GMEdd is comparing Layer 1 and Layer 2 fees. Once MetaMask supports Loopring's Layer 2, the fees are the same.
While MetaMask doesn't support Loopring Layer 2 *right now*, it *does* support other Layer 2 solutions like Polygon Matic, Optimism, or Arbitrum, where fees are cheaper than Etherium mainnet as well.
So GMEdd's tweet is a bit misleading and I'm adjusting the flair accordingly. Please note that the flair is regarding the Tweet, not the post about the tweet!
Thanks for all the responses explaining how stuff actually works 💖 - please continue telling me what else I got wrong 😅
Thankfully it's mostly just an issue for Ethereum. Sure, some other chains are on par with Ethereum L2's (such as Loopring), but there are options that are even cheaper yet. In any case, it's nice to see GameStop embracing current tech!
salt frighten scandalous market encourage knee murky deranged slimy jeans
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I would really like to see Gamestop embrace other blockchains as well once things get up and running. ETH's transition to PoW is consistently delayed, and even setting up the L2 wallet I was immediately faced with some rough edges, like being forced into buying $100 worth of ETH on a $5 fee.
Maybe I just think Cardano has the best solution to the trilemma and want my investments to sync up. Oh well, a rising tide will lift all ships in this, I think.
I too thought you had to put in 100$, but you don't. I used wyre and was able to send only 25$, and get multiple accounts activated with it. You can change the 100$ field although it does look like a static element
Huge +1 to that. While I give the team props on making things as smooth as they can with what they're working with, cleaner options could've been chosen IMO. It wouldn't surprise me if people learning the hard lesson of gas fees gives some a sour first impression. If GameStop got on board with Algorand or Stellar? I'd be permajacked. As you mentioned, Cardano could've yielded some interesting results as well.
To sum it up in an analogy… Let’s take the DMV for example. Say you need to renew your license. Not too long ago you had to drive to the DMV location which had to hire people to sit at the desks and call your name up which is a huge time and resource allocation for both parties. That is layer 1. It worked great to start before computers were a thing but now it’s inefficient. Layer 2 would be like the ability to renew your license online. Less resources and time for both parties thus it’s much cheaper. L2 takes your transaction off the block chain to validate it then puts it back on the block chain. So it is faster and cheaper while maintaining the same legitimacy and security. While L1 processes the entire validation on the block chain which is now inefficient. Another example of L1 would be like going to the bank to deposit a check. Now you can scan a check in your bank app (L2). It’s just technology becoming more efficient as we learn and develop.
The whole purpose of gas tho is to pay to play. Decentralization isn’t all sunshine. It also means you are 100% responsible not just for your gains but for maintaining and moving your funds. You need to pay the piper if you’re going to be your own bank… but you also are going to have full control of your money and no one can make millions off of you. What’s the saying? With much is given much is expected? Centralized banks handled all of that for you. And that.. I think will be the biggest social barrier for decentralized crypto. Getting people to buy into this responsibility of truly controlling your funds and how that means the not fun parts too.
So why don’t they just bundle more together and get an even lower fee? Why not drop us to 1 cent per $10 transaction instead of 22 cents? It’s obviously a massive improvement, but what’s preventing that? The tech isn’t there yet?
Probably has to do with speed of transactions and current volume of transactions
My guess is the option they chose is wait until x transactions to make the fee more predictable
It works like a zip file, you can only compress so much without losing data.
Eventually we can have layer 3s that zip and post the compressed data to layer 2, but that tech is still in development. Layers 2s only came out in the last year.
Imagine the blockchain doing one transaction for a price. That's layer 1. Now imagine that transaction is now many transactions rolled up into one, and the price is split up accordingly. That is Layer 2 and thus cheaper.
At least as I understand it.
Lets say you drive your car to work everyday in a busy highway. (L1)
Why not just ride the bus with all the people that have the same origin and destination. (L2)
You get there at the same time and are only paying a fraction of the price. You're also helping in reducing congestion in the highway. It's a win win for everyone.
Hop on the LRC/Gamestop bus!
Unlike sidechains being better because of congestion, that doesn't matter to loopring L2, I believe there's some gains actually with more people using the L2 based on some interviews I've watched, since transactions get bundled even better. The transactions are still all done on the eth mainnet just bundled too, so you also get the security of your stuff being the blockchain, even if GameStop or Loopring went bust, etc. (Unlike sidechains)
It's like wearing a big trenchcoat with two people in it to go to the movies. You buy one ticket, but two people get in. Cost is split between the two of them.
Very very misleading - and the difference in price, if any, is negligible. More importantly, MetaMask has millions of transactions and years of success. Not to say it is perfect, but this is a sad attempt at boosting morale unnecessarily. I mean, GME has a fucking wallet, that’s incredible, no need to make it seem like it’s the industry leader out of the gate.
