To clarify, you’re not calling anyone ticked that Ledger pulled a fast one on us, Crypto Boomers? Because that would be rude. LOL

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Exploring the reasoning for the current situation of onramp fees: My intuition feels like the likes of moonpay etc are stuck in bull market style thinking.

"Oh x% in fees doesnt matter because the token actually just did a 20% increase and will do more"

Actually, they might even be stuck too much in the trading mindset. In high vol you get the above thoughts + also stuff like "need to onramp fast otherwise get liquidated"

What function do onramps have when vol gets lower? Need to rethink this, and I dont think current incumbents really have that mindset.

Imho monerium probably the only "onramp" that has the right one.

Another part I would like to understand better is going _even_ deeper into the fee structure. Examples are:

- KYC costs, these are upfront costs rn. THats of course a no no in terms of having the user pay for it So they need to be baked into the variable costs. But could there be some other web3 way of lowering them or moving them later into the usage?

- Full funnel costs, you give the example of Steam. But also in Steam the money actually seen by e.g. marketplace seller or Steam game developer are after significant marketplace fees. Somehow we just dont think about them as much.

- Web3 magic, could we actually do something with web3 enabled tech that allows us to shift pricing dynamics signifcantly? Ive been trying to brainstorm around the concept of smart contract wallets and on-ramps. What if you could onramp for free to an AA wallet that has some rules or additional fees regarding its use?

Maybe you can onramp EUROE for free but its locked to only be utilized for certain smart contracts (is this possible?) or maybe you can onramp EUROE for free but then there is a tax levied by the smart contract wallet on certain transactions? Example - I onramp euros so that I can get yield. I dont want to pay 5% onramp fees, but I could be down to give up 5% of the total amount over time from the yield I receive.

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Hello Joel

This is a very well written article and very comprehensive at that. I have been talking about this with some of close crypto friends for sometime and you have actually given life to my thoughts. I will quote your article and take references from it if I write about mass adoption of crypto and what is missing and what could be done. Good one mate🙌🏾👏🏾

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Thank you for the article. I wonder if you had observations on commissions in cases people exchanged local currency into USD locally and then traded USD for crypto.

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