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MetaMask Users Should Avoid this Costly Mistake

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Metamask

A uniswap trader has accidentally paid over 23 Ethers in fees for a transaction. Reddit user named ProudBitcoiner shared his predicament for others as a warning.

Help needed! I payed 23.5172 ETH ($9500) for $120 Uniswap transaction by mistake from ethtrader

According to the user, this is what happened: “Metamask didn’t populate the “Gas Limit” field with the correct amount in my previous transaction and that transaction failed, so I decided to change it manually in the next transaction (this one), but instead of typing 200000 in “Gas Limit” input field, I wrote it on the “Gas Price” input field, so I payed 200000 GWEI for this transaction and destroyed my life.” 

The user has paid over $9500 for a $120 transaction.

Uniswap, being a non-custodial wallet, lets users transact directly from their wallets.

This freedom comes at a price.  Users are responsible for how the transactions take place including the fees they set while transacting.

There may not be a recourse to this mistake though.  Ethermine had earlier clarified that they will distribute all of the transaction fees to the miners irrespective of the amount involved.

How to avoid costly mistakes like these?

Familiarize with updates

Whenever there are system updates, it is possible that the fields have been moved and some new functionality introduced.

It always pays to familiarize with updates.

As the user in this incident explains “I never had a problem with Metamask populating “Gas Limit” field, it was always accurate, I almost forgot that it exist, because I know Metamask will take care of it. This happened with Metamask 8.1.2. I installed this version few day ago,” it was purportedly an oversight caused by the upgrade changes.

Double-check your entries

Being impatient is usually a bad thing when making financial decisions and it is even more so when you are dealing with self-governed trading places like Uniswap.

Be careful while transaction and always re-check before committing.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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    Crypto Roundup: All Your YouTube Influencers in One Place

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    Crypto Roundup

    Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

    Worried about missing updates from your favorite YouTube crypto influencers?  

    Welcome to the Crypto Roundup.  

    On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

    Ivan on Tech  Altcoin Daily

    Crypto Zombie Box Mining

    Ellio Trades Lark Davis

    Data Dash Bitboy Crypto

    MMCrypto Chico Crypto

    Altcoin Daily

    Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

    Date: 19-Nov-20

    • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

    • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

    • If you are looking to buy a dip, there may not be one.
    • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

    Lark Davis

    Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

    Date: 19-Nov-2020

    • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
    • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

    Crypto Zombie

    Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

    Date: 18-Nov-2020

    • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

    Ivan on tech 

    Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

    Date: 18-Nov-2020

    • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

    Chico Crypto

    Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

    Date: 19-Nov-2020

    • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
    • Ethereum mining could act as a big catalyst for Ethereum’s price
    • Big companies like google could play a bigger role in mass adoption of crypto

    Let the FOMO begin…

    Thank you for reading and sharing this article. We appreciate you.

    Stay safe and healthy!

    Top 5 Cryptocurrencies 2020

    IMPORTANT DISCLAIMER

    Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

    We do not endorse or guarantee the accuracy of the information and claims made.

    All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

    Continue Reading

    CryptoSpace

    Lessons from the Veteran HODLERS to the Newbies!

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    Lessons in Crypto

    For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

    This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

    Let’s get started…

    Don’t FOMO in to all the hype

    FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

    The common ways you can become victim of FOMO are:

    • Following your favorite YouTuber without actually doing your own research on the project.
    • Investing into projects at the top.
    • Believing in promises of 100x or 1000x without any substance behind those claims.

    HODLing far too long

    Remember why you are into crypto – to make the money.

    Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

    Have a strategy to take your capital out before you become a HODLer.  

    If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

    One of the best ways to HODL is to take your capital in full and profit in tranches.

    This rekt story will give you a right perspective of what it looks like, it’s one of many:

    Don’t put all your eggs in one basket

    Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

    And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

    And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

    Put aside the share of Profits for Taxes.

    One way you can get a good night’s sleep is by paying taxes. 

    Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

    Exchanges are more evil during bull run

    Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

    Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

    And the shady exchanges scam out before you know.

    Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

    Exchange may freeze funds pending investigations when such issues arise.

    Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

    Never fall for Arbitrage gains

    Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

    Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

    Remember, there is no free Giveaway

    Free CryptoScammers rise with the rising market.  

    When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

    The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

    We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

    Thank you for reading and sharing this article. We appreciate you.

    Stay safe and healthy!

    Top 5 Cryptocurrencies 2020

    IMPORTANT DISCLAIMER

    Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

    We do not endorse or guarantee the accuracy of the information and claims made.

    All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

     

    Continue Reading

    CryptoSpace

    Crypto Roundup: All Your YouTube Influencers in One Place

    Published

    on

    crypto news

    Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

    Worried about missing updates from your favorite YouTube crypto influencers?  

    Welcome to the Crypto Roundup.  

    On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

    Ivan on Tech  Altcoin Daily

    Crypto Zombie Box Mining

    Ellio Trades Lark Davis

    Data Dash Bitboy Crypto

    MMCrypto Chico Crypto

    Altcoin Daily

    Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

    Date: 16-Nov-20

    • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

    • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
    • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
    • Bitcoin Cash hard fork takes place tomorrow.

    Crypto Zombie

    Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

    Date: 14-Nov-2020

    • Institutional money starts flowing into bitcoin.

    • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
    • DIA, an DeFI Oracle provider, integrates with Polkadot.

    Ivan on tech 

    Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

    Date: 16-Nov-2020

    • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
    • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

    Ellio Trades

    Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

    Date: 15-Nov-2020

    • DeFI could be similar to the ICO craze in 2017
    • Low cap gem: AllianceBlock
    • AllianceBlock is bridging the gap between DeFi and CeFi
    • AllianceBlock Partnership with Orion Protocol and Chainlink.

    Chico Crypto

    Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

    Date: 15-Nov-2020

    https://www.youtube.com/watch?v=45Ac-5y2ofg

    • 90% of Bitcoin’s mining pools are controlled by China based mining pools
    • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
    • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

    Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

    Thank you for reading and sharing this article. We appreciate you.

    Stay safe and healthy!

    Top 5 Cryptocurrencies 2020

    IMPORTANT DISCLAIMER

    Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

    We do not endorse or guarantee the accuracy of the information and claims made.

    All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

    Continue Reading

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