Survivalist Forum banner
701 - 720 of 723 Posts

·
Registered
Joined
·
1,438 Posts
@evilwhitey

I was reading one of these bitcoin threads and I had a thought that maybe you could digest better than I can.

Lets say power goes out, would it be possible to have a personal L2 that allows you to create paper wallets like cash that someone can redeem when they get access to the L1 network again? Makes me wonder if in addition to a public and private key, it might require a key that is generated with the two private keys to make it secure and unknown to both parties.

I don't think it's a good idea, I'm just wondering if it's possible.
 

·
Registered
Joined
·
1,438 Posts
Might have to lock the L1 tokens up in to your L2 "network" with a contract before power goes out for the balance to be guaranteed to whomever you paper wallets to, maybe the L2 contracts are decentralized to prevent tampering, but only consume gas once to publish.
 

·
GrowingFromScratch.com
Joined
·
3,824 Posts
Seven minutes of Saylor dogging on ETH.

 

·
Registered
Joined
·
2,139 Posts
Discussion Starter · #704 ·
Seven minutes of Saylor dogging on ETH.

I'm not a Saylor hater, but lets be honest, Saylor was firmly in the anti-Bitcoin camp until just a few years ago. The guy was extremely late to the game (~ 8 years or so) seeing the vision of Bitcoin and is likely 3-4 years away from understanding and appreciating Ethereum.

A ton of his rants about Bitcoin are just word salad, half truths, or in some cases just flat untrue and I'm still not sure he actually understands Bitcoin as a protocol and how it actually works. In the meantime contrast Saylor and his rigid, aggressive, head in the sand stance with Vitalik. In general Vitalik is simply positive, doesn't feel threatened by competition, innovation, change, etc. and understands technology (not just blockchain) and game theory orders of magnitude deeper than Saylor, and I believe would still run circles around him in economics, banking and even politics.

Again, no hate for Saylor, I'm grateful for the exposure and legitimacy he has helped build for the space, but he's best taken in small, short, spot on sound bites rather than big picture discussions. The dude has diamond hands and one mode "buy the top" so long term he'll either make it big and be proven a mad genius or go down in flames and be known as someone who couldn't see the forest for the trees.
 

·
Registered
Joined
·
2,139 Posts
Discussion Starter · #705 ·
@evilwhitey

I was reading one of these bitcoin threads and I had a thought that maybe you could digest better than I can.

Lets say power goes out, would it be possible to have a personal L2 that allows you to create paper wallets like cash that someone can redeem when they get access to the L1 network again? Makes me wonder if in addition to a public and private key, it might require a key that is generated with the two private keys to make it secure and unknown to both parties.

I don't think it's a good idea, I'm just wondering if it's possible.
Might have to lock the L1 tokens up in to your L2 "network" with a contract before power goes out for the balance to be guaranteed to whomever you paper wallets to, maybe the L2 contracts are decentralized to prevent tampering, but only consume gas once to publish.
In this scenario there's no power anywhere?

What you're describing is basically how cross-chain transactions work now or in a way even BTC transactions on LN. Each chain has a multisig that essentially does what you're describing now. For example, if you want to transact ETH on the SOL network, you would essentially deposit your ETH into an multisig address representing "ETH on SOL". On the SOL blockchain you would receive credit for "ETH on SOL" for the same amount you deposited. Your ETH on the Ethereum blockchain is locked and you're unable to do anything with it until that multisig address receives instruction from the SOL network saying "hey, Loves Chickens is transferring this much ETH (could be more or less than the ETH you deposited depending on what you did on the SOL network) back to the Ethereum network. At that point you can use it again.

The problem is it would have to be a custodial solution, would have to have ETH (or other assets) deposited first, and would have a lot of points of failure. No electricity means everything on the L2 (realistically it doesn't even need to be an L2, it could just be a multisig address) would have to be done by hand and would be subject to error. Maybe I'm wrong and missing something.
 

·
Registered
Joined
·
1,438 Posts
In this scenario there's no power anywhere?

