 17:36:37

That is correct, relay chain can’t run smart contracts. It literally only does the things listed above, and as mentioned they are working on stripping most of that functionality away to public good parachains so that the relay chain can focus on relaying (which will allow for scaling to several hundred parachains while they finish the next scaling solution of having parachains act like relay chains, allowing for basically unlimited parachains) It would be kind of like if the beacon chain only allowed rollups basically. Instead on Ethereum rollups have to compete with regular transactions for blockspace. It’s always funny to see when people post the “blockchain by fees” charts and call polkadot a ghost chain when there are only a few hundred dollars worth of transfers going on.

Commented by /u/biketourthrowaway in /r/ethfinance on July 15, 2022 11:50:03

These insolvencies were all kicked off by Terra imploding so not sure we can really say crypto culture didn’t have anything to do with it

Commented by /u/biketourthrowaway in /r/ethfinance on July 13, 2022 21:12:53

> This one is about how the Beacon Chain architecture was originally designed for sharding and not to have dApps on the Beacon Chain itself and that it slows down block times and finality and he compares it unfavourably with (for eg) Avalanche’s time to finality and block time. This is what Polkadot designed around - relay chain only handles dot balances, consensus, message passing, and governance, and they are working towards moving governance and balances away from the main chain so it can just focus on parachain scaling.

Commented by /u/biketourthrowaway in /r/ethfinance on July 13, 2022 14:51:48

Going pretty well so far:

Commented by /u/biketourthrowaway in /r/investing on July 12, 2022 17:42:33

The one that immediately comes to mind is a Magic the Gathering/Hearthstone style game - digital cards and online play (a la Hearthstone), but you own the cards and can buy, sell, trade, or rent them as you desire (a la MtG). If they are all minted onchain, then even if the original studio goes under enthusiasts could continue to play on self-hosted platforms, since all the cards and game logic aren't on a proprietary database. Otherwise sky is the limit! One of the ideas I really like is the aforementioned player created content - imagine Roblox-style skins/items/whatever that players can create and sell (pending some sort of approval by the devs or by some sort of player voting mechanism) where independent artists can create in-game content for money. In terms of porting between games - that artist could enable it to be ported to other games and make an art asset that fits that game's aesthetic for when it transfers across. I think adding financialization could be neat, like if EVE online currency has a real (legal) value and ships could be bought and sold on marketplaces inside and outside the game. Like if you had a capital ship you could take a loan out against it for real money (in the form of stablecoins, assuming someone would be willing to underwrite it) allowing for all sorts of interesting mechanics and corporate structures. I don't know man, the idea that games are best left under the iron control of the existing studios just feels so shortsighted. People love creating content! And if they could capitalize on it all the better. People also love owning, collecting, and trading things. If people already spend this much on skins and loot boxes that are fully sunk costs, imagine how crazy they'll go for items that you can actually trade and sell when you are done with them.

Commented by /u/biketourthrowaway in /r/investing on July 11, 2022 21:39:05

Time will tell! A cosmos chain isn’t a cex, and there are plenty of chains that could find a great market fit yet (I’m personally super bullish on polkadot). We are still so early, I think pointing at current market conditions as any sort of indication of where we might be at a decade from now is pretty pointless. We have barely seen any real adoption to date, and the next killer apps could very much catch up by surprise.

Commented by /u/biketourthrowaway in /r/ethfinance on July 11, 2022 21:15:54

I think the idea is they building towards a new model that doesn’t currently exist. More of a if we build it they will come thing rather than having it tie in to existing games today. Who runs that database? Blockchain is just a distributed database where anyone can build on top of it without permission. Like I could build an application on top of a blockchain game where you could rent your items out for an income stream without the game développer having anything to do with it. The whole idea is composability. Time will tell if anything comes of it, but there are definitely cool applications that aren’t currently possible (or at least no one is current making wih existing database solutions) that I am excited to see tested out

Commented by /u/biketourthrowaway in /r/investing on July 11, 2022 21:12:19

Because they get a cut of the sales ofnuser generated content. It’s a different model - instead of getting 100% of a one-time sale of something you made you get 10% of every trade of other peoples work. Think national taxes instead of store prices.

Commented by /u/biketourthrowaway in /r/investing on July 11, 2022 20:10:54

The second easy way would be to implement standards across games that want to utilize this as a feature.

Commented by /u/biketourthrowaway in /r/investing on July 11, 2022 20:09:35

But will it be insufficiently secure or overly centralized? I know it goes against the gospel, but I believe we will see plenty of blockchain projects that fall short of Ethereum’s standard while still meeting the “secure and decentralized” threshold. Not every application will require the gold standard, and it could turn out that Ethereum level security/decentralization is total over kill.

Commented by /u/biketourthrowaway in /r/ethfinance on July 11, 2022 19:24:08

This would be the same Taliban that we placed maximum sanctions on with over a million afghanis projected to starve to death over the next year from the massive resulting food shortage? Very cool peace

Commented by /u/biketourthrowaway in /r/ethfinance on July 11, 2022 19:20:00

aUSD is worth keeping an eye on as it begins to ramp up

Commented by /u/biketourthrowaway in /r/ethfinance on July 11, 2022 00:35:42

Yes, if ETH doubles and there are no trades the USD value of the paired token would double.

Commented by /u/biketourthrowaway in /r/ethfinance on July 10, 2022 16:34:17

What do you think is simpler - tapping in to existing NFT structures to mint, distribute, list, and sell avatars, or to build all those functionalities from the ground up? Rhetorical question, obviously it is easier to build everything from scratch rather than use existing solutions.

Commented by /u/biketourthrowaway in /r/apolloapp on July 9, 2022 11:49:37

No, we absolutely cannot agree because not only is absurdly pedantic it is also just objectively wrong. >in·vest·ment - the action or process of investing money for profit or material result. If you didn't buy something *with the intent to profit*, it isn't an investment. >I feel confident discarding the "negligible" qualifier when talking about that "negligible" transaction happening millions of times a day. PoS transactions are measured in watt-hours and since they are not free they are limited in number. By no reasonable metric would they be considered an environmental burden. [Feel free to read the report yourself]( >Unfortunately it's not a solution that requires people to buy crypto from cyrpto-holders, so the OriginTrails solution is used instead. Look up BSI (the group behind the pilot to *ensure donated medicines reach patients and aren't sold on the black market*) and really ask yourself if you think that's their motivation. [Here's]( their wikipedia page to make it easy for you. Honestly it's bizarre the mental gymnastics you people pull out to avoid conceding a single point. You're actually defending the most anti-consumer practices (buying skins is good actually!) just to not have to admit that maybe, just maybe, having a secondary market for provably scarce digital goods that isn't controlled by a big tech monopolist and pays the originator indefinite royalties isn't actually an entirely bad thing. I just can't wrap my head around it. Like you can think something is 95% bad and still concede that 5% has the potential to be not terrible, but no it is always 100% binary with you guys and it makes you look like petty, pedantic children who have to be right no matter what.

Commented by /u/biketourthrowaway in /r/apolloapp on July 9, 2022 00:13:15

You buy a bike, you ride it for a while, you want a different bike, you sell that bike to help fund the new bike. Basically Warren Buffet, right?

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 22:58:20

And if you aren't hoping to sell it for more/less money but instead simply choose to sell it when you no longer desire it, still an investment? >so whatever "negligible" power consumption they have it's a multiple of a solution that doesn't try and form consensus across distributed systems. Which is why I said negligible and not less than a database (: >Blockchain solutions are just attempts to reimplement traditional database applications ontop of an hnecessarily restricted database solution because it has a large market cap. And they have made this effort for no reason at all I'm sure Not related to NFTs, but check this out! I wonder what it runs on top of.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 22:56:51

>Not being able to resell shouldn't be an issue if they're not meant to be used as investments. How do you figure? Can you not resell things that aren't investments?

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 22:39:47

I think there is value in being able to resell things without them being investments. I can buy a cool avatar for $20, and then if in a year I get tired of Reddit and want to delete my account I might still be able to sell it for $10 and recoup some of my money (with the artist getting some portion of that). Compare this to video game skins where that money is just gone. I’m also fine with them being worth more! Plenty of art appreciates over time, I just think it is unethical to market is as such. PoS blockchains are just servers, so the power consumption is negligible. Could this be done some other way? Sure, but it can also be done this way and will work for the usecase just fine. Why reinvent the wheel just because people have a knee jerk reaction to NFTs

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 22:27:58

The creators can get a percentage of all future resale revenue as well, which to the best of my knowledge doesn’t exist on any digital storefronts to date. Blockchain just removes gatekeepers - no need to put your stuff on a companies platform, you can just self publish to the network.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 22:23:12

If I can mint an NFT on a PoS network for several orders of magnitude less power than on a PoW network, and for all intents and purposes those NFTs are the same, then the PoW NFT uses an unnecessary amount of power.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 20:04:16

No, I personally do not. I will be very surprised if they sell for that much.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 20:02:22

I disagree, PoW uses an unnecessary amount of energy for something like NFTs.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 19:12:59

I said “cars are resalable” not “NFTs have the same utility as a car”, but sure whatever excuse you need to continue dodging the actual comparable example.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 18:14:34

Convenient you ignored the second example: physical art. The problem it solved is allowing digital artists to sell their art, and if you don’t think that is worthwhile that’s fine, but there have been plenty of artists who have finally been able to pursue their craft professionally because of NFTs and I think that’s awesome.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 18:10:15

There’s a difference between something not being sold as an investment and it not having resale value. I don’t buy a car as an investment, but I can sell it. I don’t buy physical art from and artist I want to support/whose art I like, but I can resell it if I find someone else who wants it in the future. Surely this isn’t hard to understand?

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 17:59:13

We have been able to buy resalable digital art with persistent royalties for the artists for decades?! How have I not heard about this.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 17:49:29

There are two very valid arguments against NFTs that I've seen so far: 1. Environmental damage 2. Scamming people in to believing they are investments Neither of those apply here. Polygon (the network this operates on) is proof of stake and doesn't use anymore power than refreshing reddit, and these are being marketed as a way to flex in your profile and/or as a way to support digital artists/Reddit. I don't believe that "I think it is dumb" would get people so fired up they would demand it not be supported, so what is the third reason I am missing

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 17:29:02

>Additionally, it doesn’t solve a problem that exist I didn't realize there was another way to buy resalable digital art with built in royalties for the artist. Shoot me a link!

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 17:25:33

This runs on Polygon, which is proof of stake. That is to say it not proof of work (like Bitcoin or Ethereum) and as such uses roughly the same amount of energy as you refreshing Reddit. Any other concerns beyond the environmental impact?

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 17:12:38

Are they advertising these as investments that will increase in value, or as a way to have neat art in your profile? This is literally being used in the present as a way to benefit creators, and everyone’s reaction is to freak out and call it a scam. What would have to change from this current implementation for you to view it differently?

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 17:06:15

I’m not understanding the hate here - independent artists get to design avatars and sell them to people who think they are neat/are interested in supporting them. Who does this hurt? Artists get paid, Reddit gets paid, people who are interested can participate, people who aren’t suffer zero consequences for not doing so. This seems harmless at worst and an income stream for artists at best. Why are people freaking out about this? I have seen Line Goes Up already, so please resist just linking that as your explanation. Edit: downvotes but no arguments, what a shocker. It’s almost like you guys don’t even understand why you hate this so much.

Commented by /u/biketourthrowaway in /r/apolloapp on July 8, 2022 16:13:49

Doesn't Kusama use a roughly identical system? This could just as easily have happened with a Kusama slot, nothing about what happened is unique to the Polkadot implementation. Darwinia saw an opportunity and snatched it.

Commented by /u/biketourthrowaway in /r/dot on July 8, 2022 12:09:57

It can still be true just from emissions - if there is 5% inflation and 50% of tokens are staked you get 10% rewards, effectively growing your ownership.

Commented by /u/biketourthrowaway in /r/ethfinance on July 8, 2022 10:13:37

Oh yeah sure, not advocating for this at L1.

Commented by /u/biketourthrowaway in /r/ethfinance on July 7, 2022 12:27:04

If blockspace is too valuable for good UX then this is all pointless. Also is L2 blockspace supposed to be ‘valuable’? I thought the whole point was cheap transactions.

Commented by /u/biketourthrowaway in /r/ethfinance on July 7, 2022 12:23:05

As much as I love shitting on Cardano this makes for an objectively better UX. I should be able to buy USDC on an app, send it to my wallet, and swap for token X without ever needing to worry about a secondary gas token. Let the protocol handle the fee conversions in the background, don't make me do it manually. There are several parachains pursuing similar economic models, and I think it will be huge in terms of onboarding casual users, or for executing the DeFi mullet where users don't even know they are operating on crypto rails.

Commented by /u/biketourthrowaway in /r/ethfinance on July 7, 2022 11:11:37

All the parachains that have been live for a few weeks/months? The 20 out of a total of 100 that have launched? The parachains where dApps are juuust starting to go live right now? Yeah, $1B TVL and one parachain that’s only been live for like three months already close to breaking in to the top 10 is totally pathetic lol I love this sub, but in general you guys are willfully ignorant of anything outside Ethereum. It reeks of the maximalism you see in the Bitcoin community which is super disappointing to see

Commented by /u/biketourthrowaway in /r/ethfinance on July 6, 2022 11:25:55

There will never be funds on polkadot, the main chain is just for consensus, security, and message passing. Like I said, you should venture outside the bubble and actually learn something about how Ethereum's competitor's work. All economic activity goes on the parachains - it's like using exclusively rollups from day one. On that chart Parallel (11), Acala (18), Moonbeam (22), Moonriver (31), Astar (36), and Bifrost (40) are all parachains, meaning they are like Optimism or Arbitrum for Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on July 6, 2022 09:36:56

Considering Polkadot has been fully launched for just about two months now (xcm/xcmp was the final initial milestone) and there are already 20+ parachain live along with several hundred teams building on top of it and pretty robust dApp ecosystems already developing on smart contract parachains like Moonbeam and Astsr not really sure this comment is going to age super well. Polakdot had EVM parachains that get to interact trustlessly with all other parachains via xcmp and tons of Ethereum projects are launching there as well (ie Uniswap on Moonbeam, there are dozens already though). If you are actually curious about whether your assertion holds water (imo it doesn’t) you should venture outside the Ethereum bubble and do some primary research for yourself.

Commented by /u/biketourthrowaway in /r/ethfinance on July 6, 2022 01:12:33
/r/ethfinance/comments/vrq1kf/daily_general_discussion_july_5_2022/iezcgt5/ Whatever you say boss

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 15:35:15

I will remind you my original comment was about Monero, where you 100% cannot analyze the chain to see if they paid.

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 15:19:52

Good thing they don’t need to announce when they pay a ransom (:

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 15:01:08

Not sure anyone is buying 200k worth of BTC at a gas station Bitcoin ATM. You would change it because a) it doesn’t work to begin with, and b) it extra doesn’t work at scale. Companies can make exchange accounts, it isn’t difficult.

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 14:48:35

How is that different from using Bitcoin or Ethereum though? They are also targeting a large institution in this case, not a grandma (assuming the initial comment was inspired by the Chinese government hack)

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 14:33:11

But will you also answer.. why not?

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 14:20:09

Not sure if several millions dollars in +/- 2% depth across the top exchanges would be considered a problematic level of illiquidity, especially when you consider that they don’t care about slippage on the victims side and have all the time in the world to sell on theirs. I’m still skeptical about Tornado long term personally - I could easily see regulation around mixers having any funds that passed through becoming blacklisted by exchanges or being reported for further investigation. Obviously this also applies to Monero on the exchange side, but it doesn’t feel like a magic bullet for uncensorable privacy. I could definitely be wrong though

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 14:11:15

True, it is pretty tough to get an account on *checks notes* Binance, Kucoin, Bitfinex, Kraken, etc these days

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 13:53:18

Just in principle or those picks specifically? Because I can’t see LINK going anywhere at this point, especially with CCIP coming up.

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 13:48:46

Or Monero, because of services like Monero

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 13:46:34

You’re right, bad example. Maybe almost every token launched in 2017 or any Bitcoin fork other than maybe Litecoin would be a better example. Anyways, not sure how saying “based on what regulators are saying, regulations could be coming and they might bad” ended up being so controversial for you, but here we are. I’m off to bed! Have a good night.

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 01:31:10

Lmao yes exactly, politicians can say it’s a crime and are starting to signal that they potentially could. I’m not being wishful, I’m just reading the documents they put out. You’re right though, the powers that be have never squashed something that threatened their control and history is just a never ending streak of the little guys winning. I believe that crypto has a good chance of succeeding and have bet heavily on it, but to pretend like it’s inevitable and nothing could possibly relegate large parts of it to a isolated niche is just naive. Things with a finite supply don’t inherently increase in price in fiat, at worst it can drop 99% after two successive 99% drops - just look at LUNA.

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 01:02:03

If the people who make the laws say it is a crime, then in reality it become a crime, because that’s how laws work. MEV equivalents in traditional finance (ie sandwich attacks) are already illegal. If the people who enforce laws consider it a crime I’m not sure they’re going care about your arguments to the contrary. Sure they are building them, but as mentioned they are also building not them and not them is currently very very popular and being put forward as the future of the protocol. So clearly self regulation isn’t really putting up big numbers at the moment. Maybe if there was real regulation people might be more motivated to check it out though! I personally doubt that prices would ever recover if we saw a full set of maximum pain regulations from the western countries since institutional money would vanish overnight never to return, but I’d love to be wrong

Commented by /u/biketourthrowaway in /r/ethfinance on July 5, 2022 00:25:04

No, at that point it’s walking around with a purse stuffed with money sticking out the top through a dark parking lot. You might be asking to be robbed, but it’s still a crime. Almost all of those L1s embrace MEV, as does most of the Ethereum community at large. We won’t see a huge pivot to private MEV resistant L2s without regulation pushing people there. Yes, centralized on-ramps that take in 99% of the current funding. It won’t push most people to decentralized options, it would just push them away. Ditto for any organization that deals with any level of regulations. Also expect those payment methods to start going offline in a full on regulation scenario. Amazon gift cards wouldn’t scale to meet the demand if everyone had to go through bisq I don’t think any of this is likely, but I feel like people are way too casual hand waving away how much damage gung-ho legislators could do if they choose to.

Commented by /u/biketourthrowaway in /r/ethfinance on July 4, 2022 23:55:52

Honestly I agree for the most part, but MEV on the main chain isn’t going anywhere for years to come and while they might not be able to take down the chains they can absolutely take down the on-ramps.

Commented by /u/biketourthrowaway in /r/ethfinance on July 4, 2022 23:41:21

Right, but we aren’t self regulating and MEV is still found on every protocol so don’t be surprised when they take action.

Commented by /u/biketourthrowaway in /r/ethfinance on July 4, 2022 23:02:05

Because it doesn’t have KYC/AML and they have no ability to halt and seize illicit funds. Why would regulators like a system that is entirely outside their control? BIS also just released a paper discussing their position on MEV which essentially boiled down to “it should be illegal like all of its equivalents in TradFi”. Overall DeFi is dope, but it isn’t like there aren’t any valid criticisms from a regulatory lens.

Commented by /u/biketourthrowaway in /r/ethfinance on July 4, 2022 19:05:46

I legitimately can't tell if this is satire. >\>complain bitterly that no one takes the triple halving seriously >\>mock people who take the regular halving seriously Top notch stuff.

