Thread by @0xHossein

🚨Things you need to know Before/After the Merge & BEWARE Replay Attacks? 🎯🕵️

The #Merge is less than 10 days away like it or NOT but What should we expect and do with our $ETH, Staking, and #NFTs

Let's explore the Myths/Risk and the Truth around it.

🚨🚀🍻 🧵⚡️🕵️

1/13
Before we start if you haven't checked my last thread 🧵about the forks and the potential #Airdrops that come with #merge make sure to check below :)
Your Like/RT/ comment and follow are highly appreciated. ❤️

https://twitter.com/0xHossein/status/1566743875284307968

2/13
The Merge is tentatively scheduled for September 15. The countdown to #Mainnet is based on a target #TTD of #58750000000000000000 💥

The merge is simply a change of consensus mechanism used to verify #transactions and secure the #network.

3/13
🟩 TRUTH ABOUT THE MERGE

1⃣The Ethereum symbol will remain $ETH
2⃣ #PoS reduce energy consumption +99%
that's actually very important and will allow more #adoptions by big tech companies and even governments and institutions that are concerned about environmental effects

4/13
3⃣ Significant Drop in $ETH Distribution

#Ethereum issues around 13,500 ETH per day, with an annual issuance of approximately 4.3% of ETH’s total supply. With the proof-of-stake (#PoS) issuance, the annual issuance is predicted to drop between 0.3% to 0.4%.

5/13
ETH burn with #EIP-1559 and the #Staking and the drop of eth distribution will significantly affect the amount of circulation supply and the reason people calling it a "Triple Halving Event" which is equal to 3 #Bitcoin #Halving that happens every 4 years

6/13
🟧 MYTHS ABOUT THE MERGE

1⃣Reduce the gas fees
PoS wont change the Ethereum capacity so the upcoming upgrade will not reduce gas fees.
2⃣Changing the speed
there might be small changes but NO speed will remain the same
3⃣3x higher staking APR
False/Prediction 50% increase

7/13
🟥 RISKS ABOUT THE MERGE

1⃣ Issue during the upgrade
It can bring down the entire network for a short time / if that happens #Devs need to restart the network like what #Solana has done many times :)) Ngl this gonna affect the #Ethereum reputation and the price

8/13
2⃣ What if things go really wrong
if things go wrong and restarting the network didn't help or the merge failed then the #blockchain needs to be #forked which is the opposite of the #merging.

9/13
WHAT'S REPLAY ATTACKS?

A Replay attack is referred to as a man-in-middle attack It happens when a #hacker or malicious actor secretly connects, intercepts & tweaks data on a secure #network so that the #transaction is delayed or repeated to the detriment of the originator

10/13
Replay attacks can also happen in the blockchain space, especially during chain splits or #HardForks.
After the merge, there would be two or more functioning chains/copies of the Ethereum blockchain, and assets on the current #Ethereum, including #NFTS, will be duplicated

11/13
This means the #NFTs you currently hold will be duplicated, which consequently opens up the chances of a #ReplayAttack.

More Details from Olimpio

https://twitter.com/OlimpioCrypto/status/1557751721463521282

12/13
OK, But WHAT CAN I DO?

The short answer is not to interact with the ETH-POW chain ever BUT if you still plan to interact with all the new/old chains create new #wallets for new #chains before and after the merge/ yep you need to pay #fees

Better Safe Than Sorry.

13/13
if you're looking for more details

https://twitter.com/elerium115/status/1558471934924431363

Thanks for taking the time and reading this, Please make sure you Like/Retweet the first post. Your follow and comments are highly appreciated.

Stay safe frens
Hossein :)