Q:Why isn't the Shocking Ethereum Fees discussed more in Media? A:...

Abiky

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Quote from: midasjohn on March 13, 2023, 04:19:44 AM

I agree totally. I am a Charles Hoskinson fan myself and Cardano has the best opportunity laid down to be the ecosystem Ethereum could have deserved to be. It's nacient technology that shouldn't be taken as complete in any way shape or form.

Let's hope for a decade of Creative Destruction and Accumulation. Every $10,000 you can put in will be worth $1,000,000 in a Decade (inflation adjusted).

Cardano is seriously underrated. I think it's because the team has focused more on the technical side of the project instead of marketing/promotion. Compared with Ethereum, Cardano has a much more decentralized PoS algorithm. Fees are also dirt-cheap, making it extremely-convenient for "De-Fi". I know there are other competitors "on the scene", but I don't think any of them will last for long since they've left decentralization/censorship-resistance behind.

How far will ADA go in terms of market price, is beyond me. There are billions of coins in circulation, so that takes away our hopes of ADA reaching the "triple digits" in the future. At least, the Cardano blockchain works as intended. Who knows if it gets to compete with ETH in the future? Just my opinion

midasjohn

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Quote from: Abiky on December 13, 2021, 07:30:53 AM

Quote from: avikz on December 08, 2021, 12:54:06 PM

It's true that Gas fees are ridiculously high since a long time now and we are not seeing a resolution to this. It is actually creating market gap for BNB. Nowadays BNB has become the most preferred chain to complete transactions for the token owners.

Vitalik is definitely aware of this issue and I am sure bigger plans are ongoing in the background. ETH 2.0 is definitely coming sonner than later. Otherwise there's literally no solution to the high gas fees.

Developers are stalling by delaying network upgrades that would benefit the end user. The difficulty bomb has been extended, so ETH 2.0 will take quite a lot longer than expected for it to become a reality. I don't think it's hard to introduce a short-term solution for ETH's high fees. Developers could simply roll a new upgrade that would alleviate high gas fees until ETH 2.0 comes into fruition. What I see here is that miners don't want fees to go down, as it would mean less money for their pockets. I mean the higher the fees, the more money miners will make, right?

If this keeps going, I'm afraid BNB will take ETH's position as the second-largest cryptocurrency by market cap. It's unfortunate to see what's happening with ETH right now, when developers could've done something about it in the first place. They're only focused on ETH 2.0, instead of dealing with the current blockchain's situation. Of course, decentralization and security/reliability comes first. But sometimes enough is enough. Mainstream media don't say anything about the fees, because it's manipulated by big players on the market. I hope ETH 2.0 takes over the mainnet next year, or we can "say goodbye" to Ethereum for good. Just my opinion

I agree totally. I am a Charles Hoskinson fan myself and Cardano has the best opportunity laid down to be the ecosystem Ethereum could have deserved to be. It's nacient technology that shouldn't be taken as complete in any way shape or form.

Let's hope for a decade of Creative Destruction and Accumulation. Every $10,000 you can put in will be worth $1,000,000 in a Decade (inflation adjusted).

adaseb

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The gas fees lately have been fair. Paying $1 for a ERC20 or less than $1 to send ETH is fair. Most likely it won’t go much lower. Sure it was huge yesterday during the USDC mess but usually it’s not like that.

During 2021 there were times when you had to pay $50 just to send some USDT around, that was horrible. Right now we are past that since we got many L2 platforms which took a load off the main chain.

midasjohn

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I think your appraisal is bang on! Equally regarding usurious finance street and Etherium which for me is a massive MASSIVE aberration and monstrous detour from the way the blockchain should have developed. I'm not a maximalist however ... Similarly to all software, there's a best tool for the job. Bitcoin is best being Bitcoin.

Abiky

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Quote from: avikz on December 08, 2021, 12:54:06 PM

It's true that Gas fees are ridiculously high since a long time now and we are not seeing a resolution to this. It is actually creating market gap for BNB. Nowadays BNB has become the most preferred chain to complete transactions for the token owners.

Vitalik is definitely aware of this issue and I am sure bigger plans are ongoing in the background. ETH 2.0 is definitely coming sonner than later. Otherwise there's literally no solution to the high gas fees.

Developers are stalling by delaying network upgrades that would benefit the end user. The difficulty bomb has been extended, so ETH 2.0 will take quite a lot longer than expected for it to become a reality. I don't think it's hard to introduce a short-term solution for ETH's high fees. Developers could simply roll a new upgrade that would alleviate high gas fees until ETH 2.0 comes into fruition. What I see here is that miners don't want fees to go down, as it would mean less money for their pockets. I mean the higher the fees, the more money miners will make, right?

