ETH gas fee still high, London fork a failure?

percy_tc

full member

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Quote from: Ardvark69 on August 16, 2021, 03:52:39 PM

We opposed 1559 and there were a lot of accusations about greedy miners who want to keep gas high.

No one really listened when we mentioned that 1559 may increase gas.

You dont get the point... 1559 is about to make fees more predictable and for burning ETH not to decrease gas directly.

Ardvark69

newbie

Activity: 50

Merit: 0

We opposed 1559 and there were a lot of accusations about greedy miners who want to keep gas high.

No one really listened when we mentioned that 1559 may increase gas.

batsonxl

member

Activity: 1201

Merit: 26

Quote from: Vann on August 15, 2021, 09:11:25 AM

Quote from: Philipma1957cellphone on August 15, 2021, 08:27:18 AM

Quote from: lowbander801 on August 14, 2021, 01:05:45 PM

one thing for sure we are getting less eth per Mh

That only affects people that mine and hodl eth.

If you mine eth and convert to fiat and btc you are better off.

I have zero faith in eth for any purpose other than to mine it and convert it into fiat and btc.

So the London fork increased my earnings.

Those that think eth is worth holding are not as well off.

For the vast majority of home miners, converting to BTC makes no sense. Ever since Wall Street got involved, BTC is a rich mans game designed to preserve wealth, not make gains. Too may good promising projects out there with better upside. Even if BTC goes to 1M, percentage wise it won't make you rich, unless you already are.

Yes it is true that why it is good to follow BTC dominance why because : when btc dominance going up it is better keep in btc when dominance changes trend to down it is time switch to alt coins where you can make more % than btc does.

Vann

hero member

Activity: 1036

Merit: 606

Quote from: Philipma1957cellphone on August 15, 2021, 08:27:18 AM

Quote from: lowbander801 on August 14, 2021, 01:05:45 PM

one thing for sure we are getting less eth per Mh

That only affects people that mine and hodl eth.

If you mine eth and convert to fiat and btc you are better off.

I have zero faith in eth for any purpose other than to mine it and convert it into fiat and btc.

So the London fork increased my earnings.

Those that think eth is worth holding are not as well off.

For the vast majority of home miners, converting to BTC makes no sense. Ever since Wall Street got involved, BTC is a rich mans game designed to preserve wealth, not make gains. Too may good promising projects out there with better upside. Even if BTC goes to 1M, percentage wise it won't make you rich, unless you already are.

Gorosden

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Activity: 518

Merit: 30

$CYBERCASH METAVERSE

Quote from: Philipma1957cellphone on August 15, 2021, 08:27:18 AM

Quote from: lowbander801 on August 14, 2021, 01:05:45 PM

one thing for sure we are getting less eth per Mh

That only affects people that mine and hodl eth.

If you mine eth and convert to fiat and btc you are better off.

I have zero faith in eth for any purpose other than to mine it and convert it into fiat and btc.

So the London fork increased my earnings.

Those that think eth is worth holding are not as well off.

It's better to hold BTC for long term not ETH, this super burning of supply makes me lose interest in Ethereum already, if bear market strikes I'm sure that ETH PoS won't be able to keep up, start gathering BTC Satoshis instead of other coins

Philipma1957cellphone

full member

Activity: 416

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Quote from: lowbander801 on August 14, 2021, 01:05:45 PM

one thing for sure we are getting less eth per Mh

That only affects people that mine and hodl eth.

If you mine eth and convert to fiat and btc you are better off.

I have zero faith in eth for any purpose other than to mine it and convert it into fiat and btc.

So the London fork increased my earnings.

Those that think eth is worth holding are not as well off.

Little Mouse

legendary

Activity: 2156

Merit: 2100

Marketing Campaign Manager |Telegram ID- @LT_Mouse

London hard fork seems created a lot of confusion. I was also with the same boat until now but now I realized it was not for that purpose. It’s not reducing the fees. I read an article few weeks ago from a reputed journal (can't remember the name, have to check out) and they also shared wrong information then.

Quote from: swogerino on August 14, 2021, 04:12:19 AM

EIP 1559 so far is working as intended in that it is burning a lot of fees which in turn has produced a higher price of Ethereum,the price increase of Ethereum is due to this hard fork mostly as no other major events impacted it.

I think no. The price has been pumped because the market is up. BTC is up and so does the other coin. If in a bearish market, ETH can show some pump, we can only sum up that it’s getting pump because of the fee burning.

lowbander801

jr. member

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one thing for sure we are getting less eth per Mh

Pendrak

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Merit: 46

https://watchtheburn.com/

Burned soo far.

42.910,71 ETH

is working as intended.

Ceyflix-Rez

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$CYBERCASH METAVERSE

I don't think that ETH can cost 3200$ today if not for the London hard fork and this still doesn't affect miners much too which is all good and good, to me the London fork works as intended I advice you do more research to have better understanding about it

swogerino

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Bitcoin Casino Est. 2013

EIP 1559 so far is working as intended in that it is burning a lot of fees which in turn has produced a higher price of Ethereum,the price increase of Ethereum is due to this hard fork mostly as no other major events impacted it.However the gas price is somewhat much lower than the 75 Gwei,it is an average of 25-50 from what you can see from here https://etherscan.io/gastracker

So before making a transaction check that page as the Gwei price changes within minutes,sometimes even seconds and do the transaction when the fee is low,at least this is what I do now.

