Community News - buying EOS and claiming
Funny story - but we are hoping for a little advice.
We the staff of Community News just bought a little over 11 EOS tokens via the Distribution with MetaMask. About $37 Aussie Dollars it cost us - just experimenting.
Now we went to claim the tokens using the EOS token distribution link - preferably transferring them directly to our staff Exodus wallet.
However, it looks like MetaMask want to charge about AU$32 to make the transfer - 'stone the flamming crows' one knightly character exclaimed. So we REJECTED this.
Then we discovered that MetaMask also want payment for claiming and holding onto them - this was about AU$12. 'Hello!'
Fine then let's just register them with an EOS key and sit on them - discovering they want $5 for this too.
Any thoughts @crypto-investor and other cryptocurrency buffs of the Steemit Communities?
Know of any inexpensive ways to claim the tokens? Or if I buy more tokens in the auction using MetaMask, is it a similar price to claim a larger parcel - averaging down this cost?
And it gets even better!
Even without the fee for transferring we reckon we have paid AU$3.20 a token by participating in the official distribution, whereas we bought 19 EOS within our Exodus wallet for AU$2.27 each??
Now I have to assume these are the exact same tokens?
So did we just get unlucky on the auction?
Is there any point in bidding on the auction when it appears you can buy for substantially less in the market place?
These are the questions regarding EOS that have this News Editor scratching his head.
EOS - decentralize everything - including your savings ; )
Hi! One of my viewers had the same exact problem as you. What this is, is a pricing problem where your wallet is failing to execute the pricing right for the transaction. His solution he researched out was this:
For anyone encountering similar issues: what worked in the end was to increase the gas limit to a very large amount (5 million), but to compensate for this by lowering the gas price to 2 GWEI. That made the transaction take longer, but at least it worked. Ended up losing a lot over a couple of attempts before this, however. The default suggested transaction fee and gas limit by MetaMask on the EOS distribution site (2 million gas limit, 21 GWEI) led to exaggerated fees of 0.042 ETH ($12) and did not work, and the exaggerated fee was lost (twice). In the end, the number of ETH contributed to the distribution round also spiked near the end, so the effective price of the distributed tokens was nearly equal to that on the exchanges. Therefore, it is most likely more cost effective to buy this token on an exchange.
That is quite unlucky, however another thing is that in crypto world buying small amounts won't have smaller fees so indeed you can end up having to pay for the transfer more than what you want to transfer.
Do some research from where to buy the crypto coins as in some places you'll discover the price is lower than in others.
Yes, you'll finds out that the same token will have several different values on different exchanges.
No point in bidding on crypto, just follow the spikes and buy/sell for the price soothing you.
Thank you @bogdanpascu - it would appear that the more we learn about crypto-currency, the we realise we still have to learn.
Community News
Something is going wrong is my view. I might take screenshots and contact the Metamask people. When I was doing it, the gas I was paying was something like less than $2 per transaction. Expect to pay something like that per every time you deal with the ETH blockchain with the EOS ICO.
If network traffic is high, the gas prices will increase and that can cause high network fees, usually when an ICO launches. http://ethgasstation.info/ It looks pretty normal at the moment.
Also, make sure you are doing the math right on the gas. But yes, to do the EOS ICO, you are going to communicate with the blockchain 3 times. Buying, registering the key, and claiming the tokens. Then if you send them, you will be charged again.
All that has gone wrong is either your math for the fees, or your metamask is buggy and trying to pay way way too much gas.
Also, I do not suggest any new person to ICO's including yourself do the EOS ICO. Just buy your tokens on an exchange and then learn to register the key if you want to get that far with it.
Most of the time the ICO price is higher than the market price. This happens for several reasons, but it's basically people dumping money in at the last minute, bidding the price above what they should, and since they don't know who else will send money, they have no ability to price it right. In general, it's just dangerous to do the ICO for the average person at this point.
To be more specific, it would be helpful to understand after you purchase EOS off of an exchange, how to properly register your EOS tokens and where is the best place to store your EOS (I don't know of an EOS wallet, but perhaps they can be stored on MyEtherWallet?).
Well, the registering the public key, for now I think it can wait until June 2018. The only danger is people who want to buy EOS and forget about it. Like if you let your EOS sit in an exodus wallet through June 2018, and do nothing, I am about 90% sure you will lose all of your EOS. Leading up to that event, Exodus will probably be warning people. I think Exodus is the worse culpirate because it's not a big deal for Bitfinex to internally use your keys to register your EOS public key themselves and just charge you on your EOS balances to save your funds. Exodus wallets have no ability for Exodus to bail you out come June 2018. I'm kind of surprised they added it at all to the wallet. I think that's where the most money would be lost right there.
HOW-TO GUIDE FOR EXODUS EOS KEY REGISTRY:
http://support.exodus.io/knowledge_base/topics/ive-received-eos-tokens-in-exodus-how-do-i-register-them
That is a really helpful link! Thank you. 100% upvote.
I guess the next question is, why even use the Exodus wallet if you can use MyEtherWallet to store and register your EOS? Am I missing something? MyEtherWallet seems like the best way to go.
Sounds like a plan to me Ted - far easier to buy on the internal exodus exchange anyway. Thanks for the replies. CN.
You should do a post on this - I think your followers would appreciate it.