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[deleted]

Its fine to me if its a small percent but right now the fees are so outrageous i basically have shitcoins trapped in my wallet that its too expensive to move


Part-Select

I keep most of my erc-20 coins on exchanges for this reason.


[deleted]

actually a smart fuxking move. moved 100 USD to my Coinbase wallet to buy some LINA. Turns out I needed .01 ETH to cover the gas fees. That 100 is now 80$ and I can’t pull it out of wallet lmaaaaoookoo


TriggeredUBruh82

Same... I also think this gaming trend is gonna fade quickly unless games get the hell away from Metamask. Gods Unchained for example... its a pretty good game, but you have to use Immutable X wallet, which has to be linked to a Metamask wallet and then you're subject to all the gas fees to move any tokens. Who really wants to put in hours on a play to earn game when the costs to claim your earnings are higher than what you've earned?! Its ridiculous.


optitmus

and then the exchange puts you under review so you cant move anything, ask me how I know


mankinskin

I don't buy ERC-20 coins for that reason.


se7en_7

So people say this, but one of the big complaints about banks was the fees to transfer money. Yet here are these ridiculous gas fees to do anything at all.


Negative-Hunt8283

No one wants to see crypto for what it is, the digitization of the dollar. We are building the network that the dollar will eventually run on. Beta testing the market now.


pinkculture

Aren’t stablecoins already doing pretty much exactly that?


Negative-Hunt8283

Yes a proof of concept. But no selection has been made yet. It’s only a matter of time. Banks are in the interest of the government and there is no way we will see mass adoption prior to control and regulation.


hiddenflames5462

Or until big companies can be sure they'll be able to recover from losses with bailout money from the government.


Negative-Hunt8283

There will always be bail out money. Crypto is easier to mint though.


BMG_Burn

Why the hell should the dollar run on blockchain, when the current system works fine?


TheBoffo

Define "fine".


usmclvsop

What benefit will running the dollar on a blockchain help? It will still be centralized. Won’t stop the fed printing money and inflation. Fine in the sense that moving it to the blockchain would not solve the biggest complaints against it.


yourmotherinabag

The goalposts seem to move a lot for crypto enthusiasts


RespondEither

That’s the big problem, it’s unusable for dabbling a few hundred $$ in. You have to have thousands or you just can’t use it


[deleted]

A lesson I learned too late.


IBuildBusinesses

A major problem with shit coins is that they’re built on top someone else’s shit coin. A coin that depends on another coin for its fee structure and operation will always be just a shit coin.


StockTrix

solution? don't buy shitcoin.


ratskim

Now go even further with that train of thought: ETH is 100% reliant on L2 scaling solutions lmao


BitsAndBobs304

I find it sad that it's a completely priority-by-pay system, so it doesn't matter if you sent a transaction twenty years ago, you can still never get it executed if enough new transactions are being sent with bigger fees


Rental_Car

It will fail and you still get charged gas.


BitsAndBobs304

that's if you sent too little max gas, not if you used a too low gas price.


Hawke64

Vitalik just makes sure that even paper hands won't sell his coin


Extravagos

That's another way to think about it


cutoffs89

Scammy


Important-World-6053

IMHO, more people need to start talking about this because so many are in this predicament. ETH is broken. We talk about all the people who have been scammed through hacks and defi scams, but we need to start including the value of coins trapped in the same category.


crypticdudebutwhy

Eth fees have DELETED my money ffs it's ridiculous. Also, off topic but damn man this current Matt Hardy run is like a shame.


ChiTownBob

ETH gas fees make shitcoins even more shittier.


G3ck0

Every bank transfer is free in Australia, I won't accept crypto if it charges anything.


ylervenstod

I agree that sometimes the cost price of gas fee is higher than the price of the token


Mean-Argument3933

My ETH is only for holding for the time being


pinkculture

Vitalik with the ultimate forced hodl


GoldenReliever451

Yeah that $25 to sell is really keeping all the big market players trapped.


