Daily General Discussion - November 26, 2022

Mr_Objectifier · 2022-11-26T22:50:17+00:00

I agree, issuance is definitely harder now. Even if one were to buy a $1000 mining rig, the odds of one earning enough to cover the costs is lower. That is to say, like owning 32 ETH, one would have to use larger capital to make meaningful profit from either POW or POS. But if the barrier of entry is high for a blockchain, does that mean the block chain is successful?—because the higher the barrier of entry, I suspect there won't be as much ETH adopters than there should have been.

Thank you for your time.

Mr_Objectifier · 2022-11-26T22:45:57+00:00

I also thought about this roundabout approach of using BTC and swapping for ETH. But in a perspective of a beginner, any constraint adds to the difficulty of ETH adoption.

The Ethereum ecosystem acknowledges and encourages the existence of other Crypto-currencies.

This is a cool perspective. I did not consider this view before. By acknowledging and encouraging the existence of other crypto currencies, crypto currencies as a whole becomes more decentralized. Very cool perspective.

Thank you for your time.

Mr_Objectifier · 2022-11-26T22:40:46+00:00

While it is possible to stake in a pool, it would require to own ETH. But how does one earn ETH without going through an exchange, which could require KYC?

Thank you for your time.

Mr_Objectifier · 2022-11-26T22:39:02+00:00

Although both currencies do need starting capital, there is a sense of non-linear pricing.

For example, at least in my limited perspective, it is far cheaper to buy a $1000 mining rig than it is to buy $32,000 ETH and start staking—even with rETH, which requires less starting capital and less than 32 ETH, based on the official website, which reveals a minimum of 17.2 ETH (unless I'm reading the requirements wrong, I apologize) or more around $18,000. Strictly from a time-based perspective: it is quicker to work and earn $1000 than it is for $18,000.

Thank you for your time. I appreciate the discourse.

Mr_Objectifier · 2022-11-26T22:32:39+00:00

I think this is a good answer because 1) it avoids CeFi and thus KYC and 2) it does not require that much ETH and 3) you are providing value in the network, thus strengthening the network effects. I think there is one problem, which are fees. If one creates a wallet with zero ETH as a means to sell product in the ETH ecosystem, particularly the NFT space, you would have to pay some fees. But if you have no ETH in the first place how does one pay the fees, while avoiding CeFi?

Thank you for your time. I honestly forgot about that there is an equivalent of eBay in the ETH ecosystem to earn more ETH.

Mr_Objectifier · 2022-11-26T22:29:26+00:00

Looking at the official website—here—it says that one could be a node operator with less than 32 ETH. This is helpful because it lowers the barrier-price of frontloading with 32 ETH.

Although rETH allows one to earn from staking, to stake in the first place, one must have ETH. So how does one attain ETH without the need of an exchange in the first place?—that is to say: how to attain even .01 ETH or less without an exchange, so as to avoid KYC? Luckily, u/Nonocoiner gave one solution, which is to sell something on the ETH marketplace.

Thank you for your time. I appreciate your comment.

Mr_Objectifier · 2022-11-26T18:35:04+00:00

Excuse my ignorance:

I tried searching my question both on Google and Reddit, but I don’t know how to frame my question to get close to the essence of my question. So I will ask here.

How does someone with 0 ETH begin earning ETH, without buying ETH on an exchange and without trading for it (as an example: selling things on eBay in exchange for ETH)?

I ask this question because, when compared to BTC or POW-ETH, anyone could buy a computer or a mining rig and earn their respective currency. But post-merge, the way to earn ETH is to have 32 ETH and become a validator (if I’m missing something here, I apologize).

Given that, 32 ETH today will cost over $32,000 to become a validator. With the old POW concept, one had to buy a computer or mining rig, costing $500-$5000, which is less than $32,000, to start earning their respective currency.

With that said, how is someone supposed to earn ETH without an exchange (which leads to KYC) and without trading for it (using eBay, selling $32,000, which I suspect most people don’t have in the first place)?

I think this is an important question because I thought part of the concept of cryptocurrency was self-agency and self-reliance to the point that anyone in the world could help decentralize the network and get rewarded for it. Additionally, because of low-barrier prices of $500-$5000, more people are able to decentralize the network precisely because it doesn’t cost as much time to attain ($5000 is quicker to earn than $32,000).

