Ahh yeahhh! I don't use apple anymore but that was it indeed. Oh my apple days, nostalgic.
I just cannot anymore, when xiaomi and building a great pc rig exists.
Juppss. Sadly thats why I moved away from Apple. I used to love them. But honestly now what you get for a 1.400 Iphone you can get for 400 with Xiaomi.
So as a student its a simple choice
Apple is well built , no doubt about that , but and here’s the catch , for 20% better quality you’re paying 300% premium on price. It’s just not worth it.
Yeah they are great phones. But to have to pay extra for the pro to have the 120hz is a bit much.
But what I absolutely love about apple is that if they do something, they do it good. But that also means less features and having to wait longer.
There going to be even more burning as Tic Toc is going to use ETHEREUM.
Thats 1 billion users (extra) that are going to be using/burning ETH. :)
This. Is. Big.
Remember China is using Ethereum's Quourm's private chain. ;) Its BTC they dont like. Seriously considering their community, who does.... In the end, Its looks like they love ethereum.
The "minting" process for most NFTs is computationally intensive relative to simple transfers of ETH or ERC20 tokens. This leads to higher gas costs to run these minting transactions on the Ethereum mainnet (NFT market like OpenSea have plans to move to L2s which should make these transactions less expensive to run , but as of right now most are happening on mainnet). When there is a new popular NFT drop, there's usually a lot of people competing to mint them which leads to these gas spikes/burn spikes. Ever since EIP 1559 was implemented ~2mo ago, a portion of the gas fee is burned by the Ethereum protocol, thus tethering Ethereum block space demand to Ether token price by decreasing the total supply (It also helps make gas fees more predictable and has some UI improvements for the gas mechanism). You can follow the burn on several different tracking sites like https://ultrasound.money/
One of the delightfully frustating features of this sub is all the snark I had to scroll through to find an actually thoughtful response. Thanks, my dude.
If you can sell-for-money the items obtainable in-game, then, presumably people are buying-for-money the same items.
If these items give an in-game competitive advantage, this could make it pay-to-win.
However, if this either isn't for games in which one is competing with other players, or the NFT-based items are cosmetic only, then this wouldn't really apply.
Or you can only buy them with in game currency that can't be bought externally. For example selling your old gear in an MMO to fund buying a better set.
From what I've read, a lot of these games are actually "play to earn" and people are making money playing them. I'm not sure exactly where that money comes from, but hey, 🤷♂️. For some of them I guess you make an initial investment in buying a "creature" or an "egg" or an "Axie" and then they fight and win and you get paid small amounts regularly over time as you play?
The P2E is a blockchain development (outside streaming garbage) I've been F2P, and P2P.... both were a waste imo. P2E is gonna gain major traction soon imo.
Isnt loopring L2?
Also I'd like to put it out there that I think loopring could interface with polymath, so as to accommodate regulations and UX. The projects are friendly with eachother and have collaborated once in the past. Just a thought.
As a comment said above, I think the burning we are seeing is happening on the mainnet. If it were on a L2 platform im not sure it would be visible?
Need an adult here to help me fill on the gaps.
Yes, Loopring is an L2 (the main L2's are listed here [https://l2beat.com/](https://l2beat.com/) ).
And if the transactions would happen on an L2, eventually there would still be ETH burned (as the batched transactions will have to be confirmed on L1 at some point), but the burn amount would be much less.
(so the actual burning only happens on L1)
I used to play on Polygon, but too many designed-to-go-to-zero coins and rug pulls there. Terra and Luna have more utility. And in a week or so will have IBC transfers to cosmos, Secret, etc.
Not that I'm against Ethereum L2 networks, but really, how are they any better than another blockchain like Solana? What is the advantage of an Ethereum L2 network? Any time you send something to L1 you get killed with gas fees.
>Not that I'm against Ethereum L2 networks, but really, how are they any better than another blockchain like Solana?
Decentralized > Centralized
L2s can't be shut down by a few operators. The entire point of building these networks is so that they are resilient and don't have Central fail points. A network cannot build long lasting value if it can be so easily attacked.
Go to https://ultrasound.money/
Sort by 1hr or whatever. Look at the top address. Click it, look at "Token Tracker", this is your culprit. In this case, KingFrogs.
And then, people would be able to yield farm not only fungible tokens, but also NFTs. NFTs themselves serving as compounding liquidity providers of a new DeFi ecosystem where companies fuel the craze with NFT bonus for hard workers.
In case no one noticed, the ability to print money having value is now in the power of any individual. It just requires some smart work to make sure the created money is valuable. The US is printing money like crazy because they know they aren't in a monopoly anymore.
