Bitcoin Forum

There is a recent demand for erc20 capable currency, but projects that have launched so far have had worrisome distribution methods. Airdrops, prizes, icos, all lack the transparency required to prove a fair distribution method. EBIT will credit users with their bitcoin balance, like a true bitcoin fork.

How to claim your EBIT tokens **UPDATED 10/10/17**

To claim your EBIT tokens, simply send a bitcoin transaction with the signed message, "EBIT 0x0000000000000000000000000000" where "0x000..." is replaced with the ethereum address which will receive the claimed EBIT tokens. This signed message can be sent to any address. You may use the same ethereum address in your messages from multiple bitcoin addresses. We encourage this to reduce gas costs at time of distribution. Do not send your claimant message from any coinbase account or other exchange that allows messages. Exchanges often update wallet addresses, and you risk not receiving your tokens.

The message must be sent to the blockchain using the OP_RETURN script available in bitcoin.

If you hold BTC on any exchanges and you support this project, we encourage you to ask the exchange to also support this token, and take the steps to claim and credit their users with their balances. Otherwise you will need to withdraw your BTC to your own wallet before the November 6th snapshot, in order to receive your EBIT tokens.


Fork/snapshot time is currently scheduled to occur on November 6th, 12:00 UTC

After the snapshot block takes place, tokens will become available within 24 hours.


Please feel free to ask questions, give concerns or other comments.

How hard is it to declare these Etherium coins? I see them come out ever 20 minutes???

Creating an ethereum token is not difficult, and many projects seem to be nothing more than cash-grabs. This is why we are choosing to distribute based solely on bitcoin balances during time of fork, rather than holding an ico, or doing an airdrop, etc.

We believe there are significant advantages and demand to have a powerful currency as an erc20 token, but we do not believe "cash-grab" projects will have any long term potential. By distributing EBIT as a BTC balance fork, we will generate interest from exchanges who hold BTC, as well as long term BTC holders, instead of interest from ico-flippers and exchanges paid off by dev teams.

Did this mean that everyone who purchase this coin will directly getting a bitcoin instead of this EBIT coins, or did I understand it wrong?

No. There will be no purchasing or selling of this coin until after it is available on exchanges. All coins will be distributed to people based on their bitcoin balance at the time of launch (fork).

It will not cost anything to obtain this token, only proof of bitcoin address ownership. Nobody will be asked for their email, name, or any other information for this process.

So, November 6 is the date of bitcoin snapshot?

Yes. We will snapshot at the first block solved after 12:00 UTC on November 6th.

EBIT tokens will be distributed within 24 hours of the snapshot.

How will accrual for purses? And what about the Bitcoin wallets on the stock exchange?

I will keep the latest news from this project because I am interested to follow it ico from the project can be successful and the project can run with what we want.

The process for claiming your EBIT balance will require that you are able to send a signed message from your BTC address. If you have BTC in a wallet that you do not contain the private keys of, it will be at the discretion of the wallet owner on whether or not they take the steps to claim and distribute EBIT on their platform.

what is the mean goal of EBIT?

Interesting, so this si kind of like CLAM where you take a snapshot of the blockchain and coins are claimed based on that?  Do we just put in a BTC address to claim the coins later or how does it work.  I hold some BTC and I don't want to miss out on any free opportunities.  Will this also support exchange wallets or only personal wallet balances?

Am keeping an eye on this. ???

Interesting, will there be minimum ETH requirement ?
If the value is too low then there will be so many addresses that gas fee will have a big value.
If the value is too high then there will not be broad adoption.

wait youre open airdrop dev

I think people now understand why China need to cancel ICOs over there, all these E-tokens are just popping up like a weed, hardly will one not see them on any page open in Alt coin discussion and announcement section

How exactly will this work?

 I am interested to follow it

A snapshot of the bitcoin blockchain will be made and if you own any bitcoin on an address that you own your private key to
you will get the same amount in EBIT if you can sign a message proving that you own the bitcoin address.
It's a pretty good idea imo, as the OP said like a true "fork" of bitcoin but on the ethereum blockchain.

It should be "minimum BTC" because it is based on BTC, but claim ETH token...

