nixo.eth 🦇🔊
@nixorokish
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executive director @ethstaker // decentralization / diversity / open source maxi // warpcast dot com/nixo
Joined April 2022
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Pinned Tweet
- Validators serve the network, not the other way around
- ETH is not meant to be staked
- Not everybody needs to be staking
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ethereum is being built to make the world better (more fair / efficient / transparent) - not to make you rich
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I guess hot take: Bitcoin will be largely irrelevant by the time its issuance runs out
so will Ethereum
they'll both be supplanted by better tech
it's like people in 1908 developing AM radio and thinking it's going to be the basis of communication in 2024
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Absolutely wild how different two protocol votes can look when one community is active and invested in the long-term health of the chain and the other is there for dominance and short-term gains
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this is healthy & working as intended. The Ethereum PoS consensus mechanism doesn't overpay for security like PoW did.
If there are more than enough validators, low yield encourages you to put your assets elsewhere
validators are in service of Ethereum, not the other way around
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I'm not an Eth maxi - I'm a decentralization maxi for working products.
If I saw another chain that had as much momentum, talent, & opportunity as Ethereum has, with >10,000 permissionless nodes, and was doing something better than Ethereum?
You can bet I'd be packing my bags
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An annotated map of the places I'd like to see more people running nodes
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Forking repos is good. It's why open source is great, cuz we can iterate and improve on work. But prolly best to say "hey, we're a clone of this other protocol, & here's where we improved" rather than wait for the community to start recognizing vestigial code you forgot to remove
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1000000% the best part of this talk was when someone walked up to me afterwards and said
~"I'm a genesis staker and I've been feeling a little like we were being too idealistic and maybe it isn't worth it to solo stake with all these big orgs coming online so thank you for this"
Are solo stakers valuable for censorship resistance?
@nixorokish
discusses how solo stakers fundamentally care about the value of the network's at the
#CensorshipWTF
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Speaking only for myself: I want to say that, as a woman, I have never felt more supported, mentored, and physically protected than I have in the web3 industry 🧵
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Lido withdrawals are live - if you wanted to move your ETH to a more decentralized, more minority protocol, now is the time!
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Look y'all
Besu had an issue earlier this month. It wasn't a big deal cuz they're ~4% of the network
Nethermind has an issue today. It's not a big deal cuz they're ~10% of the network
Client bugs can happen IN ANY CLIENT. Geth could be next. It would be a big deal
Is it too early?
pls switch away from geth and save our eth bags 😩
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if you hold stETH, rETH, frxETH or ANY liquid staking token, client diversity directly affects you. You can help by reaching out to your provider and asking them if they collect metrics on their operators' client diversity and what they're doing to encourage client diversity
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What if the bug was in Geth instead of Besu?
- Most of Geth validators would be offline
- Those with failovers would switch to another client
- If not enough failovers, finality would be lost
- Inactivity leak would kick in
- Penalties would start increasing quadratically
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A widespread issue that was fixed within minutes and the first people to notice were the people all over the world securing the network, stakers, who immediately all came online to ask what was going on and how to fix
This is a pretty robust layer 0 we've got here
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Of *known* entities, Coinbase's shift by the end of Mar to 50/50 Geth / Nethermind gets us below 66%.
HOWEVER - since not all entities have reported, we could still potentially be at ~70% if all non-reporting entities are 100% Geth
This is GREAT progress but we have more to go!
We told you we were working towards diversifying the execution clients on our Ethereum validators. Today, we're excited to provide an update!
This week we’ve begun rolling out support for
@NethermindEth
— with support for
@ErigonEth
close behind!
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sup
7/ We are performing our latest assessment of alternative execution clients and will have more to share on that process and our next steps by the end of February.
To sum up, we take client diversity very seriously, have made some good progress, and are striving to improve it.
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solo staker = anyone who puts up 32 ETH and has full custody of their validator (may run hardware elsewhere)
home staker = anyone who validates the network w hardware at home. includes DVT & rocket pool operators
staker = anyone who stakes in any way (LST, custodied, whatever)
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Want to come into crypto and get immediate funding? Make solo staking sexier. UX is still way too difficult.