Commented by /u/biketourthrowaway in /r/ethfinance on July 3, 2022 19:45:10

Continuing on with the Polkadot Decoded deep dive, thought this talk might be of interest! [How to build a block for an AMM - HydraDX]( Describes general design choices to eliminate MEV altogether, which is pretty neat. Presumably this would also be possible on application specific L2s, so should still be relevant to folks here.

Commented by /u/biketourthrowaway in /r/ethfinance on July 3, 2022 19:22:29

And what if the thing with maximum decentralization can’t handle their requirements, as is currently the case?

Commented by /u/biketourthrowaway in /r/ethfinance on July 2, 2022 16:46:10

Are they planning on region locking it?

Commented by /u/biketourthrowaway in /r/ethfinance on July 1, 2022 21:52:56

> but do it’s users want that? Clearly they think they do if they are willing to stake the company on it. Decentralization isn’t binary despite what the gospel here seems to be, and they can still be decentralized enough to skirt regulation/censorship without being maximally decentralized. Disintermediation is still a worthy goal, and a system that can be accessed permissionlessly by anyone in the world is a huge win even if it doesn’t pump your bags

Commented by /u/biketourthrowaway in /r/ethfinance on July 1, 2022 19:58:33

> Blockchain technology value lies exclusively in its ability to be decentralized. Yes, I agree. I just don’t agree with your standard for sufficient decentralization to be worthwhile. 100+ independent validators is not just “a few servers” and could prove to be sufficient for plenty of usecases. Plenty of smart teams are working on it, and there is absolutely a chance their efforts bear fruit.

Commented by /u/biketourthrowaway in /r/ethfinance on July 1, 2022 18:55:05

Maybe! Or things end up working different than the early success cases - it’s way too early to predict how this space will settle once we start seeing actual adoption.

Commented by /u/biketourthrowaway in /r/ethfinance on July 1, 2022 17:52:13

Not saying it is on the same level as Ethereum, I am saying that Ethereum’s level is overkill for most usecases. It just needs to be sufficiently decentralized to not be censorable by any jurisdiction, and it doesn’t need hundreds of thousands of validators to hit that milestone.

Commented by /u/biketourthrowaway in /r/ethfinance on July 1, 2022 17:32:48

> All those validators will be run by insiders. They will easily coordinate and know each other. Possibly it will be people close to the dev team. Seems a little early to start throwing around such damning accusations doesn’t it? Also halting the chain as an app chain isn’t the same as with a general purpose chain - being able to stop a hack isn’t a disadvantage. When a dApp is compromised on Ethereum you just lose all your money - that isn’t a feature that most people want. Decentralization isn’t a goal in and of itself, it is only useful insofar as it can enable disintermediation and censorship resistance, which tendermint chains are still fully capable of.

Commented by /u/biketourthrowaway in /r/ethfinance on July 1, 2022 17:13:54

Not sure I follow since it will be a decentralized system, so advantages are the same as those derived from running on Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on July 1, 2022 14:35:25

Clearly a builder who is at the forefront of their industry disagrees with you. Do you think that they made this decision without consulting any of their clients for feedback? It’s possible, but I would imagine a “product first” team probably isn’t firing blind. I definitely don’t think this is guaranteed to work out for them, but seeing people here write it off out of hand because surely there can be no viable alternative to Ethereum reeks of maximalism. Sad to see it

Commented by /u/biketourthrowaway in /r/ethfinance on July 1, 2022 14:21:36

Polkadot is fundamentally different than Ethereum - it isn't selling blockspace to users, it is selling security to interoperable L1s. Honestly I don't think there is much public perception of Polkadot, and that is fine since there isn't anything that it does that it public facing. Polkadot just deals with consensus, governance, and cross-chain messaging - anything users will interact with will be on a parachain. In terms of dev community though? Numbers don't lie - it is the most active after Ethereum with something like 1500 active devs to Ethereum's 4000 (and it hit that milestone in a much shorter time). It was built from the ground up to allow devs to build custom runtimes without having to deal with all the nuances of blockchain security - they simply have to win a parachain auction and that whole aspect is done. That means they can build custom appchains (think DyDx) without needing to worry about security, hacks, or interoperability. Honestly (bracing for downvotes) I think Polkadot is technologically further than Ethereum, and that Etherum won't catch up until zkrollups are fully scaled up and easy to deploy without needing a big brain team. People are building custom L1s on Polkadot in a matter of months - the dev tools are unparalleled from what I have seen, and they also have scaling solutions that should allow they to hit millions of TPS within the next few years (not to mention parachains can support zkrollups as well). I still strongly believe that Ethereum will stay dominant and continue to accrue massive value, but people are sleeping on Polkadot and it is only just starting to hit its stride (technically they only completed their initial roadmap ~2 months ago with the launch of XCMP).

Commented by /u/biketourthrowaway in /r/ethfinance on June 30, 2022 18:31:23

Live now (some on Polkadot, some on Kusama, some on Rococo). These are all launch announcements from what i have understood.

Commented by /u/biketourthrowaway in /r/ethfinance on June 30, 2022 17:44:24

I appreciate the boost! I love r/ethfinance and really appreciate the Ethereum coverage, but it can feel like the only time other chains really get mentioned on here is when there is something to criticize about them. I am far from knowledgeable, but happy to share a bit about what I am taking away so far: Browser-based light client - you browser can directly sync with the blockchain (actually with all parachains! so many blockchains at once), meaning no centralzied RPCs required. Trustless bridge - there will be a fully trustless bridge to Ethereum (no multisig) that will be deployed as a pallet, meaning any parachain can trustlessly bridge assets to and from Ethereum Natively multichain dapps - the biggest trend I am seeing so far has been a focus interoperability - with XCM/XCMP every parachain will be able to trustless communicate with every other parachain. This means that you will be able to make dApps on one chain that leverages function calls on other chains - so you can have a DID on one chain that is referenced with you make an NFT on another that you pay for by taking a loan out against your DOT on a third all in a single click. Bascially DeFi composability, but across application specific L1s. WASM smart contracts - breaking away from EVM, WASM is an industry standard virtual machine that has massive institutional support as well as a equally impressive developer base. This will allow teams with less blockchain experience to scale up quickly Onchain governance - Polkadot itself is getting a governance upgrade that removes some of the more cetralized elements and increases it's nimbleness. It will be live on Kusama (their canary network) first to make sure it all works according to plan. Happy to keep sharing as I go if people here are interested - after spending a year learning about Ethereum and now several months learning about Polkadot I really think people here are doing themselves a disservice if they are ignoring it completely.

Commented by /u/biketourthrowaway in /r/ethfinance on June 30, 2022 16:39:49

Anyone else following Polkadot Decoded? Just started plowing through the videos and already seeing some pretty neat stuff - light clients, trustless bridges, natively multichain dApps, WASM smart contracts, second generation of onchain governance, and I'm only about two hour deep so far. This is going to take a while to get through!

Commented by /u/biketourthrowaway in /r/ethfinance on June 30, 2022 14:52:51

I thought it was a great interview - they explained their overall thesis but didn’t cover every detail because they haven’t made every decision yet. There is 12+ months of extremely ambitious development ahead of them - of course every detail isn’t already ironed out. Plus plenty of decisions will rely on community support and could change as things progress. No one should be judging the final product based on the announcement of their intention to build it. Would you be open to trusting any product that chose to break away from Ethereum? Like if he had been less vague and had more specifics about final implementation would you think this was less sus or is leaving the ecosystem an irredeemable sin in your eyes.

Commented by /u/biketourthrowaway in /r/ethfinance on June 29, 2022 12:44:08

This should be an “am I out touch? No, it is the builders who are wrong” moment for people here. There are usecases that currently work best on custom built L1s, and people aren’t going to wait for L2s to be fully polished before they start trying to bring their product to market. I follow Polkadot pretty closely and I have listened to dozens of interviews with founders saying their usecase just doesn’t scale with smart contracts, and they are already 2+ years in to building out their product. These people aren’t going to wait, and they will be first to market with all the things that we are looking forward to in a fully mature L2 ecosystem. It’s a bummer to see people shit on projects trying out different approaches rather than celebrating new ground being broken in the battle to disintermediate legacy finance

Commented by /u/biketourthrowaway in /r/ethfinance on June 29, 2022 12:21:37

Probably not, nor should there be if they are still in their infancy. It takes time to build up a community and governance structure that can fully steer the ship - decentralization is a spectrum not a binary. It’s fine to have them be for mom-buns don’t guidance in the early days. For me personally? Right now - I have no interest in investing in governance tokens. But for others? It’s a neat experiment that could end up being massive in the years to come, and there are plenty of teams who are aiming to fully step back and transition to DAO governance over the next 2-5 years.

Commented by /u/biketourthrowaway in /r/ethfinance on June 28, 2022 01:02:19

They already can though, that’s what I’m saying. If you don’t like the governance decisions, fork, iterate, and redeploy. Alternatively if you have good governance it will allow you to iterate without needing to redeploy at all. If the minority doesn’t have the technical skill to relaunch then they are free to just sell and move on to a different project. Investing in something they didn’t align with was a poor decision and they can find something else that will be a better fit. If you buy in to a DAO where the devs and VCs hold the majority of the tokens, whose fault is that? It’s all on a public ledger - if you demand decentralization be more discerning with your investments.

Commented by /u/biketourthrowaway in /r/ethfinance on June 28, 2022 00:45:39

That would also suck though - if your design isn’t perfect out of the gates (the hubris!) then you will get left behind as other projects deploy improvements in your design with lessons learned from your failure. Nothing would have any staying power as they begin becoming obsolete immediately upon deployment. If the DAO is doing dumb shit, why doesn’t the dissenting minority just fork it and leave the idiots to their own devices? That’s how this is all supposed to work right? The dissenters are free to sell their positions and reinvest in a new protocol that better fits their ideals.

Commented by /u/biketourthrowaway in /r/ethfinance on June 27, 2022 16:58:00

You'll crush it then. One thing to keep an eye out for is other cyclists! It's a very friendly community and you'll meet some super interesting people on the road. If you haven't heard of it I highly recommend - it's like couchsurfing but exclusively for bike tourers. Very handy if you ever need an emergency place to crash, some local knowledge, or to do some laundry/showering.

Commented by /u/biketourthrowaway in /r/ethfinance on June 26, 2022 18:57:08

Beauty! You'll have a blast. Free-camping or paid sites? Don't feel discouraged if you go through some tough patches! Bike touring is one of those weird activities where even though it can be straight up miserable at times you will always look back at the overall experience with great fondness.

Commented by /u/biketourthrowaway in /r/ethfinance on June 26, 2022 18:49:38

r/econmonitor is good, but definitely had low engagement compared to most subs

Commented by /u/biketourthrowaway in /r/ethfinance on June 26, 2022 12:39:07

Hilariously not actually a knowledge graph

Commented by /u/biketourthrowaway in /r/ethfinance on June 23, 2022 01:15:04

Just wait until you hear about whitepapers

Commented by /u/biketourthrowaway in /r/ethfinance on June 22, 2022 22:45:13

Decentralized knowledge graphs

Commented by /u/biketourthrowaway in /r/ethfinance on June 22, 2022 22:11:10

The legal system? What are you taking about - you can sue people for fraud and plenty of people who do this face legal consequences. This would not be the case with DeSoc - there are no negative consequences for blowing up your reputation beyond losing it.

Commented by /u/biketourthrowaway in /r/ethfinance on June 22, 2022 22:09:01

You know these projects all have websites right?

Commented by /u/biketourthrowaway in /r/ethfinance on June 22, 2022 22:04:45

Honestly pretty bad these days (in terms of signal to noise, it was always bad in terms of culture). There are still good posts on there with real alpha from time to time (which you won’t ever find here unless it is directly related to Ethereum), but you have to sift through a lot of garbage to find them. Still go there during big pumps/dumps to try and get a handle on what’s going on (they are way better when you’re looking for contrarian opinions, Reddit is way too hivemindy most of the time), but for me the toxicity outweighs the benefits most of the time. Basically it got ruined around the same time as r/cryptomoonshots unfortunately - the BSC dog/food token explosion washed out any good analysis and just turned everything in to a momentum casino. On other benefit is that it helps toughen you up - having people openly laugh at your losses really helps you take it all less seriously. Seeing people on here panic when Ethereum was still four figures was pretty hard to take seriously after years of being told to kill myself over any slight inconvenience

Commented by /u/biketourthrowaway in /r/ethfinance on June 21, 2022 17:37:31

> They’re just people making guesses just like us and virtually none of them can match the combined knowledge of ethfinance Didn’t we all go crazy long on ETH breaking 10k pre-merge just like a month ago?

Commented by /u/biketourthrowaway in /r/ethfinance on June 21, 2022 16:31:54

Full disclosure: my early exposure to crypto was all through /biz/ and this is all 100% believable to me 4chan was a huge force in pre-2018 crypto, and plenty of people who were “early” to crypto are extremely online libertarian/fringe types. For anyone who is skeptical: go to /biz/ right now and count how many explicitly racist posts you see. I haven’t checked, but I would put money on it easily being 10+ that would make most people here uncomfortable at any given moment. This would be classic 4chan - getting thousands of normies to spend millions on nazi imagery is like their wildest wet dreams come true.

Commented by /u/biketourthrowaway in /r/ethfinance on June 21, 2022 16:27:47

This just boils down to three banks getting to choose the canonical fork - Circle, iFinex, and Binance choose which stablecoins are backed and that’s the chain. It isn’t a good look

Commented by /u/biketourthrowaway in /r/ethfinance on June 20, 2022 15:25:50

It’s a super interesting question that doesn’t get its due on here. Polkadot went with onchain governance and the concept is explored in way more detail over in their community. Personally I see merit in both sides of the argument and wouldn’t be surprised to see both approaches work fine, but it is very cool to see two large projects take very different approaches.

Commented by /u/biketourthrowaway in /r/ethfinance on June 20, 2022 14:03:02

> Imagine shorting an electric car company while claiming to fight climate change... He does this to prove he is right. What kind of hot garbage take is this? He thought Tesla was overvalued (down 50% from ATH so far, so he was right) and put his money where his mouth is (just like we are all doing with Ethereum). >IMO the fact that Gates hates crypto is proof of its potential. Or that there have been an endless cycle of scams and multiple 90%+ drawdowns that absolutely wipe out retail investors for a decade straight now. I'm sure he doesn't like the future that crypto is promising, but pretending that there are not countless things to dislike about crypto in general is just willful ignorance. We really are grasping at a handful of diamonds in an ocean of shit.

Commented by /u/biketourthrowaway in /r/ethfinance on June 17, 2022 19:14:49

I can absolutely say that, price directly affects usability. If it costs $50 to do a swap that is effectively unusable for 95% of people. I am far from an ADA fan, but we are still so early - if it takes them another year or two to get scaling and dapps online does it really matter in the grand scheme of things? I know you’ll say yes, but there is a very real chance that they end up doing fine.

Commented by /u/biketourthrowaway in /r/ethfinance on June 15, 2022 14:47:46

>I would not be surprised to see 70-80% of all ETH staked because of this (much like ADA, SOL, BNB etc.). This means around 80-90m staked eth. Network will probably be capped to 1m validators rotating others in and out. This will result in a long-term sustainable staking yield at <1%. Probably closer to half a percent. This is a hard-to-swallow pill that people here need to start considering as a real possibility. With existing LSD options there is no longer any opportunity cost to staking ETH, and once we see withdrawals open up expect to see a huge amount of the ETH getting staked. Pre-Merge numbers are meaningless - the game fundamentally changes afterwards

Commented by /u/biketourthrowaway in /r/ethfinance on June 14, 2022 11:48:17

Plenty of people don't have 32 ETH, plenty of the people who do don't want to run their own hardware, and a liquid staking derivative has real value over solo staking. Why is everyone here talking like it's a UX/UI issue? For any self-interested rational actor a service like Lido is superior in every way. This a tragedy of the commons, not solo staking being too difficult.

Commented by /u/biketourthrowaway in /r/ethfinance on June 14, 2022 11:43:50

Totally agree, I see music NFTs as a neat little niche with collectibles for superfans and maybe as a sort of patreon alternative for supporting up and coming artists you really like, but otherwise streaming is just too good a user experience for people to ever move over to in any sort of appreciable numbers. Unlimited access to every song ever for $10/mo is a pretty tight value proposition.

Commented by /u/biketourthrowaway in /r/ethfinance on June 12, 2022 15:22:50

I’m sure you came across it already, but on the off chance you didn’t check out GET Protocol for NFT tickets - they just hit 2M tickets sold and are really starting to pick up steam (biggest artists so far have been Gucci Mane, Lupe Fiasco, and Lewis Capaldi).

Commented by /u/biketourthrowaway in /r/ethfinance on June 12, 2022 14:29:58

Such a funny twist - it will be very interesting to see if all the celebs bail on the project if/when this becomes more widely known.

Commented by /u/biketourthrowaway in /r/ethfinance on June 12, 2022 14:26:01

You didn’t help the ecosystem though - the total number of ETH staked with Lido doesn’t change when you sell your stETH to someone else.

Commented by /u/biketourthrowaway in /r/ethfinance on June 12, 2022 13:27:35

There are plenty of legit projects outside the top 200, and there is plenty of trash within the top 50. No projects are valued exclusively off their revenue, and that isn’t changing anytime soon. Ethereum’s fundamentals didn’t change whatsoever over the time it fell from 1400 to 80, and even now with them changing for the better with the merge there is no inherent reason it cant drop 95% again. First rule of crypto investing is never put in more money than you can afford to lose, and if it’s already too spicy when we’re still above a $1T total marketcap then you might be overexposed.

Commented by /u/biketourthrowaway in /r/ethfinance on June 12, 2022 01:55:59

There have been lots of reassuring posts so far, but in case anyone needs some tough love: give your head a shake and stop being so fucking soft. How could you not be aware that the entire market can crash 99% at any time for seemingly no reason? It has happened so. many. times. already. You thought fundamentals would save us? Name a single time fundamentals have ever meaningfully impacted anything in crypto. How can you be expecting the huge upsides while being so blithely unprepared for the accompanying downturns? Everyone thought “this time it’s different” in 2017 as well, and look how that turned out. We are still early, this is still pure speculation, and if you have high conviction just keep your DCA going through the bear and wait another 5-10 years to see if this all ends up leading to something meaningful.

Commented by /u/biketourthrowaway in /r/ethfinance on June 12, 2022 01:45:34

Bear markets reduce demand by 90% Supply is far from the only variable at play

Commented by /u/biketourthrowaway in /r/ethfinance on June 11, 2022 01:10:16

He’s been back online twice now and still no answer - not a great sign.

Commented by /u/biketourthrowaway in /r/LTONetwork on June 7, 2022 19:43:38

> Markets are driven by the most liquid trading pairs. Right, and I am arguing there is a good case that stablecoins will take the number 1 spot once it becomes that it is always a better call to just hold your ETH

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 14:43:14

Right, I’m arguing that could easily change. Saying that it will stay this way because that’s the way it currently works and people on Twitter do it doesn’t really resonate with me. If people start using stablecoins, then it wouldn’t all be in ETH, and ERC20 transactions will be cheap on L2 so shouldn’t be a bottleneck. I’m still not convinced ETH will continue to be used as a money as widely as it is now, thanks for sharing your perspective though

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 13:48:51

Because then things are valued against a stable standard - why would an NFTs value in USD double overnight just because ETH goes on a run? Or lose half its value for that matter? I don’t care about USD in particular, just use the word stablecoin if that helps.

