POSW help

[BillyBobZorton]

I have some POSW (also known as Poswallet) in an exchange, and it seems that tomorrow there will be a swap and the token will be known as XSN. Looks like they are rebranding from Poswallet to Stakenet which sounds way cooler by the way.

Im ok with it, I just don't want to lose my money in cryptopia. Is there something I need to do? Do I need to send the coins somewhere to convert them? I don't really get what's going on, I haven't been paying much attention to my alts.

[1714888531]

1714888531

[1714888531]

1714888531

[1714888531]

1714888531

[1714888531]

1714888531

[1714888531]

1714888531

[Aura]

If Cryptopia didn't mention anything about the swap then it's recommend to take precautions to be sure that you don't lose anything. I don't know this altcoin but I presume it works with Public-key cryptography and in Cryptopia you don't have access to your private key, so that means that you can't manage it beyond their interface. Their desktop wallet seems to be your safest option: https://posw.io/get-wallet/.

[Panda Trump]

I have some POSW (also known as Poswallet) in an exchange, and it seems that tomorrow there will be a swap and the token will be known as XSN. Looks like they are rebranding from Poswallet to Stakenet which sounds way cooler by the way.

Im ok with it, I just don't want to lose my money in cryptopia. Is there something I need to do? Do I need to send the coins somewhere to convert them? I don't really get what's going on, I haven't been paying much attention to my alts.

~IMG snipped~

Hey Billy! Aura made a good assumption, but you shouldn't have to worry. This swap won't result in you losing your funds if you hold them on Cryptopia for now, but you will have to swap them manually between March 1st and May 31st.

Lemme explain:

Now, you can't Swap POSW for XSN yet. However, between March 1st and May 31st, you will be able to swap them at a 1:1 ratio on an exchange called "Livecoin". Till May 31st, you will be able to send POSW still, but after May 31st, all POSW will be burned and you won't be able to swap it for XSN anymore. This means that you must swap it for XSN at Livecoin.
In short: You can hold them at Cryptopia, but you must swap them for XSN at Livecoin between March 1st and may 31st. I suggest doing it as quickly as possible, so you don't forget about it and lose your funds.

For more information, visit this reddit post about it: https://www.reddit.com/r/POSW_Coin/comments/7yzfbj/posw_to_xsn_coin_swap_planned_to_start_on_march/
For further support, join their discord: https://discord.gg/cyF5yCA

[BillyBobZorton]

Thanks for the help. So from what I understand, if I leave my coins in cryptopia today, I can still make the switch by sending them into Livecoin until May 31...

Well, I find it dangerous that they only have made a deal with a single exchange. They should get cryptopia and others too in order to not create a massive single point of failure.

Im going to try to send them to Livecoin today and as soon as I get the XSN I will try to get the windows desktop client wallet on my laptop because I don't trust altcoin software on my main computer to be frank.

I would like to put it on poswallet.com for 24/7 staking but it was hacked once, so it could happnen again.

[Panda Trump]

Thanks for the help. So from what I understand, if I leave my coins in cryptopia today, I can still make the switch by sending them into Livecoin until May 31...

Well, I find it dangerous that they only have made a deal with a single exchange. They should get cryptopia and others too in order to not create a massive single point of failure.

Im going to try to send them to Livecoin today and as soon as I get the XSN I will try to get the windows desktop client wallet on my laptop because I don't trust altcoin software on my main computer to be frank.

I would like to put it on poswallet.com for 24/7 staking but it was hacked once, so it could happnen again.

Yup, only one single exchange. You're not the only one who finds that dangerous. Many others have also shown their doubts about it. There will undoubtedly be people losing their coins due to this, but it is what it is 

Sounds like a good plan. Doing it quick & then getting your coins to safety   

[Freddoe]

Yes, doing the swap on an small exchange like livecoin and not in there own wallet is not the optimal way to go. Now I have to creat an account on livecoin wich is an exchange I didnt want to use. But as said. It is what it is...

[pereira4]

Don't forget that if you have your coins in cryptopia, it has a $5000 NZD daily limit, so if you got a ton of coins, you are going to have some problems unless you can do it before the countdown happens. Also you must get them out of Livecoin too. Im not sure what the limit of withdraw is in Livecoin.

Of course these limits can be lifted by giving them your personal information, but who wants to do that.

[BillyBobZorton]

Yes, doing the swap on an small exchange like livecoin and not in there own wallet is not the optimal way to go. Now I have to creat an account on livecoin wich is an exchange I didnt want to use. But as said. It is what it is...

Yeah I thought I had an account myself, I had to create one, now im going to see how this works, hopefully I don't end up losing any coins because I hate exchanges in general.
Honestly this is pretty lame coming from POSW team, they should have waited to get several deals with various exchanges to not force everyone to go to the same exchange... imagine that for some reason Livecoin gets hacked or some evil actor inside Livecoin does an exist scam during the transition period.. it would be disaster.

Anyway I hope for the best for the POSW team and im looking forward to see Stakenet being an huge success. I would like more info on how the TPOS technology works tho.

[BillyBobZorton]

I finally got a Livecoin account going and I sent my coins from cryptopia to Livecoin, I will check later if the money has arrived because the withdraw was pending in a queue.... I hope cryptopia didn't scam me because I've seen several people complaining about stuck withdraws on cryptopia. I've also seen some scares on Livecoin too, where people couldn't withdraw for a while... shit, this is scary. I need to get my coins out of there ASAP.

I really like the project but this transition process is a mess.

And now that the coin is called Stakenet, why is the website still called Poswallet? it's confusing.

[pereira4]

Me and also other people are waiting to get our remaining POSW out of cryptopia. The POSW/BTC trading pairs are still frozen in Livecoin... so they are frozen in there.

Anyone has the schedule? will there be further switches in Livecoin or it will be http://xsncoin.io where we will send our POSW to get XSN out of it? They need to sort this out, I think the price has dipped because of this process. In my book it's a good time to buy if you still didn't got any. Once this all gets solved this project will make great gains.