The intersection of people with 32 ETH and people who feel comfortable using a command line interface is such a small subset of people
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I'm confident that if I just keep wording this a hundred different ways, it'll eventually click for people
Being complacent about a supermajority client is reckless
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@LefterisJP
nope. a culture of bailouts is a place where players ignore risk (usually with money that doesn't belong to them)
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Quick PSA: client software is core Ethereum infrastructure. They don't make money from having a majority. In fact, being a supermajority is a super stressful position for them to be in - it's a ton of responsibility.
Execution client diversity is in everyone's interest
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FYI - maxEB spec is being decided rn and they're looking for people to speak up on custom ceilings
A custom ceiling allows you to set whatever # you want to compound up to for your validator (e.g. 37)
imo not including this would remove a lot of the benefits for solo stakers
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Dencun livestream, live in ~90 min
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we women are such mysterious creatures. what if we took pink gucci purses as bait, then trapped women w big nets, and then told them about CEX-DEX arbitrage?
maybe we hide crypto educational materials in the kitchen?
oooh or we make tampons with binance logos! that'll get em
There’s still not enough women in crypto.
We've launched our new fragrance ‘CRYPTO’ as a new way to open up conversations with the public on what needs to be done to bridge the gender gap.
Find out more 👉
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strongly in favor of this. correlated offline penalties could help things like stake centralization, supermajority risk mitigation, and shore up advantages to solo staking
This post from
@VitalikButerin
advocates for increased validator correlation penalties, meaning favoring solo stakers over LST providers and industrial staking companies for a more resilient and decentralized Ethereum L1.
Original
@farcaster_xyz
🔗:
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there's hunger in the solo staking community for maxEB
solo stakers want to compound their rewards!
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if you're a cbETH holder (staking ETH with
@coinbase
), you pay 25% fees. What are you paying these fees for if not managing these deeper risks?
Demand accountability for keeping your staked ETH safe
(s/o to grazingjazz in the
@ethstaker
discord for this point)
Here's a template:
"Hi, I'm a (rETH, stETH, cbETH) holder and I'm concerned about the security risk that a supermajority client poses to my capital. I'd like to inquire on the client diversity of your node operators & ask what you do to encourage minority client use? Thank you!"
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Next stop: Dencun on Ethereum! Congrats on a successful fork, Gnosis Chain!
The Dencun upgrade has been activated on the
@gnosischain
mainnet!
🐡🦉🐡
Next ➡️ Ethereum Mainnet
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I am so excited about all the data coming in through the staking survey. A lot of really good insights and experiences being shared! I can't wait to write up the report and share it - I love every single one of you solo and home stakers for doin what you do
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The answer is 32. Your entire stake! The amount you're slashed depends on how many others are slashed at the same time. If you become part of a systemic supermajority client bug, you're S.O.L.
Run a minority client!
hypothetical: My validator runs Geth, as does 66% of the network. A crazy bug introduced to the latest update causes me to double sign. How much of my 32 ETH do I lose?
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This is why CLIENT DIVERSITY!
Binance is centralized & can opt to make the bug canonical. If Ethereum had the same issue, the community would go into civil war over "make it canonical" vs "nothing is too big to fail"
How do we prevent that?
SWITCH AWAY FROM GETH
(luv u geth)
There is a high probability that BNB Smart Chain introduced a bug that caused persistent state damage.
Erigon has not been able to sync the chain for a ~week now.
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Just a reminder that Lodestar is running an incentive program where validators who propose blocks with the Lodestar client between now and August are eligible for an extra reward from a $25k pool!
Congrats
@sigp_io
! 🎉 Ethereum's client diversity has come a long way. It's arguably its greatest strength and we have been blessed to have these amazing client implementations!
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My RPGF ballot is prepped and ready - feel free to advocate here for any project *that you're not associated with*. No DMs pls :)
Favoring dev tooling, packages, staking-related, infra, & data analytics - things that usually don't get a lot of end-user attention!