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 13:26:48

> Dollar is completly irrelevant you can simply do the math if its so important to you. This argument applies equally to ETH, and USD doesn’t fluctuate wildly in value. There’s a reason stablecoin pairs have become ubiquitous. I am arguing that there is no reason to value anything other than blockspace in ETH

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 13:17:26

Sure, But you are just describing how you mentally track your investment strategy, not an inherent reason why valuing in ETH is better. It could be all done is USD and you could just check your returns vs ETH with a calculator with the exact same result

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 12:55:26

Ahh sorry my bad, misinterpreted

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 12:47:47

> By design, Ether is also inherently inflationary. It's only deflationnary when it's undervalued relative to the current demand for blockspace, which means enough people are still willing to part with their ETH in exchange for whatever benefit they get out of whatever transaction they just did. If you think about it, Ethereum incentivizes people to spend their ETH, even when deflationary. Agreed! I just am less sure that it will be used for anything OTHER than blockspace as time goes on. >I mean trustlessness is a pretty big one. ETH is the only 100% objective asset internal to the on-chain economy, since Ethereum's protocol doesn't know what the heck a US dollar is, it just knows about Ether and how to enforce its scarcity and issuance. I just wonder if 100% trustlessness outweighs the value of a stable currency in the pricing of goods. Personally I suspect no

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 12:40:23

>If you're buying NFT's denominated in ETH then ETH is your buying power and it's how you'll denominate your wealth. I disagree, if I'm using a credit card while traveling in Europe my buying power is denominated in USD, it's just settled in Euros. Once again, most people won't be starting with most of their savings in ETH nor will they be storing most of their wealth in it.

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 12:34:35

>as ETH is the lowest risk token you can hold in the ecosystem, When was the last time USDC crashed 95%? Depends on what your definition of risk is >Most people that still denominate in USD when trading ETH alts and NFTs, are probably underperforming ETH by a lot. And using USD as their benchmark is the cause of that?

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 12:32:04

> I dont think it will, as ETH Is the native gas token of the ecosystem while gold and berkshire arent.. Why would this mean it needs to be used as anything other that gas? >If someone is fleeing their digital asset, a swap to ETH is a quick/cheaper option. + Most NFT platforms have ETH markets only due to gas optimisations thats why NFTs are priced in ETH When we have cheap L2s we won't have to worry about gas optimization to the same degree - do you expect NFTs to continue to be valued in ETH if this constraint is removed?

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 12:28:35

This assumes that the only people who will ever use the network already hold all the ETH they need. I am an artist, I want to sell a piece of art as an NFT for $500. I denominate in ETH, the next day there is a 50% crash, my art sells, and I got half what I wanted. I am an art collector, I want to buy a piece of art as NFT for $500. I buy $500 worth of ETH, the next day ETH doubles in price, I can't buy the art I wanted. If it was denominated in USDC/DAI/whatever this wouldn't be an issue. There shouldn't be any inherent reason to use ETH other than for gas fees and trust assumptions.

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 12:24:06

>because people measure profit in Eth Do you have any sort of data to back that up, because I measure profits in dollars and I'm sure I'm not the only one. >So denominating NFTs in Eth makes me understand if I was a profitable or lost money. That is equally possible with dollars. >And you pay with Eth anyway so why denominate it in another currency? Because everything else is denominated in dollars, and because presumably the overall value of the NFT doesn't need to go up in USD just because ETH does. >What does it change if Eth is deflationary or not? Just because currencies currently are inflationary? Because then it will be the only deflationary currency to ever exist - surely that is worthy of note and could affect consumer behaviour no?

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 12:19:33

Will we see a move away from things being denominated in ETH as Ethereum becomes deflationary? I wonder if Ethereum will lose it's "moneyness" and we'll see a further dollarization of the space when it becomes more widely understood that ETH will continue to appreciate vs the dollar due to the burn. No one is buying things with their gold or Berkshire Hathaway stock, and I wonder how long it will take ETH to enter that category as well. There is a reason that currencies inflate, and I wonder if we’ll stop seeing things like NFTs or liquidity pools denominated in ETH a few years down the road. Is there really a good reason why NFTs should be valued in ETH and not USD beyond the trustlessness of ETH?

Commented by /u/biketourthrowaway in /r/ethfinance on June 6, 2022 11:24:54

I totally agree, I think people are way too cavalier about how brutal MEV actually is - a cabal of gatekeepers are stacking the deck to steal from us. It already sucks on L1, but now to have L2s make it their business model is personally a huge turn off. I’m sure it won’t be overnight, but as more projects that minimize MEV come online I would expect them to slowly eat marketshare due to greater economic efficiency coupled with better user sentiment. Selling MEV as a positive is going to be tough when there are real alternatives

Commented by /u/biketourthrowaway in /r/ethfinance on June 5, 2022 15:44:37

So Lido is the current boogeyman, but has there been much discussion about what happens when Coinbase/Binance start offering liquid staking? I would imagine they would gobble similarly huge pieces of the pie with even less decentralization. On top of that, what happens after withdrawals are enabled and centralized exchanges start staking large amounts of their clients funds on their own behalf. I used to follow a smaller PoS coin and half the supply was on Binance, and they made up almost 20% of the total stake. Do we expect the returns to stay relatively high (say above 4%) when some percentage of all this currently under-utilized capital starts making its way in to the system? I know the withdrawal waitlist will stop them from dumping everything in just in case they have to get it all out in a hurry, but barring a massive run on Ethereum they could get away with some pretty intense fractionalized banking without much issue.

Commented by /u/biketourthrowaway in /r/ethfinance on June 3, 2022 17:22:47

A monopoly? In my totally unregulated market?! Why I never.

Commented by /u/biketourthrowaway in /r/ethfinance on June 3, 2022 14:29:30

Sincere question: why is RocketPool put forward as a viable alternative to Lido? If I understand correctly, RocketPool validators need to put up 16 ETH to start a pool, where as Lido has to put up zero ETH. Presumably there are not that many people who want to run validators, have 16 ETH, and aren’t doing so already. So how does RP absorb enough liquid staking demand to keep Lido from dominating?

Commented by /u/biketourthrowaway in /r/ethfinance on June 3, 2022 12:52:10

> What? When did I ever give a time scale as short as that? lmao I gave that tineline in the first comment you responded to. I was under the impression you were addressing my original question.

Commented by /u/biketourthrowaway in /r/ethfinance on June 3, 2022 12:36:27

>Then you're the product. Yes, I am aware. Surely you are also aware that people are fine with this and you are the exception when it comes to your willingness to pay for otherwise free products. See also: F2P games, social media, search engines >Exactly which staking protocol it is is inconsequential to my point. No, it isn't. Rocketpool could be hundreds of people doing hundreds of small transactions to populate a single validator, Fintech Lido would be a single entity doing a single transaction per validator. >It's not for websites. It's for human readable wallet addresses. There is no way we're getting a billion people into crypto and still using 0xdE56A22... on the front end for the average user. Why not? It was fine for all the way up until ENS, and the vast, vast majority of addresses still don't have an ENS and are getting by just fine. Not everyone is going to be chomping at the bit to get tim_d54653 once all the good usernames get snapped up either IMO none of these represent exponential growth in the next year or two. There is a very real chance we see a huge reduction in L1 activity when everything moves to L2 but new use cases that onboard the next 100 million people (who are actually making moves unchain and not just throwing $100 on coinbase) haven't come online yet.

Commented by /u/biketourthrowaway in /r/ethfinance on June 3, 2022 02:08:10

I did! I just don't agree with your perspective. >I don't know who does your banking but my Fintech apps charge me not insignificant amounts. Optimism and Arbitrum on the other hand are frequently sub $1 per transaction. The Fintech and banking apps I have experience with are largely free products >I disagree. If a billion people use crypto one day, they will all want ENS names or an equivalent. That's like saying DNS is just for niche internet power users. Furthermore, NFTs in games are still a likely outcome eventually. Plus community tokens are a possibility. There is an argument to be made for sure though I'll concede it is far from a certainty. Why would they want an ENS if its abstracted in Fintech? DNS *is* niche for internet power users - you don't need one if you don't have a website. Do we expect millions of crypto native websites coming online in the next year or two? >If a fintech app has ETH as an optional asset to buy then they'll eventually have liquid staking derivatives too. Or they just offer yield on your ETH, don't let you custody anything, and use Lido on the backend. We have no idea how this will actually be implemented or how centralized it will be. >Right, just like how everyone on the internet enters google's IP address instead of, right? You understand google is a single address though, right? Like I said, do we expect millions of crypto native sites in the next year or two? I'm not saying Ethereum has zero users, I am proposing that we will not see a growth in usership at the same rate as we see an increase in blockspace, and that the usership we do have is very internally facing with few use cases by outside industry.

Commented by /u/biketourthrowaway in /r/ethfinance on June 2, 2022 23:50:44

Once again, you frame all your responses in your own perspective and not a general one. A billion people won't be taking profit from crypto speculation, a billion people won't be donating to open source software, a billion people won't be interacting with niche gambling apps, a billion people won't be speculating on NFTs (governance properties or no), a billion people won't be setting up validators, a billion people won't be getting unique usernames for their Ethereum address or dApp (also how many were bought to try and resell - ENS speculation is huge) >I think much of it will be used by the masses without knowing it. it will be abstracted away behind FinTech front ends How? There are fees to do any of these actions, they are opt-in by definition unless the fintech is custodying it for you.

Commented by /u/biketourthrowaway in /r/ethfinance on June 2, 2022 22:54:29

Right, I am familiar with the narrative, but once again: how we bridge from the early speculative days to sustainable value add services paying for blockspace without a big crash in between the two? It would take years for industry to migrate over, do we really think DeFi and NFTs are going to grow exponentially before then? Because L2 blockspace definitely is.

Commented by /u/biketourthrowaway in /r/ethfinance on June 2, 2022 22:32:09

> Uniswap, Gitcoin, Pool Together, NFTs like EVMs and BeachBums, Maker, RocketPool, ENS. Speculation on tokens, niche public good donations, gambling, speculation, Maker is dope, onetime set up fees for infrastructure, speculation There are not likely to be the applications that are going to onboard the next billion people though, your usage as a crypto native who interacts with Ethereum as a hobby is not generalizable to your average person.

Commented by /u/biketourthrowaway in /r/ethfinance on June 2, 2022 22:28:40

Does that ever worry you? It seems very common for people on here to view the majority of onchain activity as unsustainable due to inflationary rewards running out of steam and/or as straight up speculative gambling, but then to also feel like unchain activity will increase forever as more and more L2 blockspace becomes valuable. I see polynya talking about it on twitter but it doesn't seem to be mentioned much here: where are the actual applications that will keep the profits rolling in over the longterm once the rewards run out? Will the casino continue printing money if all the games stop paying out? Curious to hear what people think about how we bridge from the early speculative days to sustainable value add services paying for blockspace without a big crash in between the two (dotcom style)

Commented by /u/biketourthrowaway in /r/ethfinance on June 2, 2022 20:53:35

So it isn’t really a Web2 replacement then, it’s just a new place for a subset of crypto natives to hang out.

Commented by /u/biketourthrowaway in /r/ethfinance on June 2, 2022 20:35:45

> you pay some small fee X to create a new account You have lost 99% of potential users

Commented by /u/biketourthrowaway in /r/ethfinance on June 2, 2022 19:11:48

No response? Seemed like a reasonable enough question considering the entire project depends on the core team continuing their work.

Commented by /u/biketourthrowaway in /r/LTONetwork on June 2, 2022 16:34:34

It’s such a classic Reddit argument: one side clearly understanding the topic and trying to present their argument in good faith, the other side refusing believe anything the first party says while simultaneously refusing to engage with any evidence they present to support their arguments. At best they skim it just long enough to find a single thing they disagree with and then use that to dismiss the entire argument. It’s a good way to hone your own mental understanding while you make your case, but my god is it exhausting

Commented by /u/biketourthrowaway in /r/ethfinance on June 2, 2022 01:20:02

> These people promising “Zero Knowledge” don’t know anything about software engineering or voting. And I strongly suspect they don’t actually know cryptography either.

Commented by /u/biketourthrowaway in /r/programming on June 1, 2022 13:43:53

[Here's]( an brief article about ZKPs in blockchain for an overview of how they're currently being used. [Here's]( a podcast with several hundred episodes interviewing cryptographers specifically about how they are using ZKPs in blockchain applications. Hope this helps :)

Commented by /u/biketourthrowaway in /r/programming on June 1, 2022 13:16:23

> But our new approach has been to keep the core team focused on building the blockchain and any solutions (projects) we now outsource. Curious about how that works in practice - previously you would have been able to bill clients for building out the software that uses the LTO Network, but now if you are contracting that out do you still have a sustainable revenue stream? I imagine currently you get some sort of finders fee for passing clients on to you external programmers, but what will happen if/when projects start building on top of the network organically (ie. no referrals)? The foundation token pool was burned, so would we expect the M&A token pool repurposed as a dev fund?

Commented by /u/biketourthrowaway in /r/LTONetwork on June 1, 2022 12:42:18

Not advocating for this, but the winning answer is to pre-sell tokens to accredited investors (aka VCs) since they aren't beholden to securities laws, have them unlock monthly over the next several years, then let the VCs dump on retail safely distributing your tokens to motivated buyers without angering the SEC

Commented by /u/biketourthrowaway in /r/ethfinance on May 31, 2022 19:00:41

Not always well-received here, but I am very optimsitic about Polkadot. They are taking a fundamentally different approach compared to alt-L1s that are basically just EVM forks tweaked to have lower fees (and less decentralization). Parachains have no fees, they just have to lock up DOT in an auction and then get to leverage the relay chain's security for the duration of their lease. The only expense is the opportunity cost of not staking your DOT for the duration of the lease. Parachains can be optimized for whatever usecase they are aiming to serve, and then can trustlessly interoperate with any other parachain. This will allow for deep specialization and truly multichain dapps, and since everything is interoperable with everything the network effects will grow incredibly quickly. On top of that since parachains can choose their own economic models, users can be insulated from fees altogether, or can pay fees in whatever tokens are native to the product they are using (they never need DOT). It has the second largest dev pool after Ethereum (1500 vs 4000 fromt he electric capital report, with Solana/Cosmos closer to 500 if I remember correctly) and they are pouring massive resources in to dev tooling + designed around WASM to make onboarding as easy as possible. Teams can set up parachains in a few months, which allows entrepreneurs who want to leverage blockchain without getting bogged down by implementation get up and running quickly. I am still super bullish on Ethereum and the L2 model, but Polkadot is doing something very interesting and no one seems to really be talking about it.

Commented by /u/biketourthrowaway in /r/ethfinance on May 31, 2022 18:52:27

It's powered by an ERC-20 token, but currently runs on Polygon (started on Ethereum but ported over due to costs).

Commented by /u/biketourthrowaway in /r/ethfinance on May 31, 2022 15:43:55

Roadmap is mostly announcements of announcements, and the team has five marketing guys compared to only five devs Proofi looks like it could be awesome, but this does not come across as a mature and growing platform. Hope the UN Land Registry update is big enough to breathe some new life in to the project

Commented by /u/biketourthrowaway in /r/LTONetwork on May 31, 2022 14:49:25

Attacking crypto with "the rich will get richer" as a criticism always struck me as a strawman argument. Yes, obviously the rich will get richer, as they always have. Crypto isn't about wealth redistribution or solving income inequality, it's about trustlessness and disintermediation. The benefit is that anyone can access the wealth-creation opportunities it offers without having to negotiate gatekeepers, unlike traditional investment opportunities (accredited investors, business ownership, etc)

Commented by /u/biketourthrowaway in /r/ethfinance on May 31, 2022 12:57:40

For my real world adoption-heads: GET Protocol has successfully deployed the first DeFi-funded NFT tickets for a Lewis Capaldi show in Iceland ([source]( Basically an event organizer is able to fundraise for a show with the proceeds from ticketsales being paid out out to the initial funders via smart contract. This cuts out middlemen entirely and allows for fans and investors to directly fund concerts, all on crypto rails. GET Protocol also had their first DAO vote last week (they are transitioning to a fully-DAO governance model) to sponsor Bankless for Q3, so expect to be hearing a lot more about them soon! Quickly coming up on [2M NFT tickets sold via smart contract]( It's a super cool project seeing real-world usage selling tickets to people who don't even know they are interacting with crypto. Would love to see an EVM collab in the future - one of their lead devs [rocks a EVMaverick on his twitter profile pic]( (hi Jack!)

Commented by /u/biketourthrowaway in /r/ethfinance on May 31, 2022 12:45:48

If you get similarly hooked the next stop after the whitepaper and the blog posts is their telegram. The founder is very active and you will find a lot of alpha in terms of long term vision, execution strategy, dev training, research and development, etc @autholykos if remember correctly

Commented by /u/biketourthrowaway in /r/ethfinance on May 30, 2022 20:30:15

Dusk Network is my second largest bag, and I would highly recommend a deep dive to anyone who is interested in ZKPs, tokenized securities, and "real world" disintermediation usecases.

Commented by /u/biketourthrowaway in /r/ethfinance on May 30, 2022 14:55:45

IMO the NFT 2.0 thing does solve a real problem: current NFTs are usually just a string on the blockchain that links to an asset hosted on a website. That is to say that the image part of the NFT is not trustless and can be changed/taken down at the website hosts discretion. The thing I am less sure about is a) does anyone care (NFTs are largely speculation and I doubt too many people are losing sleep about them maybe having issues a decade down the road) and b) will a different solution like IPFS or Filecoin or whatever else end up being the preferred solution to decentralized storage. Self custody is a cool solution, but it isn't the only one. I think LTOs NFT 2.0 does have a chance, but it definitely will have large and well-funded competitors.

Commented by /u/biketourthrowaway in /r/LTONetwork on May 30, 2022 11:42:28

So basically just a sword of Damocles hanging over us until SBF can throw around enough campaign contributions to smooth things over? Because if they had any sort of appreciable and public stake in the network that seems like a pretty slam dunk case for the Elizabeth Warrens of the world.

Commented by /u/biketourthrowaway in /r/ethfinance on May 28, 2022 23:03:32

I know there are tools like [this](, but I'm not sure that would even be necessary when the theft has been conclusively tied to their state hackers. Like if the theft is unquestionably them, and then those wallet addresses start spinning up validators, what do?

Commented by /u/biketourthrowaway in /r/ethfinance on May 28, 2022 22:40:09

FUD-busting opportunity for my regulatory/policy-heads: Let's say that North Korean hackers stole hundreds of millions of dollars worth of ETH (this part [happened]( and that they then proceed to set up a few thousand validators (this part has not to the best of my knowledge). This would mean that every transaction fee was directly funding a sanctioned regime. Has there been anything written about how US regulators would respond to such an action? Would US companies be allowed to use the Ethereum network? And yes I understand this equally applies to any blockchain.

Commented by /u/biketourthrowaway in /r/ethfinance on May 28, 2022 22:00:22

Second following incentive! Having some sort of charting of how TVL follows incentives would be very interesting - so many protocols seem to depend on inflationary rewards and it would be valuable to see what the rolloff points seem to be for when people start jumping ship. Also would be interested to a subsection on protocol owned liquidity a la OlympusDAO pro - it seems like a way more sustainable option and hopefully more projects will start adopting it to break the inflationary spiral

Commented by /u/biketourthrowaway in /r/ethfinance on May 28, 2022 19:32:54

> Can we discuss downside risk? where does everyone think the next support is? It’s crypto, no one knows and anyone who claims to is full of shit. Just because Ethereum is the front runner in terms of sustainability that doesn’t mean 90+% drawdowns aren’t still possible. The entire space is still incredibly immature and most of the activity on Ethereum is crypto-facing - there is no substantial external source of capital flowing in to make use of the network yet. If this turns out to be an proper bear market coupled with a proper macro downturn we could go much, much lower. This could also be the bottom and on chain activity skyrockets driving us to new highs. No one knows, we are always in uncharted territory.