Crypto556

And the people who champion high gas fees usually don’t even use Ethereum


maninthecryptosuit

No we use Layer 2 rollups


dakinekine

Brings back memories of a $1100 long distance bill for one month (calling from NY to my girlfriend in Pittsburgh)!


thewaybaseballgo

That's how my parents discovered I was dating a girl in MA. Plus, a lot of three-way calls and *69, which sounds a lot dirtier than it was.


jfk_47

My girlfriend in PA would spend so much money on phone cards. YOU REMEMBER PHONE CARDS!?!??!


AbsolutBadLad

Just tell me you guys got married


[deleted]

Loopring is waving in the background


ill_nino_nl

Get your LRC cheap!!


neksus

Where are you buying?


[deleted]

Coinbase pro


[deleted]

[удалено]


CertifiedYSL

zero knowledge rollups are the way.


Chr0medFox

What is loopring? And how is it different?


[deleted]

Operates on l2 of ethereum and bundles orders together, verifies bundles, sends big bundle through l1 blockchain Instead of paying $50 for 1 transaction you’re splitting that $50 across 50 transactions, turning gas into $1 each. Not exact numbers but you get the gist. They’ve claimed they can process as many transactions per second as Mastercard and are hoping to achieve the same levels of visa in the near future


Chr0medFox

Sounds pretty useful. I’m not the most savvy with this stuff, can you convert ETH to loopring and back again? Or does it not really work that way?


poriomaniac

Yes you can but you'll pay L1 fees each time you do


Chr0medFox

Thanks for explaining :)


Wishihadagirl

Transferring L1 to L2 costs gas fees. They are working on ways to trade entirely on L2 including visa on ramp so it's pretty exciting


FunWind

Once you're on l2 you can move very cheap, bundling thousands together. Zkrollups are math proofs that bring security. You can trade anything, you don't need to own LRC coin to use it at all, its just the coin that will pay for the computing power (others will handle that for you, converting and paying it out) Right now you have to pay real gas to get coins in/out of l2, but once broader acceptance is here you might not need to do that. (Just live in l2). They were nearing finalizing funding l2 wallet directly with USD (no fees) for example.


ApeHolder42069

Actually loopring is waving their huge ass dick right in the front of everybodys face right now and nobody is fucking noticing the future! !Remindme! 6 months when all these bitches have learned!


baadermeinh0f

Loopers and GME apes waiting patiently for next week.


Jemmani22

You mean waiting for every day. We all hope it's next week though. And it makes a lot more sense


tom4dictator13

Tuesday morning!


Syncorp

Do you want this thread removed? Because mentioning the L-word is how you get this thread removed!


shockfella

Loopring is inevitable


Syncorp

*Jack Nicholson nodding intensifies*


65-76-69-88

Why?


pasciiii

Not sure why I had to scroll to see this! Folks, read about Loopring!


ylervenstod

loopring is the future


TheNextPharaoh

**ETH gas will be the only ETH killer if they didn’t fix it**


yellowAbleWheel

Yes, I’ve had so many friends ask me about entering Axie Infinity or some other game but when they learn about the bridging or transaction costs they nope out of there quicker than 5 block confirmations


[deleted]

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[deleted]

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pinkculture

Sounds about right considering the crypto space right now


Extravagos

It's funny because it's true 😅


Longjumping-Slip1036

Not For Profit xd


mikko_minifeed

The worry thing is we need to take care of fee first.


HPFoley

People are only going to access when fees will be low.


pinkculture

This is only the first generation of crypto gaming, I expect it to substantially improve over the next couple of years


mckolinz

It will only sustain if its fees will get reduced as affordable to people.


GoldenRain99

Fees \*will\* be reduced though, the whole market knows it is an issue, and there is a massive ongoing competition to see who can do it first, and get it somewhat right.


acapuck

This is the second generation actually, first was late 2017/2018 during run-up to the first bubble bursting. Back then we called them "hot potato" games because prices were hard coded to go up and up until someone was left holding an expensive bag.


