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Topic: Why Token Swaps Kill The Idea Of Hodling - page 2. (Read 547 times)
You cannot leave your investment without monitoring it, at least you must open your email once in few days.
The swap announcement usually will be done by broadcast to email of the investors.
Sometimes swap is used to profiting the investors by protecting the token value if there is a breach / hacking.
The swap announcement usually will be done by broadcast to email of the investors.
Sometimes swap is used to profiting the investors by protecting the token value if there is a breach / hacking.
Don't you think they can credit the same amount of token of whatever token swap ratio and credit the address accordingly. I have seen one or two projects doing that which is better than asking investors to do the token swap before deadline.
Just take a snapshot and credit accordingly. Otherwise you are just expecting your investors to lose coina during this event which I find it a bad practice in Altcoins.
Just take a snapshot and credit accordingly. Otherwise you are just expecting your investors to lose coina during this event which I find it a bad practice in Altcoins.
The problem is that you only can do that when you are swapping tokens in the same blockchain, for example when you swap the token to change the supply or something like that. In fact, in those cases, that should be the common practice, snapshot and distribution without the holder doing anything. However, when you swap and change the blockchain you need the holder to send his new blockchain address. In those cases I understand that project developers set a deadline and remove old tokens from exchanges when the deadline is met, but I don't understand that they refuse to swap clueless investors tokens after that period.
Some projects that swap to Binance DEx now have almost zero trading volume. Maybe they should remain in the ethereum network. It's possible there is future for them in the long run when Binance begin to support projects on their blockchain. Investors that buy altcoins to hold for years should be educated on the inherent dangers.
Swapping is good that too using their coins to make some income on exchanging coins each other. We need to check the best coins for swapping our own hodling coins.
Since the market is completely moving down, the best choice is to swapping money at the right time.
If you miss the choice you will not make money, you can pick at perfect time.
The idea might have it bad side but if I am a project manager and my project was running on a said blockchain and I discover is wasn't the right decision I can for the growth of my token decide to change blockchain at any time but with full consideration
Cryptocurrency has just begun to develop and it is not perfect. There are no fixed binding rules yet. Perhaps in the future there will be no need for project teams to switch from one blockchain to another. In the meantime, things are going differently. There are teams that announce the holders of their tokens about the transition to a new blockchain and explain what everyone needs to do manually. Of course, this is very inconvenient and not everyone can understand the technical side of this process. However, there are teams that simply send their new tokens to the wallets of the holders of the old tokens.
I think swaps can be good for tokenomics. Especially, when a project has a huge total supply and marketing/promotions are not going well. The good choice is to make a swap from a token to its own coin for 10:1 proportion to make everybody happy.
i experienced this one before but luckily i did already sell my token just before they upgrade it . if i dont do that i think i will regret forever because there is no possible way to sell the old token that i have . your right , not all times we can be updated on thier channels or on thier groups because we do also do other things and we also follow other projects . my telegram is now compose of different projects and i find it hard to read the important announcement due to many notifications or new messages that appears constantly . i agree on the idea of doing automatic swaps or they can just not swap at all to avoid issues from the old investors .
Well... at the moment people should be happy if their erc20 project is still alive 
If you are holding something at least sign up for a newsletter. Send emails to subscribers is the minimum a team should do.
I had no problem with swaps before, two of my eth tokens made it. Open Platform did not migrate to a new blockchain, but they made a new contract and gave a bonus for hodlers, the process was a bit laborious, but everything went well. HPB was fast and eas. Now Sandblock is doing it, they just asked to send tokens from their app to our ethereum wallet, waiting for next steps...
but it's true that sometimes the lack of communication from the teams may lead to disasters.. this one (cures token) locked all bounty/airdrops tokens by smart contract. People were unaware of this, here is the result: https://etherscan.io/address/0x90d2f949ceafedfabd4bbb15c1f70ba9c7a17f2e A thousand failed transactions and wasted gas.
