Moving $182 Million for $0.06 with ETH

Moving $182 Million for $0.06 with ETH

Yesterday 888,888 ETH were transferred from Binance_5 address for a fee of 0.00026985 ETH. The community is not sure how to feel about it

Yesterday, October 21, a transaction of 888,888 Ether appeared on the blockchain and was confirmed at the standard rate in about 10-15 seconds. The address marked Binance_5 from which the transaction was initiated paid 0.00026985 ETH in fees. Converted to US dollars, the total value transacted amounts to about $182 million for a fee of 6 cents as of press time, according to etherscan.io conversion rates. As noted by some Twitter users, this may have been the large transaction Changpeng Zhao, CEO of Binance, was talking about in his recent tweet about moving funds to cold storage,

The community reaction was not long in coming, as a reddit user posted,

$184 million ETH transfer for $0.06 cents. If this is not the future, I don’t know what is

From /u/laugrig’s thread on Reddit

We will close our eyes on ‘$0.06 cents’ not making any sense and, instead, provide our readers with some of the more interesting observations such as,

Amazing, $184 million transferred. I am not sure what the $160 million was used for, but anyone needing $215 million will surely be please with the low tx cost.

/u/Mellowde hinting at volatility of ether

One of the more upvoted comments doubts the real meaning behind ‘the future of crypto’:

Posts like this show how desperate/uneducated some/most are In the crypto space. This only shows that someone did a fund transfer when ETH network was not clogged up. I just paid around 13 cents to get a stalled transaction though for interacting with a Dapp (no funds transfer). Yes OP you don’t know what the future is. The future is a scalable crypto where the average user has no clue he is using the service. For them it will just work, giving them more control and access to services that was never available to them. That’s the future.

— /u/marques99

Another commenter reminds us that the full control of our money promised by cryptocurrencies comes with the full responsibility for our keys,

Crypto is scary. Imagine losing the key to those 186 million and you can't call the bank or someone to get it back.

/u/bigstick9292

In another thread on the same topic, a redditor expresses his concern about the lack of support for micro-transactions on Ethereum,

It's more important to see $0.10 transfer with $0.005 transaction fees. That will open more doors.

/u/Casteliero

While we are on the micro-transactions topic, we can go back and re-watch an old video in which Vitalik Buterin states his opinion on 5-cent fees,

Finally, crypto influencer Joseph Young with almost 90,000 followers made a tweet which sparked a hot discussion about what it would cost to transfer the same amount of money via traditional banking methods,

Ethereum

ETH
Price
136.98 USD -0.62%
0.03420000 BTC 0.00%
Volume, 24h
1,049,148,504 USD
-5.71%
Marketcap
14,470,191,018 USD
10%
Emission

Related news

Ethereum [ETH] core dev clarifies acceptance of ProgPow in future hard forks

Programmatic Proof-of-Work [ProgPow] has been one of the most talked-about updates in the Ethereum community. Its implementation proposal saw the support of a majority of the Ethereum community, with some expecting it to go live in the Istanbul hard fork and others claiming that it would have its own small hard fork. In a Reddit post on the Ethereum subreddit, Hudson Jameson, one of the core devs of Ethereum Foundation, spoke about the future of ProgPow, whether it would go live in a hard fork, and most importantly if it would go live or not. He said: “Back when we were deciding the issuance reduction at the end of 2018, ProgPoW was brought up a lot. Some considered it a ‘bargaining chip’ for miners to accept the issuance reduction. Some miners believe that it was agreed upon that we would put ProgPoW in a hard fork in exchange for an issuance reduction.” This was followed by Hudson stating that during the end of 2018, the core devs decided to “investigate ProgPow to the fullest extent” and that there were “no promises” made in terms of its implementation. Further, he stated that even on January 4, 2019, at the core devs meeting, the decision to tentatively go ahead with ProgPow was made after he asked for consensus amongst team members on whether they had any opposition with it. However, no one responded to the question. Hudson said: “It’s sort of like accepting a proposal by silence. To be clear, there were some core devs who were in favor of ProgPoW and had been for a long time so there was no need to reiterate their support at that moment. We were only looking for dissenting opinions and otherwise we would go forward with it.” Source: Reddit This was followed by Hudson stating that the Ethereum Cat Herders were working on finding the “appropriate auditor and rising funds” for ProgPow audit, adding that the complete details pertaining to this would be released next week. He added, “In summary, a decision was made to move forward with ProgPoW, but no timeline was given as to when it would be activated in a hard fork. It may be activated in its own fork or with Istanbul. If an issue is found by the ProgPoW audit, we may not go forward with implementing and activating ProgPoW.” Source: Reddit The post Ethereum [ETH] core dev clarifies acceptance of ProgPow in future hard forks appeared first on AMBCrypto.
AMBCrypto

New Crypto Trading Scam Website Draws Attention from Investors on Reddit

The crypto community seems to be eyeing a crypto website as a potential scam due to its promise of major returns on investments. The website, called Doubly, allegedly uses a trading bit, which it claims to be powered by artificial intelligence as a bot. When investors invest, the bot accepts the assets and the website […]
Bitcoin Exchange Guide

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.