Ethereum: Gas fees may destroy this great token.

By MadMaxx | Psycho Crypto | 12 Aug 2020


Before we get started, I'd like you to know that I run a telegram channel where I share my crypto trade setups, educational content and timely news. If that sounds like your cup of tea (which I hope it does), consider joining the channel here. Thanks in advance.

Now let's get started!

The title of this article is comprised of words I never thought I'd say.

How in the multiverse (there IS a multiverse) could Ethereum ever die off?

Well, high fees are a pretty big deal, especially when miners are trying to get rich off you.

Back in March, I never had to factor fees into my calculations. Fees were non existent, and I could send the wrong amount of crypto to my wallet, and send the backup amount without worrying too much about fees.

Now, that's very different. I can't dare make the mistake of sending the wrong amount of Ether, because I will suffer the consequences. Today alone, I wanted to send 4 ETH to Uniswap to buy a shitcoin, and it cost me $15. That still remains the highest fee I've ever paid for any crypto transaction.

The major reason for these fees is simple: Lots of Ponzi schemes run on the Ethereum blockchain.

Why? It's easy to create these schemes. Anyone can create a working scam with the power of smart contracts.

As rather foolish people fall for these scams, they send Ethereum to the addresses in haste of making back twice their amount. This causes congestion in the blockchain, and fees are raised.

This shows just one thing: Ethereum isn't built to scale. 

Now there are tons of other cryptocurrencies that can take Ethereum's place, but the bottom line remains: they'll most likely be phased out by 2023.

However, if there can be a competitor that fixes all of Ethereum's scaling issues (if ETH 2.0 cannot), that competitor may be christened the new Ethereum.

What do you think of this? Let me know down below!

Thanks for reading.

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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