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My Thoughts on Loopring: Uncharted Territory

By Thomas Wolf | Thomas Wolf's Den | 19 Apr 2020

Update 4/20: I wrote a new article called MyCrypto BETA - Easy LRC, DAI and BAT Cross-Conversion which shows how I quickly adapted to the new token and no longer have to worry about BAT earnings!

I truly hope Loopring is the future of decentralized currencies with independent exchanges, really... it's all I seem to be getting paid in now!

If you haven't already read it, MuyAsk wrote the article "Top Things You Should Know About Loopring and LRC" and you should read it immediately; this is Publish0x's official article and is by far the most informative one you are going to find.

I bit my tongue and finally made an ERC-20 wallet so I could withdraw all my tokens at once.  I don't care for extraneous wallets but given the vast majority of payments are in LRC now, it makes no sense to wait weeks between payments so I can send BAT to Coinbase one week (BAT receiving address), DAI to Coinbase another week (DAI receiving address), and then ultimately be forced to get an ERC-20 wallet for the LRC anyway.

Withdrawing directly to an exchange was never recommended because it's too easy for people to screw up that are not familiar with ERC-20 tokens, mainly because you cannot send DAI to a BAT address and vice versa, and many exchanges don't support it.  MyCrypto and Metamask are simple enough to install and configure and they eliminate the need to worry about whether or not you will get all of your payments.

Since I put in for a cashout yesterday:

I made an entire 1 BAT in a day, really?  Yikes.  But hey, around 100+ LRC in 2 days!

Well, here is where I stand on the matter.  I have supported the idea of Publish0x promoting new tokens and when I expressed that, I promised to support those tokens, so that is exactly what I am going to do.  I am going to HODL a good portion of my LRC from now on and promote it so that it has a better chance of success, and I suggest you all do the same.

I was not familiar with Loopring prior to Publish0x bringing it to the site, but I have to say after reviewing it, it shows a lot of promise.  If you know my writing, you know I hate centralized currencies and am not a supporter of FIAT.  LRC has innovative ideas on how to combat the obstacles that stop people from being financially independent.  This revelation may be a savior in the time of the COVID-19 pandemic and unpredictable markets due to strained economies; it could be just what we need right now.  I am also a fan of exponential growth opportunities and I see that in LRC, while 100 LRC is worth little now, it could be worth a LOT in the future.  The more we support it, the more likely that is to happen!  If we fail to support it, we can hardly blame the token!  All currencies function through social constructs.

I am already on Binance, for which I am glad., which stands as Loopring's official decentralized exchange wanted $1.22 USD in Ethereum fees to set up an account.  I will pass on that for now and try Binance out first.

I had to pay off multiple credit cards and dip into my stock shares and BAT holdings to do so.  I've been in quarantine and I had no help from friends or family and I did what I had to do.  Every bone in my body said don't do it, and of course, right after I did, the markets both went up - something I had openly predicted was still a possible delayed result from stimulus payments, and global pressure from people moving away from FIAT in a down market.

However, I could not risk it because I need to move and I am only a few credit points short of really good credit; I built my FICO score up about 200 points by making payments with crypto earnings; it's really covered a lot of areas in my life the last while.  I didn't lose it all, and I am waiting for a dip in prices to buy what I lost back.  I did not anticipate Publish0x randomly switching to Loopring and almost entirely discontinuing BAT payments; well, I made a decision and now I must live with it.  I HODL whenever I can but it was somewhat of an emergency situation.  I will get more!

I am recovering from whatever illness I had that they failed to positively identify as COVID-19 or anything else. I have 5 more doses of antibiotics and I'll be turkey hunting and fishing by the 25th!  I've been indoors far too long...

So, my conclusion for now:  Support LRC!!!

I miss my BAT like a child misses his toys, so LRC better be worth it!  What are your thoughts?

-Thomas Wolf

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Thomas Wolf
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Researcher & Writer. Blockchain & Cryptocurrency Advocate. Market Trader. Top Honors STEM Student. Art, Game & Music Lover. Cypherpunk. Survivalist. I am not a Financial Advisor/DYOR!

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