Why I can't stand using Ethereum
I had to send $180 to someone the other day on Ethereum. I looked at the fees and they weren't too high, compared to what they have been.
For example, if you compare them to now, they are almost half.
Anyway, I used MetaMask and used the default gas fees.
I received the dreaded out of gas and paid $0.63 for that privilege.
I then chose the faster speed in MetaMask and sent it along.
You guessed it, it failed! Only cost another $0.91 this time around.
I did the Fast speed one more time as I was short on time.
Another $0.95 down the drain.
Finally, I just decided to do it manual, up the maximum gas paid.
This time the transaction went through, I could have gotten by lowering the gas if I was willing to wait longer, but it was a checkout cart that requires you to send it in a certain time window to complete the transaction.
This relatively small every day style $180 transaction cost me $3.46 in fees and took around 12 minutes start to finish.
I always joke around that ETH is where projects go to die, but this is an atrocious user experience. ETH2 promises to fix this, but who knows when that will go live and if it will in fact fix it.
The fact that many of the current tools cannot properly estimate the gas fees is a big stumbling block. It's one of the reason most of us take Hive for granted. Free fast transaction is an amazing user experience if you can manage to keep it sustainable in some way.
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The absolute worst!
I had a hell of time when the UniSwap madness was going on, and just kept telling myself...This can't be what ETH people deal with daily.
You are right man, we do take Hive for granted. As much as we may complain about it, my goodness, it's like night and day for actual user experience.
You're right we do take hive for Granted,.. more reason for us to hold on to it dearly
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I've long given up on having transactions in BTC or Ethereum. There are a lot of cheaper and more efficient ways of transferring value . Time being considered is of utmost value too
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fk, lol it feels like iv'e been forced to buy more ETH lately i.e uniswap pools, games etc. need a bit of that going on here. :)
Same, no question you can make money on it.
Gas fees are awful. It's a terrible user experience. The exchanges also like to overcharge with ETH, too.
I usually use xrp when buying or transferring (don't worry about the state of my mental health, I don't HODL that). It's fast, cheap, popular, and stable on most exchanges. The exchange I usually use to purchase more crypto has insane fees for removing BTC and ETH. Anything not on coin base wallet (my preferred software wallet to shill with) is too niche in my opinion.
It temporarily supported Hive, but has stopped now. I can still use Steem for like 0.01 or something but won't touch that garbage even to save $$$.
Reading this was such a pleasure.
Advice to all who see this:
Want my fat UP?
Just say
XRP = junk
Steem = garbage
😀😃😂
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Hmmm?
XRP = junk
Steem = garbage
Cha-ching!
If XRP is junk, Steem is the fumes from burning garbage.
We have 2 of the largest global crypto exchanges and quite a few smaller Chinese and Korean exchanges tainted by greed (either they are incompetent, lying or most likely both), and the 18th (tron), 57th (bittorrent), and the 134th (steem) largest coins completely compromised in their governance systems.
XRP just has issues with their ninjamine and potential centralization. I don't think it's morally compromised to the same extent. I think it's more of a well-managed powder keg. That's why I don't hold. Short speculations and gambles only.
Don't mind me. I was trying my hand at that free money game I stumbled into outta nowhere and couldn't refuse testing my luck.
I thought you were alluding to the difficulty in distinguishing between junk and trash.
Since our exchange, xrp is doing well, I should have slept on it.
Just messing around.
XRP deserves an explanation. It works, but the cofounder owning billions and wanting to get rid of it asap makes me nervous. He doesn't want to gain from the profits of his sales and plans to donate it all to charity. This is not comforting, especially considering there is nothing particularly special about XRP. It's like the community couldn't care less about their ninja mine. I've made money from XRP but it's too much of a cult. If they burned their excessive tokens, I'd be more comfortable. Definite serious yellow flags.
Steem, is what happens to xrp if instead of managing their ninja mine tokens according to the consensus, they use the proceeds to buy drugs and start fucking around with the tokens while high. It's just an embarrassment to the entire crypto community.
Take a look at DigiByte. Simple UTXO wallet install (long initial sync though, like the rest of UTXO) and extremely fast transactions with next to zero fees. Listed on a lot of exchanges too. https://www.coingecko.com/en/coins/digibyte#markets Let me know what you think.
I know of digitbyte. It's one of the best proven payment systems.
It's not on my fiat exchange, so I'll still have to use xrp, but I'd actually hodl digibyte. I think POW makes much more sense for security than staking and I don't have to worry about whales, exchanges, or institutions messing with me.
