EOS: What happens with current tokens on Bitfinex when ICO is complete?

jasonpz (30)in #eos • 7 years ago

Can someone discuss (or point me in the right direction) as to what it means to buy and hold EOS tokens on an exchange like Bitfinex as of today, when the ICO is still going on?

My main question is, if I continue to hold these ERC-20 tokens of EOS on Bitfinex, will there be a coin swap at some point to EOS? And will this be done automatically or manually?

I have been researching about EOS for weeks now (I have been buying around the levels we are seeing now - 15k-20k sats) and this issue of the coins and what they will mean going forward is still unclear to me and it seems many others.

Thanks :)

#bitcoin #cryptocurrency #blockchain #ethereum

7 years ago in #eos by jasonpz (30)

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johnchamberlain (48) 7 years ago (edited)

Hi Jason, I posted earlier that the EOS website has updated the participation instructions. Most the info you are looking for is under the registration process tab see https://steemit.com/eos/@johnchamberlain/eos-token-distribution-instructions-update

Whether Bitfinex or other exchanges will automatically credit or coin swap their users ERC20 tokens after the freeze on June 1, 2018 remains to be seen.

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jasonpz (30) 7 years ago

Thank you John. I'll check out the link you posted now.
Ohk, so no official news regarding a coin swap. Do you still think it's worthwhile buying the tokens on Bitfinex then?

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johnchamberlain (48) 7 years ago (edited)

I think, it depends on the circumstances, price + fees. Also is there any requirement to "claim" the tokens if you're holding them long term.

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rtom1990 (39) 7 years ago

I've been accumulating also on, its definitely a long term hold, just like how steem has taken shape and also bitshares, EOS will be the same, we are going to use smartcontracts on the web, without realising it. there will be a 1:1 swap later on just like others are doing. I'd keep my EOS on MEW or Exodus wallet if I were you as it's not as safe to store it on the exchange, hope that helps :)

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jasonpz (30) 7 years ago

Cheers @rtom1990
I agree that I like it for a long term hold. The commenter below, @johnchamberlain, said the coin swap remains to be seen, but if I read between the lines of what Dan says in his interviews, it sounds like it's set up this way on purpose to avoid the ridiculous red tape of the US laws... Of course I could be wrong, but I think this makes the most sense.
Also thanks for the heads up regarding the wallets.

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johnchamberlain (48) 7 years ago

The coin swap does indeed remain to be seen, exchanges wield lots of power and when it comes to listing EOS we could see multiple variants or splits. I touched on this in a post here
https://steemit.com/eos/@johnchamberlain/eos-blockchain-split-testing-different-variants-of-the-same-idea

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