I will follow this topic.
I would like to know the goal of this coin

The process of claiming will be to send a signed message from your BTC address. We are not ready just yet for people to begin doing this. When we are ready, we will give instructions on exactly how to format that message. For this reason, exchange wallets will be at the discretion of the exchange owner. Feel free to contact your exchange to ask them to support this coin. We believe we will have decent exchange adoption, since they have an incentive to claim their own EBIT, given that they own a lot of BTC.


Great question. There are two different routes we can take to overcome this problem.

Route 1 would change claiming into a two-step process, where the second step is to send a flat fee of .001 ETH to the EBIT contract, to cover gas costs. This would allow there to be  no minimum amount of BTC to claim. You can link multiple BTC addresses to a single ETH address, so you will only pay the ~30 cent gas fee once, instead of for each BTC address.

Route 2 would be to have a minimum BTC balance of .001. You can still link multiple BTC addresses to a single ETH address, so hitting this minimum should not be difficult for most people.

We would like feedback on which option people would prefer

Im very excited for your project to air,

How to claim your EBIT tokens **UPDATED 10/10/17**

To claim your EBIT tokens, simply send a bitcoin transaction with the signed message, "EBIT 0x0000000000000000000000000000" where "0x000..." is replaced with the ethereum address which will receive the claimed EBIT tokens. This signed message can be sent to any address. You may use the same ethereum address in your messages from multiple bitcoin addresses. We encourage this to reduce gas costs at time of distribution. Do not send your claimant message from any coinbase account or other exchange that allows messages. Exchanges often update wallet addresses, and you risk not receiving your tokens.

If you hold BTC on any exchanges and you support this project, we encourage you to ask the exchange to also support this token, and take the steps to claim and credit their users with their balances. Otherwise you will need to withdraw your BTC to your own wallet before the November 6th snapshot, in order to receive your EBIT tokens.

Tokens will become available within 24 hours of the snapshot.

Can you please explain what means "This signed message can be sent to any address" ? thanks

EBTC, EBTH, EZEC...What E next?

I will follow this topic. Distribution using a snapshot of bitcoin so we receive so many tokens as bitcoin balance or same amount of tokens?

It means you do not have to send the message to our bitcoin wallet. The message can be attached to any bitcoin transaction, to any destination. The only requirement is that it be formatted:
ebit 0x00000000000000
Where "0x000..." is replaced with an ethereum address.

This is done using the OP_RETURN script in bitcoin.


Yes, the balance of each bitcoin address during the snapshot will be the same balance of EBIT credited to ethereum addresses.

I have found these instructions to create what is needed in Bitcoin Core: https://bitcointalk.org/index.php?topic=453086.0 but I can't find how to do it in Electrum, if it's ever possible. Please help...

Once you format your raw transaction as discussed in that thread, you can push it to the blockchain using https://blockchain.info/pushtx

How this airdrop works? the more btc you have in your wallet the most coin you will get? is this the way, thanks for the info dev

Interesting project, I am in

I think this is the first E-series Airdrop token that make real sense, the way all these new airdrop tokens are spamming the forum is very annoying and frustrating in deed for one to see two projects fighting on ELTC name

It seems a very nice project, however it's a bit too complicated for dumb people like me... Do you have the chance to prepare an "how to" ?

Thanks!

We are working on an alternative claiming method which will be easier. People will still be able to claim using the OP_RETURN method, but we will have a second option available before the end of the month. The second option will be a simple form, where you submit your bitcoin address and your ethereum address. You will be told a specific bitcoin amount (under $1) to send to an address for verification.

This way it will be easy for anyone to claim their EBIT tokens at practically no cost.

Another token has ripped off our name, "EBIT"

The EBIT listed on Etherdelta right now is not the legitimate EBIT. They announced their useless airdrop token more than a week after our announcement.

Please help voice concerns to etherdelta to remove this scam token here: https://www.reddit.com/r/EtherDelta/comments/7923oy/please_remove_ebit_the_group_hijacked_our_name_a/

Our official site is up at http://www.ebit-token.com/

We will have the claiming form ready to go within a few days.

It’s sad to see ppl copy-cut the original token