$ (ETH) Ethereum - ETH and the Ethereum Project General Discussion

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I'm rather worried about a couple of developments in recent weeks after 2.0 was introduced.

First of all 51% of the blockchain is now officially censored and OFAC compliant (Congratulations to @tulskij_tochnyj for predicting this, I guess). In effect what this means is that most nodes will no longer resolve transactions with smart contracts or wallet addresses sanctioned by the OFAC.
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Copium inhalers are calling this a nothing burger as all it does right now is delay transactions (E.g. when you send null eth censorious nodes will drop the transaction which will then be picked up by non-censored nodes, turning 12 second transactions into 90 second transactions). However, given this is a majority of concensus now, the next logical phase is to step up from censoring and start banning.

Second, eth miners have taken my lunch money and I'm rather MATI about it.

I have a small rig that I use to mine Vertcoin and Monero while I work on other things, it only used to make about 10 dollars a month but after the merge I noticed my daily income mining vertcoin tanked from about 50 daily cents to 10. This is how the hashrate vs the value of vertcoin looks now:
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The thing that makes me mad is that I don't understand what the endgame is here. Being a shitcoin vertcoin's value is determined by a single exchange and as such its' value is unlikely to rise anytime soon. There were talks of the community comming together to have it listed in another exchange asking for 15,000 dollars, which has since gone down the drain because some if not most members want for the tourists to realize it's unprofitable to mine the coin and go away. So what's the play here? Are eth miners tanking the value of shitcoins out of spite or are they just retarded? I honestly don't get it and I don't think I'm the only one in this situation given I've seen coins like raven and firo become unprofitable for small miners over night because of this, which makes me think in turn may cause some PoW coins to lose value rapidly and get unlisted from exchanges, it already happened with Bitcoin Gold in Binance for instance.
 
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XMassAllYearRound said:
So what's the play here? Are eth miners tanking the value of shitcoins out of spite or are they just retarded?
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Probably people just trying to keep the free money train going, or people who bought in too late now trying to desperately grasp and whatever pennies they still can.

Either way, really fun to laugh at them.
 
XMassAllYearRound said:
First of all 51% of the blockchain is now officially censored and OFAC compliant (Congratulations to @tulskij_tochnyj for predicting this, I guess). In effect what this means is that most nodes will no longer resolve transactions with smart contracts or wallet addresses sanctioned by the OFAC.
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Is there a single advantage of Crypto that wasn't discovered to, not only be a lie, but actually have the opposite happen? It's not a monetary system but just speculative stock. It's not based on any economic idea of scaled production, but instead just a regular bank controlled by whales, and now even the freedom from governments is gone. The only thing left is privacy, but from the rate it is going Ethereum transactions will require every side's personal ID and phone number.
 
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XMassAllYearRound said:
I'm rather worried about a couple of developments in recent weeks after 2.0 was introduced.

First of all 51% of the blockchain is now officially censored and OFAC compliant (Congratulations to @tulskij_tochnyj for predicting this, I guess). In effect what this means is that most nodes will no longer resolve transactions with smart contracts or wallet addresses sanctioned by the OFAC.
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It's not even validators, it's mev-boost relays. The most popular mev-boost bundle of builder (builds the block in a way to maximize reward) and relay (collects blocks from builders and offers them to validators, the relay is controlled by a trusted party and can censor/frontrun blocks sent by builders) is Flashbots, which are ran by US Company (OFAC-compliant, of course). 51% figure basically reflects the share of Flashbots-built blocks in the ETH blockchain. Validators can and do include non-compliant blocks, but they have to use mev-boost to maximize block rewards.
IDK why Flashbots are the most popular block builder/relay, non-cucked alternatives could fix this problem, but eventually you'd like to make the whole process permissionless, trustless and plausibly deniable. All these fancy smart contracts and DeFi aren't worth jack shit if they can be censored.
The whole ETH story so far forms perfectly into a trope from cyberpunk fiction, where someone sells his ass to corpos. But at least the nUmBeR gOeS UP, right?
Cryptocurrency undergoes the same important period encryption did in the 90s - normalization in the eyes of public. If cypherpunks wouldn't have been as adamant about open-sourcing and de-weaponizing strong encryption, if Phil Zimmermann wouldn't have printed PGP source code and sold it - we'd have only proprietary government-sanctioned(tm) encryption or no encryption at all. And open-source stuff would have remained on the fringes (exactly where private cryptos are now).
 
XMassAllYearRound said:
Are eth miners tanking the value of shitcoins out of spite or are they just retarded?
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If I had fell to the mining meme and bought a 3090 during at insanity prices only to get POS'd hard I think I would be a little cranky.

Anyway, are gas fees lower now? or I still have to spend insane amounts to send some eth/dai?
 
cybertoaster said:
Anyway, are gas fees lower now? or I still have to spend insane amounts to send some eth/dai?
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As always it kind of depends on the time of day/traffic. Lately when I've been checking to make transactions it's been in the 15-25 range for gwei (as of posting it's right down the middle at 20.) The other day when everyone started freaking out over FTX it was up past 200 lol.
 
So, it sounds like, based on the last page or so, that staking is for long-term only, and might be worse than advertised.

Let's say you have about 1 eth lying around. Opinions on whether it's worth it to join a staking pool for the long haul, or is it too tenuous even now?
 
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HarblMcDavid said:
So, it sounds like, based on the last page or so, that staking is for long-term only, and might be worse than advertised.

Let's say you have about 1 eth lying around. Opinions on whether it's worth it to join a staking pool for the long haul, or is it too tenuous even now?
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Long haul? Probably worth it. I am big mad over my staked Ethereum because the promises made implied I could have sold it months ago. Had I been able too when I sold everything else, I would have doubled my ETH position when I rebought crypto after the FTX crash.

Alas my ETH went along for the ride right off the cliff, and while it will recover and I have made money for nothing staking, that money for nothing is paltry compared to what I could have made had I been able to sell. Hundreds of dollars vs. Thousands. Completely not worth it.

But this is coming from the perspective of a surfer that wants to ride the waves. If you want to just avoid the hassle and drama of trying to guess the ebbs and flows, staking is still good.
 
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Good to know. I mostly want to avoid getting Bitcoined™ with Eth, so ease of selling is not a major concern.
 
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