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Hasu explains why he thinks solo stakers will be <1% of the network & why liquid staking will crowd out all others. Says earlier that we'll converge on one LST.
Lido aims to capture 99% of
@Ethereum
's consensus
This kills Ethereum's credible neutrality
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Knowing how to set up, use, and maintain a node is a marketable skill and you can still be in the first 0.1% of the world who knows how to do it
(running a node doesn't require any ETH)
(but it's a gateway drug to running a validator)
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Just going to put this out there - the ACD calls are publicly livestreamed. You can participate by commenting in the chat
This last call, there were 15 people livestreaming. If you care about what gets included in forks... show up. If you want to learn... show up.
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CT does not move (any significant) markets. It's a bunch of influencers talking to each other and lurkers thinking it's more representative of the world than it is
Take a step back. This is not the world. This is a place with an algorithm that promotes anger
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@EridianAlpha
@LidoFinance
thanks for voicing your thoughts. EthStaker, however, does not support 'Lido is inevitable'. LidoDAO is controlled by ~5 wallets that manage the validator set. It can make better choices and chooses not to. It's a centralized entity seeking power and is not an immovable force
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There's a disconnect when I tell people about staking. "4.2%? That's it?"
Yeah, but 4.2% and exposure to the price of ETH. 4.2% is just a bonus while I do the thing that most helps the network - which helps my investment grow.
+ it's like least risky thing you can do in crypto
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Solo stakers are a minority, but based on how disproportionately things targeting them get upvoted in the
@ethstaker
subreddit, those solo stakers are clearly all subscribed to it. Folks who built ethstaker did a great job at creating a strong community and hub. What a foundation
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The fact that the Ethereum community gets together & celebrates every upgrade is amazing. I know of at least three streams, filled w incredible people, that were watching the upgrade happen in real time
Thank you
@NethermindEth
for letting me stop by yours! Your team is amazing
A heartfelt thank you to all who joined our livestream - our guests and audience ❤️ Your questions and insights led to great discussions!
Blobs are here 🐡and we're thrilled about Dencun’s success! Until next time 🫡
Shoutout to
@Smartprogrammer
for moderating!
@Gajpower
…
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if you're holding ETH in cold storage and not staking...
okay, you need a little more time and/or better staking UX
if you're holding ETH on a centralized exchange and not staking
ser, I need a word with you.
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In the last 24 hrs, I've seen two users on r/ethstaker & twitter get drained from wallets whose seeds were kept in LastPass
LastPass compromise was a while ago now but just bc your funds haven't moved yet doesn't mean you're safe! If you had a seed in LastPass, MOVE YOUR FUNDS
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The
@EthfinanceR
and
@ethStaker
subreddits just went dark in support of the site-wide reddit blackout in response to its announced API changes
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I'm so proud of the Ethereum community for staying engaged and keeping professional operators and institutions accountable
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i think crypto twitter might just be the same 100 active accounts all talking to each other and thinking that they represent a majority of crypto sentiment
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the funniest part about this tweet is that I implied that Lido has a community
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I honestly think if someone set out to clone
@Rocket_Pool
and said "We're forking and I think we can do better", people would watch it with anticipation and cheer on the competition (I definitely would). But doing it all sneaky-like feels a little weird
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mass withdrawals -> higher APR for me
meh withdrawals -> stability
i am so zen rn
i denominate in ETH
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okay, I'll just add my voice here:
All three of these people represent liquid staking protocols & have financial interest in those protocols succeeding
This proposal is a starting point for a very necessary (& urgent) conversation. imo, solo stakers should be pushing hardest
1/
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This is a BFD that a team has dedicated their time and energy to such an altruistic endeavor. I've used the Rescue Node a few times for my Rocket Pool node and it's incredibly helpful to not feel anxiety while your node is down
I love this community
The Rescue Node is now available to Solo Stakers 🎉
Solo Stakers can use this service as a fallback Beacon Node for maintenance and emergencies.
