Ethereum Developer: "We Are Going to Burn a Lot of ETH"

[Em00n01]

Ethereum Developer: "We Are Going to Burn a Lot of ETH" 

◆EIP-1559 will be implemented as planned, an Ethereum developer said today.
◆The proposal will bring flexible blocks, better security, and a deflationary ETH token design when implemented.
◆However, the proposal only applies to Ethereum in its current form, which is itself undergoing a shift.

You can check full details from here:
https://decrypt.co/52157/ethereum-developer-we-are-going-to-burn-a-lot-of-eth

[Ryushin]

If this is the only way to solve Ethereum high transaction fee then I'm 💯 supportive of the strategy, also we all know that Ethereum don't have any max supply so Ethereum is unlimited, having a fixed max supply now will be a game changer, just my own thoughts

[cryptoperkele]

...
◆However, the proposal only applies to Ethereum in its current form, which is itself undergoing a shift.

...

Obviously it can't apply to future form as future form isn't ready yet. But sentences like these confuse me. Are they going to adjust to development of eth, and why shouldn't they? What ever is the case, any kind of deflationary system for eth is more then welcome.

[tabas]

What if they already do it while it's shifting to 2.0. That is still applicable if they will do it because the remaining ETH that's not yet shifted to beacon chain would lessen its supply.
And in that case, that will create a deflation to make the price higher. The devs like that, and most of the investors would like to see the burning happen.

[makishart]

I hope that will be a true story but it looks like it's still a proposal that is not yet implemented. BTW to be implement the proposal and that will need the approval by the community to did another hardfork to implement the proposal. If ethereum will be deflationary and how much it will be burned. There will always be a lot of questions regarding it.

[Eddyc]

In my opinion it's a marketing strategy to reach new levels of development and adherence. We know that Ethereum is highly regarded by supporters and investors, but something extremely impactful is still missing. So Eth 2 could be the way to something new or streamline the project and increase the market volume.

Let's wait.

[kaya11]

I hope that will be a true story but it looks like it's still a proposal that is not yet implemented. BTW to be implement the proposal and that will need the approval by the community to did another hardfork to implement the proposal. If ethereum will be deflationary and how much it will be burned. There will always be a lot of questions regarding it.

That's why I am still doubtful about some news like this, if it isn't happening then the worst comes around. I bet they should be serious about this and not just words. I have been a holder of eth since 2017 and I wanna see some good news, it's been 3 years already, and I think thid coild do the job of lifting eth's price again.

[danglongbtc]

In my opinion it's a marketing strategy to reach new levels of development and adherence. We know that Ethereum is highly regarded by supporters and investors, but something extremely impactful is still missing. So Eth 2 could be the way to something new or streamline the project and increase the market volume.

Let's wait.

Projects like Ethereum should not utilize such marketing strategies. And if it is adored by community, I think it will push the price which is needed indeed.

[bitkanu]

In my opinion it's a marketing strategy to reach new levels of development and adherence. We know that Ethereum is highly regarded by supporters and investors, but something extremely impactful is still missing. So Eth 2 could be the way to something new or streamline the project and increase the market volume.

Let's wait.

Projects like Ethereum should not utilize such marketing strategies. And if it is adored by community, I think it will push the price which is needed indeed.

This is happening so many times. I remember when someone from ethereum code developer introduced the EIP for the casper POS and it's not even implemented. BTW that guy was trying to bring back the buyers again.
This could not market but some people may have a different opinion about that. he was telling us about the possibilities for EIP to be implemented but people know that's still a proposal.

[DrBeer]

If this is the only way to solve Ethereum high transaction fee then I'm 💯 supportive of the strategy, also we all know that Ethereum don't have any max supply so Ethereum is unlimited, having a fixed max supply now will be a game changer, just my own thoughts

A decrease in the number of tokens, while maintaining market capitalization, on the contrary, will lead to an increase in the cost of the transaction. An absolutely stupid decision! A decrease in the monetary base will not give a single positive result, while it is guaranteed to generate a lot of problems. The super high price of a token is not always positive

[hd49728]

Burn events are considered when teams try to reduce their holdings on the coins or tokens of projects they create and develop. These events help price to grow even it relates to scam projects.

The EIP-1559 will bring the basefee for all transactions on the Ethereum network to bring justice and equality to poor and rich users on Ethereum network. 

When implemented, EIP-1559 will bring about a better user experience, tighter security features, larger blocks for transactions (when required), and see ETH burned after every transaction processed by the Ethereum blockchain. This is unlike the current mechanism.

...

It introduces a deflationary element as well. As Gas is spent, a bulk of that amount of ETH is burned—creating a diminishing supply of tokens.

[jacafbiz]

The thing about Ethereum now is that there are many parts moving independently in different direction, Ethereum is now at a junction where they need to decide the future and the direction it is going to take, better projects are popping up in the space and are big threat to Ethereum, Polkadot is one I am watching but time will tell if Polkadot also is for real