Ethereum fees are crazy... | Bitcointalksearch.org

South Park

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Quote from: AlexAtom on September 27, 2020, 11:10:05 PM

It is not crazy anymore. Now the ethereum gas fee is below 100 gwei, which is still acceptable for me.
The gas fee was around 800++ gwei at the highest if i remember, that was crazy indeed.
When the others using high gas fee to obtain quick transactions, we must use high fee as well.

The only other option for those that are not willing to pay for the fees is to wait until they can get their confirmations for a cheaper price but this can be a problem when the network is congested and many times it takes weeks for things to go back to normal, however if you are an investor waiting for weeks is not really an option when waiting for some minutes can be the difference between making profits and losing money, so at that point the only available option is to pay for the fees regardless of the price but this is not a viable strategy for those that are investing very low amounts of money in very small projects as it will cost them more money to pay the fees than the profits they will get from exchanging their coins.

AlexAtom

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It is not crazy anymore. Now the ethereum gas fee is below 100 gwei, which is still acceptable for me.
The gas fee was around 800++ gwei at the highest if i remember, that was crazy indeed.
When the others using high gas fee to obtain quick transactions, we must use high fee as well.

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Quote from: Gayong88 on September 27, 2020, 12:21:01 AM

Yes, you are right. The increase in gas costs did not just happen. The DeFi industry boom factor has driven high levels of congestion as well as increased scalability issues and its impact was felt together amid the DeFi hype following the launch of the Uniswap UNI token and surprisingly this is not a big deterrent to stopping users from transacting.

Problems with the scalability of Ethereum have been brewing for a long time, but only recently has the problem with the cost of gas become so acute. This prevents the defi market segment from developing and improving.

carlisle1

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Quote from: Gayong88 on September 27, 2020, 12:21:01 AM

Yes, you are right. The increase in gas costs did not just happen. The DeFi industry boom factor has driven high levels of congestion as well as increased scalability issues and its impact was felt together amid the DeFi hype following the launch of the Uniswap UNI token and surprisingly this is not a big deterrent to stopping users from transacting.

But this did not take long,now the fees are starting to lowering and we are looking for the end of this defi season .
if the congestion was not there then fees will not increase this high.

Quote from: Gumbo88 on September 27, 2020, 06:00:18 AM

Quote from: Punk4000 on September 18, 2020, 07:43:24 PM

Sorry if this not the proper place to post this and sorry if i feel little mad about it, but ALMOST all wallets ask for crazy ETH fees that are hard to cover, any hope that in a near future can be lowered?...

because of Defi trend, so they use Eth to swap Defi coin, that is reason why transfer fee too high at this moment.

but we are not expecting this for long time,actually in Bitcoin this happens every time but we are use to it,so maybe this is the time that
we will do the same in Ethereum.

Vishnu.Reang

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Quote from: int03h on September 27, 2020, 05:57:15 AM

ETH 2.0 is also unable to solve the problem as people use ETH more and more in the future.
ETH confirms transactions in the form of cost auctions, those who send more costs get confirmed first, and those who send less are confirmed later. Priority is given to the rich. It is necessary to change this form of confirmation, not to auction but to comply with the standard time, whoever sends first is confirmed first. Only then will the Ethereum network get better, the costs fixed and the congestion stops.

ETH 2.0 is not a magic bullet which can solve all the issues associated with Ethereum transactions and blockchain. And Ethereum is not the only cryptocurrency which have been facing scaling issues. For Bitcoin, this issue has persisted for many years (and even now, a permanent solution is not available). Let nature take its way. If Ethereum is unable to cope with high volumes, then it will be replaced with another cryptocurrency, which is more efficient in dealing with this issue.

btc78

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Quote from: Gumbo88 on September 27, 2020, 06:00:18 AM

Quote from: Punk4000 on September 18, 2020, 07:43:24 PM

Sorry if this not the proper place to post this and sorry if i feel little mad about it, but ALMOST all wallets ask for crazy ETH fees that are hard to cover, any hope that in a near future can be lowered?...

because of Defi trend, so they use Eth to swap Defi coin, that is reason why transfer fee too high at this moment.

But the season will change because Defi will not stay long growing,Those many pumping coins are now starting to slow down and some lost more than 505 from the Hype early this month.

Quote from: Gayong88 on September 27, 2020, 12:21:01 AM

Yes, you are right. The increase in gas costs did not just happen. The DeFi industry boom factor has driven high levels of congestion as well as increased scalability issues and its impact was felt together amid the DeFi hype following the launch of the Uniswap UNI token and surprisingly this is not a big deterrent to stopping users from transacting.

the Gas are low now,and will continue to fell since the Defi trend is fading,it wont take another month before going back or even worst on their
value before the Defi pump.

Gumbo88

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Quote from: Punk4000 on September 18, 2020, 07:43:24 PM

Sorry if this not the proper place to post this and sorry if i feel little mad about it, but ALMOST all wallets ask for crazy ETH fees that are hard to cover, any hope that in a near future can be lowered?...

because of Defi trend, so they use Eth to swap Defi coin, that is reason why transfer fee too high at this moment.

int03h

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Quote from: Akiko on September 19, 2020, 01:36:27 AM

Quote from: Punk4000 on September 18, 2020, 07:43:24 PM

Sorry if this not the proper place to post this and sorry if i feel little mad about it, but ALMOST all wallets ask for crazy ETH fees that are hard to cover, any hope that in a near future can be lowered?...

Yes it can be lowered again someday but no body can answer when, its always depend on the situation . as long as ETH is still congested the fee asked is always higher it also depend on the upcoming ETH 2.0 if there are plan to upgrade the system so it will have lower cost and fast transaction.

