Eth gas fees and investing - page 5.

ichsan ardi

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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?

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

Jating

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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?

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.

sangjoewara

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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?

Actually it is not sinking Ethereum, but rather Ethereum platform users who will run to another platform where Gas costs are cheaper than on the Ethereum platform, so this will indeed affect the use of the Platform not on Ethereum sinking or not.

GreatArkansas

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Quote from: amishmanish on February 26, 2021, 12:57:00 AM

Quote from: ?? on ??

Binance is kind of centralized coin which doesnt suit to our crypto community, it will last for long until community realize that and choose another decentralized platform.
Also, ETH 2.0 will solve all the issue we have at this time, if not then EOS or DOT will be the alternative.

I don't think it really matters to people any more. Especially to the new bunch of enthusiasts and money makers from developing countries like Indonesia, Turkey, Eastern Europe. Most want low trading fees for instant and complicated transactions. Centralized solutions are fulfilling the need of the market.
(....)

It will not matter in the early stage, but if it will stay forever and in the long term, it's like a ticking bomb.
The beauty of cryptocurrency is decentralized and why it is being ignored?
Ethereum Layer 2 is the solution, other alternatives especially Binance Smart Chain will get hammered by Ethereum soon and others claiming Ethereum Killer, just a matter of time.
No hater of layer 1 protocols or other Ethereum alternative here, I can say they can somehow help the Ethereum network's scalability temporarily.

Flowzer

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Quote from: amishmanish on February 26, 2021, 12:57:00 AM

Quote from: ?? on ??

Binance is kind of centralized coin which doesnt suit to our crypto community, it will last for long until community realize that and choose another decentralized platform.
Also, ETH 2.0 will solve all the issue we have at this time, if not then EOS or DOT will be the alternative.

I don't think it really matters to people any more. Especially to the new bunch of enthusiasts and money makers from developing countries like Indonesia, Turkey, Eastern Europe. Most want low trading fees for instant and complicated transactions. Centralized solutions are fulfilling the need of the market.

ETH on the other hand has a lot of value invested into it so it is not going to be completely gone. Though there is fierce, open competition in this space now and they cannot rest on the past.

Disagree, many of community here prefer decentralized project over a centralized one. Also, Centralized project will benefits the team most over the community.

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Quote from: coin-investor on February 25, 2021, 09:32:20 PM

Quote from: Zurcermozz on February 25, 2021, 09:22:40 PM

ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

Not only Ada but if ever Ethereum cannot solve this issue, Binance, Tron and Waves are some of the options, ADA and Binance are two of the closest competitor Binance is on the third spot, and , many eyes are on Binance now, we'll see how things will play out if Ethereum will solve the issue or another chain will take over.

In my opinion, the Binance chain is the biggest competitor of Ethereum. Recently BSC did disrupt the Ethereum chain! and BNB gained 52%. This is primarily because of the high fee on the Ethereum chain. On the contrary, the fee is very less on BSC and the transaction is also faster. We all know BSC is centralized but people will use it because it is very cheap as compared to Ethereum.

OcTradism

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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?

ETH 2.0 to come can help to resolve this expensive cost for transactions on ETH network.

In the meantime, you need to know where to check Gas price and Gas limit on Ethereum network. In case you need to cancel your transaction or replace it, you must know to do it. It is all given in following topics
ETH/ERC20 - Check and select good Gas price
GAS NOW - New Price Gas Forecast Service
[GAS Price Aggregator] How to find the optimal gas price
[GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

lobo13hf

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Quote from: larus on February 26, 2021, 01:47:29 AM

If you just hodl your eth or erc-20 tokens on your wallet you can not care about high fees. You need to pay fees only during transfers

When you didn't wanna sell your token but the price is going down so hard and what's the different? Anyway that should not be on the topic.

