P-Rep candidates NOT TO STAKE YOUR ICX WITH

Brian Li of Rhizome accused shiller of ICX and BitConnect

P-REP candidates have been canvassing ICONists to stake their ICX with effect from 26 August 2019. We have spent hundreds of hours over the last few months reviewing P-REP candidates. As per our earlier articles the blockchain ecosystem is riddled with bad actors and this article will highlight the P-REPs you need to avoid. As per the needlessly complex IISS 2.0 published by the ICON Foundation you risk losing 6% of your ICX if you stake with a rogue P-REP.

We have been pushing the ICON Foundation to produce documentation that the average ICONist can understand. We believe they are reluctant as it will highlight the inflationary effect of IISS 2.0 based on the current levels of transactions on their blockchain. Millions of transactions will be required everyday to counter the inflation caused by paying rewards to ICONists and P-REPs. At present the ICON blockchain shows just 7,000 to 39,000 transactions per day.

P-REPs have been accused of a whole host of unsavoury antics including:

  • Shilling ICX to over $13 and promoting BitConnect
  • Trying to bribe ICONists by handing over P-REP rewards
  • Producing fake or misleading articles about ICON
  • Publishing blockchain verified lies about an ICX TX Challenge contractor
  • Banning ICONists from social media groups without justification
  • Lacking integrity and showing no respect towards ICON community members
  • Creating cartels of P-REPs to control the network

Please note the accusations have come from various sources including fellow P-REPs and the ICON Foundation. Some P-REPs have made our list purely by demonstrating over and over again that they don’t have the required knowledge to take on the task as a block producer. Let’s look at a particular example of some of the data we hold. Telegram user Sigmoid Freud posted this fairly innocuous comment in the main ICON group a few days ago.

P-REP Brian Li of Rhizome accused of shilling ICX and BitConnect

Within minutes the post was removed by moderators standing as P-Rep candidates. Sigmoid was of course referring to a well known article on Steemit that was heavily edited when the community rumbled what Brian Li of RHIZOME was up to. This is an archived screenshot of the original article with a reference to an insider that Brian Li was working with to shill ICX. This helped pump ICX to over $13 and that is why there are so many disgruntled token holders today.

Brian Li buy ICX before January

Screenshot of article revised by Brian Li and as recorded on Steemit today. Significant differences and the unacceptable shilling has changed to marketing. Ask yourself are these really the kind of people we want controlling the ICON network? The before and after screenshots are recorded on the ICON blockchain as a permanent record of how some unfortunate investors were duped into buying ICX at grossly inflated prices.

Here is the list of P-REP candidates that do not deserve your vote based on our painstaking research. If you would like copies of the data that we hold or feel your team was unfairly included in this list please use our Contact form or add your comment below this post. Remember this is a dynamic list and P-REPs will be added and removed as they change their policies. In addition further disclosures are included in the comments section below this article. Readers should familiarise themselves with our earlier articles about ICON which we posted in the months prior to producing this list. Please be sure to review the list on a regular basis and stake you ICX accordingly. We recommend ICONists join Telegram groups that are not heavily moderated by P-Rep candidates such as this one.

  1. ICON Foundation
  2. RHIZOME
  3. ICX Australia
  4. ICX_Station
  5. ICONation
  6. Ubik Capital
  7. Everstake
  8. DSNC
  9. Certus One (possibly stood down as a P-REP)
  10. Sharpn
  11. PICONbello

We do NOT invest in ICX and we have not received any payment for publishing this article. If you are looking for details of the BLOC8 DApp they can be found here. Unlike most of the DApps currently on the ICON blockchain BLOC8 can be used from smartphones and desktop PCs. Whichever teams you select for ICX staking we advise covering a large number as it keeps the teams on their toes and reduces your potential losses from token burn penalties. If rogue actors are selected as block producing P-REPs for the ICON blockchain it could have untold consequences for ICONists and the price of ICX. If you are reading this post via the homepage rather than the direct URL click Comments for feedback and latest updates.

Email 1 MILLION ICX ICON TX Challenge

ICX ICON TX Challenge email

Email sent by BLOC8 2 July 2019 regarding the 1 Million ICX ICON Tx Challenge

한국어:

편견이없는

6 월 24 일 월요일에 BLOC8에게 6 월 22 일 토요일에 보내 드린 이메일에 다음 답장을 이메일로 보냈습니다.

