BC CRYPTO
Saved by @Mollyycolllinss

1/ ERC-20 token standard approve() has caused an unnecessary cost of $53.8M for #Ethereum and #DeFi users

This is bad. Continue reading why and how to avoid this in the future.

👇👇👇

 2/ Before you go all rage on the flaws of my analysis, please read the whole Twitter thread for disclaimers and caveats.
3/ approve() is an unnecessary step of ERC-20 tokens when they interact with smart contracts.

You know this because when you do a Uniswap trade you need press two transaction buttons instead of one.
4/ Why there is approve() - you can read the history in this Twitter thread

https://t.co/ZHXzPBbqJJ
5/ I queried all approve() transactions on Google BigQuery public dataset and calculated their ETH cost and then converted this to the USD with the current ETH price.
6/ These queries were made possible to awesome @EthereumETL team. They have created Google BigQuery dataset from real-time blockchain data. You can query over terabytes of Ethereum data FOR FREE.
7/ Here are instructions on how to execute your own queries:

https://t.co/YnK1p8u75n

(But links are outdated because Google Cloud has new UI)
8/ Total transaction on #Ethereum blockchain: 989,461,092

Woo! One billion transactions will be done in a few days!
9/ Total ERC-20 transfers(): 304,382,558

Includes only Externally Owned Accounts, EOAs.
10/ Total ERC-20 approves(): 14,921,106

Includes only Externally Owned Accounts, EOAs.
11/ The gas cost ERC-20 approves():

41327.870139658684 ETH
12/ Here is my query

https://t.co/FqNWBAxjwt
13/ You can query Ethereum transactions that call a particular smart contract function by the 4-byte signature of the function that is 1st parameter of tx data field.
14/ Binary function signatures are 4-bytes keccak256() hash of the @solidity_lang signature string. Here is an example:
15/ If you are a @solidity_lang or Vyper developer, consider ditching ERC-20 and include alternative token standard in your next token.

Alternatives for ERC-20 include:

ERC-777
ERC-667
ERC-827
ERC-223
(did I miss any?)
16/ Most of the new token standards, like ERC-777 are backwards compatible and work with ERC-20 enabled centralised exchanges.

Centralised exchanges do not need to do anything to support these new, better, token standards that make smart contract and #DeFi interactions safer.
17/ Or let's put it this way...

Every time someone creates a new ERC-20 token, hundreds of thousands of dollars die.

Let's actively demanding non-ERC 20 tokens from developers.

And if that does not work I suggest we start punching ERC-20 developers to face over the internet
18/ Newer token standards may "increase the attack surface", but in practice, this has not been a problem for high-quality #DeFi projects since 2018 or so.
18/ Note that raw approve() cost calculation comparison to newer token standard is not 1:1.

Newer token standards need some similar mechanism to pass user data as the part of the transaction, but this cost is lower compared to additional approve() tx.

Prove me wrong.
19/ FIN

CC @dmihal @FrancescoRenziA @abcoathup

Now I am going to climb the mountain, get fresh air and visit monkies

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Dr. Liyana Mohtar
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@LiyanaMohtar
Here's my 2021 Crypto Strategy:

Note: Not a financial advice. It is just my opinion after doing my own research (#DYOR). I'm a complete newbie btw.

1. Dollar-Cost-Averaging (DCA) for these 6 coins (HODL)
- Bitcoin (BTC)
- Ethereum (ETH)
- Polka Dot (DOT)
- Cardano (ADA)
- Binance (BNB)
- Litecoin (LTC)

I choose these 6 bcs they are all TOP 10 Coins, they have the biggest market cap which means less risky than other coins.


DCA means I'm going to topup for all of these coins everytime ada duit lebih/dapat gaji.

But I will only buy when price dip / during correction

How to know when price dipped?

I use TradingView (free version) - guna RMI and Stoch indicator, if it touches the lower line it means it have been oversold - under 4h timeframe (because I'm a long term investor). This is to avoid buying at the top.

For example:

This is Bitcoin on TradingView. Under 4h Timeframe, indicator RMI & Stoch. I'll buy when RMI and Stoch touches the lower line. Boleh nampak lepas buy at dip, the price terus naik.
CRYPTO
Eric Tymoigne
Eric Tymoigne
@tymoignee
This "bitcoin is better than gold" statement going around once more show that bitcoiners have no clue about monetary history and what the purpose of a monetary system is. A thread.

1- Metal standards were never inflexible; they could not in order to operate properly. Qty of metal was changed, usually lowered, to accommodate for changing economic conditions: price of metal, scarcity of coins, financial needs of economic units (state and private), etc.

2- The purpose of a monetary system is to make the rest of the economy go. It is there to accommodate financial needs. The more elastic one can design the supply, the better.
That doesn't mean that monetary creation & destruction shouldn't follow any rules & have no constraint.

3- Rules and constraint impose depend on economic system and evolve over time has we learn how to manage better the system. In a capitalist economy, the private sector is subject to the profitability constraint. We have learned from experience that this is not enough.

3 (ii) Financial stability requires a "hedge finance" constraint for most private agents: profitability should be judged on income gains, not capital gains.
In the government sector, the constraints are ressource availability and political constraints.
CRYPTO
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Phoenix
Phoenix
@Phoenix_Ash3s
1/29 #Bitcoin thread, updated version

We’ve doubled since the last time I updated this thread, so I thought it would be of some value to update it. Feeling insecure about price action? Too enthusiastic/scared? Maybe this helps a bit, go check it out!