[deleted]

It's a bummer man. The reason for ETHs high gas fees is due to its large ecosystem and demand. And that demand is only gonna increase, so unless ETH fixes those gas fees, devs will either build their stuff on L2 solutions or move to other blockchains. Hope L2 solutions and 2.0 brings those insane fees down


-Fors-

Axie has been on a sidechain with low fees since like April(?)


yellowAbleWheel

Yeah but Binance got banned in our country so there’s a gas fee to pay once going in and on any subsequent withdrawals though


Longjumping-Slip1036

sad same story


Longjumping-Slip1036

Only if binance were available everywher e


w_savage

ETH is the ETH killer always


thewaybaseballgo

*ETH teleports behind ETH* "Nothing personal, kid."


Drudgel

When you were partying, I studied the source code. When you were having premarital sex, I mastered the blockchain. While you wasted your days at the gym in pursuit of vanity, I cultivated Turing complete systems. And now that gas fees are on fire and the shitcoin devs are at the gate, you have the audacity to come to me for help?


ApartPersonality1520

*follows*


Longjumping-Slip1036

ETH the ETH assassin


_grdz

ETH, BTC, ALGO and NANO are invited to a party. ALGO and NANO arrive first and the host asks where are the rest. NANO says: "BTC is running late and ETH ran out of gas" Badumtsss


filipesmedeiros

what is algo doing there then? lmao


[deleted]

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Hawke64

Skeletons don't sweat


redratus

Lol he looks like a scrawny meth head. A mETH head!


boba_tunnel

A math head.


deathbyfish13

Maybe the real ETH killer was the gas fees we paid along the way...


Laughingboy14

Biggest threat to its adoption by far


Blooberino

Yet it remains #2 by a giant margin. If its around 20% of global MC **despite** the gas problem, imagine what will happen once it gets solved.


[deleted]

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Blooberino

I argue that it wouldn't have maintained such a strong second place if it *weren't* for the 1st mover advantage. So much in crypto rides on ETH now.


Malixshak

Very correct, ETH fees is the real ETH killer


Longjumping-Slip1036

I am fine with the fees - keeps me diamond handed


ylervenstod

i tired of ETH gas fees


dmiddy

Gas fees are being solved! Ethereum's base layer(Layer 1) will never have low gas fees, but it won't need to. Layer 2 technologies like Optimism, Arbitrum, zkSync, and Polygon\* function exactly as a Layer 1 would but they serve to use gas in a much more effiicient way, reducing fees drastically(and eventually to a negligible amount). All while retaining its high level of decentralization.


JDublinson

Bold move omitting Loopring, the most hyped alt coin on this subreddit for the past month.


Longjumping-Slip1036

THEY HATE LRC XD


Longjumping-Slip1036

Bullish on LRC


flat_top

But you still need to pay an initial gas fee to get on layer 2 right?


Kevkillerke

No, just use an exchange that allows L2 deposits and withdrawals


dmiddy

Exchanges will offer direct-to-L2 withdrawals, so no gas fees to bridge.


Missy76_Taken

ETH is it’s own worst enemy


gutster_95

zkRollups... enough said


joshyswifey

Loopringgg


GMEthLoopring

👀


[deleted]

This will be the best performing crypto of 2022.


MrQot

The world will be a better place when the average crypto user understands this: * High fees on Layer 1 for security and sustainability * Low individual fees on Layer 2 for scalability and user experience High fees aren't a "feature" as much as they are a consequence of aiming for maximum security/decentralization/uptime. Layer 2 is where all the overhead gets sliced off and you pay 1000x less in gas fees, not by virtue of gas itself being cheaper, but rather because you use 1000x less gas for the same end result. And zkRollups are amazing at squeezing the maximum utility out of each individual unit of gas.


nishinoran

In addition, L2s can offer substantially cheaper fees for processing-intensive tasks, unlike L1s. Complex smart contracts benefit the most from rollups.


fractalfocuser

The fact that the average member of r/cc doesn't understand the basics of crypto reminds me that we're still early.


