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Daily General Discussion – September 5, 2021

**Welcome to the Daily General Discussion on Ethfinance**

[https://imgur.com/PolSbWl](https://imgur.com/PolSbWl) **Doot! Doot!** 🚂 🚂

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This sub is for financial and tech talk about Ethereum (ETH) and (ERC-20) tokens running on Ethereum.

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**Ethereum 2.0 Launchpad / Contract**

We acknowledge this canonical Eth2 deposit contract & launchpad URL, check multiple sources.

0x00000000219ab540356cBB839Cbe05303d7705Fa
https://launchpad.ethereum.org/

**Ethereum 2.0 Clients**

The following is a list of Ethereum 2.0 clients. [Learn more about Ethereum 2.0 and when it will launch](https://ethereum.org/en/eth2/)

|Client|Github (Code / Releases)|Discord|
|:-|:-|:-|
|Teku|[ConsenSys/teku](https://github.com/ConsenSys/teku/releases)|[Teku Discord](https://discord.gg/7hPv2T6)|
|Prysm|[prysmaticlabs/prysm](https://github.com/prysmaticlabs/prysm/releases)|[Prysm Discord](https://discord.gg/KSA7rPr)|
|Lighthouse|[sigp/lighthouse](https://github.com/sigp/lighthouse/releases)|[Lighthouse Discord](https://discord.gg/cyAszAh)|
|Nimbus|[status-im/nimbus-eth2](https://github.com/status-im/nimbus-eth2/releases)|[Nimbus Discord](https://discord.com/invite/XRxWahP)|

**PSA: Without your mnemonic, your ETH2 funds are** [**GONE**](https://old.reddit.com/r/ethstaker/comments/k5kmnz/psa_without_your_mnemonic_your_eth2_funds_are_gone/)

**Daily Doots Thread #1** [**Archive**](https://old.reddit.com/r/ethfinance/comments/kewj8d/2020_daily_doots_master_thread/)

**Daily Doots Thread #2** [**Archive**](https://old.reddit.com/r/ethfinance/comments/o0v9l1/daily_doots_thread_2_stardate_june_15th_2021/?)

[https://gitcoin.co/hackathon/dgov/onboard](https://gitcoin.co/hackathon/dgov/onboard) – Work with top DAOs and tooling [https://gitcoin.co/hackathon/open-defi-2/onboard](https://gitcoin.co/hackathon/open-defi-2/onboard) – Tons of bounties from DeFi projects like Badger, Cream, 1inch, and many more.

EY New York Regional Summit September 14th: [Register Here](https://web.cvent.com/event/faedcbfe-0012-4225-bda1-ad6b319c4c7e/confirmation:1c323c90-90ef-45ed-9bc9-146db4f5c881?rt=LpFxVMfU7kSWAVW4sUhA7g&mkt_tok=NTIwLVJYUC0wMDMAAAF-1-uUT4yvBFKGb0GI9m1CbIwv2UowL4NOGzeyuUWCYkAv6qV0DypWhZNzUp_fzR3NKVByIWNrA8yOTQQ4-FQ)

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34 Comments

  1. From Charles Interview:
    >42:15 “Reddit won’t agree, Telegram won’t agree, Twitter won’t agree, guys it’s noise and it’s FUD.” Reddit, Twitter and Telegram have some knowledgeable people on them if you filter out the noise. Can’t just deflect all criticism like that.

    Pre-emptive, mental mind games via gaslighting is a tried an true method for forming cult like mentality.

    By providing a response in the already invested mind you gaslight an escape route mentality for any criticism. (which is solidified further via the sunk cost fallacy)

    If more people used logic, reason and weren’t so prideful in their own mental acuity our world would be a better place.

  2. As a vocal critic of LOOT, I applaud the community for extending it with MLOOT, something that’s actually accessible for everyone, although it would have been better building this in L2 as gas is still high in L1. Still, this lowers the barrier to entry and having an inflation schedule makes it better for everyone to come. That being said, having $AGLD being the governance token still doesn’t make sense to me as only the LOOT holders have the majority vote. They voted no dilution at the same time no inflation to MLOOT holders. Yes, creating an ecosystem gatekeeped by a few. I’m not gonna be surprised if there will be a fork

  3. Might be unpopular opinion but I think ETH can only pull this market up so far alone. BTC has been coiling lately and if it explodes it’ll take this bull run to another level. I’d rather lose a bit on the ratio but have ETH at $6k than to see ETH pump on the ratio hard while BTC stagnates, because that would be a classic overly greedy market.

    I have never had any BTC

  4. Since I live in EU and have fairly large unrealized ETH gains, I have been looking at which countries are good to exit in, in order to pay less in tax.

    * Germany, no CGT after 1 year on crypto, UNLESS you staked which increases the time to 10 years on the whole stack (not a typo). This is according to guidelines, not determined in court yet.

    * Portugal, no CGT unless it is considered permanent business activity. From what I have read, the local IRS are not very consistent and you may or may not have to pay tax.

    * Slovenia, same as Portugal. Also ambiguity in regards to what is a permanent business activity with no clear guidelines.

    * Netherlands, no traditional CGT, instead a quite small “wealth tax every year”. If the gain is regarded as your primary source of income, then you pay income tax on it (very high tax).

    With today’s info I don’t think you can be 100% sure not to tax in any country above for a staker. I think Netherlands might be the lowest risk, especially if you find some job to do there. Also possible to try and ask the IRS for guidelines beforehand. Anyone found anything better?

  5. As much as I dont like Cardano, I cant just believe that their team (and Charles who’s clearly not stupid if somewhat obnoxious) hasnt thought this through. Are we not simply cherrypicking here with some low level dapp on their network that fucked up their design?

