I have a sincere question about #Ethereum.
-
@ratkins
That's an interesting point. -
-
-
-
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.
-
@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.
-
@Edent Even funnier if it would be some smart contract with a lot of computations
-
-
Terence Edenreplied to Timotheus Pokorra last edited by
@tpokorra move to a better country, I guess?
-
@hagarashi8 can it really not scale to handle that many transactions?
-
@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.
-
@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
-
@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.
-
@benjojo thanks, that's interesting. I do wonder how much of the cost is passed on to me.
I have a savings account paying a pretty decent interest rate - and transfers in and out are free.
So it *feels* kind of hard to accept that I'm paying for it in any meaningful way.I guess at the scale the banks operate at, transaction costs must be micro-pennies each?
-
@hagarashi8 it really does sound like the *opposite* of decentralised, doesn't it?
-
@Edent It costs money to transfer crypto because enough people are fooled by the financiers slinging crypto and marketing it as valuable to make it plausibly profitable for those financiers to imply (by inexplicably charging such fees) that their cryptocurrency is worth that much more to use than the fiat currencies issued by grifters that we already had. Any other questions?
-
@resl one other question - did you read the bit in parentheses?
-
@Edent It is a genuine answer. I'm not a crypto skeptic. I'm an anti-finance-capitalist.
-
@resl oh! That's interesting. O don't know anything about that. Can you tell me more please?