TLDR at 27-29
Let’s go!🔥

2/ 2 Year MA Multiplier
This indicator uses the 2Y MA. Green line is the 2Y MA, red is the same MA x5

2ya MA multiplier is rising and at ~48k rn. Price goes parabolic. I would personally love to get a decent correction, would give more space for growth long term imho.


3/ Relative Unrealized P/L
Paper p/l in $Btc. Use it to track investor sentiment.
Market is overheating, everybody is in paper profits, but as you can see “we” as a whole take too less profit. We can stay around greed for a whole year, but a correction at this point makes sense


4/ 200 Week MA Heatmap
#Bitcoin likes to bottom out near the 200W MA
Colors are attached to % increase of MA
Blue/purple = Buying opportunity
Orange/red = TP opportunity
The bigger the distraction, the more parabolic price goes, simply said
First green coming(?) Room for growth


5/ MVRV Z-score.
To identify periods when $Btc is extremely under/overvalued.

Green= MV unusually far below RV, buying opp
Red=MV unusually high above RV, TP opp.

Now: heating up. Correction first to cool it off plz :)
Nice uptick in realized value.
CRYPTO
Matti
Matti
@mattigags
0/ The Great Crypto Reversal

Key difference between the '17 and roaring 20s in crypto is that back then everyone was aping a16z and Naval.

Today everyone apes 3AC wanting to be the next Degen.

'17 was an idealistic *saving the world* kind of thing
20s is *me against the world*

1/ The financialization of crypto means more volatility but pretty long ascend to the top.

Multi-year bull and an ATH surprising even to the biggest bulls as the infinite Cantillon "wealth" is pumped into crypto

Crypto becomes the ultimate Cantillon insider circle-jerk.

2/ This will be one the most iconic ideological reversals in history, comparable to Google who was firmly against advertising but turned into the most powerful ad company ever.


3/ This scenario reminds me of the 90s privatization period in the post-socialist countries.

The regime transition allowed the communist party elite to benefit from the wild west form of "capitalism" that ensued, transferring (and multiplying) their wealth into the new regime.

4/ We are far from Satoshi's original vision . But words and intentions of *prophets* were used to manipulate and corrupt all throughout human history and this time it is no
CRYPTO
Emin G\xfcn Sirer
Emin Gün Sirer
@el33th4xor
Back with another #FreeLoveFriday. Last time, we covered how Mastercoin/@Omni_Layer pioneered digital asset issuance on blockchains. Today, let’s discuss @Chainlink and the vital role it plays in connecting blockchains to the real world.


I have said repeatedly that digital asset issuance is the killer application for blockchains. The next frontier is bringing real world assets to networks like @AvalancheAVAX, but we often face a significant problem:

Namely, how do you get data from the real world onto blockchains and into applications running on them? More critically, how do you achieve that securely and transparently in real-time? Smart contracts are tamper-proof, but they're only as reliable as their input data.

Enter ChainLink in September 2017, with a whitepaper outlining a vision for a decentralized network of “oracles,” entities that inject facts from the external world into blockchains in a suitable format for smart contracts.

Until ChainLink, oracles were trusted and centralized. This is a huge problem for high-value assets and smart contracts. High value projects, such as @CelsiusNetwork, @synthetix_io, @Aaveaave and others depend critically on oracle data.
CRYPTO

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In desperate times, great men come forth. Those men who are ready to sacrifice all of their lives work for a single cause.

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Ok, I'll hop on this Elizabeth Warren/Native American testing bandwagon (gently and non-politically).

I've been a @23andMe customer for a while, and have followed their ancestry updates closely.

All is more or less as expected....except for this bit about Native American.


The family is almost completely composed of Spanish peasants (from various regions) who emigrated, along with a massive wave in the late 19th-cent./early 20th-cent., to Cuba back when it was a booming economy (richer than Spain's) and worth emigrating to (Communism killed that).

Also, the native population of Cuba was annihilated early on---was the first place the Spanish colonized after all. Having a native background in Cuba would be like having the same in, say, Massachusetts, particularly if you're (say) mostly Irish. Just really, really unlikely.

(Note: the North African/Arab background is less mysterious. The Iberian peninsula was part of the Muslim world for centuries. It would be odd *not* to have some Arab/Middle Eastern background coming from Spain. Given the family is mostly from Northern Spain, it's small though.)

I have a Spanish passport, have been back to the ancestral villages in Spain, seen the church where my grandmother was baptized, my grandfather told me stories about growing up as the child of Spanish colonists in rural Cuba. The native bit just clashes with all the family lore.
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一个北大毕业的殡葬工自述武汉封城期间的经历，凄惨。这应该才是武汉的真实情景，跟很多人的叙述是吻合的。


https://t.co/QYTO1SYedG
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Here's the most useful #Factualist comparison pages #Thread 🧵


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Pseudonym means “a fictitious name (more literally, a false name), as those used by writers and movie stars,” while stage name is “the pseudonym of an entertainer.”

https://t.co/hT5XPkTepy #english #wiki #wikidiff

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Alias #versus Stage Name: What’s the difference?

Alias means “another name; an assumed name,” while stage name means “the pseudonym of an entertainer.”

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Another common #question:

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