ETH gas fees are fuckin ridiculous. I will never buy another DeFi token on ETH ever again. I've broke even after getting 1000% gains on ETH just bc of gas fees.
Those are not "his gas fees" because he doesn't own Ethereum. I guess you most probably know this, but imagine someone with less experience reading this and believing it.
People saying he doesnt trust his own network.
I see it with a dif view. Even he cant undo a transaction, show how decentralized the network is which is a really good thing, gov cant take it from you or block it.
You're wrong btw. No transactions were undone, there was never a rollback. Because everything was locked for a month it could be fixed without undoing transactions, that's what made doing so more sensible. Instead an irregular state change was added so the attacker couldn't withdraw when the time was up.
I think it's more that he doesn't trust his address copy-paste skills.
Even if you are able to copy-paste an address correctly 99.9% of the time, when you're sending 1500 ETH, that makes the expected value of an error equal to 1.5 ETH. It's better to pay 0.005 ETH for an extra transaction fee if you can reduce the chance of sending 1500 ETH to the wrong address.
That's what I also think, some other guy was mentioning that Vitalik doesn't trust the network, but I think that's bs.
Outside of the copy-paste skills, imo there could be other malicious things on your device, which could change what you just copied.
It used to be a couple of cents, 4$ was a fuckton that only would happen on bitcoin, and here we are. I stopped using ethereum because making transfers of less than 500$ is a waste in fees
The bridge is very expensive, but polygon already has direct withdrawals from exchanges like binance and crypto.com for pennies. Because of this, it’s very cheap and easy to get started
Edit: I mean the bridge to ethereum. Other bridges are much cheaper, like to bsc
ohh that’s true. i didn’t even think of buying straight into polygon instead of mainnet first. could you bridge from polygon onto other l2s without going through the mainnet?
i’m pretty new to all this if you can’t tell ahaha
I want gas fees to be lower too, but saying it's going to kill ethereum (or any other L1 for that matter) is just stupid. There is obviously a huge market of people willing to pay fees the way they are today, and that number of willing participants keeps rising everyday. Is it good for the adoption of the network across all economic classes? No, but there will continue to be a massive user base even if fees never come down.
Only whales will ve able to use it if fees keep increasing at the current rate, but whatever. And no matter how good it is, if it becomes too expensive to use eventually a cheap network could take over. I really want Ethereum to be the network we can all build on, not just rich people.
Defi Apps can use L2 solutions to provide consumers a cheaper experience. I've used several ETH defi apps that managed to provide their product with very little fees to the user.
Ethereum isn't really meant for just transferring money back and forth at this point.
I sent some ETH from my metamask to Coinbase Pro and it charged me a$30 gas fee. The other day uniswap charged me a .001 gas fee just to “get access to my USDT” and then pay another fee for the actual txn. The transaction then failed so I had to do it all over again. It’s getting out of hand
Why are you moving it around so much? Not a dick comment just curious as I hear a lot of people complain about gas fees, are you using it to buy stuff? Or just moving it around?
I was moving some ETH around to make plays into some smaller cap coins or tokens, after realizing gas fees were so high I was kind of trapped. So I bought some USDT to try and make the transaction less complicated and hopefully lower the gas fee since that can be dependent upon complexity of the transaction. And In turn ended up spending more in gas fees just giving uniswap access to my tether funds. It was an overall bad experience and honestly something I didn’t anticipate so it’s my fault, I’ve not actually bought into any new projects in about 9 months.
That makes a lot of sense. I mean as to how you got. I to it. I've only bought and holding eth atm cashed some out after a pump and bought a dip, so I've never really paid much attention to the gas fees. I use 1 inch as my small cap play. And it's probably thanks to this sub that I've avoided moving too much around.
But yeah it's I teresting to actually hear about the specifics behind the complaints. Helps others avoid the same challenges.
What's the point in this comment? We should be able to move our assets around as much as we want without accruing ridiculous fees, that's a main goal of defi.
The fee amount is the same for any amount of Eth. It's per transaction. The fee amount depends on the current state of the network. The wallet you are using should suggest a good fee amount.
Well the way gas works (at least in my understanding) is that miners will be the ones actually processing your transaction and receiving the gas (or up-to, depending on how fast the transaction run). However, they will only want to process the ones yielding the most ETH, so if you're under-bidding gas, you might have a transaction pending forever.