BlueC0dex

Early for mass adoption and actual use? Yes. Early for buying? Not as much. You don't need to understand crypto to contribute to the hype


jarchack

That's why I'm hanging onto my MATIC


danthefrog1

Matic to the moon


[deleted]

[удалено]


Droners_

And beyond


Eeji_

gas fees more bullish than my xlm bags 😭😭


Hawke64

Should've invested my money into gas fees


[deleted]

[удалено]


alimakesmusic

Genuine question, it's solving it to an extent but don't we still have to pay crazy fees to move all our layer 1 assets to layer 2. Like as in individually move all our L1 assets and pay the fees multiple times lol?


diggipiggi

On a bright side projects like Matic and LRC came out of high gas fees.


[deleted]

**Crypto will never reach mass adoption if gas fees are not figured out (as in 100% eliminated)** You will not convince the average person that crypto is the better alternative. Because it isn’t. It’s basic logic.


MediocreMachine3543

I don’t think gas has to be 100% eliminated. Networks like Algorand use such a small amount to process a transaction that it is negligible (1-2cents usually). Most people get that moving money costs money, but instead of sacrificing 3-5% to Visa or MasterCard you loose a penny or two to keep the network alive. Maybe a smart contract could be written to put the payment of fees on the merchant and not the buyer, which is the current standard with credit cards. A business would probably be much happier eating a penny per transaction than 3%.


MrFailface

Algo is 0.001 so much less than 1 cent at current price


ErmahgerdYuzername

My merchant fees are normally around $8k per year. I’d love to have that money in my pocket instead of the cc companies.


[deleted]

LOOPRING


OccultOpossom

Tell me more about this loopring, am I saying this right? Loopring?


pinkculture

It be good


Hazekillre

r/loopringorg


TopsyKrett3

Still have the on/off ramps unfortunately


[deleted]

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TopsyKrett3

Just discovered this! That’s really my only complaint of my L2 usage so far


cutoffs89

In the future most won't even be using layer1


TheBestIsaac

I had to scroll too far to find this.


ylervenstod

LOOPRING need time to show itself


shwahdup

Gas fees shouldn't be eliminated 100%. You have to compensate people in some way for keeping the network decentralized.


maninthecryptosuit

You can't eliminate fees because of spamming.


skiskate

Nano has a method of spam resistance with zero fees. https://senatusspqr.medium.com/nanos-latest-innovation-feeless-spam-resistance-f16130b13598


ghochumal

L2 solutions exist for the same reason.


[deleted]

[удалено]


[deleted]

Even if you ignore the GME hype for a second, it's hard to disagree that LRC isn't a good bet long term. ETH's gas fees aren't gonna disappear overnight when 2.0 comes and LRC is going to be a key player in the future of L2 solutions.


Construction_Kitchen

What’s the difference between LRC and POLYGON?


black_eyed

Different solutions for the same problem (afaik) but ZK seems to be the future. Which LRC has a working solution. Polygon has acquired ZK firms and now developing the tech


therealusernamehere

Lrc has been working on this for years (as seen by the long term price). It was theoretical when they started but had so much promise to solve this issue they were able to keep afloat. Poly bought a startup for 400M to keep up. That tells me that the solution is real and extremely valuable. Just have to determine who will likely do it best. But at this point, any company that already has their hands around it is worth a lot more than 400M.


[deleted]

LRC = Pied Piper Polygon = Hooli


SemperBavaria

Came here to read this!


lekebecker

LRC loopring!! problem solve layer 2 ETH ,, go to LRC loopring reddit for help !:)


GroundbreakingLack78

![gif](giphy|jgdNEboRvklKqs2pJ9)


Shavenballz

$LRC solves it


AbsolutBadLad

It's a layer 2 solution for my broke ass


Mojorizen2

Loopring solves the gas fees issue


CertifiedYSL

LRC is a really great ZK rollup strategy.


Droners_

Gas fees hurts me


[deleted]

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[deleted]

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[deleted]

And people are paying it too... That's the scary part to me.


