Godlike Productions - Discussion Forum
Users Online Now: 1,023 (Who's On?)Visitors Today: 272,868
Pageviews Today: 416,503Threads Today: 164Posts Today: 2,180
04:46 AM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

Ethereum transaction fees are a nightmare

 
Fhirinne
Offer Upgrade

User ID: 79463692
United Kingdom
02/06/2021 06:40 AM
Report Abusive Post
Report Copyright Violation
Ethereum transaction fees are a nightmare
So is this the new normal now?

Its crazy, I have some stupid old tokens that are now worth a fair bit but its worth nothing as the fees are crazy.

Tried throw in some more to try and free things and somehow its gonna cost me £184 (0.135 eth) to change £23 worth of pBTC to ETH.

Makes me laugh to hear everyone saying this crap is a good thing.

rant
You are the CEO of your own wellness. You need to take back your health from the disease-care system
FightForTrump!

User ID: 79684852
United States
02/06/2021 06:44 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
They want you to keep buying and never sell - that's why the fees are high! When it hit the all time high earlier this week, I SOLD my original position. They only thing left in my account now is profit. You should do the same.
1 Corinthians 6:9-10 ESV

Or do you not know that the unrighteous will not inherit the kingdom of God? Do not be deceived: neither the sexually immoral, nor idolaters, nor adulterers, nor men who practice homosexuality, nor thieves, nor the greedy, nor drunkards,
Anonymous Coward
User ID: 78294847
United States
02/06/2021 06:46 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
BTC and ETH are both not good coins. They have high fees because they're not truly decentralized. So when they hit a lot of transactions the cost to propagate that info increases dramatically.

So the fees rise and rise and people think its normal. Its NOT. BTC and ETH do this because they're terrible coins. Everyone wants to use them because they don't know how broken they are.

Coins like Dash have instant transactions with fees below a penny. All the time, every time. Why? Because unlike BTC, ETH, BCH, XMR and almost every other coin out there, Dash pays its full nodes to support the network.

In BTC, ETH and other coins only miners get paid. So the only people who volunteer and can afford to run a full node are those who mine. This causes bottlenecks that drive the price of transactions up as the network approaches its transactional limit.

Not in Dash. In Dash, since the miners AND node operators are paid from the block reward with fourty five percent going to miners and fourty five percent going to Master nodes, and the remaining ten percent serving as a "budget" to be voted on by those master node owners.

This creates a triple coin spreading mechanism that not only increases Dash's userbase, but also allows for things that other networks cannot accomplish, like instant transactions, on-chain privacy, and eternally low fees (beneath 1 penny).

Because of inertia, other coins cannot adopt these features, which means that Dash will be the only scalable, cheap coin for cryptocurrencies.
Anonymous Coward
User ID: 75962772
Germany
02/06/2021 06:48 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
BTC and ETH are both not good coins. They have high fees because they're not truly decentralized. So when they hit a lot of transactions the cost to propagate that info increases dramatically.

So the fees rise and rise and people think its normal. Its NOT. BTC and ETH do this because they're terrible coins. Everyone wants to use them because they don't know how broken they are.

Coins like Dash have instant transactions with fees below a penny. All the time, every time. Why? Because unlike BTC, ETH, BCH, XMR and almost every other coin out there, Dash pays its full nodes to support the network.

In BTC, ETH and other coins only miners get paid. So the only people who volunteer and can afford to run a full node are those who mine. This causes bottlenecks that drive the price of transactions up as the network approaches its transactional limit.

Not in Dash. In Dash, since the miners AND node operators are paid from the block reward with fourty five percent going to miners and fourty five percent going to Master nodes, and the remaining ten percent serving as a "budget" to be voted on by those master node owners.

This creates a triple coin spreading mechanism that not only increases Dash's userbase, but also allows for things that other networks cannot accomplish, like instant transactions, on-chain privacy, and eternally low fees (beneath 1 penny).

