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RE: Effect of Ethereum Price on Ethereum : GAS FEE
I tried Etherium out a few months ago. I though, "Great! First I'll try building a wallet from code examples". Then, I found out that launching the application would cost about 50 cents when converted from Ether (now it must be a lot more) and that each transaction would have to be paid for. That put me off straight away and I haven't touched it since.
If you thought so in the early days, the problem would have gotten worse now. It seems that developers are not happy about entering. What do you think of the minors lowering gas rates?
To be honest, I have no idea. My general thoughts on leaving miners of any cryptocurrency to lower rates is that if someone has invested a lot of money in equipment based on the new higher value of fees, how can they afford to lower them. It's OK for the miners who paid for equipment long ago at the start, but for newer investors it can be catastrophic. And how will newcomers to mining be sure that they will get a return on their investment?
It's something that cryptocurrency developers should think about at the start, not way down the line.
There is a fundamental problem with POW mining. Existing miners are okay if they have recovered the principal, but only new investors are able to see the damage. I hope that developers have figured out how to get rid of this situation where money makes money.
Thank you for your consideration.