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Etherium is more oriented towards transactions than Bitcoin. Maybe Bitcoin is so much horrendously worse that makes what you said true but Ethereum is pretty t

by 300bps 6y ago

Etherium is more oriented towards transactions than Bitcoin. Maybe Bitcoin is so much horrendously worse that makes what you said true but Ethereum is pretty terrible. Unless I’m missing something? If I want to send .001 ETH (i.e. $1.81) from my MEW wallet to my Coinbase wallet, I am charged $7.388 in fees if I want it confirmed in three minutes. If I’m not in a hurry and pick the slowest option that goes down to the low low price of $6.133. To send $1.81 from me to myself. These are network fees, not Coinbase (who will then charges me fees again to either sell or transfer the money). I love that there’s a link right on the transfer page of MEW that says, “Why are the fees so high?” that basically tells you it might get better someday but for now it’s how it is. I’ve been using Crypto since you could mine BTC with a GPU but I still don’t get what the use case is outside of illicit purchases and “buy it because it goes up.” Maybe I’m stupid.

X6S1x6Okd1st 6y ago
Etherum gas fees are horrendous right now, totally agree. In my opinion the work that is being done on scaling is much better on Etherum than on Bitcoin, and bitcoin really has a very limited capacity for smart contracts compred to bitcoin. In my opinion bitcoin, by not taking scaling seriously, has declared it's self as only good for store of value, L1 bitcoin seems like it won't really become any more efficient and essentially all L2 systems require 2 tx on L1. Etherum will scale L1 a bit more with allows overfull blocks and then much more when PoS rolls out.
- rstuart4133 6y ago
  > essentially all L2 systems require 2 tx on L1. True. But once an L2 channel is anchored on L1 using those 2 L1 transactions it can support an unlimited number of L2 transactions, they take milliseconds to do, and an unlimited number can happen in parallel - all without any more L1 transactions. L1's main use is to become the place L2 channels are created. Creating 7 entire channels per second sounds like it should be more than enough.

by 300bps 6y ago

X6S1x6Okd1st 6y ago

Etherum gas fees are horrendous right now, totally agree. In my opinion the work that is being done on scaling is much better on Etherum than on Bitcoin, and bitcoin really has a very limited capacity for smart contracts compred to bitcoin. In my opinion bitcoin, by not taking scaling seriously, has declared it's self as only good for store of value, L1 bitcoin seems like it won't really become any more efficient and essentially all L2 systems require 2 tx on L1. Etherum will scale L1 a bit more with allows overfull blocks and then much more when PoS rolls out.

rstuart4133 6y ago
> essentially all L2 systems require 2 tx on L1. True. But once an L2 channel is anchored on L1 using those 2 L1 transactions it can support an unlimited number of L2 transactions, they take milliseconds to do, and an unlimited number can happen in parallel - all without any more L1 transactions. L1's main use is to become the place L2 channels are created. Creating 7 entire channels per second sounds like it should be more than enough.