Rudex now taking an additional 500 smoke "gateway fee"

4 months ago

Just noticed this recently after withdrawing some more smoke I purchased on their exchange. I gotta say this does seem a bit much, in the past I've always chosen to use bts as a fee as I wanted to save as much smoke as possible but now there's a new fee on top of it all.

Didn't even notice it until I withdrew it, on top of the recently raised withdraw limit of 2k smoke it seems a lot to add another 500 smoke fee on top. I realize smoke is not worth a lot in $ but it's not like exchanges usually lower fees during bull runs either. Anyway, this is kind of disincentivizing for smaller stake users who would would to purchase a low amount of smoke now and then to power up. Thoughts?

Would have been nice with a warning or post about it or something at least.

If anyone reading this is interested in purchasing lower amount of Smoke I can offer them at 0 fee for the average price of smoke that week or something fair. This is not an offer for someone wanting to whale up as I want to continue powering up myself - it's more for those wanting to power up but rudex kind of making it difficult for them at the moment.

I'll accept other crypto's that don't take huge fees such as ethereum or steem. Let me know here or on discord if you're interested, you can find my username in the smoke discord server.



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I also don't like the fee raise, but there are three arguments for higher gateway fees:

  • RUDEX lost witness position on BitShares
  • RUDEX is not a charity
  • Coins lost value against $

Not nice, was planning to transfer my rudexsmoke then discovered fee so had to wait till i buy a lager amount.

That’s very kind of you @acid ... I know that I bought my very 1st small amounts of Smoke from you and @skylinebuds over on http://Steemit.com .. this is probably the best way for new people to get a little Smoke

I noticed not long ago it was 50 but 500 is kinda a huge joke, around 2$ or more to withdraw on a chain with no fees

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Bts has fees

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Chain has some fees, but they are not as high as on ETH.

Another exchange is needed.

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SMOKE Gateway is in the work, but I don't know how far it is.

Yea that's pretty harsh for new comers wanting to test things out.

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If good people come and post good quality original Cannabis content they can easily get to 1,000 Smoke in a few days thanks to @indica and @acid.

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A bit, but there's no need to buy before using smoke.

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That's true. I guess it could be seen as a silver lining forcing people to buy bigger amounts to withdraw

I guess, it's high time for smoke to have its own DEX?

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No. It never will be because exchanges are legal pitfalls. As well as very expensive to get eyeballs, and capital, to.

What I think you may want to mean tho is a “hot swap” integrated in the wallet?

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You're right with the DEX but your hot-swap kind of a wallet is a sort of a wallet we need here in Smoke and can be paired with btc, bch, ltc, steem or whatsoever for easy access buying smoke to power-up.
and monetize the liquid.

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Preferably I would like to see such solution but paired to USDT (or another stablecoin with respectable volume).

That will allow us to build utility, without being subject to BTC dominance, which is obviously a horrible beast.

No need to think in the common patterns. :)

Btw, even CZ complains that buying crypto is still way too complicated for the average (internet) user.

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Implementing htlc capabilities in smoke would be great 👍

This is pure greed, lets find a new exchange and migrate. We're a small community, if we collectively decide, we can decide that they no longer get our business because of their greed.

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Better than no exchanges, plus its $2.50 which is about avg for most exchanges I've used

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You can avoid this problem if you exchange Steem for Smoke with some good friends that are both here on Smoke.io and over on http://Steemit.com

Long way to go for us newbies.