OT: What determines crypto gas fees?

[JackShephard]

I have some low value tokens I earned from a game that I've been slowly converting to ETH over the last few months. Sometimes the gas fees are very low, like around $3 to convert $100 worth of tokens. Today I'm trying to convert about $85 worth, and the gas is about $25-$35 when I get a quote. Seems ridiculous to lose 1/3 of my crypto during a swap. I'll keep checking until I can get it for under $10, but what should I watch for to let me know when the time might be right?

 

[dorndawg]

 

[The Peeper]

I have some low value tokens I earned from a game that I've been slowly converting to ETH over the last few months. Sometimes the gas fees are very low, like around $3 to convert $100 worth of tokens. Today I'm trying to convert about $85 worth, and the gas is about $25-$35 when I get a quote. Seems ridiculous to lose 1/3 of my crypto during a swap. I'll keep checking until I can get it for under $10, but what should I watch for to let me know when the time might be right?

 

[CochiseCowbell]

 

[pseudonym]

Crypto vs. Bitcoin: What You Need to Know | River Learn - Bitcoin Basics

Which digital asset is better for your investment portfolio; which is more likely to be profitable and carries less risk over the long-term?

river.com

• Following the ICO craze of 2017-2019, bitcoin has outperformed crypto by a wide margin.
• Bitcoin’s use as a store of value is well-established, and it continues to get easier to use it as a medium of exchange, too.
• Crypto is riskier to invest in than bitcoin because it is difficult for an investor to accurately assess the risk associated with code from a highly complex and opaque system.

 

[mcdawg22]

The underpants gnomes.

 

[Anon1717806835]

I have some low value tokens I earned from a game that I've been slowly converting to ETH over the last few months. Sometimes the gas fees are very low, like around $3 to convert $100 worth of tokens. Today I'm trying to convert about $85 worth, and the gas is about $25-$35 when I get a quote. Seems ridiculous to lose 1/3 of my crypto during a swap. I'll keep checking until I can get it for under $10, but what should I watch for to let me know when the time might be right?

Everybody knows that the President of the United States sets the price of gas....

 

[pseudonym]

I don't know anything about ETH, but here is an example bitcoin transaction confirmed in the last block:

The Mempool Open Source Project®

Explore the full Bitcoin ecosystem with The Mempool Open Source Project®. See the real-time status of your transactions, get network info, and more.

mempool.space

• value transferred: $814,986
• transaction fee: $2.85 (0.00035%)
• broadcast to confirmation: 12 minutes
• settlement: final

 

[JackShephard]

Crypto vs. Bitcoin: What You Need to Know | River Learn - Bitcoin Basics

Which digital asset is better for your investment portfolio; which is more likely to be profitable and carries less risk over the long-term?

river.com

• Following the ICO craze of 2017-2019, bitcoin has outperformed crypto by a wide margin.
• Bitcoin’s use as a store of value is well-established, and it continues to get easier to use it as a medium of exchange, too.
• Crypto is riskier to invest in than bitcoin because it is difficult for an investor to accurately assess the risk associated with code from a highly complex and opaque system.

I have BTC. I also keep ETH. The junk token is pure profit from a "game". It is tethered to ETH, so that's the only conversion available. I can convert the ETH to BTC later, but I certainly don't want to pay another crazy high gas fee. While most responses have been humorous, I have learned nothing. Thanks SPS! LOL - just a joke guys.

 

[dickiedawg]

I have BTC. I also keep ETH. The junk token is pure profit from a "game". It is tethered to ETH, so that's the only conversion available. I can convert the ETH to BTC later, but I certainly don't want to pay another crazy high gas fee. While most responses have been humorous, I have learned nothing. Thanks SPS! LOL - just a joke guys.

If you find a crypto subreddit to post this on I think you’ll have better luck. Or just search there, it’s probably been discussed already.

 

[aTotal360]

Deez nuts.

 

[ababyatemydingo]

Never to be confused with JackatShelter

 

[greenbean.sixpack]

According to a friend, you can buy bitcoin via Venmo and use it to fund an offshore gambling app.

 

[baddmann007]

ETH Gas prices are based on supply, demand, and network capacity at the time of the transaction. Fees may increase during periods of high transaction volumes.

Best times are weekends and at night (or both). Have you tried “off-peak” times?

 

[FreeDawg]

Chain traffic. Generally speaking, gas is highest on ETH during regular business hours 8-5 and much lower early in the morning or at night. If you’re able to use L2s like polygon or base, and it might not be applicable in your case, it will always be cheaper.

edit: NFA buy dione. Thank me later

 

[JackShephard]

If you find a crypto subreddit to post this on I think you’ll have better luck. Or just search there, it’s probably been discussed already.

