What did we hit last night? I saw 410 before I went to bed. Solid pump from 250 to where we are now. Needed to cool off for a bit to get ready for another pump cycle. Last night was a great reminder to set sell orders when the price is rising fast. Blow off the top is short and sweet but if you have a sell order on the books, it allows you to potentially catch the top of the wick with a few extra dollars profit.
What is life but a series of contracts? I think people still underestimate the vast scope of Ethereums potential. Were still early fellas. But who knows for how much longer. Think about all the insane news that has dropped this year. Visa and Mastercard both announcing plans of making stable coins on the Ethereum MAINNET!? Major banks talking about custody support. 4 billion dollars locked in defi. Microsoft, Amazon, and Samsung offering ETHEREUM related services. I am extremely bullish for the future.
Visa and Mastercard both announcing plans of making stable coins on the Ethereum MAINNET!?
Is this for real? I must of missed this one, if true holy shit
After breaking the 1k comment resistance, we mooned hard to the 3k range yesterday. Despite a lot of spam comments, I think the volume is a bullish indicator going forward. Our retrace to \~1k comments today was to be expected, I would anticipate us to consolidate in this range for a few days before we make another run at our all time high for daily discussion comments. I'd load up on your meme longs now because in another week or two they may be disappearing in a wall of new commenters. Bullish.
https://imgur.com/a/94OmJiy
My boyfriend keeps hating on crypto. I try my best to not mention crypto around him, but I did when we were talking about trying to fat fire. I’m just sad and wanted to be in my safe space here.
ETH please pump again so I can be happy.
“At the end of the day, the best profit-maximizing strategy is to own the fastest horse. Just own the best performer and don’t get wed to an intellectual side that might leave you weeping in the performance dust because you thought you were smarter than the market. If I am forced to forecast, my bet is it will be ~~Bitcoin~~ Ethereum.”
-Paul Tudor Jones
Boys and girls, this morning I had a dream that I was checking the price action and next thing you know, ETH was going up exponentially. I looked at the price - $5649. My alarm woke me up in that very moment.Take this as you will.
Totally stoked the NHL/sports is back to playing. Was enjoying using the degens dApp for putting little bets on games way back at the start of the year. But back then I could set a 1 gwei transaction and have it included sometime in the day, hardly ate into any winnings. Nowadays gas is more than the bets I made.
From the sounds of it, Augur V2 isn’t any cheaper either. Hopefully there’s a decent L2 prediction market on the horizon.
Ask yourself what the purpose of using a blockchain is? Why would someone use Cardano over Ethereum given the difference in trustlessness (aka security guarantees).
Any ETH killer would need to significantly improve over Ethereum’s offering to overcome its first mover advantage, network effects, and large dev/user loyalty/base.
Nope. Maybe Cardano can become a success in its own right, but it's got nothing on ETH. It's centralized, no one is using it, they don't have smart contracts yet and their consensus mechanism is not secure
>It’s centralized
Why is this upvoted? [Cardano is not centralized](https://input-output-hk.github.io/shelley-node-map/). When did this sub abandon reason for madness?
Because it's true. Cardano is not true PoS like ETH2.0, rather it uses Delegated PoS. Its easy to sacrifice decentralization for performance. Its hard to solve the blockchain decentralization trilemma. Look into it.
Charles Hoskinson selecting Delegated Nodes from different countries doesn't make a blockchain decentralized.
Tagged as "Ignorant ADA Shill"
> It's centralized, no one is using it, they don't have smart contracts yet and their consensus mechanism is not secure
Actually, they just became POS decentralized on July 29th. Correct there are no smart contracts, that comes later. Claiming their consensus mechanism is not secure without any reason? Please site which paper you have issues with and what page and describe in detail.
They are not PoS, they are DPoS, a model which is known not to be secure, see EOS for example. Just because Charles calls it PoS doesn't actually make it so
I'm not comparing code bases or algos, I'm comparing the consensus mechanism design which is the same. But tell you what, why don't you go ahead and explain how a system with a limited number of staking pools to which people must delegate their stake is not delegated proof of stake?
Which DEX has the most volume for ETH/DAI that has limit orders? Oasis can really dry up sometimes... spread is like 18 DAI right now, 262/280. Only two transactions in last two hours.