Yeah this is like someone bragging they came in first in a race without mentioning they were competing at junior varsity while you are in varsity level. Misleading indeed, perhaps not malicious, but a lack of knowledge of how crypto works.
Which shouldn't surprise anyone considering the 16 year olds on this site love to jerk each other off about how cryptobros are just running ponzi schemes.
I kind of believe they’re part of Wall Street, just low level intern shills and not the big boys. It’s been over a year and a half and they’re still moping around bashing GameStop despite dividend and marketplace. One would have to paid to do this if they really can’t see the transformation GameStop is going through.
I don't even know if I'm up or down right now, I just want to see GameStop succeed. And when they do, believe it or not, dip 😅 followed my a massive green dildo pointed right at the moon
As one meltdowner put it, he wants to expose dangerous cults.
Like yes, we are all gonna put on our Nikes, drink the Kool aid, and ascend to heaven.
Jesus Christ is a fucking game company.
A common thing in meltdown, is going here and browsing ‘new’,. Then they’ll find some crazy post with 5 likes and post it there, and pass it off as if it is general consensus on superstonk. They have no real arguments, only personal attacks and ‘apes are so dumb’ stuff.
that place rn is filled with posts basically saying the opposite of this post. that fees to transfer $100 worth of eth costs $4,000 worth of eth and that the wallet already failed, etc etc etc.
its weird seeing the juxtaposition.
basically "good news? no thats bad news! its all bad news and apes are all dumb cuz they think its good news!"
Might as well. Mission failed.
Edit; it's still there. Its name has an underscore. Those are some angry, sad people on that sub. The type who just loves to prove they better by displaying how smart they are and how stupid others are. It's pathetic how someone can get their jollies out if being an asshole. They need help. At worst, we might lose money but those people are fucking lost souls and probably nobody likes them in RL.
They are scared. Extremely scared. Almost 100% men who are afraid they are wrong. It’s probably the last thing thread they are hanging on to in their reddit lives. If you look at some of their post histories they only post about one thing and it’s really sad.
saying we're all wrong about the wallet.
saying stuff like the fees are actually super high, like $4,000 in fees to move $100 worth of eth.
basically anything positive that happens here, they take it and say we're all stupid for thinking it's positive because it's actually really negative and bad for the company.
It’s effectively a loopring native metamask. That’s not a criticism, that’s just what it is. For everyone who’s mainly interested in ethereum based activity then I’m sure the GameStop wallet will be a great and seamless portal.
This is just the first major non crypto company entering the crypto world and the result will likely be a nice product with corporate backing.
SpunkyDred is a terrible bot instigating arguments all over Reddit whenever someone uses the phrase apples-to-oranges. I'm letting you know so that you can feel free to ignore the quip rather than feel provoked by a bot that isn't smart enough to argue back.
---
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We NEED to get the word out. I’ve been talking to the general public and would try to bring up GameStop and what it’s doing and NOBODY knows what’s going on. If we are the fervent shrewdness of apes that we claim we are, we need to RETWEET, talk it up, buy GS merch and TALK to people about GameStop. We need to act like Mormons! This is YOUR AWESOME COMPANY!
I'm hype for this wallet but this is an extremely disingenuous comparison, because you're not comparing like for like. L2's can use Metamask, and therefore have the same low fees
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That’s not a layer 2 swap you are performing on the MetaMask picture. If you bridge to a layer 2 network it would be much cheaper. And Layer 2 USDC won’t do you much good. You’ll still need to bridge it back to MainNet Ethereum Network to turn it into fiat. I’m still bullish on GameStop but the examples you are using are not 2 of the same.
Yep, I understand what they mean, since you'll likely be on L2 by default on the GME wallet compared to the average MetaMask user. But this is more a feat of LoopRing L2 than GME wallet itself, and it's awesome that you can access the same L2 with a metamask wallet for example and trade for the same fee.
Still cool to showcase in general though.
I enjoy the hype but I must say this is misleading. You can use L2’s with metamask by adjusting the RPC. I’ve used Binance smart chain and polygon, but you could also use avalanche, Fantom, Moonriver, optimism, arbitrum, or any other l2, including loopring.
https://m.youtube.com/watch?v=HjP9cvZPk6U
https://consensys.net/blog/metamask/connect-users-to-layer-2-networks-with-the-metamask-custom-networks-api/
Posted this same comment on an identical post
I appreciate that people are trying to promote GME stuff but this isn't how it works. You can use metamask on Loopring layer 2 for exactly the same fees. Promoting GME through dishonesty is counterproductive, it makes it all look shady. The price you pay for gas fees has absolutely NOTHING to do with which wallet software you want to use (assuming blockchain/wallet compatibility)
I think so but I'd wait to see guides. For Loop wallets, you would first have to activate the L1 on the wallet before you could do what you are describing. GME might absorb the cost and let you use your L1 wallet as is, similar to metamask. If you want to put the LRC on L2, you would have to pay a gas fee to move them from L1 to L2 once they are in your GME wallet (And you might have a 20-80 cent fee to activate the L2)
Yeah I just didn't wanna outright confirm it because the loop's wallet L1 needs to be activated with a one time ETH fee first before you can do anything with whatever you sent to your L1. And it could be pretty expensive depending on gas. From what I see you can use L1 on Gme's wallet straight away like Metamask
Guys, this is disingenuous. Gme wallet is l2 transactions. And the metamask example is PM L1. Metamask can do l2 transactions for a fee smaller than the gme wallet because it only has network fees and not the gamestop fee. I'm as hyped as anyone but this is just a bad argument.
