Get out while you still can
bitinfocharts.com
This is worse than btc 2017 because in the btc case difficulty took alot of time to update so inflation did not increased hard plus btc transactions that don't confirm don't use fees , while eth lost tx do use fees.
This is bad because miners are paying also for the fees in energy so they will dump a shit ton of eth soon.
This shit will go back to 300 fast as hell as fees rise above 50 usd for real.
Fees will probably go to $1k and take the price of 1 ETH higher than 1 BTC. cope
I am mining with 10 RX5700 XTs. Profitabilty has jumped through the roof, but the energy drain is the same: 190W per GPU. Difficulty and total network hashrate will rise, but it is doing that very slowly; (only 30%) since May. Total mining costs have thus barely increased.
>This is worse than btc 2017 because in the btc case difficulty took alot of time to update so inflation did not increased hard plus btc transactions that don't confirm don't use fees , while eth lost tx do use fees.
I had to read your sentence 3 times and I am still not sure I understand it.
weak fud. not selling. suck a dick
it's not fud there is an ethereum eip being developed for this specific crisis.
The problem is that in eth fees work as an antispam system , transactions that are not confirmed still pay a fee , while in btc they don't.
But miners pay electricity to get blocks yet with proof of work , so they are paying to devour those fees , and since they will pay for the electricity they will have to sell a lot of their eth gained.
Worse nobody in his right mind would send an eth transaction with a 10 usd fee if the avg fee is 15 usd , because the risk of losing the fees in an unconfirmed transaction is too high.
While on btc even at it worse 1 sat fee transactions confirmed ,since transactions can be in the mempool for a month or more.
This is insane , imagine next week when fees are above 60 usd, would you risk paying 55 usd at the risk of the tx being unconfirmed and losing 55 usd?
This is a race to the highest fee now, shit's insane and will get more insane as price collapses as the miners dump.
or until this is applied.
github.com
this is a critical failure in ethereum game theory , the antispam fee system is now triggering a race to the highest fees and doing a 2017 btc option of "using a low fee and waiting" is not even available since an unconfirmed tx still use fees kek.
Get out to btc while you can and reenter in two weeks at 250 usd per eth.
>this is a critical failure in ethereum game theory
ETH tranny soÿ devs thinking they know better than BTC autistic comp sci phd devs yet again
Holding defi is suicide. You won't be able to sell before it dumps 90%
They ignored this shit due to never hitting the daily tx limit until now, but there is now literally nothing forcing fees to go low , not one thing , since bidding for a lower fee and waiting is not even an option.
>would you risk paying 55 usd at the risk of the tx being unconfirmed and losing 55 usd?
thats not how it works
you dont lose 1-2 dollars at best if your transaction is unconfirmed
fee is only paid if it goes through
This chart shows how much miners are paying for electricity. Doesn't show some massive increase as you are implying.
defi is fine , the problem is eth game theory in regards to fee , the antispam system crap of devouring fees regardless if a transaction is confirmed or not is broken and they never realized due to never hitting the daily tx limit.
There is nothing forcing txs to go lower now , if you bid for a lower fee like 10 usd per tx you can end up losing your money in an unconfirmed transaction, so everyone is going to be biding for higher fees now.