Those NFT's the just realeased on Splintertalk are cool huh?
I saw they came out and I wanted an Orbs of Essense so bad. There were two on the market for about $800 and $900 each in SPT.
Unforuntately, I just didn't have enough SPT.
So I thought, how can I get some SPT? If I bought credits in splinterlands? No, I can't find a way to convert credits to hive to buy SPT.
Oh, I know, I can:
- transfer fiat to my Coinbse account from my checking,
- use that fiat to buy some bitcoin and then
- transfer that bitcoin to my hive wallet where I can,
- Buy hive with that bitcoin so I can
- Buy SPT with that hive allowing me to finally
- Buy my shiney new NFT with my SPT
And I was willing to make literally 5 exchanges of value and two transfers but then I ran into the actual problem in this whole thing.
Did you know the spread on swap.btc right now is $16,000 wide on hive engine exchange?
Eth? No better.
Doge? Stll no better
Matic? ? ? Why?
Litecoin?
LTC is still terrible but better than the others. Let's see how bad it is. Oh I can buy litecoin for $220 on an exchange and then transfer it to hive wallet where I can sell it for a max of $190. Only a 14% loss and that's the absolute best case scenario for getting money into the hive ecosystem through the channels they put in front of you.
(I circled the two areas where you could actually trade any size. The first few listings on the sell would only move about $30. If you had $40 to move you'd have to get to 72,500 which at current hive price of .86 would mean buying bitcoin at $62k. $64,500 if you needed more than $400. That's not good when Bitcoin spot is currently $49k.)
Well, OK, fine. I'll take the haircut. Oh wait, it sold out while I've spent the last 30 minutes working on this problem.
Why hasn't Hive put anything behind their swap.btc/eth/ltc/doge/matic etc?
Why even have so many choices to split the liquidity if you aren't ging to maintain them?
I don't know. I'm just bummed because I really wanted one of those first mint NFT's. They sat there for hours taunting me and ultimately even though I had the funds, I couldn't get them in a fair way to the platform to buy.
It just seems like it would be in Hive's best interest to create liquidity in their on and off ramps so their ecosystem can fairly interact with other systems.
And yes, I know about leo and all their dexes and pools and bridges and other craziness and that's all great but it's all built on BSC and I'm stuck using Coinbase (by law) which hates all things Binance so for me to interact with most of the Leo stuff I have to pay Eth fees to trasfer assets off and then back on the ethereum blockchain. Might as well just take the 15% litecoin haircut at that point.
Please Hive, can we work on on and off ramp liquidity? It would help the whole eco system grow even faster and it would be far more fair and accessible.