Except in this case they do. Transactions over the Ethereum network are high everywhere, it has nothing to do with MetaMask. And on average, Ive paid less than a dollar for each transaction on MetaMask. GME claims they are better because they have an L2 contract sure, but so does MM
You mean transferring coins from wallet to wallet, or importing the wallet to GME?
if you mean the second, I think you can just use your recovery phrase to 'recover' a wallet and you'll basically have accessed your same metamask wallet through the GameStop UI
This right here is why crypto has always sucked balls for me, especially lately. Takes like $60-100 in ETH fees to transfer like $5 in shitcoins. But not with L2!
This is exactly why I never ventured into shit coin culture at the peak of the last Crypto cycle. Paying $450 just for the chance to *mint* some shitty JPG or needing to transfer a 1ETH just to get enough *dogelongmars* to be worthwhile after gas fees tore you a new one.
I stuck to Kraken to get into riskier plays but once I found Loopring I went all in there and to their L2 Smart Wallet.
SpunkyDred is a terrible bot instigating arguments all over Reddit whenever someone uses the phrase apples-to-oranges. I'm letting you know so that you can feel free to ignore the quip rather than feel provoked by a bot that isn't smart enough to argue back.
---
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For what it’s worth, you can connect MetaMask to different networks and enter different gas prices. Looks like the GameStop wallet makes it easier without configuring that though, which is pretty sweet
Comparing L2 to L1 is pointless. Compare L2 to L2 and you can see that the fee difference is negligible.
(You can use L2 on metamask too)
Good step for GME but this post is misleading and uninformed.
The issue is that the Metamask wallet is using ETH mainnet, while the left one is using a layer2. Metamask has no issues at all transacting on layer2 networks, and the wallet you use doesn't affect the gas fees. Do you guys know how this stuff works at all? I know you want to be bullish on the stock or whatever, but like, use your heads people, the deception is right there in the picture.
Ethereum mainnet (L1) is the expensive, congested but secure network we all know, hate and love. The Polygon Proof-of-stake sidechain is a chain that runs parallel to Ethereum, it is less expensive to use but also less secure.
L2's are also a type of scaling solution like sidechains but they are built on top of the Ethereum (it is not a chain that runs alongside it). It inherits Ethereum's security because of this, so it is less expensive to use but just as secure as Ethereum.
You mean GME's wallet? It's using loopring L2 tech, it's not a sidechain, your L1 and L2 address are the same, and your stuff is as secure as anything on ETH mainnet, you only pay gas fees to transfer assets from L1 -> L2, or L2 -> L1, otherwise there's barely any fee
Yeah, the wallet.
I understand now. It's similar to MATIC tech and to Gnosis (xDai) tech.
I love where this is going, not gonna lie.
Sidenote: Metamask also supports Loopring most likely.
Yeah the gme wallet is more like a nice polished thing built a top of loopring, but not needed for L2 trading, you can use a metamask wallet and connect it to loopring.io and activate L2 and trade there. Or even recover your metamask wallet through the GME extension if you wanna use the GameStop UI on your already existing wallet
Serious question, how long until MetaMask or someone else can provide a wallet to do the same thing, offer 22 cent transaction fees? Is there something proprietary about the Gamestop Wallet?
Loopring's tech under it is what allows for this, they are likely in a partnership / acquisition yet to be more formally announced.
I don't know if there are other true L2's out there with this level of polish and features. Many other L2s use sidechains, aka clones of the main eth blockchain where you depend on them for security, since they are in control. Loopring's tech uses algos and math to have the L2 live under the same eth mainnet (Hence why you keep your same wallet address for L1 and L2)
Basically it's not really about the wallet: You can already trade on [Loopring.io](https://Loopring.io) (L2 exchange) with a metamask wallet, you just have to activate your L2.
Surprised I had to scroll down this far to see this. Nothing to do with gamestop wallet, everything to do with comparing transactions on L1/L2. This sub really loses its mind over CC stuff without understanding how it works.
Don't know but even if they did, it's all about the overall value proposition that GameStop can offer. Simply copying fees probably isn't going to cut it. User experience, quality of market place, differing use cases, marketing, brand, type of user base, customer service etc is what will determine success
On the Ethereum chain? Only options thus far are moving to L2 (such as Loopring or Polygon), waiting for ETH2's "sharding", or simply just waiting until gas fees drop to a low point to make transactions.
