6 ms·

I don't think this is correct. Are you confusing gwei with USD? A normal funds move is around $10 USD right now https://etherscan.io/gastracker https://ethersca

I don't think this is correct. Are you confusing gwei with USD? A normal funds move is around $10 USD right now https://etherscan.io/gastracker https://etherscan.io/gastracker which, yeah, is high, but a lot less than $120

Invictus0 5y ago
Imagine paying $10 to send money in 2021. Crypto is a joke.
- chrisco255 5y ago
  It's 10 cents or less on layer 2 solutions like Polygon or zkSync. Ethereum mainnet has incredibly high demand for block space right now because there's hundreds of billions of dollars worth of value trading on top of it. And at that scale $10 is peanuts.
  - pavel_lishin 5y ago
    Not if I'm trying to pay for something like a $10/month recurring fee!
  - dreyfan 5y ago
    So, you’re telling me there’s a massive inequality in the system controlled by those with wealth and everyday people basically can’t participate because there’s no room for their petty needs.
- rauljordan2020 5y ago
  This is $10 for sending a transaction in the base Ethereum blockchain. Imagine you're sending millions, can do so quickly, only for $10, and without needing permission or paperwork from any bank? Also, most normal transactions should happen at Layer 2, which would cost orders of magnitude less. zkSync, which is a layer 2 solution for Ethereum, is incredibly cheap and inherits the same security as the base chain. The costs would be fractions of a penny.
  - pavel_lishin 5y ago
    So the blockchain is for the rich, got it.
    - taylorfinley 5y ago
      This is such a ridiculous take. Blockchain is completely fixing the remittence industry. It is one of the most empowering technologies for the developing world. And your statement isn't even true. On layer 2s like Polygon you can send $0.50 anywhere in the world for less than a penny in fees. Think of Ethereum like the New York Times. You want to place an ad--so do many other people, and page space is limited. It's a pretty ridiculous critique of the entire advertising industry to say it's only for the rich because placing an ad in the New York Times is expensive. You can post your ad on craigslist for free.
      - pavel_lishin 5y ago
        > Blockchain is completely fixing the remittence industry. It is one of the most empowering technologies for the developing world. I'd love to see some numbers to that effect.
        taylorfinley 5y ago
        Happy to oblige: https://www.nasdaq.com/articles/crypto-fast-becoming-a-preferred-payment-for-remittances-2021-10-26 https://www.nasdaq.com/articles/crypto-fast-becoming-a-prefe... https://techcrunch.com/2021/10/09/crypto-remittances-are-a-lifeline-for-the-worlds-most-vulnerable/ https://techcrunch.com/2021/10/09/crypto-remittances-are-a-l... https://restofworld.org/2021/crypto-remittances/ https://restofworld.org/2021/crypto-remittances/ And a fun (mind-blowing, to me) demo https://twitter.com/jackmallers/status/1441089090628177933 https://twitter.com/jackmallers/status/1441089090628177933
        captn3m0 5y ago
        to be very honest, this experience isn't much different from early days of bitcoin. It's only recently that fees have gotten exorbitant and we've had to invent layers to fix that. Bitcoin in 2008 was as good for remittances as it is today - it's just easier to acquire and costlier to move (lightning being the exception). However, it manages by ignoring all regulations (Indian examples: [0], [1]). Whether these laws are just or proportional in a world where information moves at the speed of light is a question for democratic processes, not multinational corporations to answer. Payments via SWIFT are slow not because the bits transferring money over SWIFT are much slower, but because international remittance regulations are genuinely complicated. [0]: https://en.wikipedia.org/wiki/Foreign_Exchange_Management_Act https://en.wikipedia.org/wiki/Foreign_Exchange_Management_Ac... [1]: https://fcraonline.nic.in/home/PDF_Doc/FC-RegulationAct-2010-C.pdf https://fcraonline.nic.in/home/PDF_Doc/FC-RegulationAct-2010...
- MichaelBurge 5y ago
  > Imagine paying $10 to send money in 2021. Your imagination is wrong in its estimate of absurdity: Western Union charges $60 to transfer $999 to the US: https://www.westernunion.com/us/en/send-money/app/price-estimator https://www.westernunion.com/us/en/send-money/app/price-esti... Up to $158 depending on what option you use, which is somehow even more than the claimed gas fees.
  - unmole 5y ago
    Meanwhile Wise charges $7.5.
- exdsq 5y ago
  I get paid in the EU, move it to the UK, and then send it to my US account. All in all this takes around 2 days and costs around $60. Wish I was paid in crypto and had quick $10 transactions instead (albeit offboarding it into fiat would cost a bit too, because of exchange fees).
- 1ibsq 5y ago
  I don't understand what you get downvoted for. People in your replies are proving your point. Crypto is for rich people and the .01% who send money over borders regularly. Crypto IS a joke.
  - Tenoke 5y ago
    Probably it's because of the generalization. Just because one store has a 2000% markup on an item, doesn't mean stores in general are a joke.
- jdprgm 5y ago
  This is focusing on the current worst case for sending money in all of crypto though. At the moment sending btc is about 50 cents and solana remains less than 1 cent.
yardie 5y ago
It was gwei but this site never made it apparent https://crypto.com/defi/dashboard/gas-fees https://crypto.com/defi/dashboard/gas-fees And prices, in USD,were higher when I posted my statement earlier.

