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.
Wow, you literally have no idea what you’re talking about and managed to write a paragraph of nonsense. Never change biz
Transaction your shitty little uniswap trades on the mainchain is like driving a bicycle on the highway. It is a settlement layer that isn’t meant to be used by you daily. Use a L2 dApp if you want to do your petty little trades or transactions like loopring. There’s literally all solutions that exist, in front of you, today, and you insist on jogging down the middle lane of a 75mph highway. If you get fucked with every step that you take, it is nobody’s fault but yours
>transactions that are not confirmed still pay a fee , while in btc they don't.
that's not how any of it works
you wrote confirmed when you meant failed
unconfirmed transactions don't cost anything, how could they?
it's going parabolic in two weeks the hashrate will increase 2017 style due to the fees outbiding each other.
No on ethereum even failed transactions pay fee because they don't want spam on their network and since they were going to pos this is not a problem , but with pow the miners are going to use electricity to get the fees and will have to sell the eth of fees to pay electric costs as they increase.
kb.myetherwallet.com
ok I will explain it to you
when a transaction is pending it can be replaced with any alternative transaction with the same nonce
enable 'customize nonce' in metamask -> advanced
failed is completely different from unconfirmed. Failed means it executed but the smart contract code reverted the changes.
you are right i meant failed transactions , which are about to get to the fucking moon since eth hit it's daily limit.
Also eth tx become failed in like in 3 days of being unconfirmed.
I don't insist on anything i think eth has a great future , but the middle lane is going full retard due to failed tx paying fees , now everyone only rational option is to outbid each other and doing a january 2018 btc option of sending 1 sat fee and waiting is not even there
It is a major oversight. The game plan seems to have been "eh this will never happen." And now it is happening. Fucking baseddevs man.
no it literally is eating upwards of $50 now lol, ethereum is shitting the bed hard. another week of this and crypto is dead.
>Also eth tx become failed in like in 3 days of being unconfirmed.
what? no they don't.
Uniswap transactions fail if the price changes too much, but everything depends on the smart contract
waiting for a lower fee works identically in bitcoin, bitcoin has mempool eviction too. Nodes don't have unlimited memory.
>when a transaction is pending it can be replaced with any alternative transaction with the same nonce
Yes but the wallets are shit at doing this plus transactions are considered failed like in 72 hours of sending them if not confirmed.
My point is that from a game theory point of view if you hold eth now and want to move them you are always better bidding for the avg gas fee or higher as biding lower risk a failed tx.
I am sure they will fix it it eventually
it was even in their eyes actually
github.com
but until then it's indeed a major flaw , the game theory in this regard is all broken only way fees will go down is when transactions collapse for some reason since biding lower can't be done.
>another week of this and crypto is dead.
Let's not exaggerate this is bad tough , fees worse than btc 2017 are coming to eth , probably above 150 usd kek , fees will only go down when most people can't move their wealth since fees are going to become higher than the avg transaction kek.
CANCEL YOU FUCK
>Yes but the wallets are shit at doing this plus transactions are considered failed like in 72 hours of sending them if not confirmed.
Metamask displays failed for several reasons, including that sending it to the node failed, which I admit is a bit confusing.
>want to move them you are always better bidding for the avg gas fee or higher as biding lower risk a failed tx.
well yes that's how the market pricing for a fixed size resource works
you can save gas by making a new trade and manually entering the same nonce, no need to cancel if you want to do something else afterwards
wait, 0.02 eth? for cancel? that's like 1000 gwei
you must have a pending lower nonce transaction
move this uniswap shit off the main chain give those devs something to do now that sushi is trying to steal their pie
Explain, I'm a newfag and a retard. I just want my queue cleared out so I can actually buy shit.
Yes but in btc , ltc , or xmr if you choose a low fee it won't use the fee is the tx fails so biding for a lower fee is always an option.
It's interesting what's going on with eth since biding for a low fee is not an option.
loopring is launching a uniswap clone in a zk-rollup - thousands of tps.
twitter.com
Going to be interesting
look on etherscan, what's the nonce of the last confirmed transaction? what's the nonce of the transaction you tried to cancel? if it's not exactly +1 then there's a pending lower nonce transaction
>It's interesting what's going on with eth since biding for a low fee is not an option.
that's wrong and I don't know why you think that
you can enter whatever as the gas price
>you can enter whatever as the gas price
and in 72 hours you tx will fail and you lost the fee.
>itt tech illiterate
new fag schizo detected
no, you don't lose anything if the transaction doesn't confirm. How would that ever work? For your balance to change the change has to happen in transaction, but for that to happen it has to confirm
not true fucking dumbass
a thread died for this
This is a disaster for defi. People with relatively smallish bags are stuck. Wont swap because fees are retarded. Whales can still dump because of economies of scale.
Bull run may be short circuited because ETH is shit.
>if it's not exactly +1 then there's a pending lower nonce transaction
The last reported nonce on Etherscan is 4 and the one I just tried to cancel is 7. I had a couple others that had issues going through, but they eventually just failed.
How do I clear shit out?
it’s not really eth. eth wasn’t built for yield farming on the main chain.
you may try reseting your metamask and entering the seed again (or connecting to nano). Weird error, never had something like that happen
nonce just has to be unique it doesnt have to be sequential
Resetting the account worked, next transaction was automatically set to nonce 5.
Thanks for the help fellow faggot.
this is wrong
just be wary that cancel transaction is somewhere in mempools, I don't remember the timeout but it may be 3 days. Don't be surprised when you make a tx with nonce 6 and your cancel tx appears out of nowhere
If I don't have enough spare eth left in my wallet will any leftover transactions/cancels actually do anything?
no
Stays alive as long as a node wants to broadcast it. You can have a tx live for months on end.
i concede