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/biz/ - Business & Finance

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File: 32 KB, 846x400, FM-AUG-13-CHART-1-ETH-GAS-PRICES.png [View same] [iqdb] [saucenao] [google]
28981140 No.28981140 [Reply] [Original]

/biz/ doesn't seem to realize that the majority of investing in crypto does not come from whales or other PoC (persons of capital), it comes from oceans and oceans of middle class money.

In an ETH free world, this would look like
>"hey this coin looks pretty cool, I'll drop $50 and see what happens"
total cost: $50

However, because the industry is autistically standardizing on this spaghetti code dinosaur its
>"hey this coin looks pretty cool, I'll drop $50 and see what happens"
>"it costs $65 to make a $50 purchase? ok.."
>purchase fees to buy ETH, total cost is $70
>gas is higher, now costs $110 to buy $50 worth of a token
>repeat process
>transaction fails, nobody mined it. no refund
>"wtf is a 'nonce'?"
>try again, ETH fluctuated in price
>give up and cut your losses, never to try again
total cost: n/a

yeah, we all like to laugh about having enough money to shell out for gas fees. In reality, this is cripplingly and prohibitively expensive. The mountains of middle class money that investors need are just not going to show up, nobody is going to sustain a model where you pay money to pay money to buy a token to have a chance of getting your transaction mined. The fact that these comically high gas fees have lasted longer than 12 (twelve) hours, much less literal years shows the people running it are incapable and deserve to be crushed by the free market. I'm not a shill, so I don't care which coin inevitably buries this artifact. ETH just needs to go.

>> No.28981308

>>28981140
just use bsc it's made for pajeets to fomo into garbage projects

>> No.28981312

so you mean eth will kill itself? good riddance

>> No.28981398

It's actually fucking hilarious to watch anons rag on "poorfags" despite the fact that without them, their magic internet coins would universally tank to zero.

It's analogous to how rich kikes hate on the middle class and "welfare queens" whose existence is why they're so rich.

>> No.28981544

>>28981140
this is bad for growth but the only way it happens is if people are using crypto... this is like looking at a traffic jam in LA and saying "this might be it for the automobile industry"

>> No.28981552

Priced out poorfags who missed every signal: the thread

>> No.28982356
File: 104 KB, 1360x591, Screenshot (22).png [View same] [iqdb] [saucenao] [google]
28982356

>>28981552
I made 10k this bull run off a 1k investment, nice try tho

>> No.28982699

>>28981140
this wont happen because normies don't have a concept for what crypto even is, if some other smart contract platform comes along and manages to actually fix these problems for real normies probably won't even understand that they're related technologies, and even if they realize it they wont care because it works. andreas is right that grandma is going to use this shit one day and she won't have to know anything about what it is or how it works.

>> No.28982726

>>28981544
Myspace and Blockbuster are the future.

>> No.28982847

>>28981140
https://www.youtube.com/watch?v=7XXJH0V6WLY

>> No.28982943

>>28982356
I made 18k off 1k in ETH
I don’t have to consolidate them back into 1 coin or pay any fees
Congrats, idiot. every time you sold ETH for something else you lost money

>> No.28982953

>>28982726
I forgot that Myspace killed social media forever and how Blockbuster bankrupted Hollywood

>> No.28983027

wrong. ETH will serve the rich whales and sharks just fine. it's only the minnows who can't get in.

>> No.28983101

>>28981140
normies trade on CoinBase, anon

I agree that the fees are bad for crypto but most normie money never touches a DEX

>> No.28983118

>>28981312
agree, based ada and dot will usurp

>> No.28983119

>>28981398
poor people are actually disgusting

>> No.28983156

It's just the way it should be, at least for now.
That kind of money will be able to flow at a later cycle, now they should just stick to what they can find at exchanges.

>> No.28983161

enter Avalanche (AVAX)

>> No.28983187

>>28981308
bsc the pajETH network

>> No.28983205

>>28983101
this. normies dont even have computers half the time they are only on mobile

>> No.28983225

>>28981140
Normalfags have no idea what you're talking about. They press buy on Robinhood.

>> No.28983333

when will ETH move a bit anons? i'm getting a bit dizzy...

>> No.28983335

>>28983119
so is that attitude

>> No.28983369

>>28982356
>0.0115 ETH

bruh, before this shit crash you are gonna have to wait until gas fee's are low and sell $1k worth of some shitcoins to pay enough gas fee's to transfer all your shitcoins to an exchange and THEN you can dump your remaining ~$9k worth of shitcoins, AkA 50%+ dropped since and then enjoy your measly $4k profit. capital gains on that and noose.exe

>> No.28983457

>>28983161
>"hey this coin looks pretty cool, I'll drop $50 and see what happens"
>"hey I shouldn't have received $350 back"
A serious bug or hack with media and normie money involved could kill crypto, and would definitely kill defi

>> No.28983504

>>28981140
Optimism/arbitrum

one of the most eye opening high iq link pasta in 2018 was anon comparing it to cellphones in the 80s when only top 1% would be able to afford 1 minute of communication and only for vital reasons.

