02-26-2021, 06:52 PM
Moons are in a bad position currently when it comes to buying or selling them
<!-- SC_OFF --><div class="md"><p>Just FYI, selling or buying moons is kinda fucked currently. There are two routes to do it.</p> <p>Those will not be full tutorials, just the steps needed. For a full tutorial you can use <a href="https://www.reddit.com/r/CryptoCurrency/comments/j104px/how_to_setupuse_the_xdai_network_buyingselling/">this post</a>.</p> <h1>Easy, fast, usually cheaper route:</h1> <ul> <li>Go to <a href="https://moon.nano.trade/">https://moon.nano.trade/</a></li> <li>Press sell and fill in anything it asks you</li> <li>Send moons to the wallet shown, press "done" and receive nano instantly in your wallet</li> </ul> <p><strong>Pros:</strong></p> <ul> <li>Fast</li> <li>Easy</li> <li>Simple</li> </ul> <p><strong>Cons:</strong></p> <ul> <li>Prices are usually 10% lower for sell and 5% higher for buy but they vary. For example, at current rates, if I wanted to cash out 1000 moons, worth $158 on HoneySwap (holy shit!!) I would earn $124 instead. That's a HUGE fee of $34, and since it is a percentage, it would be $340 if you traded 10k moons.The same goes for buying, acquiring 1000 moons would cost you $158 on HoneySwap but doing so through this site would cost you $173.</li> <li>It sometimes has low liquidity. Right now the max amount you can sell through the site is around 4000 moons. Of course, if anyone buys, giving more Nano to the site, that limit would go up.</li> <li><strong>Important:</strong> It is NOT a smart contract or a dapp. It is a centralized app that could be hacked, corrupted or bugged at any time. This is unlikely to happen because the dude is probably earning a fuckton from maintaining it functioning properly but of course, <strong>that could change.</strong></li> </ul> <h1>Long, not-so-fast, usually more expensive route:</h1> <p>First of all: moons are on a test network, not on the main ethereum network. Since it's a test network, you can get free ethereum (which is worthless, of course) to pay the gas fee. That said, the <strong>simplified</strong> process is:</p> <p><strong>Only-once steps</strong></p> <ul> <li>Get free Rinkeby ETH from a faucet or by other free means.</li> <li>Add the xDai network to Metamask and swap some Dai for xDai to pay for the transaction fees</li> </ul> <p><strong>Actual exchange process</strong></p> <ul> <li>Use a Moon - xMoon bridge to swap Moons for xMoons via smart contract. I like to use <a href="http://moon-exchange.herokuapp.com/">http://moon-exchange.herokuapp.com/</a> for this.xMoons are on the xDai chain, so you've moved out of the test network already. xDai, just like xMoons, are swapped at a 1:1 rate with their regular counterparts in other chains (Dai and regular Moons)</li> <li>Go to <a href="https://app.honeyswap.org/">HoneySwap</a> and trade xDai for xMoons. You're still on the xDai chain, which uses xDai as a substitute for ETH, so the fees are absurdly low, things like $0.0001 and such for a swap.</li> <li>Once you get your xDai, you can go back to a xDai - Dai swap and swap back your Dai and <strong>there is the issue.</strong> Let's discuss first the pros and cons.</li> </ul> <p><strong>Pros:</strong></p> <ul> <li>Fully decentralized process! Every trade we do there is done via smart contract so there's no chance that the owner takes your moon bags and runs with them because <strong>there is essentially no owner</strong>. Pretty cool!</li> <li>Exchange rates are actual rates. It's a swapping decentralized app so there is no way to artificially inflate or lower the price.</li> </ul> <p><strong>Cons:</strong></p> <ul> <li>Biggest con: two of the swaps have to happen in the ETH main network. The first one is the initial Dai to xDai swap. If you buy Dai from an exchange and send it to your wallet, you also have to pay a huge fee. Currently, swapping Dai for xDai costs a whooping <strong>$40</strong>.The second main network transaction happens when you, after selling your xMoons for xDai, want to swap back the newly acquired xDai for regular Dai. This process costs <strong>$40 again</strong>. Of course, you'll also have to pay the fee if you want to send it to an exchange to cash out, so make it $10 more.