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Daily General Discussion - November 11, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Be awesome to one another and be sure to contribute the most high quality posts over on /r/ethereum. Our sister sub, /r/Ethstaker has an incredible team pertaining to staking, if you need any advice for getting set up head over there for assistance!

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

453 Comments

2024/11/11
06:00 UTC

169

Daily General Discussion - November 10, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

392 Comments

2024/11/10
06:00 UTC

177

Daily General Discussion - November 9, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

454 Comments

2024/11/09
06:00 UTC

159

Daily General Discussion - November 8, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

290 Comments

2024/11/08
06:00 UTC

170

Daily General Discussion - November 7, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

366 Comments

2024/11/07
06:00 UTC

173

Daily General Discussion - November 6, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

706 Comments

2024/11/06
06:00 UTC

143

Daily General Discussion - November 5, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

198 Comments

2024/11/05
06:00 UTC

142

Daily General Discussion - November 4, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

158 Comments

2024/11/04
06:00 UTC

136

Daily General Discussion - November 3, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

85 Comments

2024/11/03
06:00 UTC

Market risk of a 51% attack on Polymarket

Over the past few days, I did a deep dive into Polymarket's implementation and the current state of the market. Here’s what I’ve found:

UMA is a cryptocurrency protocol that created a system to verify statement accuracy (e.g., 'Trump won the 2024 election'), which they call their 'Optimistic Oracle'. An 'Asserter' can post (assert) this information to the network, staking some cryptocurrency (any approved ERC20 token) alongside the assertion. Anyone who wants to dispute it (the 'Disputer') may do so, typically by matching the Asserter's stake. If a dispute happens, the process escalates to the 'Data Verification Mechanism' (DVM). When it reaches DVM, the tokenholders of UMA decide by vote how the assertion should resolve (i.e., ultimately whether the Asserter or the Disputer receives the staked currencies). They do this with one vote per UMA token.

Polymarket operates as a separate contract on the blockchain that interacts with UMA. The API allows users to create betting markets, bet on them, and perform various tasks. The Polymarket API also allows users to propose and dispute the outcomes of the betting markets when they end, costing about $750 to assert, and then another $750 to dispute. If there is a dispute, it gets escalated to UMA's DVM system. Disputes rarely happen because the DVM works. Typically, nobody has any incentive to lose their $750. This clever solution allows them to run a completely decentralized betting market that cannot be shut down.

However, the market cap of UMA is only about $200m as of writing this post. A 51% attacker would need to own approximately $100m worth of it. It is my understanding that any single person and/or collaborative group of people with such a quantity of UMA could then purchase and dispute one side of every contract on Polymarket, vote in favor of themselves during the DVM for each of them, and win every bet. Doing this would destroy their $100m of UMA, but they'll potentially make more from the bets.

A quick browse of Polymarket shows an order book with quite a few contracts readily available for purchase, many of them priced at 0.1 cents which can pay out $1 to an attacker (1000x). It's difficult to determine exactly how much an attacker could make on Polymarket because it depends on a lot of factors and a moving market. But a 51% attacker might attempt something like this on the "Presidential Election Winner 2024" market ( https://polymarket.com/event/presidential-election-winner-2024 ):

Buy "Yes" on Chris Christie. $0.001. Buy 72 million shares right now for $72k.
Buy "No" on Trump over a few weeks or months. $0.42. Maybe accumulate 100 million shares for $42m
Buy "No" on Kamala over a few weeks or months. $0.58. Maybe accumulate 100 million shares for $58m
Accept the loss of $100m worth of UMA due to the price collapsing

This would cost roughly $200m and make $272m. They could make a bit more on the smaller betting markets as well. There's only about $670m of USDC on the Polygon network in total, which puts a hard limit on how much money exists in these contracts.

At the moment, at least, someone on these markets betting that Chris Christie is 99.9% likely to lose is not correctly pricing in the risk of a 51% attack on UMA.

There is a different play for someone with a lot more money and power to 51% attack UMA, and that would be to gain favor with Trump by using their 51% to decide Trump wins on the betting markets. It could be used to help the publicity battle that Trump will fight if he doesn't clearly win the election.

I would guess there's not quite enough money to be made just yet to justify a risky, expensive attempt to do a 51% attack on UMA, in large part because acquiring the 51% over the last few years would have cost the attacker a lot more than $100m (see historic prices). If anyone already did this, they're probably planning to hold on for something bigger. I'd put a small non-zero chance on a malicious actor already having acquired 51%.

So, in conclusion, the current market seems to be teetering on the edge. If UMA's market cap doesn't rise as fast as Polymarket's betting markets, Polymarket may need to switch to a voting network that they have 51% control over, or some other system that can't be readily abused.

