Shitcoins are an endless source of hilarious hypocrisy and today is no different, I can't help but find these situations comical. A lot of shitcoins will point to bitcoin's limited block space and their mining fees as a scaling issue.
Yes, bitcoin's mining fees were as high as $55 a one time, but since scaling solutions like Liquid and Lightning have launched we haven't seen fees return to those heights.
While the $55 dollar fee is universally panned by the shitcoin community, it became the norm for people using Ethereum a few years later. There was a time were ETH had a few users and was dirt cheap to use and Vitalik would aim shots at bitcoin saying 5 cent mining fees was too much to pay for bitcoin transactions.
Today his network charges an average of $30 to place a transaction. I am sure ETH users would love to pay 5 cents again, lol even BNB and other chains don't even offer that, chain fees being low or zero is just a dumb argument.
The only way you can ensure that is if you remain a niche product where no one needs your block space or you're consensus method is okay for securing small amounts of value, not billions.
If you thought 30-$100 fees was crazy today, we saw fees as high as $500 and some people paying over $1000 to perform a transaction on Ethereum, what a joke of a network.
I thought this thing was meant to flip bitcoin?
What is even worse is that as gas prices rose to unprecedented levels, certain users experienced failed transactions due to blockchain bottlenecks. When you use an EVM chain like ETH, failed transactions are billed so you could have paid a massive gas fee and get nothing for your troubles.
Talk about rug pull technology.
Image source: - cointelegraph.com
As you can imagine, being someone who isn't in on the grift, maybe you wanted to do some DEFI or send some stablecoins to someone for payment, to be hit with this kind of fees must have been a shocker.
Sure you can see the fee estimate before you broadcast, but a lot of people may have clicked without checking and burned their account in the process.
“what happened!?” 🙈😂
— Molly Spiers 🧡 (@CoinCornerMolly) May 1, 2022
dude, it’s ethereum, that’s what happened pic.twitter.com/FF22qLN0Yu
So apparently the issue is due to Yuga Labs' the guys behind Bored Ape Yacht Club released some new Land NFT bullshit and as people piled in they bid up resources to MINT these shitcoin NFTs and in the process clocked up the entire network.
Lost $1600 in gas fees and didn't successfully mint a Otherside plot. Very fun times.
— Bryan Brinkman (@bryanbrinkman) May 1, 2022
Remember kids, using shitcoins will always see you lose, but what you lose in money you can make up in lessons learned and embarrassing stories.
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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