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People pay $100 fees all the time in return for goods and services that provide some utility to them. The problem is "blockchains" don't seem to provide much u
by lottin 6y ago
People pay $100 fees all the time in return for goods and services that provide some utility to them. The problem is "blockchains" don't seem to provide much utility to anybody at all.
- nivertech 6y agoThe gas is paid in ETH, which is only backed by 30c each (even less if you count premine). julia> 100.00 tethers / (1670.27 tethers / $0.30 ) 0.017961167954881545 So in real terms the current gas fees are just 1.8c ;) And yes, there are people and smart contracts who are today paying 1670.27 tethers to get control of 1 ETH. Even worse there are people who are paying 1670.27 real US dollars for the same, but it will not last for long. Ethereum ICO funding created a huge incentive misalignment between investors and users. The ETH was crowdfunded as the "fuel for the worldwide computer", kind of AWS Credits, but in reality it was a stake/shares in an Ethereum mainnet network.