"Crypto Will Replace Banks!!!".. proceeds to charge $80 gas fees (ETH)
reddit.com/r/ethereum/comments/ptlbo8/how_do_...Posted Sep 23, 2021, 3:49 PM UTC
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Lightning Eth 2.0 fixes this, just wait 18 months a few years
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ETH 2.0 doesn't promise to fix anything related to gas fee issues so idk why people say that a lot haha.
Welp that's going to be a massive dissapointment when it comes out LOL.
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Yeah, but sHarDiNg!!????!
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I just sharded in my pants.
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Pushed back several years. It's even hinted at that it won't come at all because "you ain't gonna need it".
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The trick is it will never come out
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What do you mean, the entire point with sharding is that it all comes out way too quickly!
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Eth 2.0 is vaporware
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Because the copium/hopium is strong. A tactic you see out of fanboys, and sales people, when something isn't good with a current generation of something is to talk about how the next generation will fix all those problems. Don't abandon it, don't go looking for something better, just wait it will all get better Real Soon Now(tm).
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This is probably why ETH is not closer to 0 for now. People are stuck with their tokens!
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eth 2.0 s0on!! -2019
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BUY ETH, PAY TO SEND ETH, PAY TO WITHDRAW ETH, PAY TO DEPOSIT ETH. CRYPTO IS THE FUTURE CAN'T BELIEVE YOU LOSERS PAY 2 DOLLARS AT THE ATM!
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If anything will replace banks it will be the central bank.
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NFTs clogging the network
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CBDC will
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What do you think is the 'B' in CBDC? Bathroom?
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I mean traditional bank
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Do you think the central bank will give out all the loans to everyone who needs or wants them?
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No
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That will work really well as a currency.
Imagine going to a restaurant and trying to explain that you'd pay the day after for the meal because of high gas fees.
Dear sir, rest assured our food is guaranteed to not cause gas.
Lol
Bank transfers take 3-5 business days. Visa and the like would be equivalent to ethereum layer 2 solutions but rely on a whole load of trust between parties.
I see what you’re getting at but this is a bad example.
Instant Bank Transfers are possible in many parts of the world. E.g., see: Target Instant Payments System
Payment to merchants as well as peer-to-peer transfers are possible in real time using instant bank transfer systems. E.g., see Universal Payments Interface
A transaction made through a card may be pending from the merchant's end, but the payment is still guaranteed from the customer unlike waiting till the gas fees is low enough^[1], which can take several days. Unless the customer is willing to be locked up in the premises of the business, this transaction has a high probability of not going through because the customer could simply run away.
Banks often account for pending transactions especially with business clients when they reckon with current account balances, which would mean that they would allow you to use the money that's yet to be credited to forward any payments you make. If and when this is not the case, you can talk to them to enable it because it's a bank and there are real people whom you can form relationships with, based on trust.
Human society operates on trust. Unless every single user is personally verifying the entire ethereum code base after every update and also verifying that the network is running on this exact code every second of every minute of every day, you are required to trust someone else to verify this for you. There is no such thing as completely trustless human networks.
[1] Who deems what is enough? What is lower? What is the level? Unfortunately code is not clever enough to assign values to human comparatives on a case-by-case basis.
Debit is instantaneous. Why does Visa require a whole load of trust between parties? It's fairly secure and has a number of tools/protections built in in case of fraud. Good luck trying to do a chargeback with Eth.
Only in the US. In most other countries, they're either instant or one day at most.
Free instant bank transfers are already available in the US with Apple Pay, Cash App, Google Pay and Venmo.
https://www.digitaltrends.com/mobile/paypal-vs-google-wallet-vs-venmo-vs-square-cash
No, it isn't. How long will it be until gas fees are lower? What if they are never low enough? Quite simply, you can't have wait an undefined period of time for an event that may never happen as part of your scheme for completing a transaction.
This is such a dopey statement. You make it sound like you are worried that Tony Walnuts isn't going to pay you that $450 from the dice game. Using Visa requires not just "trust" but a "whole load of trust" does it!? Pray tell, can you explain why banks were invented in the first place if they are just so untrustworthy and flakey for the average man on the street?
Look man, I'll be more than happy to give you that $50 I owe you as soon as my crypto fees are low enough that I can actually withdraw it.
Nonono, you’ll got it wrong about money. Let me educate you about money because I have DoNe mY rEsEaRcH by listening to podcasts and such. You see, money is meant to be saved. Bitcoin and etherium was never made to be a currency. Don’t spend your digital currency. Just horde it. That’s the real purpose of money.
Basically, yeah, I heard this thing about capitalism where how it works is all you need to do is have money and you make money. You don't need to invest your capital to make profits, you just have money and you make money. Where it comes from? Not sure, it just does. Number go up, few understand.
“he must’ve read the whitepaper”
Boss can I have lunch at 3 because gas fees will be cheaper? Lol
Plot twist: retailers charge more during times when gas fees are cheaper.
So you have to constantly monitor gas fees and change your prices every 15 min. Sure sounds like the currency of the future!
Wasn't Ethereum basically built by a schoolboy? I'm sure there won't be any oversights in how any of it might ever work in actual real life....
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