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If this is the system working as intended, and you think that is a good thing, then I don't think there is any way to convince you otherwise. To, on one hand,

by leshow 4y ago

If this is the system working as intended, and you think that is a good thing, then I don't think there is any way to convince you otherwise. To, on one hand, talk about helping the unbanked in Africa while at the same time justifying thousand dollar fees as "working as intended" is farcical.

rvz 4y ago
> If this is the system working as intended, and you think that is a good thing, then I don't think there is any way to convince you otherwise. They have just admitted that Ethereum is a millionaires playground, and it isn't useful for the 98% of users. If it wasn't a problem, why are many users complaining about it? Also, if a bunch of rich whales wanted to rush and mint hundreds of JPEG apes or virtual land, that would mean 98% of all transactions for wallets on the platform would either fail or take their left over ETH to spend it all on fees for a single transaction. That could be bots with over >100k worth of ETH to snipe and mint these NFTs quicker than most. If that is 'working as intended' then they are also saying that it is designed not to globally scale be useful at all. If you wanted to send payments or buy something at the supermarket store using a crypto debit card with ETH, the unpredictable fees will make the transaction fail or use up all your ETH for the fees; paying thousands for a $10 purchase at the supermarket which is wORKiNG aS iNTEndeD; even in the real world. The banks are really scared and shaking in their boots over Ethereum's absurd and unpredictable gas prices. /s
- rglullis 4y ago
  The problem with your rant is that you are comparing apples with oranges. Ethereum's base layer is not meant to compete with credit cards. Ethereum's base layer is not even meant to be a bank. If you want to compare with "credit cards", then you need to look at the layer-2 systems, which (a) already exist and (b) are cheaper than most credit card transactions (cents on the dollar for Loopring) and (c) are just as permissionless and accessible as the base layer. The fact that a bunch of "rich whales" decided to play with their money did not make the layer-2 systems less secure or less efficient. Quite the opposite. The system is working as designed.
DennisP 4y ago
So there are two issues here. The first is the fee market. That's working exactly as intended. Ethereum didn't exactly "break," it just didn't have the scaling to handle the traffic, and prices rose accordingly. The second issue is the scaling, and everyone in the community agrees that Ethereum needs to scale a lot better. There's a lot of work being done on that front, including rollups and sharding.
MrMan 4y ago
the unbanked stuff is a lie, the working as intended part is the truth

by leshow 4y ago

rvz 4y ago

> If this is the system working as intended, and you think that is a good thing, then I don't think there is any way to convince you otherwise. They have just admitted that Ethereum is a millionaires playground, and it isn't useful for the 98% of users. If it wasn't a problem, why are many users complaining about it? Also, if a bunch of rich whales wanted to rush and mint hundreds of JPEG apes or virtual land, that would mean 98% of all transactions for wallets on the platform would either fail or take their left over ETH to spend it all on fees for a single transaction. That could be bots with over >100k worth of ETH to snipe and mint these NFTs quicker than most. If that is 'working as intended' then they are also saying that it is designed not to globally scale be useful at all. If you wanted to send payments or buy something at the supermarket store using a crypto debit card with ETH, the unpredictable fees will make the transaction fail or use up all your ETH for the fees; paying thousands for a $10 purchase at the supermarket which is wORKiNG aS iNTEndeD; even in the real world. The banks are really scared and shaking in their boots over Ethereum's absurd and unpredictable gas prices. /s

rglullis 4y ago
The problem with your rant is that you are comparing apples with oranges. Ethereum's base layer is not meant to compete with credit cards. Ethereum's base layer is not even meant to be a bank. If you want to compare with "credit cards", then you need to look at the layer-2 systems, which (a) already exist and (b) are cheaper than most credit card transactions (cents on the dollar for Loopring) and (c) are just as permissionless and accessible as the base layer. The fact that a bunch of "rich whales" decided to play with their money did not make the layer-2 systems less secure or less efficient. Quite the opposite. The system is working as designed.

DennisP 4y ago

So there are two issues here. The first is the fee market. That's working exactly as intended. Ethereum didn't exactly "break," it just didn't have the scaling to handle the traffic, and prices rose accordingly. The second issue is the scaling, and everyone in the community agrees that Ethereum needs to scale a lot better. There's a lot of work being done on that front, including rollups and sharding.

MrMan 4y ago

the unbanked stuff is a lie, the working as intended part is the truth