Ethereum available on Luno now

Not having an exchange is kinda missing the point of having buy/sell ability. How is this Ether obtained? I think Luno buggered this one up and should rather have waited till they have a full solution. As it is I might as well continue to use Changelly/Shapeshift
 
Mier said:
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
Click to expand...

About 20 mins my was there. Made R33 already .. of to steers to buy a burger :D
 
I'm trying to send eth from luno to bittrex now... getting an error that the address must contain upper and lower case letters. I'm using the eth address bittrex has given me, which I've deposited to previously and is all lower case. Luno rep could you advise?
 
Yeah I don't get that. Jaxx gives me a lower case address while Coinomi has some in upper case. I thought addresses are case sensitive.
 
RandomDesign said:
I'm trying to send eth from luno to bittrex now... getting an error that the address must contain upper and lower case letters. I'm using the eth address bittrex has given me, which I've deposited to previously and is all lower case. Luno rep could you advise?
Click to expand...

ETH wallet IDs that are all lower case are somewhat legacy. Case sensitive addresses were introduced as an extra checksum to ensure that addresses are valid, these are the addresses we support. I'm afraid we do not support older, lowercase addresses.

https://github.com/ethereum/EIPs/blob/master/EIPS/eip-55.md
 
reconstealth138 said:
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...
Click to expand...

hj2k_x said:
Still no answers on this...?
Click to expand...

We're working on making the fees more transparent.
A quote is generated from the available liquidity and shown before confirming the order.
 
Lunomoney said:
We're working on making the fees more transparent.
A quote is generated from the available liquidity and shown before confirming the order.
Click to expand...
But where is the liquidity coming from? How are we supposed to know what it costs when there isn't even an exchange?
 
Swa said:
But where is the liquidity coming from? How are we supposed to know what it costs when there isn't even an exchange?
Click to expand...

We leverage multiple pools of liquidity and try and get you the best deal.
It'll be that way until/ if we launch an ETH exchange.
 
Lunomoney said:
ETH wallet IDs that are all lower case are somewhat legacy. Case sensitive addresses were introduced as an extra checksum to ensure that addresses are valid, these are the addresses we support. I'm afraid we do not support older, lowercase addresses.

https://github.com/ethereum/EIPs/blob/master/EIPS/eip-55.md
Click to expand...

Unfortunately, many of the exchanges still generate what you call "somewhat legacy" addresses. Further to this, many of your customers have been in the crypto game for some time and will have "legacy" addresses even on those exchanges that now support "modern?" addresses with upper case letters. Furthermore, I have transferred ETH from CoinExchange, Bittrex, Binance, cex.io, and one of your main competitors for South African residents, ice3x. NONE of these exchanges have problems with sending to "legacy" addresses. They understand the need for backwards compatibility.

I have a large amount of ETH sitting in my Luno account that is now effectively useless. I use mostly Bittrex, which does not allow you to generate a new "modern?" mixed case address. So I created a CoinExchange account and generated a ETH wallet address yesterday. Guess what, all lower case.

The current reality is that all your competitors (that I have experienced, which is quite a few) offer their clients the ability to use all ETH wallets currently in existence. This is a game changer for me and everyone who is complaining about having their ETH stuck in Luno on the SA Telegram and Discord cryptocurrency groups. The worst part about it is that so many people are affected, and yet Luno has no support system or contact details on your website. All that exists is a very minimalist "help center" with only FAQ style issues listed. There's not even any responses to the multiple Hello Peter complaints against Luno.

I would suggest reconsidering your stance on "legacy" addresses. If not, at the very least, you should have appended a disclaimer when you announced that Luno is now offering ETH that let thousands of people know that your service is limited. Many angry customers now have their funds effectively locked until you release an Exchange for ETH that allows us to swap into BTC or other alt coins. The only other alternative is to register for a service or wallet that generates mixed case address, and then incur additional transfer fees to get the ETH from there into our current exchanges of choice, on top of the already hefty fees Luno charges above the international ETH price.

Luno just isn't viable atm.
 
TheCryptoTitan said:
The only other alternative is to register for a service or wallet that generates mixed case address, and then incur additional transfer fees to get the ETH from there into our current exchanges of choice, on top of the already hefty fees Luno charges above the international ETH price.
Click to expand...