친애하는 Bloc8
중복 의심되는 서비스를 일시 중지했습니다.
https://docs.google.com/spreadsheets/d/1Nc5jUI5q1P-VX3W36TpyC4G2ZjF3aSqLGFZwd50fd7k/edit#gid=0
거의 의심되는 서비스를 확인한 후 확인 후 상태가 변경됩니다.

물론 확인 된 중복 레지스터는 더 이상 보상을받을 수 없습니다.
협조 해 주셔서 감사합니다.
ICON 팀.

블록 체인 서비스가 중복 되어도 더 이상 보상을받지 못한다는 확신을 갖고 있음에도 불구하고 6 월 25 일 화요일에 수만 회의 ICX를 지불했습니다. 이것은 hx976bdedbc5b7a5be2fcc59b5b6acbbc14bb5be60에 의해 작성된 SCORE cxef795d2e19cada777511640d591735e1cc47c471로 확인됩니다.

ICON 추적기 https://tracker.icon.foundation/addresstx/hx976bdedbc5b7a5be2fcc59b5b6acbbc14bb5be60 는 600 ICX (하루에 200 ICX에서 3 일간)를 지불했다고 표시합니다. 블록 체인을 확인하면 해당 주소에서 ICON을 ICON Challenge Wallet 주소에서 132,579 개의 ICX를받은 https://tracker.icon.foundation/addresstx/hx14f6654b25e044d5b39abc177138a644b926ab67 로 보냅니다. https://tracker.icon.foundation/address/hx210d9faa489d0d1b71d568349551273612a4619a 도 ICON에서 83,852 ICX를 받았습니다.

BLOC8 프로젝트는 ICON 재단과 계약을 맺어 하루 200 ICX의 대가로 하루에 2 만 건의 거래를 창출했습니다. 계약 조건에 따라 재단은 단일 단체가 한 번만 유사한 계약을 체결 할 수 있도록 허용했습니다. ICON TX Challenge 지갑에서 지불 한 금액은 귀하가 BLOC8과 합의한 조건을 위반 한 것으로 나타났습니다.

BLOC8은 한국 및 다른 국가에서 마케팅 목적으로 절실히 필요로하는 네트워크 스트레스 테스트를 수행하는 데있어 최고의 팀임을 분명히 보여주었습니다. 이것은 BLOC8이 246 개 프로젝트 중 하나 인 ICX보다 더 많은 돈을 지불 받았다는 점에서 입증되었습니다.

재단에 귀하가 https://buycryptonewsarticles.com/icon-tx-challenge/ 에 문서화 된대로 여러 차례 계약 조건을 위반했다는 증거가 주어졌습니다.


재단은 7 월 31 일까지 네트워크 스트레스 테스트를 위해 BLOC8 12,000 ICX를 지불하기로 동의했습니다. 우리가받은 ICX는 4,200 개 뿐이므로 여전히 ICX는 7,800 달러입니다. 다음 24 시간 이내에 7,800 개의 ICX가 BLOC8 프로젝트로 전송되도록 준비하십시오. ICX ICON TX Challenge는 한국 기업인 ICONLOOP에게 큰 수치를 불러 왔습니다.

English:

WITHOUT PREJUDICE

On Monday 24th June you emailed BLOC8 with the following reply to an email we sent you on Saturday 22nd June.

Dear Bloc8
We suspended duplication suspected services. 
https://docs.google.com/spreadsheets/d/1Nc5jUI5q1P-VX3W36TpyC4G2ZjF3aSqLGFZwd50fd7k/edit#gid=0
We checked almost duplication suspected services and will change status after check.

Of course, confirmed duplication registers cannot get rewards anymore.
Thank you for your support.
ICON Team.

Despite your reassurances that duplicated blockchain service would not receive anymore rewards you proceeded to pay them tens of thousands of ICX on Tuesday 25th June.  This is confirmed with SCORE cxef795d2e19cada777511640d591735e1cc47c471 which was created by hx976bdedbc5b7a5be2fcc59b5b6acbbc14bb5be60.

