Bitcoin Forum

As developers keep improving the ethereum blockchain, even though previous ethereum hard forks failed to solve the problem of high fees in the ethereum blockchain.

But with the new London fork proposal 1559 which will offer a new fee system that burned all transactions fees instead of miners determining the fees, this will remove more ethereum from circulation causing demand to rise because of scarcity which will ultimately lead to an increase in price and fewer transactions on the ethereum network.

What are your expectations from this and how it will affect the overall ethereum ecosystem?

It took very little time to draw conclusions. Only part of the fees will be burned, and this will slightly reduce coin inflation.
So far, miners receive a large reward and every year the POW algorithm generates more than 4,200,000 new coins.
The most interesting thing will be when these coins stop being generated and Ethereum becomes more expensive.

it seems like the burned mechanism will fight the inflation that is already generated by the miners.
In my opinion, if this mechanism has become an alternative way to prevent the inflation in ethereum blockchain caused by miners and at the same time, the ethereum blockchain will not lose its decentralization.
The new fees mechanism will attract more and more developers that already migrated to the second layer solution to go back again to the ethereum ecosystem

Obviously, as it burned and getting scarce, the price will definitely increase overtime.

But at this point, it's too early to say what will happen in the future. There could be another road block for Ethereum in such a way that the price will be stagnant again for a while before the devs will find another solution. So don't get excited, scarcity is good in the long run though but it will take some time to really see the outcome.

This is not obvious and there is no guarantee that the price will increase because the fees get burned stop spreading false information.

The ethereum London hard fork will eliminate miner hold on the ethereum blockchain. The transaction fees will now reflect the true network system, miners will no longer manipulate the network just to increase transactions fees.

It makes it more decentralized and stops greedy miners but it will not make the coin worth more than it is now a lot of people are not aware of the corruption that miners could bring to the coin.

I believe the hard fork will eliminate the miner’s manipulation and making fees decentralized from miner and network will control the transactions fees fluctuation, making the ethereum free from being artificially congested by miners all to hike transaction fees.

The London hardfork is done successfully but we're not yet to see the effect of it with its decreased in transaction fees. We'll see that for sure but right now, we have to wait until everything settles as it's still fresh. Current fee is high at 60 gwei and that's really unlike before the London hard fork which fees have been seen on 1 gwei which was really low and awesome at that time. But we cannot do much anything about that and wait until the result of it takes effect.

The eth 2.0 has been overhyped already and pretty much the transaction fees won't go any lower instead everything on eth will increase cause mining of Ethereum will stop and the primary way to generate new tokens will be from staking. It's supposed to be the year for ETH2.0 but with the way things are going it seems it won't happen until 2022. Sure till then Ethereum would be much better I guess. The vision of the ETH2.0 is to bring Ethereum into the mainstream and serve all of humanity,making Ethereum more scalable, secure, and sustainable. And I see this attributes happening already in the NEAR Ecosystem. Just a better version of the overhyped ETH2.0

Finally the long awaited event has been carried out, the Eth 2.0 has been launched after the long wait, well there is no effect yet on transaction fees, let's just see how the coming days will be like, all we got to do is sit and watch how the eth 2.0 plays out, for me instead of waiting I do uses the Near protocol blockchain which posseses the hyped features of the Eth 2.0, even creates a greener option for the ethereum users using  Aurora built on the Near blockchain.

Yeah, current fees are way too high and we would see those effects maybe in weeks time or later days since we arent still in 24 hours before that London fork event happened.
This is actually a good change on where burning out those ETHs which as this would go for long term then ETH would be lesser and lesser and it isnt bad to consider to make
some investment or holding some Eth as of this moment yet we can already presume on where it would be heading.If demand would be getting more bigger and the
overall supply is getting lesser then expect for some high price in the future.

The last point about when ETH will stop being generated is an interesting one, but as theory dictates the process for minting new coins gets exponentially more

difficult so what might affect the price more rapidly is not so much the supply side (which is slowing down over time) but the demand side, and if the London

upgrade delivers on fees I think the demand will take ETH price to a new level. The market has moved already but the true potential is to be observed in due course.

People says that this Eth 2.0 will reduce the Etherium transaction gas price. Even if ETH 2.0 solves this problem, its no good for investors for gas fees to go down. Lowering gas fees would mean lowering the demand of coins which will bring the price going down. Its simple supply and demand. A small $20 ETH contract will cost you $50-$70 in fees. And how are they gonna solve that? make the fees $10? Thats still ridiculous for a $20 transaction. Make is $2? YES! So ETH 2.0 will kill ETH itself. Thats funny.

