Do other exchanges simply pick them up? Seems like this is a main turning point where decentralized exchanges and Safex go hand in hand.
Are there any decent decentralized exchanges in the works?
Where do the coins go?
Im not sure but here is what I think, maybe someone can confirm this. So they gonna disable trading on bittrex but coins still will be sitting in your bittrex wallet, so you can simply send them to cryptopia or safex wallet. But answering your question they are NOT going to be picked up automatically.
They are there, just sitting. You can always transfer them to another platform and continue trading. Easy peasy
Stock up and get as many as you can this won’t stop the progress of the project, 10c 50c $1 if u keep it long enough a year or 2
According to bittrex FAQ you have 14 days to remove coins once it is delisted. So don’t leave them sitting there for too long.
What about the coins bittrex holds ? Do they go back to Safex then safex sends them to a new exchange ? How does it work ? Anyone ?
Not sure, but this is their wallet. Doesn’t look like too many people have moved their Safex out, despite the news.
They will wait till last pump and then.
Safex coins live on the btc blockchain using the omni-protocol to handle the ledger.
So they don’t “go back to safex” but rather they remain at the address they were at.
Thus if you don’t transfer them off bittrex to a new address in 14 days then bitrex will retain them at their address. Remember that when you trade on bittrex the coins are residing in an address controlled by bittrex.
So like Bitcoin the coins reside at an address, make sure they reside at an address you control or in another exchange by the 28th of December
A wallet only holds the private keys which allow you to control any coins at the address of the private keys.
An exchange keeps coins in their controlled address and you are trading numbers not actual coins. The exchange will send coins from their controlled addresses when you withdraw.
So how does the current omni layer for Safex get “moved” over to the new Safex blockchain?
Good question. Do not know yet.
The typical way is for us to send our coins to a “burn” address and on the new blockchain the coin appear at that address we send them from and our private keys control that address on the safex blockchain. What would happen on the new blockchain is that the airdrop coins reside at one address and the quantity you “burned” will be transferred to that address on the new blockchain. The advantage of this is that even if everything went wrong the process could be repeated on a reseted blockchain.
Another way is for it to be done using the safex wallet and there will be a “transfer” button that will do it all for us and the coins will reside on the new blockchain with an address created by the safex wallet.
I am sure the details will be given to us way before the time.
Not so much my coins as they are in my safex wallet. I was more curious about the coins controlled by bittrex. I was really just wondering how that transfers hands.
Did my answer help? Or have any more questions?
So essentially, at a certain BTC block, all further Safex transactions on the BTC chain will be considered invalid?
I don’t see a reason why we should have to send our coins to a “burn” address. I don’t really like the sound of that.
Essentially bittrex controls that account. I guess what I’m saying is who would be the next controller of that account or would they be moved to a different account for somebody else to control.
The issue is that while they maybe invalid after the block# people could still be trading them since they don’t know. Trading privately too. So a lot of confusion and maybe people losing a lot of money.
By using a burn address the transaction is recorded in the blockchain so your balance is recorded. So all safe there.
This also solves the problem of really lost coins diluting the dividends since truly lost coins are never transferred to the new blockchain and cannot dilute things. The burn process can last virtually forever (or a year or tow) to allow people plenty of time for transfer.
If you just did it automatically then there could be confusion in that people don’t know have the safex wallet yet and don’t know how to claim their coins.
They will remain in control of the account so they will be basically owners of the leftover coins, am I right?
This may be the real reason why Bittrex dropped Safex, that’s a complicated endeavor for an exchange no matter how it’s handled on the Safex side.
This needs to be handled like any other fork. We’re all well aware of the upcoming changes, so that’s fine. If I come in a month after the switch-over though, I should still be able to prove my stake and have my Safex safely in my wallet on the new blockchain.