[ANN] [ETC] Ethercoin | Redeemable 1:1 for ethers | Official Thread

[ethercoin.cc]

Redemptions have begun.

Largest to smallest.  Takes up to 24 hours. (We process manually, and have to eat, sleep, etc)

Any redemptions under 10ETC are low priority and will be redeemed at the end of the month.

This is simply BS!  

It takes 15 seconds, at most, to send a transaction on the Ethereum network - double checking that the send and receive address are correct, taking your time to double and triple verify ...   You have 50 requests on your website at the moment - 50 x 15 seconds = at most 20 minutes to clear the backlog...

Within the terminal geth console, set the followings:

Code:

>var sender = eth.accounts[0];
>var receiver = 'ETCETHRedemptionxxxxx;
>var amount = web3.toWei("the amount to redeem", "ether")

Then,

>eth.sendTransaction({from:sender, to:receiver, value: amount})

Repeat as necessary... not that complicated...

Our transactions are signed offline, then moved from an airgapped machine to be transmitted.  We will try to process redemptions under 10 ETC when we have time but make no guarantees.  

If you are trying to redeem less than 10ETC, don't expect it to be redeemed quickly.  Everything is manually processed. You are wasting your time and ours. 

[ethercoin.cc]

Our transactions are signed offline, then moved from an airgapped machine to be transmitted.  We will try to process redemptions under 10 ETC when we have time but make no guarantees.  

If you are trying to redeem less than 10ETC, don't expect it to be redeemed quickly.  Everything is manually processed. You are wasting your time and ours.

Double BS!

Here's some math for you:  We had 1 million ether for sale.  If everyone requested 10 ETC redemptions, we'd have to do 100,000 offline signings, which would take months.

We are not prioritizing < 10 ETH redemptions when there are other requests for hundreds and thousands of ETC pending.

Now that we've made this clear, our time and yours won't be wasted.

[ethercoin.cc]

Our transactions are signed offline, then moved from an airgapped machine to be transmitted.  We will try to process redemptions under 10 ETC when we have time but make no guarantees.  

If you are trying to redeem less than 10ETC, don't expect it to be redeemed quickly.  Everything is manually processed. You are wasting your time and ours.

Double BS!

Here's some math for you:  We had 1 million ether for sale.  If everyone requested 10 ETC redemptions, we'd have to do 100,000 offline signings, which would take months.

We are not prioritizing < 10 ETH redemptions when there are other requests for hundreds and thousands of ETC pending.

Now that we've made this clear, our time and yours won't be wasted.

I am sorry - but you only have 50 redemptions to do on your website, not millions - get on with it! 

Yes, they are being handled.  We currently are closing Escrow deals that are for very large amounts; unfortunately we have to prioritize things. Soon we will be able to make things happen much faster once all the escrow transactions are out of the way.

[ed_teech]

So, in summary people are speculating a 10x price increase for ethereum ?

There is a demand for Ethereum, for those who slept in 2014, and the supply is limited due to the fact that most pre-sale buyers can't use terminal commands to send their coins to exchanges.  So the price is very high at the moment.  The instant a more user-friendly solution will be available for the windows users, the price will go down to about $0.30 per ether (the pre-sale value of Ether in 2014).  There are now about 30 000 ethers mined every day (5 ethers per 15 seconds), plus the 60 millions pre-sold in 2014... do the math...

In 2014, 75% of the Ether were sold to high rollers and believers. Leaving 25% of the 60 millions to small speculative "investors" who don't give shit about Ethereum.  Ether is fuel, nothing else.  It is not designed to be a currency. It only fuels contracts on the Ethereum network.  Once people get this, they will buy them only to fuel their contracts, nothing else.

If Ether is fuel, its price should not be high and volatile. Right ?

[ethercoin.cc]

We would like to remind everyone that this thread is intended for high signal to noise ratio discussion and so it is moderated.

We are redeeming ETC manually for security reasons (signing offline), and are doing so in priority order from largest to smallest.  We will do our best to redeem small requests, but will not guarantee that they are processed within 24 hours, and could take a few days.

If you would like to troll about this because you requested the 0.8ETC transaction, please create another un-moderated thread for trolling.

Thank you.

[siamjim]

can any1 explain to me why is the price is steadily going lower n lower, where will the new floor be?

[wagabee london]

ethers are token for a network not a currency the Price was to high

[ASICHEAD]

Most users are dissatisfied with the manner of launch, more than 95% of investors still are not able to transfer their Ether to the exchanges.
this prices still is very high, Huge dump in the way.
just watching it.

[killacam8888]

Dont listen to FUD. Best advice.

ETH INFO: 1. https://www.youtube.com/watch?v=U1XOPIqyP7A

                2. https://www.youtube.com/watch?v=hwaBM-kQeqc


You be the judge...what is an Ether worth in todays world? ...with a company like IBM backing this project, IMO you cant go wrong here. The world is changing fast. The fact that I can quit my job and trade these currencies and make a living is something alot of my family/ friends dont understand. They will soon. With coins like this. Blockchain technolgy is the future. Coins like GMC will bring main stream adoption to crypto as well IMO. We all have that one friend who tells us "stop wasting your time on Bitcoin man", "stop playing with that play money", "what the fuck is bitcoin no one will use it". Inject crypto into their games, they will begin to see value in digital currencies then. IMO digital currencies best chance to become popular through mainstream adoption is through the video game industry. Just sit back and think about the implications for a second.

