The Truth About EIP 1559...

EIP 1559 is scheduled to be implemented in July 2021. While the common expectation is cheaper and faster transactions, this video will explain the truth about EIP 1559 and what we can expect. This video will detail the positives, negatives, and risks of the scheduled EIP 1559 update.

Time Stamps:
Current ETH Model - 0:00
EIP 1559 Base Fee Burn - 1:29
Miners Not Happy - 4:20
Is EIP 1559 Profitable? - 8:16
Deflationary Model - 10:32
Economic Abstraction Issue Solved - 12:00
Future Of ETH 2.0 - 13:20
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DISCLAIMER: This is NOT financial or legal advice. I am just offering my opinions. I am not responsible for any investment or legal decisions that you choose to make. This description may contain affiliate links for products that I believe in and use personally. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). Thank you for your support.

#ethereum #eip1559

[cogginsjeffrey]

your attention to the technical details is always refreshing to see on YouTube 👍🏻

[vjmceo]

Thank you for making videos that the general public can understand for the most part. Keep dummying it down and you’ll get more and more followers, the space is very confusing to most. The influencer that can make it simple to understand will garnish the biggest following over time.

[SaritaYasmin]

This helped me understand so much! Thanks so much <3

[MrShantico]

I love your content brother, thank you!

[sewerQat]

I'm a miner bht I'm in support of this proposition as it seems to me like it will more beneficial than harmful in the long term, a lot miners just seem very narrow-minded to me since they're just going by the numbers and not looking at the greater implications and potential benefits to everyone in the Ethereum community.

[thebermyangler]

It's amazing how my research always leads me back to a video that you did month's ago 🤯🤯. Chase is the guy 👊🏽👊🏽🔥🔥

[jopadjr]

Maybe next, do a mining ETH tutorial mate..

[chineduedu]

As much as I don't think the EIP 1559 would reduce gas price, the deflationary model is one of the best thing for ETH. Please make a video on ETH 2.0.
By the way, I'm a huge fan of your videos. It's funny that your channel will be big one day and you wouldn't be able to respond to most of the comment.

[jasonmasters]

You did not mention that eip 1559 was original proposed without fee burn. Also, if 70 percent of miner fork where would you be more secure ? I do think the fee structure should be fixed. The burning is just causing inflation of the price.Which raises the cost in usd to transact on the network.
eth 2.0 does not have 1559 implemented. so if eth 2.0 is finally released your fees are going back up.

[SoulEscalator]

Thanks again for the great explanation video, learned a lot. But I’m wondering the name 1559, does it have any meaning? And I need to look into what is sharding Chain.

[renzobarai]

I understand you points, balancing and security for the Ethereum future. Majority of the miners who bought new hardware will effect roi. However for the miners still using hardware more than 6 months maybe less effect plus GPU prices skyrocket this year cause miners to disagreed for the eip 1559 execution not in the right time.

[bambamgolf]

how much cheaper is the fee do you think?

[kb]

And in the end we will have to transfer everything into xlm for no fees lol, yet xlm gets no love, greed holds everything back

[ewor]

I don't like paying high transaction fees and I blame the miners for being overpaid. Proof of stake seemed like a scam at first but now I understand why it's the future.

[scottfrench]

ETH's gas fees is a clusterfuck. With NFT's blowing up and people swapping ERC-20 tokens, the network will be nothing but busy all time- so high gas fees. So the burning of fees will make it scarce and drive up the price. So since ETH will be worth $3k, now I get to feel less bad about a $40 gas fee to send $60 of some ERC-20 token. The fees just need to be lower. This seems like a bad solution. I hope there is a hard fork, so we get another token.

[CrankingAllDay]

Miners are worried that ASICS are going to take over the network. It will become centralized, and prone to a 51% attack which make make Eth worth 0.... Cut down the fees, but also cut down the ASICS

[imthatguybro]

I boycotted ETH after 3 consecutive failed transactions costing me over 500$ and got no damn tokens. It's ridiculous. IMO Eth is gonna die off when everyone realizes that they can transact for damn near free on Polkadot and Cardano or BSC

[josephcadiao]

How will proof of stake validate ethereum just for staking your eth without hardware doing cryptography?

[Cocina_animal]

There will be less miners, it is more centralized, the less miners there are the higher tips they can ask to compensate their "lost" profits. Transactions will stay expensive and people wont use the network anymore for transactions to save money. Ethereum could turn into silver. Tips will be also deflationary. I wait for the moment where projects say it is too expensive to built on ethereum and start switching the blockchain. Only whales profit from ethereum. Ethereum is the boomer of blockchains. I wonder why it hasnt gone parabolic if it is such a deflationary product?

[darylferreras]

FYI you need to have at least 32 eth to stake on 2.0