Discussion about the meme market and the latest news on meme stonks.
@arakouzo Gas fees are any transfer at all. When you "buy" on coinbase, they don't necessarily move ethereum at the time you do it so you could feasibly buy and sell on coinbase without eth ever actually moving.
But if you want to move it to cold storage, or move it to an exchange to do anything with it, you're losing a chunk at every juncture.
Right now buying Eth appears to have about a $9 surcharge attached, so I think that you are in a way paying for it. But you'll get hit again if you move off coinbase.
Right now gas tracker has fast transactions at 166 GWEI. Transfers take on average 21,000 gas. At prices right now that makes an Ethereum transfer cost around $6, and a token transfer close to $16.
At these rates, a $9k Ethereum would cost $31 to transfer and $80 to transfer a token.
Creating a contract is already between $200-$800 due to the gas rates. It's not a viable option until they resolve this.
@redpillschool Allegedly, this Eth 2.0 thing is going to fix everything in the universe. And AWS is letting people host eth nodes. If Amazon's in, I'm in. Amazon is tits.
Do gas fees come into play if you just buy Eth on coinbase, leave it there, and sell it later at a higher price? Or only when you move it around or have to spend it on exchanges for alts?
@Fawk_Face Your specific 100% guarantee was a 9k ETH before the end of the year.
I'm curious whether we'll see a dramatic market move, like bitcoin to 200k parabolically by August with eth proportionally doing its thing behind it, followed by a major and very sudden crash, or whether we'll see a more controlled rise culminating around December, followed by a month or two of slower bleeding while everyone keeps denying it's over.
@arakouzo We don't really know the ideal built-in inflation and deflation constants to create the ideal currency. The problem with inflation in a fiat currency is that while a small amount of inflation is useful to the economy at large, very particular people are able to unfairly leverage this by being the people who know first what the rates will be changed to and being the closest to the creation of the new currency. If inflation were built into a currency such that nobody benefited according to the algorithm then it could offer the same subtle push to not hoard the currency forever. The problem with Bitcoin and all other cryptocurrencies that I'm aware of is that the initial time to create coins is incredibly easy. This means that there is more incentive to pump endless new coins. Who the fuck has all of those early minted Bitcoins?
My take on the situation is that Bitcoin has been selected to go pretty big precisely because it is highly non-ideal. Segwit can be used one day in the future for a treatified miner consortium to steal / seize coins, transactions times will be slow enough so that an overlayed clearing network such as Lightning Network will be used to make it viable. There is already much better tech than Bitcoin. As a forty year old techie I'm quite aware of how often the worse and more corruptable tech wins out simply because it is pushed by major corporations and government. As I often do here I'll reference my normie mom (since I don't care to know any other Western normies at this point in my life). She would absolutely jump on an Apple iPhone Bitcoin system and she would feel like a hipster rebel while doing it. Go girl! Bitcoin has that sort of easily recognizable sexy factor while actually not being that interesting anymore (from the perspective of someone who knows anything or something).
The elite's drag society forward by the nose ring. Now Bitcoin might very well be the huge investment opportunity since millennials and Mom can both be convinced of such a thing for different reasons. I'll argue though that when you have Hollywood, Big Finance, Big Tech, Big Sports, etc all pushing BLM then it's probably not quite where it's at, know what I mean? Mom is pretty good at being an advanced more intelligent than average absolute-normie-norm and it's sometimes done pretty well for her. I'd just caution any actual rebels to consider how rebellious they are actually being when they standing hip-to-hip with Mom. Make a profit, play the game fine. How much of it though is fundamentals, how much of it is the corralling of an absolutely captive population with their 401k's and all of their managed stupid-ass smart money?
Someday soon the globalists might have such control over the world that a few generations have grown up without knowing what a genuine economic breeze feels like, but I'll be damned before I go off into that easy night before my time has come.Read More
@jpwilk Most but not all cryptos limit what can be mined. By design, they get more and more difficult to mine over time until eventually it hits the maximum amount allowed to be circulated and there's no more to mine. Then, people just trade around what exists.
Other cryptos don't limit mining in that way but periodically burn off coins. Some inflate forever, but those are usually situational tokens that get used for stuff.