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,

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