Can someone remind me why Ethereum is still #1 in my portfolio, when I'm being quoted $50-70 in gas fees to undertake the most basic actions of getting funds out a wallet and doing a simple swap?
While I've been quite grateful for all the gains had in ETH since I bought back at $12 and have over time been inspired by alot of the community spirit and interesting stuff built in/on it, I'm feeling more and more every day like there's increasing merit to Charles Hoskinson's declaration that Cardano will take over “unsustainable” Ethereum market.
I've got about $150 worth of ETH in an old Gnosis Safe wallet and wanted to get it out. Turns out there's issues with the interface, so have to go through a lengthy process of configuring new addresses in Metamask so can confirm all via web interface as mobile app won't connect anymore. Headaches, headaches, headaches...
And guessing: the only way to do it at this point is to create two new addresses - which each need $25 in gas fees to sign the multisig transactions. Add in the gas fees to send funds to those wallets - and then the fees to get the extra out after... looking at half of that ETH burnt up in fucking fees.
Meanwhile... XRP sent in seconds for a tiny fraction of a penny.
HBAR, ALGO, XLM, ADA the same.
Ethereum has had years to sort out the scalability issue.
Just as Bitcoin's Lightning Network has been development since I got into this space four years ago.
Ethereum was supposedly this amazing, world-changing innovation...
And on it, we saw an ICO boom of pump-and-dumps, 95% of which amounted to nothing.
Then we saw the deFi boom. And Flare is gonna leave Ethereum in the dust with that.
Now, we're seeing the NFT boom. (Though paying $25 to mint a single NFT was enough of a hurdle to turn me off altogether. And who knows how long until that whole bubble bursts.)
Yet, what's really been built on Ethereum that's managed to stand the test of time, has a strong, growing userbase, and can actually function with a model where users are required to pay double and triple-digit transaction fees for the most basic sending of tokens?
While the Ethereum community may be all optimistic, there are alot of other people from a variety of places warning that ETH is on a trajectory to crash and burn - some for reasons that have nothing to do with these rising costs of use. Yet, the direct user experience such as this is certainly not a bullish indicator.
Vitalik was once quoted as saying something like, 'Ethereum is going to be the Ethereum killer.' He may be right.
Only question now is: why the fuck am I still holding on as it's becoming more and more costly to operate and my enthusiasm is inversely declining?
Can we really expect a scalability solution right away that's gonna change everything?
Or when it is time to recognize the wave is breaking and hop off to catch the next one...?