r002
commented
2 years ago @anitabe404 Very cool, this is fascinating stuff! Thanks for sharing all of this!
Sadly, I entirely missed the boat on the whole crypto craze. 😥 Bitcoin and crypto was just one of those things I think I never understood. Or more aptly, to your point --I never understood how existing power structures like banks would just let crypto waltz in and "eat all of the cake", so to speak-- so it was just a train I never boarded.
Now, of course, a since share of BTC goes for 60k! Oh well. 🤦♂️
It's awesome you're getting into ETH tokens though! Would love to know how it goes! Please do keep us posted! 😊
Your Daily Accomplishment 🚀:
Worked on a datacamp module: Importing data into python. I'm also trying to get into Developer DAO. Spent a good chunk of time getting my wallet setup and figuring out what I need in order to mint the required NFT to get into the DAO. Ran into an issue with accessing funds (coinbase wants to hold on to my ETH for 8 days until the ACH transfer with my bank clears). Hopefully, there will be enough tokens left by the time I get it all sorted out.
I also learned about Stellar, a web3 network/protocol designed to solve the exact problem that I'm experiencing. It's a really interesting concept. Pretty much, the goal is to connect all businesses, banks and people via the Stellar network, which is decentralized, and allows for quick peer-to-peer (where a peer can be a person, business, or bank. I'm using it very loosely) transactions rather than having to go through a bunch of intermediaries that each take a cut. I have a hard time believing that the banks will want to join something like this given that it will eat into what they can charge.
I'm going to read some more about it though because it's the exact pain point that I have. I have USD and I want ETH, but to get it I have to move the USD to a crypto exchange, buy the ETH, move the ETH to the wallet that I want, and then use that wallet to pay the gas fees on the NFT that I need to mint. Each step along the way, someone wants a cut. Initially, coinbase was trying to charge me a fee to move USD from my bank account into my coinbase account. I got around this by doing an ACH transfer, but that means I have to wait 8 days before I can move the ETH that I purchased out of my account. Coinbase has to make sure that the transfer goes through probably and for some reason, this takes 8 days. I then learned that moving the money from my coinbase account to the ETH wallet that I have will likely require me to pay gas fees. And then, minting the NFT will also cost gas.
Stellar would solve this problem (in theory) by allowing me to convert my USD into USD tokens. I could then use these tokens to buy ETH tokens and then move from ETH tokens to actual ETH. I believe there would still be gas associated with the transactions, but its supposedly a fraction of a penny. Since banks are slow to change, I'm a bit of a skeptic that Stellar will be revolutionary. But maybe they have a plan for incentivizing banks and currency exchanges to participate. It seems most promising for peer-to-peer transactions where peers are in different countries or need to transact in different currencies.
I've learned a lot today. I didn't understand any of this before, haha. @r002 has the crypto craze caught up to you yet. Have you thought of joining a DAO?