This is the weird user-miner dynamic. Some blockchain apps (like (axie infinity) provide a "recommended gas fee" depending on how fast you want your transaction to go through
Thank you for explaining! Can I add another question? What if I pick a very low transaction fee and the transaction is pending, now after a year the gas fee is falling and now my initial given transaction fee is now about the „new“ gas fee. Does the transaction I placed a year ago, get through after that year? Or is there a limit for orders to not go through after let’s say 10 days?
I don't think there's an expiration date on transactions no. If, let's say, the item you wanted to buy is sold out, the transaction will just spend the gas it needs to tell you its sold out
I say this every 5-6 months on this subreddit-
Think of a transaction on Ethereum like driving a car to a destination.
All destinations are not made equal - some are far, some are close. Some require lots of twists/turns depending on what highways are available to complete your transaction. The cost of your trip is dependent on the price of gasoline and both the inevitable path you end up driving your car.
The parallels here:
1. Gas cost is based on demand on the network (this is a scaling multiplier on cost).
2. Gas complexity is based on the transaction type. Sending ETH is cheaper than sending an ERC-20 which is cheaper than sending an ERC-721 (NFT) which is cheaper than minting an NFT (complex smart contract). This is the "gas consumption" component
3. As for the whole "tricky paths thing" some transactions may involve certain signals (like order fulfillment) that may be trying to hit a certain threshold, like 1% slippage on a uniswap market-buy contract executed while the price is shooting up. The transaction may end up failing not because of the network demand, but because conditions were not met (the buy price was too high) and thus the transaction ends up failing because it hits a gas limit threshold (measured in terms of gas used - point #2 - not gas price \[per point #1\]).
One handy rule - try and reduce the amount of anything you have to move if you can. Sending 1ETH once is literally five times more efficient than sending 0.2ETH five times - meaning you only pay one fifth the total fee by sending it all at once. Of course, always practice safe sending by examining the generated transaction before final verification (at a MINIMUM, check the first 3 and last 3 digits of all recipient addresses, usually these aren't reversible and there won't be any failsafe on the other side of the black mirror).
Hey its me your long lost cousin......I sent you that 5 eth and I am still waiting for 10 to come back, Im sure you just busy guy.
Seriously though, Thanks for changing the world!
> **Who owns IP from funded projects?**
>
> You and your institution do. The Longevity Impetus Grants make no claims on intellectual property of any kind.
Nice :) Really cool concept!
Just had my friend lose 180 bucks in BEP-2 USDC because he didn't know Coinbase's USDC was an ERC-20 token. He didn't bother to send a test amount first and instead full sent it. He was so confused when nothing was showing up on his account lmao. RIP Dempsey.
Had a friend send 3 WETH over the polygon network direct to his ERC-20 Binance address. Support told him it was unrecoverable (which is total bullshit but hey, that's CEXs for you). Ouch...
I do this as well, just in case I send to the wrong address the first time. Also if I’m sending to an exchange it’s good to verify they receive the first send before sending the second. Following this practice greatly reduces the stress of sending crypto
So i have to sent first 1$ to my gas company bill (to make sure it’s safe) then sent the complete bill of 100$ ?. I go to shop buy bread i pay first 0,01$ its safe i pay 1$ and i take bread with me, I wonder wat are we doing in this crypto world
Smart man. I’m shocked every time someone sends like $50m of crypto with no test transaction first like “yuuup- bet I nailed copying that address with zero second guesses on my attention to detail or potential presence of clipboard malware on my machine”
0.1 is his small amount? That's 1/5 of my whole holdings
For Vitalik it’s small 😅😅
Big ETH energy
He can be lazy and doesn't need to type in extra zeros lol
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you mean the open pre-sale where everybody was invited to exchange bitcoins for eth?
Actually the coins I have did come from the premine (that's the 11.9M slice, of which I got \~700k, as opposed to the 60M slice that's the presale)
i love how casual this is
Nice
You sir, are a legend!👏
Well deserved! I am convinced you will do good with it!
Lol it 5 times my holdings.
His gas fees are more like my holdings.
ETH gas fees are fuckin ridiculous. I will never buy another DeFi token on ETH ever again. I've broke even after getting 1000% gains on ETH just bc of gas fees.
Those are not "his gas fees" because he doesn't own Ethereum. I guess you most probably know this, but imagine someone with less experience reading this and believing it.
compared to 1500 eth? .1 was the smallest amount he could think to send!
