After writing my last post, about CCTip's fee of the day for ETH based transactions, I remembered that I also had DAI on Trust Wallet; and out of curiosity, tried to exchange it for something else, and the fee was so so high that I couldn't help but wonder what I could one do with all of that.
Don't know about you, but for me, that doesn't look like a great transaction at all.
Let's say I did it.
I went ahead and effectively did thrown to the trash 77 dollars and some change, what could I have done with that money?
- Get more crypto
Anything, at all, ANYTHING would be a better use of my assets. For sure, 280 DOGEs would look better than negative 77 on a balance sheet.
- Buy new music
I would be able to sign up for 8 months of Apple Music, or go today into the iTunes Store and buy 60 singles or seven full albums.
- Eat McDonald's for days
I could ride my bike, or take a walk to my nearest McDonald's and get a Big Mac every day for more than 10 days, and even have an extra allowance for some ice cream cones whenever the machines were working.
- Watch some movies
I could easily choose between getting the Disney+ and Hulu pack or getting Netflix for four months, so I could have something to pass the time during the quarantine.
- Play more games
Either be buying a new DualShock controller or getting a new AAA title to add to my library, in any case, I would the extra cash to get a 10$ gift card for the PS Store.
Seriously, fees are there for a reason, they support the networks to stay alive and working, and that's okay. Someone is giving up their time, computing power, and electricity for you to send that ETH or that Bitcoin.
In the same way, an exchange has to secure funds in multiple currencies, create a secure platform, hire staff to keep everything up and running, and so on.
They're expecting to receive a profit too, just like miners, and that's also okay.
However, there's a difference between charging a fee to your users for a provided service and blatantly abusing them.
Which one of those scenarios do you think is going on here?
Grab some Litecoin from Moon and Coinpot.