Because of inertia, other coins cannot adopt these features, which means that Dash will be the only scalable, cheap coin for cryptocurrencies.
 Quoting: Anonymous Coward 78294847


fees don't rise and rise..

they are set based on network activity at the time of the transaction.

so they could be up now and down later today.
Fhirinne  (OP)

User ID: 79463692
United Kingdom
02/06/2021 06:53 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
They want you to keep buying and never sell - that's why the fees are high! When it hit the all time high earlier this week, I SOLD my original position. They only thing left in my account now is profit. You should do the same.
 Quoting: FightForTrump!


Sell it, just moving the stuff is too costly.

Couldn't even send old LEND token to binance to sell the Aave to cash out.
You are the CEO of your own wellness. You need to take back your health from the disease-care system
Anonymous Coward
User ID: 80009321
United Kingdom
02/06/2021 07:03 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
So is this the new normal now?

Its crazy, I have some stupid old tokens that are now worth a fair bit but its worth nothing as the fees are crazy.

Tried throw in some more to try and free things and somehow its gonna cost me £184 (0.135 eth) to change £23 worth of pBTC to ETH.

Makes me laugh to hear everyone saying this crap is a good thing.

rant
 Quoting: Fhirinne


BUT BUT BUT it's the future......grrrrgh..
Vision Thing

User ID: 80013382
United States
02/06/2021 07:03 AM

Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
Once bitten twice shy!
Anonymous Coward
User ID: 80009321
United Kingdom
02/06/2021 07:04 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
BTC and ETH are both not good coins. They have high fees because they're not truly decentralized. So when they hit a lot of transactions the cost to propagate that info increases dramatically.

So the fees rise and rise and people think its normal. Its NOT. BTC and ETH do this because they're terrible coins. Everyone wants to use them because they don't know how broken they are.

Coins like Dash have instant transactions with fees below a penny. All the time, every time. Why? Because unlike BTC, ETH, BCH, XMR and almost every other coin out there, Dash pays its full nodes to support the network.

In BTC, ETH and other coins only miners get paid. So the only people who volunteer and can afford to run a full node are those who mine. This causes bottlenecks that drive the price of transactions up as the network approaches its transactional limit.

Not in Dash. In Dash, since the miners AND node operators are paid from the block reward with fourty five percent going to miners and fourty five percent going to Master nodes, and the remaining ten percent serving as a "budget" to be voted on by those master node owners.

This creates a triple coin spreading mechanism that not only increases Dash's userbase, but also allows for things that other networks cannot accomplish, like instant transactions, on-chain privacy, and eternally low fees (beneath 1 penny).

Because of inertia, other coins cannot adopt these features, which means that Dash will be the only scalable, cheap coin for cryptocurrencies.
 Quoting: Anonymous Coward 78294847


fees don't rise and rise..

they are set based on network activity at the time of the transaction.

so they could be up now and down later today.
 Quoting: Anonymous Coward 75962772


Sounds like a great system...NOT!
Anonymous Coward
User ID: 79839857
United States
02/06/2021 07:07 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
Wait a few days its gone a little crazy right now.

[link to ycharts.com (secure)]

Later when eth2.0 hits it will be cheap.
Anonymous Coward
User ID: 78294847
United States
02/06/2021 07:09 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
BTC and ETH are both not good coins. They have high fees because they're not truly decentralized. So when they hit a lot of transactions the cost to propagate that info increases dramatically.

So the fees rise and rise and people think its normal. Its NOT. BTC and ETH do this because they're terrible coins. Everyone wants to use them because they don't know how broken they are.

Coins like Dash have instant transactions with fees below a penny. All the time, every time. Why? Because unlike BTC, ETH, BCH, XMR and almost every other coin out there, Dash pays its full nodes to support the network.

In BTC, ETH and other coins only miners get paid. So the only people who volunteer and can afford to run a full node are those who mine. This causes bottlenecks that drive the price of transactions up as the network approaches its transactional limit.

Not in Dash. In Dash, since the miners AND node operators are paid from the block reward with fourty five percent going to miners and fourty five percent going to Master nodes, and the remaining ten percent serving as a "budget" to be voted on by those master node owners.

