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INVESTMENT
Don’t Ever Buy on Uniswap With Less Than $1000
Ethereum gas fees will chew up your purchase
By Hogefather, aka Jesse J Rogers
5/13/2021 Edit: I’ve changed the title to $1000 up from $250 because gas fees have soared so much. There is a way to do this more cheaply now for small amounts. I’ve written about it here. You still have to use Uniswap for large amounts.
As much as I love the HOGE token and the Hoge Finance community, and as much as I want as many people as possible to join the movement, I want it to happen the right way. That’s not necessarily the fastest way. As a crypto daywalker that tutors math in the “real” world, I am deeply pained by some of the decisions my new Hoger family members are making.
I know a lot of people hate math. I get it. But please, please pay attention to what I’m trying to tell you. This matters.
I’ve frequently paid $80 or more on a transaction for HOGE. I tested it once with $200, as discussed in my original article. But when I transact now, I usually make sure to do so with $1000 or more. That means the $80 transaction plus the 2% built-in transaction costs me around $100 off the top, meaning only $900 of value actually makes it into my wallet. I’m losing a total of 10%.
By contrast, I know a lot of you are accustomed to central exchanges. You just throw in $100 into Doge, pay the $2.99 trade fee or whatever it is, shrug your shoulders, gulp your beer, and say “let’s see what happens.” But Americans can’t do that with something like HOGE.
Eventually, HOGE can be purchased on central exchanges in the USA like any other token. Rookies will eventually be able to ape in for small amounts like that without suffering a massive penalty. But not yet. Today, you’re getting in extremely early. The upside is that the price is at a massive discount. The downside is that if you’re using a decentralized exchange, like 71% of Hogers currently do, then buying HOGE with $100 will…
