I have a sincere question about #Ethereum.
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@Edent nice! We have something similar in Canada, up to a particular limit; I think a few thousand CDN$
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@Edent Main reason is to prevent transaction spamming. Most of fee gets destroyed, except if you decide to pay priority fee, priority fees go to miners.
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Timotheus Pokorrareplied to Terence Eden last edited by
@Edent running a decentralised network does cost money. so the fees are used to pay for the servers that do the calculations for adding the block to the #blockchain and store the blockchain data which is quite huge.
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@Edent When you transferred money between bank accounts, *somebody* paid for it. They have servers, they have staff writing software for and maintaining those servers, that all costs money. It came from somewhere, they just didn’t explicitly tell you where. If you found out where, you might not like it. The gas fee is explicit and up-front and you can decide if that fee and its consequences are worth it to you.
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@hagarashi8
What is transaction spam?
In the UK, it is normal for people to send "a penny for your thoughts" or other messages with trivial sums. -
Terence Edenreplied to Timotheus Pokorra last edited by
@tpokorra
Running a decentralised banking network is also expensive. But i get paid to store my money in a regular bank and don't have to pay for services and transactions. -
@ratkins
That's an interesting point. -
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Timotheus Pokorrareplied to Terence Eden last edited by
@Edent that is because your bank is allowed to work with your money. And you are lucky with your bank. Many banks charge more and more, at least in Germany.
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@Edent Well, if you don't have to pay gas you could just transfer a cent million times per second to a million different wallets and that would be pretty tough for rather slow ethereum network.
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@Edent Even funnier if it would be some smart contract with a lot of computations
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Terence Edenreplied to Timotheus Pokorra last edited by
@tpokorra move to a better country, I guess?
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@hagarashi8 can it really not scale to handle that many transactions?
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@damien Hmmm... I'm not sure I quite follow.
My personal account has no charges and even pays me interest. My business account is similar - no fees for sending, receiving, or holding.
I guess I *could* be getting more interest if it were a fee-paying account.
But it isn't like I'm getting interest on my Ethereum.
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@Edent they are not free to the bank itself though! (I would like to point that I am not pro cryptocurrency at all here), but UK banking tends to just swallow the cost because it is accepted that they will, other countries don't operate under this assumption.
I assume because a transfer consumes resources on the chain you'd want to have some ability to make people pay for that permanent storage of data
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@Edent Well, Ethereum all-time peak is 10k transactions per second, which is slow compared to 24k visa claims to be able to take. Unlike Visa, Ethereum has smart contracts, and those take significantly more computing power to process. So, in theory, without having cost of transaction dependant on computational difficulty, there may occur situation, where a lot of computations wasted on one troll spamming calls to expansive smart contract, and that would at least cause slowdown.