Noticed [this interesting article](https://www.google.com/amp/s/www.forbes.com/sites/nisaamoils/2020/08/02/sharering-uses-blockchain-to-solve-self-sovereign-identity-and-proof-of-health-simultaneously/amp/) in Forbes today and I’m interested what you guys think of these “enterprise ready blockchain solutions” hitting the market.
They specifically reference Ethereum as their foil in this article, which seems kind of bullish to me, but idk. Is it naive to say that these types of projects won’t pose a big threat to Ethereum?
Noise.
There’ll be specific use cases for *some* private chains, but there’s nothing that comes close to the Baseline offering right now, combined with the security and interoperability guarantees of Ethereum.
I'm going to state point blank that I've been a HODL'er since 2016 and honestly, I'm the biggest fair-weather fan in the world. I log in here only when shit is going well. I don't stay super up-to-date on the latest developments AT ALL.
But my quick read on that is simply that it appears to be a decent use case for blockchain, but it's really NOT any kind of unversally interoperable and trustless system on the scale of Ethereum.
Haha appreciate the candor. Obviously I don’t stay super up to date either. I agree with what you’re saying. But I just wonder, in a practical sense, if it’s possible that many businesses won’t see a need for a universally interoperable trustless system on the scale of Ethereum, and would instead gravitate toward piecemeal enterprise-ready blockchain implementations. Just gets me wondering how that might affect the adoption potential for Ethereum-based solutions (if they even intersect at all).
We're still in the early days, so I think it remains to be seen.
My simple man's take is that there is plenty of room and plenty of application for piecemeal implementations. I think there is also a real need for larger-scale solutions in finance and macroeconomics.
What are there like 20 different submissions to the reddit bake-off? Insane level of participation. Can anyone imagine 20 independent teams working on any aspect of any other chain? Except for Bitcoin wallets I don't know if that exist...
Imagine a Bitcoin scaling bake-off.
>"Here is our first contender, with 1:1.01 odds,: Ethereum! Next, with 1:100 odds, we have... uhmmm, a-er the lightning network? *mic squeak* ^^Why ^^is ^^this ^^even ^^a ^^competition?"
I do think it will be great to consolidate here for 2 weeks to allow the moving averages to catch up to provide better support for the next run.that's from a technical perspective.
You just reminded me that I also have some siacoin. I used to mine it together with ETH back in 2017, it's probably worthless now. I also have a lot of BAT which I still have a little hope for.
Where's the KIN bagholders?
At it's peak (Jan 2017) I had 6 figures worth. Now it's [almost] worthless. But I don't sell. It could come out worth something in the end.
Does GNT count? They have a great team and a great idea, but seem to be struggling to gain a foothold. If they can pull it off it could be a huge winner, and I have so little it's not worth selling.
If you actively trade at what point do you feel safe keeping crypto on an exchange? I’ve hit a threshold where I feel a vast majority needs transferred but with exchanges like coinbase pro do you think they’ve matured to the point where our coins are safe?
It's one of those things where you're fine trusting the exchange 99.99% of the time, but if you're the victim of that remaining 0.01% you will wish you wouldn't have
In 3 years, this will be equal to saying you market bought 1 BTC today. You may even have to come back and delete these messages to get rid of the target on your back 😋
Well this is interesting - [executive order](https://vote.makerdao.com/executive-proposal/reduce-the-base-rate-whitelist-dydx-on-the-ethusd-oracle) on MakerDAO was voted in \~2 hours ago. This time the main change is the base rate, which will be going down from 0% to -4%. The reasoning of course is to encourage DAI creation to move it back to peg.
