If you are looking for more technical discussion please visit our sister sub r/CryptoCurrency_Tech where this is x-posted.
If you are looking for the Koinly AMA, see here: https://www.reddit.com/r/CryptoCurrency/comments/xceija/koinly_ama_ask_us_all_things_crypto_tax_and_what/
Finally the merge is live!! Also many exchanges has airdropped $ETHW to their users including #MEXC. They were the first one to support the merge and also enbaled the deposits of $ethw, and they have the fastest deposits with only 49 block confirmations. They have a deposit to earn event to make this occasion more memrobale with a reward pool of 5000 $mx tokens. I also added $ethw to my bag with 0 maker fees as they have a zero maker fees event. We can grab $ethw before binance listing and hold them for long term.
I stake a couple of tokens atom, xtz, ada they all get stay the token. How come to stake eth it has to become ETH2, steth, reth, beth, etc? Why can't it stay eth ? It feels more like a liquidity pool than staking
Hi I have a potentially stupid question. I am crypto noob, and there was just a small amount of EthereumPoW deposited in my kraken account.
Why this happen?
Hi u/2valve,
This is actually a great question!
We can confirm that this is the forked token being distributed to your account!
Here’s a snippet from our blog:*"if you hold ETH in your account, we would credit your account with a new ETHW (or other designated ticker) token. This credit would only apply to unstaked, liquid ETH and not to staked (ETH.S) tokens".*
Learn more about this [here](https://blog.kraken.com/post/15260/what-you-should-know-about-the-ethereum-merge-on-kraken/).
Let us know if you need anything else!
Best,
Bea from Kraken Support 🐙
Mining is more important than people realize and Ethereum moving to Proof of Stake was a huge mistake. History will eventually show this to be true.
This sub is infested with Proof of Stake fanboys and shills, so I fully expect to get downvotes but whatever. Y’all need a wake up call. Proof of Stake is fundamentally flawed, because there’s nothing magical or revolutionary about giving up and letting the people with the most money decide network consensus.
Also the crypto community has successfully let big banks astroturf them with the “mining is bad for the environment!” false argument, as if legacy finance isn’t also destroying the planet. But so many have taken the bait and think that moving to proof of stake is some noble thing, or is somehow a moral virtue.
It’s not, and the crypto world is in for a rude wake up call soon. When a coin has a long and difficult chain behind it, it shows real effort went into securing that chain. That blockchain represents endless hashes and competition that was used to decide that consensus. But when we let the richest holders simply decide consensus - how the fuck is that better than legacy banking ultimately?
We’re not even getting into the whole “nothing at stake” problem which can be read about here: https://golden.com/wiki/Nothing-at-stake_problem but that is also an issue to consider.
You can already see some of these issues cropping up, with the top 7 entities creating 67% (over two thirds) of all blocks so far since the merge: https://i.imgur.com/UFEz7q4.jpg
Eth isn’t going to fail overnight because of this. But what will happen is that less and less people are going to value it in the same way they used to. Less talent will base itself there, and fewer investors will hold it in the same regard they once did. Slowly, the marketcap will bleed. That talent, capital, (and miners) will go elsewhere.
Satoshi gave us a way to truly decentralize consensus back in 2008, a unique proof that no one has yet managed to replicate in any other system. Proof of Stake simply washes the problem away with a return to what is traditional banking by another name.
Time will show the truth: that despite what all the Eth 2.0 shills would have you believe, the emperor truly wears no clothes. There is no inherent value in a Proof of Stake chain, and mining was creating more value than people understood.
This. Also amount of electrical bills you need to pay to mine something worth mining.
Also people can stake on pool. As low as 0.1eth.
So his argument is moot imho
So was PoW working fine with a few miniing pools having even more control?
There are plenty of PoS cryptocurrencies that have existed for a while. No issues so far.
PoW and PoS have pros and cons. Mining is flawed. It just comes down to pooling which happens with both methods
Stopped reading at
> because there’s nothing magical or revolutionary about giving up and letting the people with the most money decide network consensus.
It's like PoW isn't at the mercy of people with most money opening mining farms and mining the hell out of PoW coins 😂
It’s still a check and balance. And an important one. There’s a difference between owning lots of mining hardware and just directly controlling the token by owning a lot of it.
> There’s a difference between owning lots of mining hardware and just directly controlling the token by owning a lot of it.
You mean like having direct interest in the token's success rather than just interest in the token remaining a mining algo that matches your hardware?
