Defishit finance of uniswap

[jqprez]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

[Fatunad]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

You do talk about 0xBTC? https://coinmarketcap.com/currencies/0xbtc/markets/

I dont see Binance on one of its markets where you do really neither have an option between uniswap and mercatox and knowing that ETH network does have big fees
then you would really expect for those kind of fees. If it told you that you dont have enough etherium then you are short of gas
for you to send another transfer of 0xbtc or per transaction.

[crwth]

There are multiple transactions that are going to happen. Knowing that Uniswap is run entirely on smart contracts, it lets you trade directly from your wallet. That's just one of the advantages of using Uniswap instead of a centralized platform like Binance. It would immediately ask for fees with that. I think you have to make sure that before confirming your transaction or accepting it, you need to have a balance. I think if the transaction didn't pull through, there's no deduction with fees.

[Review Master]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

Today, market is crashed again and looks like, OP use lower slippage rate, as a result, swapping transection failed. After that, again try to swap that and get the message that don't have enough enough. It's not any failure from defi space or uniswap, better to use high slippage rate as well as use higher gas fee so that your transction won't fail because of being confirmed lately on the ethereum blockchain. Only one thing, "Not your Key, Not your Crypto".   

[hugeblack]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

Did you approve your address/token? Ethereum use smart contract to execute transactions and thus you need to permit your token balance first before start making transaction. this process will cost you 0 ETH transaction and some gas fee (generally lower than what other contacts cost  ~5$)

so yes you need to pay some gas fees if it is your fist deal then you need to make higher smart contract transaction using uniswap to exchange your 0xbtc to other token (normally cost you ~30$)

Cex is better when it came to fees but you need to pay higher fees if you want to withdrawal to your wallet.

[mk4]

It shouldn't really be a surprise that centralized exchange platforms will always have it's own advantages over the "decentralized"(but mostly just non-custodial) exchange platforms, and this is definitely one of them. Just as how using PayPal is faster and cheaper to use than Bitcoin, but in exchange of privacy and the risk of account freezes.

[jqprez]

It shouldn't really be a surprise that centralized exchange platforms will always have it's own advantages over the "decentralized"(but mostly just non-custodial) exchange platforms, and this is definitely one of them. Just as how using PayPal is faster and cheaper to use than Bitcoin, but in exchange of privacy and the risk of account freezes.

The question is: who gains from defi? Who take the money from uniswap? The 5$ are for Vitalik Arlekin? It seems to me that ethereum, as opposed to btc, is centralized. Exchanges are much more decentralized: if I don't like binance, I go to coinbase or bitfinex. And, if I want, I can create my own exchange. With the defi it is the same thing, much more expensive, with little understandable mechanisms that certainly enrich only one. Not to mention that, however, you need an exchange to carry your fiat currency

[mindrust]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

This is decentralization for you bruh. If you can't handle it go back to your centralized local bank account. Not everybody has to use decentralized services anyway. My grandmother is also sticking with his legacy banking account because she doesn't understand how deFi works.

[jqprez]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

This is decentralization for you bruh. If you can't handle it go back to your centralized local bank account. Not everybody has to use decentralized services anyway. My grandmother is also sticking with his legacy banking account because she doesn't understand how deFi works.

Bro, i think is better my "centralized" cold wallet . Your grandmother can use a Binance credit card (with crypto, that you can recharge from a cold wallet). It' s clear that she doesn' t understand how to defi works because it' s a system, not really decentralized,  created for make money to Vitalik Arlekin. The true decentralized finance is that of Satoshi

[joniboini]

-snip-

Dude you probably need to re-read what decentralization is about and how ETH/the rest of the network works. If you don't feel comfortable with taking care of everything on your own, then use a centralized service. As long as you don't mind the risk of your money being frozen and suddenly went missing one day, then you're good.

[mk4]

The question is: who gains from defi? Who take the money from uniswap? The 5$ are for Vitalik Arlekin? It seems to me that ethereum, as opposed to btc, is centralized.

Ethereum sure is much much more centralized compared to Bitcoin; no one is refuting that. It's just definitely not as bad as $5 going to Vitalik. Blockchains having high fees is simply just security in exchange for security.

Exchanges are much more decentralized: if I don't like binance, I go to coinbase or bitfinex. And, if I want, I can create my own exchange.

That's called freedom of choice, not decentralization. You need to lookup the definition of "decentralization".

With the defi it is the same thing, much more expensive, with little understandable mechanisms that certainly enrich only one. Not to mention that, however, you need an exchange to carry your fiat currency

Depending on the project, it can definitely enrich the development team, which is definitely a flaw. It's bad, just not as bad as what you're implying it to be.

