pl4ym0re
over 1 year ago  Karma: 412
Why LOOM Token is $1.99 on loomx.io and $0.0076 on Kucoin?

If I go to https://loomx.io/purchase/ you can buy 1 LOOM token as an lifetime membership for all DApps running on Loom Network.
I understand the concept of lifetime membership and I don't think that $1.99 is expensive price for that.

But why are the same(?) LOOM token available on Kucoin for +/- $0.0076?

Isn't it the same token at a price 250 time less expensive?

token
kucoin
price
Loom
pl4ym0re
over 1 year ago  Karma: 412
Why LOOM Token is $1.99 on loomx.io and $0.0076 on Kucoin?

If I go to https://loomx.io/purchase/ you can buy 1 LOOM token as an lifetime membership for all DApps running on Loom Network.
I understand the concept of lifetime membership and I don't think that $1.99 is expensive price for that.

But why are the same(?) LOOM token available on Kucoin for +/- $0.0076?

Isn't it the same token at a price 250 time less expensive?

token
kucoin
price
Loom

6 ANSWERS
bruno
over 1 year ago Karma: 1094

The way things look right now, KuCoin was a private investor and got the coins cheap. They're selling their supply for a price higher than they bought, but lower than the official page.

Please note that on KuCoin, you have to pay 30 tokens just to withdraw them from the exchange to an address, and you cannot use an exchange address to interact with the Loom network, so in order to do that you would have to buy 31 tokens on Kucoin and send them to an address to just get 1 LOOM. Of course, if all you're interested in is speculation, then it's no big deal and you can just keep trading on Kucoin.

The way things look right now, KuCoin was a private investor and got the coins cheap. They're selling their supply for a price higher than they bought, but lower than the official page.

Please note that on KuCoin, you have to pay 30 tokens just to withdraw them from the exchange to an address, and you cannot use an exchange address to interact with the Loom network, so in order to do that you would have to buy 31 tokens on Kucoin and send them to an address to just get 1 LOOM. Of course, if all you're interested in is speculation, then it's no big deal and you can just keep trading on Kucoin.

bockpeter

Still, that means, price-wise, that you pay 1 token bought at the website rate to extract any number of other tokens bought (if you do it in one go, of course).

Given that later on there are going to be premium tiers, it might be a sound investment for cheap access to premium services (if it's just for monetary gain, then yes. It's complete speculation).

Mar 14 '18 at 4:25 pm
bockpeter

You should have mentioned the minimum 200 LOOM to withdraw too ;)

Luckily I intended to purchase 150 Loom, so the extra 50 didn't cost me too much.

Now I just need to remember to withdraw them on the 16th

Mar 14 '18 at 5:05 pm
jsvn12012
about 1 year ago Karma: 66

The Loom token on the Loom website is the EXACT same as the Loom token, from say Binance or KuCoin. It is sold for $1.99 retail price by the Loom team FOR PEOPLE ONLY LOOKING FOR 1 Loom token for Loom Membership. The tokens on the exchange for $0.32 are market price determined by the people for people looking for buying more than 1 Loom token for future loom promotional benefits, staking, development, or future speculative investments. The team wanted to give the option of selling them retail ($1.99) for people who just wanted to game and see what's what on the Loom network. They gave this option because if you tried to buy 1 Loom token from an exchange you would find that it is NOT AN OPTION since you have to buy a MINIMUM of 200 tokens with a 30 token FEE. Which was around $14 when I did it. (they might have lowered the minimum & fee now since the price increase, but still more than $1.99). Sure you get more bang for your buck with the exchange but you only need 1 token to get access, so again that is why it is $1.99 on the website vs $0.32 on exchanges

The Loom token on the Loom website is the EXACT same as the Loom token, from say Binance or KuCoin. It is sold for $1.99 retail price by the Loom team FOR PEOPLE ONLY LOOKING FOR 1 Loom token for Loom Membership. The tokens on the exchange for $0.32 are market price determined by the people for people looking for buying more than 1 Loom token for future loom promotional benefits, staking, development, or future speculative investments. The team wanted to give the option of selling them retail ($1.99) for people who just wanted to game and see what's what on the Loom network. They gave this option because if you tried to buy 1 Loom token from an exchange you would find that it is NOT AN OPTION since you have to buy a MINIMUM of 200 tokens with a 30 token FEE. Which was around $14 when I did it. (they might have lowered the minimum & fee now since the price increase, but still more than $1.99). Sure you get more bang for your buck with the exchange but you only need 1 token to get access, so again that is why it is $1.99 on the website vs $0.32 on exchanges

esmund950
over 1 year ago Karma: 40

There's no difference except, to put it simply, one is retail price & one is market price

There's no difference except, to put it simply, one is retail price & one is market price

3399.shao
over 1 year ago Karma: 311

They should be different one, from the contract on etherscan, currently only about 100 users bought the loom network membership:
https://etherscan.io/address/0xf652d990E50af27d8d423ac80631B4F5eF6D4113

They should be different one, from the contract on etherscan, currently only about 100 users bought the loom network membership:
https://etherscan.io/address/0xf652d990E50af27d8d423ac80631B4F5eF6D4113

bockpeter

That's their webpage purchase Smart Contract I believe.
It just holds a supply of about 30,000 LOOM tokens (which have the same contract address as the ones over on KuCoin) and sends 1 LOOM for each 0.003 ETH paid (fractions are accepted, apparently).

Mar 14 '18 at 4:20 pm
sgarg76271
over 1 year ago Karma: 137

I asked on the Telegram Group.
This is the same token. 45% of the tokens were sold to private investors for considerably lower rate. Most probably less than a cent?
Now those private investors are throwing them in market at like 10 times the rate .. which is still considerably low.

The rate would eventually settle to somewhat near to the price on the main site.
But as of now people purchasing it off the main site are doomed !

I asked on the Telegram Group.
This is the same token. 45% of the tokens were sold to private investors for considerably lower rate. Most probably less than a cent?
Now those private investors are throwing them in market at like 10 times the rate .. which is still considerably low.

The rate would eventually settle to somewhat near to the price on the main site.
But as of now people purchasing it off the main site are doomed !

phillipgibb

great, I though the $1.99 was a discount - it sure looked like that with the $4.99 stricked out. Fortunately I only bought 2. it is now $0.45 on etherscan (I wonder where they get their values from)

Apr 25 '18 at 10:11 am
maxime.desalle
over 1 year ago Karma: 6

I think it's actually the same, but they may have a system where only the tokens bought on loomx.io can be used as a lifetime membership for all d'Apps running on the Loom Network.

I think it's actually the same, but they may have a system where only the tokens bought on loomx.io can be used as a lifetime membership for all d'Apps running on the Loom Network.

pl4ym0re

A token is a token, once you have it on your wallet, there is no difference (except the price you paid for 🤔)

Mar 14 '18 at 3:52 pm
maxime.desalle

I don't think so, look at Kyber Network. If you don't have the first tokens, you can't access to their beta.

Mar 14 '18 at 4:08 pm
d0whc3r

Probably addresses used to bought tokens using smart contract will be registered and have access to some other features in loom network

Mar 14 '18 at 4:19 pm
bockpeter

that IS a possibility, given there's a dedicated Smart Contract with it's own supply of the token taking care of the webpage. https://etherscan.io/address/0xf652d990E50af27d8d423ac80631B4F5eF6D4113

Mar 14 '18 at 4:29 pm
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