Ninjastic
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Board Speculation (Altcoins)
Re: ETH price soaring. Are you going to move some BTC into ETH?
by
sanadas
on 11/03/2016, 14:57:26 UTC
Quote from: Tacalt on March 10, 2016, 04:54:21 PM
Quote from: thms on March 10, 2016, 04:50:55 PM
Quote from: Hafitdart on March 10, 2016, 04:23:34 PM

If the Ethereum rises a lot in value to say $100 each, can we use less Ethereum to fuel the transaction, or the gas required in Ethereum is fixed?

Yes, transaction cost is the product of [gas amount * gasPrice], with gasPrice being measured in ETH. Miners can accept lower gasPrice, so in the end, it doesn't matter what is the price of ETH.

Vitalik explains here:
https://www.reddit.com/r/ethereum/comments/499a7w/gas_prices_are_already_kinda_down_to_20_shannon/

That is quite good. So the Ethereum price does not affect the transaction cost at all if there is market for the smart contracts.

But it will take some time for the miners to adjust the gas price they will accept. So there could still be some risk the trade will not go through.