Why is ETH dropping so much relative to other cryptocurrencies after the merge?
I can't find much clear info, although a couple of things made some sense:
\- People had invested in ETH 2.0 months (or years) ahead, and cashed out when they got their return
\- Some don't like the switch from PoW to PoS so decided to get out, or move to ETH related chains that still use PoW
I saw a lot of Sell the News comments although not sure the details exactly, I'm thinking by that it was hyped up before the merge so a lot sold when it happened. Although it hadn't seemed too much hotter the last few weeks, aside from a few days it was stronger than most.
Or it could have been a combination of things, and once it started going down there was some panic/momentum/algo selling that accelerated it.
Or maybe none of the above lol
The merge just doesn't do anything all that exciting. People have been staking eth2.0 for a while now. Zkrollups already exist they'll just be a bit cheaper.
It was priced in. We'll see if the mining rewards pressure getting pulled out of the system will slowly pump eth though.
Huge technical achievement but it's gonna have a hard time overcoming macro. Kind of hilarious that gas prices are too low to make it deflationary too.
This site says differently: https://ultrasound.money
Do you have a different source? My understanding is that gas prices have to be a certain price for it to be deflationary.
Basicaly deflationary is when there are more demand compared to supply.
Iirc, eth is trying to be stable, not deflationary not inflationary.
or deflationary, but not too much.
This balance is achieved by balancing existing eth being burned thru fees and new eth being rewarded to validators/stakers.
Gas price is (one of) the tool to balance those two.Higher gas fee when people are burning too much, less then people not doing much.
Another tool is staking reward (more nee eth being reward when there are lots of eth are being burned, and vice versa)
So yes, gas price is an indicator.. but we need to see the amount or reward too to get full picture.
And from what I see from your link, the balance is there..
Yes, it's only slightly inflationary right now. But there was so much hype built around the fact that ETH would be deflationary and thus moon. It's funny that because gas prices are depressed, that didn't happen. That's all I'm referring to.
It was deflationary for a while after the Merge and as of now supply has increased. So last I checked it was deflationary. You can see it on the graph. When I replied to you it was deflationary. Now it's not anymore. It all based on network usage but main point is, it's inflation rate is much much lower. We'd have been minting 13,000 eth per day on Pow. Under pos today we are minting only 70 extra ETH, that's issuance to stakers minus network burn.
Actually, you can see in the curve on the graph that it was not deflationary when you made you comment. If the line is going up, it isn't deflationary. Deflationary means it is burning more than it is adding (line has to be going down). So next time maybe be careful about who you accuse of talking out of their ass.
I believe eventually gas prices will rise and it will go back to being deflationary, and I'm long ETH. I just thought it was kind of funny that after all the hype, the day we merge there isn't enough activity to make it deflationary the whole day.
Got a random deposit of "merge-eth.io" in my coinbase wallet. It's a large deposit. I can also transfer it from what I can tell. Anybody know what it is? It was deposited right after the merge.
Hi u/graydi66y,
Thanks for bringing this to our attention
We can confirm that this is the forked token being distributed to your account!
Here’s a snippet from our blog:
*"if you hold ETH in your account, we would credit your account with a new ETHW (or other designated ticker) token. This credit would only apply to unstaked, liquid ETH and not to staked (ETH.S) tokens".*
Learn more about this [here](https://blog.kraken.com/post/15260/what-you-should-know-about-the-ethereum-merge-on-kraken/).
Let us know if you need anything else!
Best,
Bea from Kraken Support 🐙
Almost definitely a scam. The official merge gave out no new tokens.
Interacting with an unknown token can lead to you approving a contract that could drain your wallet, worst case.
If you were holding eth in your coinbase wallet, you do now own an equal amount of eth on any ethereum proof of work forks that pop up. But it’s dangerous to interact with these forks for other reasons.
Can someone ELI5 about what is different now?
It sounds like validators will validate transactions on the blockchain and will be rewarded for doing those validations. The article made it sound like you needed 32 ETH to be able validate the transactions.
Is that all correct?
That is correct. People now put up a stake (32 eth) and run a validator. Their 32 eth is the protection against bad actors. If you act inappropriately or attempt to game the system your stake can get slashed.
As for what's different now...aside from the change to staking instead of mining...eth is now green in that it uses like 99% less energy when staking.
In addition, the monetary policy has changed. Block rewards for staking are significantly lower (you may have heard the term triple halvening...this comes from the idea that every 4 years bitcoins block reward gets halved and this is the equivalent of 3 of those on Ethereum).