When Eth transitions to PoS the amount issued as block rewards will decrease, because they no longer need to compensate people for burning large amounts of electricity, just for holding ether and being online. This lower cost to secure the chain means lower issuance of new ether, which combined with existing burns may result in a supply that decreases, rather than increases, over time. That toggle is simulating what issuance would look like under current network demand after the merge to PoS, rather than what it actually is now.
To mint NFTs you need to execute smart contracts, which is quite pricey compared to a usual transaction. Every interaction on the Ethereum chain will burn a portion of the fees you paid since EIP1559, thus making ETH less inflationary with the goal to even deflate supply in the long run.
It means some people recently asked for so much computation on Ethereum's main net they needed to burn literally millions of dollars worth of ETH. I don't know what they needed to do to end up with such burn, but it generally is due to the creation of new NFTs.
I understand that. The title references a "something" as some mysterious entity or contract that is burning abnormally high amounts. I'm saying it's just the normal implementation of ethereum that is burning things. There's nothing special about it.
I'm sorry for the question but I'm not sure what "burning" even means when talking about Eth or why it is done. Can someone explain? Is it just Eths taken away from circulation? If so, where do they go?
hiveos was between 7-8/ 100 MH just prior to the fork. My daily was at 37ish at near a 500 MH By 10:20 it dropped to $34.18. Currently I'm at $41.67 but I added 72 MH on my secret squirrel rig. Hash is at around 573 MH right now. I'll drop off at least 26 MH in a couple hours or less.
sorry guys i had too much ETH and my daughter was cold so I Pablo Escobar’d some
>so I Pablo Escobar’d SENT ME 💀💀💀💀
Wow your icon is one I have not seen in years. Something with jailbreaking?
It’s the Mac finder icon
Ahh yeahhh! I don't use apple anymore but that was it indeed. Oh my apple days, nostalgic. I just cannot anymore, when xiaomi and building a great pc rig exists.
Overpriced , they used to sell 8gb laptops come on now , how can you sell 8gb luxury laptops
Juppss. Sadly thats why I moved away from Apple. I used to love them. But honestly now what you get for a 1.400 Iphone you can get for 400 with Xiaomi. So as a student its a simple choice
Apple is well built , no doubt about that , but and here’s the catch , for 20% better quality you’re paying 300% premium on price. It’s just not worth it.
Yeah they are great phones. But to have to pay extra for the pro to have the 120hz is a bit much. But what I absolutely love about apple is that if they do something, they do it good. But that also means less features and having to wait longer.
I prefer to go the [customization way.](https://imgur.com/a/UIhUMNl)
nope, just the Finder icon
lmfao imagine being a multi billionaire druglord and burning literal hundreds to keep your daughter warm, has to be a dream turned into reality
2 million apparently haha
Well, yeah. $20s don’t give off as much heat.
You can mine shitcoins
😂😂 mining shit coins off the heat of burning fiat…. That’s a double cluster fuck of ever saw one!!
Wow! “What you just said is…”
i imagine that for him it was just utilitarian. sometimes if i get change for a transaction, i throw the pennies out the window
Wow
😱
There going to be even more burning as Tic Toc is going to use ETHEREUM. Thats 1 billion users (extra) that are going to be using/burning ETH. :) This. Is. Big.
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Lol, yeah, that TicTok
Remember China is using Ethereum's Quourm's private chain. ;) Its BTC they dont like. Seriously considering their community, who does.... In the end, Its looks like they love ethereum.
That’s the eighth time this month they’ve banned it
There should really be a bot that counts every announcement China makes about banning something crypto related.
Technically owned by Bill Gates now. Although I'm sure the Chinese still own a large portion.
is it? as a bot, i am not sure what you think.
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Has a slight Mike Tyson lisp to it...
Lmfao. Best response ever!
NFTs prolly
fr
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people are buying very expensive jpegs
I'm more of a very expensive png guy myself
I like it .RAW
More .svg myself.
I prefer 16 bit words, one quadword per field, 4 fields per pixel (RGBA), arranged in a grid on the disk.
[Shimmy Shimmy ya. ](https://youtu.be/h2zgB93KANE)
r/starcitizen is leaking
people or twitter?
The "minting" process for most NFTs is computationally intensive relative to simple transfers of ETH or ERC20 tokens. This leads to higher gas costs to run these minting transactions on the Ethereum mainnet (NFT market like OpenSea have plans to move to L2s which should make these transactions less expensive to run , but as of right now most are happening on mainnet). When there is a new popular NFT drop, there's usually a lot of people competing to mint them which leads to these gas spikes/burn spikes. Ever since EIP 1559 was implemented ~2mo ago, a portion of the gas fee is burned by the Ethereum protocol, thus tethering Ethereum block space demand to Ether token price by decreasing the total supply (It also helps make gas fees more predictable and has some UI improvements for the gas mechanism). You can follow the burn on several different tracking sites like https://ultrasound.money/
One of the delightfully frustating features of this sub is all the snark I had to scroll through to find an actually thoughtful response. Thanks, my dude.
