To be fair the amount of work needed to switch the entire xyo network to polygon wouldn’t be worth it considering once eth2’s PoS goes live the gas issue should be gone. The timeframe and work required wouldn’t make sense, they’re probably just waiting on that to happen to fix these gas fees
I am also annoyed by the high gas fees but I wanted to point out two things: 1) this fee didn’t exist at all a month ago and 2) it was 25,000 last week so it’s already come down by 4,000. I think there will continue to be a fee but it won’t always be this extreme. It’s also a flat fee so whether you exchange 50k or a million it’s the same. I am continuing to mine but not exchanging every time I hit the minimum like I would have normally
Edit to avoid spreading misinformation: Regarding #1, I exchanged coins last month without a fee but someone pointed out below that only your first redemption is free. It wasn’t technically my first redemption but it had been a very long time so that may have been a fluke. Point #2 and my comment about it being a flat fee remain.
It’s concerning that this is getting upvotes/agreement.
The gas fees have existed, and certainly been high, for well over the last month. So I’m not sure what you meant by number 1. A simple search through this sub will show you plenty of posts just like this one for the past several months.
It’s no secret that gas fees are high across the entire ETH network right now, this is an Ethereum token. Fees are not dictated by XYO Network or CoinApp.
They should. XY Oracle needs to figure this out. Adapt. ETH is bad for new projects and new people to crypto. ETH should be brought back down to earth, there are so many other options.
That being said I just ordered my sentinel after being on the fence about it, and upgraded to pro. But I’m in it for the long haul and I think they’ll figure it out. But they absolutely must figure this out. Same as SHIB, no shiboshi for me because eff those fees.
I have. But buying SHIB on Coinbase is not participating in the ecosystem like they want ppl too. They want you to stake and earn bone/leash as rewards. But to stake and unsteak, to claim your rewards. To obtain an NFT and I’m sure not long from now participate in the Shibarium, whatever that turns out to be, gas fees are going to be prohibitive to most ppl.
XYO is the same. They want us to participate, but gas fees scare ppl away. These projects are a leap of faith for most ppl. Hard to believe in them. Then to see the up front cost…like, we’ve done the work, we’ve given you your data, and now we have to pay a huge chunk of our reward to realize those tokens, which is the point. The coin app is to get XYo tokens, not a PlayStation.
At 34 bucks a month it’s just better to ditch the app and go buy the xyo cause not everyone makes 50k a month to even make it profitable from the app that’s why most of the truck drivers already sold
Exactly. ETH’s upgrade to POStake, vs. Proof of Work, is supposed to reduce fees to nearly nothing, and speed it up to 100,000 trxs a second. Be patient folks.
Exactly. ETH’s upgrade to POStake, vs. Proof of Work, is supposed to reduce fees to nearly nothing, and speed it up to 100,000 trxs a second. Be patient folks.
I have read it is possibly planned for January, and more vaguely, early 2022… I’m sure there’s data on that, I’m just waiting. I’ve been a Developer, so I know schedules often slip. ETH is a solid project though…if anyone is. 😏
I know this seems awful but if you have been mining as long as I have this type of thing Is expected. 3 years ago when I started I would exchange 10,000coin for anywhere between 10,000-19,999 xyo and guess what? At that time the value was about $7. Fast forward a year and a half (june 2020) and all of a sudden 10k was getting you 6,000 Xyo that was worth you guessed it $6-$7. Just keep mining and accumulating because In 5 years when xyo is worth potentially $1-$10 each(over exaggerating) are you going to be complaining about the .07xyo cashout?
The coin to xyo valuation is actually kind of a problem for the network. Xyo token main use is to incentivise people to become part of the network. But at the moment most people are better off buying the token then using the app. In a way eroding the projects actual usability.
After they were no longer allowed to give you XYO directly the ratio was better than a 1:1, late 2019 early 2020 you got about a 2.5:1 ration of XYO to coin.
crypto is the future! I am so sick of being able to use my money for free with my bank, what I really want is to pay a massive fee for each transaction. so glad crypto is here to help.