Commented by /u/biketourthrowaway in /r/ethfinance on May 28, 2022 18:28:57

> The current dip is as low as this dip can go in many different scenarios. You sweet summer child.

Commented by /u/biketourthrowaway in /r/ethfinance on May 28, 2022 17:22:51

It really doesn’t, it just tells you which chain has more name recognition for a casual audience.

Commented by /u/biketourthrowaway in /r/ethfinance on May 28, 2022 14:49:50

It also has a buyback + burn from Binance profits which actually gets it in the same realm as ETH (last burn was roughly $500M)

Commented by /u/biketourthrowaway in /r/ethfinance on May 28, 2022 14:48:11

That’s talks about liquidity though

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 20:29:30

I am saying that we don’t have an accurate representation of how much ETH will be staked because we still have a huge transition before steady state conditions. On top of that I can’t imagine we’ll have to wait long for Coinbase/Binance/FTX to offer a centralized liquid staking product which will allow large amounts of the ETH sitting on exchanges to be staked as well.

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 20:28:32

> Defi removes predatory middlemen such as banks which provides that capital better yield. Agreed! > Suggesting that several tens of millions of ETH is going to be staked without changing hands is an extraordinary claim. If nothing else, extraordinary claims require extraordinary evidence People staking pre merge are doing so for an undefined amount of time prior to an event with unknown technical risks. Plenty of people will stake post merge. Surely this isn’t a cocnteoversial opinion?

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 18:18:37

> US household wealth in the US alone is about $150T. That wealth already has access to the equities markets, why would it need unregulated synthetics? > Diluting ETH staking rates to 1-2% would require an extraordinary amount of ETH be purchased and staked. If gas rates hold, I don’t see how that can happen without a bull run that would make this matter irrelevant. Zero ETH needs to change hands, it just needs to be staked. > Robinhood already interacts with crypto. Buying assets from Uniswap and selling them to a customer 0.01s later to fulfill their buy order while pocketing the spread is virtually impossible to lose billions in investors This would also reduce those spreads no? Not including whatever they lose to MEV. Is this really a scalable proposition with forever high margins or would it just be a race to the bottom

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 16:44:42

>The important parts of the stock market can be replaced with synthetic stock Can they though? Why would big money prefer synthetic stocks with no inherent claim on anything over the actual equities? I'm not sure big money is worried about Robinhood disabling buttons. >But I think the larger point is just that the addressable market could grow another 100x. Why? Considering the RWA program has not proven itself at all yet does that not seem unreasonably optimistic? > ETH staking yield is about 5% and will be on a deflationary rather than inflationary asset. All the other yields have to compete with that. Sure, until enough people stake and it drops to closer to real rates (so like 1-2% if deflation is counted). Why would it stay that high if you are expecting investors to behave rationally? >However, Robinhood and the like will eventually source liquidity from on chain dexes as well just to create larger profits for themselves by sourcing cheaper assets and selling them to their users at marked up prices. Until there is a hack or smart contract bug and they lose billions in investors funds, at which point it could just was easily be regulated away. I follow your arguments and definitely think they are possible, but that seems like a very narrow path to tread with so many possibilities for it to lose momentum and just remain niche.

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 16:20:40

Right, but also other developed countries also have securities laws, and as discussed yields will decrease over time. Rich people in countries without strong securities frameworks tend to move their money over to countries that do, so once again judging by behaviour people actually prefer having oversight.

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 15:27:07

DAE THINK TERRA IS BAD & ETHEREUM IS ULTRA SOUND MONEY? UPVOTE TO AGREE Now that I have your attention, I think I'm turning in to a bit of a DeFi bear - anyone willing to hit me with a realistic bull case? Some points: - How much can it really grow from here? Not in dollar amount, but in addressable market. Nearly all crypto products are already on-boarded (barring deposits held on CEXes), and also people seem pretty sure that 95% of these tokens will be going to zero over the longterm anyways. From everything I have read legally-compliant securities won't ever be on traditional DeFi (they may end up on decentralized blockchain platforms, but will never be in open Uniswap liquidity pools due to compliance requirements). I also doubt we will see tokenized real world assets in any appreciable way for a very long time since they are likely a) securities and b) completely unenforceable. I suppose we could see a large synthetics market, but the people who can't currently access traditional securities don't tend to also be people with access to a ton of capital. - Yields are artificially high due to inflationary incentives. This was necessary to bootstrap liquidity, but ultimately can't last forever. Why would investors take on smart contract + regulatory risk for average yields once these bonuses go away? - Most people are fine with the existing options - CEXes have an order of value more volume and I would imagine we can expect that to continue to grow as more and more TradFi trading platforms come online. Do people really want to be their own bank? Judging by their actions: no. I realize this is a very pessimistic take, so please hit me with some counterarguments!

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 15:10:16

Would people saying they are long and then posting endlessly about how bullish they are and that ETH is going to $10k next week also be considered manipulation then? If that’s the standard we enforce for manipulation then this would be a very empty sub

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 02:20:57

I would interpret that is it will no longer required once we have rebuilt our society to be transparent/trustless, whether that is because it’s all on crypto rails or because of the expectations that things be trust less/transparent due to cryptos example Basically it will succeed once the philosophy behind it is the status quo

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 02:16:08

You gotta embrace the contrarians, they help keep this place from becoming an insufferable circlejerk where we all just agree with each other about how right we all are over and over again regardless of what’s happening

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 01:44:28

When do we rebrand to the rapidly ending queue?

Commented by /u/biketourthrowaway in /r/ethfinance on May 27, 2022 01:39:32

53% staked, so 15% rewards is roughly 7.5% inflation. Source: >If there is no burning mechanism (?) or similar this inflation would put quite a lot of pressure on price over time. There is, but not a big one - a portion of the inflation goes to a treasury wallet that is intented to be spent of community initiatives (devs, marketing, education, public goods) and a portion of any unspent balance is burned to incentive spending it. The inflationary rewards also go to the people staking, so presumably if they want to to maintain staking proportionally to the inflating supply they will have to stake at least half their rewards. But yes, I agree that Ethereum likely has a better value accrual mechanism with EIP-1559. I just don't also think that only the chain with the best value accrual will ultimately win - I am firmly in the multichain future camp. >polkadot wasn't even mentioned in the first post My misunderstanding! When he said something about a magic blockchain with all these impossible characteristics I assumed they could only be referring to one other chain ;)

Commented by /u/biketourthrowaway in /r/ethfinance on May 26, 2022 18:57:59

If we can’t discuss competitors without it being considered shilling then what is the point of all this? We should be a forum for discussion, not a maxi circlejerk It’s definitely a different model, not sure why it would be inherently bearish. Arguably a system that has a great deal of flexibility and doesn’t rely on fees (instead rewarding block producers with inflation) can grow much more quickly and capture value in other ways (since new users never have to be exposed to fees/wallet/bridges/etc). If the parachain slots are valuable to the team building on then, they will have to buy/borrow increasingly larger amounts to secure their spots and continue accruing value. There is still a direct correlation between the value of the network and the value of the token. It can also always be adjusted down over time as the absolutely value of the rewards increases

Commented by /u/biketourthrowaway in /r/ethfinance on May 26, 2022 17:10:03

Are we still pretending Polkadot doesn't exist? >low fees Parachains can be feeless if they so choose >instant finality >full decentralization Will have over 1000 nodes when parachains are fully rolled out (Kusama is already there). Less that Ethereum? Sure, but still decentralized. >low minimum staking requirements Minimum 10 DOT >high staking APR ~15% >censorship resistance Not as informed on this particular metric so won't comment >no fee market Parachain slots come from auctions where the only cost is the opportunity cost of locking up your DOT. All fees from there are at the parachains discretion for how they want to value >no spam transactions\ Parachains are custom blockchains and can implement whatever anti-spam measure is best for their application >no MEV for MEV protection, tech will available to all parachains through pallet system. Not saying Polkadot is magic and beyond criticism, but if you aren't actually looking in to whether any of the alt-L!s people mention meet your criteria what was the point of your post? Just to gloat?

Commented by /u/biketourthrowaway in /r/ethfinance on May 26, 2022 15:54:18

Just as a reminder for anyone who forms their investment thesis based on exclusively on podcasts: Bankless was recommending a BED portfolio (equal parts Bitcoin, Ethereum, DeFi Pulse Index) in late 2020. [DPI]( is a basket of DeFi tokens and is down 85% from ATH with no sign of breaking the trend. Not saying this to shit on Bankless, but just as a reminder that not all narratives end up coming true and to makes sure you are doing your own due diligence.

Commented by /u/biketourthrowaway in /r/ethfinance on May 26, 2022 11:21:02

No, GPU mining is fully over - there is no PoW coin that has anywhere close the the same profitability as Ethereum, and that's with 95% of the hashpower going to Ethereum already. Look at WhatToMine: Ethereum is most profitable at $2.17 with 1.03 Ph/s, ETC is the next largest in terms of hashpower at 24th/s with a payout of $1.50 If half the Ethereum GPU miners go to ETC, the next largest in terms of hashpower, payouts will drop by 95%. The next biggest after ETC is RVN with $1.61 @ 2.76Th/s It's over.

Commented by /u/biketourthrowaway in /r/ethfinance on May 25, 2022 17:40:20

The greatest obstacle for NFT ticketing is that it has NFT in its name. Semi-related but my favourite NFT ticketing solution (shout-out GET Protocol!) just had its first DAO vote to deploy some of its treasury funds to sponsor Bankless for Q3!

Commented by /u/biketourthrowaway in /r/ethfinance on May 25, 2022 13:22:48

Solana is a bit of a bad example (so insanely unsustainable), but overall I agree with you. I subscribed to the "Ethereum will win, most decentralized + best money, rollups solve everything" dogma up until quite recently when a project I really respect decided to launch as a parachain. Decided I must be missing something and spent to past few weeks learning all about how Polkadot works and the philosophy behind it, and I have to say I strongly believe that it will have a major seat at the table over the next few years, and that for certain applications it will offer a superior platform. I could only listen to so many devs say "we started on Ethereum, but a custom blockchain with shared security is way more performant than smart contracts for our usecase" before I had to start taking them at their word. Will zkrollups eventually offer the same composability/interchain communication/dev tooling/upgradability/customizability as parachains? Probably! But people have already been building on Substrate for years (second largest dev pool after Ethereum and growing) and are launching now - it will take years for zkrollups to hit equivalent maturity and by then Polkadot will have had years of network efforts already - people will not abandon all that effort for marginal gains from zkrollups. I'm still super bullish on Ethereum and think it will remain dominant, but anytime I see people shitting on any and all other blockchain platforms it rubs me the wrong way and just screams uninformed. There is plenty of cool stuff happening outside Ethereum if you are willing to look. The increase in maxi hottakes in the lead up to the merge is starting to making me feel disconnected from this community, although maybe this hasn't actually changed and I'm just more aware of it now.

Commented by /u/biketourthrowaway in /r/ethfinance on May 25, 2022 11:44:38

I still think this is an incredibly naive take - game developers have zero incentive to facilitate the resale of their games (even if they get a cut of proceeds). It would be a race to the bottom with people being willing to sell for next to nothing once they are finished with the game, because that’s still better then the nothing they currently get. If the game uses in game purchases to monetize, just go free to play. If it relies on sales, why would they return to a world where resale is possible? Non-resalable digital copies was a huge win for them

Commented by /u/biketourthrowaway in /r/ethfinance on May 24, 2022 12:02:41

Oh shit, this is exactly what I'm looking for! Great find. Have any other projects hidden up your sleeve?

Commented by /u/biketourthrowaway in /r/ethfinance on May 23, 2022 19:05:23

Very specific! But cool idea - do they plan to expand to other regions as well? Also how is this not a security? Seems like an REIT with fewer investor protections.

Commented by /u/biketourthrowaway in /r/ethfinance on May 23, 2022 19:01:40

Very cool! Insurance 100% meets the brief. That is an awesome initiative - I hope it ends up working out in practice. I followed Nexus Mutual for awhile and know they are hoping to branch out to more traditional insurance offerings eventually as well, and believe they would be competitive on price due to the level of automation. Definitely seems like an industry that could be disrupted.

Commented by /u/biketourthrowaway in /r/ethfinance on May 23, 2022 18:55:57

I guess AMMs disintermediated CEXes to some degree so technically yes, but I am looking for crypto projects targeting non-crypto usecases with the promise of better functionality/efficiency/whatever other value add they can offer. Arweave would definitely meet the brief!

Commented by /u/biketourthrowaway in /r/ethfinance on May 23, 2022 18:53:52

I'll be real this seems like a terrible idea. Having some level of customer service and legal protection seems like an absolute must-have for the hospitality industry. Why would I ever let a pseudonymous person in to my home or rental? Who would settle disputes? Maybe all these tools will be accessible and crypto-native someday, but we are nowhere close right now.

Commented by /u/biketourthrowaway in /r/ethfinance on May 23, 2022 18:50:03

Very cool project, not sure what they would be disintermediating though - seems like more of a value add for Shopify + NFT projects than automating a previously existing business model

Commented by /u/biketourthrowaway in /r/ethfinance on May 23, 2022 18:45:24

That's dope! I knew about TopShots but hadn't head of the Association. I like that it isn't 100% dependent on their own proprietary platform like TopShots was. GET actually has a (way smaller scale!) evolving NFT basketball ticket that updates with the stats for the game: Bullish on evolving NFTs - such a cool way to keep them interesting after the initial minting.

Commented by /u/biketourthrowaway in /r/ethfinance on May 23, 2022 18:42:12

Does anyone have any good examples of projects successfully disintermediating existing business outside the cryptosphere (ideally that have moved beyond proof of concept and are actually generating revenue)? As cool as crypto-facing applications can be, I am way more interested in apps that can genuinely compete on their own merits and where users don't even necessarily know that they are operating on crypto rails. Closest I have found so far is GET Protocol with their ticketing platform (10+ whitelabel ticketing providers have sold over 1.5M NFT tickets using a blockchain backend), but I know there has to be way more out there.

Commented by /u/biketourthrowaway in /r/ethfinance on May 23, 2022 18:26:15

The people who move markets are not found amongst those commenters.

Commented by /u/biketourthrowaway in /r/ethfinance on May 22, 2022 23:00:36

There definitely will be, already working on Astar’s testnet if I remember correctly.

Commented by /u/biketourthrowaway in /r/ethfinance on May 22, 2022 18:59:47

Does anyone have any good articles/comments/tweet threads comparing the pros and cons of Polkadot's parachains to Ethereum's rollup-centric roadmap, ideally from a more technical/non-maxi viewpoint?

Commented by /u/biketourthrowaway in /r/ethfinance on May 22, 2022 14:28:17

Anyone can confirm this for themselves: Scroll down to markets. Price is still $1.40 on the DEXes, which is where 99% of the liquidity is. This is just coingecko having a hiccup with its algo

Commented by /u/biketourthrowaway in /r/GETprotocol on May 21, 2022 16:13:48

I’m fairness to them they say the same thing about people who haven’t sold their companies, or who haven’t sold their startup shares. Community standards seem to be that you aren’t fatFIREd until you have diversified

Commented by /u/biketourthrowaway in /r/ethfinance on May 21, 2022 14:11:11

But what if the payment was opportunity cost of not getting inflationary rewards? Free for the user.

Commented by /u/biketourthrowaway in /r/ethfinance on May 21, 2022 12:51:11

> Everything has a cost. Free lunches dont exist. Yes exactly, it isn’t possible to offer a feeless experience without someone else paying for it in Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on May 21, 2022 11:49:20

>better security. Than between parachains? *citation needed*, unless you mean in the future when zk rollups are fully fleshed out, which they currently are not >Still scaling up? It's been in development for like, 8 years. Read up! Existing usecases speak for themselves: >Synthetix has literally had tokenized securities already, so has dydx No, they don't. They have tokens representing securities held in trust, or derivatives of securities. I am talking about tokenized securities that are issued on blockchain by the parent company. >Parachains are old, out of date tech. *citation needed*

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 17:59:42

> What use case is there for Polkadot that isn't already possible on Ethereum with it's new roadmap? Custom blockchain that can communicate trustlessly with 99 other custom blockchains. >"killing it for years I was referring to OriginTrail, and current token price as a criticism is pretty weak for a project that is still scaling up. >You mean Ethereum? I meant Dusk, who spent three years building out a custom chain for tokenized securities after spending a year trying to make it work on Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 17:34:50

>you cant make an rollup that does exactly what you want for your business Are there going to be non-fee based rollups? >Tokenized securities already exist on Solana ? Not legally compliant ones if you mean the FTX ones. You are jsut rading a token that is backed by a stock that they custody, not the stock itself. >You cant make a zk rollup that fullfills the legal requirements? I'm sure someone can! But once again, someone else already did after working directly directly with regulators top tailor everything to their requirements over the past four years. > You can customize rollups exactly as you wish. Sure, but people already have customized other solutions so why start from scratch if it meets their requirements? >My point is why have an inferior centralized consensus mechanism if you can outsource the consensus to Ethereum and get a security and legitimacy plus. Because they are sufficient for their usecases.

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 17:31:24

Yep, he is bearish on bridges.

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 16:06:54

>OriginTrail is wasting resources deploying there lol, deploying a custom L2 (which dont need to use the EVM) is a much better option imo. Do you have any arguments to back that opinion up? Because they have been killing it for years and clearly feel differently from yourself. >This is absolutely possible on account-based blockchains, there will be rollups that do this exact thing. Will be, but currently are not. Pretty easy to gobble up marketshare when you are years ahead of your competition.

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 16:04:17

Seconding this question! I would love two tiers: a lower one just to access the materials/continue to support your development of this program, and a higher for people who are looking for more direct coaching.

Commented by /u/biketourthrowaway in /r/Kneesovertoes on May 20, 2022 15:50:46

>What is the reason for several chains that do the same and differ only in the security and decentralization department ? Because there are non-EVM chains that differ in other ways. Polkadot has free transactions for parachains and allows you to design a custom blockchain that is perfectly tailored to your business logic rather than trying to make it fit a smart contract model. Dusk Network has zk privacy at the base layer that will meet the legal requirements for tokenized securities, which currently is not possible on account-based blockchains. There are L1s that are different at a fundamental level that will allow for design choices that aren't possible on Ethereum today. Will they be eventually? Possibly, but people are building now and there are options that currently meet their requirements. A team I respect a ton started on Ethereum, ported to xDAI and Polygon, and has now deployed on Polakdot where they intend to stay since a custom chain that is built to their needs is so much more performant than any of the EVM options available to them. Not because of TPS, but because EVM smart contracts are an imprecise solution for their particular application

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 15:41:25

>DeFi is over DeFi was fueled by unsustainable yield farming for inflationary governance tokens, and the dominant protocols will continue to taper them off now that they are comfortably on top. Most LPs will lose money due to impermanent loss, and as we exit the wild speculation stage there will be less demand for trading random ERC-20s on DEXes. Expect yields to continue to slowly recede until they match their IRL cousins (the curse of a maturing market). It's not *over*, but it isn't going to be an unlimited money factory anymore. >we will have to have a crypto nuclear winter because there’s so much nonsense Do we not argue this ourselves? If we expect Ethereum to win longterm, does that not imply that a lot of other things are going to lose? DotCom bubble left a lot of speculative plays six feet under when it burst, and then your juggernauts like Google and Amazon rose from the ashes. >it’s not the smartest people coming into the space (bullshit bullshit on the smartest people coming he said), people have been joining the space because it’s free money, it’s a cult that you’re only welcome if you’re in it and they tell you the whole world is a scam and you’re smarter than everyone While there are very smart people in the space producing bleeding edge tech, there are over 10,000 coins out there now. A huge proportion of the players in this space are naively optimistic at best, and out to actively scam people at worst. >these things don’t work, there’s no useable application - there’s absolutely nothing useable coming out of the space How many major *non-crypto-facing* applications have there been so far? A few dozen/a few hundred? For a $1 trillion marketcap? I believe that blockchain will be huge and funamentally change the world, but it definitely has yet to do so in any appreciable way. >there’s so much capital that has to be ~~destroyed~~ deployed? it’s damaging the space Solana raised 300M. Long term losers are temporarily gobbling maretshare due to straight up bribery/loss leader pricing. That is absolutely damaging the space - people are building on an unstable foundation. Don't forget to step outside our happy bubble here and listen to criticisms! There are plenty of valid ones, even if the people making them don't see the glorious future that we are working towards.

