You are reading a single comment by @apc and its replies. Click here to read the full conversation.
  • Those fees are driven by a broken system, gas fees are outrageous at the moment, as soon as a cheaper alternative comes along people will jump on it, who wants to do a low value transaction and pay massive gas fees

  • when eth 2.0 comes it may reduce gas fees which again is a reason for users and developers to abandon the POW ship.

    Worth noting though that litecoin forked to try and solve this same issue by increasing the block size but it means you need super computers to run a node (rather than say a raspberry pi). Which means there are currently only 100 nodes on the litecoin network which means its no longer decentralised in the same way bitcoin is. I don't really know what will happen with eth 2.0 but my original point was that if its better then users will dictate if old eth dies rather than miners.

    BTC is a whole different bag as its not 'used' by users and is a store of wealth so miners probably do have a bigger say as there is less incentive to move to something else.

  • Fun fact....when you start a bitcoin node it downloads a seed list from something called a seed node. There are six seed nodes hardcoded into the bitcoin core wallet. Take out those six nodes and that's Bitcoin temporarily dead.

    Each of the six is operated by different bitcoin Foundation members.

About

Avatar for apc @apc started