Bible Pay

Poll

Should we support Ethereum Staking?

Yes
10 (90.9%)
No
0 (0%)
Undecided
1 (9.1%)

Total Members Voted: 11

Voting closed: March 12, 2021, 12:33:54 PM

Read 747 times

  • Rob Andrews
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Ethereum Staking
« on: March 02, 2021, 12:33:54 PM »
Our Sanctuaries now act as UTXO oracles, meaning they have the capability to assess another chain's UTXO status.

However we are careful not to add a new 'partner currency' until we have full decentralized support (meaning our chain will not make bad calls). 

I just did some internal testing and found that we can in fact support Ethereum.

Should we open the floodgates for Ethereum staking?



  • MIP
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    • February 13, 2018, 11:55:52 AM
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Re: Ethereum Staking
« Reply #1 on: March 02, 2021, 02:15:47 PM »
If there is no technical difficulty, why not!

The only concern is the high fees but once the utxo is created, all is set up. .


  • earlzmoade
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Re: Ethereum Staking
« Reply #2 on: March 02, 2021, 03:09:04 PM »
Yeah i was thinking about the gas fee aswell, but i suppose  its a one time thing so not the end of the world.
Joshua 1:9
Have i not commanded you?
Be strong and courageous. Do not be afraid;
do not be discouraged, for the Lord your God
will be with you wherever you go.


  • Rob Andrews
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Re: Ethereum Staking
« Reply #3 on: March 02, 2021, 04:11:25 PM »
Yeah i was thinking about the gas fee aswell, but i suppose  its a one time thing so not the end of the world.

Suppose a person has 1 ETHer, how much in $ is the gas to send it to yourself with our pin do you think?



  • earlzmoade
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Re: Ethereum Staking
« Reply #4 on: March 02, 2021, 04:38:06 PM »
Suppose a person has 1 ETHer, how much in $ is the gas to send it to yourself with our pin do you think?

The fee seems to fluctuate alot but today it was 3.7 usd , during some times in february it was 3-4 times that.
Joshua 1:9
Have i not commanded you?
Be strong and courageous. Do not be afraid;
do not be discouraged, for the Lord your God
will be with you wherever you go.


  • Rob Andrews
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Re: Ethereum Staking
« Reply #5 on: March 02, 2021, 04:52:04 PM »
The fee seems to fluctuate alot but today it was 3.7 usd , during some times in february it was 3-4 times that.

Yeah its a little high but on par with BTC, but thats not too bad considering our stake can be left alone for months at a time.

Too bad we didn't know ETHer would rise when it was $100 a coin.

On a different note Im going to look into S&P-500 stablecoins to see if one exists.  Once we get this ETHer going we can possibly add hedges for S&P500 and Gold.  Maybe then institutional money managers will recommend us.



  • Rob Andrews
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Re: Ethereum Staking
« Reply #6 on: March 07, 2021, 12:49:22 PM »
Yeah its a little high but on par with BTC, but thats not too bad considering our stake can be left alone for months at a time.

Too bad we didn't know ETHer would rise when it was $100 a coin.

On a different note Im going to look into S&P-500 stablecoins to see if one exists.  Once we get this ETHer going we can possibly add hedges for S&P500 and Gold.  Maybe then institutional money managers will recommend us.

Yeah I just tried to test an ETH withdrawal from SX, and the withdrawal fee is .03 !  Thats $50!
Wow.  So its a lot higher than expected (I only have .04 etc thats 90% of the primary funds).

I need to save up some more ETH before I play with this.



  • earlzmoade
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Re: Ethereum Staking
« Reply #7 on: March 08, 2021, 02:29:08 PM »
Yeah its high atm. I read eth will do a upgrade in july that will lower fees among other things.
Joshua 1:9
Have i not commanded you?
Be strong and courageous. Do not be afraid;
do not be discouraged, for the Lord your God
will be with you wherever you go.


  • Rob Andrews
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Re: Ethereum Staking
« Reply #8 on: March 11, 2021, 07:30:55 AM »
Yeah its high atm. I read eth will do a upgrade in july that will lower fees among other things.
Good to know, if they want continually higher prices they need to make it cheap for us middle class.



  • satoshi0x
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Re: Ethereum Staking
« Reply #9 on: March 14, 2021, 03:54:15 PM »
Suppose a person has 1 ETHer, how much in $ is the gas to send it to yourself with our pin do you think?

How would we get a pin for an Ether (ETH) account address?

Ethereum also used Account Balances, not UTXOs? So how would one use BiblePay Core (RPC) to "getpin" for an ETH address? And what makes the ETHer unspent? Burning gas fees + adding a pin for a 0x- address?

I'm just a bit confused. I'd try to stake it if its possible.

Also you said .04 etc, do you mean you compare ETC "Ethereum Classic" 1:1 with ETHer (ETH) at some point?