References:

https://docs.uma.xyz/protocol-overview/how-does-umas-oracle-work

https://learn.polymarket.com/docs/guides/markets/dispute/

https://www.coingecko.com/en/coins/uma

23 Comments

2024/11/02
22:09 UTC

120

Daily General Discussion - November 2, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

97 Comments

2024/11/02
06:00 UTC

134

Daily General Discussion - November 1, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

198 Comments

2024/11/01
06:00 UTC

147

Daily General Discussion - October 31, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

245 Comments

2024/10/31
06:00 UTC

155

Daily General Discussion - October 30, 2024

Welcome to the Daily General Discussion on Ethfinance

https://i.imgur.com/pRnZJov.jpg

Daily Doots Rich List - https://dailydoots.com/

Get Your Doots Extension by /u/hanniabu - Github

Doots Extension Screenshot

community calendar: via Ethstaker https://ethstaker.cc/event-calendar/

"Find and post crypto jobs." https://ethereum.org/en/community/get-involved/#ethereum-jobs

Calendar Courtesy of https://weekinethereumnews.com/

Oct 25-27 – ETHSydney hackathon

Nov 12-15 – Devcon 7 – Southeast Asia (Bangkok)

Nov 15-17 – ETHGlobal Bangkok hackathon

Dec 6-8 – ETHIndia hackathon

311 Comments

2024/10/30
06:00 UTC

ETH vs. SOL: How to Compete with a Summer Fling

Listen up, folks - it’s pretty simple:

Etherium (ETH) outperforms Solami (SOL) in every meaningful metric - decentralization, TVL, stability, security, adoption, ecosystem and more. If your goal is to compete on L1 TPS with SOL, then just download MySQL - it’s free, offers at least 5x SOL's TPS and has similar features.

Of course, we all already know this - but the normies don't and they really don’t care. SOL’s price is outperforming ETH because, on the surface, SOL looks quite sexy: young, rebellious with a big fanbase that’s shilling it. No doubt, it has a lot of momentum, but in reality it’s just a a glorified memecoin.

So, how can ETH get back on the table?

Long-term Strategy

Don't leave the table in the first place - keep building, stay hungry! If ETH remains focused, it will continue to be the strongest chain. SOL, like previous "ETH killers," may eventually fade away. Also, an ETH ETF offering staking rewards could finally attract significant inflows, making it more appealing to hold ETH long-term.

Short-term Strategy

This is tough, but possible. The simplest (but hardest) approach would be to generate a new hype cycle, like the ICO boom in 2017 or the DeFi/NFT craze in 2021. This could be something for degens (comparable with memecoins, NFTs, high APYs etc.) or something new with a real/practical use and mass appeal - maybe something like autonomous AI's running on ETH that allow participation (whatever that means....). Or maybe we can finally get a working game now that ETH is able to scale? It's super hard; a hype can’t be planned - it just happens. But the technically necessary pieces are in place now.

What else can ETH do short-term?

Well, get Vitalik on se line! Everyone loves him. And that's exactly what he doesn't get: ETH now has a strong foundation, lots of skilled devs, and a superior roadmap. It will continue progressing quickly even without him. But he’s playing 4D chess here - because he thinks we think that ETH would be instantly dead without him, he stepped back from the public eye a couple of years ago only to show that ETH isn’t dependent on him. What he didn’t foresee was that ETH needs a face. A huuuge face! A beautiful face! The best face, actually (as a president might say). So, please, let him out again: FREE VITALIK! Bloomberg, Wall Street Journal, WEF, MrBeast, TikTok, or Burning Man - just let wonderboy show up and everyone will love him. Make ETH sexy again!

Other Strategies

Negative framing: Create a simple narrative by repeating one core message over and over and over: "SOL is a VC-backed chain and will go to zero like all the other chains from the past 10 years. Not a single one of them survived - you know that, right?"
Create FOMO: As soon as the price of ETH picks up, remind everyone and their grandma what happened in past cycles when ETH suddenly outperformed every other coin. And the best part? ETH is still cheap and an ATH is just a matter of time. Everyone knows it’s coming. But you have to act fast to get rich quick or it's too late. Don’t let this opportunity slip by again!
KISS: Make It Simple and Stupid (okay, that would be MISS...). Normies don't use ETH or any other Blockchain. They use their banks and exchanges to get some 'crypto'. Why should they download a wallet? Only if using ETH is truly stupid simple and offers features that banks or exchanges can’t, they will adopt it. Here’s a comparison: why do billions of people download and install the top 10 apps from app stores instead of just using the web version of it? Because those apps offer more and are incredibly simple to install and use.

Look, it’s pretty simple: ETH is like your long-term relationship - solid and reliable. SOL, on the other hand, is that summer fling with plenty of red flags, though only we seem to notice them. Pointing them out doesn’t work, so ETH might need to show up on a unicycle with a honking horn to grab attention right now. But rest assured, winter is coming, and it’s called crypto winter for a reason. Guess who’s cozy in the cabin? (Hint: Not the one in flip-flops.) ETH has layers, and SOL? Let’s just hope it packed a spare jacket.

The ticker is ETH!

29 Comments

2024/10/29
18:37 UTC

149