There is no denying Ethereum is taking full advantage of this bullrun to smash through to it's previous all time high.
This is fantastic news for those holding Ethereum, and projects like wLeo that are based on Ethereum. wLeo liquidity went from $500,000 to $1.2M mostly due to the price of Ethereum bringing the price of Leo to $0.54.
It is not without side effects though, just to trade a few tokens on UniSwap you will pay around $20-$25 in Gas fees right now.
NFTs like Gods Unchained have been completely unusable for months as the transaction fees are more than what most of the cards are worth. They are working on their own system to minimize the cost of selling cards.
The gas fees have also made Defi out of reach for most users. I always try to only be involved with Defi if it is at least a $5,000 transaction. This helps minimize the fees and makes it less of a concern.
This has a big effect on projects like wLeo where it is better to just power up Leo than wrap it and provide liquidity as the fees require you to wrap and stake a lot of Leo or you lose most of your investment due to enter and exit fees.
To put liquidity in wLeo right now would cost around $40-50 round trip, or about 80 - 100 Leo in transaction fees in addition to the ~25 Leo or so Leo to wrap & unwrap. While this isn't a big deal when you are investing 10,000 Leo, anything less than a few thousand it is pretty significant.
If you look at current gas prices, they are not even near the peak, I've seen over 400 Gwei, just in the last hour we have peaked at near 350 Gwei.
Who knows how much of an impact Ethereum 2.0 will have on transaction fees, there are promises it will solve all the transaction fees issues but that remains to be seen.
While I am not a big fan of Ethereum (mainly due to scalability and unpredictable transaction fees), one thing is clear, nearly every time I pay transaction fees on Ethereum, I'm making money.
Why you should vote me as witness
Posted Using LeoFinance Beta
Thanks for the report, @themarkymark. Will Ethereum be measured by the Gold Troy ounce, soon?
Ethereum, network for the rich? :)
It really how it plays out, hopefully Eth 2 will fix it, but right now you got to have money to make money.
Posted Using LeoFinance Beta
giggity
i hate gas fees. i just paid 2+ dollars to send my eth for one wallet to another...
Posted Using LeoFinance Beta
The gas fees are just stupid at this point; with defi on Hive this would be a potential game changer...
Oh and by the way: ETH is going to be at 4k in the next weeks :)
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-eth-pattern-confirmed
Oddly Ethereum has become my biggest holdings. Ethereum and Bitcoin fees are embarrassing.
It's an interesting one, what type of highs do you think it'll hit? we think it'll get up to around 2,500 USD the projections are crazy though, thank you for the update on GAS prices. We have a small holding of ETH and ChainLink which also seems to be making seismic moves, our main holding is Electroneum, we bought that just after ICO over 3 years ago and have been buying the dips, we really like what this does, it'd be interetsing to hear your thoughts on Electroneum / AnyTask thank you.
I am a firm believer if anyone tells you where a token will be tomorrow, they are full of shit. So your guess is as good as mine.
I am unfortunately not familiar with either.
Posted Using LeoFinance Beta
Ah interesting, we invested in ETN due to what it was dev'd for a way for people to buy electricty, air time, construction items etc in 3rd world countries, initially it was to be for gaming, Anytask is basically Fiverr utilising ETN to create mass adoption, thank you for the reply
I just hold most stuff on the centralized exchange until I have enough to make moving it off worthwhile.
I usually just tell crypto noobs to practice transactikns with cheaper chains like ltc or xlm before messing around with cosy guys like eth and btc.
I like eth because Vitalik Buterin is the second coolest guy in crypto next to John McCoffee
Does Vitalik tell people he walks around with women's underwear as a mask? He would be as cool as Macafee if he did lol
The things we have to do for attention these days. I love that guys interveiws and I'm sorry he got caught. He would make a better president than Trump.
Yeah I know lol. The things people do just for headlines. They just rely on headlines instead of actual content of a piece most of the time.
Sorry it's taken us this long to meet. I was directed to this article recently and finally was able to sign in.
I'm trying to set an alt account to follow this accounts upvoted comments. Not posts but the comments I upvote. Is that "new vote rule" or "new trail vote rule" and does that only_main_post need checked?
I appreciate your time. Thank you.
As far as I know upvoting comments is disabled, but I haven't been following closely.
Appreciated!
Who is John McCoffee? Sounds like a drink from McDonalds
I think that's a McCafe. I just can't spell and coffee is most familar.
They say it’s gonna be a good year for eth, I hope their right
Wow. now its ethereum in the bull market. Lets see how far it can reach.
To the moon buddy!!! I am waiting for the 1500 Dollar! hahaha
Posted Using LeoFinance Beta