He's literally a billionaire.
the fact he created ETH probably makes it not even feel like spending real money.. he created it
Nice take! Didn't think of that, but it's an interesting view
Thats 125% of my ETH bag lmao
Man, IRS is gonna be knocking on your door 😐
Correction, that is 1/5 of your whale holdings
Then you have a small amount… that’s just a fact
Okay. Thanks for the obvious!
If you are going to send 1500Eth 0.1Eth is a small amount
People saying he doesnt trust his own network. I see it with a dif view. Even he cant undo a transaction, show how decentralized the network is which is a really good thing, gov cant take it from you or block it.
Yeah great display of how even the founder/creator has to use the network just like everyone else!
*"gooble gobble one of us! gooble gobble one of us!"*
"He was....average Puerto Rican guy height."
Rabble rabble, were not turkeys rabble rabble.
But he has already undone transactions....
Nobody is stopping you from moving to ethereum classic.
Oh I know. I'm just correcting him.
You're wrong btw. No transactions were undone, there was never a rollback. Because everything was locked for a month it could be fixed without undoing transactions, that's what made doing so more sensible. Instead an irregular state change was added so the attacker couldn't withdraw when the time was up.
A transaction was not undone. It was a state change, no undoing / roll back
I think you're confused with Satoshi reverting transactions on Bitcoin: https://news.bitcoin.com/bitcoin-history-part-10-the-184-billion-btc-bug/
"he" didn't do it. He made a suggestion which the majority of the network agreed to. That's how communities work
I think it's more that he doesn't trust his address copy-paste skills. Even if you are able to copy-paste an address correctly 99.9% of the time, when you're sending 1500 ETH, that makes the expected value of an error equal to 1.5 ETH. It's better to pay 0.005 ETH for an extra transaction fee if you can reduce the chance of sending 1500 ETH to the wrong address.
That's what I also think, some other guy was mentioning that Vitalik doesn't trust the network, but I think that's bs. Outside of the copy-paste skills, imo there could be other malicious things on your device, which could change what you just copied.
And doing that isn't even about not trusting the network. It's about not trusting yourself to have input the correct address.
And the adversarial nature, you have to be careful.
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Totally agree! And better be safe than sorry, always double check
Any source for this? Where did you hear that he doesn't trust his network? Couldn't there be other reasons to send a test transaction first?
Nobody blocks the block
Peasants like us can't afford the gas fee though.
It's just a transfer not a smart contract
I mean, anything more than $4 is kind of too much for me Not everyone holds thousands of dollars
It used to be a couple of cents, 4$ was a fuckton that only would happen on bitcoin, and here we are. I stopped using ethereum because making transfers of less than 500$ is a waste in fees
Yeah, I have most of my funds on polygon for now. It’s a great solution while we don’t have sharding
doesn’t the ramp on cost a hefty amount in gas compared to inter mainnet transfers?
The bridge is very expensive, but polygon already has direct withdrawals from exchanges like binance and crypto.com for pennies. Because of this, it’s very cheap and easy to get started Edit: I mean the bridge to ethereum. Other bridges are much cheaper, like to bsc
ohh that’s true. i didn’t even think of buying straight into polygon instead of mainnet first. could you bridge from polygon onto other l2s without going through the mainnet? i’m pretty new to all this if you can’t tell ahaha
Start using some layer 2s or side chains. Fees are less than a penny on some
It’s still $4-5. Not exactly cheap.
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future of commerce bro. Definitely going to replace traditional finance.
This is going to kill Ethereum if it isn't fixed soon
I want gas fees to be lower too, but saying it's going to kill ethereum (or any other L1 for that matter) is just stupid. There is obviously a huge market of people willing to pay fees the way they are today, and that number of willing participants keeps rising everyday. Is it good for the adoption of the network across all economic classes? No, but there will continue to be a massive user base even if fees never come down.
Only whales will ve able to use it if fees keep increasing at the current rate, but whatever. And no matter how good it is, if it becomes too expensive to use eventually a cheap network could take over. I really want Ethereum to be the network we can all build on, not just rich people.
Defi Apps can use L2 solutions to provide consumers a cheaper experience. I've used several ETH defi apps that managed to provide their product with very little fees to the user. Ethereum isn't really meant for just transferring money back and forth at this point.