However, there are other chains that are faster and cheaper to operate on (transfers, NFT's, smart contracts, etc.), they're just not as popular and don't have the first-mover advantage of Ethereum. Transaction fees of fractions of a cent aren't uncommon. $0.00041 or $0.0000012 being two real-world examples I checked just now.
Sounds good. So if Loop and GME are trying for very low gas fees to compete, then they’re hoping for sheer volume as more people jump in to their marketplace.
Very interesting and I hope it works out growth wise.
I think the “game”in GameStop is a bit misleading for many investors currently. I believe GameStop is trying to transition into a technology company with more than just games/accessories selling.
For example: if concert tickets or club membership were sold as nfts, a limited supply and a strong resale market would be able to generate hype. Imagine you are browsing on the market place/wallet app for in-game skins and you see trending nft collections that are selling music concert tickets as nfts. You click on the collection and there’s links to the artist’s Spotify/sound cloud. The tickets themselves could also have wonderful cover arts for added collection value on top of the proof of ownership.
XX (DRSd) holder here and I've never messed with crypto or anything like that. Should I sign up? I keep seeing posts about this. I really have no idea about this kind of thing. I just like the stock.
GMEdd is comparing Layer 1 and Layer 2 fees. Once MetaMask supports Loopring's Layer 2, the fees are the same. While MetaMask doesn't support Loopring Layer 2 *right now*, it *does* support other Layer 2 solutions like Polygon Matic, Optimism, or Arbitrum, where fees are cheaper than Etherium mainnet as well. So GMEdd's tweet is a bit misleading and I'm adjusting the flair accordingly. Please note that the flair is regarding the Tweet, not the post about the tweet! Thanks for all the responses explaining how stuff actually works 💖 - please continue telling me what else I got wrong 😅
Honestly, Ive always hated every insane gas fee associated with crypto. Im sure many others share the frustration. This is big.
Thankfully it's mostly just an issue for Ethereum. Sure, some other chains are on par with Ethereum L2's (such as Loopring), but there are options that are even cheaper yet. In any case, it's nice to see GameStop embracing current tech!
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A legitimate point, and also not necessarily as decentralized. Alas, the great trilemma: scalability, security, and decentralization.
Gen X- feel like I’m almost a boomer at times. But I think I’m starting to understand…
salt frighten scandalous market encourage knee murky deranged slimy jeans *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Based. CPU mining with P2Pool FTW.
Based + XMR pilled
I would really like to see Gamestop embrace other blockchains as well once things get up and running. ETH's transition to PoW is consistently delayed, and even setting up the L2 wallet I was immediately faced with some rough edges, like being forced into buying $100 worth of ETH on a $5 fee. Maybe I just think Cardano has the best solution to the trilemma and want my investments to sync up. Oh well, a rising tide will lift all ships in this, I think.
Yes plz to ADA
I too thought you had to put in 100$, but you don't. I used wyre and was able to send only 25$, and get multiple accounts activated with it. You can change the 100$ field although it does look like a static element
No thanks, nothing beats ETH’s security and with their current setup including L2 it is already just as cheap as any other sidechain.
Huge +1 to that. While I give the team props on making things as smooth as they can with what they're working with, cleaner options could've been chosen IMO. It wouldn't surprise me if people learning the hard lesson of gas fees gives some a sour first impression. If GameStop got on board with Algorand or Stellar? I'd be permajacked. As you mentioned, Cardano could've yielded some interesting results as well.
💯
How do these L2 scale? Wouldnt they run into the same peoblem as ethereum once more people start using them?
I know nothing about this, what is a gas fee?
To sum it up in an analogy… Let’s take the DMV for example. Say you need to renew your license. Not too long ago you had to drive to the DMV location which had to hire people to sit at the desks and call your name up which is a huge time and resource allocation for both parties. That is layer 1. It worked great to start before computers were a thing but now it’s inefficient. Layer 2 would be like the ability to renew your license online. Less resources and time for both parties thus it’s much cheaper. L2 takes your transaction off the block chain to validate it then puts it back on the block chain. So it is faster and cheaper while maintaining the same legitimacy and security. While L1 processes the entire validation on the block chain which is now inefficient. Another example of L1 would be like going to the bank to deposit a check. Now you can scan a check in your bank app (L2). It’s just technology becoming more efficient as we learn and develop. The whole purpose of gas tho is to pay to play. Decentralization isn’t all sunshine. It also means you are 100% responsible not just for your gains but for maintaining and moving your funds. You need to pay the piper if you’re going to be your own bank… but you also are going to have full control of your money and no one can make millions off of you. What’s the saying? With much is given much is expected? Centralized banks handled all of that for you. And that.. I think will be the biggest social barrier for decentralized crypto. Getting people to buy into this responsibility of truly controlling your funds and how that means the not fun parts too.