If this keeps going, I'm afraid BNB will take ETH's position as the second-largest cryptocurrency by market cap. It's unfortunate to see what's happening with ETH right now, when developers could've done something about it in the first place. They're only focused on ETH 2.0, instead of dealing with the current blockchain's situation. Of course, decentralization and security/reliability comes first. But sometimes enough is enough. Mainstream media don't say anything about the fees, because it's manipulated by big players on the market. I hope ETH 2.0 takes over the mainnet next year, or we can "say goodbye" to Ethereum for good. Just my opinion

tsaroz

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Quote from: midasjohn on December 08, 2021, 12:34:36 PM

I believe because most 'Investors' in the space that have just arrived from Wall Street or Sherwood Forest are buying and selling nominal Ethereum on the Exchanges without ever performing an onchain action. Ethereum is utterly broken and 2.0 may never come.

Do you think this is a fair appraisal?

In my opinion, Ethereum has became more of a manipulative coin like bitcoin rather than a utility token for dapps as transactions are costly and slow. There's no way of enjoying on chain games on Ethereum and dex are being used just for large conversion or staking. Games and transactions has moved to alternative and mostly compatible chains like BSC and polygon. They have made it easier for Ethereum projects and developers to migrate. I can't even remember when was the last I used an Ethereum dapp. Though ETH remains a prominent coin and could still be a profit cow if the minting of new coins regulated.

redwine49

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Quote from: avikz on December 08, 2021, 12:54:06 PM

It's true that Gas fees are ridiculously high since a long time now and we are not seeing a resolution to this. It is actually creating market gap for BNB. Nowadays BNB has become the most preferred chain to complete transactions for the token owners.

Vitalik is definitely aware of this issue and I am sure bigger plans are ongoing in the background. ETH 2.0 is definitely coming sonner than later. Otherwise there's literally no solution to the high gas fees.

well, i definitely dont like burn fee mecanism EIP-1559.
https://etherscan.io/blocks
as you can see miner dont take all transaction to fill up their block because it will make Ethereum fees so high.
maintain high fees = more burn

kryptqnick

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I knew the fees on Ethereum were sometimes quite high, but I didn't notice the autumn discrepancy when Bitcoin fees are staying miraculously quite low, whereas Ethereum fees are worth 10-15 times as much! I haven't used Ethereum for a long time, so I didn't care to check the fees, but I'm guessing that it's not a very popular choice for actual usage, but that Ethereum rather holds its value due to being a great platform for other things (ICOs in the past, NFTs nowadays), so the fees aren't really a bummer for the big hodlers, as, after all, if we're talking about thousands of dollars or more, the fees aren't then high after all.

dansus021

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some investor only buy and hold in exchange , some of it only trade but people like me using on chain transaction from defi like staking farming and exchange and currently heavily project get inside play to earn and metaverse even cheap and fast transation like BSC can get congestion even tho still cheap comparing with eth

but in my opinion eth 2.0 still be there on roadmap and gonna be implemented soon

lumierre

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Quote from: midasjohn on December 08, 2021, 12:34:36 PM

I believe because most 'Investors' in the space that have just arrived from Wall Street or Sherwood Forest are buying and selling nominal Ethereum on the Exchanges without ever performing an onchain action. Ethereum is utterly broken and 2.0 may never come.

Do you think this is a fair appraisal?

Actually no, such high gas fees are unjustified. I saw Ethereum's updated roadmap and I know that gas fees will be reduced as well as there will be code chunking. What is more, different rollups and layers 2 help Ethereum a lot so I think that we are moving in a right direction and this problem will be solved somehow: maybe by switching to Proof of Stake, maybe due to development of rollups and layers 2.

josephdd1

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Quote from: midasjohn on December 08, 2021, 12:34:36 PM

I believe because most 'Investors' in the space that have just arrived from Wall Street or Sherwood Forest are buying and selling nominal Ethereum on the Exchanges without ever performing an onchain action. Ethereum is utterly broken and 2.0 may never come.

Do you think this is a fair appraisal?

Investors from Wall Street or Sherwood Forest like you said are not the only participants on crypto market. Unfortunately, I don't have such a statistics on how many investors don't interact with Ethereum but invest only via exchanges, but still there are a lot of crypto enthusiasts that suffer from high gas fees, so I am sure that Ethereum's team will solve this problem one day, otherwise they will lose all users.

adaseb

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Remember 2017 when we used to pay $50 for a simple transaction on the Bitcoin network. Nobody talked about it then in the media. I think it’s mostly due to the fact that most speculators never actually use the network. They either buy some ETF, or futures or they just leave it on their Coinbase account.