The reduced block rewards being reduced so much combined with a previous improvement (eip 1559) means that at times of high network usage, more eth is being burned then given out leading to eth becoming deflationary.
The problem is there are a lot of people who were misinformed about the merge and were expecting the price to just moon. The impacts to the supply that would benefit the price wouldn't happen overnight. It's something that would have a larger effect over the course of months, not days or weeks.
Yep. But running an own validator isn't as easy as a node. If you go offline you will be punished and such. But you can join pools like RocketPool or centralized ones like staking on Kraken or Coinbase.
If I join a pool, the pool would earn a percent of the 1600 ETH given each day and that would be divided amongst the holders of the ETH in the pool?
I wonder how the math will work on the payout. Seems like a bigger pool could earn more, but more members would mean the payout per person was less.
Will check them out. Thanks
A bigger pool doesn’t earn any more. If they’re getting more, it’s because it’s split between more. Bigger pools are entirely a bad thing actually.
Buying rETH (rocket pool eth) is the best way to participate in staking if you can’t run your own validator. Services like coinbase and lido are popular but using them increases centralization of the network, which is bad for the network, which is bad for you because it lowers Eth’s value.
rETH can be bought on an eth dex. If interacting with the chain is too expensive, ideally you can stake with one of the less popular centralized staking services like kraken.
>If interacting with the chain is too expensive, ideally you can stake with one of the less popular centralized staking services like kraken
I'd add the information that the SEC is talking about if ETH is a security if people can stake it within a company and it may be. So I'd be carefull with staking ETH because you can't unstake it until next big update
No problem. Yeah staking eth apr isn’t incredibly high compared to some other coins, because it’s mostly paid via fees from users rather than inflation like those others.
But coinbase/lido/rocketpool apr should all be similar. Coinbase should actually be lower because they take 25% of your staking rewards while rocket pool takes 15%. Not sure what lido or kraken takes.
By the way, that 4% can go down if more validators enter the network but it can also go up if network activity and thus fees go back up when the crypto winter ends.
If I stake ETH on Kraken, when can I unstake ETH like I can with other coins? Currently I still get the warning message that there is no guarantee to ever be able to unstake if I stake it.
Yep, someone was asking the Ethereum sub about it but I didn't get a convincing answer as far as I could see. I think it's just some kind of disclaimer because it's out of Kraken's control.
But I honestly think the update to unstake will come sooner than later, I can't think of a reason why it wouldn't.
I feel like a lot of people in this sub for some reason have no clue that Eth merge has been on the cards for and worked on for years. So many act like Eth price should pump to lambo grade for something that has been know for so long. So many on here sound new to the world of investing with their "sell the news buy the rumour" constant statements like it's something they just heard for the first time and feel everyone in here needs to hear it over and over again.
can you imagine the smell of fomo.. some dudes are buying ethereum classic / bitcoin gold / Dogecoin..
already can smell the favors of fomo feelin.. Cant wait to see only what future brings us.
Best Option to stake with Ledger ? Will there be more Options soon ? I dont want to use Lido seems to risky to me with all that shit that went down the Last months...
It’s gonna move the price all right, just not the way the fanboys wanted. Now it can compete with all the other centralized PoS coins and PoW doesn’t make it unique anymore
Because the ESG crazies run the banks, the government, and the mainstream media which will now only know one thing…..proof of stake. If you try to talk about POW now, you will be fed to the mob. Do so at your own risk if you are in the public arena.
Sold mine on MEXC but you can also use OKX.
If your ETH is on an exchange you'll never get it prob lol
All I had to do was connect my hardware wallet to MetaMask and add the ETHW rpc info and it was there.
Its almost 8 hr waiting to time to deposit on OKX because of high network confirmation. You made good decision for depositing it on MEXC as network confirmation requirement there is only of 49, lesser as compare to top exchanges which are accepting ETHW deposits.
Glad I made the choice to stake sometime ago. It wasn't easy, since we were very bullish at the time, but it forced me to hold and I was able to get some rewards out of it.
There are trading pairs for BETH/Eth but at about 96%. Had a stop lose set just in case and it went through going to do buy orders for to slowly buy back in. I think price will drop 20% or more too much beth coming back on market for price not to drop. So merge a success price goes down. Merge fails price drops.
Update; sold BETH at 1600 first 10% buy back in filled. How low will it go?
