Bye-Bye Ethereum - Robbing Bastards!

avatar
(Edited)

I've been a long-time admirer of Ethereum, it used to feel like the jack-of-all-trades crypto. Utilitarian and working class. Crypto for the masses. I also like Vitalik Buterin. He's a visionary with principles and the will to create a sustainable, alternative financial platform.

But for now at least. I'm done with Ethereum.

I use Crytpo. As I mentioned in my last post, I genuinely aim to use it as much as I can, every day, and one of the reasons that got me involved with this brave new world was the ability to quickly and cheaply make transactions, to anyone, any place at any time. The 'Martini' philosophy. I was sick of filling the pockets of Western Union and other transfer agents, creating paper trails of data to keep nosey governments fed with my every why and wherefore...

... I want to buy some pencils and drawing books and other little nik-naks for my friend's kids or help with school fees...

... you know, just little nice things for people you care about and it's MY business and no-one else's.

So I'm always looking to reduce fees and transfer costs, I also like to turn some crypto into USDT when prices rise so I can lock in the value and I thought, it would be easy to send that way as I try and make it as simple as possible for the receivers who can budget, knowing the exact amount they'd receive in USD rather than be victim to the vagrancies of Bitcoin.

But no...

So I wanted to send $50USD...fifty paltry US Dollars and this is what I got when I went to transfer from Binance into their wallet...

eth costs.png

$24 USD to do a transfer. You have to be kidding me! The amount made no difference, this was the fee! Even shitty Tron was only a dollar!

So my two-part question to you informed and clever Crypto veterans is this...

WHY?

I mean seriously, who is getting the fees and why is it so high? and the second part of the question is of course; Why is anyone still using this ridiculous blockchain and paying huge sums for the privilege?

I thought I'd check out the number of daily transactions to see if the numbers were decreasing and...

Apart from earlier this year, which I guess was down to the Defi boom, daily transactions have remained fairly constant around 1.1million

image.png

source: www.ycharts.com

Someone somewhere has to be making a mint. I bet even Western friggin' Union are looking on with envy!

So, it's bye-bye Ethereum for me as I continue to find the simplest and cheapest way to get a few pencils and drawing books to friends on the other side of the planet which is the reason I came to crypto in the first place.

Vitalik, you are taking candy from babies. Literally!

Posted Using LeoFinance Beta



0
0
0.000
10 comments
avatar

Yeah, I feel you as I wanted to get into some action on XRUNE which is an ERC20 token and I think I've paid $40 in fees. From that point I wanted to transfer to another wallet and when I saw the same fees I've decided to freeze them there. Probably will wait to x10 until I make the next move.

Posted Using LeoFinance Beta

0
0
0.000
avatar

But so many people are still using it! $40 for your fees that you've got to make in profit first just to break even! It's totally useless for anything other than huge amounts!

0
0
0.000
avatar

Of what I consider to be the original big 3 (BTC, ETH, and LTC), I always though of LTC as the best for transactions and still do. It's low cost and widely supported.

0
0
0.000
avatar

I absolutely agree and it's what I've always normally used. If they had only got that Mastercard out a couple of years ago, they'd have been wiping the floor with everyone for genuine, useable transactions and creating mass adoption.

0
0
0.000
avatar

Bitcoin fees aren’t even this high, it’s ridiculous, who are the people still making transactions on it? Ethereums loyalists I guess...the ones who were made filthy rich by the same network in the early days. So I guess it’s some type of loyalist matters. It’s all good, I avoid the chain like a plague till all this is fixed, even then, the application must be grand for me to be in interested in it.

Posted Using LeoFinance Beta

0
0
0.000
avatar

That is the question! I think tomorrow I'm going to look a little deeper into the transactions. I;d guess it's people who are tied into to various schemes and who now hav the choice of leaving funds where they are and chance the value decreasing, or pulling them out and taking a hit on the fees. It's like being held to ransom!

0
0
0.000
avatar

I think in this system, those who provide this opportunity to investors win more than investors.

0
0
0.000
avatar

I 100% agree, the fees on ETH are a joke, I've found it very easy to sell over the last few months, especially when there are so many alternatives.

Polygon, built on ETH is so much better - you have to pay ETH fees to transfer anything out, but transacting on Polygon is dirt cheap, it's something of a compromise.

0
0
0.000
avatar

Hey... I understand the pain, we all feel the same way.

But I think if we already in Ethereum, then its easier we use the Blockchain. I tried DEFI in Polygon, so I have some initial dealing with Ethereum then its all low fees in Polygon and high speed.

It was cheap Ethereum few months ago, 2 dollars for a transfer, but NFT boom changed everything I guess.

Try use other Networks...solana, binance smart chain for now, alternate options are there.

Hopefully, Ethereum will be cheap after the 2.0...

But I still like Ethereum and Vitalik... I don't use them much but their pioneered this smart contract stuff and started DEFI... I don't think its easy for Vitalik to be cool and focus on improving fees etc in competition but its usable in a relatively cheap way using Polygon Blockchain.

Anyway

Posted Using LeoFinance Beta

0
0
0.000