</li> <li>Unintuitive for newcomers</li> <li>Lots of steps</li> <li>Bridges are sometimes slow and get clogged up</li> </ul> <h1>Important edit!</h1> <p><strong>There is a cheaper method that totally unfucks this mess!</strong> Brought to you by <a href="/u/VCGS">u/VCGS</a> on <a href="https://www.reddit.com/r/CryptoCurrency/comments/lsg4z5/moons_are_in_a_bad_position_currently_when_it/gortvw5/?utm_source=reddit&utm_medium=web2x&context=3">this reply</a>, there is an exchange named BitMax that features xDai on it!</p> <p>Why is this so important? Well. The long method sucks because you have to go through an Ethereum main network swap. The fees on that are insane!</p> <p>However, <strong>if we can just send the xDai to an exchange, the transaction fees are zero</strong>, or nearly zero (fractions of a cent).</p> <p>The only fees with this method are the exchange fees. I don't know BitMax and of course, the downside of this method is that you need to go through a centralized exchange. However, I feel like this is totally fair and seems like the best method currently, letting us circumvent both the initial need for xDai (you can buy it already xDai instead of having to go through the swap) and the need to swap it back to Dai once finished. I'll try it and let you know how it goes!</p> <hr/> <p>So, back to the main topic of this post, buying or selling moons right now is very fucked up and we have to pay huge fees no matter what way we choose. I would love to end the thread with a proposed solution, however, I can't think of any proper way to solve the issue other than just holding your moons or stick to the huge fees.</p> <p>Of course, you can either wait for a new way of exchanging to come up, or you can wait a few years for Ethereum 2.0 so the fees disappear.</p> <p>Thanks for coming to my TED Talk!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/GodGMN"> /u/GodGMN </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lsg4z5/moons_are_in_a_bad_position_currently_when_it/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lsg4z5/moons_are_in_a_bad_position_currently_when_it/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Just FYI, selling or buying moons is kinda fucked currently. There are two routes to do it.</p> <p>Those will not be full tutorials, just the steps needed. For a full tutorial you can use <a href="https://www.reddit.com/r/CryptoCurrency/comments/j104px/how_to_setupuse_the_xdai_network_buyingselling/">this post</a>.</p> <h1>Easy, fast, usually cheaper route:</h1> <ul> <li>Go to <a href="https://moon.nano.trade/">https://moon.nano.trade/</a></li> <li>Press sell and fill in anything it asks you</li> <li>Send moons to the wallet shown, press "done" and receive nano instantly in your wallet</li> </ul> <p><strong>Pros:</strong></p> <ul> <li>Fast</li> <li>Easy</li> <li>Simple</li> </ul> <p><strong>Cons:</strong></p> <ul> <li>Prices are usually 10% lower for sell and 5% higher for buy but they vary. For example, at current rates, if I wanted to cash out 1000 moons, worth $158 on HoneySwap (holy shit!!) I would earn $124 instead. That's a HUGE fee of $34, and since it is a percentage, it would be $340 if you traded 10k moons.The same goes for buying, acquiring 1000 moons would cost you $158 on HoneySwap but doing so through this site would cost you $173.</li> <li>It sometimes has low liquidity. Right now the max amount you can sell through the site is around 4000 moons. Of course, if anyone buys, giving more Nano to the site, that limit would go up.</li> <li><strong>Important:</strong> It is NOT a smart contract or a dapp. It is a centralized app that could be hacked, corrupted or bugged at any time. This is unlikely to happen because the dude is probably earning a fuckton from maintaining it functioning properly but of course, <strong>that could change.</strong></li> </ul> <h1>Long, not-so-fast, usually more expensive route:</h1> <p>First of all: moons are on a test network, not on the main ethereum network. Since it's a test network, you can get free ethereum (which is worthless, of course) to pay the gas fee. That said, the <strong>simplified</strong> process is:</p> <p><strong>Only-once steps</strong></p> <ul> <li>Get free Rinkeby ETH from a faucet or by other free means.