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,
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,
One of the more upvoted comments doubts the real meaning behind ‘the future of crypto’:
Another commenter reminds us that the full control of our money promised by cryptocurrencies comes with the full responsibility for our keys,
In another thread on the same topic, a redditor expresses his concern about the lack of support for micro-transactions on Ethereum,
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,
This week, $183 Million in Ethereum was moved With $0.06 fee instantaneously.— Joseph Young (@iamjosephyoung) October 22, 2018
Last week, $194 million in Bitcoin was moved with a $0.1 fee.
To move $1 million costs $10k using banks. This is one killer application of crypto that currently works.
First shared by @cvrbonbased pic.twitter.com/FpVo5rqnPg