ICON Tracker https://tracker.icon.foundation/addresstx/hx976bdedbc5b7a5be2fcc59b5b6acbbc14bb5be60 shows you paid them 600 ICX (3 days at 200 ICX per day). If you check your blockchain you will see that address sent ICX to https://tracker.icon.foundation/addresstx/hx14f6654b25e044d5b39abc177138a644b926ab67 which received 132,579 ICX from the ICON Challenge wallet address. https://tracker.icon.foundation/address/hx210d9faa489d0d1b71d568349551273612a4619a also received 83,852 ICX from ICON.

The BLOC8 project entered into a contract with the ICON Foundation to generate 20,000 transactions per day in return for 200 ICX per day. The terms of the contract stated that the Foundation would only allow any single entity to enter into a similar contract once. The payments from the ICON TX Challenge wallet shows you are in breach of the terms agreed with BLOC8.

BLOC8 has clearly demonstrated they were the best team at carrying out the stress test of your network as you desperately required for marketing purposes in Korea and elsewhere. This is evidenced in that BLOC8 was paid more ICX than any of the 246 projects stress testing the network for the Foundation.

Evidence was given to the Foundation that you were in breach of the terms of the contract on numerous occasions as documented at https://buycryptonewsarticles.com/icon-tx-challenge/

The Foundation agreed to pay BLOC8 12,000 ICX for stress testing your network up to the 31st July. As we have only received 4,200 ICX you still owe us 7,800 ICX. Please arrange for the 7,800 ICX to be transferred to the BLOC8 project within the next 24 hours. The ICX ICON TX Challenge has brought great shame to South Korean business ICONLOOP.

Dev BLOC8

_______________________________________________________________________________________________________

챌린지의 주요 부분 ( “ICON blockchain 테스트”)을 “승리”로 설정하면 BLOC8은 도전 과제의 최종 (사소한) 부분에서 선두 주자 중 하나 여야합니다. ICX ICON TX Challenge를 위해 Reddit 스레드를 upvoting하여 BLOC8 팀이 수행 한 우수한 업무에 대한 귀하의 지원을 보여주십시오.

Having “won” the main part of the challenge (stress testing ICON blockchain) BLOC8 must be one of the front runners in the final (minor) part of the challenge. Please show your support for the excellent work done by the BLOC8 team by upvoting their Reddit thread for the ICX ICON TX Challenge.

Tether and Bitfinex Response to NY Attorney General Claim of Fraud

Tether and Bitfinex response to New York Attorney General claim of fraud

Tether and Bitfinex have submitted their defense against the claims of fraud made by NY Attorney General, Letitia James. Stuart Hoegner has submitted an affidavit and Zoe Phillips a Memorandum of Law. In this post we will review the assertions offered by the legal counsel for Tether and Bitfinex.

Fractional Reserve Banking

Hoegner and Phillips argue that as the Federal Reserve is only required to hold 10% of deposit funds in cash then the defendants shouldn’t need to hold 100% in cash. This is a very weak argument as the Federal Reserve holds fiat and Tether is a cryptocurrency which is expected to be traded 24 / 7. If banks have liquidity problems they can simply shut up shop for a few weeks, as they did in Cyprus in 2013 while they were waiting for an EU bailout. Legal counsel is wrongly trying to compare fiat and crypto. One reason people invest in cryptocurrencies is their distrust of fractional reserve banking so this argument hardly provides any comfort.

Website Disclosure

Legal counsel asserts that the website of Tether Ltd disclosed details of the $900 million loan facility prior to the filing by the NY Attorney General. On this basis, they argue that they didn’t try to mislead anybody regarding Tether funds. Again this is a weak argument as the Tether website, even today, states 100% backed and “from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” If the defendants were being open and above board they wouldn’t use the term “from time to time” and fail to disclose the size of the loan between the related parties. In the documents submitted by Hoegner and Phillips, they accept that USDT is currently only backed 74% in cash and if the full loan amount is drawn down this will fall to just 68%.

No Harm Done to Citizens of New York

The defense team argues that Tether has always been redeemable at par value and that citizens of New York have not lost any funds, to date. Effectively they are asking the Attorney General to withdraw the case until such time as Tether can’t be redeemed at par value. By that argument, if the Civil Aviation Authority knows that Boeing 737’s are not safe we should wait for a few planes to fall out of the sky before we ground them.

