Skip to content
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Some Vitalik) Boobies In Etherium, founder proposes EIP. BIE still stuck in committee   (cryptonews.com) divider line
    More: Boobies, Transaction cost, Economics, Cost, Vitalik Buterin Proposes New EIP, total transaction calldata, network's gas fee problems, transaction gas cost, Blockchain News  
•       •       •

1033 clicks; posted to Business » and Main » on 29 Nov 2021 at 2:20 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



18 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-11-29 2:31:31 PM  
so that thing we're all doing mostly to avoid oversight/regulation, might need some oversight/regulation.
 
2021-11-29 2:34:24 PM  
The war between the ETH owners and miners continues.

Its just to see how many baby steps before ETH2 docking.
 
2021-11-29 2:35:58 PM  

mr0x: The war between the ETH owners and miners continues.

Its just to see how many baby steps before ETH2 docking.


Next year.
 
2021-11-29 2:42:26 PM  

mr0x: The war between the ETH owners and miners continues.


Who cares? The real money is in the Omicron token.
 
2021-11-29 2:54:58 PM  
....did Kublai Khan a stately pleasure dome decree?
 
2021-11-29 3:22:34 PM  
Hey guys it's like the tulips!  It's just like the tulips guys!

/tulips
//tuuuuuulips!
 
2021-11-29 3:22:59 PM  

mr0x: The war between the ETH owners and miners continues.

Its just to see how many baby steps before ETH2 docking.


Docking? Is that when two cryptobros stick their blockchains together?
 
2021-11-29 3:24:21 PM  
There are a lot of advantages to ETH but the gas price is definitely a drawback to it.  Poor design on the front end.
 
2021-11-29 3:28:35 PM  

sprgrss: There are a lot of advantages to ETH but the gas price is definitely a drawback to it.  Poor design on the front end.


According to the article it's such a great technology that it can process whopping 15 transactions a second. Almost as good as an average drive through cash operator.

It also mentions the average cost of transaction being in tens of dollars per. And it burns more gas each time someone transacts.

Most brilliant invention of us, the human kind.
 
2021-11-29 3:29:12 PM  
I just want to play video games with a card that will work at a higher resolution than 720p.
 
2021-11-29 3:32:46 PM  

Tax Boy: I just want to play video games with a card that will work at a higher resolution than 720p.


Get a PS4? Used, they can't be more than $100.

720p was standard two decades ago. It's am pretty sure the integer hoarders didn't invent their 'crypto' until we'll after that time.

Anything with a discrete gpu made after 2010 is capable of what you want. The miners didn't do you much harm here.
 
2021-11-29 3:39:58 PM  

outtatowner: Tax Boy: I just want to play video games with a card that will work at a higher resolution than 720p.

Get a PS4? Used, they can't be more than $100.

720p was standard two decades ago. It's am pretty sure the integer hoarders didn't invent their 'crypto' until we'll after that time.

Anything with a discrete gpu made after 2010 is capable of what you want. The miners didn't do you much harm here.


Thanks to the supply chain shortage, used PS4s basically cost what they did new.

Fark user imageView Full Size
 
2021-11-29 4:23:00 PM  

outtatowner: sprgrss: There are a lot of advantages to ETH but the gas price is definitely a drawback to it.  Poor design on the front end.

According to the article it's such a great technology that it can process whopping 15 transactions a second. Almost as good as an average drive through cash operator.


In the early 90s, my employer offered merchant credit card service to the small retailers they did other business with. Many were still doing paper transactions with the old "knuckle-buster" imprinters, and they'd mail us batches of those imprints for processing. I'm pretty sure the dozen or so seniors who keyed the paper info into our computers could outpace 15/second. Probably at a lower cost than ETH gas fees too, especially after the work was exported to Mexico.
 
2021-11-29 5:16:56 PM  

OccamsWhiskers: outtatowner: sprgrss: There are a lot of advantages to ETH but the gas price is definitely a drawback to it.  Poor design on the front end.

According to the article it's such a great technology that it can process whopping 15 transactions a second. Almost as good as an average drive through cash operator.

In the early 90s, my employer offered merchant credit card service to the small retailers they did other business with. Many were still doing paper transactions with the old "knuckle-buster" imprinters, and they'd mail us batches of those imprints for processing. I'm pretty sure the dozen or so seniors who keyed the paper info into our computers could outpace 15/second. Probably at a lower cost than ETH gas fees too, especially after the work was exported to Mexico.


Are you confusing seconds and minutes?
 
