why is ETH gas again very expensive? - page 2.

bamboylee

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Quote from: DaWidyaa on January 06, 2018, 10:18:02 PM

I think such a situation is natural and fair, because the price of ETH automatically rises gas prices also rise, when eth prices rise and gas prices remain then the manager of eth loss.

Should not if the network can support the number of transactions. It should remain within 4-8 gwei but currently it is above 20 gwei which is quite expensive. The problem with bitcoin is happening with ETH, just proves there is still no real solution to scaling problems.

dark08

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Quote from: DaWidyaa on January 06, 2018, 10:18:02 PM

I think such a situation is natural and fair, because the price of ETH automatically rises gas prices also rise, when eth prices rise and gas prices remain then the manager of eth loss.

You are right in that scenario the price of eth gas transaction are increase because the of ethereum are pump up like what happen to bitcoin transaction.
Now you have option to increase your gwei atleast 21 or up to make the tx speed confirm quickly by the miner.

DaWidyaa

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I think such a situation is natural and fair, because the price of ETH automatically rises gas prices also rise, when eth prices rise and gas prices remain then the manager of eth loss.

semobo

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Ethereum gas price is increased due traffic in the ethereum network if you try to send your ethereum or tokens with less flgas then your transaction will be stucked for days.I think this is the main drawback of cryotocurrency when it got famous the transaction fee is high so people look for other coins so they need to find a way to make the transaction very faster.

Avirunes

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Quote from: vaso11 on January 06, 2018, 05:54:30 PM

Okay, have increased the price of gas, but who will explain to me why the transaction do not go, I've been wanting to sell a coin on etherdelta many times and can not do it

This is because gas limit is also comparatively low. Also increase gas limit as well with gas price otherwise your transaction will run out of gas.

Understand gas limit and gas price first. It's is beautifully explained here:

Quote from: coinsutra.com

To understand the other two components of the equation (gas limit & gas price), take this example:

Let’s suppose you have a car which consumes 1-gallon of gasoline worth $10 per mile. Now, if you drive the car for 5 miles, it will cost you $50. This means that if you need to make your car work (or drive) for 5 miles, you will need to spend $50 by putting 5-gallons of gas into it.

Similarly, to run a line of code or do an operation on Ethereum, you need to burn the appropriate gas limit (like in a car), where each “gas limit” (like the car’s gasoline) will have a per unit price called “gas price”.

To clarify more:

In a car, $10 (gas price) per gallon (gas limit).
In Ethereum, 10 Gwei (gas price) per gas (gas limit).
Note: Gwei is the measuring unit of gas price (I will discuss this further in the article).

Gas Limit

Usually, when one is talking about “gas” in Ethereum, they are referring to “gas limit”. This simply means some amount of fuel is required to execute that operation or run that particular smart contract code.

Gas is a unit that gets translated further into Ether (ETH) as a cost of performing that action (or work). The requestor pays this cost to the miner who actually mines and validates that transaction (or action).

On Ethereum, the gas limit is measured in the unit of “gas”. For instance, if you want to execute 5 lines of code on Ethereum successfully, it will require 5 gas units. Think of it just like your car which consumes 5-gallons of gasoline for a 5-mile drive.

Gas limits are already defined on Ethereum depending upon how much code is needed to be executed on the blockchain for a particular operation.

Also use https://ethgasstation.info for calculation of fees and gas limit.

vaso11

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Deal Coin - P2P Lending Eco-system

Okay, have increased the price of gas, but who will explain to me why the transaction do not go, I've been wanting to sell a coin on etherdelta many times and can not do it

mariaana

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There are so many factors why gas becomes expensive. The recently reported hacking of etherdelta has prompted ICO to use smart contracts not just simple transfer. Smart contracts allow the performance of credible transactions without third parties and are trackable and irreversible. Miners also opted for higher transactions fees because of the increase expenses that they incur in mining. All transactions, from simple transfers to ICO smart contracts, require some amount of operations to perform. Each of these operations has an associated cost in gas. Thus, simple transactions like transfers will require less gas to perform than more intense smart contracts. The associated costs of mining like electricity has increased too because of the increase of fuel in the world market. Especially in the Philippines, the government has increase the excise tax for petroleum starting this January 2018 that triggered an increase in electricity, hardware parts and the like.

