This thread got a bit out of hand. I admit that I was pissed that I couldn't mint an NFT, within 5s of a contract going live. I clearly got sniped by bots. I haven't previously minted at a drop on ETH, and didn't realize how Metamask (badly) handles the gas estimation. (1/7)
https://twitter.com/VinnyLingham/status/1447680004137967619
That said, ETH gas fees make the technology too expensive for mainstream use cases or users. I paid $50 just to run a test transaction to a wallet yesterday. ETH has a lot of good things about it, high gas fees are not one of them. (2/7)
I do want to apologize to anyone who found the tweet offensive, but I've always been an advocate for low-cost blockchains and I will continue to do so because I want to see this technology hit the mainstream. Ethereum will have its place and maybe L2 will help. (3/7)
@civickey stopped creating multisig ETH wallets for users last year, due to gas fees >$500 at one stage. These costs are not practical for companies, let alone individual users not earning dollars. (4/7)
I still think the current ETH 1.0 system is not in a good place, in that it is very exclusionary, but I'm hopeful that ETH 2.0 can solve some of these problems. Competition is good - and we should be cheering on multiple blockchains to see who can hit the mainstream first. (5/7)
Blockchain technology should not be a winner take all scenario, otherwise, we'll be stuck with a Facebook, Google, Apple, Amazon, etc monopolistic world. We should cheer on competition, innovation, and diversity. There is enough of a market opportunity for multiple winners. (6/7)
And lastly, please try to be civil in discourse and not resort to ad hominem attacks. Our industry has some of the best and brightest people in the world - let's not devolve to become a bunch of degenerate apes 😂 (7/7)
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