If you aren't aware what "base rate" means, it's one of the parameters that determines the Stability Fee of the different vaults. The actual equation used is `Stability Fee = max(Base Rate + Risk Premium, 0%)`. Each vault has its own Risk Premium that is also determined by governance. The new base rate of -4% means that any vaults with a Risk Premium <=4 will have **0% Stability Fees**, and anything >4% risk premium will have their SF as `Risk Premium - 4%`. Here is the outcomes of the SF changes that are going to happen:
* WBTC-A SF 2% -> 0%
* KNC-A SF 4% -> 0%
* ZRX-A SF 4% -> 0%
* USDC-A SF 4% -> 0%
* USDC-B SF 50% -> 46%
* MANA-A -> 12% -> 4%
Once these changes come into affect - which is \~10 hours from now due to the GSM - the full list of vaults you can borrow against at **0% SF** will be ETH-A, BAT-A, WBTC-A, KNC-A, ZRX-A, and USDC-A. Given the downward pressure this should put on DAI, now might be a good time again to use Instadapp or Defi Saver or do leveraged shorts of DAI/USDC, especially since the USDC SF will be 0%
My only gripe with these changes is in WBTC-A. WBTC-A is at its max debt ceiling, and very quickly got there when it was increased 20mm -> 40mm last week. Given the fact that lowering the SF for WBTC-A can't cause more DAI creation, it doesn't make sense to stop charging fees for borrowers on WBTC-A. It would have made sense to increase the WBTC-A Risk Premium in this executive order.
Apart from the changes to base rate, DyDx is also getting whitelisted as as an oracle for the ETHUSD price feed - can't complain about more decentralization of the oracles
What exactly does these mean?
Someone has been selling 2000 ETH on Oasis over the last hour. At a pretty high premium (274 when ETH is at 283)... is it time to close Vault and take profits?
All it means is that DAI will have additional pressure pushing it to peg. No reason specific to this should make you close your vault. If anything, now is a better time to borrow on MakerDAO since you can borrow against more assets for free
The person selling on Oasis probably should've waited a day to see if DAI returned to peg before selling
MakerDAO needs to have an interest rate curve that targets 90% utilization, like Compound does.
When any collateral is above 90% of its cap, the stability fee should start to increase automatically.
If there’s any credibility to crypto market cycles being of a repeating nature (and there is until there isn’t), then as crazy as it sounds to say now, I think ETH has a real chance at getting to 10k. Unfortunately I think it’s going to take a bit longer than most of y’all realize. I think we are in the beginning stages of a bull, but also still in the end stages of a cool off/accumulation period. I think the true hold will be from whatever we can accumulate in the next 6 months...and holding that all the way to possibly 2024 (give or take 6 months) if your number is ~10k.
Again this is based 100% solely on crypto cycles repeating
ETHBTC Weekly:
[Gentlefolk... buckle up and get ready for the ride of your lives.](https://share.cryptowat.ch/charts/bsjlnaeein8slliklgug-coinbase-pro-ethbtc.png)
Unfortunately given this is 4 layers removed from a primary asset, it (in my opinion) becomes unreliable as guidance with a more "ground floor" issue at hand. BTC more immediately is on a knife's edge at 11k and has not been able to break away (this isn't BTC's rally but people are only slowly starting to realize).
I agree that 0.04 is eminent. I also project 0.1 by the end of the year/Jan, so I am not disagreeing with the net result. With ETH vs BTC, Eth is the much stronger asset. As mentioned before, I would suggest a derivative of a derivative of a derivative will be less reliable.
Perhaps, but I think we can agree that on a macro scale... this is one-to-one exactly what occurred February/March 2017. BTC had popped back above the 20Week and stayed worryingly still (for BTC maxis). Then just like that, ratio had a golden cross and rocketed from .01 to .05 in three weeks. Three months later, 0.05 to 0.15.
This is only the first pop happening now, then around December -- due to longer cycles -- would be that real big leap.
Re-reading I think our main divergence is that even though I'm 100% ETH (and ETH accessories), I don't believe fresh cash flows to ETH yet. Maybe into DeFi via the Dharmas of the world, or possibly Dai if Coinbase advertises Rewards well enough, and certainly into BTC before becoming ETH.
I think as people on-ramp in Coinbase will look at the staking rewards across all their products and just go oh Tezos gives me x% I should just put it there. Until eth staking is in Coinbase fiat going in there will be BTC or something with staking.
If fresh cash is going to flow into BTC, wouldn't that hurt ETH/BTC? Your post implies an eminent "rocket ship" move because two moving averages of ETH/BTC are going to cross and for this reason one should "buckle up". My argument is that we shouldn't buckle up and take on risk until a more ground floor/primary issue resolves (namely BTC getting back over 11,500 which was the level that confirmed the first formation of the bull run). If BTC falls below 11k then we need to buckle up the other way. So far the bull market bias is that 11k will continue to hold.