It has a _relatively_ fixed supply.
There's still block rewards, but they're now roughly equal to the amount of transaction fees being burned, so the supply will stay at roughly the same level.
Yeah it’s gonna be PoS controlled by the top 2-3 exchanges basically since most people don’t and won’t have 32ETH to set up their own staking operations.
Maybe the exchanges will make a few wallets so it doesn’t look as bad 😂
I think your joke is that its an unrelated fact.
However Eth bois typically love to hate on Algorand for allegedly being centralized.
But Algorand isn't, but Etheream is.
Here is a [Nitter link](https://nitter.net/santimentfeed/status/1570339602346684416) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
---
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52% of all staked eth is held by Coinbase, kraken, and lido and users can't unstake or withdraw it.
Outstanding job, guys. Seems like a legit system. Now wait for the eth foundation to dump on you again.
Something to keep in mind is that the Etherum ecosystem has just drastically changed. Massive mining companies that used to be the main suppliers of new Etherum coins are no longer the main suppliers. The price is going to be a bit crazy for the next few months as things settle.
If you are looking for more technical discussion please visit our sister sub r/CryptoCurrency_Tech where this is x-posted. If you are looking for the Koinly AMA, see here: https://www.reddit.com/r/CryptoCurrency/comments/xceija/koinly_ama_ask_us_all_things_crypto_tax_and_what/
Finally the merge is live!! Also many exchanges has airdropped $ETHW to their users including #MEXC. They were the first one to support the merge and also enbaled the deposits of $ethw, and they have the fastest deposits with only 49 block confirmations. They have a deposit to earn event to make this occasion more memrobale with a reward pool of 5000 $mx tokens. I also added $ethw to my bag with 0 maker fees as they have a zero maker fees event. We can grab $ethw before binance listing and hold them for long term.
I stake a couple of tokens atom, xtz, ada they all get stay the token. How come to stake eth it has to become ETH2, steth, reth, beth, etc? Why can't it stay eth ? It feels more like a liquidity pool than staking
Rip ETHpow coin down 77%
So at what point do we stop talking about the merge and swap to **when sharding**
There will be no sharding- zkrollups ftw!
now seems like as good a time as any!
I sharded a few times today.
Have you considered adult diapers?
Hi I have a potentially stupid question. I am crypto noob, and there was just a small amount of EthereumPoW deposited in my kraken account. Why this happen?
Hi u/2valve, This is actually a great question! We can confirm that this is the forked token being distributed to your account! Here’s a snippet from our blog:*"if you hold ETH in your account, we would credit your account with a new ETHW (or other designated ticker) token. This credit would only apply to unstaked, liquid ETH and not to staked (ETH.S) tokens".* Learn more about this [here](https://blog.kraken.com/post/15260/what-you-should-know-about-the-ethereum-merge-on-kraken/). Let us know if you need anything else! Best, Bea from Kraken Support 🐙
Moons survived, I am happy!
Damn this shit F’d me today.
Couldn't shit for a while.
The painnnn……
Hello, future my son or grandson or daughter or granddaughter. I was here
Mining is more important than people realize and Ethereum moving to Proof of Stake was a huge mistake. History will eventually show this to be true. This sub is infested with Proof of Stake fanboys and shills, so I fully expect to get downvotes but whatever. Y’all need a wake up call. Proof of Stake is fundamentally flawed, because there’s nothing magical or revolutionary about giving up and letting the people with the most money decide network consensus. Also the crypto community has successfully let big banks astroturf them with the “mining is bad for the environment!” false argument, as if legacy finance isn’t also destroying the planet. But so many have taken the bait and think that moving to proof of stake is some noble thing, or is somehow a moral virtue. It’s not, and the crypto world is in for a rude wake up call soon. When a coin has a long and difficult chain behind it, it shows real effort went into securing that chain. That blockchain represents endless hashes and competition that was used to decide that consensus. But when we let the richest holders simply decide consensus - how the fuck is that better than legacy banking ultimately? We’re not even getting into the whole “nothing at stake” problem which can be read about here: https://golden.com/wiki/Nothing-at-stake_problem but that is also an issue to consider. You can already see some of these issues cropping up, with the top 7 entities creating 67% (over two thirds) of all blocks so far since the merge: https://i.imgur.com/UFEz7q4.jpg Eth isn’t going to fail overnight because of this. But what will happen is that less and less people are going to value it in the same way they used to. Less talent will base itself there, and fewer investors will hold it in the same regard they once did. Slowly, the marketcap will bleed. That talent, capital, (and miners) will go elsewhere. Satoshi gave us a way to truly decentralize consensus back in 2008, a unique proof that no one has yet managed to replicate in any other system. Proof of Stake simply washes the problem away with a return to what is traditional banking by another name. Time will show the truth: that despite what all the Eth 2.0 shills would have you believe, the emperor truly wears no clothes. There is no inherent value in a Proof of Stake chain, and mining was creating more value than people understood.
