3 ms·

Web3 had better not be Transaction Cost Hell

14 points by lalaland1125 5y ago

anaganisk 5y ago
Im just waiting for either Visa,Master or some banks to start acquiring “stakes” and then you are back to paying transaction fee, loosing acc access because u run something that govt doesn’t like then realise decentralised economy is just a dream. People really think govt and corporations are just gonna let go?
ilaksh 5y ago
Take a look at Algorand if you want low transaction fees.
- rvz 5y ago
  There you go. I think this is like the 10000th time we have seen the point that Ethereum is let down by the high transaction costs and it being unsuitable for micro-transactions. Everyone knows that, and alternatives like Algorand exist for that purpose.
  - YmiYugy 5y ago
    You are missing the point. This isn't just about monetary transaction fees, but the psychological cost of making a purchasing decision.
- TrevorAustin 5y ago
  The piece isn’t about high gas costs. The conclusion: > Those are just a few ideas from someone who’s new to the field, and people are working on all of them already. But my basic point here is not to forget transaction costs. Lots of transaction costs aren’t paid in dollars — they’re paid in seconds of effort, in the mental cost of attention-switching, and in the hassle and stress of keeping things in mind. Web3 should focus on stuff that allows people to pay fewer of those costs, rather than stuff that forces them to pay more.
JaimeThompson 5y ago
Those getting their cut of those transaction fees do not want it to stop as they profit from it.
TrevorAustin 5y ago
Obviously the web3 use case that gets the most excitement right now is the ability to speculate on unregulated securities, but I do think there's something interesting with letting users keep control of their data and writing API contracts you can't renege on later. I'm not totally persuaded that blockchains are a better way of doing that than some clever legal work like Creative Commons is, but it's worth playing around with. I hope that part of the space gets explored more.

14 points by lalaland1125 5y ago

Im just waiting for either Visa,Master or some banks to start acquiring “stakes” and then you are back to paying transaction fee, loosing acc access because u run something that govt doesn’t like then realise decentralised economy is just a dream. People really think govt and corporations are just gonna let go?

ilaksh 5y ago

Take a look at Algorand if you want low transaction fees.

rvz 5y ago
There you go. I think this is like the 10000th time we have seen the point that Ethereum is let down by the high transaction costs and it being unsuitable for micro-transactions. Everyone knows that, and alternatives like Algorand exist for that purpose.
- YmiYugy 5y ago
  You are missing the point. This isn't just about monetary transaction fees, but the psychological cost of making a purchasing decision.
TrevorAustin 5y ago
The piece isn’t about high gas costs. The conclusion: > Those are just a few ideas from someone who’s new to the field, and people are working on all of them already. But my basic point here is not to forget transaction costs. Lots of transaction costs aren’t paid in dollars — they’re paid in seconds of effort, in the mental cost of attention-switching, and in the hassle and stress of keeping things in mind. Web3 should focus on stuff that allows people to pay fewer of those costs, rather than stuff that forces them to pay more.

JaimeThompson 5y ago

Those getting their cut of those transaction fees do not want it to stop as they profit from it.

TrevorAustin 5y ago

Obviously the web3 use case that gets the most excitement right now is the ability to speculate on unregulated securities, but I do think there's something interesting with letting users keep control of their data and writing API contracts you can't renege on later. I'm not totally persuaded that blockchains are a better way of doing that than some clever legal work like Creative Commons is, but it's worth playing around with. I hope that part of the space gets explored more.