/biz/ - Business & Finance

>>27543125
https://etherscan.io/gastracker

>>27543741
So it costs a couple dollars? That's about as bad as bitcoin.

>>27544659
after phase 1.5 of eth 2.0 it will basically cost nothing and likely be done in a few seconds

>>27544659
A couple dollars to send money, maybe. To interact with a contract like uniswap can be $100+

>>27544773
> using a pos network

>>27545527
Is this because ETH isn't really intended to be used as cash and mainly just to execute Solidarity?

>>27545980
no, the fee is based on how many resources you take up on the network and using smart contracts take up a lot as opposed to sending a simple transaction

How will ETH continue to pump if gas fees get super high? The network will be unusable for the average person.

>>27545980
It's because ETH is still in phase 0. Fees are going to be almost 0 once we reach phase 1.5

>>27545980
ETH is a commodity. If BTC is digital gold, then ETH is digital oil (gas). You use it to execute contracts without a middleman. It's not 'really' meant to be used as cash but a lot of people use it for that anyway thanks to the cryptoeconomics, because the more Ethereum is used, the more ETH is in demand, and the higher the price goes.

If less normies were gambling on ETH, development on ETH would be cheaper and faster. Instead we have to wait for a bear market until any real work can be done. Vitalik needs to dump 100k ETH so we can get shit moving again.

>>27543125
enough for ada to become king

>>27544659
It's way worse than bitcoin if you exchange for shitcoins on uniswap. You're looking at more like $40-$60 per transaction.

>>27546853
Doing some trading on uniswap for the first time today made me come to this realization. Is it just me or is ETH extremely overvalued? I literally spent $30 for a simple coin conversion. What an absolute abortion of a system. If eth stays in it's current state and the speculators realize how bad it is it will dump.

>>27545980
also Phase 0 will last probably a year at least, then Phase 1 something *may* get improved, then Phase 2 happens sometime in 2025 and by that time eth is probably like 20% of all smartcontract share, just like what happened to netscape and AOL.

>>27544773
>https://etherscan.io/gastracker
This is what people forget about ETH. This alone is so appealing to me and why I'm personally so bullish on ETH vs BTC

>>27543125

>>27547246
so...what's next?

>>27547271
The gas tracker makes you bullish on eth? KEK. That shit makes me bullish on all of it's rivals. If you think eth will hold it's current market share of dApps you're delusional.

>>27547346
I'm not going to shill you on anything, just look into eth competitors.

>>27547243
> I literally spent $30 for a simple coin conversion
me too. And what's with transactions taking so long? Mine is still pending. If I cancel the transaction will I lose the money I paid for the gas fee (around 35 USD) or will I be reimbursed?

>>27547243
You have no clue how gas fees work lmao

>>27544773
nice headcanon

>>27543125
I spent $50 on one txn....L2 projects are more than needed right now fml....probably going to blow up soon...hodling matic and tokamak now

>>27547246
this

>>27547573
I am well aware of how they work. That's what metamask charged me. Unless I bought too much gas?

>>27548272
gas is independent of price. the reason why gas is so expensive is because miners execute the highest bidfirst. Supply and demand. Ifpeople stopped accepting those high fees the price would lower.

>>27545527
>. To interact with a contract
This. People seem to fail to understand that gas is a cost to run a computer program, its not a transmission fee. The more complicated the contract, the more the gas will be. Just tx eth from one wallet to another is a few bucks, staking against a complex contract will easily be 90-100 bucks right now.

>>27548673
That is my point exactly. Demand is outpacing supply because eth is not scalable.

>>27544659
stop being a faggot.
ethereum is a high value decentralized settlement protocol.
the robinhood fiasco wouldn't have happened if they used eth to settle up, rather than the DTC.

>>27547539
>reimbursed
No.
Even a tx that fails a contract interaction for some reason still burns the gas.
I actually burned like 200 bucks trying to take tokens out of a vault that the contract had a date on that was unpublished. The worst part is it just fails, it doesnt give a meaningful "heh dont do that now"

>>27549041
At $5k ETH it will cost at least $500 to make a uniswap trade. I don't know how most shitcoins can possibly sustain themselves at those prices. It might even be too expensive to create pajeet pump and dump coins at that price - you're paying thousands to make the ERC20 shitcoin, and you're hoping to suck in enough rich idiots who might not buy your shitcoin if it costs them $500 to do do.

>>27549398
then what do I do? The transaction has been pending for an hour now and etherscan bumped up the estimated wait time to >3 hrs. Just wait it out?

>>27549129
Ya I think this is the average ETH investor at the moment. Until the 2021 bubble bursts and I see real performance improvement on ETH I'm out. Congrats to those who got in early and can dump right now.

>>27549759
Wow is this true? I can't imagine people will still be using eth if $5k transaction costs $500

>>27544659
I've done 100 transactions on Uniswap, costing $2,600 in total ($26 average price) since July. Small players are completely omitted from the ETH landscape with fees like this. L2 Solutions and L2 Adoption is the only way forward with ETH 2.0 being years away yet

>>27547680
i'm already using it to mint SNX
instant and free bitch nigga
once optimism is out in earnest copedano and afags will be forced to shut up for good

imagine betting on platform that's not eth lfmao

if you wanna be sad
https://fees.wtf/