Or just sell it. Convert to rands and rebuy elsewhere.

You are only stuck inside Luno by choice.
 
TheCryptoTitan said:
Unfortunately, many of the exchanges still generate what you call "somewhat legacy" addresses. Further to this, many of your customers have been in the crypto game for some time and will have "legacy" addresses even on those exchanges that now support "modern?" addresses with upper case letters. Furthermore, I have transferred ETH from CoinExchange, Bittrex, Binance, cex.io, and one of your main competitors for South African residents, ice3x. NONE of these exchanges have problems with sending to "legacy" addresses. They understand the need for backwards compatibility.

I have a large amount of ETH sitting in my Luno account that is now effectively useless. I use mostly Bittrex, which does not allow you to generate a new "modern?" mixed case address. So I created a CoinExchange account and generated a ETH wallet address yesterday. Guess what, all lower case.

The current reality is that all your competitors (that I have experienced, which is quite a few) offer their clients the ability to use all ETH wallets currently in existence. This is a game changer for me and everyone who is complaining about having their ETH stuck in Luno on the SA Telegram and Discord cryptocurrency groups. The worst part about it is that so many people are affected, and yet Luno has no support system or contact details on your website. All that exists is a very minimalist "help center" with only FAQ style issues listed. There's not even any responses to the multiple Hello Peter complaints against Luno.

I would suggest reconsidering your stance on "legacy" addresses. If not, at the very least, you should have appended a disclaimer when you announced that Luno is now offering ETH that let thousands of people know that your service is limited. Many angry customers now have their funds effectively locked until you release an Exchange for ETH that allows us to swap into BTC or other alt coins. The only other alternative is to register for a service or wallet that generates mixed case address, and then incur additional transfer fees to get the ETH from there into our current exchanges of choice, on top of the already hefty fees Luno charges above the international ETH price.

Luno just isn't viable atm.
Click to expand...

As a workaround .
Just create a new ETH wallet on Myetherwallet and transfer your Luno ETH there and then transfer out again.
Bit of a pain , but will probably only cost an extra R5 in fees.
 
Jetty said:
As a workaround .
Just create a new ETH wallet on Myetherwallet and transfer your Luno ETH there and then transfer out again.
Bit of a pain , but will probably only cost an extra R5 in fees.
Click to expand...

Thanks man, I struggle to believe that Myetherwallet would charge R5 extra in fees for the amount of ETH that I have to move, but I will look into it. If those are the fees that apply then you have saved me big time.
 
SauRoNZA said:
Or just sell it. Convert to rands and rebuy elsewhere.

You are only stuck inside Luno by choice.
Click to expand...

Unfortunately, Luno-markup is quite heavy. I will make a big loss if I do it your suggested way. And no, I am not stuck in Luno by choice. These limitations were not revealed to the public until after their customers landed in this mess. If we had known, my choice would have been the myriad of other exchanges that are compatible with all ETH wallets.
 
TheCryptoTitan said:
Unfortunately, Luno-markup is quite heavy. I will make a big loss if I do it your suggested way. And no, I am not stuck in Luno by choice. These limitations were not revealed to the public until after their customers landed in this mess. If we had known, my choice would have been the myriad of other exchanges that are compatible with all ETH wallets.
Click to expand...

Your choice is not to pay.

But the option is very much there.
 
SauRoNZA said:
Your choice is not to pay.

But the option is very much there.
Click to expand...

Thank you for your input. It is neither helpful nor relevant. It would also be your choice not to pay if your bank decided to only allow transfers to one type of bank account, or else incur heavy transfer fees. The point is that it is incorrect to force your customers into that position, or "choice", in the first place. Or at least communicate the restriction in the first place, so that you have a real "choice" not to go with them in the first place.

Jetty may have provided an actual, relevant solution. But thank you Sauron nonetheless.
 
Swa said:
Not having an exchange is kinda missing the point of having buy/sell ability. How is this Ether obtained? I think Luno buggered this one up and should rather have waited till they have a full solution. As it is I might as well continue to use Changelly/Shapeshift
Click to expand...
It's still a little bit cheaper to buy eth on luno than going ZAR -> BTC -> ETH (via shapeshift etc.). Why would you want to pay more just because you disagree with how luno implemented something?
 
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