It's a bad thing resulting from a good thing, like when a developing nation gets smog
Then you just need Bard to fire the perfect arrow and kill Smog
It means the network is utilised and that it is expensive to use the network. So it is a sign of success but is actually not something good. Hopefully popular dapps will start using L2 soon.
It means Tether is using the shit out of Ethereum and doesn't care how much in fees because they just mint more Tether out of nowhere and it still trades for $1 on exchanges.
Yeah, if true, that is going to end very badly for all of us, even non USDT holders…
Time to pop the 🍾
Yes it's a good thing for ETH.
It's an indication that more demand exists to use Ethereum than Bitcoin for value transfer settlement, which is a very positive development.
It also benefits ETH by 1. providing it with more demand to hold the currency, for fee payment, and eventually with PoS, for staking rewards, and 2. giving its validators more revenue, which makes the Ethereum blockchain more secure.
It is good if it comes from real usage but bad if miners are stuffing the queues to raise the prices.
Do we know which one it is?
It’s definitely real usage
Can you explain why you are sure? I worry.
When it was BTC, it was bad for BTC, when it's ETH, it's good for ETH?
Yep when I deposited to Bet.earnbet.io today had to attach more Gas for the TX. All good though, won the gas cost in like 5 seconds haha. 🤣
There are a few highly active ponzu schemes that use a ton of gas as well. Not good for people who do micro transactions or use dexes for smaller trades.
This is total fees, eth has way more volume, that’s why. Even during this period of exceptionally high eth tx fees, btc is up to harts.com/indicators/ethereum_average_transaction_fee) per transaction.
But yeah it needs to be cheaper which is why l2 solutions and eth2 are coming, both expected before eoy.
Depends on what u mean by bad. It’s bearish in terms of price but it also mean it’s being used more by people.
Yes, this is definitely good for ETH, in the long term…
We should ask ourself, why does ETH hold any value in the first place? ETH is a utility token, and by semplifying its economic very much it has 2 main purposes: – pay the fees within the Ethereum blockchain – in the future it will be used for staking so that Ethereum holders earn from the fees paid within the Ethereum network
And by semplifying the fees economic we can say that: DAILY_FEES_PAID = DAILY_GAS_USED * GAS_FEE
The DAILY_FEES_PAID Is what the Ethereum network produce and what gives ETH value. It can be seen as the dividend with which the ETH holders are rewarded (once PoS will be implemented). So it going up is definitely good for Ethereum because it means demand is going up and that the users are willing to spend that much in fees in order to be part of the Ethereum ecosystem..
Unfortunately since the network lacks scalability right now DAILY_GAS_USED is capped and the only way DAILY_FEES_PAID can go up now is if GAS_FEE goes up. But once Ethereum will be scalable then the DAILY_GAS_USED will go up and the GAS_FEE will go down.
Yo, I bought eth when it was $4, and I am starting to lose faith in eth after all these years. Honestly, you'll be able to build a similar technology like eth on top of bsv, and it'll be super efficient. Vitalik talks about hitting 100,000 transactions per second, but bsv is going to hit 1 million transactions per second by the end of the year. Mark my words man, bsv is the foundation for the new eth.
Shut up dude 🤣
I should probably unsubscribe for this sub since I’m pretty sure ETH is going to $0. ADA is already where 2.0 wants to be.
And with that, I’m out!
Right now ada is nowhere. First it needs a mainnet, then more adoption and use cases after that we will see where it goes. Future could be really good but right now it's a worm in the sand waiting for the right time to shine