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re: Official CryptoTalk Thread
Posted on 11/1/21 at 10:01 am to GumboPot
Posted on 11/1/21 at 10:01 am to GumboPot
I can't wrap my head around why the market treats ETH as though either:
A. the gas fee situation is not that bad
B. they have a solution just around the corner
A is obviously not true. You can find people bitching about ETH fees literally everywhere.
B has been the case for years it seems. Wasn't EIP1559 that released in July supposed to drastically cut gas fees? Didn't seem to do much.
With the lead ETH has in devs and funding it is just sad that they still haven't solved the biggest gripe with the whole platform.
A. the gas fee situation is not that bad
B. they have a solution just around the corner
A is obviously not true. You can find people bitching about ETH fees literally everywhere.
B has been the case for years it seems. Wasn't EIP1559 that released in July supposed to drastically cut gas fees? Didn't seem to do much.
With the lead ETH has in devs and funding it is just sad that they still haven't solved the biggest gripe with the whole platform.
2
Posted on 11/1/21 at 10:05 am to Douglas Quaid
quote:$100-$200 fees to swap on ETH. That is astronomically bad.
A. the gas fee situation is not that bad
quote:The solution has been just around the corner for a very long time and still isn't close.
B. they have a solution just around the corner
Posted on 11/1/21 at 10:10 am to TigerTatorTots
Agree and agree, though don't really know how close they are/aren't to a solution. Every crypto projects claims to have solution x,y,z just around the corner and just around the corner can be months or years.
Why doesn't the market punish ETH?
Why doesn't the market punish ETH?
Posted on 11/1/21 at 10:17 am to OneMoreTime
quote:
Squid game token rugged. Hope y’all didn’t get into that one.
I'm only in OHM right now. Considered getting into KLIMA last week but was hesitant because of my stance on climate change (lol). Glad I didn't because KLIMA took a major haircut over the weekend. Exodus seems like another Olympus fork that is getting ready to rug. I'm intrigued by Wonderland-Time but after reading a lot of discord post on Time it appears that Time is supported by a few big whales. If they leave too quickly they will likely rug Time too. It's amazing how many Olympus forks (copycats) have popped up the last month or so. I'm however interested in Leserve and RomeDAO. I don't know much about Leserve but Rome seems to have a lot of online support and the project hasn't even started yet.
Posted on 11/1/21 at 10:18 am to GumboPot
pulse chain should fix the gas problme and be the same code as eth andmuch simplier to fix than the ripple blockchain
Posted on 11/1/21 at 10:21 am to Douglas Quaid
quote:
B has been the case for years it seems. Wasn't EIP1559 that released in July supposed to drastically cut gas fees? Didn't seem to do much.
No. I'm really not sure why anyone ever thought that, it was never advertised to lower gas fees. EIP-1559 was a restructuring of gas fees to make them more predictable and stable, not to lower them. It also introduced burning of ETH.
Rollups are the long-term solution, and sharding will drastically improve upon that later on. We have Arbitrum now, Optimism around the corner. Generalized ZK rollups are hopefully nearby also. Unfortunately, Arbitrum is still in beta and throughput is limited, which is causing gas on the rollups to still be pretty bad, though not nearly L1 bad. We're currently in a weird intermediate area where the layer 1 is hyper congested, but the rollups that are supposed to fix the issue are still early and underdeveloped. In 6 months I hope to see most retail ETH activity moved to rollups, and over time less and less activity in general will be directly on L1.
I suggest listening to the "modular blockchain" Bankless podcast. Take it with a grain of salt as they're massive ETH shills, but I think the overall design philosophy is a winner and agree that other blockchains will move in a similar direction over the long-term. Tech industries as a whole have moved away from monolithic technologies and back ends and moved to modular solutions with great effect, and I expect blockchains to follow a similar path.
Posted on 11/1/21 at 10:23 am to lsu777
All I know is that it cost 8 cents to send XRP and 8 dollars to sent ETH. But to exchange anything on sushi or uniswap is ridiculous.
Posted on 11/1/21 at 10:41 am to GumboPot
it costs 0.0001 cents to use Solana
it costs 0.01 cents to use BSC
already cheap alternatives out there, just a lot of the defi moat is on eth for now
it costs 0.01 cents to use BSC
already cheap alternatives out there, just a lot of the defi moat is on eth for now
Posted on 11/1/21 at 10:53 am to rocket31
Can anyone explain to me what’s going on when there are back to back buys and sells of the exact same quantity on poocoin charts? I have seen this for several shite coins.
