Row 37427

Row ID: 37427 | Dataset Entry | Axioma AXP Content Repository

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Wut

ETH issuance has nothing to do with gas fees. ETH price doesn't even have anything to do with gas fees.

Blockspace fees aka gas fees are simply how much people are willing to pay to get into the next block. Say if there's lots of opportunities to make $3 by doing a transaction, the market will pay up to $2.99 for inclusion. ETH could be $100M per coin and people would still only pay $2.99 for inclusion in that case.

>At the same time, higher ETH price means high security budget which in a lot of cases a waste of budget.

"waste of budget" is why people are considering reducing the issuance curve in the first place. Ethereum's whole schtick is 'minimum viable issuance' which is why issuance was reduced from 13500 per day to ~2500 per day going from POW to POS. Issuance could have stayed at 13500 but as you say yourself it'd have been a waste. If the price goes astronomical (which it has since the original POS issuance spec) issuance can safely be reduced even further.

Issuance is just used to incentivize people to build and validate blocks honestly. It doesn't serve any other purpose.

Why not L2? The Ethereum roadmap is named "A L2 Centric Ethereum". It will be many years before the L1 scales even a little bit, and by then L2's will have scaled over 100x more. If you don't like the plan, there are monolithic blockchains as alternatives. For everything to occur on a monolithoc L1 makes the requirements to run a node extremely difficult, and they're much more centralized.

FieldValue
text Wut ETH issuance has nothing to do with gas fees. ETH price doesn't even have anything to do with gas fees. Blockspace fees aka gas fees are simply how much people are willing to pay to get into the next block. Say if there's lots of opportunities to make $3 by doing a transaction, the market will pay up to $2.99 for inclusion. ETH could be $100M per coin and people would still only pay $2.99 for inclusion in that case. >At the same time, higher ETH price means high security budget which in a…
label r/ethereum
dataType comment
communityName r/ethereum
datetime 2024-05-21
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Raw Record

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  "text": "Wut\n\nETH issuance has nothing to do with gas fees. ETH price doesn't even have anything to do with gas fees.\n\nBlockspace fees aka gas fees are simply how much people are willing to pay to get into the next block. Say if there's lots of opportunities to make $3 by doing a transaction, the market will pay up to $2.99 for inclusion. ETH could be $100M per coin and people would still only pay $2.99 for inclusion in that case.\n\n>At the same time, higher ETH price means high security budget which in a lot of cases a waste of budget.\n\n\"waste of budget\" is why people are considering reducing the issuance curve in the first place. Ethereum's whole schtick is 'minimum viable issuance' which is why issuance was reduced from 13500 per day to ~2500 per day going from POW to POS. Issuance could have stayed at 13500 but as you say yourself it'd have been a waste. If the price goes astronomical (which it has since the original POS issuance spec) issuance can safely be reduced even further.\n\nIssuance is just used to incentivize people to build and validate blocks honestly. It doesn't serve any other purpose.\n\nWhy not L2? The Ethereum roadmap is named \"A L2 Centric Ethereum\". It will be many years before the L1 scales even a little bit, and by then L2's will have scaled over 100x more. If you don't like the plan, there are monolithic blockchains as alternatives. For everything to occur on a monolithoc L1 makes the requirements to run a node extremely difficult, and they're much more centralized.",
  "label": "r/ethereum",
  "dataType": "comment",
  "communityName": "r/ethereum",
  "datetime": "2024-05-21",
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