Ethereum managed to pass bitcoin in transaction fees last week - page 2.

darewaller

hero member

Activity: 2926

Merit: 640

Quote from: mu_enrico on October 04, 2019, 08:07:59 AM

So is this good news or bad news for Bitcoin? So which is better, low fees or high fees?
Ethereum will migrate to POS, so why do we even talk about this mining stuff?

I think it serves as both, because for Ethereum transaction fee to have been higher than that of bitcoin, it means that there was more traffic on Ethereum network, but bad news in the sense that Ethereum does not need high fee right now as it will give chance for other coins to be tested or people will eventually still go back to bitcoin, but for a selfish person like me, I think that there network fee should be high and then discourage a lot of people from Ethereum because I am not much happy with the way Ethereum is going abuts their ICO.

They introduced ICO to us and they are the ones that is making lots of investors fall victim of scammer through their creation. Bitcoin is still the only reliable platform and we all need to go back to using bitcoin more.

SaShiRaJaVu

hero member

Activity: 1694

Merit: 541

Quote from: alyssa85 on October 04, 2019, 01:43:31 AM

Quote from: 1Referee on October 03, 2019, 05:34:23 PM

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

You know that miners switching will buy equipment that enables them to mine Ether, right?
Basically it's a cost-benefit analysis. They can either stick to bitcoin and make losses, or write off their sha256's, buy new miners and mine something else.

People who are mining bitcoin will switch to Ether mining thinking of the many benefits ETH has to offer according to your theory Cheesy

. What cost benefit analysis have you done to come up with this invention Tongue

. If i am mining with a couple of ASIC machines i can very well switch over and mine some shit coins by purchasing a few graphic cards but that is not easy when it comes to huge mining farms and these farms are running because of the profit they are earning mining bitcoin and will never switch to shit coins Tongue

.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: mu_enrico on October 04, 2019, 08:07:59 AM

So is this good news or bad news for Bitcoin? So which is better, low fees or high fees?

It's more about adoption than anything else.

An awful lot of stuff is being built on top of the Ethereum blockchain, and it's being used, even if it is just for games or collectables like cryptokitties.

Not a lot is going on with bitcoin, it's not really being used for anything other than speculation.

beerlover

legendary

Activity: 3052

Merit: 1188

Ethereum can't sustain with that tho. There was a time when cryptokitties blocked the transactions in ethereum blockchain as well and both price of ethereum and transactions became super slow as well, however cryptokitties are not getting the same attention they used to get as you can imagine, fairwin will be the same, it will get some attention but eventually will be forgot like cryptokitties. There is no point on mining ethereum if you are a bitcoin miner that makes money.

However, if you are a small time miner in bitcoin and have some asic equipments you can sell your equipment to other big whale miners and use that money to buy eth mining rigs which may or may not make you more money depending on the difficulty of btc and eth at that time. It worth a calculation at least.

mu_enrico

copper member

Activity: 2324

Merit: 2142

Slots Enthusiast & Expert

So is this good news or bad news for Bitcoin? So which is better, low fees or high fees?
Ethereum will migrate to POS, so why do we even talk about this mining stuff?

Pab

legendary

Activity: 1862

Merit: 1012

It is because Tether switched to erc-20.Tether is now number 4 on Coinmarket.
But it can be also kind of problem for Ethereum. Ethereum must to his upgrades because of his famous difficulty bomb otherwise transactions will stuck. All that way to Ethereum POS will be crucial not only for Ethereum but also for all his ecosystem

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: alyssa85 on October 03, 2019, 03:39:39 PM

See the following article:

https://www.forbes.com/sites/ktorpey/2019/09/30/this-cryptocurrency-just-surpassed-bitcoin-in-one-key-adoption-metric/#7a7300d17e2f

Quote

Ethereum briefly passed Bitcoin in one key area last week: total daily USD-denominated transaction fees.

This happens when a "writer" has to make his quota of articles but he has no clue on how to use a graph.

So, if you go here:
https://coinmetrics.io/charts/#assets=btc,eth_log=false_left=FeeTotUSD_zoom=1567123200000,1569715200000

Yeah, ETH surpassed BTC, what a milestone.
If you use your brain, you might want to check for a larger timespan.
Let's try:
https://coinmetrics.io/charts/#assets=btc,eth_log=false_left=FeeTotUSD_zoom=1527412896000,1569715200000

What a surprise!!!

Quote from: alyssa85 on October 04, 2019, 01:43:31 AM

You know that miners switching will buy equipment that enables them to mine Ether, right?
Basically it's a cost-benefit analysis.

Analyze this:
Buttercup Grin

wakes in a bad mood tomorrow and decides it's time, ethereum goes PoS, now!!!!
Mine it!