  6. This whole Cardano situation is both astonishing and reassuring to witness. I fall in the ETH maxi camp by many criteria, not because I’m against other chains, but because other chains keep proving they have got nothing on Ethereum.

    As we’ve seen several times, the average user doesn’t care about decentralisation if there is money to be made. Hence the rise of BSC, Polygon, Cardano, … but it does matter _a lot_ if you ever want to be seen as an incorruptible, unstoppable chain for critical applications.

    It amazes me how few people understand that it does not matter _at all_ if your chain is faster and/or cheaper if it’s achieved by adding _any_ centralising elements to achieve the same basic functionality Ethereum does.

    Business/enterprise/organisations/governments simply will _not_ adopt it if it means depending on the integrity, centralised servers/relayers, … by some developer anons somewhere in the world because this literally removes the selling proposition of this technology entirely!

  7. For those who missed it, Arbitrum has a very good (and accessible) article on [interactive fraud proofs](https://medium.com/offchainlabs/interactive-fraud-proofs-arbitrums-secret-sauce-debc3b019418). Looks like Optimism is pivoting to this model, but it just feels like too little, too late at this point with programmable zkRs releasing over the next 3-6 months. Both Arbitrum One and Optimism have very high fixed costs currently, and next to no calldata compression. I don’t know why it’s so high, though, but the Offchain Labs team did acknowledge they are working on fixing this. (Note: this is beyond the “low user activity” issue – higher activity will help a lot too.) Each transaction costs ~1,000 gas in calldata for the ECDSA signature, which zkRs have already eliminated. Arbitrum does support BLS signature aggregation, but they can’t enable it because wallets don’t support it yet.

    If you just want to use a rollup for payments, NFTs, DEXs, or any of the application-specific usecases, zkRs are significantly cheaper right now, and there’s no reason to believe they’ll get more expensive when StarkNet and zkSync 2.0 roll out. Hopefully Arbitrum can implement the necessary optimizations by then to close the gap, although zkRs will necessarily remain cheaper for most applications.

  8. While I’m very much enjoying the Cardano schadenfreude recently, especially after [bringing up the issue months ago](https://www.reddit.com/r/ethfinance/comments/nqdun4/daily_general_discussion_june_2_2021/h0a4g8t?utm_source=share&utm_medium=web2x&context=3). I feel like the pendulum has swung a bit too far. There are still a number of dApps that probably won’t have a problem with the EUTxO system at launch or will happily use sub-optimal work arounds which users have time and again showed they don’t care about (*cough* BSC *cough*) and the pendulum will swing back again. Just a feeling though.

  9. 200k ETH burned, 6% of all ETH is staked with the queue building, 26% of all ETH locked in smart contracts, DeFi TVL at all time highs, rollups are deployed and ready to be adopted, the merge is happening within 7 months and makes ETH deflationary.

    It is excruciatingly hard to be bearish on ETH.

  10. On this day…

    In 2020:

    – Sushiswap’s founder Chef Nomi [converts](https://twitter.com/NomiChef/status/1302214292792422401) his share of SUSHI tokens to ETH, to “stop caring about price” and focus on development.
    – Ameen Soleimani [about the Sushiswap “debacle”](https://twitter.com/ameensol/status/1302395863709351936): “it takes longer than a week to build a community; it takes love”.
    – Chef Nomi [gets doxxed](https://twitter.com/tzhen/status/1302362252377350144).
    – Just another day in crypto, and ETH dropping from $387 to $335, (₿0.03684 to ₿0.03298).

    In 2019:

    – Ledger Live [gains support](https://www.ledger.com/ledger-live-securely-supporting-erc-20-tokens) for ERC-20 tokens.
    – Binance [launches](https://www.theblockcrypto.com/post/38607/binance-launching-its-own-usd-pegged-stablecoin-busd-with-paxos-as-custodian) its own USD-pegged stablecoin BUSD, with Paxos as custodian.
    – DeFi Saver [releases](https://medium.com/defi-saver/automatic-liquidation-protection-and-leverage-increase-is-now-live-in-defi-saver-beta-e53b6194b35a) automatic liquidation protection and leveraging in beta.
    – ETH balderdashes between $174 and ₿0.01649.

    In 2018:

    – Coinbase Pro [announces](https://blog.coinbase.com/coinbase-pro-announces-support-for-trading-bitcoin-ethereum-and-other-cryptocurrencies-using-2a8b82c4d19b) support for trading Ether and other cryptocurrencies using the British Pound.
    – The Ethereum Name Service [starts](https://medium.com/the-ethereum-name-service/announcing-support-for-xyz-on-ens-7f5bc7fe1b24) supporting .xyz domains.
    – Mobile Ethereum client Status [joins](https://our.status.im/breaking-change-to-the-status-browser) Token, Metamask and mist in implementing new interoperability, privacy and security standards in line with EIP1102.
    – ETH shaken in its boots between $286 and $232, from ₿0.03886 to ₿0.03466.

    In 2017:

    – ETH looks over the horizon from $294 to $313, back and forth to ₿0.06881 and ₿0.07089.

    In 2016:

    – The DAO hacker [withdraws](https://www.reddit.com/r/ethereum/comments/51bwgd/the_hacker_has_just_withdrawn_their_booty_from/) the DAO funds on the ETC chain and donates 1000 ETC to ETC core devs.
    – The FlightDelay dapp [goes live](http://medium.com/@skarpischek/youll-love-to-be-late-for-devcon-two-e711bbe750c0), an experiment on the Ethereum blockchain to share the risk of a delayed or canceled flight.
    – ETH stagnates at $11.7, ₿0.01932.

    ————-
    [^(compiled with love)](https://pwr.news/blog/on-this-day-in-ethereum-workflow/)

Mining, taking profits, and how crypto helps dreams come true

Daily Discussion Thread for September 01, 2021