Access is granted for 10 days at a time, twice per year.
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@tomxeth
if you'd asked a person in 1908 to imagine superior communication methods, they would've lacked imagination too. it's damn near imposs to fathom how far tech can go, unless you're Isaac Asimov or the creators of Star Trek
everything we think of as revolutionary will be boring
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Did you know that you can now update, prune, or change to a minority client *without missing any attestations at all*?
@Rescue_Node
recently made its service available to solo stakers
Docs:
Support:
@ethStaker
# rescue-node Discord channel
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PSA: maybe it's not well understood but if a majority client has a bug and you're running that client, your penalities will be higher than a minority client bug situation - and, unlike a minority bug situation, those penalities will grow the longer the situation drags on
@drjasper_eth
the penalties for a misbehaving client, even a majority one, are tiny. only equivocation does anything really nasty. any pragmatic user would use geth or reth
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probability that I will be at Devconnect: 99.9%
(the 0.1% is leaving room for the possibility that i get a parasite that affects my neurology and i become belligerent on the plane and i'm arrested and taken to a psych ward)
i'll be in Istanbul on thursday!
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Hey
@coingecko
- you could set an example here on your Top Liquid Staking Tokens page and denote stETH's threat to the network so casual users are aware when they're looking for an LST to buy
¿¿ CoinGecko 🤝 Ethereum network health ??
Any single actor, entity, or protocol exceeding key thresholds - 1/3 being critical - is a threat to Ethereum's security, neutrality, and legitimacy
There are dozens of great solutions out there. Protect your capital by staking with a minority solution
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Just gotta give a s/o to
@remy_roy
for running an absolutely stellar setup for EthStaker's Holešky validators. Not a single missed block yet
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This might be the best article I've seen on the staking landscape right now 👏
Our latest
@GSR_io
report looks at
@lidofinance
and the implications of its dominant position in Ethereum's staking ecosystem, diving into its history & design, concerns about its concentration of stake, and dispelling some commonly cited hyperboles.
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An update: there were 6 people livestreaming today's consensus layer call
Where the devs make all the decisions for what's going on with the CL
Where you can show up and voice your opinions and preferences
Where you can learn about what core development looks like on the inside
Just going to put this out there - the ACD calls are publicly livestreamed. You can participate by commenting in the chat
This last call, there were 15 people livestreaming. If you care about what gets included in forks... show up. If you want to learn... show up.
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Some initial takeaways of the
@KeystoneWallet
Typos indicate a lack of attention to detail, seeing this one was at the start of the process was not confidence-inducing
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I'm convinced that while all the guides say to use an airgapped computer or VM or a bootable USB...
...most people are just YOLO'ing it on their live, online computers
We need better keygen processes
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had a ton of fun meeting folks and talking all things staking at the
@ether_fi
solo staker event. I'm so happy to support initiatives to diversify and decentralize the beaconchain!
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if you're with a company that runs professional node services and your engineering team needs some advising on the viability of moving to minority clients, EthStaker's
@yorickdowne
(as Cryptomanufaktur) runs 10k+ keys on minority clients and is an excellent source for mentorship!
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I was asked on a panel at
@EthereumDenver
what I thought the staking APR would look like directly after Shanghai - would it spike due to withdrawals? I answered that it was anyone's guess, but here's what I wish I'd said:
(1/4)
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Lido is banking on there not being protocol level solutions and they benefit from the existing structure and would therefore like to call it set-in-stone and name themselves benevolent dictators of such a system and *explicitly* aim to capture 95%+ of all staked ETH.
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There's a deficiency in UX in crypto, esp in staking. Projects underestimate the value in people whose expertise is making sth intuitive for all demographics
imo, staking needs to start focusing on user-centered design before ossification and staking is limited to early stakers
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@EthereumOnARM
@theradxa
$365? i can't believe y'all skipped the opportunity to call it "for a dollar a day"
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Interesting data point though - based on participation rate, looks like ~2% of the network uses Besu
which is, despite this issue, not enough! If this were in Geth, a majority of the network would be offline rn and it would be a big deal instead of the minor issue it is
Besu users may be experiencing downtime right now. Besu team is aware and on it - in the meantime, switch to another client or use
@Rescue_Node
while a fix is deployed
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@TrustlessState
fyi for anyone reading, it's his friend who's having the medical emergency, not David
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Just to be clear - end users on Ethereum weren't affected. Ethereum doesn't have downtime. Client diversity is to thank here.
