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RE: SMTs Coming To Daybit Exchange: The Beginning Of The Future. (& Our Weekly Updates)

in #actifit • 7 years ago

Thank you @ervin-lemark,
Although the discussion is about to initialize directly with Daybit to thoroughly understand how it will go, yet our perception is as follows in terms of answering your questions:

there won't be any real tokens, just ERC20-like tokens kept in the books of Daybit,

Actually the intention is to have the tokens as full ERC20, so as they will be available for use on any other exchange, store-able on ETH wallets, and as the migration is ready they will be swapped back to SMTs.

when SMT related hardfork of STeem is launched, Daybit will support it and convert these fake tokens into real SMT tokens,

Not fake tokens, real tokens, and yes they will be migrated back to SMTs.

then we will be able to trade them for Steem / SBD and possibly for fiat or any other asset like BTC

Once we go live with Daybit exchange, with ERC20 tokens, you will be able to directly trade them against any assets, such as BTC or others that are supported on Daybit. In terms of FIAT, I believe being a korean exchange they would only support KRW (Korean currency)

Is there any trading planned before SMT launch?

I believe the above answers that, but also we are planning an even sooner approach to allow exchanging AFIT tokens, if it works we will announce it ASAP :)

7 years ago in #actifit by
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     6 years ago 

    I am looking forward to see how much the market values AFIT tokens... just the fact we get paid to be active is a feat on its own

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     6 years ago 

    Thanks a lot for all your answers.

    I believe you are aware of the issue with all the ERC20 tokens. You need the proper ETH wallet (OK, web wallet will do) and some liquid ETH in it when you want to move these tokens to pay for gas.

    Of course, you don't need this when you are using exchanges only.

    There is this distinction between the exchange wallet and real ETH wallet (including with the story who is in control of the private keys) that people skip to understand.

    And then there is ethereum gas, one of the more obscure concepts in the blockchain world :)

    I hope that all goes well and that there won't be any unnecessary confusion...