Same is happening with ETF. And their fees are more or less inline with what happened with Bitcoin in 2017 and nobody in the mainstream media complained about it. Most likely people are just in it for the big bucks and not really concerned how it actually works. Same with the people who buy certain stocks, they barely know the company , just like the company name and invest.

Yogee

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Quote from: Jating on December 09, 2021, 02:53:40 AM

Quote from: Yogee on December 08, 2021, 09:07:36 PM

It's for the same reason why the transaction fees on the Bitcoin network is not discussed too often. It's been known for a few years now and it's not shocking anymore. There are still a few posts complaining but it doesn't get a lot of attention anymore.

Different case though, bitcoin fees have been reduced already for many months or even years now specially exchanges and people switching to Segwit.

The whole point there is people got used to it. The other day I saw Bitcoin fees surged to 20 sats/vbyte when I checked mempool.space but I didn't see anyone complaining about it. I see Ethereum gas price at 100 gwei and people think it's just "normal" or "not shocking" anymore.

Rehan Zakir

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Because new projects are built on bsc chain or other chains. They did not choose to build their project on eth chain. It's fees is very high and anyone cannot afford this high fees for transaction. So, media did not discuss it. Matic chain, Solana , bsc, avax, and there are many other chains are very cheap for transaction fees

evichi

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The news of ethereum gas fees is already well know by most people in the crypto space. It probably may not sound surprising to most people who are already aware of the outrageous gas fees. What will probably make news now is to hear that ethereum gas fees are now low-which is yet to be achieved. Ethereum have gone a longway that I believe Vitalik is seriously working hard to make the gas fees low. Ethereum 2.0 project is designed to .are make ethereum gas fees low - moving from proof of work to proof of stake. I believe ethereum team are not resting.
While it is taking time to achieve this goal, I believe the ethereum team have the capability to achieve Ethereum 2.0 and break the news to the crypto lovers.

TopTort777

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High transaction fees are not discussed in the media because no on is interested in reading about it. This is like a fundamental truth, or a stability. Why bother about that? People are more exited to read about how much Bitcoin prices has dropped. Or who got hacker or how much a person has lost from X project or Y actions. Writing about "Shocking Ethereum fees" is like publishing a newspaper in UK with an article titled "It rains in London" on the first page.

mu_enrico

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Because people in the media are clueless.

It's clear that reworking the protocol is extremely difficult, hence I think the ETH 2.0 will never really working as planned. They will still launch "ETH 2.0" but with lots of limitation to avoid bad PR. The base protocol is crap, but fortunately for ETH, there are many good developers in ETH community, so come ICO, DEFI, NFT... That's the main selling point for ETH. Regarding the question about fair appraisal, well all crypto are overvalued at the moment IMO.

StarKay

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ETH 2.0 will come soon since Ethereum developers mostly stick to their plans just that no specific date has been given.
And talking about Ethereum gas fees not being discussed in the media shows how little time is given to Cryptocurrency in the MSM generally otherwise it will be making headlines.

so98nn

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Yup, ethereum is pretty much broke but the fact is most of the project are running on its core and paying heavy charges to park their so called crypto projects! This is what making the ETH go on and on. Besides this most of the tokens and coins are bought against ETH pair in the initial days, or also right after they are getting listed somewhere.

There is huge number of ETH miners too. Surprisingly ETH is second most profitable coin and this is what making more workers/miners to keep this in their possession. Let’s not forget this emission is in millions of USD getting pumped into ETH economy.

Fees are surely high, but look at the above side of the ETH economy, it’s getting injected with great amount of money from different ways. Fees are Tiny for those and thus it’s only problem of you and me who are transacting at lower amounts.

masterrex

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Quote from: midasjohn on December 08, 2021, 12:34:36 PM

I believe because most 'Investors' in the space that have just arrived from Wall Street or Sherwood Forest are buying and selling nominal Ethereum on the Exchanges without ever performing an onchain action. Ethereum is utterly broken and 2.0 may never come.

Do you think this is a fair appraisal?

IMO, I believe that when time Ethereum fees began to skyrocket and persist for a long time, Its fairness has already gone too, how come those rockstar founders have not done any remedy to make the gas fees more affordable when they create Ethereum they said that they created it to empower the people now how could you empower the people with that very expensive transaction fees. Im sorry to say this but your EIP-1559 is a dud and useless it never made the transaction fees stable.

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