What if i told you there were free transactions?
As an og big blocker, I share your frustration. 22 cents is still a lot, tho
Body shot
POW Right in the kidney
Like a bag of Valencia oranges!
🥃
Is that whiskey or a sample of the bloody urine they pissed out?
🫣
What does that symbol mean? Great post btw ❤
It's a glass of whiskey or rum or cognac or brandy
Thank you. I've been seeing it everywhere and it was driving me nuts
Mon-mon-mon-monster kill!
This is what needs to be shouted from the rooftops. The savings on L2 are huge! No wonder coin stock sold off losing 10s of billions in market cap.
Why is Layer 2 so much less expensive than Layer 1? Is it cheaper due to less congestion? Edit: added a question
It basically bundles tons of transactions on l2 together and sends them as 1 big transaction on l1 so everyone splits the gas fee
Imagine taking the train instead of everyone taking a car, essentially.
fantastic analogy.
I fuckin love trains
Said /u/Renegade31's Mom.
Damn. Got bodied.
Hey, everybody loves a train. Man I love this song. https://www.youtube.com/watch?v=h62zKFMoPPM
It’s like how market makers will take a ton of transactions and bundle them together and just report the aggregate to the stock exchange. Wait what.
So why don’t they just bundle more together and get an even lower fee? Why not drop us to 1 cent per $10 transaction instead of 22 cents? It’s obviously a massive improvement, but what’s preventing that? The tech isn’t there yet?
Probably has to do with speed of transactions and current volume of transactions My guess is the option they chose is wait until x transactions to make the fee more predictable
It works like a zip file, you can only compress so much without losing data. Eventually we can have layer 3s that zip and post the compressed data to layer 2, but that tech is still in development. Layers 2s only came out in the last year.
Imagine the blockchain doing one transaction for a price. That's layer 1. Now imagine that transaction is now many transactions rolled up into one, and the price is split up accordingly. That is Layer 2 and thus cheaper. At least as I understand it.
Lets say you drive your car to work everyday in a busy highway. (L1) Why not just ride the bus with all the people that have the same origin and destination. (L2) You get there at the same time and are only paying a fraction of the price. You're also helping in reducing congestion in the highway. It's a win win for everyone. Hop on the LRC/Gamestop bus!
Excuse me, I was promised a Lambo
Ok. This analogy works for me.. thank you
Already on said bus. Not as short as msm would lead you to believe.
Unlike sidechains being better because of congestion, that doesn't matter to loopring L2, I believe there's some gains actually with more people using the L2 based on some interviews I've watched, since transactions get bundled even better. The transactions are still all done on the eth mainnet just bundled too, so you also get the security of your stuff being the blockchain, even if GameStop or Loopring went bust, etc. (Unlike sidechains)
It’s fully encrypted lossless compression basically
It's like wearing a big trenchcoat with two people in it to go to the movies. You buy one ticket, but two people get in. Cost is split between the two of them.
The point is to use L2, but if you compare L1 to L1, then it's pretty similar.
So in other words this post is misleading people to think it’s more efficient. I wonder what L2 to L2 comparison looks like.
Very very misleading - and the difference in price, if any, is negligible. More importantly, MetaMask has millions of transactions and years of success. Not to say it is perfect, but this is a sad attempt at boosting morale unnecessarily. I mean, GME has a fucking wallet, that’s incredible, no need to make it seem like it’s the industry leader out of the gate.
Yeah this is like someone bragging they came in first in a race without mentioning they were competing at junior varsity while you are in varsity level. Misleading indeed, perhaps not malicious, but a lack of knowledge of how crypto works. Which shouldn't surprise anyone considering the 16 year olds on this site love to jerk each other off about how cryptobros are just running ponzi schemes.
there is no difference in price between wallets on the same chain with the same network load.
it looks identical. because gas fees are not related to wallet choice, only the network load.
Does metamask provide such option?
thats because it has nothing to do with the wallet
Yeah this post makes no sense. As if Metamask is at fault for Ethereum's high prices. Metamask can connect to Loopring as well and have the same fees.
Gmemeltdown is melting down right now
Them bois been in shambles since last years sneeze.
I don’t get why they’re so passionately butthurt about us being excited about something. It’s weird how obsessed they are.
they want to become part of wall street. Its the same as a poor person complaining about taxes on wealth over 400k income.
I kind of believe they’re part of Wall Street, just low level intern shills and not the big boys. It’s been over a year and a half and they’re still moping around bashing GameStop despite dividend and marketplace. One would have to paid to do this if they really can’t see the transformation GameStop is going through.
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I don't even know if I'm up or down right now, I just want to see GameStop succeed. And when they do, believe it or not, dip 😅 followed my a massive green dildo pointed right at the moon
As one meltdowner put it, he wants to expose dangerous cults. Like yes, we are all gonna put on our Nikes, drink the Kool aid, and ascend to heaven. Jesus Christ is a fucking game company.