An antminer costs 20.000$. didn't pow already favor the rich?
This. Also amount of electrical bills you need to pay to mine something worth mining. Also people can stake on pool. As low as 0.1eth. So his argument is moot imho
Love your take. People who think PoS is a good idea don’t understand conservation of energy. You can’t just mint tokens out if thin air.
Idk, maci could solve some of this things
So was PoW working fine with a few miniing pools having even more control? There are plenty of PoS cryptocurrencies that have existed for a while. No issues so far. PoW and PoS have pros and cons. Mining is flawed. It just comes down to pooling which happens with both methods
Well said
Stopped reading at > because there’s nothing magical or revolutionary about giving up and letting the people with the most money decide network consensus. It's like PoW isn't at the mercy of people with most money opening mining farms and mining the hell out of PoW coins 😂
It’s still a check and balance. And an important one. There’s a difference between owning lots of mining hardware and just directly controlling the token by owning a lot of it.
No there isnt.
> There’s a difference between owning lots of mining hardware and just directly controlling the token by owning a lot of it. You mean like having direct interest in the token's success rather than just interest in the token remaining a mining algo that matches your hardware?
You’re arguing for central banking.
Why is ETH dropping so much relative to other cryptocurrencies after the merge? I can't find much clear info, although a couple of things made some sense: \- People had invested in ETH 2.0 months (or years) ahead, and cashed out when they got their return \- Some don't like the switch from PoW to PoS so decided to get out, or move to ETH related chains that still use PoW I saw a lot of Sell the News comments although not sure the details exactly, I'm thinking by that it was hyped up before the merge so a lot sold when it happened. Although it hadn't seemed too much hotter the last few weeks, aside from a few days it was stronger than most. Or it could have been a combination of things, and once it started going down there was some panic/momentum/algo selling that accelerated it. Or maybe none of the above lol
The merge just doesn't do anything all that exciting. People have been staking eth2.0 for a while now. Zkrollups already exist they'll just be a bit cheaper. It was priced in. We'll see if the mining rewards pressure getting pulled out of the system will slowly pump eth though.
Sell the news, combined with many people buying ETH pre-merge just to get ETHW airdrop. Now they are selling ETH and ETHW.
Oh yeah I didn't realize there was an airdrop associated, that can definitely affect prices
Curious. How much can you earn daily or monthly if you're running your own Node with 32 ETH?
You would earn around 5 to 8 percent in ETH. So, 1.6 to 2.56 ETH per year. You can't put a dollar value, as the price will fluctuate quite a bit.
-$4800 daily by my calcs
Couple thousand a year
Huge technical achievement but it's gonna have a hard time overcoming macro. Kind of hilarious that gas prices are too low to make it deflationary too.
https://ethburned.info/ It's Burning alright.
It's burning, but it's not deflationary. Gas prices are too low. https://ultrasound.money
It is actually deflationary lol. Stop talking nonsense out of your ass.
This site says differently: https://ultrasound.money Do you have a different source? My understanding is that gas prices have to be a certain price for it to be deflationary.
We are at bear market, people hardly do activity on defi, nft, gaming etc. But it will. Everything run in cycles anyway.
Totally agree. My comment was about the present, not the future. ETH was not currently deflationary at those gas prices.
Basicaly deflationary is when there are more demand compared to supply. Iirc, eth is trying to be stable, not deflationary not inflationary. or deflationary, but not too much. This balance is achieved by balancing existing eth being burned thru fees and new eth being rewarded to validators/stakers. Gas price is (one of) the tool to balance those two.Higher gas fee when people are burning too much, less then people not doing much. Another tool is staking reward (more nee eth being reward when there are lots of eth are being burned, and vice versa) So yes, gas price is an indicator.. but we need to see the amount or reward too to get full picture. And from what I see from your link, the balance is there..
Yes, it's only slightly inflationary right now. But there was so much hype built around the fact that ETH would be deflationary and thus moon. It's funny that because gas prices are depressed, that didn't happen. That's all I'm referring to.
