Management summery: Don't do it.

Okay, not my real FIRST experience with crypto currency since I own a few digital Gulden coins for fun and nostalgia, but my first experience in trading and buying things using crypto currency. Why? Because there seem to be good deals buying iStripper credits with crypto currency, better deals than buying credits the more traditional way with credit or debit cards or via ideal.
So I figuered I'd go for the 3000+600 credit deal for €249,99. I had already set up a Trust wallet for Dolz, so I thought I might as well use that one and Ethereum seemed to be the coin to work with. So I bought just enough Ethereum to be able to buy the iStripper credits (that in the end seemed to be my only mistake.... I'll get back to that later). So I bought €253,64 worth of Ethereum (apperently there is a different conversion rate iStripper calculates with on their site, but hey , what's another €3,65). On top of that I was charged €11,19 "processing and network" fees. So by now my €249,99 deal has already cost me €264,83.
So now I have enough Ethereum to buy my so desired 3000+600 credits deal and I went on to buy it, only to find out the sell was cancelled because I did not have enough Ethereum to buy the "prosessing and network" fees for that transaction (see, this is where my mistake kicked in). This left me with no other option than to buy another €49,98 worth of Ethereum, since that is the minimum amount one can buy Ethereum using this broker.
Now having enough Ethereum to buy the 3000+600 credits deal and the "prosessing and network" fees i continued to do so and... succeeded 😄
What am I left with? Well... I have my 3600 credits and I am left with about €45 worth of Ethereum which I will most likely never use again (or maybe on Dolz😎). In the end these 3600 credits and left over Ethereum did cost me ¢314,81. That would be €0,087 per credit. If I fool myself and reduce it with the €45 left over Ethereum, I end up with €269,81 for 3600 credits, which is €0,075 per credit. On the other hand, had I bought 1320 credits for €99,99 by credit card, it would have cost me €0,077 per credit.
My conclusion: just use the credit/debit card promotions instead of going the crypto currency way. Even the best crypto deal with iStripper only matches the less attractive traditional debit/credit card deals. The "prosessing and network" fees are the dealbreaker. They are left out of the equation on the promo site, but it makes all the difference and eats up any benefit you expect to make. The only reason to use crypto currency is if you are already into that and can use the "left over" coins for other intentions or are able to share the "prosessing and network" fees. The positive note on this experience: buying and selling coins was easier than I expected it to be.

I've always been concerned about these extra costs ("prosessing and network" and "other" fees). That's why I'm not going to even look at the "buy with cryptocurrency" option.

A question: Are you able to sell the "left overs" and get back some of your money?

I've not tried to get back some of my money from the left overs. I consider it colleteral damage from this little experiment. Maybe I use it on Dolz, I don't know. What I do know is that if I try to get some of my money back on it will most certainly cost me lots of extra fees.

Thanks for sharing your experience @mdekker. This confirms what I thought about cryptocurrency.

I wonder what Totem has in mind by betting on something so risky and with high risk of loss?


Merci de partager votre expérience @mdekker. Cela vien confimer, ce que je pensais de la cryptomonnaie.

Je me demande ce que Totem a en tête en misant sur quelquechose d'aussi risqué et à haut risque de perte ?

@mdekker yes seems like a lot of messing about to gain about 0.002 saving per credit.
I guess sometime next year, you can do it again and catch up with the €45 you have left over.
I too am not going anywhere near this crypto crap.

In Germany they say "Nur Bares ist Wahres" (translated: "Only cash is real").
I've never been big on BitCoin or other cryptocurrencies. And all my transactions with TOTEM were and will be via credit card.

A question: Are you able to sell the "left overs" and get back some of your money?

One must keep in mind, that every Crypto transaction has a Fee attached to it.

Someone, must do the work to process the Blockchain and that is where you get the, mining of crypto from.
when you Mine Crypto, you spend CPU or GPU cycles and Electricity to do all the Math to calculate the New Block Chain, and for that service you are rewarded with coin.
When you figure it all out, small time Miners barely break even, or they might even end up with a loss.
They spend more on Electricity, than they make on the process.


So where does that coin come from to pay the Miner? The person making the transaction pays for it as a fee.

On the ETH network it was/ is called a GAS fee.
And it has been Very High.

So no matter which way you go.
Buy ETH or Sell ETH the fee to do so was very high.
But even Higher when you traded ETH for something else.

Also, you have to have enough coin in your wallet to pay the GAS fee.
if you initiate a transaction, and run out of GAS in the middle of the transaction.
your transaction fails, but the GAS used up to the Point of failure is Lost.

