[ANN] Ethereum: Welcome to the Beginning

[Lind]

Miners dumping ETH and liquidating combined with selling their GPU-s as prices drop and only a few coins are to mine but even those are in the RED.
Add to this the problems of Global Economy and Global Politics being heated like Russia/China mingling and facing economic slowing which can easily turn out to be a collapse esp China.

IMO, most of the miners after the merge, they've turned off their rigs and just waiting for that opportunity for another coin to be mined. It's still testing the waters before they come and turn on their rigs again.
About the global issue, it has its part on the market as to why we're experiencing this downturn. It's very likely that due to it, most of the markets have been affected by it and we can't do anything about it.

ETH has a lot of stuff attached/built on it, some of its mass comes from being in the first projects of its kind and successfully taking off.
I don't see a worthy successor yet - successor to POW + a Network with multiple layers like ETH, there are pretenders but they couldn't beat ETH and wont be as it switched to POW basically retiring on its own terms.

tperkara: Things are unstable and not in a good way - if we can even classify them like bad and good, which is kind of simplistic. You take risks can you live with and handle it?   I think stagnation can take a while and  prices will jump (down to) between a wider scale. Plan for mid/long term.

[onecall123]

-snip-
in other words it seems like now might be a bad time to invest? need advice so when do you think is the right time to invest, is it a week or a month? because I want to invest in eth

There is a bear market going on! We are in a downtrend! You should trade with the trend. I have only been shorting for months because I have to eat. This does not mean that I ignore holdings for the long term. Shorting is how I hedge them. Additionally, I hold long-term investments for both the money and the cause!

[blockman]

IMO, most of the miners after the merge, they've turned off their rigs and just waiting for that opportunity for another coin to be mined. It's still testing the waters before they come and turn on their rigs again.
About the global issue, it has its part on the market as to why we're experiencing this downturn. It's very likely that due to it, most of the markets have been affected by it and we can't do anything about it.

ETH has a lot of stuff attached/built on it, some of its mass comes from being in the first projects of its kind and successfully taking off.
I don't see a worthy successor yet - successor to POW + a Network with multiple layers like ETH, there are pretenders but they couldn't beat ETH and wont be as it switched to POW basically retiring on its own terms.

Well, too many projects that have tried to be par with Ethereum but really none of them can beat it. And even though it's now a POS, still, that's what they're going to aim for, to beat Ethereum.
There's no other way for them to beat it as of the moment but just by making their project more extraordinary than it was before.

[zasad@]

Shanghai EIPs Candidates
https://ethereum-magicians.org/tag/shanghai-candidate

Erigon
https://erigon.substack.com/p/post-merge-release-of-erigon-dropping

"Erigon 2 progress
As described in one of the previous posts, the plan was for Erigon 2 to include three upgrades, which we now call Erigon 2.1, Erigon 2.2, and Erigon 2.3. It is still the plan. We can say that Erigon 2.1 has been shipped, it is now part of the all releases. There are still issues once in a while, but for most users, the functionality works. To recap, Erigon 2.1 has brought:"

[r_victory]

Arab Blockchain Week 2022

ABW22 is a week-long online and in-person gathering that will feature all blockchain events targeting Arab regions. The decentralized community-organized initiative aspires to support the growth of blockchain and crypto adoption across the Arab region.

https://www.arabblockchainweek.com/

[bitcampaign]

cheap transactions on the Ethereum network should be done on weekends because I've always seen gas costs only 4 gwei to 10 gwei in the past few weeks I've noticed since the merger and it keeps dropping if on weekends, at least I can make transactions this weekend

[FP91G]

The Securities and Exchange Commission is moving to take action against Ethereum that reaches far beyond America’s borders.
Second, the SEC’s allegation that transactions occurring on the Ethereum blockchain are subject to U.S. jurisdiction because more of Ethereum’s nodes are located in the U.S. than any other country would expand the SEC’s reach far beyond the United States. Based on that reasoning, the SEC could assert jurisdiction over an Ethereum-based token developed in Germany, offered and sold in Germany exclusively to Germans, because the cluster of Ethereum nodes in the U.S. means that the transactions effectively occurred in the United States. Such an outcome would seem highly unlikely to pass legal muster.
https://cointelegraph.com/news/federal-regulators-are-preparing-to-pass-judgment-on-ethereum