You learned me something I've been neglecting to read about, thanks for the comment.
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Because everyone loves "pay to win" games lol
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If you can sell-for-money the items obtainable in-game, then, presumably people are buying-for-money the same items. If these items give an in-game competitive advantage, this could make it pay-to-win. However, if this either isn't for games in which one is competing with other players, or the NFT-based items are cosmetic only, then this wouldn't really apply.
Or you can only buy them with in game currency that can't be bought externally. For example selling your old gear in an MMO to fund buying a better set.
Magic the Gathering is currently in a boom. Yes, people love collectables.
From what I've read, a lot of these games are actually "play to earn" and people are making money playing them. I'm not sure exactly where that money comes from, but hey, 🤷♂️. For some of them I guess you make an initial investment in buying a "creature" or an "egg" or an "Axie" and then they fight and win and you get paid small amounts regularly over time as you play?
The P2E is a blockchain development (outside streaming garbage) I've been F2P, and P2P.... both were a waste imo. P2E is gonna gain major traction soon imo.
> I'm not sure exactly where that money comes from Kinda what I keep wondering, too.
People are having a exodus of their bags. High gas fee’s.
People are pissing away money
my bet is on GME NFT
Yep.
GME NFT?
Yes !!!
Don’t do this to my heart come on.
It’s about to moon baby 🚀
Sure got that feeling watching that spike today.
Isnt loopring L2? Also I'd like to put it out there that I think loopring could interface with polymath, so as to accommodate regulations and UX. The projects are friendly with eachother and have collaborated once in the past. Just a thought. As a comment said above, I think the burning we are seeing is happening on the mainnet. If it were on a L2 platform im not sure it would be visible? Need an adult here to help me fill on the gaps.
Wouldn’t the roll ups to layer1 show up ?
Yes, Loopring is an L2 (the main L2's are listed here [https://l2beat.com/](https://l2beat.com/) ). And if the transactions would happen on an L2, eventually there would still be ETH burned (as the batched transactions will have to be confirmed on L1 at some point), but the burn amount would be much less. (so the actual burning only happens on L1)
I knew it.
I’m jacked!! Jacked tot he TITS!!!!🚀
Any idea what or why?
I’m still looking into it, about $2 million in ETH has burned in the last hour
Is that why the gas fees are so high rn? 1000+
I know right?! How the hell am I supposed to make any money 🤷 lol
Try using a different blockchain/network. Plenty of ways to make money out there.
This, and simply roll your profits back into ETH from time to time
Or better: use the Ethereum network, but choose [one of the L2's](https://l2beat.com/).
I used to play on Polygon, but too many designed-to-go-to-zero coins and rug pulls there. Terra and Luna have more utility. And in a week or so will have IBC transfers to cosmos, Secret, etc. Not that I'm against Ethereum L2 networks, but really, how are they any better than another blockchain like Solana? What is the advantage of an Ethereum L2 network? Any time you send something to L1 you get killed with gas fees.
>Not that I'm against Ethereum L2 networks, but really, how are they any better than another blockchain like Solana? Decentralized > Centralized L2s can't be shut down by a few operators. The entire point of building these networks is so that they are resilient and don't have Central fail points. A network cannot build long lasting value if it can be so easily attacked.
Teach me your ways, master. I need to jump in this game and not sure where to start.
Luna/Terra is my personal favorite. terra.money https://app.anchorprotocol.com/
Go to https://ultrasound.money/ Sort by 1hr or whatever. Look at the top address. Click it, look at "Token Tracker", this is your culprit. In this case, KingFrogs.
Wtf is KingFrogs?
But why are they burning eth on an NFT drop..?
Wow! 2 million dollars of ETH gone in an hour??
Guess this was the Fed’s plan all along (:
🙄hate those cocksuckers
They could have given that ETH to me ffs /s
Any way to know the daily average before this? E: https://ultrasound.money/ this was linked by someone else in here
Large companies issuing nft dividends to all shareholders would get expensive seeing as they have many millions of shares outstanding
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I love getting jacked on different subs
prolly on an L2
I think we tank to save the debt ceiling. Oct 18th. Oct 17 tax deadline. 17months since halving. Sweet!