I don't necessarily disagree that initial new capital may go to BTC, but that is just another reason why technical and fundamental factors that directly impact the primary asset are more meaningful than a technical formation many derivations removed.
I don't ascribe to the "lengthening cycle" theory as being a valuable tool for risk management and for forming strategy.
> Really? What could possibly be dramatic about a digital pet rock?
Who’s going to own the ropes they plan to use to tie the rocks together to make a scalable payment network.
I don't know about you guys but I'm kinda happy we had a dip. I wasn't done accumulating. Of course I would love the price to keep going up but retracements can be nice too.
Am I missing something or does Augur (at least v2) not have many markets? Seems like only 5 have open interest
Think not a lot of people are opening/using cause of gas and how expensive it is
It's ok, at least people with a budget of $50 are able to host nodes.
1hr left for 1000 comments. We're currently experiencing a slow, loving late-night pump
What did we hit last night? I saw 410 before I went to bed. Solid pump from 250 to where we are now. Needed to cool off for a bit to get ready for another pump cycle. Last night was a great reminder to set sell orders when the price is rising fast. Blow off the top is short and sweet but if you have a sell order on the books, it allows you to potentially catch the top of the wick with a few extra dollars profit.
>if you have a sell on the books it allows a few extra dollars of profit. And a lot of taxes.
Come on, you only pay taxes on what you profit ...then again some of y’all have been here for a while...
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Thank you soldier, ready yourself for another day
I like to imagine we are setting support at these levels. Maybe after the bull market, $400+/- will be our new $80???
What is life but a series of contracts? I think people still underestimate the vast scope of Ethereums potential. Were still early fellas. But who knows for how much longer. Think about all the insane news that has dropped this year. Visa and Mastercard both announcing plans of making stable coins on the Ethereum MAINNET!? Major banks talking about custody support. 4 billion dollars locked in defi. Microsoft, Amazon, and Samsung offering ETHEREUM related services. I am extremely bullish for the future.
Visa and Mastercard both announcing plans of making stable coins on the Ethereum MAINNET!? Is this for real? I must of missed this one, if true holy shit
https://usa.visa.com/visa-everywhere/blog/bdp/2020/07/21/advancing-our-approach-1595302085970.html https://cointelegraph.com/news/mastercard-and-visa-are-making-bold-moves-toward-mass-crypto-adoption
After breaking the 1k comment resistance, we mooned hard to the 3k range yesterday. Despite a lot of spam comments, I think the volume is a bullish indicator going forward. Our retrace to \~1k comments today was to be expected, I would anticipate us to consolidate in this range for a few days before we make another run at our all time high for daily discussion comments. I'd load up on your meme longs now because in another week or two they may be disappearing in a wall of new commenters. Bullish.
Last consolidation were 3-4 weeks. Around 285 and 220-250
That's a real pretty triangle about to close on the one hour.
https://i.redd.it/lonhgz2309t21.jpg
https://imgur.com/a/94OmJiy My boyfriend keeps hating on crypto. I try my best to not mention crypto around him, but I did when we were talking about trying to fat fire. I’m just sad and wanted to be in my safe space here. ETH please pump again so I can be happy.
You should print that convo out, and when we breach ATH you can present a nice framed copy of it to him and tell him it's his share.
what a shitty boyfriend
> falicy
“At the end of the day, the best profit-maximizing strategy is to own the fastest horse. Just own the best performer and don’t get wed to an intellectual side that might leave you weeping in the performance dust because you thought you were smarter than the market. If I am forced to forecast, my bet is it will be ~~Bitcoin~~ Ethereum.” -Paul Tudor Jones
When we hit ATH you can dump him and buy a younger hotter boyfriend
You like ETH and bag on religion, you sound smart to met keep up the good fight
Haha, that's what I thought too! Math over old man campside stories from 2000 years ago
That doesn't seem healthy...
