I was fully invested in ETH in 2019 because I believed in the future of the technology and its token. I was right, ETH value went really high compared to the $40 price it was when I bought it. But that’s not the case right now. The issue is the gas fees that people are always complaining about. The security of the Ethereum blockchain is really tight, quite good, but does that warrant the outrageous gas fee? 2 years ago I would have sold all my Altcoin for ETH but today the reverse is the case.
I don’t know anyone that owns ETH, except those that bought when it was really low and they have it stuck in a Decentralized exchange because they are scared of the gas fees if they try sending to an exchange where they can exchange it for another coin. Ethereum paved and gave other developments the foundation where DEFIs and NFTs were built on but lost people with the fees. I wouldn’t want to HODL something that I feel the future is little bit shaky in my opinion. The transaction time is slow and too congested, everyone complains about it, then my question is “who uses Ethereum?”.
Ethereum high gas fees gave coins like SOLANA and AVALANCHE the room to shine. How can you have so much potential and utility but decided to fumble your bag by making the fees outrageous. Is that pride? Why do you feel that people will be so cool with the high price then turn around and come up with an idea of burning the transaction fees people are paying a lot for all in the name of upgrade. No, I feel Ethereum is the biggest bag fumbler in the crypto community of 2021.
It doesn’t sound logical to me though, the network is always congested, and yet people complain about the gas fee, who is using it then? We have been hearing that everything will be sorted out when Ethereum moves to POS(Proof Of Stake) mechanism or when ETH 2.0 is released, but for how long are we going to keep waiting and hoping. I have been hearing this for 3 years, and within those 3 years more innovations have sprung up and gain a lot of attraction and value, like SOLANA.
Well lots of people are really optimistic about ETH future, and don’t get me wrong I don’t think ETH is thrash, it’s one of the best token and technology in the list of crypto, I mean, it’s number 2 in market cap, but what’s the use when people can’t afford your gas fees, when crypto is supposed to make transaction cost cheaper. If you have used SOL, ALGO, AVAX or even our dear Hive to do what ETH is being used for, you will realize that you are being cheated on and treated unfairly with Ethereum’s high gas fee.
The most outrageous thing I have ever seen in the history of transaction is paying $200 gas fee for a $50 transaction. Seeing this made my choice of abandoning ETH a lot easier, why would I do that? Pay that much for so little when I could easily do that on Hive for free.
The price of ETH could have easily gotten to $10k this year if the gas fees was not a barrier, at this month I feel it’s only institutional traders that use ETH. Because those ones invested when it was really early and paying that much gas fees is nothing compared to the profit they are making from it. These people can boldly say they are investing on it for the safety and security, which is logical but I can’t be trying to secure my $50 money value with $200 gas fee.
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We have already stopped using ETH a while back and actually sold the last little bit we had. Using other second layer or EVM solutions have been way more profitably and do the exact same thing at a much cheaper and faster rate than ETH. The only people that really can use ETH at this point are the institutional players and the whales that got in early. But they are sounding more and more like the BTC Maxipads these days.
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It is a serious matter actually.
I heard of ether I um back then too, but wasn't to sure holding it.
The gas fees are actually high and would really love to know their game plan on it. Because with other block chains coming up they ll have enough competition and their holders will feel stuck.
Well time will tell, let’s see how long people will stick to them
I don't use ETH ever again. I think the last time that I did that was when I sold my axies ages ago before it hit become ATH.
Most of my transactions nowadays are with Hive engine because it is free plus some of the projects in ETH if either too expensive - the fees are astronomically high.
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ETH transactions are for the rich
I am rich in debt will that be applicable hahah.
Yep Gas Fee is big reason to worry. SOLANA SOL is more attractive to people these days but still People will go with Old and trusted ETH just like BTC. 😂😁 !PIZZA !LUV
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Realistically speaking yeah, people will definitely go for ETH.
Ethereum will always be used, just that not all of us will afford to.use it.
Yeah definitely, great blockchain with great security
Well I'll be damned. I'm glad I'm stuck with hive
Same here
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when you bought $ETH for $40 in 2019, I was not that lucky to see that price, nor my exchange
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Well, dumb me sold it