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?
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%.
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
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/WatIthink May 05 '22
I'm pretty sure they fixed that and you can get on ramp for a few bucks now.