In case you were wondering ^^^^^^^^^^ I do support the upgrade.
If you read my previous posts about just how much I hate Ethereum because of sky high gas fees, this will come as relief. I hope.
Ethereum is rolling out an upgrade in July of this year to combat the gas price fluctuations with a "fair price" gas prediction mechanism.
And it's combining the network, with some tipping mechanism to entice miners to prioritize your transaction first.
Miners are pushing back, hard core. It's been a very lucrative industry for miners. So it makes sense they don't want any gas caps or throttling of fees.
But I think this will be an amazing test of what cryptos can or can not do. Remember how I said that the crypto community is not as decentralized as you'd believe? and that a a select minority of crypto holders are in fact controlling both the network power, as well as the coins themselves?
Well, because of this, centralization of power, it allows miners to really make all the decisions regarding the network. Including upgrades, or not.
That being said, this is going to be interesting on many levels:
#1) will the upgrade actually go through? There's a LONG way (on a crypto time scale) till July, and a lot can change.
#2) If the upgrade happens, and gas fees are reduced, then ETH becomes less profitable? Its price goes down? Or does the economics of scale kick into over drive, and we get even more transactions because of cheaper gas fees? Which will drive the price up? Reworded: Will the gas fee reduction be enough to entice investors back into the ETH ecosystem? And to conduct more TXs that outweigh the loss of revenue from higher gas fees?
#3) Will the miners want to keep the machines still running if the profits aren't as high? This is the most critical test. If even 10% of the miners decide to call it a day because costs outweigh profitability from gas fee reductions, oh buddy, that's going to be nasty.
I am a fan of cryptos. I really want to see ETH flourish and deliver on its promises. It just seems like it made too many promises to too many people to be able to keep all of them. Something's got to give.
Side note: ETH upgrades aside, what effect will this have on Layer 2 solutions like Polygon (formally matic), Loopring, and ZKS? All these DeFi projects are trying to address the gas fees increase in various ways. Very original and unique (and full disclosure, I own some ZKS).
This is why I love crypto. Forget the idealism, the cynicism, or the tech behind it. It's just this primordial ooze of innovation that's happening on a second by second basis. You wake up one morning to find out another project has mooned or cratered. You go read about some new variation of an existing model (SushiSwap) only to get an alert about the same solution being rolled out onto a new blockchain.
Crypto may be a lot of things, but boring isn't one them.
Let's just hope EIP-1559 finds a way of semi-delivering on the some of the promises it's making right now.
Your crypto optimi-cynic,
Old Grey Fox
I've noticed I have a few followers now: if you read this, I'd like your input. What do you think of the EIP-1559 upgrade? This is a circle of trust. Whoooosaaaa....
As always : THIS IS NOT INVESTING ADVICE. DO YOUR OWN DUE DILIGENCE AND RESEARCH. THIS IS JUST ME SHARING MY STORIES AND views / news updates.
Alphanova.crypto
Above is the .crypto address for anyone who wants to shoot me some cheddar for my thoughts. Please no BTC or ETH. Network fees are killer. Stick to LTC, XRP, ADA, or TRX. The last 3 are almost free in terms of network fees. Remember - no matter how much you send anywhere, choose a coin that's low in network fees. Anything besides ETH / BTC really...
And if you happen to be a Publish0X admin reading this, PLEASE CAN YOU GIVE US THE OPTION OF BEING REWARDED IN TRC-20 tokens vs only ERC-20 tokens? It's going to cost me $5+ to send the $1 which I have yet to earn from eth wallet to anywhere else.
PLEASE IMPLEMENT NON-ERC-20 tokens as rewards. THANKS!