This is not new it happen already way back 2017 when there is hype with a game called crypto kitty we are also experiencing the same problem in transaction .

ETH 2.0 is also unable to solve the problem as people use ETH more and more in the future.
ETH confirms transactions in the form of cost auctions, those who send more costs get confirmed first, and those who send less are confirmed later. Priority is given to the rich. It is necessary to change this form of confirmation, not to auction but to comply with the standard time, whoever sends first is confirmed first. Only then will the Ethereum network get better, the costs fixed and the congestion stops.

Gayong88

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Yes, you are right. The increase in gas costs did not just happen. The DeFi industry boom factor has driven high levels of congestion as well as increased scalability issues and its impact was felt together amid the DeFi hype following the launch of the Uniswap UNI token and surprisingly this is not a big deterrent to stopping users from transacting.

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Quote from: Punk4000 on September 18, 2020, 07:43:24 PM

Sorry if this not the proper place to post this and sorry if i feel little mad about it, but ALMOST all wallets ask for crazy ETH fees that are hard to cover, any hope that in a near future can be lowered?...

I think the fees will be lowered with time, I read a news on cointelegraph that develpoers are working on these high fees and I know its not a lie.
So we should be expecting lowrer fees with time.

sallasvve

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Quote from: hahay on September 21, 2020, 05:53:36 PM

I don't think so, because the higher the hashrate, it also indicates the increasing activity on the Ethereum network, so to lower fees I don't think it will happen any time soon. We are aware of the growth that occurs due to DeFi and this will greatly encourage an increase in the price of Ethereum, so that the higher the price and the activity that continues to increase, at least it will make fees also increase.

Hype around DEFI projects reached a maximum, but the price of Ethereum could not overcome the important mark of $ 500 per coin. Perhaps the price of Ether does not depend so much on defi projects? I think this is more of a speculative question.

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Quote from: Igor17Krik on September 23, 2020, 11:11:52 PM

The crazy cost of transactions is causing many to ditch the ETH blockchain. If we do not see any changes in the ETH network in the near future, then we risk saying goodbye and looking for an alternative blockchain.

This is nothing new, in 2017 many projects that were thought to come out on the ethereum network decided to switch to other blockchains or create their own one when the price of the fees became very high, this is a classic case of the supply and demand in action, if the supply of something is scarce and as such its value becomes very high people are going to look for alternatives, and once this happens it will slow the growth we have seen in ethereum during the last months making it impossible for it to reach its ATH as many people were expecting.

bits4books

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Yes, fees are high - due to the fact that there is a huge demand and the network is under load. This means that you will either have to accept this because the fees works on the principle of "demand creates supply" or never use ETH again because the only way to fix this is centralization, which contradicts the principles)
I do not dispute that such fees are bad, but this is a consequence of decentralization, isn't it?

bjmpoker001

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That was normal because the gas fee is higher when there are many transactions with high gas fee submitted to the blockchain network.
Many platforms might using Ethereum network as their blockchain, and submitted their transactions using high gas fee.
Our transaction gas must be high as them, so our transactions won't be overcome by other transactions that using high gas.

Fredomago

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Quote from: gwapoinside2 on September 24, 2020, 11:59:46 AM

The development with the ethereum platform is pushing its transaction price to soar. Becoming even more than the price during the 2017 bull run.

With more end users who uses the chain miners have best options to pick those who are willing to pay much higher fees
to make much quicker transactions, congestions really makes it tough for small transaction to push as they needed to
wait for miners to process the request.

Quote

Hopefully, this will be addressed in the upcoming update in the platform as this makes it hard for small-time traders and investors to keep up with the transaction price.

Yeah right, this upcoming updates hopefully gives some shed for small traders providing much lesser fees
and still good transaction processing time frame.

gwapoinside2

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The development with the ethereum platform is pushing its transaction price to soar. Becoming even more than the price during the 2017 bull run. Hopefully, this will be addressed in the upcoming update in the platform as this makes it hard for small-time traders and investors to keep up with the transaction price.

HK88

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if I'm not mistaken, it's probably Because of the DeFi hype & also because of the UNI airdrop that's currently exploding & impacting the cost of ETH gas going wild. I mean, but I think this Hype will continue in the next few months so brace yourself.

carlisle1

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Quote from: fammy on September 21, 2020, 10:48:44 PM

Quote from: Punk4000 on September 18, 2020, 07:43:24 PM

Sorry if this not the proper place to post this and sorry if i feel little mad about it, but ALMOST all wallets ask for crazy ETH fees that are hard to cover, any hope that in a near future can be lowered?...

I also experience that one and I think if this will continue to happen many crypto enthusiasts whose using ethereuem blockchain will change into a blockchain that is more affordable for them and it will be a very big problem and lost for the developer of ethereum if they will not make a development or if they will not fix this kind of problem that we are facing.

changing blockchain is normal because ths will not affect your trading history since the Block that you are usually using has increase in fees.
But this doesnt mean it will be permanent since you can just go back again after the fees lowered again.
EThereum gas fee have just increased this time that high meaning it is peanut compared to Bitcoin that always has this same increase right?

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Quote from: Punk4000 on September 18, 2020, 07:43:24 PM

Sorry if this not the proper place to post this and sorry if i feel little mad about it, but ALMOST all wallets ask for crazy ETH fees that are hard to cover, any hope that in a near future can be lowered?...

Well, one week later you can send eth for less than $1,00 or something around this number.
Its all was about UNI airdrop and hopefully eth can maintain such fees as they're now

Topic: Ethereum fees are crazy... (Read 1235 times)