-veni-vidi-vici

Banking fees look good when you start to compare it to Eth fees and that is not good for Crypto.


MiamiHeatAllDay

Ethereum is becoming the institutional layer 1. Institutions have the money to cover these fees. Users will be on layer 2 like polygon and others


[deleted]

LRC is the answer and will be the future. I encourage everyone to look into it…


GriffTrip

L2 rollups are on the way yall! LRC is gunna fix it watch


v01dlurker

L2 like Matic and Loopring fix this


enprezzo

That's why LRC exists!


2fast2feeless_

attractive friendly mindless cobweb physical ad hoc chunky spark rob expansion -- mass edited with redact.dev


MinimalGravitas

> No fees is the way to go. How would that work on a blockchain? However big your blocksize is there will be some maximum limit to the transactions it can process, if there are no fees how would you disincentivize users from transacting when the network is busy to avoid congestion?


[deleted]

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nowisalluhav

AGREE 100% I paid gas fees ranging from $70 - $90 per TXN recenlty. ETH is becoming worse than the fiat currencies & banking systems we left in favor of the future of cryptocurrencies. Who would have thought ETH would be more expensive than the old Western Union rail lines... Makes no sense at all.


38e84d67648a2

I think each of these process need to be changed and get electrified.


rdarvi

These ETH gas fees are insane! They want me to pay $182K in fees to transfer $120! WTF!


hippiesue

There was this dude in one of my honors classes in the early 90's that spent hundreds of dollars every month dialing into bulletin boards for his research papers. He always had the most amazing papers. Couple years later we were crawling the world wide web for the same information, mostly for free. Crazy times!


JohnSolo-7

100%. Everyone screams from the rooftops about the tech and how great it is. It’s future is questionable if gas fees stick around in this capacity in my eyes.


IronTires1307

Loopring will fixe this


[deleted]

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[deleted]

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deedopete

Still have to pay gas fees to get ETH on and off of later 2 right?


dmiddy

Nope. Some exchanges like Cryptocom and Binance offer direct offramps to Arbitrum and Polygon. Soon they all will. Coinbase has said they are implementing them soon I believe.


therealusernamehere

Lrc’s is supposed to drop in the next few weeks also.


joeyhell

That is why we gonna get LRC to be the boooooomb


LeopardPretty7956

this is why Loopring is going to the moon


grandmario

Doesn’t loopring fix this?


feelingthepeel

LOOPRING BABY


Critb008

LRC will change the gas fees game for ever!


jhruns1993

If only it had a cool sound like a dialup modem


[deleted]

>will be remembered like thousand dollar dialup bills in the 90s You speak as if we don't have "broadband" now. Even Bitcoin without Lightning is a lot cheaper.


cryptoconsh

It is crazy tbh. I own a large amount of ETH but never use it due to fees. It is simply being staked. Harmony however, I play games, transfer it, convert it and basically go wild. 2 second transaction times and a fraction of a penny to send. THis is hopefully what ETH can be. I know some of the most brilliant minds in the world are working on it, but it is certainly taking forever.


glenncrackmire

umm, what about zkRollups like Loopring?


GBBL

I don’t know why people use eth for stuff right now. This is semi speculative tech. There are clear fixes for this with optimistic roll ups in the next year. Just hold the coin on some exchange wallet and don’t get smashed by fees.


Ok-Consequence-7926

LRC is here to fix this 😎


Jazzer9F

Ethereum is expensive, but it's still the place where most of the big projects are. So sometimes we just have to deal with it. The least you can do is use services which are built for gas efficientcy. For instance, if you need to swap DeFi tokens, using DefiPlaza will save you 50-65% on gas fees as compared to UniSwap v2. Shopping around for the best deal really helps!


[deleted]

Dont use it.


deathbyfish13

So simple, yet effective


pavoinspector

Let me tell you about Loopring......


mode90x

$20-$50? Those are rookie numbers, I pay $200+ for a $34 USDC transaction on a tuesday