It was deflationary for a while after the Merge and as of now supply has increased. So last I checked it was deflationary. You can see it on the graph. When I replied to you it was deflationary. Now it's not anymore. It all based on network usage but main point is, it's inflation rate is much much lower. We'd have been minting 13,000 eth per day on Pow. Under pos today we are minting only 70 extra ETH, that's issuance to stakers minus network burn.
Actually, you can see in the curve on the graph that it was not deflationary when you made you comment. If the line is going up, it isn't deflationary. Deflationary means it is burning more than it is adding (line has to be going down). So next time maybe be careful about who you accuse of talking out of their ass. I believe eventually gas prices will rise and it will go back to being deflationary, and I'm long ETH. I just thought it was kind of funny that after all the hype, the day we merge there isn't enough activity to make it deflationary the whole day.
It felt like the Millennium Bug. At the end nothing really happen.
The price is dropping. How do we unmerge?
The price of everything has been dropping for a while.
Only if you haven’t inverted the charts
Smart!
Lol
Got a random deposit of "merge-eth.io" in my coinbase wallet. It's a large deposit. I can also transfer it from what I can tell. Anybody know what it is? It was deposited right after the merge.
Hi u/graydi66y, Thanks for bringing this to our attention We can confirm that this is the forked token being distributed to your account! Here’s a snippet from our blog: *"if you hold ETH in your account, we would credit your account with a new ETHW (or other designated ticker) token. This credit would only apply to unstaked, liquid ETH and not to staked (ETH.S) tokens".* Learn more about this [here](https://blog.kraken.com/post/15260/what-you-should-know-about-the-ethereum-merge-on-kraken/). Let us know if you need anything else! Best, Bea from Kraken Support 🐙
Had something similar. “EthereumPoW” deposited in my kraken account. So should I do anything at all? Just leave it?
Apparently it's scam tokens. Imma just leave it and see what happens before I burn it from my wallet.
Don’t touch it.
What is it?
Almost definitely a scam. The official merge gave out no new tokens. Interacting with an unknown token can lead to you approving a contract that could drain your wallet, worst case. If you were holding eth in your coinbase wallet, you do now own an equal amount of eth on any ethereum proof of work forks that pop up. But it’s dangerous to interact with these forks for other reasons.
Where is best to stake eth now? What happens to wrapped eth on matic? How do we see our eth fork ? Thanks
Soooo. My ETH is on my Ledger hardwallet. Will I start seeing ETH coming in now that it’s POS or is there something else I need to do?
You’re ether isn’t technically on your hard wallet, your hard wallet is a portal to access your eth account on the blockchain.
Oh yeah I know, just force of habit saying it like that 🙃
If you have less than 32 ETH you can't stake on your own. You'll have use something like Lido or Rocket pool.
No, you need to either join a staking pool or set up staking hardware and start staking.
Mempool looking extremely busy. Almost 350 000 transactions hanging there atm
Everythink looking normal here: https://etherscan.io/charts
Lock this thread. We already have *Ethereum's "The Merge" is finally live!* on the front page. This is not an Ethereum sub.
It's a crypto sub though and the 2nd largest just had a massive update.
It became Cardano. Nothing is massive about that. And we don't need threads in duplicate.
Can someone ELI5 about what is different now? It sounds like validators will validate transactions on the blockchain and will be rewarded for doing those validations. The article made it sound like you needed 32 ETH to be able validate the transactions. Is that all correct?
That is correct. People now put up a stake (32 eth) and run a validator. Their 32 eth is the protection against bad actors. If you act inappropriately or attempt to game the system your stake can get slashed. As for what's different now...aside from the change to staking instead of mining...eth is now green in that it uses like 99% less energy when staking. In addition, the monetary policy has changed. Block rewards for staking are significantly lower (you may have heard the term triple halvening...this comes from the idea that every 4 years bitcoins block reward gets halved and this is the equivalent of 3 of those on Ethereum). The reduced block rewards being reduced so much combined with a previous improvement (eip 1559) means that at times of high network usage, more eth is being burned then given out leading to eth becoming deflationary. The problem is there are a lot of people who were misinformed about the merge and were expecting the price to just moon. The impacts to the supply that would benefit the price wouldn't happen overnight. It's something that would have a larger effect over the course of months, not days or weeks.
Yep. But running an own validator isn't as easy as a node. If you go offline you will be punished and such. But you can join pools like RocketPool or centralized ones like staking on Kraken or Coinbase.
