Whale sends 0.55 ETH for a 2.6 million USD fee ! This is not a joke 😲😲😲 !
If you have been in the Crypto space for a while you know that Ethereum gas fees have always been an issue for scaling the ETH network.
This is the main reason why users/developers are very excited about ETH 2.0 which is supposed to fix a lot of these issues and allow massive on and off-chains transactions at a very low price.
A little bit more than 3 hours ago: a whale paid more than $2.5 million to move $134$ !!!
You can find the transaction onn Etherscan.io here
On June, 8th: Datas from the famous website Glassnode shows that Ethereum miners (ETH) earned $498,000 in fees and Bitcoin miners (BTC) $308,000.
The increase in rates on the Ethereum network corresponds to an increase in on-chain activity
Daily Ethereum network fees surpassed Bitcoin fees yesterday. $498k vs. $308k. So far, this has only happened on 141 days (8%).
Bitcoin and Ethereum fees
➡️ Twitter
➡️ Facebook
➡️ Publish0x
➡️ Minds
➡️ Hive
➡️ UpTrennd
➡️ Be paid daily to browse with Brave Internet Browser
Proud member of:
That makes the banking system look downright generous.
I still am perplexed why developers still flock to Ethereum. You are right, with the new update, the problems might be solved. However, Ethereum got a ton of developers over the past few years, ever since Cryptokitties crushed the network.
It is obvious there are major problems and the switch is hopeful that things will change.
Yet on HIve, a .55 transaction costs the same as $100,000....zero.
Posted Using LeoFinance
Indeed, it is scary and this will keep away from Cryptos a bunch of institutional investors. As I know them, they sometimes make mistakes and most of the time they have way to minimize or cancel the mistake made. With cryptocurrencies, what is done is done !
This is a big thing against massive crypto adoption imho.
On the other hand, ETH 2.0 should prevent such issues but therefore it will be (as any other consensus based system) vulnerable to oligarchy and collusion.
Thanks for commenting my post @traskmaster4450le,
I appreciate it ;)
That is a very good point. The fact that institutions cannot undo mistakes is a big barrier. They are playing with large amounts and a mistake of $300, they dont care about.
When it gets into the hundreds of thousands or millions, they want to reverse those transactions.
Imagine trying to explain to your manager that you just did a transactions and the fees are $2.5 million.
Unemployment might be in the future in that scenario.
Posted Using LeoFinance
Indeed, I can picture this VERY clearly 😄
The Ethereum community is strong, innovative and has a lot of momentum.
There are Ethereum apps deployed on L2 that are fast and gas-less (try Loopring, https://loopring.org/#/), your views of Ethereum are a bit outdated mate. This is not 2017 anymore, a lot has been done.
The high fees must be due to malware on some storage device, they had already warned of this problem a few days ago
I don't think anyone in their right mind pays those commissions to move so little ethereum
Posted Using LeoFinance
Either a mistake but you are probably right that it looks more like a malware type of action. I will read more about this ASAP
🤣🤣🤣🤣🤣🤣
Why would any whale do such transaction?
It seems it could be a malware action. We will know more later I guess.
Man I feel for them
Damn, if this was an error and it probably was, can you imagine the guy losing 2.6 million for a transaction fee? Shit.
Posted Using LeoFinance
Apparently it happened a 2nd time today with the same address.. so weird !
Lol. That is sick.
I think I've read somewhere that's actually a bunch of hackers draining funds from an exchange they took control of to blackmail them into releasing crypto to their address
Crazy, but then, why "paying" in gas fees?
sorry, I did a bad job explaining that, here's the story:
https://decrypt.co/32145/hackers-blackmail-exchange-with-5-million-of-ethereum-fees-report
Lol shitcoiners gonna shitcoin.