Little Guy to the Sidelines - Crazy Gas Prices

By kev_nag | kev_nag | 13 Feb 2021


I'm just a casual retail investor who does my homework. This morning I learned first hand what I've been reading about gas prices on the Ethereum chain. And for sure, it was not a happy lesson.

After a lot of independent research, as well as reading a bunch of articles here on Publish0x, I decided that today was the day to finally pull the trigger and take a long position in Ampleforth at around $1.20. Now, I'm not rich by any means and don't have a lot of Ethereum to play around with. So I went to the trusty Uniswap interface and connected my Meta Mask account and attempted to buy 30 Ampleforth, which I thought would be within my budget.

After hitting Swap, I was shocked! To purchase the 30 AMPL I wanted, the network fees were in excess of $80.00. Needless to say, when I picked my jaw up off the floor, I cancelled the order.

This was very disappointing to me and should be disappointing to all the casual small non whale investors out there. These excessive network fees are acting as a bar for the ordinary investor to enter the market and make a profit. No, I didn't and don't expect to get rich overnight buying only 30 units of AMPL, like I tried this morning. But, it would have been a start to accumulating a sum of this coin in the future. However, the gas fees sent me to the sidelines and put me on the bench - for the time being.

Maybe Ethereum 2.0 will be the panacea for small investors like myself. Who knows for sure, but we can only hope.

How do you rate this article?


2

0

kev_nag
kev_nag

Just an ordinary casual crypto investor.


kev_nag
kev_nag

Retired, finally. I enjoy learning about crypto and sharing my discoveries. Also, I follow the News closely and enjoy discussing current events. I have no political agenda, but advance views based in reality with a slant toward real world consequences.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.