Yeah, I already got my answer. I just thought one of our resident crypto bros would enjoy explaining it.

ETH Gas prices are based on supply, demand, and network capacity at the time of the transaction. Fees may increase during periods of high transaction volumes.

Best times are weekends and at night (or both). Have you tried “off-peak” times?

Thank you. This builds on what I found. I was able to get away with about $11 in gas fees today. Still high, but my token was up 11% so it washed.

 

[The Cooterpoot]

The price of Taco Bell burritos

 

[pseudonym]

As people lose faith in ETH and other unregistered securities, will they flee to bitcoin or fiat?

 

[PooPopsBaldHead]

Pretty sure this the main contributor to your gas...

 

[mstateglfr]

As people lose faith in ETH and other unregistered securities, will they flee to bitcoin or fiat?

Fiat is used as this pejorative term by crypto bros, yet btc and crypto in general is no different.

Fiat- Fiat money is a type of currency that is not backed by a precious metal, such as gold or silver, or backed by any other tangible asset or commodity.


Fiat is typically legal tender under government oversight. But the core complaint is that it has no backing, hence the constant reference to the Gold Standard that we moved away from like half a century ago.
...yet btc is no different. It is not backed by precious metals, a tangible asset, or a commodity.

 

[The Peeper]

Never to be confused with JackatShelter

I noticed the "resemblance" too

 

[CochiseCowbell]

Fiat is used as this pejorative term by crypto bros, yet btc and crypto in general is no different.

Fiat- Fiat money is a type of currency that is not backed by a precious metal, such as gold or silver, or backed by any other tangible asset or commodity.


Fiat is typically legal tender under government oversight. But the core complaint is that it has no backing, hence the constant reference to the Gold Standard that we moved away from like half a century ago.
...yet btc is no different. It is not backed by precious metals, a tangible asset, or a commodity.

That clears it up. Here I was thinking it was Mussolini's preferred mode of transit.

 

[Herbert Nenninger]

I care about the environment so that’s why I switched over to an EC (electric crypto).

 

[pseudonym]

Fiat is used as this pejorative term by crypto bros, yet btc and crypto in general is no different.

Fiat- Fiat money is a type of currency that is not backed by a precious metal, such as gold or silver, or backed by any other tangible asset or commodity.


Fiat is typically legal tender under government oversight. But the core complaint is that it has no backing, hence the constant reference to the Gold Standard that we moved away from like half a century ago.
...yet btc is no different. It is not backed by precious metals, a tangible asset, or a commodity.

Here is a 28-minute read refuting your claim that bitcoin is backed by nothing:

Bitcoin is Not Backed by Nothing - Unchained

Bitcoin is not backed by nothing. It has a fixed supply and is finitely scarce. Only 21 million bitcoin will ever exist. But how and why is that?

unchained.com

I challenge your claim that the defining characteristic of fiat money is whether a physical asset like gold backs it. Fiat actually refers to money that derives its value from government decree, not from any intrinsic backing like gold or silver. Most modern fiat currencies are not backed by any physical assets at all—they rely on the trust and authority of the government that issues them.

Bitcoin is fundamentally different. It’s not created or controlled by any government, and its value is determined by the market—specifically, by the forces of supply and demand. Bitcoin’s value is backed by its decentralized structure, fixed supply, and security, not a physical asset or government decree.

So, the distinction here isn’t just about physical backing; it’s about how the currency derives its value: government decree in the case of fiat versus market dynamics in the case of bitcoin.

Furthermore, the post you quoted and responded to was not using fiat as a pejorative term.

 

[maroontide06]

I have some low value tokens I earned from a game that I've been slowly converting to ETH over the last few months. Sometimes the gas fees are very low, like around $3 to convert $100 worth of tokens. Today I'm trying to convert about $85 worth, and the gas is about $25-$35 when I get a quote. Seems ridiculous to lose 1/3 of my crypto during a swap. I'll keep checking until I can get it for under $10, but what should I watch for to let me know when the time might be right?

Uhhh...are you converting bitcoin to ethanol? We don't buy gasoline with bitcoin in Picayune. Is this one of these different tax bracket things? In Picayune we use pocket lint as currency. Maybe I should go to the Dollar Tree and buy the kiddie money. Will that work?

Edit to add: The reverse UNO card is also where it's at. Give that one a try as well.

 

[Papapat.sixpack]

Set an alarm for 2:30AM and do the eth transactions.lol

 

[JackShephard]

As people lose faith in ETH and other unregistered securities, will they flee to bitcoin or fiat?