This creates a triple coin spreading mechanism that not only increases Dash's userbase, but also allows for things that other networks cannot accomplish, like instant transactions, on-chain privacy, and eternally low fees (beneath 1 penny).

Because of inertia, other coins cannot adopt these features, which means that Dash will be the only scalable, cheap coin for cryptocurrencies.
 Quoting: Anonymous Coward 78294847


fees don't rise and rise..

they are set based on network activity at the time of the transaction.

so they could be up now and down later today.
 Quoting: Anonymous Coward 75962772


No. They rise due to increasing demand. The only reason they don't "rise and rise" is because there are TRANSACTIONAL LIMITS placed on each protocol to prevent the network from being oversaturated with demand and causing nodes that cannot afford to run to drop off the network.

The fees are NOT supposed to be $2-40 per transaction. They are only that high because Eth and BTC DO NOT WORK PROPERLY. They don't work properly because they are poorly designed relative to the environment they are in.

Only Dash will survive the first generation of coins because only Dash can afford to.
CK Dexter Haven

User ID: 78823599
Spain
02/06/2021 07:10 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
fredo4
neutrino

User ID: 80023151
Belarus
02/06/2021 07:10 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
invest in QRL
Fhirinne  (OP)

User ID: 79463692
United Kingdom
02/06/2021 07:20 AM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
So is this the new normal now?

Its crazy, I have some stupid old tokens that are now worth a fair bit but its worth nothing as the fees are crazy.

Tried throw in some more to try and free things and somehow its gonna cost me £184 (0.135 eth) to change £23 worth of pBTC to ETH.

Makes me laugh to hear everyone saying this crap is a good thing.

rant
 Quoting: Fhirinne


BUT BUT BUT it's the future......grrrrgh..
 Quoting: Anonymous Coward 80009321


Hahaha is it?

Right now its cheaper for me to send money through the banks than it is to use ETH.

Yeah I had to stop a moment to let that sink in a bit.
You are the CEO of your own wellness. You need to take back your health from the disease-care system
Anonymous Coward
User ID: 79993952
Australia
02/07/2021 12:34 PM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
They want you to keep buying and never sell - that's why the fees are high! When it hit the all time high earlier this week, I SOLD my original position. They only thing left in my account now is profit. You should do the same.
 Quoting: FightForTrump!


Sell it, just moving the stuff is too costly.

Couldn't even send old LEND token to binance to sell the Aave to cash out.
 Quoting: Fhirinne


I just move it all into a thether type coin
REaliZe

User ID: 79267289
United States
02/07/2021 12:36 PM

Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
BTC and ETH are both not good coins. They have high fees because they're not truly decentralized. So when they hit a lot of transactions the cost to propagate that info increases dramatically.

So the fees rise and rise and people think its normal. Its NOT. BTC and ETH do this because they're terrible coins. Everyone wants to use them because they don't know how broken they are.

Coins like Dash have instant transactions with fees below a penny. All the time, every time. Why? Because unlike BTC, ETH, BCH, XMR and almost every other coin out there, Dash pays its full nodes to support the network.

In BTC, ETH and other coins only miners get paid. So the only people who volunteer and can afford to run a full node are those who mine. This causes bottlenecks that drive the price of transactions up as the network approaches its transactional limit.

Not in Dash. In Dash, since the miners AND node operators are paid from the block reward with fourty five percent going to miners and fourty five percent going to Master nodes, and the remaining ten percent serving as a "budget" to be voted on by those master node owners.

This creates a triple coin spreading mechanism that not only increases Dash's userbase, but also allows for things that other networks cannot accomplish, like instant transactions, on-chain privacy, and eternally low fees (beneath 1 penny).

Because of inertia, other coins cannot adopt these features, which means that Dash will be the only scalable, cheap coin for cryptocurrencies.
 Quoting: Anonymous Coward 78294847


I am truly surprised at how little you actually know.
There's. A. H0le. In. The. Sky.
Anonymous Coward
User ID: 79006926
United States
02/07/2021 12:45 PM
Report Abusive Post
Report Copyright Violation
Re: Ethereum transaction fees are a nightmare
There are better chains
[link to medium.com (secure)]





GLP