Eth gas fees and investing - page 4.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.
What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

Ethereum high fess shouldn't be a thing to worry about mate becasue the technology is on it way to make a solution which will counter the existing problem of the high fess. But when you aren't in good term with this technology you can switch into Binace-chain or ADA which have the latest cheap fees for transactions.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

That's exaggerated. They've said the same thing with bitcoin before. If you're a trader and you mostly transfer from time to time, it will disappoint you to transfer because of the fees.
But if you're just a holder and investor, it's not that much issue because if the value increases, the fee isn't a lot if you've got a lot in hold. But if you're just holding a small amount, it's just the same as the traders concern.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

Exaggerated but potentially, if this continues to exist and they wouldn't correct the serious concerns about gas fees? Eth would eventually go down due to investors literally feel more discomfort about it. There's a lot of platforms that can be an options for trading, and if there's no changes in the next few months or year I think there's a possibility that price would have been saturated so bad.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

I have been working with ETH for more than three years now and have seen the situation of price increases for commissions on the Ethereum network several times. Previously it was just as bad, but as bad as it is now. Now we are witnessing a madness, which certainly pleased the consequences. The consequence is that other platforms have accelerated their development and implementation of trending instruments. All of this has already taken some of the profits from ETH and will probably continue to do so until Ethereum resolves its fee pricing issues. It is reported that this year the ETH network is waiting for an update, which should positively affect the solution of problems with commissions. We just have to wait and believe in the best.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

It is definitely true that Ethereum in it's current form has scalability issues which always come to light when there is heavy network workload which is mostly during bullruns or big dumps.
The transition to Ethereum 2.0 which means a switch from pow to pos has already started. This should solve the scalability issues and will probably send ETH to even higher prices.
If the transition fails though anything can happen.

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the massive movement shifted to the BSC network, that's when Ethereum loan sharks couldn't get along with the traders. so now the unstoppable aggression has started. then gradually its popularity will decline. To be honest this issue is already in the red zone, and a stern warning for Ethereum.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

That is because of the continue increasing of gas and market congestion, they think that if this thing shall not be fixed it could be an end of eth because no one will use that anymore considering that we have a lot of promising chain now such as BSC, it is true that eth is killing us as much as we want to trade or just transfer our assets to another wallet we need to pay for a big amount of gas, the low gas fee now is equivalent to high tx fee before when eth is not as high as $1000++.

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ETH gas will continue to rise as eth prices continue to rise and the demand for more deliveries makes eth costs very high at this time.
maybe the only way is when ethv2 is running so there is no ETH mining anymore so transactions will be exactly the same as bsc now.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

Well, am also not a technologist neither am I a programmer, but for sure, we all know that transaction fees on the Ethereum blockchain have been going crazy lately and I personally agree with those who think it could sink Ethereum. No one is exaggerating, it's completely true but this is if something is not done about it, but I believe something is already in the works to help fix the issue, there are alot of competitors out there with binance chain being the major one, most projects have been migrating to binance chain due to high transactions fees on Ethereum blockchain.

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Quote from: Jating on February 26, 2021, 05:07:06 AM

Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

Yes, it's true, but that' just pure exaggeration in my opinion.

If it could sink Ethereum, then we wouldn't see a new all time high of $2k this month.

And then we have records of Ethereum wallet this year as well. It might cost them a bit them as new projects might shift to Binance Smart Chain, but I don't think it will have a negative impact to them. ETH2.0 staking is still on record high as well and even they say it's expensive, investors are still pouring their money on Ethereum. So the answer is No, it won't change a bit even if it has a high gas fees right now.

It is possible that many perceive high transaction fees as a temporary phenomenon and are willing to suffer a little such inconvenience. But if we see all this from a long-term perspective, then I doubt that anyone would agree to bear such losses for a long time. And most likely it will look for an alternative.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

High fees couldn't mean that it will drag ETH to the ground and sink. Not exactly it ended like that and this is not the long-term situation, it will soon drop and back from the usual fees we pay before. It is just for now that we need t pay higher fees to the miners in order to fasten our transaction but if you are not really in a hurry, we can set to its minimum fees.

However, even we set it on the minimum but the fees are still higher compared to the past Bullrun. This will really be a burden for small capital investors and most likely, this will be the reason for them to stop. But as I said, this is not a reason that we could think about a sinking boat(ETH).