Err? Supply and Demand? Less supply and more demand = price going to spike, basic economic law.

But we need to wait and see what will be the effect, we can't see it right away. I'm not sure if the fees are going lower though as of this time, it is still very high and the complains keeps going again.  The fork was supposedly solve this issue and yet we are not seeing it. But I will give it a benefit of the doubt, and wait like a week or two after the implementation to see the the most touted impact on the fees.

What to expect? I am sure we all expect that can make ethereum get another bullish time to lift the price can back to $3,000 from the update so we can back to make a big profit. But it seems the change will happen later and not have a direct impact on the price. However, the price can increase to $2,800 before, giving a chance for the price to increase more. Hopefully, that can happen this weekend or next week. I hope we all can be ready to sell ethereum at our target price.

Ethereum 2.0 is expected to mean that ethereum is almost 2k the way in which the demand for investment in the market is going to increase for the price increase is going to cross 3k this year the bull run will return to the market again. Ethereum should be held to make more profit without selling to increase the price of ethereum This is a new opportunity to increase prices nothing will affect it because the demand for investment in the market is increasing.

It seems like that ethereum developers are changing its plan to not eliminate the miners. As far as i know that miners have been significantly contributing to the network. I do believe ethereum will be going to the hybrid mode. Miners have no power to manipulate the traffic dude, Think again

EIP-1559 aims to reduce the volatility of Ethereum fees by introducing a mechanism to eliminate some of those transaction fees, which should slow down token issuance. The impact on the price of Ethereum could be similar to a Bitcoin halving event, where adjustments cut the supply of bitcoin and push its price to record highs. There are a lot of numbers floating around in the market about the potential impact that has a halving magnitude with Bitcoin, they are all pretty positive drivers that I think have seen a pretty strong revaluation.

Don't you think this is a paradox? Reducing the emission of ETH will entail an increase in the price, but for the reason you cited with the miners, they will no longer be able to set the price for processing transactions. But what will change? After all, the higher the price of Ether, the higher the price of gas, even with less gas, but with a high cost of Ether, the situation will not change with transactions, this is a utopia. Ether and its network will not fix anything, it's time for developers to switch to new, more convenient blockchains such as Near, Solano, Polkadot, which one of these projects in the future will 100% replace Ether with its outdated technologies

1559 is not Ethereum 2.0. Ethereum 2.0 is POS on a beacon chain. Regardless, Aurora on NEAR protocol scales Ethereum now with sharding.

I believe there will be a good improvement of ethereum in the market due to this update or event,  infact when there's always an upgrade ethereum it always looks very promising. So this time it will be the same as usual which is reason the growth rate is still steady at this moment. As the matter of fact it's been how many months ethereum becomes not interesting due to the fees.. So this is definitely a big event to happen this month of August..

I don't want to expect much to avoid being hurt in the end. But, I want to stay positive about it.
If the value will be stagnant for a long time, or worse going downward I want to be one of those strong enough to keep it.
Bitcoin started with that. Supporters had the courage to patiently wait for the value to be strong and it did.
Burning the tx fees is a good idea. No more picky miners. I am not against them but if its for a good larger picture then I am in.

The most important thing I'm anticipating is reduction in gas fee I don't know much about the technical aspects of the whole coding as I'm just limited to trading HODLing and sending. It is a known fact that the ETH 2.0 will be a better upgrade to the current mechanism of the Ethereum network. Eliminating the irrelevant fees imposed on us by miners is great.

It was a good move by the Vitalik and his developers specially that price of transaction fee in ETH network is very much up there.
It could possibly compete with BSC tx fee now. I see a very good future here for ETH and its holders, I expect a new ATH within a year or so.
UNISWAP traders will also be glad to hear this specially that for every transaction, you pay almost a 100$ for fees. Moreover, I think ETH is now undervalued probably good time to have more.

I think the Ethereum London hard fork is quite different from the forthcoming Ethereum 2.0, I stand to be corrected though. The London hard fork was done to implement some sort of deflationary feature in Ethereum that is coin burn taking place on every transaction and it looks like it has achieved that because I came across a post on the number of Ethereum burned so far after the London hard fork was implemented, however this doesn't go a long way in solving the gas fee issues although it kind of helped.
On the other hand, what I think we should expect in the forthcoming Ethereum 2.0 is the reduction of gas fees and more scalability, and maybe that is why it is taking time to come to effect, but I know it will be worth it at the end.
So, as you can see, both updates are two different things, where one is already in effect and more time needed to see how effective and efficient it is, the other Ethereum 2.0 is yet to be launched but we can just anticipate what to expect. Therefore, I would say it is a good one for the Ethereum ecosystem, as there is more to expect.