[zasad@]

https://www.eip4844.com/
"EIP-4844 introduces a new kind of transaction type to Ethereum which accepts "blobs" of data to be persisted in the beacon node for a short period of time. These changes are forwards compatible with Ethereum's scaling roadmap, and blobs are small enough to keep disk use manageable."

https://beincrypto.com/learn/eip-4844/
What is EIP-4844
In this guide:
What are EIPs?
How does danksharding work?
What is EIP-4844 (The proto-danksharding proposal)?
The impact of EIP-4844 (proto-danksharding)
EIP-4844 roadmap
How will EIP-4844 help users?
Will EIP-4844 help scale the Ethereum blockchain?
Frequently asked questions


https://www.youtube.com/watch?v=Oc_e7YJQl-I&t=13s
EIP-4844 Breakout Room #4

[hd49728]

The Securities and Exchange Commission is moving to take action against Ethereum that reaches far beyond America’s borders.
Second, the SEC’s allegation that transactions occurring on the Ethereum blockchain are subject to U.S. jurisdiction because more of Ethereum’s nodes are located in the U.S. than any other country would expand the SEC’s reach far beyond the United States. Based on that reasoning, the SEC could assert jurisdiction over an Ethereum-based token developed in Germany, offered and sold in Germany exclusively to Germans, because the cluster of Ethereum nodes in the U.S. means that the transactions effectively occurred in the United States. Such an outcome would seem highly unlikely to pass legal muster.
https://cointelegraph.com/news/federal-regulators-are-preparing-to-pass-judgment-on-ethereum

They are aiming at top and old cryptocurrencies. After Ripple XRP, their eyes are on Ethereum but I have more belief in Ethereum than Ripple.

If Ethereum can survive after that, it will blossom in next bull run that I believe it will. SEC's alleagation is sucked and it is hilarious to see they are very low with response to what they think is not right and disobey their regulations. If it is wrong, they should do such allegation years ago.

So waiting for about 10 years to release allegation against Ethereum, they are mad totally. Just like how they want to attack Binance BNB.

[zasad@]

https://www.crypto-news-flash.com/ethereum-now-connected-with-google-groundbreaking-feature-released-that-deletes-data-protection-completely/
Ethereum now connected with Google: Groundbreaking feature released that deletes data protection completely
"Meanwhile, the latest integration by Google has generated a lot of reactions from members of the community. Vittorio Rivabella, Developer Relations Manager of Web3 development platform Alchemy reacted to the development. Rivabella describes the integration of the Ethereum address search feature as “Bullish.” However, SadPanda.blockchain, the former editor-in-chief at Web3ArtBlog.NFT, gave a different reaction to the development. The editor argued that Google “will sell our blockchain data to advertisers in order to target us via our wallets.”"

How Flashbots is taking over Ethereum block proposals
https://protos.com/how-flashbots-is-taking-over-ethereum-block-proposals/

[r_victory]

How Flashbots is taking over Ethereum block proposals
https://protos.com/how-flashbots-is-taking-over-ethereum-block-proposals/

In a way, this article just confirms what was mentioned in this one: https://protos.com/heres-why-ethereum-2-staking-is-risky-and-increases-centralization/

“Only the wealthy can participate in Ethereum 2 as an independent validator, while ordinary users must pool their funds and delegate their votes”, the article states.

The network will become extremely centralized and uneven.

[zasad@]

There have been many articles about Ethereum becoming centralized.

https://zycrypto.com/ethereum-becoming-highly-centralized-after-transition-to-proof-of-stake-pundits-warn/
The Ethereum network has recently faced criticism following its Merge, which switched the blockchain to a Proof-of-Stake consensus mechanism.
New data suggest that exchanges on the blockchain now control over 60% of mining pools.
Analysts cite expensive staking fees and market dominance as reasons for exchanges having an edge in staking Ethereum (ETH).

