Re:Vitalik Buterin on Cryptoeconomics and Markets in Everything
by DennisP on Wednesday July 18, 2018 @03:01PM
(#17561148)
No, because transaction fees are an ongoing negotiation between miners and the people issuing transactions. That market can adjust to change in the ether price, and keep the real-world transaction cost the same. Or the fees can wildly fluctuate due to variations in traffic, even when the ether price is stable.
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Re:Vitalik Buterin on Cryptoeconomics and Markets in Everything
by lavrov on Wednesday July 18, 2018 @03:07PM
(#17561200)
That position isn't supported by volatile transaction fee data - excepting spikes for spam or high traffic, the transaction fee denominated in dollars generally tracks the price of ETH. Probably because the overwhelming majority of ETH activity is speculative (60% of ETH held on exchanges), and traders view transaction fees as simply a percentage of gains/losses and are more amenable to paying higher fees.