Unfortunately, I'm not technically deep enough to really say whether the planned changes will really lead to a reduction in fees. What I have read suggests that the fees can really drop significantly in times when the network has normal traffic rates.
But if there is hype again (cryptokitties or NFT for instance), then fees will increase massively again. Whether as strong as before the change remains to be seen. I hope that Ethereum gets this problem under control, even if I am not particularly positive. It would definitely be a gamechanger.

it is too early to conclude mate because we know the power of miners , they are one of the most important factor of every currency and taking their profit that high will bring bad reaction from mining community .

though ethereum 2.0 seems to be a complete package and will support users, company and the miners yet this is very early to tell.
all of us are seeking this mate, because we don't want to happen what had happened early this year when the gas fee of ethereum is almost or more than the fee of bitcoin transactions .

I look forward to the integration of the Polygon network (Matic), Chainlink and many other technologies into Ethereum. The burning of fees is making miners less profitable and increasing the scarcity of Ethereum over time. This only increases transaction costs with the increase in the price of ETH.
I believe that Ethereum will have a way to overcome the above problem because if the Ethereum network works out this way, it will only benefit miners and holders. That hinders regular engagement and user experience.

The more transactions are carried out on the Ethereum network, the more ETH coins will be burned. Over the past day, more than 4 thousand coins were burned. And when the number of coins burned becomes large, this will necessarily lead to a shortage and, as a result, to a further increase in the price. Here you can see how much ether was burned in the last hour and for the entire period. https://ethburned.info/

Yeah, the London Hard Fork with Ethereum Improvement Proposal (EIP) 1559 will be taking the whole rewarding system to another level. It's good to know that they are thinking about the miners in some other ways to reward but its possible that many of them will be very very sad.

Specially those who had invested in the ASICS equipment as they won't be able to mine ETC or RVN which is the next preferred coin after ETH changes to the PoW.

There is amazing article about the OP, I think you should read it here: What Will Happen to Ethereum Miners After ETH 2.0? (https://decrypt.co/74262/what-happens-ethereum-miners-after-eth-2)

If the update can bring a new thing for ethereum in lowering the fee, it will make the investors who already move from ethereum back to use ethereum or invest more in ethereum. In this way, that can lift the price to increase because the demand from the investor will be bigger but I do not think that will happen so soon because the investor will see what will happen with the latest update.

The market position will gives ethereum a stronger position to lead the altcoin and still behind bitcoin and maybe BNB will lose the competition for a while until BNB can announce the next update. But ethereum can still defend its position in the market.

You know what’s crazy about ETH 2.0, NEAR has already done everything that ETH 2.0 promises to do. Now obviously ETH is here to stay and ETH 2.0 is going to be huge but on the other side of that it’s crazy that NEAR, not a very mainstream project has already done what ETH, the second biggest project has been promising to do. It just shows how there are so many coins that will blow up, they just have to be found.

upon checking the eth gas tracker (https://etherscan.io/gastracker) today -
https://i.imgur.com/x6etIxm.png

it seems the fees are still high, maybe, we will see the reduction of fees later on. but the market is showing very positive movement, not only eth, but btc - as we are above 42k level again. for most of us, this hard fork should lower the fees in eth platform. it may take some time before we see it working.

I think the impact will not happen in a short time as it needs to change slowly. But yes, ethereum gives a positive movement right now, and I think the price will be back to $3,000 as the price now is at $2,900. So it needs $100 more to reach $3,000, which could reach on this day or tomorrow.

Bitcoin shows positive movements as now the price can break $43,000, which can still rise to $44,000. Hopefully, this month can bring new hope for us to see crypto can grow again.

The interesting part of ethereum London fork for me is the burning mechanism,  the fact that there will be lesser and lesser ether as transaction occur on ethereum network  will help with inflation,  the fear of unlimited supply and demand!  The miner have held users at the jugular for some time as a result of high fee.  Transaction fee on ethereum should be predictable now and the network should be more decentralised!

Ethereum is a very complex system with many moving parts, which is being worked on by independent development teams. Coordinating their efforts and making sure that everything works flawlessly is not an easy task. When the security of a huge amount of money is at stake, haste will only harm, because a full transition to PoS takes so much time. But the output will be a bulletproof system, where even the failure of one or more clients will not affect the performance of the network.
 
I expect that with the launch of Ethereum 2.0. this system will be much more scalable, it means faster and cheaper.