[jqprez]

The question is: who gains from defi? Who take the money from uniswap? The 5$ are for Vitalik Arlekin? It seems to me that ethereum, as opposed to btc, is centralized.

Ethereum sure is much much more centralized compared to Bitcoin; no one is refuting that. It's just definitely not as bad as $5 going to Vitalik. Blockchains having high fees is simply just security in exchange for security.

Exchanges are much more decentralized: if I don't like binance, I go to coinbase or bitfinex. And, if I want, I can create my own exchange.

That's called freedom of choice, not decentralization. You need to lookup the definition of "decentralization".

With the defi it is the same thing, much more expensive, with little understandable mechanisms that certainly enrich only one. Not to mention that, however, you need an exchange to carry your fiat currency

Depending on the project, it can definitely enrich the development team, which is definitely a flaw. It's bad, just not as bad as what you're implying it to be.

About Defi: Decentralized finance (commonly referred to as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. as the situation is now, I think that smart contracts and ethereum will be widely rejected by the market together with vitaly burlekin. It is different to speak of decentralization relating to Btc ,With Btc you can also throw your money on Uniswap or open a binance account or get yourself a wallet, with eth and smart contracts you can but it' s so expensive

[ene1980]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

If you are using Uniswap then you need to pay higher fees for your transaction because of ETH, all i do is to make transactions only with BSC chain coins and i am not even using Uniswap because of the higher fees and i do not want to give away $10 to $20 every transaction and so is the reason BSC became a success instantly with Pancakeswap.

[crzy]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

There can two fees on using UNISWAP, first the liquidity fee and the second is the transaction fee so if you don't have enough funds then what you can expect? Don't expect the transactions to push through without spending any fees, even the BSC also ask for a fees. ETH network and BSC have their own pros and cons, if you don't want to deal with a higher fees, go for BSC but you have no choice if you are dealing with the ERC20 tokens, just pay the fees.

[Reid]

I tried swapping on uniswap with 0xbtc and it charged me $ 5 in ethereum per transaction, then it told me I didn't have enough ethereum. if this is the new defi finance it is a failure. much better binance.

There can two fees on using UNISWAP, first the liquidity fee and the second is the transaction fee so if you don't have enough funds then what you can expect? Don't expect the transactions to push through without spending any fees, even the BSC also ask for a fees. ETH network and BSC have their own pros and cons, if you don't want to deal with a higher fees, go for BSC but you have no choice if you are dealing with the ERC20 tokens, just pay the fees.

Yeah, although they have cheap tx fees when it comes to wallet-to-wallet or exchange, BSC chain also has high fees with swapping tokens like $1 up.
I tried it once using Pancake swap.
OP $5 is still cheap for your security to be preserved. I like that more than using other platforms.
Maybe you are just not used yet to what is happening in the blockchain, this is old news for Ethereum and I hope they will provide better services with their new update. I'd be patient about this for now.

[pooya87]

if this is the new defi finance it is a failure.

The "new DeFi" wasn't new to begin with. It was the same scamming method as ICOs but with a different name and a different level of hype. Since it scammed a lot of people, that means it has served its purpose and was "successful"!
As for the fees, it is a problem with the shitty ethereum blockchain that has a much more severe scaling issue than bitcoin has and the developers are incapable of doing anything about it.

[Gorosden]

Yes it is a failure because uniswap relies entirely on ETH network unlike new pancakeswap and apeswap that are running on BSC, honestly BSC solves the issue with high gas fee and I'm loving it, all you can do is wait till July for ETH to fix gas issue with EIP1559 update then even BSC won't make much difference anymore

[jqprez]

if this is the new defi finance it is a failure.

The "new DeFi" wasn't new to begin with. It was the same scamming method as ICOs but with a different name and a different level of hype. Since it scammed a lot of people, that means it has served its purpose and was "successful"!
As for the fees, it is a problem with the shitty ethereum blockchain that has a much more severe scaling issue than bitcoin has and the developers are incapable of doing anything about it.

certainly the scheme is that, it must also be considered that they interact with your wallet, and I don't know if, in terms of security, it is really the best.

[lobo13hf]

$5 is a very cheap transaction dude. When you could see a few months ago and you will have needed more than $150 for a single swap on uniswap. It's called swap service and it will charge you more fees as the uniswap will create a various interaction to the contract and this will trigger the fees to increase even higher than the normal fees caused by there are some executions happened.

[elda34b]

$5 is a very cheap transaction dude. When you could see a few months ago and you will have needed more than $150 for a single swap on uniswap.

I think that's relative. If you compare it with other market like Pancake, then $5 for a swap is really expensive. Let's face it, ETH is not cheap to use, until v2 comes or when more rollups happens, don't place too much hope for ETH to go cheaper.