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 15:32:32

I'm shocked ethfinance doesn't! Even Vitalik is [optimistic about a multichain]( future

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 15:20:11

If I was assigned to defend his statement, I would say that just because the majority of retail doesn’t understand the implications of the merge we can’t also assume that the majority of institutional players don’t. The big institutional investors/crypto funds/whales that actually move the market aren’t living under a rock and have teams on analysts at their disposal and will have already acted on this information to some degree. There will be some who are waiting until after to mitigate the technical risk, but it can feel like people on here really believe that the merge is some sort of super secret that is going to catch everyone by surprise. People who have billions on the line aren’t stupid and will have been building their positions for a long time already.

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 13:25:56

They also run a polkadot validator:

Commented by /u/biketourthrowaway in /r/ethfinance on May 20, 2022 01:10:58

Question for all my public-goods-funding-heads (u/davidahoffman holler at me): Listened to the Bankless episode about public goods funding being a trillion dollar opportunity and feel like there is a flaw to this analysis. 1. MEV exists, and is valuable 2. L2s will be able to auction off this MEV and then use this income stream to fund public goods 3. There is an open-source renaissance where teams can build non-profitable utilities that we can speculate wildly on and everyone is happy forever! Sounds dope! But I feel like it ignores on important factor: everyone hates getting frontrun and some very smart people are working very hard to eliminate MEV altogether. I would assume if these projects are successful and we eventually have protection against MEV, people will gravitate to those products since they will be more economically efficient, which in turn would significantly reduce the pressure of the public goods moneyhose. Even worse: the projects with MEV protection would still benefit from the public goods funded advances since it's open source, allowing them to tragedy-of-the-commons up all the benefits while also gobbling up marketshare due to their more competitive spreads. Am I misunderstanding some part of this? I would assume yes, so please fill me in on how this will be sustainable long term.

Commented by /u/biketourthrowaway in /r/ethfinance on May 19, 2022 15:21:38

They conspicuously leave out Polkadot and Cosmos for some reason.. It's almost like they are trying to push a narrative about certain SOLutions.

Commented by /u/biketourthrowaway in /r/ethfinance on May 19, 2022 11:23:02

Fun fact: guess what VC firm led a $300M funding round for Solana?

Commented by /u/biketourthrowaway in /r/ethfinance on May 19, 2022 10:10:11

They left out Polkadot and Cosmos, which are #2 #3 ahead of Solana. [Here’s]( the unedited chart (p 87).

Commented by /u/biketourthrowaway in /r/ethfinance on May 19, 2022 09:28:26

No for sure, I think it's a cool initiative to try and make a positive out of a negative (public goods funding out of tax collection), but my criticism is that it won't always be something that happens: other protocols are working to eliminate it and if they don't do the same they won't be competitive. >at this stage it's far more sustainable and innovative then anything we've seen on the Alt L1s. I mean, no that just isn't true. Mangata Finance on Kusama has a solution to eliminate front-running/MEV on their testnet already: FlashBots is working on doing the same for Ethereum based dapps. MEV might not last forever, in which case this public goods funding model won't either.

Commented by /u/biketourthrowaway in /r/ethfinance on May 18, 2022 22:30:24

Definitely an interesting idea, just feel like Bankless might be putting the cart before the horse a bit hyping this up as a trillion dollar market if the funding depends on a mechanism that people will be eager to leave behind as soon as it is feasible. The public goods funding model is cool, but it depends on a never-ending stream of money from MEV and every dollar that gets directed to these projects is coming out of traders' pockets.

Commented by /u/biketourthrowaway in /r/ethfinance on May 18, 2022 21:36:39

But what if they offer 1% bonus rewards in their own inflationary governance token?

Commented by /u/biketourthrowaway in /r/ethfinance on May 18, 2022 21:26:32

There will be a dashboard to claim - keep an eye on socials

Commented by /u/biketourthrowaway in /r/OriginTrail on May 18, 2022 20:48:35

I'm so pumped! Such a unique project - brings (decentralized) knowledge graph tech to Web3 assets. Think URLs, but for data. For anyone curious:

Commented by /u/biketourthrowaway in /r/ethfinance on May 18, 2022 20:10:02

1 OTP per 25 TRAC in a private wallet for full info

Commented by /u/biketourthrowaway in /r/OriginTrail on May 18, 2022 18:34:10

I was also skeptical about that episode. Is it a utopian vision for the future, or is it putting lipstick on a pig? Like the whole system relies on harvesting MEV and then being charitable with it. What happens when products that eliminate MEV come online? Will people still use the inferior service because the value that is being leached out of them goes to a public goods? Or will they go to wherever gets them the best price? Staking your future on MEV, but for good! seems very shortsighted to me. I understand the public goods will go to making the services on the rollup better, but also it seems like the best service of all is not having someone steal from you so hard to compete there.

Commented by /u/biketourthrowaway in /r/ethfinance on May 18, 2022 18:26:14

Probably mid-to-late June, this slot goes live June 4th and it will probably take a bit of time to spin everything

Commented by /u/biketourthrowaway in /r/OriginTrail on May 18, 2022 18:03:57
/r/dot/comments/use1kp/polkadot_competitive_advantage/i93zyd5/ Read up!

Commented by /u/biketourthrowaway in /r/dot on May 18, 2022 15:24:08
/r/CanadianInvestor/comments/ury19u/is_a_small_to_mid_scale_crypto_mining_operation/i93qq9z/ Estimated on mainnet between August-October this year, successful merges on multiple testnets already completed.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 18, 2022 14:21:12

Every step of the protocol from block formation to transaction to smart contract calls is private using zero knowledge cryptography. The team initially wanted to launch on Ethereum, but after a year of research came away with the conclusion that you can't have the requisite ~~security~~ privacy on an accounts-based protocol. They have been liasing with EU regulators for years (they own a partial stake in a Dutch securities exchange and are licensed to trade securities) and built Dusk from the ground up to meet their requirements. Definitely worth reading up on! It's a very interesting project that is well positioned to disintermediate an absolutely massive industry, and seems to have the connections required to make a good attempt at it.

Commented by /u/biketourthrowaway in /r/ethfinance on May 18, 2022 14:14:58

Very! Not only for personal privacy, but also because it will be required for a ton of usecases (you will never see legally compliant tokenized securities on a transparent chain). I know there are some roll ups targeting privacy, but I am also invested in Dusk Network as a hedge against privacy becoming required for whatever the killer apps of the future end up being. Fully zk at the protocol level and actively working with EU regulators to launch legally compliant tokenized securities. People on here are too quick to write off a multichain future - not everything is just an EVM clone with artificially lower fees. There are some things you just can’t do on Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on May 18, 2022 13:52:26

Check out OriginTrail! They are already fully operational on several EVM chains but decided Polkadot would be the best fit for them long term. They will be winning the 17th parachain slot in a few hours.

Commented by /u/biketourthrowaway in /r/dot on May 18, 2022 12:35:49

It might be profitable for another few months, but once Ethereum merges to proof-of-stake hobbyist mining will effectively be over. Check [this link]( out - it shows how much you can mine with your home set up. You'll notice Ethereum is the most profitable with 1.04 Ph/s of compute power being dedicated to mining it. The next largest in terms of compute power is ETC with 23.43 Th/s, or alternatively ~2.3% as much, and it has roughly half the ROI. Once Ethereum mining goes offline, all these tiny pools are going to be oversaturated by hashpower looking for the next thing and their ROIs will fall by 90%+ overnight. Small scale crypto mining will be a net-loss after power and hardware for years to come - everything is moving over to proof-of-stake (other than BTC) and no one will be able to compete with the massive Ethereum mining operations that are about to be redirected.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 17, 2022 22:01:01

Eth 2.0 is going to proof of stake, so no mining.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 17, 2022 21:54:44

No, I just actually read the article you posted. Please feel free to (re?)read it and then come back and apologize for being so wrong that not even your own evidence supports your arguments.

Commented by /u/biketourthrowaway in /r/dot on May 17, 2022 19:54:28

Do we have a list of raffle winners yet?

Commented by /u/biketourthrowaway in /r/ethfinance on May 17, 2022 18:16:55

Alternatively they don't have any stake in Polkadot and don't financially benefit from discussing it. Unlike [some other leading chains..](

Commented by /u/biketourthrowaway in /r/ethfinance on May 17, 2022 15:57:20

Read through the a16z report and was a little shocked at how selective they were with their data. Check the dev chart on page 18: And then check the actual chart they are referencing (page 87): Wonder why would they omit second place project in favour of Solana?

Commented by /u/biketourthrowaway in /r/ethfinance on May 17, 2022 15:37:15

> 2 crypto exchange *could* control 1/3 of the validators, 5 exchanges *could* control 1/2 of the validators If you read your own article you’ll see that it says while Kraken actively has 10%, the other exchanges *could* have that much if they staked all their Ethereum. Firstly, they have not done that. Secondly, only so many nodes can come online per day (maybe around 1000 if I remember correctly), so they also couldn’t do it without an absolutely ludicrous amount of forewarning. Polkadot can stand on its own merits, we don’t have to lie about other projects to look good next to them.

Commented by /u/biketourthrowaway in /r/dot on May 17, 2022 14:18:34

I wonder if DeFi will ever have a similar run - so much of that was fuelled by unsustainable deflationary governance rewards and a general frothiness for random ERC-20s. I'm no so sure that DeFi will actually appeal to the average Joe once yield drops closer to market rates and that it will ultimately be the DeFi mullet with fintech wrappers offering savings accounts with 3-4% interest.

Commented by /u/biketourthrowaway in /r/ethfinance on May 17, 2022 13:15:08

> better decentralized than ETH Big fan of Polkadot, but this isn't true. Ether currently has ~380k validators, Polkadot has ~300. Still decentralized, but Ethereum is in a realm of it's own in that regard. Source:

Commented by /u/biketourthrowaway in /r/dot on May 17, 2022 12:23:12

I am not as familiar, but it looks like it! Referral to get us both 1% bonus is 4232bd if you still haven't used one!

Commented by /u/biketourthrowaway in /r/OriginTrail on May 17, 2022 12:10:16

Auction officially ends weds at noon, but it’s a Dutch candle auction so they will then arbitrarily choose a time between the first 48 hours and the finish and only count the votes up to that point. Basically I would get in sooner than later if possible. Referral to get us both 1% bonus is 4232bd if you still haven't used one!

Commented by /u/biketourthrowaway in /r/OriginTrail on May 17, 2022 10:53:17

If it’s anything like the dashboard for the 15% bonus you’ll sign a message with your ledger and then enter in a polkadot address for them to send the airdrop to

Commented by /u/biketourthrowaway in /r/OriginTrail on May 17, 2022 10:50:02

> If I had to use one of these shitty CEX Binance and Kucoin are both fine, I've used them for years without issue. Pretty sure Kucoin still doesn't require KYC. What are you picking up?

Commented by /u/biketourthrowaway in /r/ethfinance on May 16, 2022 18:17:26

That’s just for the bonus, everyone who has TRAC in a self custody wallet will qualify for airdrop.

Commented by /u/biketourthrowaway in /r/OriginTrail on May 16, 2022 17:58:36

Yes and no. That's the only thing on the Ethereum side, but once the auction is over you'll need to do fill out a form on their website to provide them with a Polkadot wallet for you to receive your OTP drop.

Commented by /u/biketourthrowaway in /r/OriginTrail on May 16, 2022 15:38:19

You will need to sign a message with your ledger - do you have it set up with your metamask or just through ledger live?

Commented by /u/biketourthrowaway in /r/OriginTrail on May 16, 2022 13:40:50

Withdraw it to a self-custody wallet before the end of the auction in order to receive the 25:1 TRAC/OTP airdrop

Commented by /u/biketourthrowaway in /r/OriginTrail on May 16, 2022 13:38:55

Just have your TRAC is a self-hosted wallet before the auction is over.

Commented by /u/biketourthrowaway in /r/OriginTrail on May 16, 2022 13:38:05

What is your biggest non-ETH contrarian investment?

Commented by /u/biketourthrowaway in /r/ethfinance on May 15, 2022 17:15:49

> A neutral phrasing of his post would have included the possibility of using stables directly instead of 3CRV Why? Do we assume that his audience aren’t familiar with them yet?

Commented by /u/biketourthrowaway in /r/ethfinance on May 15, 2022 16:36:35

Nah, I don’t agree with the implication at all. 3CRV is widely used, and plenty of people who have exposure to it in some way won’t know exactly how it works. Should they? Sure, but what are the odds of that? If he works for Stripe presumably he understands how stable coins work (he is talking about the nuances of the 3Pool after all), so either he is blatantly lying for no apparent reason or you are being incredibly uncharitable with your interpretation of what he is trying to convey.

Commented by /u/biketourthrowaway in /r/ethfinance on May 15, 2022 15:48:48

It could be argued there is no such thing a dividend/non-dividend stock, but rather just stocks that currently do or currently don’t pay dividends. In theory all companies can/will pay dividends, but many are just in a period where the money that would normally be paid out as a dividend is better spent on growth. Once a company can’t grow anymore, they pivot to paying dividends - it’s a late stage behaviour. There are all sorts of confounding variables with tax efficiency of buybacks and whatnot, but broadly speaking all stocks at least have the potential to pay their profits out to shareholders as dividends. Not so with all crypto (although obviously there are plenty that do/can).

Commented by /u/biketourthrowaway in /r/ethfinance on May 15, 2022 14:42:14

He’s clearly talking about the derivative token though > you shell out to an intermediary who will give you a claim on any of USDC, USDT, or DAI and *crucially* you will not exactly know which. Seems like a pretty valid criticism

Commented by /u/biketourthrowaway in /r/ethfinance on May 15, 2022 13:46:27

> Apparently he believes that someone using curve to swap stables is using a “mystery meat machine” and users don’t know what tokens they will get when swapping. I think he meant the the 3Pool derivative token could be any combination of the tokens, you have no way of knowing what it will be when you redeem. The ratio could change based on market conditions and you could end up holding a bad of depegged USDT if things get truly bad.

Commented by /u/biketourthrowaway in /r/ethfinance on May 15, 2022 11:33:18

There was absolutely a reason: it incentivized people to buy and burn LUNA to mint the UST in order to get to 20% yield. LUNA went from ~$0.20 to over $100 thanks to this buy pressure - they had more than enough capital to pay that rate out for years.

Commented by /u/biketourthrowaway in /r/fatFIRE on May 14, 2022 11:45:36

There are (were) tons of other uses for UST on decentralized applications, so presumably while some would leave others would pursue other opportunities for yield across the ecosystem. Basically just working on the assumption that it would be somewhat sticky and they would still keep enough liquidity to sustain the system. There is a nearly bottomless appetite for stablecoins (they are increasingly the preferred trading pair over Bitcoin/Ethereum), so it wasn’t the worst plan.

Commented by /u/biketourthrowaway in /r/fatFIRE on May 13, 2022 19:05:20

Not sure, but for something the size that they reached they are functionally the same since any action in the burn wallet would immediately send every orderbook to zero

Commented by /u/biketourthrowaway in /r/fatFIRE on May 13, 2022 18:27:13

Not sure this is the most receptive audience, but basically it was never meant to work long term. It was a promotional interest rate that was subsidized by VCs to help the protocol scale and develop market share and liquidity required to stave off exactly the situation that just happened (so clearly didn’t work). The only way to get $1 of UST (the token you got the 20% on) was to buy and burn $1 of LUNA, their other token. So there was massive buy pressure for LUNA, which those same VCs had conveniently bought during seed rounds for something like $0.10. Prior to the crash LUNA tokens were selling for over $100 apiece, so they had a pretty deep warchest to fund the promotional interest. Anyways, clearly it was a bad idea and it all failed, but it took an absolutely massive attack ($3B attack on the peg) at a particularly vulnerable time (transitioning from 3Pool to 4Pool) during a market downturn to unseat it. There was a very real chance it could have continued on for much longer then slowly reduced the interest rate once they had enough value locked in the ecosystem to be self-sustaining. Plenty of people think this was just an out and out scam, which it honestly might have been, but there was a legitimate (if entirely hypothetical) road map to sustainability that they just failed to deliver on. I was never invested, but did find it interesting.

Commented by /u/biketourthrowaway in /r/fatFIRE on May 13, 2022 18:00:30

There are plenty that are fully backed by dollars, this one was trying to use an algorithm to maintain peg instead of straight dollar redemptions. Plenty of stable coins were rock solid over the past several days while the market melted down.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 13, 2022 10:10:44

My worry is that people won’t get over fees for every action, even if they are tiny. There will be fintech apps on crypto rails where they use crypto products on the backend but users don’t custody their own funds, but anything that involves self-custody and transaction fees is going to a huge turnoff to most people in western society imo. Everything has been free transactions for too long now, plenty of people will see it as a step backwards.

