ETH Gas Fee Explosion
Shitcoins are an endless source of hilarious hypocrisy and today is no different, I can't help but find these situations comical. A lot of shitcoins will point to bitcoin's limited block space and their mining fees as a scaling issue.
Yes, bitcoin's mining fees were as high as $55 a one time, but since scaling solutions like Liquid and Lightning have launched we haven't seen fees return to those heights.
While the $55 dollar fee is universally panned by the shitcoin community, it became the norm for people using Ethereum a few years later. There was a time were ETH had a few users and was dirt cheap to use and Vitalik would aim shots at bitcoin saying 5 cent mining fees was too much to pay for bitcoin transactions.
Vitalik has to eat his own words
Today his network charges an average of $30 to place a transaction. I am sure ETH users would love to pay 5 cents again, lol even BNB and other chains don't even offer that, chain fees being low or zero is just a dumb argument.
The only way you can ensure that is if you remain a niche product where no one needs your block space or you're consensus method is okay for securing small amounts of value, not billions.
ETH gas fees explode
If you thought 30-$100 fees was crazy today, we saw fees as high as $500 and some people paying over $1000 to perform a transaction on Ethereum, what a joke of a network.
I thought this thing was meant to flip bitcoin?
What is even worse is that as gas prices rose to unprecedented levels, certain users experienced failed transactions due to blockchain bottlenecks. When you use an EVM chain like ETH, failed transactions are billed so you could have paid a massive gas fee and get nothing for your troubles.
Talk about rug pull technology.
Image source: - cointelegraph.com
Twitter having fun at Eth head expenses
As you can imagine, being someone who isn't in on the grift, maybe you wanted to do some DEFI or send some stablecoins to someone for payment, to be hit with this kind of fees must have been a shocker.
Sure you can see the fee estimate before you broadcast, but a lot of people may have clicked without checking and burned their account in the process.
“what happened!?” 🙈😂
— Molly Spiers 🧡 (@CoinCornerMolly) May 1, 2022
dude, it’s ethereum, that’s what happened pic.twitter.com/FF22qLN0Yu
So apparently the issue is due to Yuga Labs' the guys behind Bored Ape Yacht Club released some new Land NFT bullshit and as people piled in they bid up resources to MINT these shitcoin NFTs and in the process clocked up the entire network.
Lost $1600 in gas fees and didn't successfully mint a Otherside plot. Very fun times.
— Bryan Brinkman (@bryanbrinkman) May 1, 2022
Remember kids, using shitcoins will always see you lose, but what you lose in money you can make up in lessons learned and embarrassing stories.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
| Safely Store Your Crypto | Deposit $100 & Earn $10 | Earn Interest On Crypto |
|---|---|---|
 |  |  |
Posted Using LeoFinance Beta
Lol, I guess they call it ultrasound money because when you see the gas fees, your scream is so high pitched it is actually ultrasound frequency?
LOL I guess you have to pay that premium to use ultra sound money, its the gucci of money only millionaires can use it
Which is exactly why I avoid all projects based on ETH. I saw a game recently that I thought might be a good investment . . . until I saw it as on ETH, at which point I walked away.
I saw people talking yesterday about trying to buy some NFTs but was too lazy to find out which ones they were FOMO'g about.
Thanks for filling in that blank for me. 😁
Posted Using LeoFinance Beta
LOL they're all a running joke, I enjoy watching them cock up every now and again, so i can mint my "I told you so"s. I saw Solana also went down this week, these chains really are not the future, how people can believe this nonsense is beyond me
Hive fixes that... to some extent.
Posted using LeoFinance Mobile
Unfortunately, it doesn't. Yes you're not paying fees directly per transaction, instead of having to pay it through inflation, the witnesses receive payment which they sell to cover server costs, so it's not free, you're paying in a round about way, a way that charges you regardless of how much you're using the chain
Apart from EOS and TRON no dpos chain even holds over a billion in value, because people don't trust the model to secure any large amounts of money
I cant agree with you more. Beside im not a btc maximalist and i have a "crush" with Cardano, i believe if ADA's price rise, something similar will be happening as Eth. Maybe is too early for predictions, by for me BTC will always be the digital gold. Even if networks with better data on transactions are set up, btc will have asked for both historical and rarity reasons.
I don't see why people believe in these ETH copies like ADA and Polka, they are just second rate VC schemes to dump on retail, the same with Solana, these chains offer nothing. In any case any innovation that a chain like ADA could create can easily be ported into bitcoin via a softchain or spacechain and with a superior asset like bitcoin and a larger network I don't see any longevity in these other tokens/chains
ADA used to trade at 8000 sats a coin, it's now down to 2000, it will keep tanking, as bitcoin becomes harder to acquire, good money sucks up the value left in bad money.
Ethereum is getting more and more ridiculous by the day... Vitalik went from considered to be a genius to a clown in just a couple of years. He's losing a lot of street rep, even among Ethereum Core Devs.
I don't see how they will clean up the mess they created. In fact, they don't even seem interested to clean it up. At this pace, even Cardano might have more chances of success than Ethereum. What a sad state of affairs. So sad it's even funny. 😆
Lol I am pretty sure the worst is still yet to come, the switch over to POS will probably not be a smooth ride and I am sure they've not factored in all the issues like leaving the miners behind. I think ETH has become a rubegoldberg, and they just building more shit ontop of more shit.
I wonder how these second layers pegged to ETH are going to do as this also impacts their business