There are lots of payment tokens far better than xrp to transfer money. I'm still waiting as I think the investment phase for that was 2020.
Good tip. Maybe I'll add it to my watch list.
Happy to be soaking up this good understand of where I going to be, Thanks @themarkymark for speaking on this, lol everytime I on the LeoFinance io, I feel like I am reading people blogs from the Future.
I was planning on minting an art nft a day ago on an ETH based platform, which I had planned to sell for about $13.00 USD...but the gas / transaction fees were going to cost $19.00!!! By contrast, it costs 5 swap.hive to mint a piece of art on NFT Showroom. ALWAYS 5 swap.hive, every time.... And that consistency is deeply appreciated!
I wonder if I ever will understand those NFT's...
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That's what you're talking about. I've been sick of this shit for years. I use litecoin almost exclusively for transfers. Never had any problems with it and everything always went quickly.
I'm also curious whether ETH2.0 will solve this, but I don't think so. Will end up with a solution that is anything but user-centric.
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If it does, it will be a brave new world.
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I trust in ETH2
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Blackcoin did proof of stake in 2014... its still worth 3 cents a coin last I checked.
Until it gets hacked. 🤣
Ethereum is where most of the DeFi action is taking place lately and the way fees work, on top of raising the cost, makes the experience a nightmare. This is one of the reasons new EVM based architecture chains using POS as xDai or Fuse are popping up. Once you try them, you even hate more going through the regular ethereum experience.
There is no question you need to use ETH if you want to make bank. There are a ton of opportunities but most of them only work if you have a large bankroll to minimize the ETH fees.
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And even then you're playing with fire. You're dependent on centralized smart contracts, i.e. you're trusting someone else.
Real Crypto, crypto that is safe, is trustless.
I literally tense my shoulders and clench my draw every time I click confirm on Metamask.
The other day it wanted to charge me $9.00 to do a $60 swap on uni, I just aborted it.
When I think about ETH I can forgive every Hive shill post I ever saw!
Anytime you interact with a contract, the fees skyrocket. Transfers can be done under a dollar, contracts interactions are typically $2-$15.
That being said, most of the time I am interacting with a contract I'm making money. The fees just hinder small transactions.
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This. There are all sorts of opportunities to earn here already with much less pain than on Ethereum.
SO maybe getting smart contracts on Hive before ETH2 could be a smart thing? Just don't know how we get everyone's attention as that seems to be the most difficult thing
I'd love to see native smart contracts.
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ZK-Channels formerly known as BOLT labs is working on Zero Knowledge private smart contracts. They would be executed with Z addresses and would require a viewing key only the buyer and seller could touch. So all trades would be private, even done via public relays.
Why does anyone put up with it? Some of my BAT ended up somewhere it will cost more than its worth to extract due to gas. HIVE spoils us with free transactions and more people need to know about it.
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I would suggest you use Tron instead.
Wait am I joking or not?
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Eth classic before tron.
When the projects end up 'dying' on ETH, where will they go?
Is a 3 second transaction quick enough for Hive in this day and age?
Thanks
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Just fade off into the sunset. Seriously though, my statement is more akin to what happened to Gods Unchained. It got massive funding through first round of selling their initial packs. Then once they put them on chain, people realized the transaction fees are so bad you can't even sell your cards if you wanted to.
Some companies come up with a solution, like Gods Unchained are working on their own contract that is suppose to help solve the transaction fee issue, still waiting to see how it turns out as I have a lot of cards to sell.
For most things, yes as it is way faster than most places, like ETH is 10-20 seconds, and BTC is around 10 minutes.
That being said, interactive dApps like games can see a huge improvement to user experience with a quicker blocktime. This is a lot more difficult to do as there will likely be more missed blocks and problems with witnesses. I believe @blocktrades is considering a side chain solution that I believe heard mentioned is considering a 1 second block time.
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I agree! So many people seem to be avoiding the elephant in the room that is transaction capability of BTC and ETH, let alone Dapps built on top of them! Its frustrating when people say that 'it will be okay eventually'. We don't have eventually. We need BTC and ETH to have enough transaction potential now without the fees going through the roof. Arguably that they could even manage the volume required to be 'money' or even gold. That's a good idea to have a side chain!
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Is emulating that disaster but with Resource Credits part of the plan for Hive?
¯\(ツ)/¯
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The first time I ran out of resource credits, it motivated me to get more Hive Power. I do see your point though.