Wotan Wipeout

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Activity: 438

Merit: 27

London fork was a big "thank you" to all ETH and special ETH 2 holders.
To give a timeline where ETH will raise more over the time.
So more invest in POV ETH....

Hopefully they have lots problems and we have ETH 1 for much more time.

Refrumatrix

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Quote from: adaseb on August 13, 2021, 10:31:28 PM

From what I understand, it had nothing to do to lower fees however they just made it more difficult for larger miners to manipulate the gas fees and make users pay more than they should.

However when the network has high usuage, like right now with all the NFT and ETH pumping, it obviously will have more transactions and the fees are obviously going to be higher. Last month or so, when everybody was on Summer vacation and ETH and BTC were dropping people weren't using the network as much and you could get away with <10 Gwei fees. However these days it would be very diffciult to get a quick confirmation with fees so low.

You are right and this is why miners are still happy with what they are making, yesterday i was expecting 29$ from my miners as 24hrs mining reward but I got 40$ instead and I was shocked, maybe that's a pool luck or there is more to it I don't know.

adaseb

legendary

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From what I understand, it had nothing to do to lower fees however they just made it more difficult for larger miners to manipulate the gas fees and make users pay more than they should.

However when the network has high usuage, like right now with all the NFT and ETH pumping, it obviously will have more transactions and the fees are obviously going to be higher. Last month or so, when everybody was on Summer vacation and ETH and BTC were dropping people weren't using the network as much and you could get away with <10 Gwei fees. However these days it would be very diffciult to get a quick confirmation with fees so low.

Vann

hero member

Activity: 1036

Merit: 606

London fork was about limiting ETH inflation rate and MEV. The inclusion of a mandatory base fee resulted in an increase of overall gas prices. Before the fork I was able to get ERC20 transactions confirmed for <10 gwei during off peak hours. Now you will be lucky to get a confirmation at 20 gwei regardless. ETH network fees have greatly limited is functionality and adoption for the growing DeFi sector by pricing many projects out of the market from fees. The situation will only improve once Layer 2 and forked chain adoption grows, as those chains will certainly have more to offer standard users.

Bravehash

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Quote from: percy_tc on August 13, 2021, 01:10:25 PM

Quote from: Bravehash on August 13, 2021, 11:44:54 AM

I think Ethereum is now a complete joke, I thought the London fork solve high gas fee but I was surprised that the lowest gas fee today is a bit over 5$ on etherscan @ 3200$ per ETH?

You are a completele joke becuase you do not educate yourself but "talking" nonsense.

Sorry vitalik buterin I just got lots of things on my mind that takes me away from relying on crypto through and through, it's not a crime to share thoughts and get positive answers on here, others give good answers but you are here talking about educating one's self, just share what you know and move on

Skinny48

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Activity: 448

Merit: 18

Quote from: percy_tc on August 13, 2021, 01:10:25 PM

Quote from: Bravehash on August 13, 2021, 11:44:54 AM

I think Ethereum is now a complete joke, I thought the London fork solve high gas fee but I was surprised that the lowest gas fee today is a bit over 5$ on etherscan @ 3200$ per ETH?

You are a completele joke becuase you do not educate yourself but "talking" nonsense.

Stop talking like the most wise, you can learn one or two things from even the most stupid of all, you don't have to call others by mean names we are all here to learn

percy_tc

full member

Activity: 584

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Quote from: Bravehash on August 13, 2021, 11:44:54 AM

I think Ethereum is now a complete joke, I thought the London fork solve high gas fee but I was surprised that the lowest gas fee today is a bit over 5$ on etherscan @ 3200$ per ETH?

You are a completele joke becuase you do not educate yourself but "talking" nonsense.

batsonxl

member

Activity: 1201

Merit: 26

Quote from: Metroid on August 13, 2021, 12:48:12 PM

Quote from: batsonxl on August 13, 2021, 12:37:22 PM

eip1559 not for lowering fees it was done to burn fees.

Meaning --> aimed for a price increased and lower eth inflation and surplus, meaning short term thievering act, why didn't the eth devs cut their earnings too? ohhh nooo, that they cant do ehhe, meaning --> "hey we devs are raising more eth and we will sell at top and then we will crash the market and then we will buy after it crashes 99%" eheh

Do not be a pawn trolls, be smart, they need to crash the market by offloading all their bags, meaning I think eth will get to 5k this year and then crash below 500 usd.

Yes true there must be pump and dump so someone lose someone wins

Metroid

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Xtreme Monster

Quote from: batsonxl on August 13, 2021, 12:37:22 PM

eip1559 not for lowering fees it was done to burn fees.

Meaning --> aimed for a price increased and lower eth inflation and surplus, meaning short term thievering act, why didn't the eth devs cut their earnings too? ohhh nooo, that they cant do ehhe, meaning --> "hey we devs are raising more eth and we will sell at top and then we will crash the market and then we will buy after it crashes 99%" eheh

Do not be a pawn trolls, be smart, they need to crash the market by offloading all their bags, meaning I think eth will get to 5k this year and then crash below 500 usd.

Topic: ETH gas fee still high, London fork a failure? (Read 334 times)