Sigh, if you REALLY have to buy meme(shit)coins....

in Steem Schools4 months ago

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Like many people I follow, I have been completely taken aback by the sudden gold rush on the various Meme-coins with little to no fundamental value that have been clogging up the Ethereum and Binance Smart Chains. The chase for overnight riches has led an incredible amount of crypto newcomers to our shores... and these people are generally even more clueless than previous waves of newcomers. Plus, they are completely and utterly blinded by the thought that they will make untold riches overnight... little do they know that they are more than likely to just get dumped on instead by their favourite influencer or celebrity.

So, I sometimes answer some questions on one of the Binance channels, and I have come across more than a few people who have completely misunderstood (or failed to educate themselves) about how Ethereum or BSC work. So, there are an incredible amount of failed transactions or stuck transactions or swaps that are cancelled due to price slippage or contract time-outs.

Some of these errors are quite expensive... especially on Ethereum at the moment. You can easily find some hilarious transactions on the blockchain explorers where someone will have purchased 50 dollars of a token and paid on the order of 200 dollars in gas fees! Greed makes us do incredibly strange things...

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So, I had pretty much dismissed all of this as a fad... but it really is real. There are people buying (swapping) for these tokens on BSC and incredibly enough Ethereum... thinking that these coins are going to moon and make them into the next Elon Musk. Case in point, this above wallet address was the holdings of a complete newcomer to crypto... what does he buy? Safemoon, Ass, Bonfire, Elongate and Saturna at local highs.... okay, I guess it isn't much in Western terms, but it didn't sound like this guy was from a Western nation.

I guess people have to gamble... however, if you are going to gamble... maybe it best to use a CEX instead of DEX if you can't afford the gas fees or don't understand how blockchains currently work.

MXC is the place where I go to buy most of "interesting" coins. It tends to list relatively early, generally you can find tokens that are listed only on either Uniswap or MXC. Of course, there is always danger with CEXs and "owning" crypto... but if you are just making long term bets, you can easily buy them here without needing to contend with on-chain gas fees. After you have bought to your hearts desire, you can always extract them to the private wallet of your choice!

I have generally used this exchange to pick up tokens like HOPR and TRIBE which only currently have Uniswap pools, and their prices have only been right for me when the gas fees were relatively high (so not weekends or evenings).... and the recent wave of memecoins has driven the ETH gas fees to a staggering high!

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... however, lately... I've been tempted into making little 5-10 dollar bets on some memecoins! Ha ha, you never know... and a handful of dollars is fine if you are paying exorbitant gas fees at the same time! Plus, it is a handy way to cover your initial costs as you can actually set limit orders as opposed to a pool swap.... seeing as there are often spikes in price, the limit order can be set quite high, leaving you with no loss and a pretty handful of dull "gems".

Yes, I know that those who really get in on the ground floor on the AMM exchanges (Uniswap or Pancakeswap) will be the mega-dumpers who can make the real profit... but let's not kid ourselves, by the time that you have heard about a token, it will already be on MXC and you DEFINITELY won't be on the ground floor!

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Charts like this in the "Assessment" zone of MXC should be enough to scare anyone! Someone is playing some funny games here! Speaking of funny games... does anyone else wonder how SHIB managed to get near simultaneous listing on so many "respected" exchanges within the week? Odd...

Anyway, try out MXC if you have a hankering for spending on some completely "interesting" coins. Just don't spend too much, as they are likely worth nothing....

However, everything said and done, MXC is an interesting exchange that seems to be looking to integrate with a Polkadot in the future via a parachain (when the auctions go live on the polkadot mainnet). That was what first brought me to MXC, the interest in the MX token and the curiosity about how and why this CEX seemed to be the only other alternative to a single Uniswap listing.

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read with intrest. cant say i understood 1/5 of it.. not the details. but I got the main idea. well-written, as always!

Thanks! Just a way of showing an off-chain way of getting these odd coins as gas fees are going to be an unwelcome surprise for many newcomers. But I still think they are a terrible idea!