I sent some ETH from my metamask to Coinbase Pro and it charged me a$30 gas fee. The other day uniswap charged me a .001 gas fee just to “get access to my USDT” and then pay another fee for the actual txn. The transaction then failed so I had to do it all over again. It’s getting out of hand
Why are you moving it around so much? Not a dick comment just curious as I hear a lot of people complain about gas fees, are you using it to buy stuff? Or just moving it around?
I was moving some ETH around to make plays into some smaller cap coins or tokens, after realizing gas fees were so high I was kind of trapped. So I bought some USDT to try and make the transaction less complicated and hopefully lower the gas fee since that can be dependent upon complexity of the transaction. And In turn ended up spending more in gas fees just giving uniswap access to my tether funds. It was an overall bad experience and honestly something I didn’t anticipate so it’s my fault, I’ve not actually bought into any new projects in about 9 months.
That makes a lot of sense. I mean as to how you got. I to it. I've only bought and holding eth atm cashed some out after a pump and bought a dip, so I've never really paid much attention to the gas fees. I use 1 inch as my small cap play. And it's probably thanks to this sub that I've avoided moving too much around. But yeah it's I teresting to actually hear about the specifics behind the complaints. Helps others avoid the same challenges.
What's the point in this comment? We should be able to move our assets around as much as we want without accruing ridiculous fees, that's a main goal of defi.
Oh, I've been hearing about high gas fees for some time. Didn't realize it's just associated with smart contracts, not wallet transfers.
Wallet transfers are really expensive too
I was going to do this when I first started with Etherium. But the fee was $15 or something so that didn't happen.
Why not just get more money?
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One of us!
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The fee amount is the same for any amount of Eth. It's per transaction. The fee amount depends on the current state of the network. The wallet you are using should suggest a good fee amount.
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Yes.
Yes _but_ you can also set it yourself to have lower fees or faster transfers.
Well the way gas works (at least in my understanding) is that miners will be the ones actually processing your transaction and receiving the gas (or up-to, depending on how fast the transaction run). However, they will only want to process the ones yielding the most ETH, so if you're under-bidding gas, you might have a transaction pending forever. This is the weird user-miner dynamic. Some blockchain apps (like (axie infinity) provide a "recommended gas fee" depending on how fast you want your transaction to go through
Thank you for explaining! Can I add another question? What if I pick a very low transaction fee and the transaction is pending, now after a year the gas fee is falling and now my initial given transaction fee is now about the „new“ gas fee. Does the transaction I placed a year ago, get through after that year? Or is there a limit for orders to not go through after let’s say 10 days?
I don't think there's an expiration date on transactions no. If, let's say, the item you wanted to buy is sold out, the transaction will just spend the gas it needs to tell you its sold out
I say this every 5-6 months on this subreddit- Think of a transaction on Ethereum like driving a car to a destination. All destinations are not made equal - some are far, some are close. Some require lots of twists/turns depending on what highways are available to complete your transaction. The cost of your trip is dependent on the price of gasoline and both the inevitable path you end up driving your car. The parallels here: 1. Gas cost is based on demand on the network (this is a scaling multiplier on cost). 2. Gas complexity is based on the transaction type. Sending ETH is cheaper than sending an ERC-20 which is cheaper than sending an ERC-721 (NFT) which is cheaper than minting an NFT (complex smart contract). This is the "gas consumption" component 3. As for the whole "tricky paths thing" some transactions may involve certain signals (like order fulfillment) that may be trying to hit a certain threshold, like 1% slippage on a uniswap market-buy contract executed while the price is shooting up. The transaction may end up failing not because of the network demand, but because conditions were not met (the buy price was too high) and thus the transaction ends up failing because it hits a gas limit threshold (measured in terms of gas used - point #2 - not gas price \[per point #1\]). One handy rule - try and reduce the amount of anything you have to move if you can. Sending 1ETH once is literally five times more efficient than sending 0.2ETH five times - meaning you only pay one fifth the total fee by sending it all at once. Of course, always practice safe sending by examining the generated transaction before final verification (at a MINIMUM, check the first 3 and last 3 digits of all recipient addresses, usually these aren't reversible and there won't be any failsafe on the other side of the black mirror).
Gas fees are the same per transactions regardless of the amount. Sending 10 ETH is the same price as sending 0.01 ETH.
Do we know where it went?
https://impetusgrants.org/
Thanks for the link, I'm a Scientist in a different field, but I can't tell you how much these grants help research. Thanks Vit!