Summary

A lot of case law is cited, especially by Phillips, including the claim that Tether is neither a security nor a commodity and furthermore Tether is not an investment. Maybe not, when measured against traditional securities and commodities, but crypto traders use Tether as a hedge against the rise and fall of cryptocurrencies with the expectation that USDT can be redeemed on par with USD. Traders might want to consider an exchange like Coinbase until such time as the related party loan between Tether and Bitfinex is confirmed as lawful.

UPDATE 2 May 2019

The arrest of Reginald Fowler was announced Tuesday 30 April 2019 for alleged bank fraud. The indictment refers to various bank accounts held by Fowler and Global Trading Solutions LLC (GTS). For those that have still not figured this out, it is believed that GTS via Crypto Capital processed fiat transfers on behalf of Bitfinex.

Is coinbase a GOOD way of buying bitcoin?

Coinbase Ethereum Classic tokens sent to Trust wallet

We are fast approaching 2019 and Bitcoin recently celebrated its 10th anniversary. Despite this, there are very few low-cost ways to buy Bitcoin and other cryptocurrencies. Let’s start by saying that for now, the best way is to purchase crypto from a trusted friend. They should be able to help you set up a suitable wallet and transfer the tokens at your agreed price.

If you don’t have a friend that’s clued up on crypto or they are looking to HODL their CDAs (Cryptographic Digital Assets) then what do you do?

  • Buy Bitcoin at an ATM
  • Buy Bitcoin with Paypal funds
  • Buy Crypto on Coinbase with a bank transfer or debit / credit card
  • Check out LocalBitcoins.com

We don’t recommend using ATM’s at this current time. They are convenient if you have one in your area, but the costs are worse than old school, fiat transactions. Hopefully in time the fees will come down but for us ATM’s are a last resort route to owning crypto. There are ways of buying Bitcoin with Paypal but the systems we have tested cost more than using an ATM. Around 20% in costs and unless you have no way of spending your Paypal funds its another route best avoided.

We have never used LocalBitcoins.com so we will leave our review of what they offer to a later article. Ultimately most owners of crypto are going to use an exchange to trade between the thousands of different tokens. There are hundreds of exchanges, ranging from low volume niche markets to multi-billion dollar global enterprises.

Coinbase Exchange

One very well known exchange is Coinbase and it’s one we recommend to people new to the blockchain. Coinbase can be used from a PC or a smartphone but we prefer the Trust wallet for mobile use. This URL is a referral link and anyone purchasing a $100 or more of cryptocurrencies will receive an extra $10 from Coinbase. The referral link also helps us to fund this site. The exchange accepts funds via bank transfers and credit / debit cards but many credit card providers block purchases of CDAs. In Europe, a SEPA transfer to their nominated account costs just €3 and takes 2 or 3 working days.

Once your funds have been credited to your Coinbase account you should purchase a token such as Ethereum Classic (ETC) and then transfer the tokens to your Trust Wallet. Trust wallet is about to add Bitcoin support to their iOS and Android wallet but for now our suggestion is to buy ETC on the exchange. Once you have transferred the ETC to your Trust wallet your smartphone should show something like the image at the top of this article. Costs for using Coinbase in Europe, excluding the UK, are quite reasonable:

Costs of using Coinbase are broadly similar across the globe but some countries, like Australia, Canada and Singapore don’t have the bank transfer account funding option. Funding your account from a UK bank account is free and withdrawals cost £1. Trust wallet is preferred to the Coinbase wallet as it accomodates all the major blockchains including Ethereum, Tron, ICON, Wanchain and Callisto etc. We will publish a follow-up article on some of the major exchanges but for this exercise, we just used Coinbase as an easy route to your first CDA purchase.

Android Acinq Eclair Bitcoin Lightning Network Wallet

Android Acinq Eclair Bitcoin Lightning Network Wallet

We have previously covered the Trust and Saturn cryptocurrency wallets for handling BitUnits, but this article will cover the Eclair lightning network wallet.

Watch how the Eclair wallet is used at Brisbane airport to buy a coffee in the video below. More and more merchants are adopting the lightning network for “micropayments” with some not accepting any other form of payment. This makes it important for you to have a basic understanding of how to set up the Elcair wallet.

We are not going to go into great detail about the lightning network but what we will say is that it is likely to become more important than the Bitcoin blockchain network. The lightning network (LN) is a second layer network primarily used to prevent the Bitcoin blockchain getting to an unmanageable size. Today it’s around 200 GB, and that is duplicated across thousands of full nodes around the world.

