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Ethereum has blobs. Where do we go from here?

vitalik.eth.limo

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Re: Ethereum has blobs. Where do we go from here?

#111

Post by ArtTimeInvestor »

dgellow wrote: post #105
dinobones wrote: post #73

Earlier quoted context omitted.

The day a network exists where you can reliably send like $0.001 of value with little/no fees is the day the internet changes forever. So many ideas are infeasible right now because CC fees are high, and making any payment is extremely high friction.

In Europe sending money from one bank account to another is generally free and often almost instant

Thats news to me. Can you link to a page of a bank in Europe where they state that they offer free instant money transfers?

Re: Ethereum has blobs. Where do we go from here?

#112

Post by pavon »

pa7x1 wrote: post #46

I'm going to leave here a few dashboards that might be interesting: See Ethereum scale day by day (today Ethereum is doing 160 tps, more than 10x its initial throughput): https://l2beat.com/scaling/activity You can now settle your transactions on rollups for mere cents: https://fees-growthepie.streamlit.app/ Neat dashboards regarding blob usage: https://dune.com/hildobby/blobs What's coming... With the current number…

For context, Visa and MasterCard combined average 10k's tps, and are capable of processing 100k's tps at peak. So if it works out, that would put Ethereum in the same ballpark.

Re: Ethereum has blobs. Where do we go from here?

#113

Post by cesarb »

ArtTimeInvestor wrote: post #77
dinobones wrote: post #73

Earlier quoted context omitted.

The day a network exists where you can reliably send like $0.001 of value with little/no fees is the day the internet changes forever. So many ideas are infeasible right now because CC fees are high, and making any payment is extremely high friction.

Even if you can send $1. Users dislike paying on the web because it is a security risk. Because of this insane system of credit cards, where you give the other party a "secret" which enables them to take the money from you. If you could just send the money, the barrier to pay would be 100x lower. Most websites pay the bills via ads. And make less than $0.001 per visitor. If they could sell a monthly membership for a…

> If you could just send the money, the barrier to pay would be 100x lower.

We can already do that here in Brazil: the web site displays a QR code (plus its contents in text form), the user scans the QR code (or copies the text) into their banking app, and confirms it on the app to send the money.

I hasn't AFAIK made any meaningful difference for websites. What people dislike isn't the inconvenience of credit cards, it's the inconvenience of having any paywall at all.

Re: Ethereum has blobs. Where do we go from here?

#114

Post by medo-bear »

danpalmer wrote: post #107
Mahn wrote: post #74

Key quote from the article: > Many have argued that the lack of large-scale applications for the past ten years proves that crypto is useless. I have always argued against this: pretty much every crypto application that is not financial speculation depends on low fees - and so while we have high fees, we should not be surprised that we mainly see financial speculation! > Now that we have blobs, this key constraint th…

5 cents per transaction is high for many parts of the world, and exceptionally high if every interaction in normal life is turned into a financial transaction.

What parts of the world? In non developed countries bank fees are actually higher than in the West.

In Bosnia a most basic bank account costs about $3 per month, or 60 Ethereum transactions (most people usually have 10 - 20 transaction per month). For paying bills banks usually charge a commission fee of 1%. And if you want to send money to someone 50 kms away but across the border the fee is $20 with few days wait for money to be received.

Re: Ethereum has blobs. Where do we go from here?

#115

Post by IncreasePosts »

dgellow wrote: post #105
dinobones wrote: post #73

Earlier quoted context omitted.

The day a network exists where you can reliably send like $0.001 of value with little/no fees is the day the internet changes forever. So many ideas are infeasible right now because CC fees are high, and making any payment is extremely high friction.

In Europe sending money from one bank account to another is generally free and often almost instant

Are you talking about SCT Inst? It seems like there are no fees built into the protocol itself, but your bank can still charge you to use the service, and it seems many banks charge between 1 and 7 euros:

(pdf reference) https://www.beuc.eu/sites/default/files/publications/beuc-x-...

Re: Ethereum has blobs. Where do we go from here?

#116

Post by ArtTimeInvestor »

cesarb wrote: post #113
ArtTimeInvestor wrote: post #77

Earlier quoted context omitted.

Even if you can send $1. Users dislike paying on the web because it is a security risk. Because of this insane system of credit cards, where you give the other party a "secret" which enables them to take the money from you. If you could just send the money, the barrier to pay would be 100x lower. Most websites pay the bills via ads. And make less than $0.001 per visitor. If they could sell a monthly membership for a…

> If you could just send the money, the barrier to pay would be 100x lower. We can already do that here in Brazil: the web site displays a QR code (plus its contents in text form), the user scans the QR code (or copies the text) into their banking app, and confirms it on the app to send the money. I hasn't AFAIK made any meaningful difference for websites. What people dislike isn't the inconvenience of credit cards,…

What if they had $50 stored in a browser plugin and when a website asks for it, they could pay $1 with a simple click?

Re: Ethereum has blobs. Where do we go from here?

#117

Post by erulabs »

fwip wrote: post #103
pa7x1 wrote: post #31

Earlier quoted context omitted.

https://github.com/daimo-eth/daimo

The killer app of crypto is... a wallet app to put your crypto in. Okay.

This is “decentralized Venmo”.

Yes, the “killer app” of internet currency is going to be money transfers. That is not surprising, non-trivial, and quite valuable.

Re: Ethereum has blobs. Where do we go from here?

#118

Post by dgellow »

ArtTimeInvestor wrote: post #111
dgellow wrote: post #105

Earlier quoted context omitted.

In Europe sending money from one bank account to another is generally free and often almost instant

Thats news to me. Can you link to a page of a bank in Europe where they state that they offer free instant money transfers?

It’s pretty simple to see. First result I found: https://moneytransfers.com/bank-transfers/sepa-transfers

For example from Germany to Austria, sending 1200€, I see multiple providers with no fees for quick transfers.

Re: Ethereum has blobs. Where do we go from here?

#119

Post by lawn »

dinobones wrote: post #73
hot_gril wrote: post #47

Earlier quoted context omitted.

Its main purpose is internet currency. The only serious uses surround that via smart contracts, like decentralized exchanges or provably fair gambling (unsavory as that is). Any time someone says "the currency aspect is separate from blockchain," I'd be wary, seeing how the entire point of blockchain is decentralization via proof of work or stake. NFTs can make sense in theory as an alternative to the already-popular…

The day a network exists where you can reliably send like $0.001 of value with little/no fees is the day the internet changes forever. So many ideas are infeasible right now because CC fees are high, and making any payment is extremely high friction.

> The day a network exists where you can reliably send like $0.001 of value with little/no fees is the day the internet changes forever.

Why do you set the bar at $0.001? Even sending $1 reliably and with low fees (which has been doable with crypto since its inception) would be revolutionary in my opinion.

Re: Ethereum has blobs. Where do we go from here?

#120

Post by valcron1000 »

ArtTimeInvestor wrote: post #36

All this crpyto technology is fascinating. But is it used for anything? I asked this in an Ask HN today, but got no answer so far: https://news.ycombinator.com/item?id=39852389 It looks like not a single HN reader is using blockchain technology for anything. If nobody is using blockchain technology outside of blockchain projects, what are the reasons we expect that some day we will? What could be a near term use case…

> It looks like not a single HN reader is using blockchain technology for anything.

> If nobody is using blockchain technology outside of blockchain projects

HN is very adverse to the blockchain space. This is not the best place to look for people using the technology since 9/10 times you would get downvoted to oblivion

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