[NAUT] Nautiluscoin to Nxt-based Nautilus redemption process.

[Vlad2Vlad]

There are currently 3 main exchanges on board with Nautilus, and the Drachmae projects native exchange is coming soon, so I'm fairly sure that there will be ways to redeem old NAUT to NXTNAUT for a while longer.

Dave, when is the native exchange coming?  I heard it's gonna be launched in the next couple weeks.  Thanks...

[EvilDave]

Er....yep. By now you've probably had  a chance to play with it a little, and as I understand it the launch will be in a week or 2.

I've just updated the OP, there are still a few redemption transfers comng in, we are now at 3,657,952 NAUT redeemed.

[BitcoinNational]

"3,657,952 NAUT redeemed"

what happens to those coins?

---

also is there a time limit on converting NAUT to nxtNAUT?
(ballpark it if yes but no official fixed date)

[EvilDave]

The 'old' PoW NAUT is dead as a dead thing, except as a means of getting NXTNAUT
The redeemed coins are currently locked in the redemption wallet, and that is where they are staying.
I might throw the wallet away completely when redemption ends, old NAUT will be essentially valueless then.

There will be a cut-off point for NAUT redemption. I can't give you a precise time, but there will be plenty of warnings well in advance.
(and we're not completely heartless: turn up with a good story and some valid NAUT after the cut-off, and we will try to help, but no guarantees)

The cut-off date for the manual redemption process is when the new exchange opens, say within 2-3 weeks.
Redemption will then be possible only via the Drachmae exchange.
The cut-off date for redemption through the exchange will probably be set by technical issues. As hashrate drops on the old NAUT network, transfers will become more difficult and exploits easier. The redemption will have to stop once that happens.

So my ballpark figure for a cut-off date is 6-10 weeks.
(very, very ballpark)

EDIT: just did the transfers for tonight, current total NAUT redeemed is now almost (almost) 4 million : 3,934,894



 

[EvilDave]

Yay! We just hit the 4 million NAUT mark: 4,004,694 to be precise.

https://bitcointalk.org/index.php?topic=1182317.msg12441796#msg12441796

[BitcoinNational]

The 'old' PoW NAUT is dead as a dead thing, except as a means of getting NXTNAUT
The redeemed coins are currently locked in the redemption wallet, and that is where they are staying.
I might throw the wallet away completely when redemption ends, old NAUT will be essentially valueless then.

There will be a cut-off point for NAUT redemption. I can't give you a precise time, but there will be plenty of warnings well in advance.
(and we're not completely heartless: turn up with a good story and some valid NAUT after the cut-off, and we will try to help, but no guarantees)

The cut-off date for the manual redemption process is when the new exchange opens, say within 2-3 weeks.
Redemption will then be possible only via the Drachmae exchange.
The cut-off date for redemption through the exchange will probably be set by technical issues. As hashrate drops on the old NAUT network, transfers will become more difficult and exploits easier. The redemption will have to stop once that happens.

So my ballpark figure for a cut-off date is 6-10 weeks.
(very, very ballpark)

EDIT: just did the transfers for tonight, current total NAUT redeemed is now almost (almost) 4 million : 3,934,894



 

Evil Dave we're 3 weeks into the ballpark guess-ta-ment ...

Can you re- guess-ta-ment a ball park date?

[EvilDave]

With perfect timing (thanks, BitcoinNational), I've just heard today that the Drachmae exchange is fully live for NAUT exchanges:
https://www.drachmae.exchange/

I'll keep this manual redemption process open for the next 8 days, so my cut-off point will be Friday 6 November at midnight CET.
If anyone wants to get their NAUT exchanged to NXTNAUT through me, get your NAUT moving now.....

As far as the health of the NAUT network is concerned, I'm not going to make any predictions. I expect that there will still be enough hashrate on the old Nautilus blockchain to make transfers for another month or 2, maybe longer, but I can't give any guarantees on that.

[khyper]

To Those Who Recently Opened A Drachmae Exchange Account:  How long did it take Drachmae to verify your new account so you could use it?  Their press release says 24 hrs, but it's been over 48 hrs so far for me.  I understand they're busy, just wondering when to assume there's a problem, and I'm eager to get my oldnaut out of Cryptsy.

11/1/15 update: my account was verified in under 72 hrs.

2nd update: been trying to send ALL my oldnaut from cryptsy to drachmae. Twice I've gotten a confirmation email saying my total balance will be withdrawn, but then only half that amount actually goes to drachmae.  Anybody else having this issue? I opened a help ticket with cryptsy.

Response from Cryptsy:  "...We are sorry for the inconvenience this may have caused you.
It appears that our wallet has many inputs built up in NAUT
so the withdrawals get chopped to a size that is able to fit into the block chain.
I have informed our wallet specialist who will begin to merge inputs on NAUT this way
the withdrawals will no longer be chopped in half to fit into a block. ..."