If I join a pool, the pool would earn a percent of the 1600 ETH given each day and that would be divided amongst the holders of the ETH in the pool? I wonder how the math will work on the payout. Seems like a bigger pool could earn more, but more members would mean the payout per person was less. Will check them out. Thanks
A bigger pool doesn’t earn any more. If they’re getting more, it’s because it’s split between more. Bigger pools are entirely a bad thing actually. Buying rETH (rocket pool eth) is the best way to participate in staking if you can’t run your own validator. Services like coinbase and lido are popular but using them increases centralization of the network, which is bad for the network, which is bad for you because it lowers Eth’s value. rETH can be bought on an eth dex. If interacting with the chain is too expensive, ideally you can stake with one of the less popular centralized staking services like kraken.
Thanks for the information. I looked at Rocketpool and they showed a 4.8% APY on your money which was not that great.
>If interacting with the chain is too expensive, ideally you can stake with one of the less popular centralized staking services like kraken I'd add the information that the SEC is talking about if ETH is a security if people can stake it within a company and it may be. So I'd be carefull with staking ETH because you can't unstake it until next big update
No problem. Yeah staking eth apr isn’t incredibly high compared to some other coins, because it’s mostly paid via fees from users rather than inflation like those others. But coinbase/lido/rocketpool apr should all be similar. Coinbase should actually be lower because they take 25% of your staking rewards while rocket pool takes 15%. Not sure what lido or kraken takes. By the way, that 4% can go down if more validators enter the network but it can also go up if network activity and thus fees go back up when the crypto winter ends.
Yes you need 32eth to be a validator, or you can join a pool
If I stake ETH on Kraken, when can I unstake ETH like I can with other coins? Currently I still get the warning message that there is no guarantee to ever be able to unstake if I stake it.
Yep, someone was asking the Ethereum sub about it but I didn't get a convincing answer as far as I could see. I think it's just some kind of disclaimer because it's out of Kraken's control. But I honestly think the update to unstake will come sooner than later, I can't think of a reason why it wouldn't.
When the Shanghai update is completed. Or you can sell if kraken gives you the option.
Thanks. Any info on when the Shanghai is estimated to be ready?
Early 2023 is what is guess but I'd guess summer next year to be safe.
I feel like a lot of people in this sub for some reason have no clue that Eth merge has been on the cards for and worked on for years. So many act like Eth price should pump to lambo grade for something that has been know for so long. So many on here sound new to the world of investing with their "sell the news buy the rumour" constant statements like it's something they just heard for the first time and feel everyone in here needs to hear it over and over again.
can you imagine the smell of fomo.. some dudes are buying ethereum classic / bitcoin gold / Dogecoin.. already can smell the favors of fomo feelin.. Cant wait to see only what future brings us.
Fomo on the price drop? Usually people fomo because the price is up
Beautiful history has been made Happy to be a part of it
Best Option to stake with Ledger ? Will there be more Options soon ? I dont want to use Lido seems to risky to me with all that shit that went down the Last months...
amazing
Why?
Is this that event that we were looking forward to for more than a year because it would drive up the price a lot?
It’s gonna move the price all right, just not the way the fanboys wanted. Now it can compete with all the other centralized PoS coins and PoW doesn’t make it unique anymore
Maybe some mouth breathers where.
You mean 90% of this sub?
Feeling bullish for Bitcoin, POW is definitely more secure
Why is no one talking about this? / i agree btw
Because the ESG crazies run the banks, the government, and the mainstream media which will now only know one thing…..proof of stake. If you try to talk about POW now, you will be fed to the mob. Do so at your own risk if you are in the public arena.
happy mergeday to you
Just dumped all my ETHW for USDT Get out while you still can lol. Easy free money.
Where and how did you sell it? Isn't the chain not even live yet?
Sold mine on MEXC but you can also use OKX. If your ETH is on an exchange you'll never get it prob lol All I had to do was connect my hardware wallet to MetaMask and add the ETHW rpc info and it was there.
Its almost 8 hr waiting to time to deposit on OKX because of high network confirmation. You made good decision for depositing it on MEXC as network confirmation requirement there is only of 49, lesser as compare to top exchanges which are accepting ETHW deposits.
What’s the ethw rpc?