Commented by /u/biketourthrowaway in /r/ethfinance on May 13, 2022 10:08:50

Haven’t seen it explicitly answered but there will have to be tokens bridged over to DOT since they will be used there and token supply is both finite and currently all in other chains. Polkadot has strong bridges to Ethereum so should be fine

Commented by /u/biketourthrowaway in /r/OriginTrail on May 13, 2022 00:08:19

Looks like nearly every exchange delisted it and it is [down to a thousandth of a cent]( so yeah, functionally went to zero.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 13, 2022 00:02:21

Oh absolutely, people had been calling it out as unsustainable from day 1. It wasn’t meant to last forever though - it was basically an attempt to bootstrap the protocol until it was big enough to run on its own (high enough liquidity to avoid exactly what just happened). Clearly didn’t quite reach that milestone.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 12, 2022 20:42:20

Time will tell! Personally I lean towards a well capitalized Soros-style attack on an imperfect protocol at a particularly vulnerable time, but I’m sure more details to follow. They likely loaned the BTC out for stablecoins since the act of them selling the BTC reserves in order to try and defend the peg actively devalued their remaining BTC reserves.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 12, 2022 20:04:30

Do Kwon and those insiders all already made literal billions off Terra and could have continued to extract value from their system for years. Now it’s likely he will be going to jail. Not sure why that seems the more likely of the two explanations. You never kill the golden goose, especially when gandercide is a crime where you live.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 12, 2022 19:13:11

Read the article, it has a pretty good summary. Leading theory is an multi-billion dollar attack to print on some very large shorts.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 12, 2022 18:57:28

On the offchance anyone is interested in what actually happened: [Luna + UST exploded]( and are currently bringing everything down with them. Luna dropped from ~$120USD a few weeks to $0.005 today. UST is supposed to be pegged to 1USD and is currently trading for ~$0.40 and still dropping. Everything else will likely recover, but Luna is done.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on May 12, 2022 18:48:11

They communicate very effectively, it’s pretty much the biggest value add of their model. You can make apps that are composable across multiple parachains very easily

Commented by /u/biketourthrowaway in /r/ethfinance on May 12, 2022 14:53:37

Interesting article! Once again, I get the feeling that they are more advocating that the Ethereum model is some platonic ideal rather than saying that others are unworkable, but definitely provides good food for thought. Yeah fair on decentralization! Once again, I feel like it is sufficient if not ideal, but understand why people feel differently. I just get rankled over how close minded the general population on here is over the potential for alternatives to find market fit just because they aren’t as optimized for the specific things Ethereum is optimized for. It make more sense hearing the conversations have already happened in the past though - the general lack of intellectual curiosity any time I see DOT mentioned was a hit puzzling. Plenty of people saying they prefer Ethereum, but also what is a parachain 🤷‍♂️

Commented by /u/biketourthrowaway in /r/ethfinance on May 12, 2022 13:40:52

> the security model is broken How so? 80% of supply will be locked once parachains are fully populated >there is no pragmatic way to decentralize due to high node operator requirements I would argue that the 1000 nodes they are working towards once all parachains are launched (with plans to continue to expand beyond) qualifies as decentralized even if it is lower than Ethereum in absolute numbers >high DOT issuance They pay for security with inflation instead of fees, with the idea that the value that projects derive from their parachains outweighing the rate of inflation (meaning they bid increasingly large amounts to maintain their spots). >Many people here would argue that on-chain governance on L1 is a design flaw due Others would argue offchain governance is opaque and not nimble enough for a fast-moving sector Just because it isn't the same approach as Ethereum doesn't mean it can't work - we are vey early in the game re: seeing what can be sustained longterm. I personally think both approaches have very strong arguments and am looking forward to seeing how they play out over the enxt 5-10 years.

Commented by /u/biketourthrowaway in /r/ethfinance on May 12, 2022 12:38:46

Happily! Firstly, most people will build on top of a parachain - they are basically each unique L1s that are customized to be more performant for certain use cases. The smart contract projects will build on the smart contract parachains, DeFi projects on DeFi parachains, etc. Secondly, there are parathreads! Basically you can make a parachain and just run it as a pay-as-you-go model paying DOT for blockcspace. This will work well for projects that don't need high throughput, just want to test their concept, or want to start generating value to build up a warchest for a future parachain auction

Commented by /u/biketourthrowaway in /r/ethfinance on May 12, 2022 12:32:46

Definitely read at least one of the explainers for an in-depth response (there are many secondary usecases), but the bread in butter uses are for data storage. The network is basically a huge decentralized knowledge graph (the tech behind google search, facebook ads, netflix recommendations, etc), with the data being stored on nodes maintained by the community and payment for storage being made in TRAC. Blockchain is just used as the security layer for what is essentially a decentralized big data tech stack.

Commented by /u/biketourthrowaway in /r/ethfinance on May 12, 2022 12:25:49

I spent the past few weeks reading up on Polkadot when I heard TRAC was going for a parachain and I have to say I think people here are sleeping on it. I am super bullish on ETH, but Polkadot has a very cool approach that could easily succeed if they manage to successfully develop their ecosystem. The network effects have the potential to absolutely ridiculous

Commented by /u/biketourthrowaway in /r/ethfinance on May 12, 2022 12:19:09

I try not to shill my other bags in here too much, but one of the smaller projects I follow is gearing up for a massive tear and maybe some of you would enjoy a brief distraction from the mayhem! Let me regale you with some OriginTrail facts: 1. Multichain protocol (Eth, polygon, xdai) that is about to win a parachain auction on Polkadot (ends in a few days) 2. About to see a bunch of new listing on the back of the parachain win (kraken/binance) since excahnges typically list the tokens that win their auctions 3. Just presented at the NY Knowledge Graph conference with Bob Metcalfe (inventor of Ethernet/team advisor). 4. About to present at the WEF Davos conference about their successes in pharmaceutical supply chain 5. About to airdrop new token to fuel parachain to all existing token holders 6. About to unleash maximum marketing after 4 years of building It also happen to be a legit L2 project that is actively being used by industry (their platform already hosts the auditing reports for 40% of US imports through partnership with SCAN association). Perfect storm incoming basically, and it is crashing just as hard as anything right now. Easily my highest conviction alt. Hopefully someone finds value in this (: Website: Community-made explainers since it's a bit of a complicated concept to wrap your head around:

Commented by /u/biketourthrowaway in /r/ethfinance on May 12, 2022 12:10:22

Yes, it is a binary with zero options between free labour and scams.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 11, 2022 00:23:19

It will be done after the fact through an dashboard on their site, similar to Starfleet. You haven't missed it Referral is 4232bd if you still haven't used one!

Commented by /u/biketourthrowaway in /r/OriginTrail on May 10, 2022 19:05:41

Sure it’s nice when you can get people to work for free, but you might notice that your list of examples is pretty damn short. Most people need to be paid for their work, this is hardly a new concept.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 10, 2022 17:47:27

Alternate phrasing: because it costs money to build and maintain things.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 10, 2022 15:58:37

It's 4.5% of Ethereum's marketcap, which arguably is also undervalued with the Merge coming. People aren't nearly as aware as they're going to be over the next few years.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 10, 2022 15:57:12

I guess a better framing for my criticism would be why choose DAI over a more decentralized alternative (I’m not intimately familiar with RAI so won’t die on a hill defending it). Awesome to be able to talk directly to you though! What would your response be to the criticism about the US exerting control over USDC? Like for example offering the CBDC status, but in return they aren’t allowed to play nice with decentralized stablecoins.

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 15:15:37

This is my concern as well. If the US Government goes to Circle and tells them they get to be the new CBDC provider they jump through hoops X Y and Z, and one of those hoops is to stop cooperating with any decentralized alternatives what do you think they would do? They could just as easily incentivize a crackdown with the carrot as with the stick.

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 12:46:46

No, I meant Tether. They didn't register themselves in the British Virgin Islands by accident.

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 12:42:10

To the best of my understanding it doesn't have any sort of CPI-tracking properties built in, but hopefully someone who is more familiar with the project can chime in if I'm mistaken. I do know Frax has a CPI-pegged stablecoin, but don't know enough about to really comment on it.

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 12:33:53

Never heard of LUSD, will check it out! I would imagine that the ship has largely sailed for any truly decentralized options to really gain significant marketshare or liquidity at this point (clearly everyone is comfortable with the existing options).

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 12:28:23

Interesting! Would definitely be curious to see if they have a plan for a doomsday scenario where the USDC is frozen, but good to hear it isn't overly relied upon.

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 12:25:42

Someone can correct me if I'm wrong here, but I think the idea is that what is important is not that it 100% tracks an exact value for eternity (1USD = 1USD), but rather that it is remains relatively stable (non-volatile) across time. Basically they see trying to maintain an exact dollar peg as a weakness since you can't use negative interest rates, so they just don't try and rather aim to just be as stable as possible while allowing the negative interest rates required to stay in balance.

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 12:17:27

Sometimes I think this community can suffer from being too insular and not viewing things through the eyes of people who aren't about this life. Is Rocketpool better in terms of decentralization? Yes. Is Lido better in terms of convenience, marketing, & liquidity? Undoubtedly. Guess which one is going to outperform the other.

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 11:56:34

Been doing a bit of catch up reading on stablecoins after all this UST excitement, and am a bit surprised that everyone here is so pumped on DAI as the alternative. NOT DEFENDING UST - it is clearly broken, but DAI is ~60% backed by USDC? The centralized stablecoin that is subject to account freezes at the whim of US lawmakers? At a time when lawmakers are going to start making hay about the inherent risks of decentralized stablecoins? This is our amazing alternative? At least USDT is outside of any sort of real legal jurisdiction. Why isn't everyone hyping up RAI instead (exclusively ETH backing)? DAI just seems like USDC with extra steps at this point unless I am missing something (which I very much could be).

Commented by /u/biketourthrowaway in /r/ethfinance on May 10, 2022 11:52:26

Polkadot still launching new parachains on schedule (:

Commented by /u/biketourthrowaway in /r/ethfinance on May 9, 2022 21:15:03

Minimal effort as in it’s much easier to build an audience by spinning up a YouTube channel than it is to build out and grow up a self-hosted video network a la web1. I am very familiar with their work and am actually loosely quoting them - they explicitly talk about being able to easily build up an audience on web2 and then bring them over to the web3 promised land. Not sure why you seem to think I’m knocking their hustle, but sorry if it comes across that way. I will only knock their hustle on two topics: shilling Lido and shilling NFTs

Commented by /u/biketourthrowaway in /r/ethfinance on May 8, 2022 22:36:00

I would imagine rewards will either a) go in to spinning up more nodes or b) be used for charitable giving

Commented by /u/biketourthrowaway in /r/ethfinance on May 8, 2022 22:02:47

I’m glad they have been reinstated and it looks like it was just an mistaken automatic takedown to begin with, but I can’t help but laugh at the Bankless YouTube situation. To gloat for years about how Web3 is going to grow so quickly and ultimately eat Web2’s lunch because it can use Web2 channels to reach a massive audience with minimal effort only to get deplatformed with zero notice by their Web2 service provider is just too funny. Talk about wanting to have your cake and eat it too! Curious to see if they make a real effort to get on to a decentralized d platform.

Commented by /u/biketourthrowaway in /r/ethfinance on May 8, 2022 21:29:33

They are already reinstated, so definitely just caught in an automated takedown. I’m sure they will make hay out of this for a long while regardless. CeNsOrShIp

Commented by /u/biketourthrowaway in /r/ethfinance on May 8, 2022 17:40:26

90% chance it was an automated action due to report spam or something similar. I would be shocked if they don’t come online in fairly short order.

Commented by /u/biketourthrowaway in /r/ethfinance on May 8, 2022 12:47:47

Ahh my bad, I thought it was in there. Some googling around looks like initially 166k TPS split across the 100 parachains, with it increasing from there as they begin rolling out their scaling solutions.

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 19:28:23

Saying you have yet to see a better model when you also aren’t familiar with the basics of the second largest protocol in terms of active devs doesn’t exactly scream informed opinion lol Personally I think the premises behind both models make a lot of sense (ossification vs nimbleness both have pros and cons) and I look forward to seeing how they both play out over the long run.

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 18:13:02

That is way beyond the scope of a Reddit comment. [here]( is a good overview

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 17:27:24

Who said they get unlimited usage?

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 17:15:33

They're great if you assume that we are still early in terms of figuring out what works and that being able to iterate and tweak as new paradigms emerge will have value. I agree token holder voting isn't perfect, but having the community potentially split with every upgrade that has been decided by a cabal of benevolent dictators also has issues. I'm very bullish on Ethereum, but to think that it is the only model that could bear fruit over the next several decades seems pretty narrow-sighted IMO. There are other projects doing cool experimentation that could very well end up working out, and ignoring them because you think the first smart contract platform will be the be all end all is just as foolish as Bitcoin maxis who think anything that came after Bitcoin is pointless.

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 16:23:25

Have you ever looked in to their economic model? I assume not if that's your interpretation of how it works. There is zero fees paid in DOT by users, because the parachain project paid them upfront in the form of opportunity cost for the DOT locked in their auction vault. Anyone can stake DOT and receive double the inflation rate as rewards, so by locking your tokens in auction you are paying via losses to inflation. In return, the project must generate enough value on their custom chain to pay their supporters off enough to make up for that opportunity cost. It's a really neat system that we have yet to see play out. If there has been a similar system that has already been trialed and failed I would love to hear about it.

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 16:20:02

So far both Parallel and Bifrost liquid crowdloan options are custodial (using a multisig). Is anyone here going to try them out? I’m leaning towards just natively loaning and missing out on the extra rewards to avoid the risk.

Commented by /u/biketourthrowaway in /r/OriginTrail on May 7, 2022 14:48:54

I disagree with this take, Polkadot fills a completely different niche. Parachains don’t need to have fees. Full stop. You can onboard new users without them ever even knowing the product they are using runs on blockchain, which simply isn’t possible with Ethereum or any other blockchain that I am aware of. This will 100% allow for usecases that don’t make sense on Ethereum. According the the electric capital report they also have the highest number of devs after Ethereum.

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 12:35:59

I have been on a dot deep dive for the past week! It is not similar to ETH - DOT is used as temporary collateral to lease parachain slots for two years at a time. You loan your DOT to a project (trustlessly) to help them win their slot auction in exchange for some sort of reward, and then the project gets their own L1 to do with what they will. There are no inherent fees, but they can choose to use their own token to active value. DOT is valuable insofar as the L1s can derive value from not having to bootstrap their own security. If you are really interested, [this]( was the best resource I found. It’s really neat - fundamentally different approach from fee based chains. Also has some very cool on chain governance features, forkless upgrades, and cross-parachain communication abilities

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 02:49:30

They really made a good go at it too - I heard they were pitching their ticketing platform all over town.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 7, 2022 00:22:38

Time will tell! I've certainly been wrong about many things over the years, but I just have not come across a narrative for art NFTs that clicks for me. As much as I hated all the tulipmania/beanie baby comments about cryptocurrencies, it really does feel apt regarding the current state of art NFTs. Music NFTs make some sense to me since you are supporting an artist you like, and maybe some art NFTs from known artists who have existing fanbases (Beeple comes to mind, presumably there are many others) that want a way to support them (other than Patreon). Honestly I don't even begrudge people their PFPs (I have my EVM as my twitter pic, having a unique picture is neat), but the fact that they are valued so highly (and popular because of those high valuations) just can't last. It's pure flexing, and if extremely expensive fashion forward clothing is anything to go by it won't actually hold it's value over the long-term since trends and preferences change. Like if I am up and coming in a few years, why would I buy an old ape when I can just adopt whatever the new up and coming thing is and make that valuable myself? Old people don't drive trends.

Commented by /u/biketourthrowaway in /r/ethfinance on May 7, 2022 00:21:38

Not sure why you would think the opinions of the people who pick what ticketing platform they use for their tickets means nothing, but you do you.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 7, 2022 00:04:56

GET Protocol (the protocol behind this particular ticket seller) is coming up on 2M concert tickets sold, so clearly people who work in industry don’t agree with your assessment.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 6, 2022 23:35:41

>you're apt to come off a bit trollish with the apparent low amount of time you've put into understanding existing pro-crypto/pro-NFT cases Sorry to hear I come across that way. I have actually spent a great deal of time learning about crypto more broadly (four years of non-stop reading) and NFTs more specifically (maybe about six months now). I just happen to still think they are mostly bullshit, similar to the ICO craze - mostly scams with a few projects of substance that won't show their actual utility for at least a few years (if any, at least legit ICOs were building usable products). I believe in NFT technology being an absolute pillar of Web3 (I am actually irresponsibly long on an NFT ticketing project), i just also happen to think the current implementation of art NFTs is a massive bubble that will inevitably pop with very few projects coming out unscathed. I have my EVM and I think it's neat, but how many NFTs are based on actual communities? Or have real communities that form around them that will last beyond the excitement of everyone seeing their investment rise? How many token-gated discords do we really need, and do they really bring people together in a meaningful way when the only commonality between holders is pursuit of profit? Love POAPs, love NFT credentials, love their uses as LPs, tickets, giveaways, tokens of pre-existing community membership, etc, hate them as speculative art.

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 22:53:10

I feel like explaining how they currently work is a pretty valid basis for criticism, especially when there isn't a new potential framework on the horizon.

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 21:29:14

Interesting! So you see NFTs begetting NFTs, with projects airdropping their new releases to current NFT holders and then cashing in on the creator percentage of the trading volume? Doesn't that seem utterly unsustainable though? Like all new product will be funnelled in to the hands a concentrated few early adopters who will then collude to keep prices high and keep their club exclusive. Why would new money enter this space? Like, there is no inherent value, you would literally just be buying increasingly common bags from a set of aristocratic middlemen.

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 21:24:37

Right, but also those are the existing rules and there is no sign of new ones on the horizon. I assumed understanding the existing laws would be interesting for folks on here - this sub usually prides itself on being well informed.

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 21:03:40

Too bad! Bring up some interesting precedents and overall has a fairly solid grasp of what they actually are.

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 21:01:39

You would assume incorrectly then

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 21:00:43

Any of you guys catch the [Legal Eagle]( video about the legality of NFTs? Didn’t exactly inspire confidence in the long-term value of current iterations of NFT tech. Definitely feels like the whole “we are still early” thing could really end up being “we were *too* early for most current NFT projects. Is there a reason why people expect any of the ‘link to a jpeg’ NFTs will have lasting value? I could see CryptoPunks for being the first, but everything after that seems pretty easily forgotten once the hype subsided in a few years. I know DCinvestor drank the coolaid, I just haven’t seen anything that really made it click for me yet.

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 20:06:28

I also listen to Bankless D: Seriously though, it’s the worst part about crypto: nearly all the people who are knowledgeably talking about it have skin in the game. It’s incredibly hard to come by unbiased discussion, and becomes increasingly difficult the further down the marketcap you go. Hopefully this improves as the technology matures and more people outside the industry start to study it, but it also moves so fast it will be hard for anyone not in the trenches to keep up.

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 15:29:43

Source? Have definitely had a bad gut feeling listening to him before, but he also seems relatively well respected and says all the things I want to hear.

Commented by /u/biketourthrowaway in /r/ethfinance on May 6, 2022 14:51:53

For anyone curious about OriginTrail (the protocol he is advising):

Commented by /u/biketourthrowaway in /r/ethfinance on May 5, 2022 16:29:30

Bob Metcalfe (of Metcalfe's law fame, inventor of Ethernet) shouting out the value of Web3 network effects:

Commented by /u/biketourthrowaway in /r/ethfinance on May 5, 2022 15:50:10

Sure, but as discussed in my original post they didn't buy it for a million, they bought it for 50k and then laundered through the art world to increase its valuation. The donation is valued by an appraiser, not by it's previous sale price. This is not a secret, plenty has been written about how this tax loophole works and how every level benefits from the grift (artist gets sales/prestige, gallery gets sales, culture magazines/blogs get content, auctions get commissions, appraisers get fees, museums get exhibits, buyer/donator gets tax loophole/prestige, taxpayers get the bill). Now imagine it's valued at $10M+

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 16:12:17

Sorry I didn’t phrase that correctly - by IRS is the buyer I mean they give you a tax break for donating them. You never need to find a buyer - the IRS offers a guaranteed return on your investment by allowing you to offset other capital gains when you donate to an accredited museum. Many other countries allow similar schemes. An individual art collector may not intend to do this, but the value of their art is still affected by its potential to be used to offset your taxes. It’s an inherent property of highly valued art.

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 14:58:36

> The financial benefits are an afterthought. I’m going to push back on this - having the IRS as a buyer of last resort to offset capital gains is the defining benefit of the current art market and the prestige benefits along the way are just icing on the cake. [Here]( is a good summary explaining how the process works.

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 11:39:01

But you could always buy art from small artists, what about it being digital/verifiable makes it so different to you?

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 10:06:01

Yeah, that’s more current goal that end goal in my eyes. Very fair though! I guess in group vs our group status - no one is impressed about your NFT collection except for other pseudonymous Twitter users. Do you see that changing and people will be attaching their real names to their crypto punk, and other well to do people will be as impressed as if you have a Warhol? Feels much more likely to just pop and fade away imo

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 09:57:18

So this is just a shotgun approach at finding the next Banksy early? I think people under appreciate the value that art market/tax incentives bring. I would argue paintings wouldn’t be worth what they are today without those incentives, so I don’t believe that NFTs will inherently follow the same trajectory.

