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 Bitcoin and other Cryptocurrencies, Comprehensive guide on first page.

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Enigmatic
post Nov 23 2020, 12:58 PM

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QUOTE(wengherng @ Nov 22 2020, 08:36 PM)
I encourage you to read the information on the first page.
Some of the information is outdated, but a lot of it is still pertinent and still applies.
When dealing with cryptocurrencies, it is absolutely crucial that you know what you are doing, otherwise it is highly likely that you will lose money.
Good luck.
*
A name I have not seen in a long time. Hope life is treating you well. smile.gif
Enigmatic
post Nov 23 2020, 10:21 PM

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QUOTE(wengherng @ Nov 23 2020, 10:15 PM)
Thanks mate, I hope all is well with you and your family as well, especially in such uncertain times as now.
I have not been accessing LYN actively anymore, for various reasons......in fact I do not recognise most of the names here on this thread at all.  sweat.gif
I also see that some of the "old gang" are no longer active in this thread, like kmarc and WooTz.
Maybe they will come out of hibernation when the crypto market warms up a bit more.  tongue.gif
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WooTz is fully retired, living his dream hermit life I guess. smile.gif Hope Kmarc is doing fine too, wherever he is.

All is good - the last three years had been amazing. Heads down tinkering and building throughout the bear market, and for the past year working on something most of you here are using on a daily basis.

Am expecting for this market cycle to be a blast.
Enigmatic
post Nov 24 2020, 01:41 AM

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Nearly 220M USD worth of ETH in the beacon chain deposit contract already.

https://etherscan.io/address/0x00000000219a...cbe05303d7705fa

Another 140k ETH needed (524,288ETH needed in total). 20++ hours more to go for the first batch of validators to be included in the beacon chain Genesis.

Exciting times ahead!

This post has been edited by Enigmatic: Nov 24 2020, 02:18 AM
Enigmatic
post Nov 24 2020, 08:25 AM

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QUOTE(Andrew Lim @ Nov 24 2020, 03:49 AM)
I wish I could participate in the ETH staking. But I'm  small fry only, 32 ETH is a lot of money for me to lock away for 2 years. biggrin.gif
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Don't worry if you don't have 32ETH to participate, or if you are not technically savvy enough to join! Keep your eyes on solution providers such as Rocket Pool, Ankr, Attestant, and a couple others coming from Consensys and exchanges - they'll allow you to stake fractionally, tokenise your stake share so you can take a loan against it/sell or spend the tokenised share.
Enigmatic
post Nov 24 2020, 10:25 AM

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QUOTE(jack2 @ Nov 24 2020, 10:15 AM)
What is the yield to stake 32ETH?
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You can give the figures a count using a staking calculator: https://beaconscan.com/staking-calculator
Enigmatic
post Nov 24 2020, 10:28 AM

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And we will be seeing the Genesis to the beacon chain now. party.gif

Minimum of 524,288ETH achieved.

user posted image

This post has been edited by Enigmatic: Nov 24 2020, 10:28 AM
Enigmatic
post Nov 24 2020, 10:30 AM

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QUOTE(jack2 @ Nov 24 2020, 10:28 AM)
wah? 2eth per daily?
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You'll need to enter the total network staked amount - Currently it is 0 since the chain is still pending for Genesis. Try scaling it from 524,288 onward, different numbers, to have a feel. The more people staking, the lesser you'd get.
Enigmatic
post Nov 24 2020, 10:59 AM

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QUOTE(jack2 @ Nov 24 2020, 10:49 AM)
Is it staking in our own wallet or it needs to transfer to their wallets?

I have 150 ETH
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No wallets involved - It's a deposit to the deposit contract. You own and manage the withdrawal keys yourself to withdraw to the beacon chain.

