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Goodbye Gas Fees

every.to

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Re: Goodbye Gas Fees

#71

Post by btown »

soco wrote: post #59
btown wrote: post #45

Earlier quoted context omitted.

Think of Ethereum instead as the tamper-proof store for the audit log of the history of all smart contracts in the world. While in the early days you could just transact on that, it doesn't scale if everyone's trying to "write to disk" for every single transaction all at once. So the article, and the companion piece by the same author at https://every.to/almanack/defriday-2-polygon-s-surge-ethereu... describe ways to…

What guarantees there are for what happens off-chain? Because if that is garbage, the Ethereum will store tamper-proof garbage.

The thing off-chain is itself a blockchain, with miners incentivized to work in good faith. I imagine, though haven’t verified, that ensuring the right consensus is committed to ETH can be figured out with mutual staking orchestrated via smart contracts on both ends.

Re: Goodbye Gas Fees

#73

Post by chollida1 »

obulpathi wrote: post #17

Why use L2 when one can have a better experience with much lower fees (Solana, Avalance, Flow & Near). The new generation Blockchains like Solana and Avalance are far better than Ethereum. They are going throgh some growing pains, other wise, they beat Ethereum to dust in terms of speed, latency and performance. Solana takes a second to confirm a transaction, with 0.00025$ fees and can support more than 100,000 tx/s.…

> The new generation Blockchains like Solana and Avalance are far better than Ethereum.

There is only one metric that matters and that's users on your platform. I like Solana and am somewhat neutral on Avalanche but they just dno't have the users, or developers or ecosystem that Eth has.

If they were truly better then they'd be winning. So far the users have voted with their dollars and developers have voted with their time and claimed Eth is better.

I hold alot of SOL, but atleast ETH is decentralized. SOL is very much centralized both in terms of ownership and in terms of nodes.

I mean, they managed to get all nodes to shutdown in a coordinated manner a month ago. I was fine shutting my node down but it was strange that all node owners could get together in a discord group and make that decisions in under an hour.

Re: Goodbye Gas Fees

#74

Post by f0xJtpvHYTVQ88B »

> What most people don’t know is: Gas fees on Ethereum are supposed to be high. The goal for Etheruem is not to be the chain most consumers transact on. It’s to be the settlement layer for a number of other chains sitting on top of it, which can run much faster and much cheaper, because they’re backed by Ethereum’s security and infrastructure. In other words: the consensus layer for a variety of networks.

Is there is source where Vitalik states this? Is this was the case then why bother creating Eth2?

Re: Goodbye Gas Fees

#76

Post by AnIdiotOnTheNet »

jacob_rezi wrote: post #13
beachy wrote: post #6

Earlier quoted context omitted.

I would like to understand more about your product. Does it ensure the accuracy of your resume? I.e that you really did work for Google since 2020? Or is it more to simply ensure that the content has not changed. But if so, who cares if your resume has changed?

This is the first step we've taken towards the bigger goal of ensuring truthfulness of the experiences on the resume. But for now, it does two things - ensures the resume has not been altered since created (think recruiter's incentives to do so) and serves as a promise from the job seeker that the resume is truthful. We're just launching, so let's see how it evolves over time

You just need bog-standard ancient cryptographic signatures for that. Aside from bockchain-hype, what value does using a blockchain bring to the table?

Re: Goodbye Gas Fees

#77

Post by AnIdiotOnTheNet »

jacob_rezi wrote: post #42
sour-taste wrote: post #33

Earlier quoted context omitted.

> You have no idea how your career goals are related to the job you want I don't know whether an employer can help me meet my own career goals, but an AI does? And somehow the blockchain factors into this? This is one of the more patronizing startups I've ever seen.

Cleaned up that lazy copy-writing. Thanks for that. We use GPT-3 to write content following best practices. I am sure you understood that much from the website. Blockchain verified resume is one of four download types along with PDF, DOCX, Drive. Not a huge component of the software by any stretch of the imagination. The software is quite nice, no patronizing here.

> We use GPT-3 to write content following best practices.

Sadly I cannot tell if this entire subthread is actually a joke or not, but if it is, it's a pretty good one.

Re: Goodbye Gas Fees

#78

Post by cableshaft »

f0xJtpvHYTVQ88B wrote: post #74

> What most people don’t know is: Gas fees on Ethereum are supposed to be high. The goal for Etheruem is not to be the chain most consumers transact on. It’s to be the settlement layer for a number of other chains sitting on top of it, which can run much faster and much cheaper, because they’re backed by Ethereum’s security and infrastructure. In other words: the consensus layer for a variety of networks. Is there is…

Almost certainly not. Here's a video[1] from at least back in 2017 where he's criticizing bitcoin for having fees of 5 cents per transaction and saying 'The internet of money should not cost 5 cents per transaction, that's absurd.'

Also here's a more recent tweet from him in July 2020 that says the high gas fees are risking making Ethereum even LESS secure[2].

Also here's his response to someone mentioning his initial quote about 5 cents per transaction and accusing Vitalik that he has since become more accepting of higher transaction fees:

"Wait what? Why do you think half the ecosystem is working nonstop on rollups and eth2?"[3]

I think it's safe to assume that Vitalik does not share the opinion of the linked article that Ethereum is intended to have high fees or that it helps security by having those high fees.

[1]: https://youtu.be/unMnAVAGIp0

[2]: https://twitter.com/VitalikButerin/status/128559311567235891...

[3]: https://twitter.com/VitalikButerin/status/129789601746812928...

Re: Goodbye Gas Fees

#79

Post by ryeights »

obulpathi wrote: post #19

I don't buy the argument: "ETH fees was meant to be high!". Its the same as saying "ETH is meant to be unusable for people other than whales."

I think crypto advocates have moved on to the acceptance stage of transaction fee grief. It’s not a bug, it’s a feature!

Re: Goodbye Gas Fees

#80

Post by thehappypm »

deepsun wrote: post #68
throwaway21332 wrote: post #49

Earlier quoted context omitted.

Bitcoin was always supposed to be a store of value, 21M and all that. The problem is that people think that store of value can't be a currency.

Nope. I'm old enough to remember it was always called "currency".

A currency is certainly a store of value, how could you argue it’s not?
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