What you're describing is basically how cross-chain transactions work now or in a way even BTC transactions on LN. Each chain has a multisig that essentially does what you're describing now. For example, if you want to transact ETH on the SOL network, you would essentially deposit your ETH into an multisig address representing "ETH on SOL". On the SOL blockchain you would receive credit for "ETH on SOL" for the same amount you deposited. Your ETH on the Ethereum blockchain is locked and you're unable to do anything with it until that multisig address receives instruction from the SOL network saying "hey, Loves Chickens is transferring this much ETH (could be more or less than the ETH you deposited depending on what you did on the SOL network) back to the Ethereum network. At that point you can use it again.

The problem is it would have to be a custodial solution, would have to have ETH (or other assets) deposited first, and would have a lot of points of failure. No electricity means everything on the L2 (realistically it doesn't even need to be an L2, it could just be a multisig address) would have to be done by hand and would be subject to error. Maybe I'm wrong and missing something.
In the scenario I was thinking about was a local blackout, where the network is still secured you just don't have access to it. I was thinking of a local L2 that isn't decentralized and my portfolio becomes the entire circulating supply locked on the L1 network wherever it is still running. Allowing someone to generate a wallet address with a balance for no gas because there's just one node. Your personal L2 token becomes like a stable coin for yourself and the only way for you to access the deposited funds is to issue yourself a paperwallet with the remaining balance when you get L1 access again. To me, it seems like the only way to do that would to have a 3rd type of key that is totally unknown, but always verifiable.

To make it trustless there would need to be a ways for a stranger to meet another stranger and compare L2 chains and see each others deposit contract. Knowing balance wouldn't be possible, but the integrity of someone's deposit contract could determined. Such that before power is lost there is a synching that happens like once a day so populate the personal L2 chain with contract information for verification.

I'm kind of brain vomitting here, I don't mean to make you talk to me about it. I could be saying something completely moronic.
 

·
GrowingFromScratch.com
Joined
·
3,824 Posts
I'm not a Saylor hater, but lets be honest, Saylor was firmly in the anti-Bitcoin camp until just a few years ago. The guy was extremely late to the game (~ 8 years or so) seeing the vision of Bitcoin and is likely 3-4 years away from understanding and appreciating Ethereum.

A ton of his rants about Bitcoin are just word salad, half truths, or in some cases just flat untrue and I'm still not sure he actually understands Bitcoin as a protocol and how it actually works. In the meantime contrast Saylor and his rigid, aggressive, head in the sand stance with Vitalik. In general Vitalik is simply positive, doesn't feel threatened by competition, innovation, change, etc. and understands technology (not just blockchain) and game theory orders of magnitude deeper than Saylor, and I believe would still run circles around him in economics, banking and even politics.

Again, no hate for Saylor, I'm grateful for the exposure and legitimacy he has helped build for the space, but he's best taken in small, short, spot on sound bites rather than big picture discussions. The dude has diamond hands and one mode "buy the top" so long term he'll either make it big and be proven a mad genius or go down in flames and be known as someone who couldn't see the forest for the trees.
I’ve only just started watching some Saylor. Was just surprising to hear him be so BTC or nothing. Haven’t heard anyone else take such a rigid line.
 

·
Registered
Joined
·
2,139 Posts
Discussion Starter · #708 ·
I’ve only just started watching some Saylor. Was just surprising to hear him be so BTC or nothing. Haven’t heard anyone else take such a rigid line.
Saylor preaches his bags just like Peter Schiff shills gold, and just like Schiff he isn't open minded.
 

·
GrowingFromScratch.com
Joined
·
3,824 Posts
How do others take profits on BTC and ETH? Do you merely convert to fiat? Or are there better alternatives? Are the crypto debit cards the way to go instead?
 

·
Registered
Joined
·
2,139 Posts
Discussion Starter · #711 · (Edited)
How do others take profits on BTC and ETH? Do you merely convert to fiat? Or are there better alternatives? Are the crypto debit cards the way to go instead?
I went into cash with a tiny portion of my stack because I had some real world stuff I wanted to pay for but curious to hear the answers people give.
 

·
Registered
Joined
·
480 Posts
How do others take profits on BTC and ETH? Do you merely convert to fiat? Or are there better alternatives? Are the crypto debit cards the way to go instead?
I haven’t taken profits on either…and I‘m quite a bit away from profit taking territory at this point lol. The other alt coins I have taken profits on were just swapped.

I would imagine just selling and converting to fiat is the only way. If you wanted to hold that money in reserve then you could always convert to USDC and stake it for 8 - 10%.

