This post is meant as a constructive comment and comes from real frustration with crypto in general, little struggles like the ones I bring up below are endemic.
A few days back I decided to put some money into Moola and the cREAL coin looks to be paying good, did my due diligence checking out real world currency exchange and inflation data… ok lets go.
Off to Mento-Fi (my first time there) to trade some cUSD for cREAL. Nope, “you can’t do that” says Mento.
Really? Seems we can’t trade one CELO native currency directly for another. This was a WTF moment, why I can’t trade money for money? Is cUSD really money?
Back to Valora, trade for CELO, then back to Mento. Mento says cool, I can do that trade for you. Well uh umm, do you mind trying again, and again… 3 tries to make it happen.
This comment isn’t meant to single out Mento, Ubeswap and other AMMs have done the same thing to me. AMMs seem cool but IMO they aren’t ready for prime time.
Finally off to Moola on my iPad and wait… Moola can’t see Valora. Switch to my phone, badda bing, badda boom, done. Don’t know why the iPad won’t connect, another problem to research and solve when I get time.
Next, decided to try Symmetric. The pool with 33% each of cUSD, cEUR, and CELO. I ACH money to Kraken (because Kucoin and Valora won’t ACH). At Kraken I buy XLM and transfer that to Kucoin (because Kraken doesn’t do CELO). At Kucoin I trade for those three coins and then transfer the cUSD and the CELO and… WTF Kucoin won’t let the cEUR go to Valora. Really. Ok so I think I’ll trade the cEUR into cUSD and get this done, cool, push the buttons and the money is in Valora.
Off to Mento, drat, forgot I can’t trade direct from cUSD to cREAL, I shoulda bought CELO at Kucoin on that last trade, not cUSD. Back to Valora, buy more CELO, back to Mento and after 6 tries at buying cEUR I give up.
I hate to say this but, it’s getting tough to believe I’ll be able to move my money out when I need it.
Sorry Symmetric I can’t get there.
The upshot of this essay is that if y’all really want the average Joe to participate, if you want to compete with services like m-Pesa, it has to be easier and more reliable.