Cryptocurrencies Part III - We ran as if to meet the Moon

[Gardner McKay]

@What the Faulk @The Crypto Guy @phisherman

Directly from Telegram channel:

The final refund amount is 1,393.94415407 BTC[1], which correlates to the initial estimate of ~1400 BTC. The *official* timeline is as follows:

1) Thursday, August 30 - Vote closes.
2) Friday, August 31 - Snapshot[2].
3) Saturday, September 1 - Refunds begin[3].
Notes:
[1] Once I have a total transaction fee estimate, this amount will be appropriately truncated at a certain decimal. This will also be mentioned in one of the following posts.
[2] The snapshot time will be random (i.e. exact time of day will not be announced) to prevent any adversary from gaming the system. Everyone is advised to remove any sell orders that you might have on the market and/or move to an appropriate wallet if necessary. If you own the private key to the address where your NVST is, then you are good to go. You, and only you, are liable in the event that you fail to adhere to adhere to this. The snapshot will be archived and a link to it will be provided to the public.
[3] The amount of time for all refunds to be processed can not be estimated. I'll be available every single day until this is completed, but each transaction requires another signatory. Every transaction will be created and verified manually. There is no room for errors.

Appendix:
1) The address 1HF9qmvVz6EMu5ihjkbstpBwAVb9jdm9Lh will be excluded from the refunds. On it are unallocated tokens which can't be distributed. This issue stems from a chain of events which led to essentially what I'd call, theft of both the NVO domain and the database. The amount on it is 449,660.58536489 NVST, which represents 2.9977372357659333% of the supply. The exact percentage of the refund balance, which is 41.78678295 BTC will be set aside until a solution to this issue is found. I have decided to not let this issue delay the refund.
2) Therefore, the amount of issued tokens is 15 000 000 - 449,660.58536489 = 14 550 339.4146. The amount of BTC that will be refunded over this amount is 1,393.94415407 - 41.78678295 = 1352.15737112. This represents a rate of 0.00009292961 BTC/NVST. Example ~ refund amounts:
1k NVST -> 0.09292961 BTC.
10k NVST -> 0.9292961 BTC.
100k NVST -> 9.292961 BTC.

 

[Do Make Say Think]

So is home mining essentially dead for the time being?

 

[Gardner McKay]

@What the Faulk @The Crypto Guy

Refund has started. {{title}} {{sandboxTitle}}{{current_page.title}} - Smartbit

Round one. The first few hundred will be processed manually as they account for nearly 80% of all NVST. After that it will be automated via a script.

Sometime in the next few days you should see the BTC back in your account on counterparty.

 

[What the Faulk]

Looks like mine was already processed, so at least it was quick. I ended up with a profit, though my brother took a loss by about half. At least he only invested 10% of what I did. I still have NVST, however. I think I remember reading that we'd get a refund and some of the devs would still try to continue the project or something? Or is the NVST essentially worthless now.

 

[Gardner McKay]

Looks like mine was already processed, so at least it was quick. I ended up with a profit, though my brother took a loss by about half. At least he only invested 10% of what I did. I still have NVST, however. I think I remember reading that we'd get a refund and some of the devs would still try to continue the project or something? Or is the NVST essentially worthless now.

The NVST itself is "worthless", I am not sure if they are using the snapshot they took to do the refund for air drops or if they will use a different one. I'm not doing anything with it just for that reason.

Sucks the project didn't work out but it was nice to see a fairly decent profit come from it.

 

[ScottishCanuck]

ETH tanking again.

 

[WingsMJN2965]

ETH tanking again.

Everything tanked.

... I'd like to buy but it seems like a bottomless pit.

 

[phisherman]

Everything tanked.

... I'd like to buy but it seems like a bottomless pit.

I'd wait a bit before buying. It might get worse.

 

[WingsMJN2965]

I'd wait a bit before buying. It might get worse.

I don't think there's a question that it'll get worse. The real concern is will it ever get better.

 

[S E P H]

Any reason for this tank? Regulations?

 

[phisherman]

I don't think there's a question that it'll get worse. The real concern is will it ever get better.

Read up BAKKT and also what Iran and Venezuela are doing due to their governments. It's going to get better as it gets adopted more and more.

Any reason for this tank? Regulations?

Bull whale tricked everyone to thinking bear market was over and proceeded to dump on everyone.

 

[ScottishCanuck]

All quiet in here.

Anyone had any success with anything in the last few weeks?

 

[The Crypto Guy]

Nothing to do but sit tight and wait for the next bull run.

 

[YNWA14]

All quiet in here.

Anyone had any success with anything in the last few weeks?

My Ripple has been doing nicely.

 

[Gardner McKay]

All quiet in here.

Anyone had any success with anything in the last few weeks?

Yeah. I snagged a bunch of OCN when it was at .004. At its peak yesterday it was up to 1.6c. Down to about 1.2 right now. They are creating a whole payment ecosystem. Pretty neat project.

 

[What the Faulk]

I've just been withdrawing what I've had in NVST little by little. Still annoyed I didn't take more out of my WTC when it was at $50. I guess I could say that about pretty much anything from December, but I had so much to spare. Doesn't feel like any of the "older" projects have done anything one way or another for months. I've checked in on the price every day but haven't kept up with new developments too much.

 

[phisherman]

BAKKT could lead to a pump but there is growing concern on how legit Tether is.

Also SEC has cracked down on an exchange so there could be exchange FUD in the future.

I wouldn't be surprised if some catastrophic news comes out, like Tether is insolvent or Binance and Bitfinex gets shutdown by SEC.

 

[Fledgemyhedge]

BAKKT could lead to a pump but there is growing concern on how legit Tether is.

Also SEC has cracked down on an exchange so there could be exchange FUD in the future.

I wouldn't be surprised if some catastrophic news comes out, like Tether is insolvent or Binance and Bitfinex gets shutdown by SEC.

I haven't heard anything about Tether in months, but it's always in the back of my mind, could really screw things up.

I really think it's finally time for Bitcoin and friends to really pump, we've been bouncing in the same tiny range for a while and it has a different feel now. Just hope it's not screwed by Tether or something similar.

 

[CokenoPepsi]

Im going to buy tezos and BTC and not care about it all for a few months...just going to park some money.

 

[YNWA14]

BAKKT could lead to a pump but there is growing concern on how legit Tether is.

Also SEC has cracked down on an exchange so there could be exchange FUD in the future.

I wouldn't be surprised if some catastrophic news comes out, like Tether is insolvent or Binance and Bitfinex gets shutdown by SEC.

How would Binance get shut down by SEC?

 

[phisherman]

How would Binance get shut down by SEC?

Probably that they don't ask for KYC on accounts. Opens it up for AML.

I'm just speculating.

 

[YNWA14]

Probably that they don't ask for KYC on accounts. Opens it up for AML.

I'm just speculating.

Yeah I'm not criticizing it was a genuine question. Even if SEC wanted to shut them down for whatever non-compliance how would they actually go about doing it? I don't think they have jurisdiction over Binance but I could be wrong.

 

[phisherman]

Looks like everyone is dumping their alts to buy Bitcoin Cash for the upcoming fork.

 

[phisherman]

And now the Bitcoin Cash war is causing all of crypto to dump.

 

[The Crypto Guy]

And now the Bitcoin Cash war is causing all of crypto to dump.

Good o'l Bitcoin Cash