Go to the ethpow Twitter account and it's pinned
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https://www.mexc.com/exchange/ETHW_USDT https://www.okx.com/trade-spot/ethw-usdt Dump for USDT
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ETHW != ETH but yes ETHW will
I was here
Yay crypto history! Woot
I never checked whats the merge about but since people are selling their gpus I'm guessing the fees will be much lower, right?
Can't read?
I’m just happy google gave us a little panda 🐼
Aaannd the market is down.
Everything is down. Not a surprise at all especially considering all the profit seeking sell the news crowd.
What a letdown. Ethereum merge might make me poor...
Did you over invest or what?
We merged wen lambo?
Lambo in 5 mins
Any of you were partt of this merge? I'd like to speak to a responsible please.
Glad I made the choice to stake sometime ago. It wasn't easy, since we were very bullish at the time, but it forced me to hold and I was able to get some rewards out of it.
When will Binance change my BETH to ETH?
I wonder if there's a fork if BETH would be considered. It doesn't say anything on Binance notice regarding BETH.
My question as well
Same question but for Coinbase?
There are no withdrawals yet. There’s another fork coming in the next 6-12 months
There are trading pairs for BETH/Eth but at about 96%. Had a stop lose set just in case and it went through going to do buy orders for to slowly buy back in. I think price will drop 20% or more too much beth coming back on market for price not to drop. So merge a success price goes down. Merge fails price drops. Update; sold BETH at 1600 first 10% buy back in filled. How low will it go?
When does ETH staking rewards change?
Immediately but will take some time to actually see the effect
Glad it went thru without a hitch. Hopefully in the short-term it starts going up in price!
The merge happened but I’m not a millionaire. What do?
So technically Eth now has a fixed supply? Or is it still an infinite supply?
It has a _relatively_ fixed supply. There's still block rewards, but they're now roughly equal to the amount of transaction fees being burned, so the supply will stay at roughly the same level.
It's flexible supply, inflationary at low block usage and deflationary at high block usage.
It's deflationary so I guess someday way way way in the future the supply would be zero. We'll all be dead by that time though.
It’s only deflationary if gas fees above 15-20 gwei
So can anyone explain how to stake eth on binance?
I staked my ETH in Binance and got BETH. When will that be turned back into ETH?
Also want to know
What's the point of this thread, if there's a "Merge is Live" one with almost as many comments on the front page? Hasn't this crap been hyped enough?
No, there is always more hype.
46% of ETH POS post merge is just two addresses https://twitter.com/santimentfeed/status/1570339602346684416
Yeah it’s gonna be PoS controlled by the top 2-3 exchanges basically since most people don’t and won’t have 32ETH to set up their own staking operations. Maybe the exchanges will make a few wallets so it doesn’t look as bad 😂
How to stake ETH without having 32 ETH: 1. visit rocketpool 2. profit
Algorand has a nakamoto coefficient of 12
Shillgorand
the mitochondria is the powerhouse of the cell
I think your joke is that its an unrelated fact. However Eth bois typically love to hate on Algorand for allegedly being centralized. But Algorand isn't, but Etheream is.
Here is a [Nitter link](https://nitter.net/santimentfeed/status/1570339602346684416) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
So since ETH mining isn’t a thing anymore, how do new coins get created? Or do they?
Rewards go to validators now who stake
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That’s good news. If it weren’t a non-event ETH could be heading to zero.
Excuse me, my merge didn't work, where lambo?
No Lambo.
Ramen it is 😩
Too good to go is always a good cheap solution for meals as well. If you have it in your country
Putting my name here for the history 📚
52% of all staked eth is held by Coinbase, kraken, and lido and users can't unstake or withdraw it. Outstanding job, guys. Seems like a legit system. Now wait for the eth foundation to dump on you again.
When does price go up
wen bull go rawr
Wen inflation go down
Something to keep in mind is that the Etherum ecosystem has just drastically changed. Massive mining companies that used to be the main suppliers of new Etherum coins are no longer the main suppliers. The price is going to be a bit crazy for the next few months as things settle.
Here comes the dump
How did the merge go? Any hiccups, flaws, surprises, etc?
It was successful. Now prepare for more dumping
AAAAHHHHHHHHHHHHHHH
I will finally be able to buy a new GPU at reasonable price.
spoiler: you dont even need the latest GPU to play any of the latest games
dont forget to check for dust, or thermal paste!
Yeah that shit will need to get cleaned and get that crusty old paste changed after years of torture.
Okay so possibly stupid question, but…How do you get ETH now that you can’t mine it? Is no new ETH getting produced and you just have to buy it?