A few days ago I made a post about a swap I saw on Uniswap. Someone had swapped $0.04 Eth for Pepe, with the gas fee almost $10. I asked the question “what would drive someone to make such an insanely unprofitable trade?
The most common answer was that many people simply do not understand the fee structure. I didn't agree at the time, mainly due to stalking the address and seeming shitloads of shitcoins from various Defi protocols. But, after thinking about it for awhile, I'm inclined to believe that yes, in desperation to get their hands on the next Shiba Inu, many people are making incredibly stupid trades to get rich.
Then I saw this:
https://preview.redd.it/j4qe60angjxa1.jpg?width=1509&format=pjpg&auto=webp&v=enabled&s=38a5f5e897c894aad52af75ee82f68f72b578680
$0.04 was damn near the lowest amount swapped I'd ever seen, but I have seen some 2-centers. But less than a penny? Of course, lets look at that gas fee. PEPE volume has been insane lately, so I just knew I was gonna see some pain.
https://preview.redd.it/t7t6n63ogjxa1.jpg?width=1567&format=pjpg&auto=webp&v=enabled&s=8b9a9a2f7d6195297bc08f2618db084f474c7952
That's right folks. Someone payed almost THIRTY DOLLARS in fees to net themselves 0.03 PEPE. I have no words.
Now lets have a look at this poor soul's transaction history:
https://preview.redd.it/sbe6x0sogjxa1.jpg?width=1793&format=pjpg&auto=webp&v=enabled&s=d95783425bde27996ad4ebb898bb0523d311ffd2
Two transactions total. Transfer from Coinbase, swap to PEPE. What we have here is a CEFI baby that heard about PEPE, and took their first steps into DEFI. Maybe they went on to make a post about how insane the fees are on Uniswap, maybe they thought this was some kind of error. Who knows.
At this point, it's just sad. This is like watching someone shoot up meth. Friends, please don't DEFI and drive. No shitcoin is worth it.
Honestly, paying $30 dollars for a penny on some shitcoin is the true ETH experience.
These poor stupid people
Welp. At least Cefi baby now knows gas fees on Ethereum is expensive.
This is the kind of shit that drives people away from crypto
“WdYm GaS fEeS ArEnT EvEn ThAt BaD”
ETH turns crypto virgins into men by way of fees
You just can’t even gamble on eth properly due to this level of high fees man lol. Poor guy, perhaps FOMO’ed into PEPE and didn’t knew about gas fee and all that much.
These guys make money
Some rich eth maxi with 100k+ moons is gonna come in here and say “gas fees really aren’t that bad” just wait.
Eth fees are horrid but people are used to it by now.
Calling me out?
They’re probably hoping PEPE will hit $1
Oh my God, I’m not surprised and at the same time I still can’t believe how people can be so stupid.
A worthwhile lesson, I guess he/she will remember it forever.
Gonna write that off at the end of the year, though…
I remember paying some ridiculous gas fees but that was when ETH was ATH. The high gas fees have actually stopped me from making some bad trades because you stall for a sec and think about how much a pump is needed to recoup that fee and you realize it’s not worth it.
ETH is for rich people. ETH sucks ass. If ETH does a 10x from here 99% of people won’t be able to afford to use it.
Lmao imagine, if this guy doesnt understand how gas works and thinks he got 30$ worth of PEPE rather than 0.03$
A lot of new people don’t understand how gas fees work
Never move eth. Only to your own wallet. I buy and leave it. Ive only sold one time in 5 years. Buy and hold.
Man, why you gotta call me out like that 🫠😂😂
Wait til this gets listed on Binance. The rookies will go all in.
A true degen 😍
Not gonna lie, did similar stupid trades when I first started with crypto. Losing half a stack on fees is like a rite of passage in DeFi. Welcome.
Sadge
Same way, many people don’t know about the Slippage in Defi protocols. For example, if a user wants to buy a certain amount of an asset at a specific price, but the price of that asset rises significantly before the transaction is confirmed, the user may end up paying a much higher price than they intended. Slippage can be a significant issue in DeFi because it can lead to unexpected losses or gains for users.
Actually ETH always like that, gas fee will get worse during bullrun.
Wow thats painful to see
You have to see bridging fees, spending approval etc. probably totaled more than this.
these degenerates are completely refusing to use rollups. I’ve seen them on /biz/ they just laugh right in your face when you tell them this kind of defi behavior shouldn’t be done on mainnet and then they go back to complaining about the fees.
I will never forget how stupid I was when I first started in defi, spent thousands on fees like a moron
Rip
If they know how to buy this isn’t their first rodeo.
Reminds me of the bsc people that would buy in for 0.01 and then go to say wen moon in the chat for weeks.
At least this memecoins have the merit to attract more people to DeFi. New users that are probably getting burnt a few times like any of us, but in the end are gonna learn new things.
Another option: someone is trying to vary order size to make their order books look more legitimate.
Kudos to these pros for helping in the mission to make ETH deflationary.
We always learn the hard way
I spent about 190$ in gas minting a now useless crucible for alchemist.
The sad true us that we have to look for the other side of the medal. Which means DeFi is still far away from the point of adoption that makes it usuable.
Gotta get those shitcoins, I guess!
I avoid both Eth and Pepe. Yay I made a good decision! Lol
Blockchain is public humiliation bro)
Consider it as school fee.
That’s what he gets for fomo-ing into a shitcoin
Defi on ETH network fees is just stupid AF. I’m not sure why all these dex are not running on some super cheap layer 1 like Algo or at least a layer two like MATIC.
Transaction fees are bad, but traction to acquire shitcoins is even worse…