Minting Opportunities and Wallet Improvements

in tradeqwik •  10 months ago

Tradeqwik has come out of its unplanned Thanksgiving break, and our development team is working nearly round the clock to finalize the new wallets and bring them online. Deposits and withdrawals currently work fine for STEEM, SBD, and GOLOS. We are working on the DOGE, DASH, LTC, ETH and BTC wallets in that order.

Trading is functional though not all markets are currently available.

Minting of VIVA into the whole complement of vX is also functional, which means that you can use your VIVA to bet on the cryptocurrencies you believe are currently undervalued and will go to the moon. Please keep in mind that if you "mint" your VIVA into BITCOIN for example, what you are getting is a Bitcoin shaped bucket of VIVA. You convert your VIVA at $9.00 per VIVA into this Bitcoin shaped bucket. Let's say you bought in a $10,000 and BTC reaches $20,000 six months from now. At that point, you could "unmint" your BITCOIN back into VIVA, but you would end up with nearly twice as much VIVA as you started with because you would convert back to VIVA at $11.00 per VIVA and $20,000 per BTC.

An important reminder: although the mint function works, the unmint function does not work, so please don't mint anything you're going to regret two days later. We do plan to reactivate the unmint function as soon as possible but getting the wallets fully functional is a higher priority for obvious reasons.

Speaking of the wallets, another very important reminder is that you have been given all new deposit addresses for your wallets. Please log in and get your new wallet addresses before making any deposits. Your old addresses will not work. Actually, it is always a good idea to first log in and check an exchange or any other kind of cryptocurrency service you use for your current deposit address. Even if you have the address memorized and you've used it multiple times it is never a good idea to assume it will be the address you need to use this time.

An important question on everyone's mind is this: Why did we suddenly have to close up shop and fix the wallets during one of the most exciting weeks in cryptocurrency trading history?

First, we did not plan to shut down during such a momentous week. That part was coincidence.

Second, we had to close up when we did because we discovered a couple possible ways to exploit our wallet system as it was, and we couldn't take the risk of losing more funds that way. The ability to "mint" other coins with VIVA as a way to take advantage of positive movements in those coins' markets is cutting edge and as such sometimes comes with unexpected, er, features. You aren't supposed to be able to just mint and withdraw. But it was possible to do that with at least one coin, so we had to shut that down and close up that hole fast. Another issue that was happening was that sometimes a withdrawal on a wallet would go through but the account wouldn't be credited with it, which allowed the account holder to withdraw twice. Obviously this isn't a sustainable model so we had to cut off any possibility of it continuing.

We are bringing wallets online starting with smaller ones because we can more easily handle a loss of funds from a leak in a DOGE wallet than a BTC one. As these wallets come online, if you happen to notice anything weird like the ability to withdraw the same balance twice, please let us know. We are all a team and all in this together. We will all do so much better succeeding together than we would individually taking advantage of any leaks in the system now.

Since some people knowingly or unknowingly used those exploits to their advantage we are stuck with having to audit certain accounts that appear irregular as well as the most active accounts.

In other words, we are dealing with both a technical coding challenge which we can absolutely overcome--it just takes time--and a human challenge, which also takes time to sort out.

So if your account is caught up in the audit process and you're waiting on funds, we sure appreciate all your patience and support. We have our lines of communication open in Discord if you need anything expedited for some kind of emergency--we will work with you to help you out on a case by case basis.

All your funds are safe. Both Tradeqwik and the rest of VIVA Holdings continue to flesh out the road map that we have laid out, the vision that you all share with us.

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thanks for the updates!

GREAT UPDATE!!!

Thank you so very much, it even illuminates some of my own wonderings about the MINTing (& unMINTING) as well as the idea relating to the "a Bitcoin shaped bucket of VIVA." This simple note made me understand that I understood well what was going on in relation to the process and, more importantly, value of the minted asset. From here, I am wondering how to turn these Viva assets (Called "Vx" if I remember well) into the actual currency? I'm not clear on that one yet. Soon though!

Namaste :)

So... What Happens When I UnMint and Viva is $100 Each?

I simply end up with fewer Viva, right?

This is a very good news, we all have to just keep patience @tradeqwik Thank you for this wallet issue news.

My VIVA ID: 6734976273893747843