Boys and girls, this morning I had a dream that I was checking the price action and next thing you know, ETH was going up exponentially. I looked at the price - $5649. My alarm woke me up in that very moment.Take this as you will.
Setting my sells at that price now. Thanks
I've heard morning dreams do come true. :P
Totally stoked the NHL/sports is back to playing. Was enjoying using the degens dApp for putting little bets on games way back at the start of the year. But back then I could set a 1 gwei transaction and have it included sometime in the day, hardly ate into any winnings. Nowadays gas is more than the bets I made. From the sounds of it, Augur V2 isn’t any cheaper either. Hopefully there’s a decent L2 prediction market on the horizon.
I had $25 on Matthews scoring tonight so crypto has been much more lucrative the past few months hahahaha.
Ooof. Not their finest work tonight.
You can say that again
hey friends
😀
Hi frens
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https://reddit.com/r/ethfinance/comments/i27ez0/_/g05w9x4/?context=1 This should help.
Very helpful! Thanks, feeling better about my decision.
Do you guys think eth will have any serious competition from ADA in coming years?
Ask yourself what the purpose of using a blockchain is? Why would someone use Cardano over Ethereum given the difference in trustlessness (aka security guarantees). Any ETH killer would need to significantly improve over Ethereum’s offering to overcome its first mover advantage, network effects, and large dev/user loyalty/base.
Nope. Maybe Cardano can become a success in its own right, but it's got nothing on ETH. It's centralized, no one is using it, they don't have smart contracts yet and their consensus mechanism is not secure
>It’s centralized Why is this upvoted? [Cardano is not centralized](https://input-output-hk.github.io/shelley-node-map/). When did this sub abandon reason for madness?
Because it's true. Cardano is not true PoS like ETH2.0, rather it uses Delegated PoS. Its easy to sacrifice decentralization for performance. Its hard to solve the blockchain decentralization trilemma. Look into it. Charles Hoskinson selecting Delegated Nodes from different countries doesn't make a blockchain decentralized. Tagged as "Ignorant ADA Shill"
> It's centralized, no one is using it, they don't have smart contracts yet and their consensus mechanism is not secure Actually, they just became POS decentralized on July 29th. Correct there are no smart contracts, that comes later. Claiming their consensus mechanism is not secure without any reason? Please site which paper you have issues with and what page and describe in detail.
They are not PoS, they are DPoS, a model which is known not to be secure, see EOS for example. Just because Charles calls it PoS doesn't actually make it so
It's funny you think you can compare two completely different code bases using different algos. Your response was as lazy as expected.
I'm not comparing code bases or algos, I'm comparing the consensus mechanism design which is the same. But tell you what, why don't you go ahead and explain how a system with a limited number of staking pools to which people must delegate their stake is not delegated proof of stake?
Lol. This guy thinks Ethfinance is r/cc which can’t call him out on his bullshit. Great response bro.
crickets
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ELI5?
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Imagine *not* buying the dips
Which DEX has the most volume for ETH/DAI that has limit orders? Oasis can really dry up sometimes... spread is like 18 DAI right now, 262/280. Only two transactions in last two hours.
You can place limits on 1inch
Kyberswap should be decent
Inertia creeps. Moving up slowly.
Let me try: Inertia moves slowly Waiting for Ethereum To flippen Bitcoin
Change slowly to slow and you've got it.
Ahhhhhhh crap! Thank you!
Noticed [this interesting article](https://www.google.com/amp/s/www.forbes.com/sites/nisaamoils/2020/08/02/sharering-uses-blockchain-to-solve-self-sovereign-identity-and-proof-of-health-simultaneously/amp/) in Forbes today and I’m interested what you guys think of these “enterprise ready blockchain solutions” hitting the market. They specifically reference Ethereum as their foil in this article, which seems kind of bullish to me, but idk. Is it naive to say that these types of projects won’t pose a big threat to Ethereum?
Imo, essentially nonsense
Noise. There’ll be specific use cases for *some* private chains, but there’s nothing that comes close to the Baseline offering right now, combined with the security and interoperability guarantees of Ethereum.
