947 karma · joined November 22, 2020
Not really. 95% of the gas fees get burned and do not go to the validators at all. Only the 'tip' or 'priority fee' goes to the validators and even that is barely anything. Most of the transaction related income validators get is from MEV - basically bribes to order transactions in the block in a particular manner allowing arbitrageurs to extract additional value. These bribes are somewhat correlated to the level of the gas fees, but not always.
So, what exactly do you see as missing in ruby's typing?
If you want to undo the car centric culture and economy, you cannot just ignore the broad base of popular support it enjoys.
The banter between them included memories of an unpaid bill and references to the 'small technical institute' nearby ("Oh, that place!").
Great stuff all around. https://youtube.com/watch?v=moAqzM4ptm8
To cheat, the party hosting it would probably have to forge signatures for everyone after the disputed signature.
Arresting those folks, putting them in solitary confinement, and holding them without bond when they were arrested for a non-violent charge and have no previous criminal record - that is more of an intimidation tactic than any fliers could be.
Basically the Claremont Institute tallied up announcements of corporate charity that went to anything related to racial minorities, and called that "giving to BLM and supporting riots."
There are pretty decent arguments why the other prongs fail as well.
What can be a security, is if a provider offered a managed yield service promising a certian return and guaranteed instant liquidity and then used staking in the background to generate that yield. This is what got Kraken in trouble. And why they settled so easily. Where Coinbase falls is going to heavily depend on the specific facts of their service.
Where this gets messy is with things like Eth when they stake amounts less then 32 Eth from a customer, which inherently means they are providing a pooling operation on top of what the protocol expects. Does that pooling make their activites a security?
But the SEC is not providing any kind of clear lines on any of this to identify where there is a line when "IT services" becomes a security.
Coinbase has argued that all they are doing is providing IT services to do what their customers could do on their own. How well that holds up in court really depends on the arguments that the SEC makes, and how the courts views Coinbase's response.
The 'real world' stuff naturally happens in the real world, and not on chain. An example - last year I used a lending app to cover some of my taxes for a few months. I deposited asset X that I didn't want to sell at the time, borrowed their bespoke stable coin against it, swapped that for USDC, withdrew the USDC to coinbase, swapped it to USD and put it in my bank account to pay my taxes. When I could pay it back, I basically did the reverse. And at the end of the day because the lending application was offering 'borrow incentives' with their governance token, I ended up slightly ahead in after paying their repayment fee and gas fees. And all this was done with only substantial human counterparty risk when it came to interacting with coinbase. I found that useful and certianly helpful to me in a real world way. But if you only looked on chain it would not look like anything in the real world was happening at all and just lots of virtual bits moving around.