Another Near Miss with Outrageous Gas Fees
angry

Another Near Miss with Outrageous Gas Fees

By rah | rah | 23 Feb 2021


Maybe I was being a bit smug yesterday. I’d been waiting for a correction and I was genuinely excited about the falling figures having positioned myself to take advantage of this and being impatient as I am I couldn’t resist taking a small advantage with part of my portfolio.

Let me explain

Back when Publish0x were rewarding in Basic Attention Tokens (BAT) I had dumped  just over 100 into Celsius to take advantage of staking as their value was really low – at £0.16 at one point and when they hit a recent peak of £0.47 on 12th February I dumped 100 BAT in Coinbase, leaving a relatively nominal amount in Celsius.

I received the full 100 BAT on my Coinbase and immediately converted them to approximately  64 DAI as is my wont nowadays and waited. The reason I didn’t convert to DAI on Celsius directly was because I’d had a very near miss with excessive Gas Fees a few months ago.

Then during the correction of 22nd February when BAT hit £0.36 I decided to reconvert back to BAT with the following result:

Approximately 60 DAI for 117.6 BAT meaning an overall gain of 4 DAI and 17.6 BAT

My intention had always been to add the gains to Celsius and I was even prepared to pay in gas because the gains and the staking would make it worthwhile for the short term loss of Celsius BAT rewards. Was even open to paying 10 BAT as a gas fee leaving me with 107.6 (+7.6) and then Coinbase hit me with this.

crazy_gas

Of course I didn’t continue with the transaction because if I had I’d have finished with 63 BAT (-37) going back to Celsius and 54.65 BAT being eaten up in GAS that is 46.47%

How can this be justified? I was disgusted.

That is outrageous and what it has taught me is that my staking currency will stay on Celsius until I take it out when I cash out.

Please, please everybody check the gas fees before continuing a transaction!

If there is any silver lining it is that I almost immediately was able to reconvert the BAT back to DAI and gained even more since the BAT price moved up…

… and if it drops again I will be able to repeat.

I still won overall and you never know those few BAT I left on Celsius might one day be worth something.

As always stay safe and well.


rah
rah

I love reading and technology as well as history. I teach English and Business to professional clients as well as soft skills with a focus on communications. I am a big fan of both Sheffield Wednesday and Lincoln City Football clubs


rah
rah

Experienced Business Owner and Coach and Tutor who now trades in Crypto. It is proving to be an interesting journey with so much technical language involved. Follow me as I learn the trade (and how to trade). Made some howling mistakes to begin with, but still learning and will share what I learn as I learn it for the benefit of the community. - RAH

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