Yesterday's issue temporarily affected a process called finalization that prevents blocks on the chain changing after they've been added
Gm! Here's another round of summary from the incident yesterday. We are also working on a writeup to capture everything: 👇🧵
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bloxroute was relaying invalid rsync blocks in optimistic mode & bloxroute's post-submission verification was failing. they disabled optimism on that builder, which means...
(tl;dr:) validators can continue as normal for now as bloxroute investigates what went wrong on their end
mainnet is having lots of invalid blocks coming from the same builder. The relay should never broadcast blocks without verification. We should consider including ePBS in Electra. Please raise support for this to be discussed in ACD
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if we start making consensus decisions based on crypto influencers having tiffs with other L1s and wanting to give ethereum some narrative points to make number go up, we're gonna have a bad time
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The Smoothly team has worked hard on this - it's a public goods smoothing pool for solo stakers! 1.5% taken only to cover operating costs.
Incredibly good-looking website. Stellar docs. Six long-time Ethereum folks as oracle operators (incl.
@ethStaker
,
@sassal0x
&
@AestusRelay
)
🚀 Smoothly Protocol Goes Live! 🚀
Today's the big day! Smoothy is officially onboarding solo stakers!
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Hey
@nix_eth
- Great article in Coindesk. Nice to see some info on liquid staking dominance make it into their staking week.
sincerely, the author of that article (nixo.eth) 😅
Nice to meet you, ENS neighbor!
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.
@lidofinance
sat next to two protocols that either are or have committed to permissionlessness and said they believe home stakers should not exist and that staking should be centralized to a set of professional operators
Lido is an attack of principles of decentralization
Hoooooly shit. Here's
@LidoFinance
, on the topic of solo node operators. (source: )
- “We think that most of the stake should be managed by professional operators”
- “Most solo operators are not rational … they do it for fun”
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Millions of users, thousands of people trying to figure out how to get involved...
It still blows my mind that only a handful of people show up to watch all core dev calls
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My 'You met me in 2023' POAP makes me so happy -
@SoggyApplePie
is such an incredible artist!! I'm so stoked with this
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I think reducing staking issuance in Electra as an intermediate step to addressing an increasingly unhealthy validator set is a good idea
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the security budget is to make sure the chain is economically unfeasible to attack. at very low ETH supply staked, the risk is the low capital needed to attack. at very high ETH supply staked, the risk is accumulation to one entity because of network effect & economics of scale
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most industries: I want people to take me seriously, I should put on a blazer
crypto industry: I want people to take me seriously, I should put on a fun t-shirt
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Fun fact: the left side overrepresents solo stakers.
On average, they run ~4 validators per node, whereas professional operators run ~600. The left image is "node diversity" and the right is "validator diversity"
Home stakers are more responsible in terms of client diversity!
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PSA since I've heard a couple people mention "not knowing the electricity costs of running a node"
Running a node costs 1-3 dollars a month. If you live in a place with really high electricity costs (e.g. London) - it could double. Doubt it's ever going to cost anyone >$8-9/mo
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@_pgauthier
@OlimpioCrypto
holy moly, I'd tell you to get yourself a PR person but, by all means, dig this grave if this is how flippant you are with your users' actual needs
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This thread is not meant to invalidate any other experiences, but there's a thing called 'negativity bias' and I want to make sure we praise the industry for the positive while we also suss out the negative
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i hear ETH is dead. RIP. so what do we do now, get a pickleball team together?
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wen firefox support?
@Rabby_io
bums me out when developers only develop for a browser that is hostile towards consumer-empowering things like uBlock Origin and consumer privacy
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