https://ionomy.com/buy/ion
The buying part I get.
How do you mine an alt coin using the Ionomy wallet?
Set your payout addy for the mining to the corresponding coin address generated on your Ionomy account.
One of the good programs to mine alt. coins with is Minergate
https://minergate.com/downloads/gui
Does this only accept the respective alt coin to convert to ION or is each alt an actual wallet that can provide outgoing transactions and well as accept them?
It is only a deposit wallet used for converting to IONs for each of the supported coin types
What exchange are they using for the exchange rate?
or you can use suchmoon's unbiased "right" answer cause the "team" is not transparent:
My apologies, let me rephrase my question. First off, I never mentioned or brought up suchmoon in this dialogue, so please don't drag him in as an argument aid. Anyway, what I really meant was what exchange is being used to give the alt coins their value? Why is 1 ETH worth 80 ION? Where did that value for ETH come from? That's what I meant initially, could have worded it better. My apologies again.
The value of the alt coin is determined from shapeshift. The value for the ION is determined by above procedure described by Huey...
i see shapeshift also adjust the min amount too
@suchmoon Your proof for your question can be "notice the small buy orders in the Ionomy exchange that have been appearing since yesterday". When the email goes out, the process will be explained. This buy support will build and over time it could be a significant dampener on potential future dumps on the Ionomy exchange...
The smart person would see that this is a service provided by Ionomy to put "buy pressure" on the exchange for ION... This also is another option to crypto users to convert their alt coin to IONs without the bothers of using a "direct" exchange...
What happens if there isn't enough ION coins for sale on the internal exchange? Does the transfer get put in hold until those coins become available? Or do those coins come from some other source?
i'm guessing that Ionomy has a pool of IONs that they are using to fill the order immediately and the buy order sits on the exchange... I will get a "real" answer when Huey wakes up...
Now the question is: where did that pool of IONs come from? If the IONs are coming from the "team", then this just got real shady as the "team" controls the premine.
I got to laugh at this one and say the pool comes from your account so this Ionomy service is NOT shady!!!
I thought it was a good laugh saying the pool would be created from Cryptobuds account and theirfore it wouldn't be shady. Don't you remember that Cryptobuds bought enough IONs to run a Masternode??? and would gladly use them to prime the ION purchasing pool... lol
The "real" answer is there is a pool of IONs being maintained by Ionomy (ION purchasing pool), that are being used to "buy the IONs" for instant transaction. The bid is placed on the Ionomy market and when that trade occurs, the IONs are added back into the pool to replenish it for consecutive ION purchases...
You can use your computer's CPUs & GPUs with the Minergate program to mine alt coins and send your payout to Ionomy's "Buy ION" service and receive IONs in your Ionomy wallet...
Download Minergate miner: https://minergate.com/downloads/gui
You can use your Windows computer's CPUs & GPUs with the NiceHash program to mine Bitcoin and set your auto payout to Ionomy's wallet. Use the Ionomy Exchange to convert your Bitcoin and receive IONs in your Ionomy wallet...
Download NiceHash miner: https://www.nicehash.com/?p=nhmintro
Since the new feature isn't a wallet, what happens if you send funds from a mining address and it isn't enough for a portion of an ION coin? Since it isn't a wallet, my sense tell me that you lost said funds. Is this explained anywhere up front?
It is only a deposit wallet with no refunds on amount sent below the minimum amount!