Bay 17d
@Bay17d
05 April, 11:38
🤣😂
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05 April, 12:07
In response Bay 17d to his Publication
Wonder what the Token @administrator will use and what he will call it.
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Bay 17d
@Bay17d
05 April, 12:11
In response Mocheezeplz ... to his Publication
Something about this just resonates Mo.
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05 April, 12:13
In response Bay 17d to his Publication
Hahahahahaha. I'd be okay with it.
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Bay 17d
@Bay17d
05 April, 12:17
In response Mocheezeplz ... to his Publication
Lol me too bro! I'm not a crypto expert, but I think DOGE makes sense and how it might fit in with travel. Assuming he uses with his other ventures. Will be cool if that happens.
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Not that you wanted to know all this buuuut DOGE is a spin-off of Litecoin (LTC) and I believe they use the same mining system. LTC is right up there with XRP for me. So I approve.
Only downfall to DOGE right now is the transaction fees. Right now the transaction fee is 1.69 DOGE. DOGE = $0.17. (1.69 x $.17 = $0.29). So $0.29/transaction as of now.
So if I wanted to buy a $2 Kit Kat Bar at the gas station the total cost w/ transaction fee = $2.29 ($2 + $0.29 Fee).
BUUUUUT if DOGE goes to $1.00 and the transaction fee is still 1.69 DOGE it would cost $1.69. So you're looking at paying $3.69 for a $2 Kit Kat Bar (assuming no inflation) ($2 + $1.69 = $3.69)
But they are working on reducing transaction fees.
https://litecoin-foundatio...
https://www.coindesk.com/t...
Only downfall to DOGE right now is the transaction fees. Right now the transaction fee is 1.69 DOGE. DOGE = $0.17. (1.69 x $.17 = $0.29). So $0.29/transaction as of now.
So if I wanted to buy a $2 Kit Kat Bar at the gas station the total cost w/ transaction fee = $2.29 ($2 + $0.29 Fee).
BUUUUUT if DOGE goes to $1.00 and the transaction fee is still 1.69 DOGE it would cost $1.69. So you're looking at paying $3.69 for a $2 Kit Kat Bar (assuming no inflation) ($2 + $1.69 = $3.69)
But they are working on reducing transaction fees.
https://litecoin-foundatio...
https://www.coindesk.com/t...
12:35 PM - Apr 05, 2022
In response Bay 17d to his Publication
Only people mentioned by Mocheezeplz in this post can reply
Bay 17d
@Bay17d
05 April, 12:41
In response Mocheezeplz ... to his Publication
This is most useful information and thanks for breaking it down Mo! Honestly, could use more of this as time goes on. Think a lot of people could find it very useful in understanding. Lots of times I think that's why many fear change. Just my opinon and thanks again, maybe need to come to you with more questions if you don't mind.
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05 April, 12:58
In response Bay 17d to his Publication
They are def afraid of the unknown. Shoot me all the questions you have - not sure I'll have the answer tho lol.
That's why so many people are upset about Ethereum right now. They haven't had an upgrade to reduce transaction fees.
When ETH was $200 paying like a $1-$2 transaction fee was no big deal. But when "Gas" fees (transaction fees) increase because everyone wants to move ETH at the same time and ETH now costs $3500, the transaction fee can sometimes be like $150. And that $150 fee is even if you only want to send $5...
It's kind of similar to Uber's Surge Pricing. If there is a concert going on in town, the price of Uber can go 1.5x - 2x since there is such a demand for them. But in this case everyone wants to move ETH or ERC20 tokens at the same time when the market peaks.
*ETH transaction fees above aren't accurate just making a point.
That's why so many people are upset about Ethereum right now. They haven't had an upgrade to reduce transaction fees.
When ETH was $200 paying like a $1-$2 transaction fee was no big deal. But when "Gas" fees (transaction fees) increase because everyone wants to move ETH at the same time and ETH now costs $3500, the transaction fee can sometimes be like $150. And that $150 fee is even if you only want to send $5...
It's kind of similar to Uber's Surge Pricing. If there is a concert going on in town, the price of Uber can go 1.5x - 2x since there is such a demand for them. But in this case everyone wants to move ETH or ERC20 tokens at the same time when the market peaks.
*ETH transaction fees above aren't accurate just making a point.
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