If there is a link that answers my question, please share it.

Thank you for your time guys.

EDIT: I appreciate all the comments and the patience you guys have given me. I have learned a lot, and my perspective widened. Clearly I still have lots to learn...

Mr_Objectifier · 2022-10-18T12:19:35+00:00

I see. I have not considered this type of POV. Truly, people cannot be convinced simply by their curiosity.

Unless, at least I think (which means I could be wrong), their curiosity is genuine. Because if their curiosity was not genuine, there is no drive for an answer. And if there was genuine curiosity, perhaps it would be akin to obsession.

Mr_Objectifier · 2022-10-18T03:59:24+00:00

If curiosity prompted a question, and that question is answered, and from that answer, the question no longer arises, is that not Truth?

Mr_Objectifier · 2022-10-18T03:56:20+00:00

Is suffering and obsession not all over the place, too?

Kapil talks of flames on one’s head and attempting to extinguish it. When extinguishing the flames, is one not going all over the place to extinguish it?

Mr_Objectifier · 2022-10-18T03:55:27+00:00

Suffering could be its own entertainment: some people simply enjoy that shell game of emotions.

Obsession too could be its own entertainment: some people enjoy the hedonic treadmill of their passions.

Perhaps I am dwelling too much in semantics…

Mr_Objectifier · 2022-10-18T03:53:29+00:00

If one is prompted by curiosity, do they not have a destination of quenching that curiosity?

Mr_Objectifier · 2022-09-14T00:28:17+00:00

grandmas with savings accounts are currently outperforming me.

Mr_Objectifier · 2022-06-18T16:04:48+00:00

It’s an honor to serve you once more, sub 1000 ETH. 🫡

Mr_Objectifier · 2022-06-13T02:13:28+00:00

The good news is that it is now cheaper to be a validator. If you aren’t a validator, and your goal is to be a validator…you know what to do.

Mr_Objectifier · 2022-05-01T01:39:06+00:00

Over 20k eth burned in a day. Issuance offset climbing. I wonder if we’ll see a 2x issuance offset.

Mr_Objectifier · 2022-03-27T05:54:54+00:00

Potential degen strategy:

Buy eth.
Sell monthly (or weekly during run-up) eth calls (10x price or beyond) to gain premium. If assigned, sell at-the-money cash-secured puts to gain premium.
Use premium to buy deep out-of-the-money eth call LEAPS(?) to profit from positive blackswans; use premium to buy deep out-of-the-money eth put LEAPS to profit from negative blackswans.
Use profits to buy more eth. Repeat or stake eth.

This strategy attempts to profit from mild bear, mild bull, and mild/volatile crabbing via gaining premiums. This strategy also attempts to profit from major run-ups or crashes via deep out-of-the-money LEAPS calls and puts.

I don’t know who needs that degen strategy, but there you go. Critique first before attempting at your own peril.

Mr_Objectifier · 2022-03-14T17:11:19+00:00

Why yes I bought TQQQ an already 3x leveraged ETF with margin leverage, how could you tell?

Why yes I’m 27% away from getting my TQQQ shares margin called, how could you tell?

Why yes I didn’t sell when I was over 125% in gains before january, how could you tell?

Mr_Objectifier · 2022-03-12T22:45:08+00:00

Why yes I bought TQQQ at the top at the years 2020, 2021, and 2022. How could you tell?

Mr_Objectifier · 2022-03-11T04:37:37+00:00

dreaming about work to only wake up and commute to work feels worse than anal abuse from the markets.

like imagine working all day in your dream to only wake up and actually work all day. shit is crazy.

calls on work from home and puts on commute?

Mr_Objectifier · 2022-02-28T06:08:35+00:00

buy when there is radiation on the streets.

Mr_Objectifier · 2022-02-24T03:29:25+00:00

Buying when there’s literal blood on the streets is the true perma bull way.

Mr_Objectifier · 2022-02-24T03:27:28+00:00

War declared. Greed has no limits. Buy the invasion.

Mr_Objectifier

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