Everything you've "added" to this thread has been unrelated to the topic. You're just shilling for BTC, and no one asked about the merits of BTC (until after you posted your off topic video no one is watching). I have some. I have some ETH. The particular coin I was swapping is tethered to ETH, and it can only be swapped for ETH. That doesn't mean I hate bitcoin or will never swap my ETH for it. I was just asking a question, which apparently you, in all your infinite crypto knowledge, couldn't answer. So you decided to shill bitcoin instead. Weird. I'm starting to wonder if you're a bot.

 

[mstateglfr]

Here is a 28-minute read refuting your claim that bitcoin is backed by nothing:

Bitcoin is Not Backed by Nothing - Unchained

Bitcoin is not backed by nothing. It has a fixed supply and is finitely scarce. Only 21 million bitcoin will ever exist. But how and why is that?

unchained.com

I am disinclined to acquiesce to your request...means no.

I challenge your claim that the defining characteristic of fiat money is whether a physical asset like gold backs it. Fiat actually refers to money that derives its value from government decree, not from any intrinsic backing like gold or silver. Most modern fiat currencies are not backed by any physical assets at all—they rely on the trust and authority of the government that issues them.

What the 17 are you even saying?
I defined 'fiat' and said it is not backed by physical assets(which means it is valued thru decree). You then say you challenge my definition and go on to say 'fiat currencies are not backed by any physical assets at all'.
...which is what I said in the first place.
btc is not backed by precious metal, physical tangible asset, or commodity.

Bitcoin is fundamentally different. It’s not created or controlled by any government, and its value is determined by the market—specifically, by the forces of supply and demand. Bitcoin’s value is backed by its decentralized structure, fixed supply, and security, not a physical asset or government decree.

The value of USD is also determined by the market. The US Government may say $1 is worth $1, but the market determines what you can buy for $1, not the US Government. Supply and demand, as well as how appealing a currency is due to stability or other factors, all influence how much value actually exists in traditional paper money.
These are the exact things that you say mades btc fundamentally different.

Yes btc has a fixed supply...except it really doesnt since it can be nearly infinitely divided.
A max of 21MM btc can be mined, but each coin can be split up into seemingly endless amounts. As a result, whatever the value one coin holds, the supply for practical use can just be divided a bunch.

So, the distinction here isn’t just about physical backing; it’s about how the currency derives its value: government decree in the case of fiat versus market dynamics in the case of bitcoin.

Again, USD derives its value from market dynamics. Its why $100 now doesnt buy what $100 did 4 years ago. And if you want to claim that $100 is devalued because of 'government decree', then simply look at the countless instances thru history when inflation occurred and there wasnt a corresponding increase in the money supply.
Market dynamics is what actually sets the value of USD and other 'fiat' currencies.

Furthermore, the post you quoted and responded to was not using fiat as a pejorative term.

Ok, cool- thanks for clarifying even though thats beside the point here.

 

[pseudonym]

Everything you've "added" to this thread has been unrelated to the topic. You're just shilling for BTC, and no one asked about the merits of BTC (until after you posted your off topic video no one is watching). I have some. I have some ETH. The particular coin I was swapping is tethered to ETH, and it can only be swapped for ETH. That doesn't mean I hate bitcoin or will never swap my ETH for it. I was just asking a question, which apparently you, in all your infinite crypto knowledge, couldn't answer. So you decided to shill bitcoin instead. Weird. I'm starting to wonder if you're a bot.

I'm not trying to trigger you or be combative. Feel free to ignore anything you're not interested in. If you're not interested in it, it probably wasn't meant for you.

 

[pseudonym]

What the 17 are you even saying?
I defined 'fiat' and said it is not backed by physical assets(which means it is valued thru decree). You then say you challenge my definition and go on to say 'fiat currencies are not backed by any physical assets at all'.
...which is what I said in the first place.
btc is not backed by precious metal, physical tangible asset, or commodity.

You may not agree, but I explained it pretty clearly. I'll try another approach: Fiat doesn't mean not backed by gold. It means by decree.

The value of USD is also determined by the market. The US Government may say $1 is worth $1, but the market determines what you can buy for $1, not the US Government. Supply and demand, as well as how appealing a currency is due to stability or other factors, all influence how much value actually exists in traditional paper money.
These are the exact things that you say mades btc fundamentally different.

No, I said what makes bitcoin fundamentally different is that it is not created or controlled by a government and does not derive its value from government decree. I think you are still struggling with what fiat actually means.

