Q:Why isn't the Shocking Ethereum Fees discussed more in Media? A:... - page 2.

Ozero

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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?

The ethereum network continues to be systematically updated so far, and there are no signs that the Ethereum 2.0 update may be unsuccessful. In addition to the general assumption that the level of transaction costs in the network will decrease after the completion of this update, on November 24, Buterin came up with a proposal for a special improvement to the ethereum network, which should reduce gas fees by about five times. After that, I see that the rate of ethereum price growth has increased markedly. Ethereum will be fine.

Rahman11

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Ethereum 2.0 to the rescue

Luckily, the launch of Ethereum 2.0 would definitively lower these gas fees to an near-zero levels, making it easier for people to access DeFi services.

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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?

It isn't a new thing that is why its not really shocking and most whales never cared about even the fee is $100 because they are dealing in millions so only the small investors are affected and get stuck with their token value is less than the gas fee required to transfer. ETH 2.0 is expected to come and solve this issue for sure but until that investors will stick or move on with some loss.

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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. One particular reason why these people continue to use Ethereum and erc-20 tokens is they are earning more so they can easily take care of the fees.

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

While the much highly anticipated Eth2.0 was supposedly to solved the issues of high gas fees. This problems appeared in 2017 and early 2018 when cryptokitties surges and up to know the devs behind Ethereum doesn't have any solution about the fees. Maybe the move from PoS to PoW was the real culprit or the Eth validators are greedy.

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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.

Totally agreed with your opinion about ethereum. that's a broken blockchain with non sense fees and so many collusion happened on it (miners).

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

Do you think this is a fair appraisal?

No, So many of them were only following the hype but you can't sure that if all of those wallstreet investors never moving their ethereum from exchange site to the personal wallet. I do believe if this time ethereumw was a broken blockchain with crazy fees but im sure that those wallstreet investors have ever moved their ethereum to the personal wallet. That's why it's not a fair appraisal for them.

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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?

I think this is a unfair judgment, it's undeniable that fees have been a major issue for years on eth and until now the developers have no solution for this issue, but you can see that they are still in second place after BTC, eventough this issue discussed over and over. No decline in their position means ETH remains an option but I'm sure if this issue is not resolved gradually ETH will be replaced because crypto that can only be traded without onchain action will not be an option.

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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?

Very unfair in my opinion because I have never seen Ethereum as a broken coin and still has a greater value compared to other Altcoins and also the volume is still very large so that Ethereum can still stay in a good position, so not because of transaction fees which is expensive, you say Ethereum is broken, this is not fair.

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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.

This is their main concern right now and as soon as they see the decline of users on their graph, they will mainly focus to fix it because that's the only thing that will make them change their minds. When they only see that nothing has changed, and their users are still increasing despite their main problem, then they won't really give some time to fix it. It might be hard for the small investors but as everyone knows, when money involves, the one who gets the benefit will not be bothered about what really happening in his surroundings.

libert19

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Fees seem absurd because of price, I checked my old transactions and fees have been pretty much same. What's reasoning behind 'ether 2' may never come?

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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?

Its actually been discussed like people knows the loop and thread, but people that are as you said buying not on chain are too afraid to make this as fud. It's not like they are literally buying a fake eth but a share like on stock that doesn't have fees on blockchain. Im sure you know what happened when constant fud arises, well the degen knows this and shifting other chain so it doesn't a big deal anyway.

Yogee

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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. One particular reason why these people continue to use Ethereum and erc-20 tokens is they are earning more so they can easily take care of the fees.

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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?

Ethreum high fees is already become a concern for most crypto communities and everybody talk about it recently, mostly this year. People are sharing how to reduce the fees with finding the right time for doing the transaction which when the network is not crowded.
I think the network fee is too high because the transaction is multiply each day which means there are still many people out there transaction using eth network.
I'm agree that the fee is broken right now, but i'm sure the ETH devs are not cover their ears for this problem, they must be find the solution to solve this problem.

TravelMug

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It has been discussed to death here in the community, maybe those Wallstreets are noobs or just simply buying and holding ETH that's why they don't care about the increasing gas fees.

And as far as the fees is concern, it's supposedly fix with the latest iteration, but it's not. So I guess we really have to wait for the next phase of ETH (lost count already). But I'm not sure if they can totally solved this shocking fees, validators are making a killing of it so why change the business model?

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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?

My opinion is that this absurd Ethereum fee has been persisting for a long time (2-3 years now) that journalist think that making a topic about won't be shocking or new. People already know the Ethereum is like this for a long time. There's been enough articles and news talking about it in the past that it wouldn't make much sense to make more.

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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?

You are certainly right. The fees on the Ethereum network are very high and this issue is no longer covered in the media. I believe that the fact is that large investors and players are satisfied with this state of affairs and do not pay attention to the commissions in the Ethereum network. As a result, the Ethereum network becomes available only to large investors, and the rest will either simply go to another network or simply pay a high commission. As for the launch of a solution to this problem, I believe that this is actually not a problem, but an originally thought and implemented action by the Ethereum team. But if it is necessary to reduce the commissions, then they can do it without problems, but at the moment it is probably more profitable for them to leave everything as it is.

avikz

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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.

midasjohn

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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?

Topic: Q:Why isn't the Shocking Ethereum Fees discussed more in Media? A:... - page 2. (Read 230 times)