</li> <li>Add the xDai network to Metamask and swap some Dai for xDai to pay for the transaction fees</li> </ul> <p><strong>Actual exchange process</strong></p> <ul> <li>Use a Moon - xMoon bridge to swap Moons for xMoons via smart contract. I like to use <a href="http://moon-exchange.herokuapp.com/">http://moon-exchange.herokuapp.com/</a> for this.xMoons are on the xDai chain, so you've moved out of the test network already. xDai, just like xMoons, are swapped at a 1:1 rate with their regular counterparts in other chains (Dai and regular Moons)</li> <li>Go to <a href="https://app.honeyswap.org/">HoneySwap</a> and trade xDai for xMoons. You're still on the xDai chain, which uses xDai as a substitute for ETH, so the fees are absurdly low, things like $0.0001 and such for a swap.</li> <li>Once you get your xDai, you can go back to a xDai - Dai swap and swap back your Dai and <strong>there is the issue.</strong> Let's discuss first the pros and cons.</li> </ul> <p><strong>Pros:</strong></p> <ul> <li>Fully decentralized process! Every trade we do there is done via smart contract so there's no chance that the owner takes your moon bags and runs with them because <strong>there is essentially no owner</strong>. Pretty cool!</li> <li>Exchange rates are actual rates. It's a swapping decentralized app so there is no way to artificially inflate or lower the price.</li> </ul> <p><strong>Cons:</strong></p> <ul> <li>Biggest con: two of the swaps have to happen in the ETH main network. The first one is the initial Dai to xDai swap. If you buy Dai from an exchange and send it to your wallet, you also have to pay a huge fee. Currently, swapping Dai for xDai costs a whooping <strong>$40</strong>.The second main network transaction happens when you, after selling your xMoons for xDai, want to swap back the newly acquired xDai for regular Dai. This process costs <strong>$40 again</strong>. Of course, you'll also have to pay the fee if you want to send it to an exchange to cash out, so make it $10 more.</li> <li>Unintuitive for newcomers</li> <li>Lots of steps</li> <li>Bridges are sometimes slow and get clogged up</li> </ul> <h1>Important edit!</h1> <p><strong>There is a cheaper method that totally unfucks this mess!</strong> Brought to you by <a href="/u/VCGS">u/VCGS</a> on <a href="https://www.reddit.com/r/CryptoCurrency/comments/lsg4z5/moons_are_in_a_bad_position_currently_when_it/gortvw5/?utm_source=reddit&utm_medium=web2x&context=3">this reply</a>, there is an exchange named BitMax that features xDai on it!</p> <p>Why is this so important? Well. The long method sucks because you have to go through an Ethereum main network swap. The fees on that are insane!</p> <p>However, <strong>if we can just send the xDai to an exchange, the transaction fees are zero</strong>, or nearly zero (fractions of a cent).</p> <p>The only fees with this method are the exchange fees. I don't know BitMax and of course, the downside of this method is that you need to go through a centralized exchange. However, I feel like this is totally fair and seems like the best method currently, letting us circumvent both the initial need for xDai (you can buy it already xDai instead of having to go through the swap) and the need to swap it back to Dai once finished. I'll try it and let you know how it goes!</p> <hr/> <p>So, back to the main topic of this post, buying or selling moons right now is very fucked up and we have to pay huge fees no matter what way we choose. I would love to end the thread with a proposed solution, however, I can't think of any proper way to solve the issue other than just holding your moons or stick to the huge fees.</p> <p>Of course, you can either wait for a new way of exchanging to come up, or you can wait a few years for Ethereum 2.0 so the fees disappear.</p> <p>Thanks for coming to my TED Talk!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/GodGMN"> /u/GodGMN </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lsg4z5/moons_are_in_a_bad_position_currently_when_it/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lsg4z5/moons_are_in_a_bad_position_currently_when_it/">[comments]</a></span>Kind Regards R