So if the gas needed was 25.00 ETH, but you only had 20.00 ETH.
you'd loose your 20.00 ETH and the transaction would fail.

Also, you can get Bids that let you know how much GAS you will have to Pay, and select from the low Bidder.
Or you can put you transaction up for Bid, with a GAS fee limit.

But just because you accept a Bid, does not Guarantee that your Transaction will succeed.
you might still run out of GAS, and end up with a failed Transaction.

Best to always go with the Estimated GAS fee needed, than to Low BID on the GAS.

if someone with more crypto experience finds anything her incorrect,
Please post a correction.

this is all based on my past 5 years of Crypto Investing
( which tanked in the end of 2021 and early 2022 and I pretty much Lost everything. )

On a related note, how's the entire thing with the Dolz collection looking? Since I quit the Discord server I'm way behind the loop, but there's still some cards I'd buy (Sia's) if the entire Dolz idea was rescinded - which to me seems like what's happening, no?

Someone, must do the work to process the Blockchain and that is where you get the, mining of crypto from.
when you Mine Crypto, you spend CPU or GPU cycles and Electricity to do all the Math to calculate the New Block Chain, and for that service you are rewarded with coin.
When you figure it all out, small time Miners barely break even, or they might even end up with a loss.
They spend more on Electricity, than they make on the process.


this is all based on my past 5 years of Crypto Investing
( which tanked in the end of 2021 and early 2022 and I pretty much Lost everything. )

This confirms the useless energy expenditure of these cryptos, and the high risk of losing our assets in this adventure.

Again, what do you think is the benefit of Totem venturing into cryptos?


Ceci confirme la dépense énergétique inutile de ces cryptos, et le haut risque de perte de nos avoirs dans cette aventure.

Je répète, quel est le bénéfice de Totem à se risquer dans les cryptos, selon vous ?

(I have not used crypto, I use credit card, I still use cash, etc...)

My guess is that the only way this works is if you have enough reasons to have the currency. If you go to Las Vegas and get one chip, play one hand of black jack and lose, you are done. (no handling fees!) If you get 100 chips, you can play different games, change tables, ride the ups and downs, free drinks, etc. (and then lose the money!)

If you were to use Crypto for other transactions besides Totem then you have other options. Maybe, even with the fees, you would find a value to it. What other items are out there that you might buy with crypto?

Thanks for sharing your experience, mdekker. I was about to pull the trigger and try out crypto. With all the fees and hassle I'll just stick with traditional credit card payment.

Thanks for sharing your experience, mdekker. I was about to pull the trigger and try out crypto. With all the fees and hassle I'll just stick with traditional credit card payment.

You have to think of ethereum as a stock not a a currency. Think of it as tesla stock that the totem ceo has linked to istripper cards...he must have a stake in the "company" and therefore everytime you use dolz to buy an NFT the tesla stock goes up and he makes "profit". Of course once he sells, your "stock" loses value and if there is a crash your "stock" loses all value. Instead of tesla the stock is ethereum, and instead of a real function product ethereum is a useless speculative creation that actually uses energy resources and produces no inherent value...so it is a stock that acts like a currency. Of course buying cards is a "waste" of money as we are trading our stable currency of euros or dollars for girls...so trading usable currency for ethereum-->dolz-->NFT-->hot girls is no different. I just imagine an NFT is going to be VERY overpriced for the average consumer.

Does any know where the guide to buying crypto has been moved to?Totem had a awesome guide to buy from a site exchange and load the electrum wallet. I did it last year and forgot everything since then. $250.00 for $3600 is a amazing deal if you don't gamble or play for slots.

So I just assumed the crypto was the best option but after doing the math 3 orders of credit card at the $99 option will get 3960 credits will the $250 option will only get you 3600 credits plus the "gas" needed to process option. So the crypto is good on a non-special reload(better than the normal price) but when the 1100+220=1320 is available its equal to it or greater when you factor total cost of purchase. Thanks fellow users you have saved me a headache and more time to enjoy the ladies. I was suckered in last year with "gas" fees and had to spend close to $300 for less cards. Crypto is only good if your already in the ecosystem.

@cdub87
The link to the tutorial is in this thread

https://www.istripper.com/fr/forum/thread/51877/1?post=751283

No estás autorizado a ver este tema o acceder a datos relativos a este tema

Ethereum does have high fees but compared to the nft craze of last year it's not that bad, I just bought some dolz like 2 days ago and it was like $3.5 on fees at around 14 gwei.

Ethereum was highly criticized because of the high energy consumption but recently moved to Proof to stake, this means it no longer requires a lot of computational power to validate the transactions and supposedly somewhere around next year will update again to reduce the cost of gas fees.