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 09:33:10

To clarify, when I say high price i mean that top percent. > 99.9% of people who buy art do it to support the artist, to own a niece piece of art, and sometimes for some social status Alternative theory: they want to make money. 99% of NFT buyers were buying traditional art in any appreciable way before this boom I would wager.

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 09:30:43

What utility is legitimately worth hundreds of thousands/millions though?

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 09:27:27

Question for high price NFT-as-art enthusiasts: what’s the end goal? Like for normal art the end goal is a tax write off: you find a promising artist, buy their work, build their reputation through galleries, publications, notable sales, pump the floor with self-bids at auction, then donate it to a museum for a tax write off against your capital gains. Obviously flexing on other rich dudes if a side benefit; and the galleries/curators/magazines/auction houses/museums all have some financial motivation to help along the way. To the best of my knowledge there aren’t any museums accepting NFT donations - so what’s the end goal? The 1:100 chance someone actually buys it off you for millons? Are you allowed to write it off your losses if you self bid up to a million and then find a buyer at 1k? I just don’t get it.

Commented by /u/biketourthrowaway in /r/ethfinance on May 4, 2022 01:20:35

Totally get it, although arguably those would be Solidity/EVM devs not Ethereum devs, and nearly every blockchain has/is working towards having EVM compatibility, so they aren’t inherently “locked in” to Ethereum.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 4, 2022 01:13:56

[Here]( is the 2022 dev report for Blockchain devs if you’re interested in the actual numbers. Ethereum has a big lead, but not that big - Polkadot is in second place with about 35% as many devs if I remember correctly.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 4, 2022 00:50:06

Time will tell, market feels very different from the ICO days. Algorand actually has a working product, it isn’t just a whitepaper and an ICO address. Even people who bought legit projects (looking et you ETH) had some heavy ass bags back then.

Commented by /u/biketourthrowaway in /r/ethfinance on May 3, 2022 01:16:04

So the network will shut down because fees are too low but somehow they will continue to get paid for clients using it and the free OTP they are literally giving away will be the exit liquidity? Of course, it all makes perfect sense. Lmao

Commented by /u/biketourthrowaway in /r/OriginTrail on May 3, 2022 01:12:00

You aren’t wrong, but they are also a massive organization with a billion fans who will spend money on their products.

Commented by /u/biketourthrowaway in /r/ethfinance on May 3, 2022 00:30:37

Dev cycle They do need to build the blockchain and then onboard devs who in turn build out dapps, so it is similar to Ethereum in that regard. These things take time. Yes, I do think FIFA is in a position to decide what blockchain is good for them. Maximum economic security and/or decentralization likely isn’t the key feature that they are looking for. Seems like the slide deck worked pretty well

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 22:24:43

I’m far from an Algo shill, but they are a cycle behind Ethereum so I would expect another year or two for it to start popping off

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 21:37:00

I mean, yea? Just because Ethereum is a cycle ahead of everyone else that doesn’t mean they are standing still. I think people here are writing off non-EVM L1s way too quickly, especially if they are locking down massive deals with existing juggernauts like FIFA. Imagine if the next FIFA game has NFTs on Algorand - that would be massive.

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 21:28:45

Those first usecases don’t really require the same level of economic security though - why wouldn’t they just go for a parachain where they can have feeless transactions for the onetime cost of the parachain auction instead of making users pay to post or play? I guess I’m just skeptical about an unlimited spigot of transactions just waiting for slightly lower fees considering we already don’t see those taking off on ultra low fee chains. Just listened to the cosmos bankless episode and have to admit parts of it really resonated with me lol

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 20:09:24

It could be saturated at 10 gwei and still be inflationary though.

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 19:17:52

Interesting! Any links you could share? If that floor is ~15gwei gas then the deflationary narrative could temporarily be in shambles.

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 19:16:49

I mean I'm not 100% familiar with the actual numbers so please bear with me/correct me if I'm wrong, but if zkRUs can are 1000x more efficient then we could have 100x more throughput with 10x less transactions. I understand its way more complex than this, but surely we wouldn't expect orders of magnitude more transactions immediately. Worrying about an overabundance doesn't seem unreasonable when one of of favorite criticisms of other chains is that they don't have enough demand to fill blocks/generate fees.

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 19:13:13

Has there been any discussion about what the medium-term outlook of the L2 rollup centric roadmap could look like? zkRUs fully up and running, dapps are all ported over, everyone is loving low fees, transaction volume up 10x, but since throughput is up 10,000x gas fees are actually down compared to usual leading to low staking rewards. Like presumably crypto eats the world and eventually there is massive demand for mainnet blockspace from rollups, but is it possible that we could see a period where supply outstrips demand?

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 16:32:40

Please elaborate on how that would be achieved when the fees are the incentive for running the nodes. If fees are too low then network will shut down.

Commented by /u/biketourthrowaway in /r/OriginTrail on May 2, 2022 14:23:11

It is like 99% scams, trust your gut. NFT gated communities are cool, but they don’t warrant the valuations. NFTs are a bubble and anyone who says otherwise has an NFT they’d like to sell you.

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 14:06:12

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 13:46:00

Question for those more familiar with the post-merge valuation of ETH as of it were a company metrics. I listened to the Bankless episode breaking it all down a while back where it has revenue per share or yield or what have you and because of that we can value it as if it were a company with revenue and a 100% profit margin and then using whatever P/E multiple we can calculate a fair market value for ETH. It made sense at the time, but thinking back on it does that really actually make sense? Like companies have actual tangible assets and money that could be liquidated, like actual capital that is baked in to those metrics. Can some validate that those things should matter, or alternatively explain why they don’t?

Commented by /u/biketourthrowaway in /r/ethfinance on May 2, 2022 01:13:24

100% alts (TRAC/DUSK/GET) - I’m just here for the community <3

Commented by /u/biketourthrowaway in /r/ethfinance on May 1, 2022 17:30:52

This guy shows up every month or two to make the exact same arguments/complaints, everyone dunks on him and proves that he has fundamentally misunderstood the project and explains why, and then he just turns back up to do the whole thing over again the next month. It’s just so sad

Commented by /u/biketourthrowaway in /r/OriginTrail on May 1, 2022 13:30:31

OriginTrail already touches 40% of US imports through their partnership with the SCAN association (factory audits on blockchain). Definitely worth checking out! They are still pretty under the radar, but have some of the most solid partnerships in the space (exclusive blockchain provider for BSI, Swiss railways, aidtrust). Disclaimer: I am irresponsibly long on TRAC

Commented by /u/biketourthrowaway in /r/ethfinance on May 1, 2022 12:55:03

The tech is only as good as the community using it. If everyone decides they are over it there is no shortage of L1s that will be happy to have them. Good tech is necessary for long term success, but it isn’t sufficient.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on May 1, 2022 03:22:30

Not sure why this is the most upvoted when it is fundamentally false. Production is 100% of the problem - no one is even close to matching TSMCs most advanced fabs and they continue to pull further and further ahead at scale. Like it isn’t even close.

Commented by /u/biketourthrowaway in /r/changemyview on April 30, 2022 12:13:55

Was it the whole point, or was it a limitation that is currently being overcome? (it’s the second one) Considering there are already active uses for digital scarcity like verifiable credentials, web addresses, rare items in games, etc I gotta say your assertion isn’t particularly compelling Also love the Bitcoin straw man as if that was what was being discussed. We all laugh at Bitcoin maxis now, you need to update your toolkit.

Commented by /u/biketourthrowaway in /r/FluentInFinance on April 29, 2022 09:27:47

To each their own, I personally would rather read a 10 minute summary to get up to speed and then return to the discussion rather than have the person spend an hour typing out the basics for me. It’s also a bit of a cop out on his end imo - dismissing any of my points as heresay but then also refusing to look at any evidence I offer up isn’t exactly playing fair is it Would have happily gone on for hours if he showed any sort of good faith effort to understand the thing he was criticizing. Shame on me not picking up on it sooner I guess

Commented by /u/biketourthrowaway in /r/FluentInFinance on April 29, 2022 01:10:22

Alternatively: the content at the other end of that link fully explains the topic in a concise manner that far exceeds what I can do with back and forth comments. Do you seriously think the best way to reach a greater understanding of a topic you are totally unfamiliar with is via Reddit comments? Lol Like I said, love talking with people who are interested in learning, dislike bickering with people who are just interested in trying to score points. Thanks for chiming in though

Commented by /u/biketourthrowaway in /r/FluentInFinance on April 28, 2022 18:12:24

>you're probably gonna lose money They were free tho

Commented by /u/biketourthrowaway in /r/ethfinance on April 28, 2022 16:56:56

Were they given free rocket pool validators after they hosted an episode about it? I’m fine with ads, but disclose them as such.

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 20:02:50

For a show that spends a lot of time talking about the value of credible neutrality signing up to shill NFTs doesn’t really feel on brand. I guess money talks tho

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 17:42:01

Alternatively it’s still just too early for the cream to have risen. Pretty sure there’s a quote about how in the short term markets are a voting machine but long term are weighing machine. The space just isn’t mature enough yet for non-hype projects to stand on their own merits. Also you can take a loan out against your ETH to speculate wildly with!

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 16:42:47

Auction hasn’t started yet, I expect things will ramp up during the actual auction week.

Commented by /u/biketourthrowaway in /r/OriginTrail on April 27, 2022 15:06:47

Twist my rubber arm! First and foremost is OriginTrail (TRAC). Been following the project for years and I think it is finally about to pop off. They are a multichain decentralized knowledge graph, which is the big data tech stack behind juggernauts like Google search of Facebook surveillance. They have absolutely insane real world partnerships in supply chain (biggest advocate is the British Standards Institute (BSI), aka the group responsible for the international roll out of barcodes) and have Bob Metcalfe (inventor of Ethernet and Metcalfe's law) on their advisory board and presenting about them at the upcoming NY Knowledge Graph conference. They are also going to lock down a parachain next month to secure their own purpose built blockchain to unlock further functionality. Technologically hard to do justice, but these community made explainer sites do an amazing job: Second up would be GET Protocol (GET). It's an NFT ticketing stack that is rapidly gaining traction (over 1.7M onchain tickets sold and growing rapidly). Basically ticketing providers get a whitelabel ticketing platform that uses GET for the backend for a flat $0.30/ticket, and all GET used for fees gets "burned" to a DAO controlled wallet. They are currently in the process of getting the DAO up and running and it seems like a new provider is coming on every few weeks (and are distributed globally). Basically disintermediating Ticketmaster by competing on price, gatekeeping, and features (ticketers can choose to disable scalping and set maximum price points for resale market/take cut of each additional sale). Super cool project, great faq on their site: Would love to get feedback from anyone who does a deep dive! I will check out CAP

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 12:23:03

I’m not sure that’s true anymore, we are so far past the ICO era - there are legit projects under a few hundred million that are actively crushing it with connections to the non-crypto economy. Like you don’t have to just take a whitepaper on faith anymore, they have been building for years and you can see how well it works and how much traction they’re getting. I’d be to share my picks to get some scrutiny/share the love, still just feels weird doing it here since as someone else mentioned it is an ETH sun first and foremost

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 11:27:00

I’m an optimist! Low 5figs is FUD

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 11:23:37

True! I guess RPL is the subs moonshot of choice. Agreed on ETH outperforming (similar to just saying get a total market ETF), I just find with crypto we are so far from info being well enough disseminated to be considered anywhere near efficiently priced in that there still is actual alpha if you’re willing to put in the work.

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 11:23:07

It is great and also largely what drew me here - easily the highest quality crypto community I’ve come across. I guess I just want to have my cake and eat it too - I would love to hear the moonshot hype from the type of people who are drawn to this type of forum.

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 10:22:39

How many of you are still chasing moonshots (or maybe a better way to put it would be undervalued projects outside the top 100) with any sort of conviction these days? It's very interesting watching the transition from WAGMI 1000x crypto narratives to a (relatively) more conservative discussion. Like talking about five figure ETH is basically just a 10x from here, which is obviously still awesome, but you aren't making it if you aren't well in to the six figures range already. I understand that it's inevitable to some degree with the space maturing, but it's also funny to see so many people convinced that Ethereum will be the best performer in the space (might be misreading and everyone just means the safest bet). Not just talking L1s for what its worth - there are tons of neat real world applications coming to maturity now as well that have legit cases for disintermediating entire industries with solid economic models and very few people seem to be taking notice. I'm just not used to seeing so many people talking about having nearly entirely ETH portfolios after spending years in crypto forums. Kind of like r/ethfinance is becoming the bogleheads of crypto

Commented by /u/biketourthrowaway in /r/ethfinance on April 27, 2022 10:11:20

wE’rE aCtUaLlY DeCeNtRaLiZaTiOn MaXiS

Commented by /u/biketourthrowaway in /r/ethfinance on April 26, 2022 18:30:44

What’s the deal with that? Are they just hoping that they will snag a spot on the cheap due to a lack of competition

Commented by /u/biketourthrowaway in /r/dot on April 26, 2022 12:33:01

He is great, started following him when he was still working with Dusk Network. I know mentioning other L1s here is kind of pointless, but they are making something fundamentally new over there (zero knowledge privacy at the protocol level) that will allow for some really neat usecases (like legally compliant tokenized securities). Definitely worth reading up in if you are a disintermediation maxi

Commented by /u/biketourthrowaway in /r/ethfinance on April 26, 2022 11:14:21

I’ll go against the grain and say yes, I do think they make some good points. It seems very possible that there will be a period where supply will outstrip demand during the transition to L2 blockspace, leading to lower L1 fees. I do think that eventually the total demand as more and more things move of chain will compensate for it, but there could absolutely be a massive dip when L2s are fully scaled up but we haven’t on-boarded the next billion people. I agree with everyone else that they ignore a ton of other factors that can impact price, but increasing blockspace supply by several orders of magnitude is absolutely going to have an effect in the short to medium term.

Commented by /u/biketourthrowaway in /r/ethfinance on April 25, 2022 13:09:40

Wouldn’t that just be putting her money where her mouth is? Seems like a weird criticism when everyone here is guilty of the same.

Commented by /u/biketourthrowaway in /r/ethfinance on April 25, 2022 13:03:48

Ohh I see what you mean. I believe the leftovers get rolled in to the Future Auctions Pool, so less juicy for us in the short-term but good for the longterm viability of the network.

Commented by /u/biketourthrowaway in /r/dot on April 24, 2022 14:21:37

How do you mean? It’s 20 OTP per DOT plus up to 5% bonus with referrals. You can stake as much DOT as you want, no cap

Commented by /u/biketourthrowaway in /r/dot on April 24, 2022 13:16:44

A lot of crypto has moved on to decentralized platforms now as well, which are essentially programs that run as applications on top of the blockchain network. The advantage is that they don’t have any central intermediaries that can steal your funds (think quadriga), but the downside is that there is smart contract risk (basically if there is a bug in the code your money is gone). For the big and well established players this risk is low since they do extensive testing and code reviews before launching, but there is no shortage of “move fast and break things” projects who launch without sufficient due diligence and get hacked. If you like tinfoil hats too it can easily be argued that some of these bugs were placed purposefully and it’s the developers themselves who exploit the vulnerabilities.

Commented by /u/biketourthrowaway in /r/CanadianInvestor on April 23, 2022 14:37:46

Roger, edited it out. PM for code if interested!

Commented by /u/biketourthrowaway in /r/dot on April 23, 2022 12:59:51

Definitely hear him out, but he regularly FUDs the r/OriginTrail subreddit and none of his points hold up to scrutiny. Check through his post history to see the greatest hits as well as the community’s responses.

Commented by /u/biketourthrowaway in /r/dot on April 23, 2022 12:58:24

Second token is for running the parachain (similar to how ETH is used as gas), first token is for using the protocol (paid to nodes for data storage). Currently if you use the protocol on lets say polygon network, you have to pay in MATIC and TRAC (for network fees and for data strange respectively). Now on the new parachain you will pay in OTP and TRAC instead.

Commented by /u/biketourthrowaway in /r/dot on April 23, 2022 12:56:39

RE: OriginTrail Here is a referral code for a bonus 1% reward (for both of us) if anyone is planning on supporting: 4232bd5 Some good resources for anyone looking to learn about the project: Happy to answer any questions about the project to the best of my abilities

Commented by /u/biketourthrowaway in /r/dot on April 22, 2022 14:43:55

I just get caught up bickering sometimes! It’s a fair point- I’ll delete

Commented by /u/biketourthrowaway in /r/ethfinance on April 21, 2022 19:23:42

I think the mods have actually made their position pretty clear that monetization is a no go, so don’t expect to see competition in that regard.

Commented by /u/biketourthrowaway in /r/ethfinance on April 21, 2022 13:34:18

They are yet to release all the details, but I imagine they will take a snapshot of everything you hold at the point in time where they win the slot (this will count TRAC and xTRAC in wallets and in nodes) and then there will be some sort of dashboard where you sign a message to prove your ownership of the wallet and then give them a polkadot address to send the airdrop to. It should be similar to the starfleet reward where you have a certain amount of time to claim it. My referral is 4232bd5 if you end up going for the parachain auction as well!

Commented by /u/biketourthrowaway in /r/OriginTrail on April 21, 2022 13:32:17

There will continue to be auctions though - it won’t necessarily be a supply shock when there will still be competition for parachain slots as they come up. I can’t see any of the early winning parachains just ending when their first term is up - they will offer up incentives to vote for them again.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on April 21, 2022 13:01:28

>largely taken Not really sure I would agree that using a template for the shape of a lion then making all the variations on top of that would constitute “largely taken” in my books. That’s like saying Andy Warhols art was largely taken - art is often derivative. Pretty sure he was only asking for 1.87% with the rest going to a DAO that would direct it to public goods, but I do understand the mod team not wanting there to be financialization of the community. That said, why would anyone step up and make an entire NFT project if there is backlash against them expecting any compensation for their efforts?

Commented by /u/biketourthrowaway in /r/ethfinance on April 21, 2022 12:58:54
/r/OriginTrail/comments/u7iqus/wen_parachain_auction/i5kopow/ for full details tl;dr: is buy some DOT before mid-May and then pledge it to OriginTrail during parachain auction #17 for a 20 OTP per DOT reward. Pretty sure minimum for auctions is 5 DOT (~$100) Referral code for 1% bonus for both of us: 4232bd5

Commented by /u/biketourthrowaway in /r/OriginTrail on April 20, 2022 23:43:53

This is a reward to loaning DOT for the OriginTrail parachain auction. Earlybirds get 5% bonus rewards, and the referral codes you see in the thread (mine is 4232bd5) get you an extra 1% for each person who uses it (up to a maximum of 5%). Full details here:

Commented by /u/biketourthrowaway in /r/OriginTrail on April 20, 2022 23:38:37

Fellow bike tourer! Used your code. Mine is 4232bd5 if anyone wants to share the love. Happy to answer any questions as well.

Commented by /u/biketourthrowaway in /r/OriginTrail on April 20, 2022 23:36:10

You know it took like, actual work to make the project right? The community formed a foundation for value, but the creator *created* it. They absolutely deserve a larger share than any random community member. Can’t believe I have to point it out, but without the creator *there would be no EVMs at all*

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 10:26:45

>Meanwhile the creator extracts a ton of value through royalties No, the creator *created* a ton of value and is being compensated for their efforts. The fact that you view this as extractive is hilarious. He literally gave us a free money machine and you begrudge him 1.87% of future revenues.