If you are holding something at least sign up for a newsletter. Send emails to subscribers is the minimum a team should do.I had no problem with swaps before, two of my eth tokens made it. Open Platform did not migrate to a new blockchain, but they made a new contract and gave a bonus for hodlers, the process was a bit laborious, but everything went well. HPB was fast and eas. Now Sandblock is doing it, they just asked to send tokens from their app to our ethereum wallet, waiting for next steps...
but it's true that sometimes the lack of communication from the teams may lead to disasters.. this one (cures token) locked all bounty/airdrops tokens by smart contract. People were unaware of this, here is the result: https://etherscan.io/address/0x90d2f949ceafedfabd4bbb15c1f70ba9c7a17f2e A thousand failed transactions and wasted gas.
Not really killing but might confuse some other investors with it. The only worry I have for the tokens conducting swapping is some investors who holds their tokens and forget about it for a while holding lose the chance to swap it and some projects have due dates and this is the worst since people sometime dont intend to watch or get an update with some of their asset for quite sometime. Maybe sometimes project should allowed late conversion cause not everybody is a time watch who always check update on social media of their portfolio activities.
Some projects that swap to Binance DEx now have almost zero trading volume. Maybe they should remain in the ethereum network. It's possible there is future for them in the long run when Binance begin to support projects on their blockchain. Investors that buy altcoins to hold for years should be educated on the inherent dangers.
If they are going to make a swap, they should make an announcement as early as three months, and they should do extend their announcement for five months, so latecomer can still avail of this swap, there are long term holders that only check information about their coin once or twice a month especially if it's an old coin
This swapping scenario will only kill its credibility and investors will surely all be leaving from them. This is not a good idea and it only pulling others to stay away from crypto and loss their hopes, and it looks like holding doesn't make sense at all. Now, if you are not aware of what the company are planning for (swapping) you'll probably be waking up surprise and lose your funds.
This is the truth as most projects has done it and ends up making long term holders regret ever holding. To be candid, most investors nowadays prefers holding coins like Eth, BTC and so on when it comes to long term holding because they are sure there won't be any future swap and its likes. Also, there are good projects one might consider holding, I think the first thing to do in this case is to take note of when the main net will be launched thereby having a time frame of when swapping will take place. Also, checking the telegram group once in a while will also be helpful.
I was following the discussion and I do get it that investors also need to tuned up with updates but that doesn't necessarily mean that you should indirectly scam token holders that were unaware about it and came in late for the token swap. There should be a proper provision for them to recover it. Maybe remove the deadline.
Token swap is a very bad practice and by making investors lose their share will only welcome bad image.
Token swap is a very bad practice and by making investors lose their share will only welcome bad image.
Token swaps must not necessarily be from one blockchain to another, it can also be on same blockchain but an upgrade. For example from ERC-20 to ERC-223 on Ethereum blockchain. That aside, you made a very good point here. I am totally against the idea of putting deadlines for token swap, many investors usually miss out and lose a lot of funds. A good project should add a section for token swap in their mainnet wallet for example or if it's on same blockchain, it should happen automatically. Investors should be prompted to withdraw to personal wallets and of course long term investors will always leave coins/tokens in personal wallets hence they won't be affected.
The scenario you described, is very unprofessional from the team.
I know few projects that swap their tokens forever, they dont have timelines.
I suppose that investors also get emails and several alerts afterwards ( reminders)
I know few projects that swap their tokens forever, they dont have timelines.
I suppose that investors also get emails and several alerts afterwards ( reminders)
I don't see how this is killing the idea of holding, I could remember recently I missed swap of one project I was holding their tokens and when I wanted to sell the address on exchange is no longer ERC20 tokens and I proceeded to swap it on the mainnet and everything went well. The main thing is do not lose your private key
You are right. I have also lost my hard earned rewards because of token swap and not keeping myself updated with project.
It was RRC token and few months later I came to know that it was swapped to ERC-20.
But now I learnt the lessons. We have to keep ourselves updated via all means of their social channels, untill we sell the tokens.
It was RRC token and few months later I came to know that it was swapped to ERC-20.
But now I learnt the lessons. We have to keep ourselves updated via all means of their social channels, untill we sell the tokens.
What I really hate about Token swap, when the company has a specific timeline for the token swap. I was away from the crypto and I have no idea that the token I am holding had swapped their token and I have to chase their project team to consider my request and it's given me a lot of stress. I don't support this idea.
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