Altcoins Talks - Cryptocurrency Forum

Learning & News => News related to Crypto => Topic started by: sirty143 on December 30, 2023, 10:01:06 AM

Title: Vitalik Buterin Reflects on Web3's Diminishing Vision Amidst Rising Transaction
Post by: sirty143 on December 30, 2023, 10:01:06 AM
Vitalik Buterin Reflects on Web3's Diminishing Vision Amidst Rising Transaction Fees

In a candid evaluation of the current state of Web3, Ethereum co-founder Vitalik Buterin laments the fading vision of a decentralized internet. Buterin emphasizes the stifling effect of rising crypto transaction fees... See more for yourself here (https://news.bitcoin.com/vitalik-buterin-reflects-on-web3s-diminishing-vision-amidst-rising-transaction-fees/).

Your opinion is greatly appreciated.
Title: Re: Vitalik Buterin Reflects on Web3's Diminishing Vision Amidst Rising Transaction
Post by: Tribalchief on December 30, 2023, 11:13:04 AM
He is definitely not far from the truth. Unfortunately, we can't just accept that we are gradually lossing the suppose decentralization to the centralize system. Those who are non-Degen gamblers are left with no option than to wait for the reduction in transaction fees. It's keep getting easier for the Degen gamblers, and keep getting tougher for others. How did we get here in the first place?, Where are we getting it wrong?.

The ordinals situation is already hurting some of us, but nothing is being done. This is how we gradually lose our stance from the decentralize world. I hope the crypto community fix this soon.
Title: Re: Vitalik Buterin Reflects on Web3's Diminishing Vision Amidst Rising Transaction
Post by: Bliznec on December 30, 2023, 03:24:11 PM
The news was not implemented, that is, an update to the Ethereum network to reduce fees. If transaction fees are high today, why not reduce them, thereby attracting more users to the ETH blockchain network. Buterin certainly knows how to do this. The reasons are clear to everyone.
Title: Re: Vitalik Buterin Reflects on Web3's Diminishing Vision Amidst Rising Transaction
Post by: Zed0X on December 30, 2023, 04:30:18 PM
Quote from: Bliznec on December 30, 2023, 03:24:11 PM
The news was not implemented, that is, an update to the Ethereum network to reduce fees. If transaction fees are high today, why not reduce them, thereby attracting more users to the ETH blockchain network. Buterin certainly knows how to do this. The reasons are clear to everyone.
What was the specific update that would fix the transaction fees that they haven't implemented? I don't think it's that simple when they also have to think about decentralization and network security. Solana gained popularity as a cheaper alternative for Ethereum but it's not as decentralized. We've also seen network shutdowns in the past and who knows if there will be more in the future.