3 ms·
The 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 ) 0.01796116795
by nivertech 6y ago
The 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.