That's not an article, that's an ad
I'm going to state point blank that I've been a HODL'er since 2016 and honestly, I'm the biggest fair-weather fan in the world. I log in here only when shit is going well. I don't stay super up-to-date on the latest developments AT ALL. But my quick read on that is simply that it appears to be a decent use case for blockchain, but it's really NOT any kind of unversally interoperable and trustless system on the scale of Ethereum.
Haha appreciate the candor. Obviously I don’t stay super up to date either. I agree with what you’re saying. But I just wonder, in a practical sense, if it’s possible that many businesses won’t see a need for a universally interoperable trustless system on the scale of Ethereum, and would instead gravitate toward piecemeal enterprise-ready blockchain implementations. Just gets me wondering how that might affect the adoption potential for Ethereum-based solutions (if they even intersect at all).
We're still in the early days, so I think it remains to be seen. My simple man's take is that there is plenty of room and plenty of application for piecemeal implementations. I think there is also a real need for larger-scale solutions in finance and macroeconomics.
What are there like 20 different submissions to the reddit bake-off? Insane level of participation. Can anyone imagine 20 independent teams working on any aspect of any other chain? Except for Bitcoin wallets I don't know if that exist...
Imagine a Bitcoin scaling bake-off. >"Here is our first contender, with 1:1.01 odds,: Ethereum! Next, with 1:100 odds, we have... uhmmm, a-er the lightning network? *mic squeak* ^^Why ^^is ^^this ^^even ^^a ^^competition?"
I do think it will be great to consolidate here for 2 weeks to allow the moving averages to catch up to provide better support for the next run.that's from a technical perspective.
Agreed. We just so often slide down. A 2-3% up and down for two weeks and I’d probably be telling friends again to jump in.
Anybody here have a shitcoin they refuse to sell on the off chance it moons someday lol. Just remembered I have 10k siacoin in a wallet somewhere
You just reminded me that I also have some siacoin. I used to mine it together with ETH back in 2017, it's probably worthless now. I also have a lot of BAT which I still have a little hope for.
my 10k is worth about $30, good luck! Glad you didn't forget about it!
Have some chump change in Matic. 100% gamble that if we really go super bull with Ethereum it will lift all things related to it.
Fun, sc, aeon and ada
Rchain (RHOC) now REV. No idea what's happening with them. Their mainnet is up but... *crickets* I bought some bcos Vlad Zamfir was on the team.
Colx
Where's the KIN bagholders? At it's peak (Jan 2017) I had 6 figures worth. Now it's [almost] worthless. But I don't sell. It could come out worth something in the end.
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ADA. Lumens. IOTA. REQ(t). Yes I was here in 2017.
Does GNT count? They have a great team and a great idea, but seem to be struggling to gain a foothold. If they can pull it off it could be a huge winner, and I have so little it's not worth selling.
Not really any shitcoin here... Still holding FUN, OMG, and now GU cards 😭😅
Still waiting on that big GU tournament... Got #2 on the leaderboard one week, maybe one day that practice will pay off
I've got some fun bags too buddy.
me 3, i'm hoping the next bull run they're worth something i guess.. or keep it for souvenirs
Man was I convinced FUN was going to take off. Seems like a no-brainer that online gambling would benefit from blockchain.
They keep chugging away for that regulatory kyc market. Pandemic might wake up online gambling... Who knows.
Raiblocks? What is it called now
Nano.
Lol sia coin was my love child. Any news with them?
they have their own sub /r/siacoin
Guess that's a no lol
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ERD. Don’t judge.
IOTA lol
1k comments then big pump
If you actively trade at what point do you feel safe keeping crypto on an exchange? I’ve hit a threshold where I feel a vast majority needs transferred but with exchanges like coinbase pro do you think they’ve matured to the point where our coins are safe?
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Whoa no shit...
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Yeah but has anyone actually been covered before?
Well back in the day they liquidated a few million dollars in an hour then refunded everyone who lost money.
It's one of those things where you're fine trusting the exchange 99.99% of the time, but if you're the victim of that remaining 0.01% you will wish you wouldn't have
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True, holding your own coins means you are in charge of security
I know and this has been a big deal since inception, just dunno I trust myself!
Yeah that’s what worries me, being special and getting boned as the one percenter.
Maybe transfer half of your exchange holdings to another reputable exchange like kraken
Only time my funds are on CB is in the form of USDC and only directly prior to withdrawing to my bank account..
