Ethereum: Fees are disguting and this greed makes me sick
So this is it. Ethereum fees hit around 300 Gwei and I don't see when I will be able to withdraw the investments I have made on DeFi on that blockchain. It is too expensive.
There is no other way to put it. I have been waiting for over one month to be able to touch some "assets" (more like liabilities?) that I have on Ethereum but it is impossible.
I don't need that cash but it would be helpful right now, I just had an accident where my laptop broke and I could use the money. At the current fees if I even as much as touch the blockchain, any transaction, would wipe most of my gains.
Some operations might even make me turn those years of lending gains into losses because the fees are prohibitively inexpensive.
Ethereum is not democratic. Only the whales, the elites, can make transactions and invest in protocols in a way that their profits offset the transaction costs.
Yes, there are side chains, but if your investment is on the mainnet and you are not a whale you are stuck, like me. Why even have Ethereum if we need to use sidechains for everything?
I am deeply disillusioned with what Ethereum became. Their attempts to control rampantly increased gas fees did nothing to help. Their latest update aimed to stabilize fees, and well, it did stabilize... BUT IT STABILIZED AT BEING EXPENSIVE 24/7
And you know what? The rich guys are laughing. Because the small investor is stuck, without being able to afford the fees. Because of the lower supply (since we are stuck) they rejoice because they have the volume to do the transactions and offset the fees. The fees basically took a big chunk of many Ethereum tokens and locked them away. Lower supply leads to higher prices which leads to higher profits (for those who can afford).
Hive is free and fast. The democracy model of only 20 witnesses is not perfect, but it is miles better than Ethereum mining in terms of performance and efficiency. Proof of Work is not scalable and must end ASAP.