Eddyc

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In my opinion Ethereum just does not have a higher price, because of these problems, the network is too heavy, it is time to change these problems or create a support structure.

Haslett5236

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i am so sad that bitcoin's problem happen in ethereum again . let see how VK can solve this problem

but actually the price of ethereum is moving up.

Mary_Swift

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Quote from: kwabeedat on January 06, 2018, 02:47:26 AM

it's also related to the regent recent uprise in ETH price. Due to that many people are tradding ETH, and trading volume is increasing and so the blockchain gets congested. But with time it'll come back to normal

Are you sure that with time it'll come back to normal? Is it possible that the situation will stabilize but the price will remain unchanged?

Avirunes

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Quote from: cryptotitan on January 06, 2018, 09:20:39 AM

BTC and ETH have the same issues slow tx speeds makes the fees higher,if this cant be resolve by these two new coins will dominate in the future.

Umm. Not slow TX speed but I would say fast TX speed in eth network as the main cause. When there is lot of transactions in network, miners can either increase the gas limit or can increase the Gwei(gas price).

Difference between the both is that by increasing the gas limit they would start confirming more transaction irrespective of state of gas price of a TX. However in case of increasing the gas price ,miner will confirm TX with recommended fees and higher and will leave those with low fees which is happening here.

cryptoblazter

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Quote from: IfixTchenTchen on January 04, 2018, 08:12:36 AM

For the past 24 hours gas for Ethereum has again become very expensive, at least 21 Gwei.

https://ethgasstation.info/

Anyone knows why? Some other game like the cryptokitties perhaps?

Maybe it is because bitcoin get higher or Ethereum gets higher. Which the gas gain very expensive, Which is the main reason why I cannot withdraw my balance on ED because my eth balance is not enough. So I am oblige to adjust my gas to make my transaction will be finish.

cryptotitan

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BTC and ETH have the same issues slow tx speeds makes the fees higher,if this cant be resolve by these two new coins will dominate in the future.

lumeire

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Next-Gen Trade Racing Metaverse

Seems we're hitting a similar scaling situation that happened to BTCBTCBTC few months back. Hope this resolves quickly.

anitaraymonds

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I noticed this problem this morning as I tried to use Etherdelta and i thought it was a network issues. This is real bad and I really need to do this transaction. Some one should help the fees are getting to the roofs again.

rizkyhiw

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Most likely if you lower the price of the gas then the process will be longer than usual, this is reasonable.when a coin becomes expensive, It will affect the whole.
That's because the block size limit does not make sense, as a miner so there is an incentive to restrict the unit, each kilobyte increase the block's stale frequency and consequently, jeopardize the rewards for blocking.
Take into account the value of 8 seconds / MB. well, I have another way if you want your transaction to be very cheap. Such as swapping it into a doge and there you will get a cheap fee.

Enbloc

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Gas prices fluctuate depending on network performance and miners' needs/demand. It's natural that a network processing record breaking levels of transactions will have some growing pains but so far everything has been going pretty smoothly. I can't wait for sharding and PoS -Chaz

kwabeedat

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it's also related to the regent recent uprise in ETH price. Due to that many people are tradding ETH, and trading volume is increasing and so the blockchain gets congested. But with time it'll come back to normal

Kola

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"Ethereum aims to take the promise of decentralization, openness and security that is at the core of blockchain technology and brings it to almost anything that can be computed.” - Vitalik Buterin

Ethereum has the potential to change the way humans transact with one another but it is still a very young technology and it hasn't been without its problems. While the blockchain architecture underlying the Ethereum network is secure, not all of the applications built on top of it are.

BaeNaNa

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Cryptics

The transaction fee is expensive because there's a lot of people that want to send their token and the fact that ethereum price increase a lot that sending token using high gas limit and price become so expensive. You can try using the lowest safe gas price at ethgasstation if you want to reduce the fee or lower it even more if you don't mind waiting for a long time.

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