As crypto payments become more and more popular, we are going to use a “temporary” record for most of the transactions. This temporary network is much faster and cheaper than the full Bitcoin blockchain network. It can take several hours for a Bitcoin transaction to be confirmed whereas a lightning network transaction is processed within seconds.

If you go into a coffee shop to buy an Espresso, the shop owner can’t wait hours to decide if you have enough Satoshis to pay for the drink. So you need a wallet which works with the lightning network. For Android users, we recommend the Eclair wallet by Acinq.Eclair lightning network wallet

The screenshot above is my Eclair wallet paying a 2 cent invoice which I raised via the Zap desktop lightning wallet. Taking a closer look at the wallet and ignoring the actual payment we see a wallet balance of $25.71 with $13.04 in Bitcoin and $12.67 allocated to the lightning network.Eclair lightning network wallet balances

Eclair Lightning Network Wallet

The Eclair wallet can be used as a regular Bitcoin wallet, but there are far better wallets available if you are not using the lightning network. Currently, you can fund channels on the lighting network with a minimum of 0.001 BTC and a maximum of just under 0.043 BTC. With BTC trading around $6,300, that’s $6.30 to $270. So if your local coffee shop has adopted the lightning network you might open a channel for $6.30 (0.001 BTC). The $12.67 shown in my wallet for lightning channels was two channels, each with 0.001 BTC. With some merchants, you might have to open a channel directly with them but as the network expands an open channel with a major node should allow you to pay most merchants.

With Eclair the process is to send an on-chain (regular Bitcoin blockchain transaction) balance of BTC to the address shown in your wallet. Remembering it will need to be at least 0.001 BTC after network costs, so perhaps 0.0011 BTC. When you add a channel with Eclair it asks if you want the on-chain transfer to be completed fast (approx 20 minutes), medium (2 hours) or slow (12 hours). The network fees will be higher the faster you want it processing but note the quickest is 20 minutes. This means you should be funding the channels ahead of spending the Bitcoin you allocate to the channel.

If you open a 0.001 BTC channel directly with the coffee shop and use the Elcair wallet to pay for your $3.00 Espresso, you will still have $3.30 for the next time you visit. However you are not paying for your coffees in advance, you are simply putting funds on one side “in the fast lane” for when you need them. You can close a channel in Eclair whenever you want by selecting the channel in the Lightning Channels tab.

Closing a channel in Eclair

As shown in the screenshot above, you will be asked to confirm the channel closure but only select force-close if the merchant’s node is shown as offline. If you force-close a channel, you will have to wait for 144 blocks to be added to the Bitcoin blockchain before the funds become usable on-chain. With each block taking about 10 minutes it means a 24-hour wait whereas a regular channel close will normally be completed within one hour.

We will be covering some great things you can buy with your Eclair lightning network wallet in future articles so be sure to have at least one channel adequately funded.

Ethereum ETC Faucet

Ethereum ETC faucet

Today we are going to cover the Ethereum ETC faucet.

To be able to move BitUnits from one address on the Ethereum Classic network you will require a tiny amount of ETC. The is equivalent to “gas” used on the Ethereum network.

Many owners on BitUnits start with the user-friendly Trust wallet which was recently taken over by Binance. However, if you want to trade your BitUnits on the Saturn network decentralized exchange (DEX) you will need to:

buy bitcoin with your credit card

It can be quite frustrating for owners of UNITS that don’t have any ETC as it effectively leaves them dead in the water. The easiest way to obtain ETC is to ask a “crypto” savvy friend to send you some. 0.0003 ETC is all that is required, and in fiat terms, this is less than one cent.

If you don’t know anyone that could send you a small amount of Ethereum Classic ETC you could buy or trade with changelly. The big positive with changelly is that they allow you to buy cryptocurrencies with your credit card. Many banks have blocked crypto purchases with credit cards as they know it speeds up crypto adoption by the masses and will ultimately bring about the demise of the old school fiat financial institutions. Click the changelly image to the left (above if you are on mobile) or use this link to set up an account with changelly.

Another way to obtain ETC is via a faucet and in theory, they are ideal as they provide small amounts of many cryptocurrencies, for free.