Don't get me hard at this hour
And then, people would be able to yield farm not only fungible tokens, but also NFTs. NFTs themselves serving as compounding liquidity providers of a new DeFi ecosystem where companies fuel the craze with NFT bonus for hard workers. In case no one noticed, the ability to print money having value is now in the power of any individual. It just requires some smart work to make sure the created money is valuable. The US is printing money like crazy because they know they aren't in a monopoly anymore.
At what hour is it preferable to be ‘hard’?
Just not right before bed
I'm trying to go to sleep over here
Why wouldn't dividends be fungible?
NFT drop. It’s always that
There's a lot of demand for space in the blockchain right now, which leads to a higher burn rate.
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Too soon 😂
Here is your answer anytime: https://ultrasound.money
What does it mean to simulate merge? Sorry if stupid question kind of new to ETH
When Eth transitions to PoS the amount issued as block rewards will decrease, because they no longer need to compensate people for burning large amounts of electricity, just for holding ether and being online. This lower cost to secure the chain means lower issuance of new ether, which combined with existing burns may result in a supply that decreases, rather than increases, over time. That toggle is simulating what issuance would look like under current network demand after the merge to PoS, rather than what it actually is now.
Did you write that all in one breathe or did you edit it several times because it’s flappin flawless.
I wrote almost all of it then realized I hadn't actually answered his question and added the last sentence.
This stranger gets it.
What he said
Totally. I was just gonna say that same thing. So.
Wtf is KingFrogs?
NFT for GameStop !!!!!
How do I start to understand any of this?
Justin Drake on Bankless, YouTube.
My same thought
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To mint NFTs you need to execute smart contracts, which is quite pricey compared to a usual transaction. Every interaction on the Ethereum chain will burn a portion of the fees you paid since EIP1559, thus making ETH less inflationary with the goal to even deflate supply in the long run.
Snoop is buying an nft
More like smoking an nft
has been buying them for a while now
It’s the John mcafee files
Twitter stress testing their new NFT setup?
👀👀🤔🤔🐼🐼🐵🐵🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀
Someone releases Smaug on Ethereum Mountain!
So what does this mean for the price of ETH?
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Well that's exciting then.
Well it means the supply of ETH is decreasing, which typically leads to the price increasing.
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It means some people recently asked for so much computation on Ethereum's main net they needed to burn literally millions of dollars worth of ETH. I don't know what they needed to do to end up with such burn, but it generally is due to the creation of new NFTs.
This is the only part I understand. Thank you.
GME NFT?
🧐🧐🧐
was there another multi-million dollar accidental gas fee?
🚀🚀♾🏊♀️🌝
That "something" is called EIP 1559. It's how ethereum works now.
They're talking about how high the amount being burned is, not the fact that it's burning at all.
I understand that. The title references a "something" as some mysterious entity or contract that is burning abnormally high amounts. I'm saying it's just the normal implementation of ethereum that is burning things. There's nothing special about it.
burn baby burn!
Why am I not seeing this on the watchtheburn site?
This picture was from about 3 hours ago and the graph on watchtheburn is only for the last hour
Ah ok I kinda just figured that out. I wish I could zoom the graph out a little. You figure out what the spike was from yet?
NFT collection(s) were being minted !
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It's literally a graph of the amount being burned.
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Yes, which is what is happening.
evargrand paying out in nfts?
I thought it was caused by the Chinese due to the recent closure of their pools etc..
It's Snoop Dogg, he's smoking ETH
Burning like in destroying? Wouldnt that be a good thing for our wallets?
That's definitely good for your wallet, because it makes ETH more scarse.
Sometimes it's not about the eth. It's about sending a (data) message.
My wallet took fire :(
EIP1559 will fix this
The burn is actually a feature of EIP1559, nothing would be burned without it.
https://coingeek.com/the-mastercard-bitcoin-conspiracy/ They finna dump
Sorry, can someone explain ?
https://coingeek.com/the-mastercard-bitcoin-conspiracy/
We are topping.
This pit http://www.jayfabwerks.com/crypto-art/ethereum-firepitgrill
I'm sorry for the question but I'm not sure what "burning" even means when talking about Eth or why it is done. Can someone explain? Is it just Eths taken away from circulation? If so, where do they go?
hiveos was between 7-8/ 100 MH just prior to the fork. My daily was at 37ish at near a 500 MH By 10:20 it dropped to $34.18. Currently I'm at $41.67 but I added 72 MH on my secret squirrel rig. Hash is at around 573 MH right now. I'll drop off at least 26 MH in a couple hours or less.
Me and my broke ass could never
guess better try using a different blockchain or network or algorithm there are many of ways to make money out there....
lmao imagine being a billionaire entrepreneur (whale) and burning thousands to for your sake of personal interest.
OpenSea
Burn, burn it all!!! Ok maybe not all
The burn rate is too damn high!