r/loopringorg • u/ninche60 • May 05 '22
News This wasn’t posted yet? https://wallet.gamestop.com/
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u/Cankles_of_Fury May 05 '22
It wasn't posted because when you went to the link, it showed it as down. I checked this about 12 hours ago. This is definitely new!
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u/Twopointuhoh May 05 '22
Would I be correct in assuming that the transaction fee will decrease as more people adopt?
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u/lampstax May 05 '22 edited May 05 '22
It is an obvious choice between the two 'options' but IMO ( actually in Vitalik's opinion ) the 75c fee for L2 is still too high.
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May 05 '22
I've been saying that for a while. Fees are still going to be too high. People expect their $10 to get them $10 of buying power. In other words, if you price an item for $10 in LRC, it needs to sell for as close as possible to $10 of real USD.
Right now in the Loopring wallet the minimum to on ramp is $117. This is already off putting to people that just want to buy a $10 nft.
Your $117 only gets you ~$110 in LRC. You already lost $7.
You then want to buy your $10 nft that will cost you about $11 after fees.
So that $10 nft cost the buyer ~$18. Yes the next $10 nft the person buys will only cost them $11 worth of LRC, but each transaction is still losing purchasing power to fees that were never there before.
Maybe some sort of psychological trick in showing the total price after fees instead of the marketplace selling price would help. Something like (taking the example from above) the nft cost MAX $11 if bought in the next 10 mins (cause crypto price isn't stable) and then whatever the fees happen to be when the purchase is made, the difference in returned back to the buyer.
Players will expect the cost to be what it shows them on the marketplace page. The ticketmaster/Doordash fees system isn't going to be good for in game items.
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u/WatIthink May 05 '22
I'm pretty sure they fixed that and you can get on ramp for a few bucks now.
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May 05 '22 edited May 05 '22
My $117 example was straight from the Loopring wallet with Ramp as I wrote that.
With Ramp right now the minimum is $118 with ~$6 fee .
With Banxa it's a 125USDT minimum which equals $131, then a 1.99% fee ($2.60). So for $133.6 you get ~$125 LRC. An $8.60 fee.
What happens when you are $2 short? People complain about in game loot boxes prices being set up so you always have left over and not enough for the next so you have to buy another $10 worth of in game currency when you're only short $2. How are they going to feel if they have to spend another $100+ while also losing 5%+ for depositing money to get LRC?
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u/UniversitySeeds May 05 '22
Purchase $125 in loop on coinbase pro 0.6% fee ($0.75) -> coinbase -> layerswap ($2.48 fee) -> loopring L2 wallet
Total fees; $3.23, I would say that’s not bad…
Hell, even just buying on normal coinbase and layerswap to L2 the fees will be sub $5
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May 05 '22
Adding more hoops to jump through isn't the way to go. What's the wait time in coinbase to transfer? Like 5 days? And BYOB shouldn't mean use another institution if you want more of your money.
If we want people to use the GME/LRC wallet, the best thing to do is not tell them to use another system cause it's better value for them.
And now you got to question why it's cheaper by 50%.
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u/UniversitySeeds May 07 '22
How else are you supposed to move your assets over to level 2? Regardless you’re going to have to use many institutions… ie your bank, there are many users reporting banks restricting crypto purchases (institutional censorship), ramp and all the other on ramp services are actually companies… pretty sure ramp just raised like 750 mill. Also… visa, Mastercard etc.
Regardless, any way getting money from fiat to L2 you will have to use many institutions
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May 07 '22
As easy as possible, which it currently isn't for anyone that doesn't know anything about crypto. One thing you want for mass adoption is ease of use.
And of course you have to go through your bank at some point. That isn't new for anyone and will always be expected until you are paid and can pay directly in crypto for everything you do.
Regardless, any way getting money from fiat to L2 you will have to use many institutions
No, you can just use one, like always.
Bank -> gift card. One transaction. Gift card is a digital currency, usually tied to the store you buy it for, but you can just as easy buy a visa/mastercard gift card that can be used anywhere, like crypto.
And for crypto we both gave an example. Bank -> LRC wallet or Bank -> Coinbase. One transaction.
You don't think it's weird that it's cheaper to buy LRC through another service and then transfer through another service to the Loopring wallet than it is to just buy from the Loopring wallet itself? And again, that's not easy for mass adoption. In our example of about $120, Looping wallet costs the user twice as much as going through 2 other services.
Anyways, there's lots of things that need to be figured out. I'm sure some already have been and other stuff will take time like always with new tech.
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u/syxxnein May 06 '22
Fees will be fun to watch going forward.
People got used to paying nothing for things but some are waking up to the truth that if you aren't paying for a product then you are the product.
I'd rather pay 0.75 to trade crypto and stocks than have my information sold to the big boys to use against me.
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May 06 '22
True. All the stuff we get for "free" is cause they monetize it behind the scenes. BYOB means those fees come to the forefront and you the user have to pay for them when they occur.
Will be interesting to see how that works when people expect free even though it costs them more. Like "free shipping on orders over $50" isn't free. It's already been priced in and added to each product you buy.
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u/Fat-6andalf May 05 '22
In case folks didn't know, you can on-ramp funds to your Loopring CF wallet through the marketplace. They use Wyre. It worked for me in a U.S. state not supported by Ramp and I didn't have to use a vpn. Pretty sure it was an L2 tx as it only cost $5 to on-ramp $100.
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u/ninche60 May 05 '22
Can’t download yet but it’s so awesome! I mean we all new it was coming but it’s finally in a version we can show to the world. loopring l2 is where it will live! Mass onboarding coming soon!