The Best Ethereum ETC Faucet

We spent several days testing out various faucets and we think we have found the best one. To keep our site free of ads you will find that some of our articles are partly concealed by a paywall. This is one such article and to read the rest of the article you will need to make a nominal payment as indicated below. For Android users, we recommend the Eclair wallet to make Lightning Network payments or Spark if you are running your own node.

Please pay just 0.00001 BTC (approx 4 cents) to continue reading this article.

Click to pay with the low cost, high-speed Lightning Network

Import Private Key from MEW or Saturn Into Trust Wallet

Use your private key to import tokens into Trust wallet

Access to cryptocurrency tokens, like BitUnits, on the Ethereum Classic (ETC) blockchain, is made available with public and private key cryptography. As the name suggests the public key can be made available to anyone as it works as a pair with the private key to secure your assets.

If you are already familiar with MyEtherWallet (MEW) or the Saturn wallet you might want to “transfer” your crypto tokens into the user-friendly Trust wallet. Wallets don’t actually hold tokens but they provide a facility to control access to the tokens on the blockchain. So the transfer is passing authority from one wallet to another, rather than the actual tokens. You will need your private key from MEW or Saturn to give this authority to the Trust Wallet. Below are the steps you need to complete in the Trust Wallet.

Import Private Key from MyEtherWallet or Saturn Into Trust

We have provided links to the Trust Wallet website in a previous article and this, in turn, gives the links to install the app on your iPhone or Android phone. Once you have installed the app it will bring up the following screens. Select IMPORT WALLET and on the next screen select the Ethereum Classic network.

 Import Private Key from MEW or Saturn Into Trust WalletEthereum Classic network tokens

You will then be shown a screen containing four tabs marked as PHRASE, KEYSTORE JSON, PRIVATE KEY and ADDRESS. For security purposes the app prevents screenshots being taken at this stage so we can’t provide an image here. Click the PRIVATE KEY tab and you can paste in your private key or use the QR code scanner. Now click the IMPORT button and your phone will now have authority to transfer tokens via the blockchain.

Never ever make your private key available to third parties as this will give them access to your tokens and once they move the tokens to their address it will be impossible for you to recover them. If you have any technical questions you can contact the Trust wallet team in their Telegram group which currently has close to 10,000 members.

Setting up the Trust Digital Wallet to HODL BitUnits

Trust Digital Wallet and BitUnits Club

The Trust digital wallet allows you to control access to digital assets like BitUnits and Ether but do beware that the tokens are stored on the blockchain, not on your smartphone. BitUnits are ERC223 compliant tokens which use the Ethereum Classic (ETC) blockchain network whereas Ether uses the Ethereum (ETH) blockchain. We recommend the Trust digital wallet for the following reasons:

  • Available for Android and iOS devices
  • Has the financial backing of the digital exchange giant, Binance
  • Audited as a secure digital wallet
  • Ease of use

Installing the Trust Digital Wallet

Links for Android and iOS are available at trustwalletapp.com, and they also provide direct access to the Android apk for users that aren’t able to use Google Play. Wherever possible use Google Play as their servers are generally more secure than developer sites.

When you have set up your wallet but before you have received your first BitUnits it will look something like the first image below and once configured, and you have received BitUnits it should look similar to the second image.

 Trust digital wallet before it is configured for BitUnits  Trust digital wallet after it is configured for BitUnits

When you first install the app, you will be asked to create a new wallet, and you will be provided with 12 very important words. These words are known as your seed phrase and allow you to restore your wallet to another smartphone. For security reasons, the app prevents you from taking a screenshot of the actual seed phrase process, so the blurred image below is a photo (not a screenshot) of the seed phrase for my wallet.

Trust digital wallet backup and restore phrase

 

The 12-word seed is shown as the “Backup Phrase” in the screenshot, but it should be more accurately be called the “Restore Phrase” as that is the purpose of the seed phrase. You need to store a copy of your seed phrase in a secure location, and many crypto enthusiasts suggest etching it into metal as paper degrades over the HODL years.

 

Do not let anyone have access to your seed phrase as that would give them control of your digital tokens on the blockchain. Once you have been through the validation process to confirm you have recorded the phrase the screen will show you have zero tokens on the Ethereum blockchain (ETH).