[FP91G]

The vast majority of blocks over the last day have been sent by relays.
The Ethereum-based research and development team Flashbots created MEV-Boost.
On Friday, 51% of the blocks generated on the Ethereum blockchain in the past 24 hours complied with the recommendations of the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department.
In light of OFAC’s restriction on Americans utilizing the mixing protocol. The vast majority of blocks over the last day have been sent by relays that have filtered out transactions related to Tornado Cash. A service that mixes transactions to make them anonymous.

https://www.yahoo.com/now/censored-ethereum-blocks-hit-51-194955848.html
https://www.binance.com/en/news/flash/7238809

[fr4nkthetank]

What a shitshow. From the binance page :"Block creators and validators may maximize their rewards. By rearranging transactions inside a block, a process known as maximal extractable value (MEV)."

That means : every transaction you do on a DEX is front-run by institutions and you directly pay the cost, unless you set your network fee pretty high and slippage really low.  The more i read about POS the more i dislike it.

[zasad@]

New anti-records after the Merge
Transaction Fee:
121.563438794770801935 Ether ($157,431.95)
Oct-19-2022 01:29:59 PM +UTC
https://etherscan.io/tx/0x4a84d0872887f91546cd5400cf99763b654975efb3376ee55e4463bcfbca4e97

https://cryptobriefing.com/suspected-ethereum-exploit-drains-wallet-of-121-eth-in-gas-fees/
"Today an Ethereum user spent a record 121.56 ETH (more than $158,000) in gas fees.
The gas fees were pocketed by the validator that processed the transaction.
Blockchain security company PeckShield believes there was some kind of foul play."

[piebeyb]

New anti-records after the Merge
Transaction Fee:
121.563438794770801935 Ether ($157,431.95)
Oct-19-2022 01:29:59 PM +UTC
https://etherscan.io/tx/0x4a84d0872887f91546cd5400cf99763b654975efb3376ee55e4463bcfbca4e97

https://cryptobriefing.com/suspected-ethereum-exploit-drains-wallet-of-121-eth-in-gas-fees/
"Today an Ethereum user spent a record 121.56 ETH (more than $158,000) in gas fees.
The gas fees were pocketed by the validator that processed the transaction.
Blockchain security company PeckShield believes there was some kind of foul play."

I often see this and it keeps repeating itself, either because the sender's mistake wrote the amount in their wallet incorrectly or there was an error in the wallet used by the sender, but I thought it was impossible for someone who has that much ETH so called a novice, is this a game done in the background to launder money or just a common mistake, since the ETH merge is still full of fictitious transactions just to burn supply

[zasad@]

Another explanation for the situation

https://twitter.com/Supremacy_CA/status/1582789430368092160
"1/ Interesting attack event, TransactionRequestCore contract is four years old, it belongs to ethereum-alarm-clock project, this project is seven years old, hackers actually found such old code to attack. Here is our short analysis."

https://github.com/ethereum-alarm-clock/ethereum-alarm-clock/blob/master/contracts/TransactionRequestCore.sol

[FP91G]

Large wallet investors in the Ethereum blockchain have scooped up 3.5 million ETH to add to their holdings of 28.55 million.
Whales have continued their accumulation of the second largest cryptocurrency by market capitalization based on data from Santiment.
Analysts believe Ethereum price is in the buying zone close to the $1,300 level.
https://www.fxstreet.com/cryptocurrencies/news/large-ethereum-whales-gobble-35-million-eth-holdings-hit-new-all-time-high-202210210648

[theskillzdatklls]

What a shitshow. From the binance page :"Block creators and validators may maximize their rewards. By rearranging transactions inside a block, a process known as maximal extractable value (MEV)."

That means : every transaction you do on a DEX is front-run by institutions and you directly pay the cost, unless you set your network fee pretty high and slippage really low.  The more i read about POS the more i dislike it.

Was MEV a system operators could make money from before the merge on the beacon system or has this only been true post-merge?

Also, separately, ETH might go deflationary quite soon. From a peak of 13k ETH issuance down to about 1.5k right now I think and dropping rapidly.

[FP91G]

Amid the growth, Ethereum (ETH) saw over $20 billion flow into its market capitalization in less than 24 hours, from $164.42 billion on October 25 to $185.06 billion on October 26, according to data retrieved by Finbold from CoinMarketCap.
https://finbold.com/over-20-billion-pumps-into-ethereum-in-24-hours-as-eth-breaks-past-1500/