Ethereum available on Luno now

Hmm I'm trying to send a small amount of ethereum from a international exchange to luno. Doesn't want to complete the transaction. Aii
 
kab123 said:
Hmm I'm trying to send a small amount of ethereum from a international exchange to luno. Doesn't want to complete the transaction. Aii
Click to expand...

Weird, are there any errors being displayed on either the sender or recipients end?
 
ETH is still a bit cheaper on Ice3x for now, but it's early days so let's see how things go.
 
Eh.. help me understand gas

I have played around with ethereum and have R30 worth of ethereum on another exchange.

It translates to 0.006593 eth. The exchange has a gas limit of 200000.

According to luno, they require a minimum of 31000 gas per incoming transaction.

Basically I can’t send the above amount of eth to luno because too much gas will be spend.

My assumption is that the amount I’m playing with is to small and need to be more?

From the above how do you calculate what amount you will be able to send?
 
Can't trade on the exchange so don't really see the use of it.

kab123 said:
Eh.. help me understand gas

I have played around with ethereum and have R30 worth of ethereum on another exchange.

It translates to 0.006593 eth. The exchange has a gas limit of 200000.

According to luno, they require a minimum of 31000 gas per incoming transaction.

Basically I can’t send the above amount of eth to luno because too much gas will be spend.

My assumption is that the amount I’m playing with is to small and need to be more?

From the above how do you calculate what amount you will be able to send?
Click to expand...
I think it's how much you're willing to spend to complete a transaction, sorta like Bitcoin. More gas equals a faster transaction but in my experience there's always still some left. I don't know what happens if it gets depleted, if the transaction fails or if it simply takes longer then.
 
31 GWei?! That's ALOT!

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Now we have gas limit and gas price.
Gas price is the fee you pay for each unit of gas for your transaction to be processed and added to blockchain.
For example the default gas price in MyEtherWallet is 4. With byzantium upgrade even 3 and 2 is sufficient to confirm a tx in few minutes.

Gas limit is the amount of units you are willing to use for your transaction. bigger the limit, more gas available to be used. In other words if your transaction needs 25G gas and you set the limit on 24 you will get an "out of gas" error. 24G for this failed transaction will be consumed. (you pay the fee for failed transactions anyway.)
In normal network traffic 21G is enough to get your transaction confirmed. However usually less than 21 will be use.

e.g: I want to send 1 eth from my hot wallet to my cold wallet. I set the gas limit 21G and gas price 2. after few minutes it's done and I see that the fee I paid is 36 meaning only 18G gas was needed and 18*2=36.
But if i'm in a hurry I can set the limit to 25 and pay 46! meaning 23*2=46. this transaction will be confirmed in a matter of seconds!
During ICO's when thousands of people are trying to send eth simultaneously GAS WARS begin. people set the gas limit upward of 50G to get their tx confirmed faster.
 
When buying eth with ZAR on Luno, how long should it take to reflect?

It's been 15minutes but my eth wallet is unchanged.

Edit: typo
 
Last edited:
Just came in now after 45 minutes. Luno only has instant buy/sell for ETH, so no way to see if or when it transacts in the background

Edit: typo (stupid autocomplete)
 
Last edited:
Komrun said:
31 GWei?! That's ALOT!

///

Now we have gas limit and gas price.
Gas price is the fee you pay for each unit of gas for your transaction to be processed and added to blockchain.
For example the default gas price in MyEtherWallet is 4. With byzantium upgrade even 3 and 2 is sufficient to confirm a tx in few minutes.

Gas limit is the amount of units you are willing to use for your transaction. bigger the limit, more gas available to be used. In other words if your transaction needs 25G gas and you set the limit on 24 you will get an "out of gas" error. 24G for this failed transaction will be consumed. (you pay the fee for failed transactions anyway.)
In normal network traffic 21G is enough to get your transaction confirmed. However usually less than 21 will be use.

e.g: I want to send 1 eth from my hot wallet to my cold wallet. I set the gas limit 21G and gas price 2. after few minutes it's done and I see that the fee I paid is 36 meaning only 18G gas was needed and 18*2=36.
But if i'm in a hurry I can set the limit to 25 and pay 46! meaning 23*2=46. this transaction will be confirmed in a matter of seconds!
During ICO's when thousands of people are trying to send eth simultaneously GAS WARS begin. people set the gas limit upward of 50G to get their tx confirmed faster.
Click to expand...
See this is what I don't like. You never know how much a transaction will cost so always end up with unused balances in wallets. And it's not like you can cross fund either.
 
Mier said:
Just came in now after 45 minutes. Luno only has instant buy/sell for ETH, so no way to see if or when it transacts in the background

Edit: typo (stupid autocomplete)
Click to expand...

Sorry about the wait, we saw some delays on orders being filled last night/ early this morning.
Orders will be instantaneous :)
 
Lunomoney said:
Sorry about the wait, we saw some delays on orders being filled last night/ early this morning.
Orders will be instantaneous :)
Click to expand...

No Problem. It was a large amount, so I got a little worried.

1) Can you please explain your fee structure for buying/selling ETH ?
2) What would attract the least amount ZAR<->ETH or BTC<-> ?

Thanks
 
I would also like to know about the fees involved when buying ETH on Luno. It seems WAY more (about 5%) than the 1% instant buy fee for Bitcoin...
 
Yes, it seems to be a hefty 5% when buying.

Scared to sell, just now Ioose another 5%....
 
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