I’m not a miner, EIP-1559 makes no sense to me. Devs have said its purpose is not to reduce fees, yet that is what everybody is using as an argument for. What am I missing?
I've read the abstract and some of the discussion of the EIP, I guess I just can't comprehend the mechanics behind this proposal that would make it helpful.
Some devs make the argument that this will help stabilize fees, but they're not promising that the fees will be lowered. I know Vitalik has mentioned that he expects PoS + Sharding to be effective in lowering fees, which does make total sense to me, both from a practical perspective and from a computer science perspective.
So why are people saying that EIP-1559 might help lowering fees? And how does this tie up to improving UX? In my experience, adding parameters only makes UX more complex. Why would a user care if they're overpaying for "Base Fee + Inclusion Fee" instead of "Fee"?
I understand the current problem with the estimation of gas prices and the wallets negative feedback loop, which keeps raising the fees for no good reason. What I don't see is how this is any different, wouldnt "Inclusion Fee" become the new negative feedback loop?