A Glutton for Punishment
It seems like every time I try to do something on ETH, I end up coming out on the other end used. You would think I might learn my lesson by now, but for some reason I keep coming back. I feel like an inmate who keeps getting bent over by the prison yard bully and just keeps coming back for more.
The fact is, for some ungodly reason, there is just a ton of stuff happening over on the ETH side of things. I would even venture to say that if you are not involved in ETH, you are probably missing out on about 50% of what is happening in the crypto-space these days.
Between NFTs, DeFi, and all of the other DApps that are being developed over there, it is a huge space right. The problem is, if you don't have big bags, you are going to find yourself in the dilemma that I so graphicly painted a picture of above.
I've been trying to find some new "up and coming" tokens to invest a little bit of spare change in. I wanted something like Travala that I could get in at a relatively low level. I got a ton of great recommendations from the likes of @ericvancewalton and @kommienezuspadt but the problem was all of them were over on the ETH side of things.
Full disclosure, this is what I was starting with. I had about $200 in ETH that I was looking to do some transactions with. I should have known right then I was out of my league!
I went over to Uniswap to take a look at one of the tokens that had been suggested. At $.03 per token it looked really attractive. I could get quite a few of them for about .06 ETH or so. I got ready to make the swap and noticed that the gas fee was $55.
I declined the transaction and decided to try again... $60 ugh, this was getting mind numbing.
Then I remembered that I had some CHI tokens for the 1inch chain that I had purchased when the token was at about $1 or so. I jumped over to the 1inch swap platform and tried to figure out what I was doing. After a little help from the folks on the Leo Finance Discord server, I was ready to rock.
I tried to do my swap again. The fees were still ridiculous, even with the CHI tokens applied. FYI, the 1inch platform is kind of a nightmare to deal with. I much prefer Uniswap. It is much more intuitive.
Anyway, with my gas fees now in the range of $100, I was ready to give up and just bag it all. I thought about just selling everything on the ETH side of things and being done forever. I feel like waiting for ETH 2.0 is going mean a lot of missed opportunities.
Ultimately, I decided to liquidate all of my CHI which is now sitting in the $5.50 range. I moved it all into UOS which is the token for the Ultra gaming platform. It cost me about $60 in ETH gas fees and after a few other mishaps with getting the CHI token applied to 1inch ($30 in fees), I am now down to about $100 of ETH still in my account.
Bottom line: $100 in gas fees to swap $300 in tokens.
I am sorry, but that is just horrible.
I wish there were some up and coming opportunities on the BSC chain, because I feel like that is the smarter place to be right now (besides Hive of course).
If you are curious about ETH and you don't have huge sums of money to play around with, my best advice is to run as far away as fast as you can. Just don't do it!
Sports Talk Social - @bozz.sports
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https://twitter.com/JayBosworth5/status/1375046844179390466
That truly sucks, The ETH fee honestly I don't get how it hasn't killed the project.
Like my idea was cheaper fees than banks yet I would never be charged 60 bucks to send $300 at the bank🤔
I dumped my ETH likely a stupid move but hey them fees will make you broke
Can't dump what I can't sell. This is why I think the whole gas fee thing is intentional. Most people can not dump because the gas fees are ridiculous. You have to consider the loss of selling which is often higher than the actual token you want to sell
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Yeah agreed, I still have some tokens but was not worth dumping for that reason, Gas was more than value of the token.
The miners are the problem with fees, They are making bank on these fees so why change them.
I was ready to dump all of mine the other day too. It is just crazy. I think it is just the people who were able to make millions of dollars on the platform and to them $60 is nothing, but to us, it is crazy!
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Yeah I agree, The miners are no help. They know the fees are making them more bank than the block rewards.
I know when I sent ETH and not a swap it was way cheaper. So guessing the swaps and contracts are the major issue?
Yeah, that could be part of it I guess. Everyone needs to get their cut somewhere. Unfortunately it is impacting the smaller fish.
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I will never understand why are gas fees so high and am glad I decided to stay away from ETH right at the beginning. This is a ripoff, nothing more. Sorry to read about your problems.
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Yeah, it has been horrible. They didn't used to be so bad like back in late 2017 early 2018, but things are just nuts now!
