Discontinue GetTFT.com

#1

I was triggered by an advice from the TF team on Telegram towards potential buyers of TFT in order to buy capacity. It was primarily advised to buy TFT from GetTFT.com, which means that the TFT will be sourced from a single unknown company in Belgium.

Though a team member stated on Telegram “when buying from Gettft, tokens are coming from a BVI company, major part of proceeds are directed to buy tfts on open markets and some part also for foundation needs”, I really think this route should not be advised as the primary road to buy TFT if at all.

It was also stated by a team member, that GetTFT is there for people who don’t want to be on Exchanges. Although I’m not sure what that means, people need to be on Exchanges anyway if they want to sell. Further with Stellar you will not be really on an exchange, you will just be having a wallet and a facility to buy crypto, similar to the GetTFT route.

Note also that no KYC is needed to register on StellerTerm etc., you only need this for payments via Moonpay at a certain point (transaction amount), but the same is true for GetTFT.com.

Note that currently TFT’s are offered on GetTFT.com with a premium of 73% compared to market-price (exclusive fees. settlement goes via Mercuryo). Over 4.6 million TFT’s are offered on GetTFT.com(!). Also note that using GetTFT requires downloading the TF Connect app so isn’t particularly easy when compared to buying via Lobstr either.

In order for buyers to pay the market price for TFT, potential buyers should be directed to buy directly on Steller via Stellarterm, Lobstr or similar in order for the market to directly reflect the demand, and to give the community insight into resulting trade volumes.

These decentralised exchanges are now extremely easy to use as is demonstrated in the diverse video’s now available.

I have tried to make this point before and maintain the opinion that I think it’s fundamentally incorrect to advise buyers to buy TFT from private sources and not directly from the public markets. Until there is something better, Stellar Exchanges (or Pancake if you are a nerd), should be the only markets to buy and sell TFT. IMHO.

Hence I suggest we discontinue GetTFT.com and we direct buyers to Stellar. Or we keep GetTFT.com and someone makes it so that buying on GetTFT.com translates directly into purchase of tokens on the Stellar chain @ marketprice.

1 Like
#2

Nothing you say is incorrect. But if I had to speculate, ThreeFold profits off these sales directly. If it raises TF cash, I support it.

1 Like
#3

I think there has only been a diverse field of videos available for a short period and I imagine as the defi liquidity pool comes to light this will fade out.

You’d probably be surprised to know who the largest liquidity providers on the stellar term exchange are. And i would imagine the staff themselves probably shy away from providing community members instructions as it gives the impression those are the “official” instructions

1 Like
#4

This is really interesting, with my lack of crypto (and therefore 98% of the public) i was not aware. It’s good to understand the difference. I’ll be happy to support TF by buying from gettft but if the balance of things show that currently we should be more worried about the exchange rate, I’ll be more than happy to advise my customers and present in my presentations that Lobstr is the way to go.

Thanks for this useful info @aernoud

1 Like
#5

@ParkerS has a nice video on how to use Lobstr and the Threefold Connect app here.

#6

As I understand, the MOMM project will help liquidity. (MOMM = Member owned market maker)

But until we get there, would it be worth it to modify the gettft.com page as @aernoud suggests here?

What does the TF community think about that?
I guess one of the easiest way is to use Lobstr wallet and buy TFT directly with credit a card.

This would be good for buyers as they would get the token at market price.

As stated just above, Drew’s video shows how easy it is to connect the TF Connect App to the Lobstr wallet.

#7

Is there any info how much TFT is sold blon gettft?

#8

I think it’s good to have different ways (options) to Fiat on-ramp without having to go through an exchange if you choose not to. The fees will be excessive though, moonpay, trasak, wyre can buy direct through metamask, hopefully we get ERC20 TFT.

#9

Absolutely, easy entry is important to get many people to the project.

#10

In my opinion, gettft.com should be indeed discontinued, it was set up initially to provide an easier entry with BTC and credit card payments were added later but some banks don’t authorise the credit card payments through the provider that is used by gettft.