I am assuming it is the same person selling/buying from themselves trying to somehow pump the coin? Is it really even doing anything?
I am assuming it is the same person selling/buying from themselves trying to somehow pump the coin? Is it really even doing anything?
Posted on 11/1/21 at 10:54 am to Hulkklogan
quote:
I suggest listening to the "modular blockchain" Bankless podcast
Thanks for the req. Will check it out.
Posted on 11/1/21 at 10:56 am to PhiTiger1764
people use bots to front run orders that's why it's good to use low slippage
Posted on 11/1/21 at 10:57 am to Douglas Quaid
quote:
hy doesn't the market punish ETH?
I'd say it has, Solana, Avax, Luna are each up ~1000% yoy vs /ETH
This post was edited on 11/1/21 at 10:58 am
Posted on 11/1/21 at 11:00 am to Douglas Quaid
quote:
Why doesn't the market punish ETH?
Token burn, institutional interest, first mover in defi, volume, number go up still working.
Posted on 11/1/21 at 11:06 am to rocket31
quote:
it costs 0.0001 cents to use Solana
it costs 0.01 cents to use BSC
already cheap alternatives out there, just a lot of the defi moat is on eth for now
i agree and agree on your comment about the market punishing eth.
i think easy bridges back and fouth for coding purposes is going to be stupid important in the end. thats where pulse should shine, but time will tell. i thought ada would be much further along than it is and that dot would have more market share than it does.
Posted on 11/1/21 at 11:09 am to Douglas Quaid
quote:
Why doesn't the market punish ETH?
Because as of right now, ETH is battle-tested. It is worth it for the peace of mind, especially from an institutional standpoint. That's the argument I've heard anyways.
I'm still very bullish on it, and truth be told the majority of my stack is in it. That doesn't mean I'm not bullish on other things, though. The future is multi-chain.
Posted on 11/1/21 at 11:13 am to lsu777
yea pulse has high potential. I just haven't followed developer activity on the chain.
ada made a lot of promises and then failed but that's kinda how it goes with an academia peer review approach. red flag to me
dot seems to be in a solid spot imo I know youve been bullish on that for awhile
ada made a lot of promises and then failed but that's kinda how it goes with an academia peer review approach. red flag to me
dot seems to be in a solid spot imo I know youve been bullish on that for awhile
Posted on 11/1/21 at 11:21 am to BottomlandBrew
The reason the market doesn't punish ETH is because ETH gas fees are directly tied to user activity right now with POW.
Posted on 11/1/21 at 11:25 am to rocket31
quote:
yea pulse has high potential. I just haven't followed developer activity on the chain.
I have always been skeptical of ETH forks claiming to be anything. The only model that did anything was BNB and you sacrifice huge amounts of decentralization for the low price of using a BEP20 token.
If true long term scalability (with means of supporting trillions in activity) was easy as implementing a fork, ETH would have done it. I think that with sharding, while it offers new solutions, they uncovered new security problems and are having to work through that.
Posted on 11/1/21 at 11:54 am to JayDeerTay84
quote:
The reason the market doesn't punish ETH is because ETH gas fees are directly tied to user activity right now with POW.
In addition, Ethereum network focuses heavily on decentralization. Retail forces may not care as much about the decentralization aspect (particularly during a bull market), but institutions and whales certainly do. When moving that kind of money, reliability and security >>>>>>>>>>> $200 gas cost.
Solana, for example, is much more decentralized than, say, BSC or Polygon, but it still is more optimized towards execution and cheap fees than decentralization.
The biggest problem I see with Solana long-term, though, is its financials. They currently issue something like 99.5% more than earned by transaction fees. The amount of activity needed to generate enough fees to sustain the network is astronomical. I understand they will be reducing issuance over time, but they will likely also need to find a way to raise fees a bit to sustain things. That said, fees are so damn cheap that they could find a way to raise transaction fees and still be incredibly cheap.
Posted on 11/1/21 at 12:12 pm to Hulkklogan
Yea, the hardware cots has to be offloaded somewhere. Either by people running hardware nodes for staking or with mining. That is the biggest scalability issue I see with POS that in testing it all looks great, but what happens with trillions are on the network?
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