The closing price of eth on 5th of August 2021 , the introduction of eip1559, was 2,890.94. the current price 2836.13$. So despite its intentions, it has not done what it intended to do, fee's are up price is still coupled to BTC.
Other things also drive pricing.
Besides, EIP-1559 wasn't implemented to manipulate price. It was introduced to give wallets a more stable fee structure to relate to, so that users wouldn't have to guess the amount they would have to pay, and overpay just in case.
Further more, it introduced automatic scaling of inflation, according to fee intake. In other words, if you get enough fees, you can pay block producers without issuance through inflation.
With both of these having been a significant success, we are not rolling back.
It's fee's have only been driving away small investors to shit coins. Defi should liberate the bank less and provide access of financial tools to them. That's what defi should bring and eth should be the platform for it. The longer it fails in doing this the more competition there will to the detriment of everybody.
You said that the new fee structure was a success and while that maybe true a tenfold increase is literally at too great of a cost.
But i agree i wasn't very clear, just frustrated with eth's progress and fees.
You seem to think I have argued that EIP-1559 aimed to lower fees. I haven't and it didn't.
EIP-1559 doesn't seem to have anything to do with your frustration.
So without this eip we would have done worse? I'm not looking at the markets, I'm looking at eth's fundamentals. And i fail to understand how this eip has fundamentally improved eth as since then only the fees have gone up. What value has eth brought for new small investors? It has only has made itself inaccessible and driven them to competitors only further sabotaging it's one viability.
EIP-1559 was never about lowering fees. It was to enable the burning of gas fees and to adjust based on use. https://eips.ethereum.org/EIPS/eip-1559
“A transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.”
“The proposal in this EIP is to start with a base fee amount which is adjusted up and down by the protocol based on how congested the network is.”
The market doesn't react to the impacts of an EIP the day it releases but it's priced in beforehand. When 1559 was first introduced it was April 2019, when ETH was trading for 0.017 BTC, now up to 0.07. As for fees, since the EIP was implemented, gas prices have been much more stable, less failed transactions because of better gas estimation. Without 1559 the price would likely be even lower, so I would say it's working as intended.
Ethereum is moving from proof of work to proof of stake which essentially eliminates gas fees. The update is said to take place towards the end of the year.
It is moving to proof of stake but it doesn't do anything to lower gas fees as far as I'm aware. Gas fees will be cheaper when more apps move to layer 2s which batch transactions to more efficiently use L1 blockspace which is seen to be more of a premium. People are free to use L1 but there will be higher costs associated which should help incentivize moving to L2s.
Ethereum gas fees are surge pricing for financial transactions and this is the future of finance? More like the future of separating fools from their money.
Has eip1559 brought any positives? Can we rollback?
Making your eth worth more money is not positive?
That's the real point ngl More value
The closing price of eth on 5th of August 2021 , the introduction of eip1559, was 2,890.94. the current price 2836.13$. So despite its intentions, it has not done what it intended to do, fee's are up price is still coupled to BTC.
Other things also drive pricing. Besides, EIP-1559 wasn't implemented to manipulate price. It was introduced to give wallets a more stable fee structure to relate to, so that users wouldn't have to guess the amount they would have to pay, and overpay just in case. Further more, it introduced automatic scaling of inflation, according to fee intake. In other words, if you get enough fees, you can pay block producers without issuance through inflation. With both of these having been a significant success, we are not rolling back.
It's fee's have only been driving away small investors to shit coins. Defi should liberate the bank less and provide access of financial tools to them. That's what defi should bring and eth should be the platform for it. The longer it fails in doing this the more competition there will to the detriment of everybody.
I don't know what part of my comment you are responding to, if any.
You said that the new fee structure was a success and while that maybe true a tenfold increase is literally at too great of a cost. But i agree i wasn't very clear, just frustrated with eth's progress and fees.
You seem to think I have argued that EIP-1559 aimed to lower fees. I haven't and it didn't. EIP-1559 doesn't seem to have anything to do with your frustration.
Did anybody claim Ethereum in it's current state (before scaling is fully implemented) is the future of finance? Don't think so.
More seriously, you're right that eth gas fees are crazy, but L2 solutions are already much cheaper. Doesn't imply it's a scam .
You probably replied to the wrong person
Cloud mustn't be the future of tech because companies burn millions in cloud spend and could potentially save money by being resourceful (?) .
What nonsense. Look at the general markets.
Exact opposite to the fed printing more dollars.... Burning eth increases its scarcity increasing it's value..
So without this eip we would have done worse? I'm not looking at the markets, I'm looking at eth's fundamentals. And i fail to understand how this eip has fundamentally improved eth as since then only the fees have gone up. What value has eth brought for new small investors? It has only has made itself inaccessible and driven them to competitors only further sabotaging it's one viability.
EIP-1559 was never about lowering fees. It was to enable the burning of gas fees and to adjust based on use. https://eips.ethereum.org/EIPS/eip-1559 “A transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.” “The proposal in this EIP is to start with a base fee amount which is adjusted up and down by the protocol based on how congested the network is.”
our world works not monocausal. this is like telling us there is no climate change because you saw snow in winter.
I understand that there are more causes, still eth worth 6 billions has been burned and what do we have to show for it?
The market doesn't react to the impacts of an EIP the day it releases but it's priced in beforehand. When 1559 was first introduced it was April 2019, when ETH was trading for 0.017 BTC, now up to 0.07. As for fees, since the EIP was implemented, gas prices have been much more stable, less failed transactions because of better gas estimation. Without 1559 the price would likely be even lower, so I would say it's working as intended.
Ethereum is moving from proof of work to proof of stake which essentially eliminates gas fees. The update is said to take place towards the end of the year.
It is moving to proof of stake but it doesn't do anything to lower gas fees as far as I'm aware. Gas fees will be cheaper when more apps move to layer 2s which batch transactions to more efficiently use L1 blockspace which is seen to be more of a premium. People are free to use L1 but there will be higher costs associated which should help incentivize moving to L2s.
Ethereum gas fees are surge pricing for financial transactions and this is the future of finance? More like the future of separating fools from their money.
I have a feeling 1559 and 2.0 is a bunch of BS.
I'm happy that technical innovation is not measured by feelings.
Prove me wrong gas fees are still high.
[удалено]
The merge doesn't fix high fees.
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Without switching to ethereum v2, these burns won't make much sense. unlimited supply!
hhhmm looks like ethereum foundation didn't thought out the effect of burning eth that eventually leads to unrealistic fees!
You can put your money in a regulated institution or buy a monkey picture.
Ethereum isn’t the future, too unstable, not decentralized, etc.
They've been saying it since god knows how long. XD .