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 10:18:45

As long as the value of his project increases, the amount of money he makes increases. Seems an apt enough comparison to me.

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 10:13:26

Why though? We used Autominter, seems fair we would pay the fees that come with that.

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 10:09:21

You don’t think Ethereum’s value comes from its community? If everyone left it would still be just as valuable?

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 10:05:41

> But even the “very small %” could turn into 7 figures of money at some point That would be great! If the project has hundreds of millions of dollars in volume I hope he gets to reap some of the reward he created. Vitalik is literally a billionaire. Do you have the same criticisms of him?

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 09:55:04

If it comes to a vote on snapshot I would support your initial split. I can only assume many others would do the same. Appreciate all your hard work and diligence on this, none of it would exist without your singlehanded efforts. Sorry people are giving you so much grief and diminishing your role in creating this amazing project.

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 09:36:09

Such a wild take. How many hours did the community put in to creating EVMs again? Vitalik is literally a billionaire - it is ok for someone who creates something to benefit from the fruits of their labour. Should he have had to sell all his ETH once he hit an arbitrary dollar figure? One of the amazing things about crypto is that you can financially benefit from creating open source public goods. Our man put an insane amount of work in to creating something that has enlivened the community and put hundreds of thousands of dollars in community members pockets *for just posting on Reddit* and you begrudge him seeing any tangible benefits for his efforts? I feel like I’m taking crazy pills reading some of these responses. How entitled can you be

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 09:32:59

They may be able to get the privacy necessary to compete with a natively zero knowledge chain but that is a tall order and they are chasing a moving target. I hear you though, like I say I am overall an ETH bull and think it will stay number 1. It just feels way too early to call for me - ETH is still years away from sweeping the existing roadmap if everything goes according to schedule and if things grow the way we think they will someone having 10% of the revenue would be larger than ETH is currently.

Commented by /u/biketourthrowaway in /r/ethfinance on April 20, 2022 00:54:17

> They can’t handle enough shards though that’s the point. But they will be able to, and could offer features that Ethereum can’t. DUSK has a sharding in their roadmap and offer privacy at the protocol level. DOT has 100 parachains going before they even begin their scaling roadmap. >Who is going to use a Eth competitor with no liquidity and more expensive fees while it’s getting off the ground decentralizing itself so that it can then maybe hope to compete against ethereum with no significant advantage? People who want other features or aren’t chasing liquidity dependent dapps. Games. Social media. NFTs. Supply chain. Other use cases that we are yet to see fully developed. Also if fees are a tenth of a cent vs a thousandth of a cent most users won’t care. > In order to decentralize you have to dump your token to a wide variety of people and this will heavily devalue it. Why will someone dump their money for years into this protocol instead of Eth that is already massively profitable decentralized and secure? People like the inflationary rewards that come with the bootstrapping phase, we have seen this over and over again. As long as they have a plan to transition away from them as the project matures it isn’t a big deal

Commented by /u/biketourthrowaway in /r/ethfinance on April 19, 2022 18:07:42

Other projects can also adopt scaling solutions (including zkp) and become more decentralized though - no idea why we act like only Ethereum can innovate and every other project will remain static.

Commented by /u/biketourthrowaway in /r/ethfinance on April 19, 2022 16:54:40

> But on the dApp level, there’s almost nothing innovative/interesting happening on other chains. I hear you, but I would also argue that it is just way too early to make this call. Non-EVM chains are barely launched (DOT is barely through the first 10% of the parachain auctions with the first few winner just coming online now) or not launched at all yet (DUSK is still in testnet, but will be zero knowledge from protocol level for example), so of course the only dapps we see are just Ethereum clones. Any apps that will leverage features not found on EVM chains (TRAC launching a DKG-optimized chain on Polkadot for example, or legally compliant tokenized securities on DUSK ) haven’t had the time to fully roll out yet. Basically imo it’s way too early to make that call (plus some light shilling of some of my long shots)

Commented by /u/biketourthrowaway in /r/ethfinance on April 19, 2022 16:52:10

First of all, never trust links from anyone online. But here is the link to the etherscan page anyways: There should be an “add to metamask” button there. It will still be in your wallet if you don’t do that, this just adds the TRAC display widget. You only need gas to withdraw from your wallet. If you don’t have any ETH in your wallet your TRAC will effectively be trapped until you add some. This is done the same way as sending the tokens - just withdraw ETH to the wallet address. Not meaning to be rude, but googling how to do these things will take you very far

Commented by /u/biketourthrowaway in /r/OriginTrail on April 19, 2022 16:20:48

I listened and I personally agree with a more multichain future. Honestly I was a little surprised when I found out that it isn’t the dominant narrative in the community as I’ve delved further down the bankless rabbithole. I agree that currently Ethereum is by far the leader and will likely stay that way, but the idea that blockspqce usage will rise by several orders of magnitude from here but also no other blockchains will ever be economically viable just feels contradictory to me. Will they be less secure than Ethereum? Probably, but security isn’t a binary and they can still be fully secure in practice. Idk I just feel like a lot of the community leans on decentralization maximalism as a way to justify closing their eyes to everything else out there. Projects don’t have to be maximally decentralized to be successful, nor are they incapable of becoming more decentralized as time goes on.

Commented by /u/biketourthrowaway in /r/ethfinance on April 19, 2022 16:17:29

1. Use metamask to generate a wallet address 2. copy that address and enter it on the withdrawal page on your exchange of choice 3. wait a few minutes 4. TRAC is in your wallet now 5. Extra step: add custom token in MM or just go to TRAC etherscan page and click “add to metamask” 6. done

Commented by /u/biketourthrowaway in /r/OriginTrail on April 19, 2022 15:21:55

You can still fully contribute the subreddit without an EVM. Don't love the idea that EVMs are what make someone a member of the community and only those that hold them are some sort of arbiters of the sub. They may form a different sub-community with a DAO and whatnot, but that doesn't affect what happens here.

Commented by /u/biketourthrowaway in /r/ethfinance on April 18, 2022 01:18:14

I'm just salty you didn't reply to my DM </3

Commented by /u/biketourthrowaway in /r/Economics on April 16, 2022 21:16:30

What kind of network does the open source software run on top of? All crypto is open source software, they've just added a blockchain-based financialization layer to incentivize maintaining the network.

Commented by /u/biketourthrowaway in /r/Economics on April 16, 2022 20:36:55

Definition: 50 LeNgThY cOnVeRsAtIoNs lol

Commented by /u/biketourthrowaway in /r/Economics on April 16, 2022 19:20:44

>event tickets Check out GET Protocol if you haven’t already! NFT ticketing project that already has 10+ IRL whitelabel ticket vendors that have sold over 1.5M on-chain tickets. Well thought out tokenomics, competes with Ticketmaster on price ($0.30/ticket in GET), professional team that has been working in the space for years, and working towards being managed by a DAO. Disclaimer: I am irresponsibly long on GET

Commented by /u/biketourthrowaway in /r/ethfinance on April 16, 2022 18:23:44

What's the vibe on Polkadot? One of my alts is gunning for a parachain slot soon and I've been reading up a bit and really like what I've learned so far - seems like they are effectively going for Ethereum's L2 solution right out of the gates. What's the general consensus on here?

Commented by /u/biketourthrowaway in /r/ethfinance on April 16, 2022 02:21:54

Total Dunning-Kruger effect in action - people who have read a few articles (or headlines of articles) over the years thinking they have a greater understanding than the technologists who have been working at the bleeding edge of the field for years now. Also dismissing all crypto with Bitcoin criticisms gets me every time.

Commented by /u/biketourthrowaway in /r/ethfinance on April 16, 2022 02:12:46

Can you elaborate on why they wouldn't be stable? They are registered US companies holding 1:1 dollars to tokens in accredited US banks (Circle uses BNY Mellon) that are audited by US accounting firms on a monthly basis. Tokens are 1:1 redeemable to USD at any time. How do you see them losing peg? Saying "just because it hasn't happened yet doesn't mean it won't" isn't an actual argument.

Commented by /u/biketourthrowaway in /r/fatFIRE on April 16, 2022 01:10:48

This is a total false dichotomy. You can have (and need) government currencies and still have a vibrant cryptocurrency industry. It doesn't have to become the dominant world currency to be successful, and both Bitcoin (through Lightning Network) and Ethereum (through PoS and L2s) are scaling incredibly quickly, not to mention all the newer L1s that took the lessons learned from earlier projects and built more scalable designs out of the box (like Polkadot). If you seriously had 50 lengthy 10 minute conversations that never progressed past BTC being the only currency and 7 transactions per second then you really haven't been picking your conversation partners well.

Commented by /u/biketourthrowaway in /r/fatFIRE on April 16, 2022 00:57:59

Plenty of "cryptocurrencies" have earnings though, it's just old payment coins like BTC or DOGE that don't. Here's a live chart: Here's how many Ethereum are being burned (equivalent to a stock buyback) every day: If you click "simulate merge" you can see that the supply will go deflationary once it transitions from Proof of Work to Proof of Stake, meaning more ETH will be taken out of circulation from fee burning that will be issued as block rewards. Billions of dollars a year being paid in fees on Ethereum alone. "Crypto has no earnings" is an incredibly outdated view that doesn't hold up anymore.

Commented by /u/biketourthrowaway in /r/fatFIRE on April 16, 2022 00:49:43

Great article! TRAC is by far my biggest bag and it is nearly certain to hit the top 100 within the next few months (parachain auction + V6). It is a totally unique project in the space with zero competition as well as some incredibly legit industry partnerships that are already using the network. Do yourself a favour and take 15 mins to learn about it:

Commented by /u/biketourthrowaway in /r/CryptoMarkets on April 15, 2022 22:29:07

That's the plan - I have to finally accept that r/cc is truly garbage and not worth checking for general news

Commented by /u/biketourthrowaway in /r/ethfinance on April 15, 2022 19:15:09

I have so much to learn clearly - does it stop trying to recommend things eventually? Only subscribed to crypto people so far and it's just like "I know what you want: NBA updates and boomer humour".

Commented by /u/biketourthrowaway in /r/ethfinance on April 15, 2022 19:03:52

Spinning up a Twitter account after holding out for years - any tips/tricks for putting together a good Following list? Basically how to find good accounts pls

Commented by /u/biketourthrowaway in /r/ethfinance on April 15, 2022 18:42:59

Other than the initial PM with my address there shouldn't be any public record of which EVM is associated to this account though no? (assuming I continue to hold strong and not flex in the chat)

Commented by /u/biketourthrowaway in /r/ethfinance on April 15, 2022 17:18:26

Silly question maybe, but with EVMs there is nothing tying me to this account anymore right? Like if I wanted to make a new account I would still have access to any future community developments since the NFT would be my proof of OG membership.

Commented by /u/biketourthrowaway in /r/ethfinance on April 15, 2022 17:02:43

Or the ratio of how much is used for “real uses” versus how much is just hoarded for speculation. Spoiler: it’s mostly hoarding.

Commented by /u/biketourthrowaway in /r/Economics on April 15, 2022 14:51:17

Unlike the purely positive posts which are never repetitive at all ;) I’m not sure I would say I have a grudge, more that I spent hundreds of hours over multiple years learning about LTO and the crypto market at large and enjoy sharing/discussing my conclusions. It’s really hard to find well thought-out criticism for most projects (especially smaller ones), so I guess I am just trying to be the change I want to see in the world. Also never mentioned another project here without being explicitly asked to first for whatever that’s worth. DID/VCs are a perfect example of what I’m taking about with LTO though: yes, they are a super cool application that is starting to see some uptake (which is legitimately impressive! Good job team), but there are also DOZENS of DID/VC projects out there. Are you able to tell me how LTO is doing compared to the other leaders in the space, or are you celebrating their achievements in a vacuum? Same with all their NFT stuff - there are onchain NFT solutions now, self custody isn’t that amazing compared to other solutions that have arisen.

Commented by /u/biketourthrowaway in /r/LTONetwork on April 15, 2022 13:10:21

One thing to keep in mind is that we are leaving the era of potential and entering the era of adoption. Memecoins are memecoins and they will rise and fall because people love gambling and narratives, but legit projects that are actually trying to build something are fully launched now and starting to build network effects. Remember that token value is related to network activity - you pay for block space with tokens. LTO transactions declined and then flattened while other projects have been growing for years now. Why would LTO be valued highly against them when there is no demand for the token? Check my other comment in the thread for suggestions.

Commented by /u/biketourthrowaway in /r/LTONetwork on April 14, 2022 14:04:42

Dead project, pretty sure most of the team left. Also no need for a token - validating documents on chain can be done by anyone using any blockchain while receiving anything as payment.

Commented by /u/biketourthrowaway in /r/LTONetwork on April 13, 2022 19:24:35

>the project is still early and it requires integration of large business companies for it to succeed - which I think will happen, but question is when? Read through this and decide for yourself:

Commented by /u/biketourthrowaway in /r/LTONetwork on April 13, 2022 19:21:29

Dusk Network - zero knowledge blockchain (ie fully private transactions at the protocol level) targeting tokenized securities. They are by far the most advanced ZK project and are the only project who are capable of meeting the criteria required for issuing securities. GDPR compliant and already have a Dutch securities trading license. I actually found out about them through an LTO partnership. OriginTrail - multichain decentralized knowledge graph targeting supply chain. Huge partnership with BSI with new usecases dropping regularly. Arguably some of the highest profile partnerships in crypto, just not with organizations that anyone has heard of so no one cares. Here are some community resources: GET Protocol - whitelabel NFT ticket platform. Over 1.5M sold on chain to date and scaling up aggressively with lockdown measures ending.

Commented by /u/biketourthrowaway in /r/LTONetwork on April 13, 2022 19:08:12

A piece of advice that has served me well over the years is "never marry your bags". You should be reevaluating your crypto investments every few months at the minimum - the space is incredibly fast moving and it is very easy for a project to fall behind or fail to gain traction. I have jumped in to many projects over the years that had cool ideas but just failed to implement them well or build up a strong userbase, and thankfully since I was in the habit of checking up on them regularly I was able to recognize the signs before they started bleeding out. This isn't a team sport, it's fine to change your mind and sell in order to pursue a new opportunity,

Commented by /u/biketourthrowaway in /r/LTONetwork on April 13, 2022 19:00:56

Re: #3 Because LTO isn’t actually decentralized - if LTO the company runs out of financial runway before the project succeeds the network effectively dies on the vine. There aren’t any other parties maintaining the code base - if they run out of money to pay Arnold and he walks expect to see a -99% drop in price as soon as the news breaks. They aren’t obligated to reveal anything as a private company, but it is a very fair thing to worry about as an investor.

Commented by /u/biketourthrowaway in /r/LTONetwork on April 13, 2022 15:21:01

I really chewed on my decision to get out - I followed the project for years and was very heavily invested. It was really a death by a thousand cuts for me - the early promises of MoM job growth that never materialized, jobs being flat for a year, the original tokenomics being so poorly conceived that they had to be completely redesigned (no dynamic pricing based on token value), the transition to crypto hype marketing and away from a straight B2B play, team wondering how they can get devs to build on their platform (spoiler: they probably can’t, other platforms have multi million/billion dollar dev incentive funds), all the new partnerships seeming very small in scale/probably subsidized, and I could go on. But honestly the biggest for me was learning more about other projects in the space and realizing how much real competition they have. LTO may have a novel approach, but they are far from being the only players in any of the niches they are targeting and are arguably spreading themselves way too thin trying to do so many things. They have very limited dev resources and are trying to add use cases that huge VC funded projects are individually targeting. They are a tiny fish in a massive pond, and so far they haven’t been punching above their weight at all. Overall I think they could still do ok, but they don't feel like the best bet in the space anymore. I still check in every now and then to see how things are progressing but otherwise no regrets moving on to projects that are showing more consistent adoption.

Commented by /u/biketourthrowaway in /r/LTONetwork on April 13, 2022 13:49:15

Has it ever been trialed? I understand where you're coming from, but it just feels weird to talk positively about other non Ethereum-adjacent projects in here even if it is technically allowed. It would be interesting to see how a dedicated space changes the social dynamic there.

Commented by /u/biketourthrowaway in /r/ethfinance on April 11, 2022 03:06:06

Would there be any interest in r/ethfinance having a weekly altcoin discussion thread similar to the one on r/bitcoinmarkets? I would love to be able to discuss non-ETH projects with the people in this community, but it feels weird/inappropriate doing it in the daily. Definitely feel like my investment theses could benefit from some constructive criticism, and that there must be people here who have found some legit opportunities that they would be happy to share with the community for further vetting.

Commented by /u/biketourthrowaway in /r/ethfinance on April 11, 2022 02:29:00

It is brutal out there. I really wish there was a more general crypto sub that has the same quality as r/ef to discuss non-ethereum based projects (always feel weird bringing up alts here), but I have given up on finding it. I wonder if a weekly "altcoin general" thread like they have on r/bitcoinmarkets could ever find traction here

Commented by /u/biketourthrowaway in /r/ethfinance on April 11, 2022 00:36:09

Thanks for putting this together! This is my first NFT and I'm glad it was something meaningful. Love this community, best crypto discussion to be found on Reddit bar none.

Commented by /u/biketourthrowaway in /r/ethfinance on April 11, 2022 00:33:29

Not disclosed yet, but I imagine there will be some kind of form of sign up process where you self-identify your wallets

Commented by /u/biketourthrowaway in /r/OriginTrail on April 9, 2022 19:43:33

Depends if they list OTP - I hope they will but it isn’t guaranteed. Have then been supporting parachain auctions thus far?

Commented by /u/biketourthrowaway in /r/OriginTrail on April 9, 2022 16:47:13

Tied to SIM plus name, so unless they sold you an ID along with the SIM it wouldn’t do you much good.

Commented by /u/biketourthrowaway in /r/CryptoCurrency on April 9, 2022 13:35:06

>will i still receive these OTP tokens? You will almost certainly not, Kucoin is not obligated to give you any airdrops. Definitely withdraw to your own wallet before the auction begins.

Commented by /u/biketourthrowaway in /r/OriginTrail on April 8, 2022 22:33:57

>15 % bonus for Strategic supporters >25.000+ DOT contributions >10.000 TRAC wallet holders >Participants in staking at Starfleet phase kick-off (finished) That's just for the 15% bonus for people who stake DOT in the auction

Commented by /u/biketourthrowaway in /r/OriginTrail on April 8, 2022 22:32:13

Hilariously Polkadot’s creator (Parity Technologies) is a private for profit company that also accepts fiat payments to build out custom software. You are conflating the protocol (which only accepts tokens) with the teams building them (who can hire out extra programmers to build our custom software for clients). They are not the same thing, and teams accepting fiat for dev services does not remove incentives to use the token to pay for network services. If anything it increases them as it enables more users to interact with the protocol.

Commented by /u/biketourthrowaway in /r/OriginTrail on April 6, 2022 15:00:30

Figuring out how to buy promising coins before they are widely available is how you make huge gains. Definitely worth the effort!

Commented by /u/biketourthrowaway in /r/CryptoCurrency on April 5, 2022 10:06:46

Re: #3 Over 1.5M NFT tickets sold and growing quickly. Definitely worth reading up on!

Commented by /u/biketourthrowaway in /r/ethfinance on April 5, 2022 09:26:21

El Salvador doesn’t peg though, their currency is literally the USD. China could change the peg at any time.

Commented by /u/biketourthrowaway in /r/FluentInFinance on April 4, 2022 16:36:42