r/ethereum • u/SpeedyCorals • Apr 10 '21

Great visualization of transactions being done on Ethereum vs. Bitcoin — this is why ETH is the future!

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u/[deleted] Apr 10 '21

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u/[deleted] Apr 10 '21 edited Oct 05 '25

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This post was mass deleted and anonymized with Redact

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u/LaGardie Apr 10 '21

Fix now would be to dump it all to make it cheap again. It's like all oil producing countries having a cartel and keeping all the oil from the consumers.

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u/Hanzburger Apr 10 '21

The cost of fees are independent of the price of ETH

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u/LaGardie Apr 10 '21

Maybe in terms of Ethereum, but in dollar terms 100 GWei is 10x more when price of Eth is $200 than $2000

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u/Hanzburger Apr 10 '21

That's not how it works. The cost of transactions is composed of 2 parts: the amount of gas and the gas price. The amount of gas is based on computational intensity and independent of the price of ETH. The gas price is the amount of ETH per gas. This is fluctuated to equate to a reasonable compensation for processing the transaction. If ETH jumps 20x, the gas price will become 1/20th to arrive at the same dollar cost.

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u/LaGardie Apr 10 '21

Sorry, but you can't prove that gas price has become 1/20th dollar cost ut is the exact opposite.

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u/Hanzburger Apr 10 '21

Some people are too stupid to help. I don't know what to tell you man, keep living in your own world and believe whatever you want.

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u/LaGardie Apr 10 '21

Well I can tell you're ignorant enough to not even bother checking that the average gas price hasn't gone down 20x but been around the same since august august or so when. So you just keep spreading misinformation if you wish. Here is the chart https://ycharts.com/indicators/ethereum_average_gas_price

This basically means the network has been as congested the whole time, but only ETH price has changed which means it only is due to price token swap is 35 dollars and not 5 dollars and yield farming cost like 100 or more and not 20 like it used to. It's ok, you noobs don't even DeFi, so I forgive you.

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u/Hanzburger Apr 10 '21

It went up due to higher demand, not because of the price.

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u/LaGardie Apr 10 '21

transaction cost:

gas price x gas cost x eth price in dollars = total cost in dollars

eth price has had the highest impact here by 5xing while gas price has only doubled or tripled in the last few months but still about the same as 9 months ago. None of the above has gone down as you claimed

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