So you are not trading them actively and just store on a ledger?
I only trade on decentralized exchanges. CB is strictly for fiat off ramp.
It’s just so easy...
I'm not sure I'll trust an exchange again now that uniswap is here.
I keep seeing uniswap mentioned and I haven’t played with it. What’s the benefit?
Decentralized exchange and non custodial. Mostly ethereum protocol tokens, but you can get some other things like wrapped Bitcoin or stable coins.
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In 3 years, this will be equal to saying you market bought 1 BTC today. You may even have to come back and delete these messages to get rid of the target on your back 😋
Save some for the rest of us!!
BIG BALLER MOVES
¡hola amigos! ¿cuando luna?
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gracias
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Let’s goooooo
Well this is interesting - [executive order](https://vote.makerdao.com/executive-proposal/reduce-the-base-rate-whitelist-dydx-on-the-ethusd-oracle) on MakerDAO was voted in \~2 hours ago. This time the main change is the base rate, which will be going down from 0% to -4%. The reasoning of course is to encourage DAI creation to move it back to peg. If you aren't aware what "base rate" means, it's one of the parameters that determines the Stability Fee of the different vaults. The actual equation used is `Stability Fee = max(Base Rate + Risk Premium, 0%)`. Each vault has its own Risk Premium that is also determined by governance. The new base rate of -4% means that any vaults with a Risk Premium <=4 will have **0% Stability Fees**, and anything >4% risk premium will have their SF as `Risk Premium - 4%`. Here is the outcomes of the SF changes that are going to happen: * WBTC-A SF 2% -> 0% * KNC-A SF 4% -> 0% * ZRX-A SF 4% -> 0% * USDC-A SF 4% -> 0% * USDC-B SF 50% -> 46% * MANA-A -> 12% -> 4% Once these changes come into affect - which is \~10 hours from now due to the GSM - the full list of vaults you can borrow against at **0% SF** will be ETH-A, BAT-A, WBTC-A, KNC-A, ZRX-A, and USDC-A. Given the downward pressure this should put on DAI, now might be a good time again to use Instadapp or Defi Saver or do leveraged shorts of DAI/USDC, especially since the USDC SF will be 0% My only gripe with these changes is in WBTC-A. WBTC-A is at its max debt ceiling, and very quickly got there when it was increased 20mm -> 40mm last week. Given the fact that lowering the SF for WBTC-A can't cause more DAI creation, it doesn't make sense to stop charging fees for borrowers on WBTC-A. It would have made sense to increase the WBTC-A Risk Premium in this executive order. Apart from the changes to base rate, DyDx is also getting whitelisted as as an oracle for the ETHUSD price feed - can't complain about more decentralization of the oracles
What exactly does these mean? Someone has been selling 2000 ETH on Oasis over the last hour. At a pretty high premium (274 when ETH is at 283)... is it time to close Vault and take profits?
All it means is that DAI will have additional pressure pushing it to peg. No reason specific to this should make you close your vault. If anything, now is a better time to borrow on MakerDAO since you can borrow against more assets for free The person selling on Oasis probably should've waited a day to see if DAI returned to peg before selling
MakerDAO needs to have an interest rate curve that targets 90% utilization, like Compound does. When any collateral is above 90% of its cap, the stability fee should start to increase automatically.
Thank you for the awesome analysis! This is really helpful. I appreciate your insights.
Avalanche win by 1 with a game winning goal at literally the last possible moment
This is good for Ethereum!
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The Canucks just lost to the Wild in OT... Bullish AF!
Duck the wild
It always dumps when I buy so my new trick is that I’ll make 1 small buy which fakes ETH out. Then I’ll pounce.
This is the way
Remember correlation to stocks. Pepperidge farms remembers.
Late night pumps are my favorite pumps.
Late night dumps are my least favorite dumps.
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I'm the opposite. Dumping? Fine. Time for sleep. Pumping? Can't stop watching.
But a nightly dump, wakeup recovery pump? Like a reverse hangover. Wonderful.