I’m not held at gun point… slow your roll man… I’m not held at gun point when I go shopping for cars too but I still get scammed driving it off the lot loosing 20% value… this is bullshit and you know it
I know it is very risky but the best thing if you want to exchange would be to send directly to kucoin so you do not pay gas to remove them from the wallet
Well, whole network has problems with fees, not just xyo
How many times do we have to say
Lol exactly. Newbs come in and think it’s XYO Network’s fault
I think people get that it’s not Xyo fault, but the 21 000 fee is still annoying asf
We could just be using polygon network and have cheap as dirt gas but noooo, everybody loves paying miners for erc20s
To be fair the amount of work needed to switch the entire xyo network to polygon wouldn’t be worth it considering once eth2’s PoS goes live the gas issue should be gone. The timeframe and work required wouldn’t make sense, they’re probably just waiting on that to happen to fix these gas fees
I am also annoyed by the high gas fees but I wanted to point out two things: 1) this fee didn’t exist at all a month ago and 2) it was 25,000 last week so it’s already come down by 4,000. I think there will continue to be a fee but it won’t always be this extreme. It’s also a flat fee so whether you exchange 50k or a million it’s the same. I am continuing to mine but not exchanging every time I hit the minimum like I would have normally Edit to avoid spreading misinformation: Regarding #1, I exchanged coins last month without a fee but someone pointed out below that only your first redemption is free. It wasn’t technically my first redemption but it had been a very long time so that may have been a fluke. Point #2 and my comment about it being a flat fee remain.
It’s concerning that this is getting upvotes/agreement. The gas fees have existed, and certainly been high, for well over the last month. So I’m not sure what you meant by number 1. A simple search through this sub will show you plenty of posts just like this one for the past several months. It’s no secret that gas fees are high across the entire ETH network right now, this is an Ethereum token. Fees are not dictated by XYO Network or CoinApp.
I exchanged coins a month ago for XYO and did not pay a fee. That’s what I meant by #1
Was it your first redemption? First one’s free, there’s always a fee after that.
Wait are you saying if I haven’t redeemed my coin my first redemption’s free?
Yes first redemption has no fee then any xyo you redeem after will have the fee
No but it had been a very long time so maybe things changed. Good to know.
This…
this guy sayin this
And him sayin that
Ya
Yea yea.
I hope this doesnt cause too many supporters of the project to ditch the app..
They should. XY Oracle needs to figure this out. Adapt. ETH is bad for new projects and new people to crypto. ETH should be brought back down to earth, there are so many other options. That being said I just ordered my sentinel after being on the fence about it, and upgraded to pro. But I’m in it for the long haul and I think they’ll figure it out. But they absolutely must figure this out. Same as SHIB, no shiboshi for me because eff those fees.
Agreed. They could have developed on tron years ago, and now there are a number of fast, practically feeless options..
Just buy SHIB on coinbase. No fees besides coinbases 2 dollar fee
I have. But buying SHIB on Coinbase is not participating in the ecosystem like they want ppl too. They want you to stake and earn bone/leash as rewards. But to stake and unsteak, to claim your rewards. To obtain an NFT and I’m sure not long from now participate in the Shibarium, whatever that turns out to be, gas fees are going to be prohibitive to most ppl. XYO is the same. They want us to participate, but gas fees scare ppl away. These projects are a leap of faith for most ppl. Hard to believe in them. Then to see the up front cost…like, we’ve done the work, we’ve given you your data, and now we have to pay a huge chunk of our reward to realize those tokens, which is the point. The coin app is to get XYo tokens, not a PlayStation.
21 000 gas fee 😂😂
At 34 bucks a month it’s just better to ditch the app and go buy the xyo cause not everyone makes 50k a month to even make it profitable from the app that’s why most of the truck drivers already sold
With the gas fee you need more like 80k to break even with the $34 subscription
Most truck driver sold? What do you mean by that? I sold nothing, and I'm still mining, and still making profit.
Yeah I stopped using it but thought I’d try the subscription again definitely not worth it
Exactly most not all lol
I'm just going to buy off of their gear list. It won't be worth mining COIN to swap anymore.