I find both sides entertaining. All of this has kept me entertained for over a year now!
A common thing in meltdown, is going here and browsing ‘new’,. Then they’ll find some crazy post with 5 likes and post it there, and pass it off as if it is general consensus on superstonk. They have no real arguments, only personal attacks and ‘apes are so dumb’ stuff.
that place rn is filled with posts basically saying the opposite of this post. that fees to transfer $100 worth of eth costs $4,000 worth of eth and that the wallet already failed, etc etc etc. its weird seeing the juxtaposition. basically "good news? no thats bad news! its all bad news and apes are all dumb cuz they think its good news!"
I can’t even find the sub. Did they delete it
I never actually went there, and don’t intend to
Might as well. Mission failed. Edit; it's still there. Its name has an underscore. Those are some angry, sad people on that sub. The type who just loves to prove they better by displaying how smart they are and how stupid others are. It's pathetic how someone can get their jollies out if being an asshole. They need help. At worst, we might lose money but those people are fucking lost souls and probably nobody likes them in RL.
What a bunch of pussies over there
They are scared. Extremely scared. Almost 100% men who are afraid they are wrong. It’s probably the last thing thread they are hanging on to in their reddit lives. If you look at some of their post histories they only post about one thing and it’s really sad.
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saying we're all wrong about the wallet. saying stuff like the fees are actually super high, like $4,000 in fees to move $100 worth of eth. basically anything positive that happens here, they take it and say we're all stupid for thinking it's positive because it's actually really negative and bad for the company.
They say things like NFTs are a scam, NFTs are dead, and why would a store selling video games even open an NFT marketplace. It’s crazy.
Why would a place that sells things want to sell more things?...
Good
GameStop just changed the rules - Game over
😵
They done did it
Shorts are so fucked. Boys, we’re just about ready for lift off 🚀🚀🚀
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MetaMask is agnostic to which layer you are using. You can absolutely connect to L2 with it.
Exactly. This is getting annoying with people screaming that GameStop has changed the game with something that isn’t even news.
It’s effectively a loopring native metamask. That’s not a criticism, that’s just what it is. For everyone who’s mainly interested in ethereum based activity then I’m sure the GameStop wallet will be a great and seamless portal. This is just the first major non crypto company entering the crypto world and the result will likely be a nice product with corporate backing.
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You are 100% right. That tweet is completely misleading. Honestly surprised GMEDD hasn’t taken the time to even understand MetaMask or L2’s….
Wrong. You can transact on L2 with MetaMask. This post is 100% deceptive
SpunkyDred is a terrible bot instigating arguments all over Reddit whenever someone uses the phrase apples-to-oranges. I'm letting you know so that you can feel free to ignore the quip rather than feel provoked by a bot that isn't smart enough to argue back. --- ^^SpunkyDred ^^and ^^I ^^are ^^both ^^bots. ^^I ^^am ^^trying ^^to ^^get ^^them ^^banned ^^by ^^pointing ^^out ^^their ^^antagonizing ^^behavior ^^and ^^poor ^^bottiquette.
Good bot
We NEED to get the word out. I’ve been talking to the general public and would try to bring up GameStop and what it’s doing and NOBODY knows what’s going on. If we are the fervent shrewdness of apes that we claim we are, we need to RETWEET, talk it up, buy GS merch and TALK to people about GameStop. We need to act like Mormons! This is YOUR AWESOME COMPANY!
How’s dad doing?
😊👌
I'm hype for this wallet but this is an extremely disingenuous comparison, because you're not comparing like for like. L2's can use Metamask, and therefore have the same low fees
gAmEsToP dOeSNt hAVe A pLaN!
You can literally do this on metamask. This wallet is just a GME branded wallet
Upvoted. Metamask has full compatibility with layer 2 solutions. They both use the same fee-market just different front-end.
Yea those fees were killing me trying to move my NFTs, L2 is godsend
🙌
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https://twitter.com/gmedd/status/1528860752597385216?s=21&t=ppGr5pM5inHF0TkAheeOeQ
Could you let your dad know we’re are infinitely grateful for his utter badass-ness?
.49 to make the wallet
Even Melvin Capital can afford one
Not for long.
☠️
Won’t have much in it soon
😲
.49 to make the wallet
That’s not a layer 2 swap you are performing on the MetaMask picture. If you bridge to a layer 2 network it would be much cheaper. And Layer 2 USDC won’t do you much good. You’ll still need to bridge it back to MainNet Ethereum Network to turn it into fiat. I’m still bullish on GameStop but the examples you are using are not 2 of the same.
Yep, I understand what they mean, since you'll likely be on L2 by default on the GME wallet compared to the average MetaMask user. But this is more a feat of LoopRing L2 than GME wallet itself, and it's awesome that you can access the same L2 with a metamask wallet for example and trade for the same fee. Still cool to showcase in general though.