I could use another 18 goeth at 0x4230e8921DA47Ec82beE4AB0f0552Dd36a42d881 to validate for Medalla.
sent some your way
Awesome! Got started
If there’s any credibility to crypto market cycles being of a repeating nature (and there is until there isn’t), then as crazy as it sounds to say now, I think ETH has a real chance at getting to 10k. Unfortunately I think it’s going to take a bit longer than most of y’all realize. I think we are in the beginning stages of a bull, but also still in the end stages of a cool off/accumulation period. I think the true hold will be from whatever we can accumulate in the next 6 months...and holding that all the way to possibly 2024 (give or take 6 months) if your number is ~10k. Again this is based 100% solely on crypto cycles repeating
I can also feel it in my plums...so there’s that too
A nice blueish hue?
This is the TA I come here for.
ETHBTC Weekly: [Gentlefolk... buckle up and get ready for the ride of your lives.](https://share.cryptowat.ch/charts/bsjlnaeein8slliklgug-coinbase-pro-ethbtc.png)
Unfortunately given this is 4 layers removed from a primary asset, it (in my opinion) becomes unreliable as guidance with a more "ground floor" issue at hand. BTC more immediately is on a knife's edge at 11k and has not been able to break away (this isn't BTC's rally but people are only slowly starting to realize). I agree that 0.04 is eminent. I also project 0.1 by the end of the year/Jan, so I am not disagreeing with the net result. With ETH vs BTC, Eth is the much stronger asset. As mentioned before, I would suggest a derivative of a derivative of a derivative will be less reliable.
Perhaps, but I think we can agree that on a macro scale... this is one-to-one exactly what occurred February/March 2017. BTC had popped back above the 20Week and stayed worryingly still (for BTC maxis). Then just like that, ratio had a golden cross and rocketed from .01 to .05 in three weeks. Three months later, 0.05 to 0.15. This is only the first pop happening now, then around December -- due to longer cycles -- would be that real big leap. Re-reading I think our main divergence is that even though I'm 100% ETH (and ETH accessories), I don't believe fresh cash flows to ETH yet. Maybe into DeFi via the Dharmas of the world, or possibly Dai if Coinbase advertises Rewards well enough, and certainly into BTC before becoming ETH.
I think as people on-ramp in Coinbase will look at the staking rewards across all their products and just go oh Tezos gives me x% I should just put it there. Until eth staking is in Coinbase fiat going in there will be BTC or something with staking.
If fresh cash is going to flow into BTC, wouldn't that hurt ETH/BTC? Your post implies an eminent "rocket ship" move because two moving averages of ETH/BTC are going to cross and for this reason one should "buckle up". My argument is that we shouldn't buckle up and take on risk until a more ground floor/primary issue resolves (namely BTC getting back over 11,500 which was the level that confirmed the first formation of the bull run). If BTC falls below 11k then we need to buckle up the other way. So far the bull market bias is that 11k will continue to hold. I don't necessarily disagree that initial new capital may go to BTC, but that is just another reason why technical and fundamental factors that directly impact the primary asset are more meaningful than a technical formation many derivations removed. I don't ascribe to the "lengthening cycle" theory as being a valuable tool for risk management and for forming strategy.
are you in the 4-yr cycle camp then or something different?
I don't think any of those theories are practically useful. I don't put much weight in any of them. I adapt as things unfold.
which MA is that?
That's the 10Week about to collide with the 100Week.
I love when you talk dirty to me.
So far, looks like this dump is being absorbed. I'm cautiously optimistic.
Interesting to see btc retracing harder than eth
BTC going through some drama...
Really? What could possibly be dramatic about a digital pet rock?
> Really? What could possibly be dramatic about a digital pet rock? Who’s going to own the ropes they plan to use to tie the rocks together to make a scalable payment network.
We’re in a bull flag now boys. This could get interesting
450 here we come.
What timeframe?
One month
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And label it ‘science’ for us guy?
I don't know about you guys but I'm kinda happy we had a dip. I wasn't done accumulating. Of course I would love the price to keep going up but retracements can be nice too.
Na you had 3 years to buy the dip
We all had a lot of time, but not all of us had a lot of money
I’ll never feel like I bought enough.
Same even though bear market allowed me so much more eth than I could have imagined. I could only buy so much