Have a read here:
https://launchpad.ethereum.org/overview
Enigmatic
post Nov 26 2020, 05:19 PM

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Enigmatic
post Nov 27 2020, 10:03 AM

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QUOTE(icemanfx @ Nov 27 2020, 09:58 AM)
About 2% of the anonymous ownership accounts that can be tracked on the cryptocurrency’s blockchain control 95% of the digital asset, according to researcher Flipside Crypto.

https://www.bloomberg.com/news/articles/202...market-meltdown
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Welcome back. smile.gif
Enigmatic
post Dec 2 2020, 02:26 AM

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Three years of cumulative work, and the beacon chain is now chugging along.

https://beaconscan.com/

Still can remember late 2017 when I was first studying the initial specs of the beacon chain. Then going through the Prysm source codes some time end of 2018. Then running one of the test releases end of 2019.

And today we have Teku, Lighthouse, Nimbus.

Many more exciting + productive years to come for ETH2.0!
Enigmatic
post Dec 19 2020, 11:54 PM

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QUOTE(Andrew Lim @ Dec 19 2020, 10:59 PM)
Guys, you remember user TheRealist ?
Seems like he deleted all his old anti-Bitcoin/crypto posts. biggrin.gif
Now cannot see his classic posts except where we quoted him, like here.
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He comes and he goes. Just like his previous alt accounts. smile.gif

Anyhow, it's always great that every once a while naysayers come by, and we look back at what we have done, how much we've achieved, and what more we still can do to improve.

I know I will for a fact step back from this field if it turns so perverse to the extent it no longer is able to achieve its original intentions (or at least what I intend it for the world). smile.gif
Enigmatic
post Jan 3 2021, 11:53 PM

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QUOTE(xenith @ Jan 3 2021, 11:18 PM)
For asian region, the next hope could be Velo which aim to make borderless money transfer. The investor behind seem to be Thai CP Group is not mistaken.
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No. Highly redundant systems are *especially* bad for high speed payment systems. None of the SWIFT-near-instant-settlement payment systems use blockchain, and payment systems with blockchains had been worked to death through 2016-2019 and is non-feasible each time it pops up.

Even more so if it has a token.
Enigmatic
post Jan 4 2021, 01:07 AM

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QUOTE(xenith @ Jan 4 2021, 12:46 AM)
Correct because bank does not want blockchain to disrupt their system. In my opinion, velo could be something to kiv since their owner own 7eleven . Maybe they would have a way to launch in Thailand first and then slowly expand to nearby countries. But definitely not able to penetrate malaysia. Haha. Here monetary institution want to control everything yet helang got their own way.

I'm just shared this project but please do your own research before invest in any crypto ya.
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Nah... It's inherently technical, not political. If there's actual savings, banks will jump on it.

Redundancy = higher cost from an infrastructure and maintenance PoV
Higher redundancy = higher latency, slower settlement speeds

Also the benefits from being on a public blockchain doesn't apply to banks - Since privacy is an issue for public infrastructures. So it all goes down to being private chains, which has the aforementioned issues and offers little to no benefit over current day systems. And yes, even VCs and billionaires/multimillionaires invest in the wrong stuff. I've consulted several.

If there's anything which is interesting, check out AlphaFinance. Funded by the Siam Commercial Bank venture arm SCB 10x which leverages on actual open infrastructure (Ethereum) to produce new primitives and efficiencies across decentralised finance applications. Actually, don't even bother with their token; just use their product, it's amazing.


Enigmatic
post Jan 12 2021, 01:30 AM

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QUOTE(Enigmatic @ Nov 26 2020, 05:19 PM)
user posted image
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This would be apt.