People's expectations are actually very simple, everyone wants ethereum to solve such a high gas problem, to be able to adapt to today's demand, this factor is inseparable from the main problem we often hear.

However, ethereum is very unlikely to not use people to transact at this time, moreover the demand for ethereum is increasing and causing shortages, so that price increases are the next option that makes people think more about using transactions.

the gas price is too high and it's not affordable for most of people, that's why using bsc is more suitable at this time, but if ethereum price is also increasing in the future, then the eth needed to make erc20 transaction will become more unbearable, it's a lot better if eth could make its fee like bsc, but i wonder if that could happen or not. after all eth has been having high gas fee for a long time.

This is the expectation of many people, people already enduring high gas fees from the eth network which is not very easy for many small transaction users, I hope with the coming of eth 2.0 this most pressing issue will be resolved, otherwise it will be very disappointing to so many people who put their hope in this new updated version of eth.

With the introduction of the London fork, the remuneration for miners has significantly decreased, which has become less by the amount of burned Ethereum. And along with a decrease in remuneration, miners will transfer their equipment to mining other coins, which may lead to an increase in the commission in the network.

Eth have high costs of transfers. New version 2.0. will bring low costs for users I hope and we have to wait a bit more. We need to be patient, that all we know sure.

Sure good update and will bring nice improvement which will reflect on eth regarding usage and price too. But we need to wait, date we dont have so patience is key  ;D

That's what the original plan is, to minimised the transaction fees because everyone is complaining, there are some projects that move away from ETH and go to BSC because of this one. But I heard that the fees are still high though despite the roll out of ETH 2.0, that's what I read so I'm surprised to hear that.

As for the burning, it brings good and bad news, for investors it might mean that with the supply dwindling the price might go high in the future. The bad news is that it's not always been the case for mot altcoins, so we will have to see the effect in the next coming years.

I think inflation is not a problem. Firstly because it is not high and secondly because the network is growing faster than new coins are being created. If inflation were a problem, the price per Ether would have decreased rather than increased in the past. So I expect that the additional burning mechanism will rather ensure that ETHER will develop even better in price.

Don't you think the event paradox? The price will definitely rise, and with the rise in prices and the congestion of the ethereum network, the gas will not fall below 40-50, this is obvious, and if the rate falls, the amount of gas will be much higher. These are all Two sides of the same coin. Only cross-chain projects such as Solana, DOT, Near will help the ETH ecosystem. With the help of their technologies, the throughput of the eth ecosystem will grow, as well as the ecosystem of ETH and similar related projects will grow.

That might be true. Solana and Polkadot are some good blockchains with interoperability and their ecosystem might act as a catalyst for Ethereum network.
Even I think that these blockchains will co-exist and will probably help each other to create a vast global network with growing number of usecases.

Im  not sure about that. I didn't even see the blocksize has become a priority in the update. that means if there could be yes or not. Ethereum may get a cheap fees or never.
it depends on what kind of update that will come soon and if there will be a blocksize increase and that would be fine.

Reason why I expect that is simple. If they dont fix high costs of transfers people will try to avoid transfers and switch to bsc and others. We will see, cant be sure, just expectation.

But its hasn't changed anything so far, ether are burnt everyday since the hard fork and I am yet to see it effect because right now, the fee are still crazy especially now that the whole market is green and seems we are about to get into another bullrun wave. I really hope the same high fees wouldn't comes back. I made transaction of ether ( not ERC-20) and I was shocked when the transaction fee was around $5.6. That's still high mehn :'(

High fees is bad really, but it drops then go high again. Just checked, it is 35 gwei. Still high. Eth needs to solve high fees problem, hope will be done 2.0. soon.

Gas limit has long been increased to 30,000,000
If you do not want to pay large commissions, then you will have to use solutions of the 2nd level, for example, optimism or polygon.
Interesting moments happen on the Ethereum network when more coins are burned in 1 hour than miners mine
https://twitter.com/ethburnbot/status/1425230784164556803?

And there is even such a commission

What I expect is a lot smaller gas fee, if that doesn't happen then all of this is for nothing. However I am also expecting a good amount of profit as well for me, I do not have 32+ ethereum, but I am working on it, if one day I could actually do that, then I am going to definitely do that, I am going to buy 32 eth and then put it on stake and then make profit from it, the amount I will be making from it will go towards buying other stuff as well and grow my portfolio, I can sell everything right now and it doesn't even make 10 eth just yet, or there about for now, I need to make 3x profit on what I have right now to get there, afterwards it is easier to make money because every year I will have enough to actually buy other coins and tokens, and they will make me some profit too hopefully.

