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A comment on Ask HN: Why crypto is rising so fast when its not creating value?. Parent comment

Re:Ask HN: Why crypto is rising so fast when its not creatin... by MisterBiggs on Saturday November 06, 2021 @10:59PM (#29136160)
> So it makes sense for someone to pay >= $1,000 in fees to approve and move / swap $1 - $100 worth of tokens?

That's like arguing that all container ships are useless because I only order a few dozen small packages a year.

The gas prices are set by supply and demand so the value created by the gas prices must be an acceptable cost for the amount of value the transaction is creating.

Just because something is cost prohibitive at your scale doesn't mean it is for everyone.

[ Parent | on HN ]
Re:Ask HN: Why crypto is rising so fast when its not creatin... by rvz on Saturday November 06, 2021 @11:30PM (#29136314)
> Just because something is cost prohibitive at your scale doesn't mean it is for everyone.

So I can use Ethereum to pay for my groceries then? Everyone needs to eat. It's creator painfully admitted that gas fees should not be at those prices in the first place.

Good to know that you can't even send a test transaction these days.

[ Parent | on HN ]
Re:Ask HN: Why crypto is rising so fast when its not creatin... by DennisP on Sunday November 07, 2021 @07:48AM (#29139003)
That's being fixed. The main chain can only do a few dozen transactions per second, but fees are a lot lower on rollups which can do a couple thousand, and sharding will multiply that by a factor of twenty initially and a lot more later.
[ Parent | on HN ]