The thread starter just need to read this https://cointelegraph.com/news/finance-redefined-ethereum-exodus-continues-as-binance-helps-feb-17-24

That explains what will be happening when ethereum fees is still very expensive. People care about their money and that's why they don't waste it their money for miners.
Miners could be dead too when there are no users on ethereum network.

virasisog

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If Ethereum's version 2.0 can't solve its high gas fee, there are a lot of competitors out there, ADA, BNB, and DOT can take over its place in no time since these coins are considered as one of its top competitors. I avoided transacting using Ethereum platform due to these high fees, I haven't opened my wallet and moved any funds at all. I couldn't even sell some of my old coins since it will only cover the fees.

larus

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If you just hodl your eth or erc-20 tokens on your wallet you can not care about high fees. You need to pay fees only during transfers

TastyChillySauce00

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ETH gas fee couldn't sink ETH. I mean, if many people who uses ETH for various things decides to move on to like for example BSC altogether the fee then gonna be resolved in no time, it's problem of scalability and only occurs when ETH have too much people making transactions and wants their transaction to get confirmed as soon as possible and it's just matter of time until the fee problem solved.

amishmanish

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Quote from: ?? on ??

Binance is kind of centralized coin which doesnt suit to our crypto community, it will last for long until community realize that and choose another decentralized platform.
Also, ETH 2.0 will solve all the issue we have at this time, if not then EOS or DOT will be the alternative.

I don't think it really matters to people any more. Especially to the new bunch of enthusiasts and money makers from developing countries like Indonesia, Turkey, Eastern Europe. Most want low trading fees for instant and complicated transactions. Centralized solutions are fulfilling the need of the market.

ETH on the other hand has a lot of value invested into it so it is not going to be completely gone. Though there is fierce, open competition in this space now and they cannot rest on the past.

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Quote from: Zurcermozz on February 25, 2021, 09:22:40 PM

ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

I don't even believe it to happen. BNB and DOT are better than ADA. I do believe if ADA has no potential to replace ethereum. The majority of ethereum users who have been deciding to exodus to the another blockchain has been choosing BNB over ethereum. That being said if ADA is not so popular as BNB or DOT when you are seeing from the result of massive exodus.
We must see that based on the reality dude.

meanwords

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I don't think it will sink Ethereum because as you can see, even if the fees are absurdly high right now, there's still high demand on it. Ethereum itself isn't the only driving force behind its recent pump, it's also the altcoins in it. Though there's certainly a negative effect on this. For example, some projects are actually migrating to other cheaper and faster smart chains since it's affecting their performance.

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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 gas fees getting so high due to the ethereum network is not having enough scalability to processing the transactions and that makes so many transactions getting stuck on ethereum network.

When the fees are so high and people are not willing to pay that again and they will be moving toward the new blockchain and that will make ethereum will have fewer users that are still using ethereum and this will give a very big impact to the price of ethereum too.

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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 current gas fees required for all transactions under the Ethereum network can be so disappointing and it is unfortunate that Ethereum has no safety nets established that can control the rise of gas in its bidding system of transactions prioritization. I don't know but maybe having a cap can be helping a lot of the users of the network not to be slapped with an incredible amount of fees even for small transactions. Right now, I decided to forego selling some of my tokens because of the gas fees, and I am afraid that by the time the gas can be lowered those tokens would have no more value left. I am sure that this is not what cryptocurrency should be. This sad situation will not sink Ethereum for sure but will be taking a big chunk of its business away into alternatives like BSC, DOT and Tron though the exodus can really be healthy for all as concentration of anything can be not so good.

coin-investor

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Quote from: Zurcermozz on February 25, 2021, 09:22:40 PM

ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

Not only Ada but if ever Ethereum cannot solve this issue, Binance, Tron and Waves are some of the options, ADA and Binance are two of the closest competitor Binance is on the third spot, and , many eyes are on Binance now, we'll see how things will play out if Ethereum will solve the issue or another chain will take over.

Zurcermozz

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ETH gas fee became high because of it's current price, the fee increases it's value as the eth price increase. Not planning to promote, but many people said that ADA(Cardano) is trying to do something to replace ETH.

DaC0nsumeR

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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?

Topic: Eth gas fees and investing - page 5. (Read 826 times)