Sure, fine, maybe it’s a bubble.

A lot of people lost a whole lot of paper money, but it brought us a cheap worldwide fiber backbone and companies like Amazon and Google.

Most “crypto tokens” are, in fact, just glorified hash values stored on the Ethereum blockchain — literally nothing more than a table of numbers like “address A: 10,000. address B: 20,000,” wrapped in standard blocks of code (the ERC20 and ERC721 standards, for fungible and non-fungible tokens respectively) so that they can be easily transacted.

And as the price of ether has skyrocketed — to more than $1,000 as I write this — transaction fees have done so as well, so that the average fee for an Ethereum transaction is now around US$2.50.

(Ethereum’s variable-gas-price mechanism doesn’t really help; fees are driven by supply and demand.

And of course it’s not just Ethereum.

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