I have a crypto debit card and you still have to sell your crypto and then can withdraw on your card. Not really worth it except for emergencies I suppose. I’d just transfer back to my bank if I needed the money. There are different ATM withdrawal limits on the crypto . com cards depending on your level. I really only got the card for the higher staking percentages that come with it, as well as some perks.
 

·
GrowingFromScratch.com
Joined
·
3,824 Posts
Thanks, was wondering if it made sense to move them into a stable coin instead if you didn't have an immediate expense needs.
 

·
Registered
Joined
·
480 Posts
Thanks, was wondering if it made sense to move them into a stable coin instead if you didn't have an immediate expense needs.
I think the interest earned on stable coins is the best thing that’s happened to savings accounts in a really long time. Just remember if you are moving USDC around then gas fees will apply.

Not an advertisement…..On crypto . com with the lowest tier, for USDC you get 10% if locked up for 3 months, 8% for 1 month, or 6% for any time period. These rates are simple interest only meaning 10% over 1 year which would really be 2.5% increase for a 3 month period. So you could compound that at the end of each period.

I think there are some higher rates out there, especially in Defi, but I‘m just not comfortable with it yet. As much as I like the idea of it, I do like the relative perceived safety of a centralized exchange.…as anti-crypto as that may sound.
 

·
GrowingFromScratch.com
Joined
·
3,824 Posts
Does it seem to anybody else that this is the calm before the ETH storm? I suspect many hoped it would dip prior to the merge, and it has. Most of my DCAs are several X of what I had been buying prior to the slide. Hope this accumulation pays off.
 

·
Registered
Joined
·
2,139 Posts
Discussion Starter · #717 ·
Does it seem to anybody else that this is the calm before the ETH storm? I suspect many hoped it would dip prior to the merge, and it has. Most of my DCAs are several X of what I had been buying prior to the slide. Hope this accumulation pays off.
Yes, absolute calm before the storm but I would caution that the next year is still going to be very bumpy. Long term, I'm confident in ETH, but fully expect a lot of volatility as the merge approaches and if/when Bitcoin dumps more. Still early days for Ethereum but fundamentals get better by the day.
 

·
GrowingFromScratch.com
Joined
·
3,824 Posts
The impression I get from the various Youtubes is that we should see $10K - $20K from the merge and then a sizable drop off shortly thereafter. Buterin was even chiming in with a projection of $14K. Lots of factors though, so time will tell how it plays out.
 

·
Registered
Joined
·
2,139 Posts
Discussion Starter · #719 ·
The impression I get from the various Youtubes is that we should see $10K - $20K from the merge and then a sizable drop off shortly thereafter. Buterin was even chiming in with a projection of $14K. Lots of factors though, so time will tell how it plays out.
Too many variables to make any solid predictions. Questions I have.

When do staking rewards addresses unlock? Is it the second that the network merges to POS? If so then that's a sizable amount of immediate supply that could be sold off.

When do validators unlock so that people could unstake and potentially sell? We know that it will be phased in a queue just like adding validators, but little is know on the date available to unlock and the rate at which people can unlock. If I remember correctly, 900 validators a day can join the network right now, and at times the queue depth for that has been a month long. I'd think that the number to unlock would ideally be much less than maximum threshold to lock.

These two events will introduce substantial short term sell pressure, that will outstrip the reduction in issuance from EIP-1559 fee burning and the merge to POS. The question is, how substantial and how will the market react to potential dumps.

They could be non-issues. Post merge APY will be in the 10-15% range which makes running a validator very appealing. For all we know a large percentage of people may stake their staking rewards and few may spin down validators.

Long term, once those two bumps in the road are crossed, L2s ecosystem becomes more robust and adoption continues, I absolutely see 10-20k ETH by ~ 2024. If all the dominoes fall into place I can see a path to 100k ETH by 2030 if Ethereum can actually deliver on it's promises.
 

·
Registered
Joined
·
5,579 Posts
Not an advertisement…..On crypto . com with the lowest tier, for USDC you get 10% if locked up for 3 months, 8% for 1 month, or 6% for any time period.
How are they making money? That is an astronomical % for a stablecoin. The more I look at crypto.com the more red flags I see.
 
701 - 720 of 723 Posts
Top