Invictus0 5y ago

Imagine paying $10 to send money in 2021. Crypto is a joke.

chrisco255 5y ago
It's 10 cents or less on layer 2 solutions like Polygon or zkSync. Ethereum mainnet has incredibly high demand for block space right now because there's hundreds of billions of dollars worth of value trading on top of it. And at that scale $10 is peanuts.
- pavel_lishin 5y ago
  Not if I'm trying to pay for something like a $10/month recurring fee!
- dreyfan 5y ago
  So, you’re telling me there’s a massive inequality in the system controlled by those with wealth and everyday people basically can’t participate because there’s no room for their petty needs.
rauljordan2020 5y ago
This is $10 for sending a transaction in the base Ethereum blockchain. Imagine you're sending millions, can do so quickly, only for $10, and without needing permission or paperwork from any bank? Also, most normal transactions should happen at Layer 2, which would cost orders of magnitude less. zkSync, which is a layer 2 solution for Ethereum, is incredibly cheap and inherits the same security as the base chain. The costs would be fractions of a penny.
- pavel_lishin 5y ago
  So the blockchain is for the rich, got it.
  - taylorfinley 5y ago
    This is such a ridiculous take. Blockchain is completely fixing the remittence industry. It is one of the most empowering technologies for the developing world. And your statement isn't even true. On layer 2s like Polygon you can send $0.50 anywhere in the world for less than a penny in fees. Think of Ethereum like the New York Times. You want to place an ad--so do many other people, and page space is limited. It's a pretty ridiculous critique of the entire advertising industry to say it's only for the rich because placing an ad in the New York Times is expensive. You can post your ad on craigslist for free.
    - pavel_lishin 5y ago
      > Blockchain is completely fixing the remittence industry. It is one of the most empowering technologies for the developing world. I'd love to see some numbers to that effect.
      - taylorfinley 5y ago
        Happy to oblige: https://www.nasdaq.com/articles/crypto-fast-becoming-a-preferred-payment-for-remittances-2021-10-26 https://www.nasdaq.com/articles/crypto-fast-becoming-a-prefe... https://techcrunch.com/2021/10/09/crypto-remittances-are-a-lifeline-for-the-worlds-most-vulnerable/ https://techcrunch.com/2021/10/09/crypto-remittances-are-a-l... https://restofworld.org/2021/crypto-remittances/ https://restofworld.org/2021/crypto-remittances/ And a fun (mind-blowing, to me) demo https://twitter.com/jackmallers/status/1441089090628177933 https://twitter.com/jackmallers/status/1441089090628177933
        captn3m0 5y ago
        to be very honest, this experience isn't much different from early days of bitcoin. It's only recently that fees have gotten exorbitant and we've had to invent layers to fix that. Bitcoin in 2008 was as good for remittances as it is today - it's just easier to acquire and costlier to move (lightning being the exception). However, it manages by ignoring all regulations (Indian examples: [0], [1]). Whether these laws are just or proportional in a world where information moves at the speed of light is a question for democratic processes, not multinational corporations to answer. Payments via SWIFT are slow not because the bits transferring money over SWIFT are much slower, but because international remittance regulations are genuinely complicated. [0]: https://en.wikipedia.org/wiki/Foreign_Exchange_Management_Act https://en.wikipedia.org/wiki/Foreign_Exchange_Management_Ac... [1]: https://fcraonline.nic.in/home/PDF_Doc/FC-RegulationAct-2010-C.pdf https://fcraonline.nic.in/home/PDF_Doc/FC-RegulationAct-2010...
MichaelBurge 5y ago
> Imagine paying $10 to send money in 2021. Your imagination is wrong in its estimate of absurdity: Western Union charges $60 to transfer $999 to the US: https://www.westernunion.com/us/en/send-money/app/price-estimator https://www.westernunion.com/us/en/send-money/app/price-esti... Up to $158 depending on what option you use, which is somehow even more than the claimed gas fees.
- unmole 5y ago
  Meanwhile Wise charges $7.5.
exdsq 5y ago
I get paid in the EU, move it to the UK, and then send it to my US account. All in all this takes around 2 days and costs around $60. Wish I was paid in crypto and had quick $10 transactions instead (albeit offboarding it into fiat would cost a bit too, because of exchange fees).
1ibsq 5y ago
I don't understand what you get downvoted for. People in your replies are proving your point. Crypto is for rich people and the .01% who send money over borders regularly. Crypto IS a joke.
- Tenoke 5y ago
  Probably it's because of the generalization. Just because one store has a 2000% markup on an item, doesn't mean stores in general are a joke.
jdprgm 5y ago
This is focusing on the current worst case for sending money in all of crypto though. At the moment sending btc is about 50 cents and solana remains less than 1 cent.

yardie 5y ago

It was gwei but this site never made it apparent https://crypto.com/defi/dashboard/gas-fees https://crypto.com/defi/dashboard/gas-fees And prices, in USD,were higher when I posted my statement earlier.