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> And Gwei almost hit $1k! You mean Ethereum gas prices almost hit 1k Gwei? > None of the proposed eips do anything to de-incentivize "surge pricing" in minin
by everfree 5y ago
> And Gwei almost hit $1k!
You mean Ethereum gas prices almost hit 1k Gwei?
> None of the proposed eips do anything to de-incentivize "surge pricing" in mining rewards during "bank panics".
I'm assuming that you're talking about gas price surges, as gas prices don't directly correlate with mining rewards (since EIP-1559 was implemented).
What sort of mechanism would you propose to disincentivize surge pricing? Block space is a limited resource that's auctioned off, so a naive price cap would come with its own whole set of problems. I have never heard of a fair way to disincentivize surge pricing, but if you have an idea, I would love to hear it!
- ArtWomb 5y agoWell, even the NYSE uses "circuit breakers". But that's no solution ;) https://www.nyse.com/network/article/nyse-increases-resiliancy-during-extreme-volatility https://www.nyse.com/network/article/nyse-increases-resilian...
- everfree 5y agoIt's much different to shut down the trade of assets than to shut down a cloud computing service (Ethereum). That would be very counterproductive, like shutting down the freeway because of a traffic jam, or stopping a train service because the seats are sold out. It just means that the backbone has to work even harder to clear the backlog once it's back online.