[Vlad2Vlad]

Evil Dave we're 3 weeks into the ballpark guess-ta-ment ...

Can you re- guess-ta-ment a ball park date?

I would like to know too.  It was 1-2 weeks about 3 weeks ago so is the exchange ready to go?  The redemption is done and the gold VAT exemption is done so what's left?  Thanks!

[tukho]

So the question on the floor Bittrex need to convert or leave like that? Thank dev

[sgi02]

The new exchange is live and my account at Drachmae has been activated. So now all I have to do is deposit "Nautilus-L" and my coins will be automatically converted to the new NXT based Naut, correct? Just wanted to be 100% before sending them over. Thanks

[EvilDave]

Bittrex have done the swap, so if you have Nautilus on Bittrex, it is the new Naut-X (NXTNAUT).

Yes, any old PoW coins deposited to Drachmae will be converted into new Naut-X automatically.

I'm shutting down this redemption thread as of now, so head on over to :
https://www.drachmae.exchange/
for any further redemptions.

[alicex]

it seems exchange in bter?

[Roister01]

Hi folks,

I have a few thousand Naut, just transferred from Cryptsy to Drachmae. Now showing up in my account as Naut-L. What happens now? Also,
 what is the correct wallet to download for the new coins?

Cheers,

Roister01

[EvilDave]

Once your old NAUT (Naut-L, for Legacy) is on Drachmae, you are good. Any withdrawal will then be as the new Naut-X.
EDIT: Once the swap has been carried out, see post below.

As the new Naut-X is a Nxt-based Monetary System currency, you will need a Nxt wallet to recieve and store it.
See here for Nxt wallet install info and download:
https://nxtforum.org/nrs-releases/nrs-v1-6-2/


Just to remind everyone:

All Nautilus redemption will end on Friday 13 Nov at midnight GMT !

This redemption thread is already closed, and the Drachmae exchange will stop redeeming the old Naut-L on Friday.
If you still have fat stacks of  Naut-L, but cannot redeem it for whatever reason (like Cryptsy issues) get in touch with me,
and I'll see what can be done to help out.
Just do it before Friday, Ok ?  

EDIT:There will be a short extension to the redemption period, again, see below.

[EvilDave]

Redemption period:
As originally announced 13th November 00:00 GMT was intended to be the the cut off point for redemption of the old
Nautilus Proof of Work currency, but considering the situation with Cryptsy withdrawals it has been  decided to keep it open
for a few extra days, to allow people some extra time to get their Nautilus out.

Drachmae project:
For clarification: the Drachmae brand was created and set up by Lee Grant and Nick Grove for Coinstructors, but the
exchange was funded for Nautilus coin by Brian Kelly. The Drachmae exchange platform itself is not owned by
Coinstructors.
Drachmae itself ran a proof of concept (POC) user case that was deployed on Agistri to further understand how adoption
and user experience with crypto currency would work in the real world, this was also set-up and managed by Coinstructors.

Drachmae exchange:
At this moment, there are delays with getting the legal requirements for the Drachmae exchange organised, therefore
currency trading on the exchange has been disabled until further notice. 
For the time being Drachmae exchange will continue to be used as a simple online storage/wallet for Nautilus for those
who wish to store and redeem their Nautilus coin there.
Next week will see the start of the swap on Drachmae exchange, transferring the old 'Nautilus-L' coin to the new Nxt-based 'Nautilus-X' currency.
This will be done automatically on the exchange from the 18th November onwards.

From the main Nautilus thread:
https://bitcointalk.org/index.php?topic=591114.msg12965103#msg12965103

[worth]

Hi. Just want to verify that the swap is still available using the instructions in this thread.

I'm asking on behalf of a friend who I gave some to months ago who apparently didn't read the email I sent him a while ago with instructions and is trying to do it tonight (or tomorrow morning at this point since it's fairly late in his time zone).

Thanks!

[EvilDave]

Nope. Sorry.
This redemption process has ended.
The best advice I can give is to get your bud to get his 'old' NAUT on to his desktop client, and then sign up for the still open redemption on the Drachmae exchange:
https://www.drachmae.exchange/
which will (probably) stay open until the 18th Nov. Might be longer, but don't bet on it.

[worth]

Nope. Sorry.
This redemption process has ended.
The best advice I can give is to get your bud to get his 'old' NAUT on to his desktop client, and then sign up for the still open redemption on the Drachmae exchange:
https://www.drachmae.exchange/
which will (probably) stay open until the 18th Nov. Might be longer, but don't bet on it.

OK, I understand. Thank you.

[kenler]

So what happen with the old-Naut after 18 Nov if I don't swap