@null_radix
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eip-1559 finally is activated with the London hard fork on Ethereum. This means among other things that (most) fees payed in tx’s will be burnt, potential making ETH deflationary. You can see the stats here

@tracyspcy
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in other words they are stealing significant part of miners revenue in order to artificially increase price of eth for the benefit of big holders.

@null_radix
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stealing significant part of miners revenue

It de-incentivizes MEV which is a serous end user problem.

artificially increase price of eth for the benefit of big holders.

Deflation would affect everyone equal who hold ETH, not just whales. But at this point it is not deflationary. It would only become deflationary if the basefee goes above the block reward. This is a more likely scenario once POS is activated since the issuance will be further reduced.

It seems you have some underlining ideological opposition to eth though. Which is out side the scope of technical decision. Bitcoin maxi maybe?

@tracyspcy
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Deflation would affect everyone equal who hold ETH

not equally but proportionally.

It is very easy to calculate that whales will win more in absolute value :) (in case eth price will increase after such manipulations).

@null_radix
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not equally but proportionally. It is very easy to calculate that whales will win more in absolute value

That is an interesting point. Following this would mean that inflation would would cause whales an absolute loss bigger then “non-whales”. But its highly dependent on who the new money is issued to. In the case of eip-1559 I don’t think this monetary policy was considered. The ration for eip-1559 is to fix the following problems

  • between volatility of transaction fee levels and social cost of transactions
  • Needless delays for users
  • Inefficiencies of first price auctions
  • Instability of blockchains with no block reward

This is in align with considering eth first and for most a resource token used to meter consensus computation. I personal think that other tokens should be built on top of a general consensus layer, that will server as “money”. We kind of see this emerging with the rise of stablecoins. Although stablecoins are just scratching the surface. (fun fact at one point in the design of the EVM we thought about having two tokens, one for metering computation time, and one to meter memory usage since the prices of memory chips and cpus are not directly correlated.)

@tracyspcy
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between volatility of transaction fee levels and social cost of transactions

The base fee model is quite interesting approach.

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