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This is one of the reasons most people are moving over to binance smart chain. Although centralized it offers people the unique opportunity to transfer value at a cheap right. I do not know what the eth network has got up their sleeves but if things continue like this they will quickly slip down the pecking order. Whales alone cannot sustain a blockchain. They are missing out on the micro-level. I for one never got into defi because of the high gas fee until I joined binance smart chain via our very own project--cubdefi. I might be insignificant in the grand scheme of things but there are thousands and I dare say millions of people who would get into defi and other interesting projects on ethereum if only the gas fees were reasonable.
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I think you are right. The gas fee is a huge barrier. I didn't play around with DeFi much either until Cub came out.
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The ETH chain is basically only for the rich now. There is no reason to use ETH when gas fee hits way too much of your profits. Personally there is another battle in the making and it is between the miners and the traders. The new protocol will make gas fees smaller but it will also mean the miners won't take it lying down. I don't know how the ETH chain will be when many of their miners leave or who wants to stay there with the gas fees.
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Yeah, it sounds like they might be going the way of EOS which I know a lot of people will hate. DPoS is the place to be though. Even Vitalik recognizes it hence his admiration for Hive in his latest press release.
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Not involved in ETH out of stubbornness and stupidity but I still believe it is one of the most undervalued cryptos at the moment. It's bot game over for Ethereum and there won't be an Ethereum killer any time soon. The space is expanding and other projects are simply filling gaps.
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It just isn't worth it if you don't have the funds. Maybe if you are just hodling. Anything that involves transactions is just killer.
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What a bummer. Those exorbitant gas fees are a huge issue for Ethereum. There was some talk of this being addressed for ETH with the Serenity upgrade but it seems like opinions are divided as to whether or not it's possible.
Yeah, I know they were talking about moving to DPOS but then the miners were throwing a fit, so who knows if they will ever move forward.
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although the half dollar fee on BSC is not so small
But still much better
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Yeah, it isn't ideal compared to what we are used to here on Hive, but I would take $.50 over $50 anyday!
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That is pretty much how I think of ALL things dealing with crypto or math... same thing I suppose. I did get some help from the wonderful Asher and participated in the CUB drop... but that's about the extent of my financial knowledge. I will stick with just helping people at @theterminal, and spreading positive energy!
Oh... and some !LUV and maybe @tipu curate
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Command accepted!
I hear you! It can definitely be intimidating and a little confusing at times. I am glad you were able to get your CUB squared away. There were a lot of people who just let theirs go to waste! That is part of what I love about Hive, it draws people from all walks, levels, and ways of life!
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Hey @bozz, you were just shared some LUV. See the LUV tokens in your wallet at https://hive-engine.com or learn about LUV at https://hive.blog/@luvshares
I donned my running shoes a while back with ETH for the exact reasons you mentioned in your nightmare here! I have a small amount just to help transact low frequency transactions with erc 20 stablecoins.
Makes you appreciate the "free" transactions we have here
Yes for sure. We are all a bit spoiled from Hive. I have been involved with DPoS chains pretty much since I entered into crypto, so this is all very disappointing for me. The one time I did hold a large portion of ETH it was only because I wanted to buy EOS before the mainnet launch. That has been forever ago.
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Damn, I got in to EOS a few years ago as well when I was playing around on that Trybe site and it confused the hell out of me - it made HIVE look so easy to understand by comparison!
I didn't do much with Trybe. EOS is not so bad.
Gas fees are crazy. I'm the same way with Ethereum, I really don't play around with it much for that same reason. On top of that, at those prices, there's no room for mistakes.
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Yeah, I know what you are saying. It is just nuts!
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Know the feeling, Im itching to some more of my USDT out to Fiat. Unfortuantely it's the ERC-20 version of it, so every time i look to try - im looking at $40-$50 worth of ETH, and I'm just not going to lose that much (even if i had it anyway). It's so frustrating, esepcially as i got some out for about $4 the other week. Hopefully when 2.0 finally comes on stream we'll get some respite from these extortionate fees.
Yeah, I totally hear you. I think when 2.0 finally drops it will be a game changer, but until then, it is just so horrible!