6 ms·

Here you can track how much Eth has been burned so far: https://ethburned.info/ https://ethburned.info/

by bugzz 5y ago

mmmeff 5y ago
What does it mean for Eth to be burned?
- deleted 5y ago
  [deleted]
- bugzz 5y ago
  This change burns the "base fee" instead of giving it to miners, which means it goes to nobody and is gone forever
  - lasagnaphil 5y ago
    If it goes to nobody, is it really "gone forever"? Did it even exist in the first place? The confusions arise from thinking cryptocurrency tokens as material things (like gold). Money is just a numeric representation of the social relationship people have with each other, and the rules of the monetary system is just an technical agreement on how we should have relationships with others. This is a change of rules for the relationship between miners and owners: nothing is "lost" or "burned". Whether you agree upon that change of contract is up to yours, but the actual "disappearing" of money isn't an issue in the slightest here.
    - xur17 5y ago
      > If it goes to nobody, is it really "gone forever"? Did it even exist in the first place? Yes? Isn't "going to nobody" the very definition of "gone forever"? Previously miners received the ETH spent on fees, and either kept it, or traded it for cash. Since they will be receiving less, they will have less that they can sell, which should result in less selling pressure.
    - bugzz 5y ago
      I'm not sure exactly what you are saying. I don't think there's any problem with the money being burned. > nothing is "lost" or "burned" That "specific" Eth is gone. I say "specific" because of course it's fungible, except for its transaction history.
    - drdrey 5y ago
      It goes from the wallet of people issuing transactions to no one. So it was actual value that people could spend, and that value is removed from circulation, reducing inflation
    - GZJOHN 5y ago
      Confidently incorrect and took a lot of words to do it. Bravo!
  - thegabez 5y ago
    Whats the incentive for miners to continue to mine? They now just rely on tips? Won't they all just bail if they're not receiving enough tips to be profitable?
    - hanniabu 5y ago
      It's still profitable
    - bugzz 5y ago
      Each block still mints 2 new eth, in addition to tips (which should always remain small, even as base fee rises).
      - X6S1x6Okd1st 5y ago
        Not to mention MEV
deleted 5y ago
[deleted]
jlokier 5y ago
Currently burning at a rate of USD $16M per day.

Here you can track how much Eth has been burned so far: https://ethburned.info/ https://ethburned.info/

by bugzz 5y ago

Here you can track how much Eth has been burned so far: https://ethburned.info/ https://ethburned.info/

mmmeff 5y ago

What does it mean for Eth to be burned?

deleted 5y ago
[deleted]
bugzz 5y ago
This change burns the "base fee" instead of giving it to miners, which means it goes to nobody and is gone forever
- lasagnaphil 5y ago
  If it goes to nobody, is it really "gone forever"? Did it even exist in the first place? The confusions arise from thinking cryptocurrency tokens as material things (like gold). Money is just a numeric representation of the social relationship people have with each other, and the rules of the monetary system is just an technical agreement on how we should have relationships with others. This is a change of rules for the relationship between miners and owners: nothing is "lost" or "burned". Whether you agree upon that change of contract is up to yours, but the actual "disappearing" of money isn't an issue in the slightest here.
  - xur17 5y ago
    > If it goes to nobody, is it really "gone forever"? Did it even exist in the first place? Yes? Isn't "going to nobody" the very definition of "gone forever"? Previously miners received the ETH spent on fees, and either kept it, or traded it for cash. Since they will be receiving less, they will have less that they can sell, which should result in less selling pressure.
  - bugzz 5y ago
    I'm not sure exactly what you are saying. I don't think there's any problem with the money being burned. > nothing is "lost" or "burned" That "specific" Eth is gone. I say "specific" because of course it's fungible, except for its transaction history.
  - drdrey 5y ago
    It goes from the wallet of people issuing transactions to no one. So it was actual value that people could spend, and that value is removed from circulation, reducing inflation
  - GZJOHN 5y ago
    Confidently incorrect and took a lot of words to do it. Bravo!
- thegabez 5y ago
  Whats the incentive for miners to continue to mine? They now just rely on tips? Won't they all just bail if they're not receiving enough tips to be profitable?
  - hanniabu 5y ago
    It's still profitable
  - bugzz 5y ago
    Each block still mints 2 new eth, in addition to tips (which should always remain small, even as base fee rises).
    - X6S1x6Okd1st 5y ago
      Not to mention MEV

deleted 5y ago

[deleted]

jlokier 5y ago

Currently burning at a rate of USD $16M per day.