I have a question. I want to participate in an ICO. But this is on the ICO's site:
Keep in mind that in sending (ETH), you will need to designate a Gaslimit with no less than 70,000 Gwei
Normally, an ico says how much the gas limit has to be. But they use the word "Gwei" which normally refers to the price between 1 and 99 (see MEW). So what do i do?
Or they mean 70.000 has to be the total fee, but if i think of the formula [gas limit x gas price], a total of 70.000 would require a way too low combination of price and gas limit.
And if they mean 70 Gwei (see the comma) as price only, then it would also not make sense either because i thought you are not allowed to send to smart contracts with over a price of 50 Gwei or it would fail?
I'm not entirely sure, but upon reading some more about it, it is probably the total fee, or 70.000 ontop of the original transaction ( so that you have enough gas to execute the contract and receive your tokens..)
There's an article about it here,
https://coinsutra.com/ethereum-gas-limit-gas-price-fees/ which covers it pretty well, although i'm not 100% sure this also applies to the specific ICO you are going to by from ( What's the name of it btw?)
i thought you are not allowed to send to smart contracts with over a price of 50 Gwei or it would fail?
Why would you be punished for using too much gas ( using higher fees?) that doesn't make any sense..?