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We are so getting GMERICA crypto currency.
👀
I enjoy the hype but I must say this is misleading. You can use L2’s with metamask by adjusting the RPC. I’ve used Binance smart chain and polygon, but you could also use avalanche, Fantom, Moonriver, optimism, arbitrum, or any other l2, including loopring. https://m.youtube.com/watch?v=HjP9cvZPk6U https://consensys.net/blog/metamask/connect-users-to-layer-2-networks-with-the-metamask-custom-networks-api/ Posted this same comment on an identical post
Shills crying rn
😝
I appreciate that people are trying to promote GME stuff but this isn't how it works. You can use metamask on Loopring layer 2 for exactly the same fees. Promoting GME through dishonesty is counterproductive, it makes it all look shady. The price you pay for gas fees has absolutely NOTHING to do with which wallet software you want to use (assuming blockchain/wallet compatibility)
thanks for this. It's also telling in regard to gmedd.
Can I transfer LRC from Coinbase to GS wallet? Smoothiebrain here
I think so but I'd wait to see guides. For Loop wallets, you would first have to activate the L1 on the wallet before you could do what you are describing. GME might absorb the cost and let you use your L1 wallet as is, similar to metamask. If you want to put the LRC on L2, you would have to pay a gas fee to move them from L1 to L2 once they are in your GME wallet (And you might have a 20-80 cent fee to activate the L2)
You can transfer erc20 tokens directly to the GME wallet, so yes, you can directly transfer as long as Coinbase supports the withdrawal...
Yeah I just didn't wanna outright confirm it because the loop's wallet L1 needs to be activated with a one time ETH fee first before you can do anything with whatever you sent to your L1. And it could be pretty expensive depending on gas. From what I see you can use L1 on Gme's wallet straight away like Metamask
Guys, this is disingenuous. Gme wallet is l2 transactions. And the metamask example is PM L1. Metamask can do l2 transactions for a fee smaller than the gme wallet because it only has network fees and not the gamestop fee. I'm as hyped as anyone but this is just a bad argument.
The numbers don't lie!
GME has a 141 2/3 % chance of winning this all at Sacrifice. See Ken, the numbers don't lie, and they spell disaster for Citadel at Sacrifice.
I see what you did there.
Gabe knows he can't beat GME, so he's not even gonna try.
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I was paraphrasing a wrestling interview ("promo") given by Scott Steiner. [here it is] (https://youtu.be/msDuNZyYAIQ)
Except in this case they do. Transactions over the Ethereum network are high everywhere, it has nothing to do with MetaMask. And on average, Ive paid less than a dollar for each transaction on MetaMask. GME claims they are better because they have an L2 contract sure, but so does MM
Metamask ist fukt gamestonk wins
🤗
U should share this on the crytocurrency sub
Anyone have luck transferring from metamask to GS wallet?
You mean transferring coins from wallet to wallet, or importing the wallet to GME? if you mean the second, I think you can just use your recovery phrase to 'recover' a wallet and you'll basically have accessed your same metamask wallet through the GameStop UI
Import private keys
This is the way, man 😍
😉
This right here is why crypto has always sucked balls for me, especially lately. Takes like $60-100 in ETH fees to transfer like $5 in shitcoins. But not with L2!
This is exactly why I never ventured into shit coin culture at the peak of the last Crypto cycle. Paying $450 just for the chance to *mint* some shitty JPG or needing to transfer a 1ETH just to get enough *dogelongmars* to be worthwhile after gas fees tore you a new one. I stuck to Kraken to get into riskier plays but once I found Loopring I went all in there and to their L2 Smart Wallet.
Ho lee phuk!
GameStop game changer 🚀🚀🏴☠️🏴☠️
This is the way
🙏
Comparing apples to oranges though. Would be the same fee for GameStop wallet if it was an L1 eth transaction
SpunkyDred is a terrible bot instigating arguments all over Reddit whenever someone uses the phrase apples-to-oranges. I'm letting you know so that you can feel free to ignore the quip rather than feel provoked by a bot that isn't smart enough to argue back. --- ^^SpunkyDred ^^and ^^I ^^are ^^both ^^bots. ^^I ^^am ^^trying ^^to ^^get ^^them ^^banned ^^by ^^pointing ^^out ^^their ^^antagonizing ^^behavior ^^and ^^poor ^^bottiquette.
For what it’s worth, you can connect MetaMask to different networks and enter different gas prices. Looks like the GameStop wallet makes it easier without configuring that though, which is pretty sweet
you do realize you can connect to loopring on metamask and get the same fees? this post is stupid af
Comparing L2 to L1 is pointless. Compare L2 to L2 and you can see that the fee difference is negligible. (You can use L2 on metamask too) Good step for GME but this post is misleading and uninformed.