 

We now need to add Ethereum Classic (ETC) tokens including BitUnits. This is done by selecting the + at the top right of the screen. You will see a selection of different tokens that you can control via the Trust digital wallet. ETC is below ETH and UNITS (the ticker for BitUnits) is further down the list. NOTE: BitUnits will only appear in the list of available tokens if you have already sent your ETC address for a BitUnits airdrop, or similar, and had the BitUnits sent to your address.

The two screenshots below show the tokens, and you move the slider to the right for ETC and UNITS for control to be given to the wallet.

   Add Ethereum Classic blockchain tokens to the Trust digital wallet Add BitUnits tokens to the Trust digital wallet

Now let’s get some token for the wallet by clicking the BitUnits row to reveal a screen with a SEND and RECEIVE button. You will not be able to send any BitUnits at this stage as you don’t have any, so click RECEIVE. You will be shown a QR code and a button labeled COPY WALLET ADDRESS. If you click this button, it will copy your address to the clipboard, and you can then send this to the BitUnits sender via email, SMS or posting it in Telegram, Twitter or Facebook.

Securing your BitUnits

As the Trust digital wallet does not hold the tokens in your phone, it is vital that you secure access to your digital assets. Trust provides a six digit pin code which you should activate from the Settings menu at the bottom right of the software screen. This ensures that if your phone is stolen that the thief can’t transfer your BitUnits to their wallet.

Write a comment below or in our Telegram group if you have any questions or spotted the gift we provided for the first observant reader. [Update: gift now claimed]

Transfer BitUnits from Binance Trust to Saturn Browser Wallet

Transfer BitUnits from Binance Trust Wallet to Saturn Wallet

Before you set off to transfer BitUnits to a DEX to cash out understand that optimum returns for most investments require they are held over the longer term. HODL your crypto tokens and this applies to BitUnits. You should be looking at keeping hold of the tokens for upwards of five years. Just looks at how far bitcoin has come in ten years, and this is what BitUnits Club developer Issa Clunie, had to say about cashing out to fiat.

Cashing out of crypto to go to the dying banking fiat currency is like taking a PS4 and trading it for a PS1.

Inevitably there will be the weak hands that sell too early and live to regret it, and this guide is aimed at them. Most of the BitUnits were airdropped into Trust wallets, but a Saturn wallet is required to trade on their DEX. In the last article in the series, we covered the different types of trades available on Saturn, and this is a follow-up piece.

An article on cross-browser and mobile support was published in September 2018 by the Saturn team. We will concentrate on the Firefox browser as the Saturn wallet works on mobile as well as desktop with this browser. In Saturn’s article, they provide a link to the Firefox extension for the wallet, but it is also available here.

Setting up the Saturn Wallet  to Transfer BitUnits

If the Firefox extension doesn’t take you straight to the wallet set up screen look for a menu item in the browser settings marked as Saturn Wallet. It will generate a random 12-word seed, and you will also need to set a secure password. Be sure to keep the seed and password available in case you need to restore the wallet to a new phone etc.

BitUnits in Saturn Wallet

 

Ensure you have ETC network selected from the dropdown list at the top left of the web browser. We are now ready to add the UNITS token to the Saturn wallet. It will look like this screenshot to the left, but the ETC and Saturn tokens will be at zero unless you have imported an existing Saturn wallet with tokens. Click ADD TOKEN button and paste in the BitUnits smart contract address, as shown on their website.

The smart contracts address: 0xd1c10d433c888e6d1841ff924d0ce45157f0d5cd is the Token Contract Address and when you enter this address into the Saturn wallet it should populate Token Symbol with the word UNITS and set Decimals of Precision to 6.

Make a note of the address for the ETC and BitUnits (just one address) in the Saturn wallet and send the tokens you have in the Trust wallet. You will need less than 0.001 ETC to set the gas to transfer BitUnits from wallet to wallet. If you don’t have any ETC you will need to buy some or ask a crypto friend if they will send some to your Trust wallet.

You are now ready to trade on the Saturn network DEX. If you trade UNITS for ETC you can keep the ETC in your Saturn wallet or send them to your Trust wallet. As Saturn is providing a true decentralized exchange, where you are in control of your private key, it is safe to keep your digital assets in the Saturn wallet indefinitely. This is not the case for most of the exchanges operating today like Binance. If a regular exchange gets hacked, and they do with alarming regularity, you stand to lose all your tokens.

 

 

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