EIP-1559 Explained in 6 Minutes!

[@Taipan303]

Saving people from those painful 1hour crypto videos 1 video at a time, quality stuff 👍

[@JustinBram]

Thank you sir! That’s the goal 😃

[@GavinJones01]

Dude, so concise and to the point,. I was falling asleep on those long ass whiteboard videos. Great content!!!!

[@thejamesinator17]

10/10, mate. You've done it again 👏

[@JustinBram]

Thanks!

[@maximrusskikh774]

Very neat explanation, thanks Justin!

[@SAnmac-be2kp]

Wooow just wooow:)) Short, clear and very satisfactory video👍👍👍

[@JustinBram]

Thanks!

[@AnsonTanBalaenaQuant]

Why NFT drops leads to Gas Fees spike? And cause non-deflationary?

[@JustinBram]

Then we burn more eth! And the hope is the spikes are a bit less volatile

[@Alphact88]

Thanks JB!

[@JustinBram]

My pleasure Cyrille!

[@ngchongsin2009]

The link which shows how much eth is burn. How is it related or impact us? Is it the more it burn the better. I think i see the number keep increasing, but could not relate to it.

[@alexlzim]

Great video!

[@JustinBram]

Thanks Alex!

[@lherfel]

Thanks

[@bitcoin4065]

Truebit what will do?

[@Diirk]

Thank you

[@JustinBram]

You’re welcome!

[@joaco4ever11]

OK but how do I low ball the transaction fee ? if miners only care about priority since it's their tip can I just set minimum max fee for the base ?

[@expchrist]

super helpful

[@JustinBram]

Thanks! Happy to help

[@raman2726]

great video. +1 subscriber.

[@JustinBram]

Thanks!

[@tapasdas9188]

In shot after EIP1559 Mining ( more difficulty + fix block size + increase coin value) it's good for the coin holders, investers💐🙏💐🙏💐

[@chewwaileong8199]

As EIP 1559 has become the reality, the next matter that most people concern will be HOW LONG can miner still can mining before the ETH2.0 come. Any rough estimation? Thanks.

[@athul9299]

I am a miner , I am not waiting for eth 2.0 as the eip 1559 will reduce our profit by about 25% ,I am switching to etherium classic( was planning to switch to ravencoin but etherium classic was more profitable when i tried to mine it , it gave me more hashrate on same setup).If you want to know when will miners switch to other coins the answer is we already started switching or if u wanna know when eth2.0 comes into effect ,its december2021 , the difficulty bomb is expected to release by then

[@chewwaileong8199]

@@athul9299 Your suggestion is good, but it depend when you started the ETH mining. For those who bought GPU on 2020 probably the best choice now is to keep mining and switching to other coin eventually. But for those who just newly enter into ETH mining in 2021, I guess it is very hard to earn back the GPU cost as the time remaining is too little. To mine other coin after the merge, probably also won’t work well as massive of hash rate will flood into these coin and cause difficulty to sky rocket. What I hope is the ETH 2.0 won’t be deployed on December 2021, if it really happen, probably to sell of GPU on Oct or Nov will be my best choice.

[@athul9299]

@@chewwaileong8199 I wont recommend selling the gpu , hold on to some coins after ur expense , and sell it in the next bull run , u can easily breakeven.Try mining etherium classic the profit is pretty gud, the difficulty is very less rightnow.

[@chewwaileong8199]

@@athul9299 thanks for your suggestion!

[@lionlamb2702]

HI, SOS stock which mines ETH, will the company be affected negatively? Please explain to a newbie

[@JustinBram]

Not really sure about what that company does, but yes miners could be impacted. Especially after ETH2

[@rishabhkaushik22]

What do you think of the 1559 bug/exploit on the Ropstein testnet where some users were able to claim a false block? It could be fixed now I hope but shouldn't 1559 be delayed a little because of that?

[@JustinBram]

I wouldn’t have minded a delay but honestly I do trust the core devs. They seem pretty conservative and I trust that they would have delayed it if needed

[@rishabhkaushik22]

@@JustinBram I am also long on eth so I do hope you're correct and it's not not getting delayed due to some bureaucratic mess that it's too difficult to change the direction in which eth is going.

[@JustinBram]

Given how long we’ve been waiting for ETH2 I’m sure they’re comfortable delaying things haha.

[@rishabhkaushik22]

@@JustinBram yeah that makes sense lol i guess i just needed some second opinions

[@JeffAtkins]

Am I wrong or is this causing a feedback loop and not allowing transaction fees to drop into a reasonable price range???

[@RVGENomini]

Fucking informative and concise, thank you.

[@JustinBram]

Thanks!

[@meyerlansky8265]

🔥

[@matasuki]

So it's still POW?

[@JustinBram]

Yes until the merge

[@Mae-nr7wr]

thanks now im an expert

[@JustinBram]

Awesome!

[@davidjamison2489]

I’m staking ETH2 and the value is the same as ETH regular. Will ETH2 always be pegged in the same way?

[@JustinBram]

Because it is the same and will be the same asset

[@koji.717]

*subs

[@sirbtc]

If fees dont go down, it is going to be just a cosmetic change. The price may get up or down (like BTC went up even though the fees are just insane) I am waiting for the Proof of Stake, that is the path that may decrease fees and thus make it more usable by the whole community...

[@JustinBram]

The goal of 1559 is not to lower fees. It's not just cosmetic by any means...

[@g2supermart967]

6 minutes to be an expert?... i can barely understand half of the white paper on layer 1 on its own... 🤣

[@JustinBram]

Haha well did the video work?

[@430aoncrypto]

Thank you for the great explanation. I have allot to learn about Ethereum. I look forward to learning it all. Keep up the great work. #430aoncrypto