With that being said, profit is not the only thing, there will be a technological proof that POS works too, which matters a lot.

of course the price will go up when Ethereum 2.0 is successfully released. In addition, many sectors of the Ethereum ecosystem will experience rapid development. Indirectly, the users of ERC-20 tokens will grow and also the number of transactions that occur on the Ethereum blockchain network will increase drastically.
Low transaction fees will affect traffic density on a blockchain network. In addition, transaction speed is also a consideration so that users prefer the related blockchain platform.

ETH 2.0 will do just that and if it works, then BNB will have to prepare for other innovations.

The commission on the network is not related to the burning of coins, which was introduced by the fork London. Some of the coins that miners previously received for confirming transactions are burned. Thus, the reduction in the number of coins or their burning occurred due to the fact that part of the reward was taken from the miners, after which they began to receive less reward.

from several articles that I read, apart from the hard fork that reduced the eth supply by 1.4% annually, ethereum also submitted several proposals. Among them are the EIP-1559 proposal which is used to provide arrangements for setting gas fees, and the token burn mechanism. Apart from that, there are many other proposals that serve to make the basic gas fee price, hopefully the gas fee can be more controlled.
For more information, you can read here
https://www.coindesk.com/ethereum-london-fork-launch-date-august

The London fork has been one of the most talked about topic for a while now and it's feels good to actually see the EIP 1559 finally executed after the delay, tbh I never read the proposal or knew what to expect from this London fork, I only heard about it in sometime during May after the proposal was accepted and now its live and have been hearing about eth burn for over a week now, probably the main reason why Ethereum price skyrocketed to $3k so fast, after this EIP-1559, I will be expecting chaos when eth 2.0 goes live, it will pump even harder.

Long waiting for my beloved darling ETH 2.0. I had planned to inverse my profit from Ethereum into upcoming 2.0. Like this we need to keep on investing for the decent profit in short period. Reinvestment is important one in the trading,most of traders skipping reinvestment. They just keep the profit for their expenses, instead of investing again.

We hope that what ethereum does by innovating is a complete change, including issues that have been a problem so far, enough to be discussed so that many other platforms emerge to avoid the high costs that ethereum does. hopefully what is done with eth 2.0 will be able to accommodate one of the high-cost ethereum, hopefully what we hope can be realized.

my expectation was that the gas fee would go down a lot, although after a few days hardfork was over and there was no reflection yet, i think it would progress slowly.

due to the high fees, many people are unable to use eth blockchain,
without eduction there are scope to use this expensive network.  

I believe that the main reason for the growth of the Ethereum price is the growth of the bitcoin price. And accordingly, the price increased not only for Ethereum, but also for other altcoins, although they did not have any fork) But the London fork will have a positive impact on the price of ETH in the long term, when the number of coins burned will be more noticeable in relation to the circulating supply.

I agree, when bitcoin crawls up, altcoins will also follow suit and also for ethereum where the london hard fork which can be said to have succeeded in making positive sentiment towards it so this gave more impetus to ethereum which finally eth rose significantly among other altcoins

it seems that what you are saying is something that continues to happen and seems to have become a trend in itself, that ethereum's growth can be ascertained because of the role that bitcoin has and not only because of the capabilities it has, but clearly because of the role of bitcoin. but the increase in ethereum will also affect all the altcoins that are still on the market, but not the altcoins whose founders have abandoned them.

the current situation will continue to improve, because it is estimated that by the end of the year there will be an increase in all coins starting with an increase in bitcoin, we are waiting when we enter the beginning of Q4, hopefully this hope can be real.

If the total burned coin is high enough then maybe in the future the it will help increase the price and make the market of eth bullrun again even when it should be in market correction.
Right now the price is already higher than few weeks ago but im not sure if that is the effect of the coin burning. If the coin burned is too few then it will not have any significant impact to the market. Although this coin burning should not be considered as the main reason for traders to whether buy or not but it still more or less will have impact maybe in the future.

More people will continue to move to L2 and sidechains like polygon and NEAR Aurora.

It is very difficult and inaccurate to make such forecasts for the price that will be at the end of the year. In the market, it is not known with 100% probability what will happen tomorrow and in which direction the price will turn. Therefore, if possible, we need to fix the profit that the market gives us today.

There is so much noise around the update, I recently read an article on the subject, namely, how this update will affect the linemen and not only.
https://blockster.com/blockdesk/1120_how-will-the-ethereum-2-0-upgrade-affect-eth-miners

It can be said that in any market it can happen,
so we need to follow the developments and movements of the market itself,
indeed things like that certainly take time and energy but it will give us benefits too