I haven't bought credits in here with crypto so I don't know if coingate charges some extra fees but by taking a quick look they do accept some crypto that have very low fees.

Ethereum does have high fees but compared to the nft craze of last year it's not that bad, I just bought some dolz like 2 days ago and it was like $3.5 on fees at around 14 gwei.

Ethereum was highly criticized because of the high energy consumption but recently moved to Proof to stake, this means it no longer requires a lot of computational power to validate the transactions and supposedly somewhere around next year will update again to reduce the cost of gas fees.

I haven't bought credits in here with crypto so I don't know if coingate charges some extra fees but by taking a quick look they do accept some crypto that have very low fees.

So.... thought I'd use my Dolz from my newly set-up Coinbase wallet to buy some regular credits.... and bam ! A whole new set of technical problems. Users should be paid for paying in Crypto it's so ludicrously complicated. Is there a simple way to use my existing wallet to buy regular credits ?

It seems that the iStripper app is only for rich members, and (I don't know how) I am a Platinum member among them, who only has money for a coffee.

@Evaneself,
You are triple diamond premium, like me. (not platinum)

So.... thought I'd use my Dolz from my newly set-up Coinbase wallet to buy some regular credits.... and bam !

If you plan to buy the NFTs then you might want to save your DOLZ for that. No point in paying fees to acquire DOLZ only to use it to buy credits that you can easily buy with a credit card.

So.... thought I'd use my Dolz from my newly set-up Coinbase wallet to buy some regular credits.... and bam !
If you plan to buy the NFTs then you might want to save your DOLZ for that. No point in paying fees to acquire DOLZ only to use it to buy credits that you can easily buy with a credit card.

You get 20% more credits so you dont have to wait for the reload bonus (if its still going to exist)

edit: 10% more credits,,, lame....

I tested a buy of 250 credits with Crypto
Used my Coinbase wallet and Ethereum
$29.99 --> cost a total of $32.48 --> $2.49 in gas fees
I got the 20% bonus of 50 credits
so 300 credits for $32.48

$0.1082 per Credit. ---> 10.82 cents per credit.

Note:
When sending via coinbase
Make sure to select the correct network --> in my case it was the Ethereum network
Also, the QR code for payment wouldn't work for the web based Coinbase wallet.
( It probably works with the Coinbase App on your phone. )

When selecting the amount to send, Swap to eth, not $
you can copy the ETH amount from the Coingate pay invoice screen
Then Paste that amount of ETH into CoinBase.

Don't make the mistake of putting in $29.99 dollars, it is slightly more than that due to slippage.
You will end up short paying if you use $29.99 dollars.

Copy and Past the ETH
then copy and past the Address

You will get a confirmation screen from CoinBase with the fee to complete the transaction.
All paid from your coinbase wallet in ETH.
So Make sure you have enough ETH for both the cost of the credits and the Fee.

This transaction was simple and Straight forward.
Click the Buy button in iStrippers app
CoinGate asks what crypto you are going to use and generates an Invoice
Open your Wallet
Select the Coin to send
Copy the Amount directly from the coingate invoice
Copy the Address directly from the coingate invoice
( if your wallet has Pay by QR code, then just scan the QR code on th Coingate invoice )

Send the Payment -- > normally completes in less than 10 minutes.

Coingate will verify receipt of Payment, and your Credits are added to your iStripper Account.

My Thoughts about using Crypto for Purchasing Credits.

Plan your Purchase to make the most of your Crypto.

Keep in mind that there is a cost associated to add funds to your Wallet to begin with.
Purchase enough funds to make that cost worthwhile.
$25 has about the same fee as does $200 dollars
So the cost is spread out better over the $200

It's just like an ATM fee.
Pullout $20 it cost $4.00 in fees --> 20%
Pullout $400 it cost $4.00 in fees. --> 1%

Check if there are ALT coins that you can use.
Altcoins usually go up and down more often then the Main Coin for that network

an Example is Sheba Inu
You might be able to buy Sheba when it's low
and then when it's value Goes Up, Buy your Credits.
Sheba can Swing 25% or more
Where as the Main coin might only swing 2 to 3%


You Gain in the Increased Value of the ALt Coin.

And that is what Crypto is about.
Buying low, and Selling or Using it for Purchasing when it's high.

Leverage your Gains.

***** to disagree with you @Wyldanimal

BUT

Quote It's just like an ATM fee.
Pullout $20 it cost $4.00 in fees --> 20%
Pullout $400 it cost $4.00 in fees. --> 1% Unquote

Where I live if an ATM wanted to rip me off by charging me a fee to use it,
I would go to another ATM that was free to use