Yes btc has a fixed supply...except it really doesnt since it can be nearly infinitely divided.
A max of 21MM btc can be mined, but each coin can be split up into seemingly endless amounts. As a result, whatever the value one coin holds, the supply for practical use can just be divided a bunch.

This is the infinite pizza theory. As long as I can slice my pizza up into smaller and smaller pieces, I don't have a fixed supply of pizza.

 

[mstateglfr]

You may not agree, but I explained it pretty clearly. I'll try another approach: Fiat doesn't mean not backed by gold. It means by decree.
View attachment 653753

I know what 'fiat' means from a financial perspective. And so if the definition of fiat is known, then the opposite is also known. If fiat money is valued by decree, then non-fiat money(commodity money) is valued intrinsically.
My initial point was that btc is not commodity money, so it is effectively the same as fiat money since it is valued off of not metal/commodity. It is then no better than the very thing that so many btc supporters hate on.

No, I said what makes bitcoin fundamentally different is that it is not created or controlled by a government and does not derive its value from government decree. I think you are still struggling with what fiat actually means.

I still understand what 'fiat' means. I am taking take the term and applying the results of the term to other terms that share those results.
Yes, I understand btc isnt created or controlled by a government. That is a distinction without a difference though, at least when it comes to value, since both btc and USD rely on market dynamics for value. Market dynamics absolutely determine the value of USD. I gave an example, its was a spot on example, and I even cited the reality that the common complaint of that example doesnt hold up when other instances in history are considered.
In reality, USD does not derive its value from government decree. It simply doesnt. The value of USD is directly tied to other currencies and to market dynamics. The US Government can claim a $100 is worth $100, but that is no different from claiming 1btc is worth...1btc. Uhoh, btc is tied to USD. Hmm...seems like a bit of a fatal flaw, huh?
All seriousness though, markets determine what USD and other currencies are actually worth.

This is the infinite pizza theory. As long as I can slice my pizza up into smaller and smaller pieces, I don't have a fixed supply of pizza.

Yes, except with pizza you do eventually get to a point where you physically cant divide it up any further. With electronic currency, those decimals can keep going on forever, so it actually could be infinite.






Best of luck continuing to argue that btc is better than USD because its value isnt determined by Government decree, even thought the value of USD is absolutely determined by market forces, and the value of btc is directly tied to the value of USD.
That right there is the real infinite loop.

 

[pseudonym]

I know what 'fiat' means from a financial perspective. And so if the definition of fiat is known, then the opposite is also known. If fiat money is valued by decree, then non-fiat money(commodity money) is valued intrinsically.
My initial point was that btc is not commodity money, so it is effectively the same as fiat money since it is valued off of not metal/commodity. It is then no better than the very thing that so many btc supporters hate on.

This may make sense in your head, but it is unconvincing. I put your response in ChatGPT, and it responded with this:

ChatGPT:

The logical fallacy you're describing is known as the illicit negative or sometimes as false dichotomy.

Here's why it's a fallacy: the argument assumes that because both A and B are not C, A must be the same as B. This is invalid reasoning because simply sharing the absence of a property (not being C) does not imply that A and B are equivalent or identical in other respects.

For example:

• "A cat is not a dog. A horse is not a dog. Therefore, a cat is a horse."

This argument is fallacious because while both a cat and a horse are not dogs, it does not follow that they are the same as each other.

In essence, this fallacy arises when someone assumes that two things are identical based on the fact that they both lack a specific property, while ignoring the many other differences they may have.

I still understand what 'fiat' means. I am taking take the term and applying the results of the term to other terms that share those results.
Yes, I understand btc isnt created or controlled by a government. That is a distinction without a difference though, at least when it comes to value, since both btc and USD rely on market dynamics for value. Market dynamics absolutely determine the value of USD. I gave an example, its was a spot on example, and I even cited the reality that the common complaint of that example doesnt hold up when other instances in history are considered.
In reality, USD does not derive its value from government decree. It simply doesnt. The value of USD is directly tied to other currencies and to market dynamics. The US Government can claim a $100 is worth $100, but that is no different from claiming 1btc is worth...1btc. Uhoh, btc is tied to USD. Hmm...seems like a bit of a fatal flaw, huh?
All seriousness though, markets determine what USD and other currencies are actually worth.

You keep saying fiat currency derives its value from market forces (supply and demand) and ignoring that the supply of fiat currencies is determined by government decree. The supply of bitcoin cannot be changed by decree. Again, I have to keep pointing you back to what fiat actually means.

Yes, except with pizza you do eventually get to a point where you physically cant divide it up any further. With electronic currency, those decimals can keep going on forever, so it actually could be infinite.