Just another day in the markets. smile.gif
Enigmatic
post Feb 2 2021, 11:07 PM

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QUOTE(warrior @ Feb 2 2021, 07:21 PM)
Let see if EIP 1559 for ETH can be implemented successfully as miners are against it.
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Tbh, I am convinced it won't be implemented this year. It may make it as part of the fee market once current ETH1 is merged into ETH2, but as how it stands currently, I have very little doubt it won't be voted in by the miners.
Enigmatic
post Feb 3 2021, 12:09 AM

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QUOTE(warrior @ Feb 2 2021, 11:37 PM)
personally i hope both parties must come to agreement for better eth future, miners don wanna give up their gears and eth dev was blamed with high network fee, not to mention polkadot, cadano etc chasing from behind.
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Actually... EIP1559 doesn't solve high gas fee issues. In a nutshell it allows for the fee market to be far more predictable during off-peak situations, so one does not overpay. Also helps prevent a particular case of miner extractable value (where tx inclusion fees are being paid outside the blockchain),

During peak demand, the worst case is still status quo, as there would still be a tipping/bidding war over time (then the base fee catches up, etc). Albeit there is an explicit value accrual mechanism for ETH holders now that more ETH will be burnt as usage of the network increases.
Enigmatic
post Feb 4 2021, 02:32 PM

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QUOTE(warrior @ Feb 4 2021, 01:50 PM)
what makes you think it will burst? what you think the high interest came from?
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The high interest/yield comes from either incentives inflationary to the core protocol (basically new money flowing into the system), or due to capital/allocation inefficiencies. This for sure will not last into a bear market cycle.

DeFi by itself is not going anywhere though. Too good. Many have went through tribulations of the previous bear cycle (and likewise was born out of!), withstanding the test of time.
Enigmatic
post Feb 5 2021, 12:50 PM

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QUOTE(vanitas @ Feb 5 2021, 12:03 PM)
Perhaps AAVE coin is limited.

Anyway, the following comment from Reddit captured my mind about Defi especially lending and borrowing:

"Picture this. I have 1 eth and use it as collateral to get 1000 DAO (very low interest rate when borrowing it) . I exchange that to get 0.75 eth. Now I use that as collateral to get 750 DAO.

Overall I now have 1.75eth under my name used as collateral and it's worth 1750. I can do this so many times I end up with 7 or a little more eth depending on what I'm borrowing.

This sort of leverage lets me create demand for eth that isn't there. If I'm a big enough fish, I can make the price go up. With these low interest rates for borrowing sertain currencies I don't need the price to go up by loads. Even 4% can do.

This is one thing. The other which I find more concerning is that I can lend USDC for something like 7% interest. This shows that there is a great demand for borrowing USDC but when you look at it, almost no one is spending that USDC to pay bills. They are giving eth as collateral for example. Imagine now that the price of eth drops down fast and the protocol that is keeping it as collateral tries to sell it to buy back the USDC which you lent. When it does that it makes the price of eth to drop down further, making other protocols to do the same. And at some point the eth doesn't cover the USDC borrowed. The people who's USDC isn't covered will get fucked.

Perhaps in not understanding something. Explain to me if that's the case😁"
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The first part you're talking about is a very normal market activity - It's call leveraging long. Except that with the described DeFi protocol you cannot borrow more than what you've supplied and subsequently your leverage is limited (unlike in exchanges which offers 10x, 20x, 100x etc).

Well ok, caveat being the protocol Andre is working on which allows one to buy on margin, but I haven't checked it out myself (sorry Andre): https://twitter.com/AndreCronjeTech/status/...776635744178176

ADD: dYdX allows you to trade on margin too. Totally forgotten about them lol.

The second part you're describing is a protocol risk, and in worst case scenario is considered a black swan event. Different protocols takes on different risk parameters to prevent from ever reaching this black swan event, e.g. by ensuring collateral ratio being high enough, by ensuring liquidation of vaults/positions are as simple + rewarding as possible, etc and in the case where there is an actual black swan event, different protocols employ different backstops, e.g. Maker token holders take on the (pricing) risk as MKR is liquidated to ensure the system is no longer undercollaterised. And that had happened before (https://blog.makerdao.com/mkr-debt-auction-announcement-and-details/).

This post has been edited by Enigmatic: Feb 5 2021, 12:51 PM
Enigmatic
post Feb 5 2021, 06:45 PM

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QUOTE(vanitas @ Feb 5 2021, 05:55 PM)
I am also holding some eth, but i don't feel eth 2.0 can solve this issue too.
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Why do you think so?

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