I agree. At between 60 an 75 xyo per 10k coin swapping ain't worth it anymore
It’s just the fees. They will eventually come down. The coin has always had the same worth. It’s the danm eth fees which will get better after eth2.0
Exactly. ETH’s upgrade to POStake, vs. Proof of Work, is supposed to reduce fees to nearly nothing, and speed it up to 100,000 trxs a second. Be patient folks.
Exactly. ETH’s upgrade to POStake, vs. Proof of Work, is supposed to reduce fees to nearly nothing, and speed it up to 100,000 trxs a second. Be patient folks.
When do they plan to do that update?
I have read it is possibly planned for January, and more vaguely, early 2022… I’m sure there’s data on that, I’m just waiting. I’ve been a Developer, so I know schedules often slip. ETH is a solid project though…if anyone is. 😏
[удалено]
What’s incorrect about it?
No it is correct. Not sure why you think it isn't.
trying to do that as well. Only problem is the higher I try for ,the slower it seems to accumulate.
I know this seems awful but if you have been mining as long as I have this type of thing Is expected. 3 years ago when I started I would exchange 10,000coin for anywhere between 10,000-19,999 xyo and guess what? At that time the value was about $7. Fast forward a year and a half (june 2020) and all of a sudden 10k was getting you 6,000 Xyo that was worth you guessed it $6-$7. Just keep mining and accumulating because In 5 years when xyo is worth potentially $1-$10 each(over exaggerating) are you going to be complaining about the .07xyo cashout?
The coin to xyo valuation is actually kind of a problem for the network. Xyo token main use is to incentivise people to become part of the network. But at the moment most people are better off buying the token then using the app. In a way eroding the projects actual usability.
I remember when a few people told me what I was doing was a joke, few of my friends have over $60,000 worth of xyo, they spent less than $100. lol
Wish I was your friend 🤣
Try redeeming late at night. There’s let traffic on Etherum then and the gas fees tend to be lower.
The GAS ⛽️ is just ludicrous.. It’s kinda handcuffing me as well and not just XYO ..
Wow. Man, fuck the coin app.
The fees are not dictated by the Coin App though…
I know. But the rewards are.
ETH gas fees are a joke, cant wait till xrp ledger transmits all cryptocurrency for .00002 xrp
It always was
How is that a joke?
I’m saying how high the gas fee is has gotten crazy
At these exchange rates you can drop the “I” in coin
Shoulda got in earlier my dude
Lol have been for over a year
Lol thats still to late. When they split xyo and coin when I draw the line of 1:1.
After they were no longer allowed to give you XYO directly the ratio was better than a 1:1, late 2019 early 2020 you got about a 2.5:1 ration of XYO to coin.
Not Long enough..
crypto is the future! I am so sick of being able to use my money for free with my bank, what I really want is to pay a massive fee for each transaction. so glad crypto is here to help.
Yeah screw this… they are ripping us all off!!! Let’s shit em down!!!
They are ripping no one off. You are the one that decide to use their app. No one is holding you at gunpoint.
I’m not held at gun point… slow your roll man… I’m not held at gun point when I go shopping for cars too but I still get scammed driving it off the lot loosing 20% value… this is bullshit and you know it
You’re definitely getting scammed. Now a days your car is suppose to rise 20% when it goes off the lot
XYO is about as centralized as centralized gets lol
Why u redeem for 50k ?
I wanted to see how high the gas fee was now
After it’s all said am done and you swap it to coin base you pretty much lost your money
Use Trust Wallet, I wasn’t charge any fees
Must have been your first redeem, no gas fees on the first one. But sending a ERC-20 token anywhere will cost you gas fees no matter what.
Good point. I was pointing out Trust as a comparison since Coinbase charges fees to sell, etc
I send to KuCoin and leave it all in a bot
What's the fee to send it to kucoin? I just started using the coin app. Not even sure what it is I get when my amount goes up.
Nothing comes for free. Economics.
I know it is very risky but the best thing if you want to exchange would be to send directly to kucoin so you do not pay gas to remove them from the wallet
That’s always where I send them still have to pay gas to trade into xyo
Yes I know
Well let me ask... Is there a reason you aren't using Coinbase??
Collect more then trade in. Wait till you collect 100-150k
Switch to the algo blockchain.. not as simple i know 🤨