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Quote from: TWW on February 26, 2021, 08:11:30 AM

Quote from: ichsan ardi on February 26, 2021, 05:19:56 AM

Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

wow this is very surprising, drowning eth is not that easy. just wait for the ETH v2 network. the cost of gas will not be as expensive as it is now believe me, be patient

I heard it will be over in 2023. You will have to wait in your investment until then to really see things going normally.
but some have reported that in the middle of this year there will be a solution to the issue of ethereum transaction fees.

As per ETH team they are working on it and their stated that on July 2021, they release the best solution with regards to this one. Seriously, the fees is not that high right now and maybe the fees will really depend on the traffic in the market, the current price trend and its current demand. ETH is still the best altcoin, so I don't think it will sink simply just because of its fees, they'll improve for sure so let's be patient for that.

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Quote from: ichsan ardi on February 26, 2021, 05:19:56 AM

Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

wow this is very surprising, drowning eth is not that easy. just wait for the ETH v2 network. the cost of gas will not be as expensive as it is now believe me, be patient

I heard it will be over in 2023. You will have to wait in your investment until then to really see things going normally.
but some have reported that in the middle of this year there will be a solution to the issue of ethereum transaction fees.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

You don't need to be professional because you can simply tell that the higher fees is because of the growing traffic in the market and of course the current price of ETH. If you're gonna look like now, the fees are getting lower since the price is dumping. If the market goes up and there's a strong demand, miners are having a problem solving the blocks and that makes the fees getting more expensive. Anyway, ETH must still need to address this problem and make a good update to decongest its blockchain system.

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Quote from: ichsan ardi on February 26, 2021, 05:19:56 AM

just wait for the ETH v2 network. the cost of gas will not be as expensive as it is now believe me, be patient

It may take a year or less but I'm doubt we will see this problem will be fixed at the end of this year. I see that some people were publishing about EIP1599 but in my opinion if it's too early to speculate about what will be happening with it in the next months. We have experienced so many times our speculation didn't meet the reality.
I think that this problem will be fixed next year.
The problem is how much people will be migrating to the BSC

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Quote from: slaman29 on February 26, 2021, 05:55:34 AM

It's probably very exaggerated. Fees have only been climbing, not going down, but utility hasn't seen any hits and is increasing anyway. Demand has not gone down at all and everyone knows ETH 2.0 when it finally emerges from its coccoon will be solving all of these problems. Meanwhile, layer 2 solutions are available on some DeFi platforms already and even some exchanges, so people are finding ways around the high gas fee issue.

Decentralized exchanges do not stand still and are looking for ways to reduce the price of commissions. According to the information published in the blog on February 25: https://1inch-exchange.medium.com/1inch-network-expands-to-binance-smart-chain-1a718a154034 , "1inch Network expands to Binance Smart Chain". This way, all 1inch users will be able to use all the BSC features, and pay lower fees accordingly. This explains the growth of the 1inch coin by 30% over the past day.

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I think you only need to know how much gas you needed when you want to make a transaction and let the network do that thing for you. Maybe that is right because people will not want to send a few amounts with a high fee. They want to have a low fee but the transaction can arrive without waiting too long. Ethereum needs to solve this before people move to the other options because it's really a pain to pay a high fee.

I found a website that you can use as a reference to know how much gas you needed.

https://ethgasstation.info/

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It's probably very exaggerated. Fees have only been climbing, not going down, but utility hasn't seen any hits and is increasing anyway. Demand has not gone down at all and everyone knows ETH 2.0 when it finally emerges from its coccoon will be solving all of these problems. Meanwhile, layer 2 solutions are available on some DeFi platforms already and even some exchanges, so people are finding ways around the high gas fee issue.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

If the problem persist it could affect eth greatly but am not sure sinking if that can sink eth completely, trans fee is a very important aspect of eth network and erc20 projects as small transactions are suffering greatly from this, the only way about this is to constantly check the eth gas station or whatever app you use to store your erc20 for the latest gas price, i mostly use mew app and from there i can see when the gas is low or high.

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Quote from: DaC0nsumeR on February 25, 2021, 09:03:41 PM

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

The first thing you need to know is that the etherum gas fee is high and cheap depending on the congestion on the etherum network and it can be tracked or monitored by visiting ethgasstations from time to time before conducting any transactions. Also, etherum cannot sink; it will only adjust and the fees fixed, it is not an exaggeration but a fud

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