CryptoBry

sr. member

Activity: 1008

Merit: 355

The same problem in terms of scalability has been affecting both Bitcoin and Ethereum but we have already seen the easing of the Bitcoin network on this matter I am not sure if it is because transaction volume is going down or because of changes implemented on the network like Segwit or Lightning. Considered as possible heir apparent to Bitcoin, from time to time, we are seeing many problems and flaws cropping up with Ethereum which one way or another push many to doubt the platform in terms of its long-term viability and stability. The challenges for Ethereum is known by the whole industry and even acknowledge by no other than Vitalik Buterin himself. I am still a strong believer of Ethereum though so I am wishing them the luck they need in answering the many possible problems clogging the whole network and putting everything on question.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: 1Referee on October 03, 2019, 05:34:23 PM

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

You know that miners switching will buy equipment that enables them to mine Ether, right?

Basically it's a cost-benefit analysis. They can either stick to bitcoin and make losses, or write off their sha256's, buy new miners and mine something else.

pereira4

legendary

Activity: 1610

Merit: 1183

The irony has gone full circle now and biten on Vitalik's smart ass that was claiming how there was this huge problem with Bitcoin fees and how his socialist worldview didn't allow for transactions to be above a number of dollars in fees. This was discussed years ago:

Vitalik has been selling the pipedream of a decentralized computer for so long and people keep buying. I still haven't seen any credible arguments for the long term viability of the project. Last I heard is that they wanted to partner with BCash to scale. Go figure.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

Quote from: 1Referee on October 03, 2019, 05:34:23 PM

Quote from: alyssa85 on October 03, 2019, 03:39:39 PM

At some point miners might decide to switch to Ether, especially as Ether provides block rewards in perpetuity as well (no halvenings).

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

It doesn't really surprise me that Bitcoin's fees are going down with how Segwit adoption has yet again made another high; https://blockchair.com/bitcoin/charts/segwit-usage

I noticed too recently how low the fees have become. Most of my transactions were confirmed by the next block with just $0.10 in fees, and I feel that I overpaid there as well.

Tether switching to Ethereum has done a lot to inflate the fees there. Not that long ago there were like 150,000 transactions waiting for a confirmation. Currently that's about 40,000. Good time for Ethereum competitors to leverage the high fees and market themselves as THE cheaper alternative.

That was very funny, bitcoin miners with their SHA256 are going to turn on ethereum, wish that was possible, I would be billionaire.
Btw according to this news, it's so written that some people may see bitcoin mining sucks and there is light in ethereum (well in reality bitcoin mining really sucks now). That's bad to be fair that ethereum has higher fees than bitcoin, that's bad for ether's usage because it really did bad for bitcoin transactions once when we had huge fees.
Bad for ether, ok for bitcoin. Hope Bitcoin's fee will be so low, I got very quick confirmation on super low tx fee.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: 1Referee on October 03, 2019, 05:34:23 PM

It doesn't really surprise me that Bitcoin's fees are going down with how Segwit adoption has yet again made another high; https://blockchair.com/bitcoin/charts/segwit-usage

I noticed too recently how low the fees have become. Most of my transactions were confirmed by the next block with just $0.10 in fees, and I feel that I overpaid there as well.

that's nice to see. something tells me the low fees are more related to the bearish market and lack of hype. typical bear market lull.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: alyssa85 on October 03, 2019, 03:39:39 PM

At some point miners might decide to switch to Ether, especially as Ether provides block rewards in perpetuity as well (no halvenings).

What miners? Bitcoin miners? I wish them good luck with their SHA256 asics. Tongue

It doesn't really surprise me that Bitcoin's fees are going down with how Segwit adoption has yet again made another high; https://blockchair.com/bitcoin/charts/segwit-usage

I noticed too recently how low the fees have become. Most of my transactions were confirmed by the next block with just $0.10 in fees, and I feel that I overpaid there as well.

Tether switching to Ethereum has done a lot to inflate the fees there. Not that long ago there were like 150,000 transactions waiting for a confirmation. Currently that's about 40,000. Good time for Ethereum competitors to leverage the high fees and market themselves as THE cheaper alternative.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

See the following article:

https://www.forbes.com/sites/ktorpey/2019/09/30/this-cryptocurrency-just-surpassed-bitcoin-in-one-key-adoption-metric/#7a7300d17e2f

Quote

Ethereum briefly passed Bitcoin in one key area last week: total daily USD-denominated transaction fees. In fact, Ethereum miners collected more in fees than Bitcoin miners on this past Saturday and Sunday too, according to Coin Metrics.

...Due to the limitations placed on capacity, cryptocurrencies like Bitcoin and Ethereum see higher transaction fees when the networks become congested. This is exactly what has happend with Ethereum over the past month, as total daily USD-denominated transaction fees hit levels not seen in over a year.

So, what has caused the recent spike in Ethereum transaction fees? It appears the blame can be placed on a Ponzi scheme-esque game called FairWin, which also has a critical vulnerability in its associated contract on the Ethereum blockchain. According to on-chain crypto market analytics firm Glassnode, FairWin has recently been consuming up to half of the gas spent on the Ethereum network at any given time.

The spike in FairWin's popularity, according to Etherscan, correlates almost perfectly with the increase in total fees seen on the Ethereum network this month, according to Coin Metrics.

At some point miners might decide to switch to Ether, especially as Ether provides block rewards in perpetuity as well (no halvenings).

Topic: Ethereum managed to pass bitcoin in transaction fees last week - page 2. (Read 365 times)