Ethereum transaction fees are a nightmare | |
FightForTrump!
User ID: 79684852 United States 02/06/2021 06:44 AM Report Abusive Post Report Copyright Violation | 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 | 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 | 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. Quoting: Anonymous Coward 78294847 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. 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 | 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 | So is this the new normal now? Quoting: Fhirinne 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. 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 | |
Anonymous Coward User ID: 80009321 United Kingdom 02/06/2021 07:04 AM Report Abusive Post Report Copyright Violation | 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. Quoting: Anonymous Coward 78294847 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. 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. 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 | 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 | 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. Quoting: Anonymous Coward 78294847 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. 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. 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 | |
neutrino
User ID: 80023151 Belarus 02/06/2021 07:10 AM Report Abusive Post Report Copyright Violation | |
Fhirinne
(OP) User ID: 79463692 United Kingdom 02/06/2021 07:20 AM Report Abusive Post Report Copyright Violation | So is this the new normal now? Quoting: Fhirinne 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. BUT BUT BUT it's the future......grrrrgh.. 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 | 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. 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 | 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. Quoting: Anonymous Coward 78294847 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. 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 | There are better chains [link to medium.com (secure)] |