Bozzlife: Inconceivable!
Let's run through a little scenario:
Say you are shopping online for a very specific item. First you check around to the usual suspects like Amazon, eBay, etc. and you have no luck. This is a very unique item that can only be found in a handful of places.
You do some searching and eventually find the item that you want for $50. You put said item in your cart and proceed to the checkout area. This is where the real fun starts... After you enter all of your shipping and billing information you discover that the calculated shipping for your item is $100!
$100 in shipping for a $50 item is ridiculous right? Would you still buy the item or would you say forget it and move on?
This one is actually a true story: I was looking for a really good deal on some Christmas lights. You would think the price would go down after Christmas, but that usually isn't the case because they know people will still buy them in the future. They just pack them away until the time is right.
I decided to give Alibaba a go. I figured if I can get them directly from the factory I might be able to save some money. Sure enough I found a manufacturer that would sell me the strings of LED lights I wanted for $2 a string with a minimum order of $25 or something like that.
I really only needed 9 strings, but I figured for $25 I could find a use for the other 4 strings.
I went to start the checkout process and sure enough, shipping for that $26 in lights I was buying was going to be ~$200!
Some of you may have guessed where I am going with this, but if $100 to ship a $50 item is so unbelievable why do so many people continue to use Ethereum?
One more true story: I was finally ready to pull the trigger the other day and pick up some WLEO. I went into some swap site (I don't remember which one) to pick up about $50 in WLEO. It was going to end up being about 140 WLEO or something like that.
I was pretty excited about being able to finally hold some WLEO when I was suddenly struck with the GAS fees for the swap. $89 in GAS fees for a $50 swap of 140 tokens? Believe it or not I actually hesitated and for a split second considered doing the swap anyway.
Thankfully, I stopped myself and I am still the owner of exactly 0 WLEO.
It boggles my mind that this has become so widely accepted
It seems a foregone conclusion that with the rising price of ETH, the price of GAS is going to go up as well. The sad thing is the second you mention an alternative like EOS or some other chain besides ETH the Ethereum faithful have a field day taking turns in destroying you.
I understand EOS had some issues in the past. I also understand that many people have problems with the inflation model for EOS, but can you really say that those past hiccups are worse than these current GAS fees that we are seeing?
Maybe it is just the whales who are making all of these transactions on ETH. People who see $100 in GAS fees on a $50 swap is just a drop in the bucket.
Am I the one that is crazy? Am I wrong? If I am not, why do we allow this to continue? Would you keep going back to that shop that charged you $100 in shipping?
Sports Talk Social - @bozz.sports
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https://twitter.com/JayBosworth5/status/1346459587415662592
Damn that's crazy.. I had no idea the fees were so high on ETH..
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I've tried to do a swap twice now and the fees were so ridiculous that I said forget it!
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Yeah they tend to shoot up with price.
The network is quickly getting to the point of not be useable, at least for the average person.
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Don't worry ETH2.0 will fix that... meanwhile you might consider to stop using any services based on ETH for let's say 2 years :)
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Haha, right!
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Yeah in 2 years, minimum.
Talk about slow development time.
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When you think about it. Giving two years to the competition this way, being crippled by the transaction fees. You must be overconfident in the value of you project...
In my opinion it’s a huge risk in these times where everything just pop up in days and can run full speed right from the start. But I might underestimate the power of the people around Ethereum.
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People got a lot of money to burn it would seem.
And once again I am left out in the cold!
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We have a saying in my country: the dumb one is the one paying, not the one asking. It applies pretty well with both of your stories. It's simply, if it doesn't make sense, don't buy... I don't understand gas fees, but the amounts you mention are simply huge imo.
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Yeah, cant blame then for asking I guess. Besides, there will be someone out there paying for it or else they wouldn't charge that.
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I was trying the same thing and was disgusted by the fees. Hive over ETH any day.
Truth!
Damn son, those gas fees are no joke! There's literally no point in doing small transactions on ETH which is what most people like us will be doing! I heard their 2.0 will sort that out but I don't know anything about ETH other than it's expensive to move it!
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Yeah, I have heard that about 2.0 as well, but I think it has been promised for a long time and still hasn't materialized.
Oh really, that's a bit of a bummer... Could be another while then!
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