0xBrian
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June 05, 2020, 11:47:00 AM |
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Take another look at that address. Know anything about keypair generation? If somebody is in control of that address, they need to be awarded the Fields medal. For fun, go try to generate a keypair with just the first 8 bytes consisting of nothing but ones and zeros. Let us know how it goes.
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lahadema
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June 05, 2020, 11:49:35 AM |
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Take another look at that address. Know anything about keypair generation? If somebody is in control of that address, they need to be awarded the Fields medal. For fun, go try to generate a keypair with just the first 8 bytes consisting of nothing but ones and zeros. Let us know how it goes. So you are saying the ETH is actually burnt?
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0xBrian
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June 05, 2020, 11:53:40 AM |
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So you are saying the ETH is actually burnt?
It sure as hell is sent to an address nobody has the private key for, unless they broke extremely fundamental crypto or have access to an alien supercomputer. That is what we call burnt in this project.
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lahadema
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June 05, 2020, 01:48:38 PM |
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Understood. Thank you for the explanation.
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strictly-scarce (OP)
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June 05, 2020, 01:56:31 PM |
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During the contract construction an event was emitted that informed Etherscan of the minting: // Constructor constructor() public { ... balanceOf[address(this)] = totalSupply; emit Transfer(burnAddress, address(this), totalSupply); // Mint the total supply to this address ... }
The contract increments its balance to the totalSupply (which is 1m) and the transfer event is done in order for Etherscan to *track* the creation of the asset and increase the balance accordingly. The burnAddress was used to simulate the creation of Vether, because that is where all the Ether is burnt: // Calls when sending Ether receive() external payable { burnAddress.call.value(msg.value)(""); // Burn ether _recordBurn(msg.sender, msg.sender, currentEra, currentDay, msg.value); // Record Burn }
This is typically how new dynamically created assets are minted and destroyed, except address(0) is used: https://etherscan.io/address/0x0000000000000000000000000000000000000000==================== However, Uniswap forbids sending assets to the address(0): https://github.com/Uniswap/uniswap-v1/blob/master/contracts/uniswap_exchange.vy#L163So another address must be used. This address is the binary encoding of the word `value`, which you can verify for yourself at: https://www.rapidtables.com/convert/number/ascii-to-binary.htmlThe likelihood that someone has the private key to this address is the same likelihood of someone having the private key to address(0), since they are both valid Ethereum addresses. Mathematically it is 1 in 2*256-1, of which there aren't even enough atoms in our universe to count this. This video covers this: https://www.youtube.com/watch?v=bBC-nXj3Ng4==================== I hope that addresses your concerns.
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Blahd
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June 05, 2020, 02:11:08 PM |
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Small correction: 1 in 2^256-1
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lahadema
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June 05, 2020, 02:12:24 PM |
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Thank you for your detailed reply. That surely addressed my security issues and I think others like myself will benefit from it.
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0xBrian
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June 07, 2020, 06:18:47 AM |
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Thank you for your detailed reply. That surely addressed my security issues and I think others like myself will benefit from it.
Thanks for being reasonable! Please join the Discord if you have any interest.
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0xBrian
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June 27, 2020, 04:17:05 AM |
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Attention all, if you own Vether and haven't upgraded, this is a perfect time to do it! The dapp makes it easy. Join the Discord if you have any problems!
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0xBrian
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July 19, 2020, 01:48:41 PM |
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strictly-scarce (OP)
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August 09, 2020, 01:02:57 AM |
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Vether Pools V1 a success. Ran for 3 weeks and accumulated 900 VETH in fees (depth of 3000 VETH) giving it an APY of 600%. Vether Pools V2 has now been launched, with improvements, increase of cap to 10k $VETH, and TOKEN<>TOKEN trading. APY for stakers currently > 1000% https://vetherasset.org/stake
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CaVO32
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August 09, 2020, 11:28:01 PM |
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Vether Pools V1 a success. Ran for 3 weeks and accumulated 900 VETH in fees (depth of 3000 VETH) giving it an APY of 600%. Vether Pools V2 has now been launched, with improvements, increase of cap to 10k $VETH, and TOKEN<>TOKEN trading. APY for stakers currently > 1000% https://vetherasset.org/stakeSo what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?
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JuLy_A
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August 10, 2020, 10:41:59 AM |
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Vether is designed to be a store-of-value with properties of strict scarcity, unforgeable costliness, and a fixed emission schedule. It is not entirely clear in which case the use of Vether is much preferable to other savings options.
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rhomelmabini
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August 10, 2020, 10:42:18 AM |
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So what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?
As per the OP it means this one is a store of value. I find this coin very interesting but I haven't still hopped in, maybe on the next eras. As a store value I think it has still its use, simply, hold it.
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gtybl
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August 20, 2020, 02:31:44 AM |
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So what exactly is the use again of this token? You mentioned it is a strictly scarce ethereum based asset, but even if the supply is scarce and with no actual application in the market, the value will not improve in the market. Burning some assets will not be helpful if you have no real use case here. So once again, where can we use your tokens? Can you explain more about this Proof-of-Value why it will aid in the Vether's continuous existence in the market? What if users are not interested anymore in trading your token, where will your eth come from?
As per the OP it means this one is a store of value. I find this coin very interesting but I haven't still hopped in, maybe on the next eras. As a store value I think it has still its use, simply, hold it. I think the other piece of this puzzle is it's additional quality of being programmable. Since we have such a sturdy "support" mechanism implemented in a token that can interact with instructions, I think we could see some very interesting use cases pop up. Using Vether as collateral to mint synthetic assets being an apparent one. I admittedly don't know a lot about the mechanics of defi but it seems like a provably fair, immutable and intrinsically valuable ERC20 is an inherently useful thing.
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klone2000
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September 28, 2020, 05:37:32 PM |
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https://vetherasset.org/statsStats Proving the fair distribution model. When Vader Pools launch Vether Visibility will increase a lot because the burn mechanism Vether/Vader.
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0xBrian
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January 15, 2021, 11:30:52 AM |
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We have entered era 2! Emission has been halved to 1024/day.
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