>> No.28983531

>>28981140
>graph.jpg

looks like one of our weekend pumps. I only +35% last time due to shitty internet here in Oz

community pump group just opened invites
discord gg/Ug6PHtWtPY

>> No.28983592

I can't think of a single person that actually likes Ethereum. It was basically a necessity that is quickly losing that necessity as more and more alternatives pop up. If you haven't done so, I'd invest heavily into ATOM, ALGO, or ADA. Hell all 3. They are all SIGNIFICANTLY better than ETH.

>> No.28984040

>>28981140
lmao

this is a good thing, you moron. normies don't wanna day trade anyway, and you don't want their weak hands adding to the poors trying to gamble.

eventually someone is going to start wrapping up and selling shit in an ETF so the normies can ape into that while the institutions HODL, and have a vested interest in seeing the price of their assets maintained.

unless you're some defi evangelist the fact of the matter is that the fewer middle class college kids that gamble away their student loans like wsb the better off the crypto space is. let the normies jump through hoops and make brokers money like the early days of retail stock trading while we operate as the locals.

>> No.28984142

Agree completely sir buy my ETH killer number 87 this time it's different sir

>> No.28984866

>>28981140
And algo will kill eth before that happens.

>> No.28984963

It will kill all crypto, EXCEPT bitcoin, litecoin and monero.

>> No.28985905

>>28981140
>The fact that these comically high gas fees have lasted longer than 12 (twelve) hours, much less literal years shows the people running it are incapable and deserve to be crushed by the free market
no, it just means you are a retard
it has been said and repeated for the last 4 years L1 isn't the intended layer for all transactions in the future
anyone who's not a retard saw during the brief cryptokitties congestion of 2017 that once real adoption would come, you couldn't simply scale the pow layer 1000x
by 2019 the roadmap already moved to rollups as scalability
by 2020 they became the primary route for scalability rather than sharding
nowadays there are working L2 solutions. loopring. xdai. matic
all of them come with their uniswap clone. all of them have instant transactions costing cents. all of them are mentioned several times a day even on /biz/
>b-but there's not my latest pajeet shitcoin scam of choice!
chasing scams is retarded. being such a greedy retard you would rather pay absurd fees than vote with your feet and peerpressure scamdevs into using L2s is doubly retarded
if you're not using L2 because of liquidity, you're literally part of the problem
ethereum works. at least the fees are a nonproblem. the only real problem we have right now is how much money we pay miners
all other issues are user error. using bisexual finance chain or bonusblocks roachchain or whatever other crap takes more effort than simply moving to a L2. but you mongs fall for scams spending millions on marketing and ignore legitimate solutions
STOP
BEING
MONGOLOIDS

>> No.28985986

>>28981140
holy shit you are a boring poster
DIDN'T READ

>> No.28986003

>>28981308
so... same as eth?

>> No.28986506

>>28981140
u realize that if you do this coinswap wallet to wallet shit to fomo into shitcoins you are in the minority now?
everyone else has moved on to binance, coinbase or any of the other exchanges/brokers where u pay 0 on transactions and still can trade all relevant coins, even with leverage and cfds

>> No.28986579

>>28985905
>nowadays there are working L2 solutions. loopring. xdai. matic
>all of them come with their uniswap clone. all of them have instant transactions costing cents. all of them are mentioned several times a day even on /biz/
None of them work.

>> No.28986766
File: 1.51 MB, 326x275, 1599869084588.gif [View same] [iqdb] [saucenao] [google]
28986766

>>28981140
>OP post made me buy more ETH just now
Check 'em

>> No.28987024

Eth is finished
Too much arrogance on display due to being the #2
They should be putting every fucking resource possible into an L2 solution if they want to survive

>> No.28988140
File: 442 KB, 1022x984, 38c016214bad758e52e58792c6a039a5.png [View same] [iqdb] [saucenao] [google]
28988140

>>28981140
sooo we back to basic then..
all in BITCOIN guys

>> No.28988348

>>28981140
OP doesn't even understand what fee's are, let alone their soon to be non existent nature. What kind of terrible fudnis this?

>> No.28988597
File: 40 KB, 1280x380, 1613592477039.jpg [View same] [iqdb] [saucenao] [google]
28988597

soon

>> No.28988885

>>28986766
Checked