Can't see a model like that creating much demand, as accounts would only purchase bare minimum to suit their needs. Could come a time that small amount needed is too pricey, then nobody is buying it.
I think small amounts will always be easy to come by, especially with RC pools then. It should mostly motivate the applications to get rather large RC quantities to run their services.
You have a point. I could invest my inheritance into this, but that won't happen.
However in theory, I would own so much Hive, with my extreme view points on personal responsibility would definitely rub off the wrong way on a lot of new users who don't understand how to use HP or RC.
Not saying I would, but if I wanted to be a technocrat elitist and buy 50 of the Hive on Bittrex it would likely piss people off.
i don't understand it fully (so i don't know how expensive could it become) but the main difference is that you still own that hive. maybe in some future you would need to invest 50$ to transact, but that is one time investment.
At least you got the money back by posting about this trivia. I can spend hours on a meaningful content and get a fraction out of it.
Some days I spent a ton of time on a post, sometimes I just post what is on my mind. I don't vote on my posts and I have no control what they make. I also respond to almost every comment left. $4-$10 a post is better than 90% of the posts on Hive.
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Watch your tongue! It could be worse. 😉
Interestingly Bitcoin cash has the lowest fees for a major coin - if you just want to send a relatively small amount to someone who can't access Hive.
The whole ETH gas system is the worst way to manage the costs of running the network.
There are a number of other ways of which Hive is the best, both in using much less computing resources per transaction and allocating these costs in a way that is seamless to the user.
I recommended DigiByte a little higher up. Great, secure UTXO coin with worldwide reach, extremely fast transactions (for UTXO) and next to zero fees. Initial setup is exactly the same as Bitcoin cash. What's best is that any surprises with DGB would most likely to be to the upside. As chance would have it, I'll be posting some specifics tomorrow, so keep an eye out. 🙂
I got screwed without consenting to the DAO in 2016. I used the logic "screw me once, shame on you. Screw me twice..."
Never got there. Never touched eth since.
As we used to say in our private chats, mETH is bad mmmkay...
I know that there are a lot of people out there that hate EOS (mostly ETH faithful), but it is so much easier to do things like this than ETH. Heck Hive for that matter is so much easier. I don't understand why people hang onto technology like that. It has to be the whales who can afford the gas fees that are propping it up. It certainly isn't the average user.
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I'm so glad I never got into ETH, I wouldn't be able to stand those kind of fees.
Well out of gas means your gas limit was wrong not the gas price. So increasing gas price by setting it to fast wont do anything.
Yeah I know, just MetaMask doesn't handle it well unless you manually go in and change it.
The gas fees are ridiculous! Right now there's a lot of great DeFi projects in their early stages, all fundraising using UniSwap, everyone is constantly crying about Gas Prices. That's where I think that a model like what Reflect ($RFI) or Stargaze ($STGZ) are doing is clever because they are redistributing the fees to the token holders prorata based on ownership %. This also gives a great incentive to hold since the APR can be quite high if there are a lot of coins changing hands.
Obviously here on $HIVE we are lucky enough not to have to deal with that problem, it would really kill a lot of the dApps in development!
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This is really frustrating, probably the gas limit was set too low, not the gas price.
hive fees and speeds are the best :)
0.000 fee
I don’t think ETH 2 will really fix it maybe a marginal reduction which will help but as it gets more users and more transactions we will be back to these same issues I try to limit my ETH and for BTC I’ve been using the LIghtning network a lot more lately and only going main chain to drop into ledger
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ETH is really cool with what it brought to the table. No one at the time could even touch it, it was so shiny and fancy and new! Look at all the fun stuff you can do with it!
So... Why hasn't the fabled "flippening" happened yet?
It's always due to the UX.
The fees have always been annoying. The transaction times have always been awkward. The wallets have, until semi-recently, been ugly & unenjoyable.
ETH is literally only surviving due to name recognition. Microsoft is also quite popular, despite it's usually horrendous UX. But, it's the name everyone knows.
If ETH 2.0 really does fix this shit, then obviously that is where the party will be. And honestly, I'm rooting for them. Be it ETH, XLM, ATOM, ADA, HIVE,
TRON(lol, just kidding 💩), I hope that eventually one crypto ends up on top with great tech and a large audience, so we can finally stop bitching and start building.Get on the ADA train! Charles FTW
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I’ve had to abandon playing 0x universe because of this kind of stuff. It became unplayable and I was wondering how many people could be using eth that laggy horrendous way ... anyway I’ve had to leave eth and I’m not planning To go back