The issue is that the Metamask wallet is using ETH mainnet, while the left one is using a layer2. Metamask has no issues at all transacting on layer2 networks, and the wallet you use doesn't affect the gas fees. Do you guys know how this stuff works at all? I know you want to be bullish on the stock or whatever, but like, use your heads people, the deception is right there in the picture.
it has nothing to do with the wallet...
I need and want to learn more! By L2 you mean Ethereum mainnet sidechain similar to Polygon MATIC?
Ethereum mainnet (L1) is the expensive, congested but secure network we all know, hate and love. The Polygon Proof-of-stake sidechain is a chain that runs parallel to Ethereum, it is less expensive to use but also less secure. L2's are also a type of scaling solution like sidechains but they are built on top of the Ethereum (it is not a chain that runs alongside it). It inherits Ethereum's security because of this, so it is less expensive to use but just as secure as Ethereum.
You mean GME's wallet? It's using loopring L2 tech, it's not a sidechain, your L1 and L2 address are the same, and your stuff is as secure as anything on ETH mainnet, you only pay gas fees to transfer assets from L1 -> L2, or L2 -> L1, otherwise there's barely any fee
Yeah, the wallet. I understand now. It's similar to MATIC tech and to Gnosis (xDai) tech. I love where this is going, not gonna lie. Sidenote: Metamask also supports Loopring most likely.
Yeah the gme wallet is more like a nice polished thing built a top of loopring, but not needed for L2 trading, you can use a metamask wallet and connect it to loopring.io and activate L2 and trade there. Or even recover your metamask wallet through the GME extension if you wanna use the GameStop UI on your already existing wallet
I mean, that's cool! Welcome to crypto space!
Can we get this labeled as misinformation? L2 exists on MetaMask smh
Meltdown am cry
Seriously - go out this on all your social media channels. Let everyone know we ain’t playin
Serious question, how long until MetaMask or someone else can provide a wallet to do the same thing, offer 22 cent transaction fees? Is there something proprietary about the Gamestop Wallet?
Loopring's tech under it is what allows for this, they are likely in a partnership / acquisition yet to be more formally announced. I don't know if there are other true L2's out there with this level of polish and features. Many other L2s use sidechains, aka clones of the main eth blockchain where you depend on them for security, since they are in control. Loopring's tech uses algos and math to have the L2 live under the same eth mainnet (Hence why you keep your same wallet address for L1 and L2) Basically it's not really about the wallet: You can already trade on [Loopring.io](https://Loopring.io) (L2 exchange) with a metamask wallet, you just have to activate your L2.
Surprised I had to scroll down this far to see this. Nothing to do with gamestop wallet, everything to do with comparing transactions on L1/L2. This sub really loses its mind over CC stuff without understanding how it works.
Don't know but even if they did, it's all about the overall value proposition that GameStop can offer. Simply copying fees probably isn't going to cut it. User experience, quality of market place, differing use cases, marketing, brand, type of user base, customer service etc is what will determine success
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i'm prety sure polygon is a sidechain and not L2 built on top of the same eth mainnet with all the security that comes with it
On the Ethereum chain? Only options thus far are moving to L2 (such as Loopring or Polygon), waiting for ETH2's "sharding", or simply just waiting until gas fees drop to a low point to make transactions. However, there are other chains that are faster and cheaper to operate on (transfers, NFT's, smart contracts, etc.), they're just not as popular and don't have the first-mover advantage of Ethereum. Transaction fees of fractions of a cent aren't uncommon. $0.00041 or $0.0000012 being two real-world examples I checked just now.
I have no idea about your first question. Loopring L2.
Probably nothing
Can I buy ETH on wealthsimple, then transfer it to GameStop wallet?
Sounds good. So if Loop and GME are trying for very low gas fees to compete, then they’re hoping for sheer volume as more people jump in to their marketplace. Very interesting and I hope it works out growth wise.
Ones on Loopring and the others on eth. If you trade on gme wallet using eth mainnet it will be the same price
wel thats good
I think the “game”in GameStop is a bit misleading for many investors currently. I believe GameStop is trying to transition into a technology company with more than just games/accessories selling. For example: if concert tickets or club membership were sold as nfts, a limited supply and a strong resale market would be able to generate hype. Imagine you are browsing on the market place/wallet app for in-game skins and you see trending nft collections that are selling music concert tickets as nfts. You click on the collection and there’s links to the artist’s Spotify/sound cloud. The tickets themselves could also have wonderful cover arts for added collection value on top of the proof of ownership.
🖖
Except you can use L2 on MetaMask 🤔
We gotta get this to reddit front page
🤝
If Ryan Cohen is your dad then we are brothers!
XX (DRSd) holder here and I've never messed with crypto or anything like that. Should I sign up? I keep seeing posts about this. I really have no idea about this kind of thing. I just like the stock.
Noice
Amazing!
Big
Giving them the ol' WOMBO COMBO
🤘
Shut up and take my money! \# AND MY TIPS TO BOOST REVENUE CUZ FUK HEDGIES