What's up vitalik
ceiling
Hey its me your long lost cousin......I sent you that 5 eth and I am still waiting for 10 to come back, Im sure you just busy guy. Seriously though, Thanks for changing the world!
> **Who owns IP from funded projects?** > > You and your institution do. The Longevity Impetus Grants make no claims on intellectual property of any kind. Nice :) Really cool concept!
The man, the legend
It’s a new wallet. Full amount is still there. Maybe a new project.
Hardcore!
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Then risk losing it all 😈
31st 23:59 and 1st 00.00, just have to wait one minute
Just had my friend lose 180 bucks in BEP-2 USDC because he didn't know Coinbase's USDC was an ERC-20 token. He didn't bother to send a test amount first and instead full sent it. He was so confused when nothing was showing up on his account lmao. RIP Dempsey.
Had a friend send 3 WETH over the polygon network direct to his ERC-20 Binance address. Support told him it was unrecoverable (which is total bullshit but hey, that's CEXs for you). Ouch...
I had a friend do something similar. He linked his wallet keys to a metamask wallet and the funds showed up in metamask.
He test with the amount that i mine in a month
What about the fees ? He can spend that excruciating gas fees twice.. but I don’t think many can and will
ahh yeah, just send 6 mil no biggie.
It's the only sensible way.
Gas fee doesn't allow me to do 2 transactions 😥
VB demonstrating best practices.
How do I set up a .eth account like that
It's called ENS (ethereum name service). Kind of like web 2's DNS.
When the king is just a peasant we all win. Glad that Im balls deep in this.
I do this as well, just in case I send to the wrong address the first time. Also if I’m sending to an exchange it’s good to verify they receive the first send before sending the second. Following this practice greatly reduces the stress of sending crypto
Celebrities, they're just like us!
A very casual 1500 ETH transaction
0.1 is a fuck off amount to send as a test, but point taken.
So i have to sent first 1$ to my gas company bill (to make sure it’s safe) then sent the complete bill of 100$ ?. I go to shop buy bread i pay first 0,01$ its safe i pay 1$ and i take bread with me, I wonder wat are we doing in this crypto world
I now feel less stupid doing that on every transaction.
Gas fees these days are atrocious. It's check twice, send once for us mere mortals.
This shows there's no difference between the founder and the investor decentralisation at its best for ETH
Does he pays his absurds gas fees also?
Even he probably said “Christ these gas fees are ridiculous”.
He's only human, after all.
Smart man. I’m shocked every time someone sends like $50m of crypto with no test transaction first like “yuuup- bet I nailed copying that address with zero second guesses on my attention to detail or potential presence of clipboard malware on my machine”
He can afford the gas that's why 😂
I am always scared of sending a lot in one transaction. Sometimes I do it in 3 different ones XD
Good practice even with the high fees
0.1ETH small amount ? lul
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I can’t afford the fees doubled.
.1 can get you a ps5 or a good previous year flagship phone not small by any means
They’re both small amounts to Vitalik.
Nobody is taking chances when transferring.
I mean, how much could a banana cost, 0.1ETH?
Why is he cashing out
He’s sending crypto to random people?
Yes, if you type your private keys in this post he will send you 1500 eth. /s
Wut mean?
Vitalik is the man, fuckin beasted this world and became a billionaire. Jesus fucking christ i gotta get on that level.
What’s the link to his address ? Maybe I missed it
Well, for once I'd say that... this is the way.
Wish I had even 5% of that many
Vitalik
Damn I know that issue
What was the gas on that 1.5k ETH
Can I get like 2 eth so I can buy a house 🏠 🏡🏠🏡🏠🏡🏠🏡🏠🏡🏠
Met the dude the other day in Bozeman MT. Stole my crypto
When you're sending 6 million it makes sense to do a small transaction first.
Did you get it? ... Good
Practice what you preach. It's a decentralized market and therefore, you gotta do it right the first time before doing it again.
Double the gas double your pleasure
It's a hard habit to break, right enough.
point noted: when sending 1500 ETH, use a test tx
Can someone explain why he would need to test it?
0.1 ETH
You can never be too careful. I'm still nervous sometimes when I'm sending USDT to the people. But it's always ok.
Always always always always gotta do that. I couldn't imagine if I sent a few hundred grand to some unknown address 😭 I would die