2021-11-29 5:28:12 PM  
I've invested in Eth for the past year and a half.  Made me a decent return on investment.   However, it's a terrible product or system. I did one transaction a couple months ago on Eth to buy an NFT.  It was slow, cost me several hundred dollars and I got me nothing in return because I ran out of funds in the account to complete the transaction (termed as "gas" in the Eth or crypto world). In the normal world you keep your money because you simply don't have enough to buy the product.  But not in the brave new world of Defi Crypto - the money disappers into the pocket of the "miner" who processed the transaction.  Now, I can be criticized for not having enough money to buy said NFT, but actually I did, it's just that the transaction cost ("gas") made the item almost twice as much as the NFT's original price.

Confused? So for a person who never had experience in buying an NFT, imagine seeing a t-shirt on Amazon for $10.00. You click you want to buy and you get a message as follows:  1 T-shirt $10.00, shipping fee:  TBD.   You have 20 bucks in your account so you're like okay, I should have enough to cover in my Chase account.  You click buy.  And for half an hour Amazon says "Transaction pending".  Then after having to wait half an hour, Amazon says "insufficient funds".  It then adds insult to injury by debiting 5 dollars as a "transaction/processing fee".  So to explain further there is actually a setting in purchasing by Eth where you can increase the minimum amount you are willing to spend on the transaction which I only learned about later (thanks for nothing). So, maybe my setting was at 5 bucks, and the transaction cost was at 7. But the bottom line is why is it TBD anyways?  Why wouldn't the cost be upfront instead of varying. Or if not, why isn't there a system that warns you that you need to increase your transaction cost minimum because it'll probably be insufficient?  Actually I know why the transaction fees change on eth but It's a stupid idea as a product that is supposed to change the financial system.

AND because its supposedly "decentralized"  there is really no one to complain to.  However, IMHO, any financial service should be far cheaper, faster and easier to use.  And on that final point, no product is successful if your entire market are just tech savvy folks.... the point of Apple's phone being successful or Google or Ebay is the simplicity in it, no?

Now, I'm sure someone will pipe up and say, well you're stupid because you should have done a, b and c, and I've succesfully bought plenty of NFTs on Eth.  But look the above shows that Eth is not an easy user friendly system and why should normal non-techie first time consumers have to learn an expensive lesson on how to use it? Ridiculous.

So, I'm still in Eth because the Wall Street Brahs are betting on it and god knows why it's still the no. 1 defi currency or system and will remain so for the next few years.  But I'll admit that I'm uncomfortable in investing in a product that simply sucks balls as it currently works.

However, I really think 5 years from now we're going to be talking about another Defi "regime" that really takes off. Maybe Solana, Avalanche or Cardano.  I'm told their transaction fees are a fraction of what Eth charges and they are faster.  Anyhow, unless things change a lot, Eth is going to be like the Netscape or Yahoo of the crypto universe... a history lesson on the early years.

Okay rant over.
 
2021-11-29 8:17:14 PM  

SirEattonHogg: However, I really think 5 years from now we're going to be talking about another Defi "regime" that really takes off. Maybe Solana, Avalanche or Cardano. I'm told their transaction fees are a fraction of what Eth charges and they are faster. Anyhow, unless things change a lot, Eth is going to be like the Netscape or Yahoo of the crypto universe... a history lesson on the early years.



Eth has first mover advantage, and it's just software, it can change and improve.  It will have competition from others, and that's not a bad thing either as it will force the entire space to grow together.
 
2021-11-30 4:46:09 AM  
https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3

Titled: HERE IS THE ARTICLE YOU CAN SEND TO PEOPLE WHEN THEY SAY "BUT THE ENVIRONMENTAL ISSUES WITH CRYPTOART WILL BE SOLVED SOON, RIGHT?"
 
2021-11-30 4:46:27 AM  

vatica40: OccamsWhiskers: outtatowner: sprgrss: There are a lot of advantages to ETH but the gas price is definitely a drawback to it.  Poor design on the front end.

According to the article it's such a great technology that it can process whopping 15 transactions a second. Almost as good as an average drive through cash operator.

In the early 90s, my employer offered merchant credit card service to the small retailers they did other business with. Many were still doing paper transactions with the old "knuckle-buster" imprinters, and they'd mail us batches of those imprints for processing. I'm pretty sure the dozen or so seniors who keyed the paper info into our computers could outpace 15/second. Probably at a lower cost than ETH gas fees too, especially after the work was exported to Mexico.

Are you confusing seconds and minutes?


No, but I did mean collectively instead of each being that fast. Maybe that was an exaggeration, but they were in the ballpark on throughput during busy weeks. Each slip had about 25 numbers to enter (there were more 13 digit Visa numbers then, 6 digit customer id, 5 for the amount). A group typing at 50-100 wpm each would work through thousands an hour.

Well, and there was that massive ~3 day latency for the post office to deliver them. So ETH probably is well ahead of those data entry operators on overall speed metrics. It doesn't sound like it wins the transaction cost race though.
 
Displayed 18 of 18 comments

View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking




On Twitter


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.