My gut tells me we are all apart of something great. Most of the people around us dont even know what cryptocurrency is. IMO thats like not knowing what gold was during the gold rush. We are all so lucky to be apart of this.

[ASICHEAD]

Dont listen to FUD. Best advice.

ETH INFO: 1. https://www.youtube.com/watch?v=U1XOPIqyP7A

                2. https://www.youtube.com/watch?v=hwaBM-kQeqc


You be the judge...what is an Ether worth in todays world? ...with a company like IBM backing this project, IMO you cant go wrong here. The world is changing fast. The fact that I can quit my job and trade these currencies and make a living is something alot of my family/ friends dont understand. They will soon. With coins like this. Blockchain technolgy is the future. Coins like GMC will bring main stream adoption to crypto as well IMO. We all have that one friend who tells us "stop wasting your time on Bitcoin man", "stop playing with that play money", "what the fuck is bitcoin no one will use it". Inject crypto into their games, they will begin to see value in digital currencies then. IMO digital currencies best chance to become popular through mainstream adoption is through the video game industry. Just sit back and think about the implications for a second.

My gut tells me we are all apart of something great. Most of the people around us dont even know what cryptocurrency is. IMO thats like not knowing what gold was during the gold rush. We are all so lucky to be apart of this.

Ethereum just is the biggest Cryptocurrencies Scam in history with $18.000.000 revenue from ICO.

[ethercoin.cc]

Dont listen to FUD. Best advice.

ETH INFO: 1. https://www.youtube.com/watch?v=U1XOPIqyP7A

                2. https://www.youtube.com/watch?v=hwaBM-kQeqc


You be the judge...what is an Ether worth in todays world? ...with a company like IBM backing this project, IMO you cant go wrong here. The world is changing fast. The fact that I can quit my job and trade these currencies and make a living is something alot of my family/ friends dont understand. They will soon. With coins like this. Blockchain technolgy is the future. Coins like GMC will bring main stream adoption to crypto as well IMO. We all have that one friend who tells us "stop wasting your time on Bitcoin man", "stop playing with that play money", "what the fuck is bitcoin no one will use it". Inject crypto into their games, they will begin to see value in digital currencies then. IMO digital currencies best chance to become popular through mainstream adoption is through the video game industry. Just sit back and think about the implications for a second.

My gut tells me we are all apart of something great. Most of the people around us dont even know what cryptocurrency is. IMO thats like not knowing what gold was during the gold rush. We are all so lucky to be apart of this.

Ethereum just is the biggest Cryptocurrencies Scam in history with $18.000.000 revenue from ICO.

Scam? They delivered a working network as promised, and development is continuing, and the price is 3x higher then the sale.  Stop trolling here please. Take the nonsense elsewhere.

[johny08]

So, in summary people are speculating a 10x price increase for ethereum ?

10x is nothing, 100x would be something. Just dont underestimate Vitaly

Payout worked great. thanks.

[dzimbeck]

We would like to remind everyone that this thread is intended for high signal to noise ratio discussion and so it is moderated.

We are redeeming ETC manually for security reasons (signing offline), and are doing so in priority order from largest to smallest.  We will do our best to redeem small requests, but will not guarantee that they are processed within 24 hours, and could take a few days.

If you would like to troll about this because you requested the 0.8ETC transaction, please create another un-moderated thread for trolling.

Thank you.

manually? You realize this is the world of computers right? Write a script for it. Or heck an "eth contract"... from the lack of comments on this forum it doesn't appear that you will ever have "100s of thousands of requests for 10 eth"

Maybe its time to pull this coin from exchanges.

[wurstgelee]

"Within 24 hours the equivalent Ether (1:1 ratio) will be sent to your Ethereum address."


It's more than 24h ago since the last ETH were sent..... why is that?

[maxim000]

Proof-of-reserves accounts contain summary only ~350 000 ETH, requested redemptions more 500 000 ETH. Thinking )))

Also, for last 16 hours, from theese accounts was withdrawed 122 000 ETH, and no one redemption.

[wurstgelee]

"Within 24 hours the equivalent Ether (1:1 ratio) will be sent to your Ethereum address."


It's more than 24h ago since the last ETH were sent..... why is that?

My ETH were sent 5 mins ago. Thanks, all good!

[ethercoin.cc]

Proof-of-reserves accounts contain summary only ~350 000 ETH, requested redemptions more 500 000 ETH. Thinking )))

Also, for last 16 hours, from theese accounts was withdrawed 122 000 ETH, and no one redemption.

ETH are moved between PoR accounts for various reasons. 

All that matters is that anyone with a redemption request burning ETC receive the ETH to their address. 

Requests that burn to the PoR addresses are just considered immediately redeemed. (no transfers required)

[maxim000]

I was wrong. My ETH received too.
Sorry for suspicions.

[siamjim]

Gentlemen
how can i redeem my ETC  for ETH when Bittrex gives me a wallet address that you won't accept?
this is the IBAN address Bittrex gives me for ETH > XE--ETHBTRXPL06H7--6.. but the "Ethercoin redemption page" wont accept it. please help

this is what i get
[debug] user typed:4rn7y
[debug] captcha is:4rn7y
[debug] captcha correct!!
Error: XE17ETHBTRXPL06H7006 is not a valid ethereum address -- missing 0x at beginning

[Wob]

Gentlemen
how can i redeem my ETC  for ETH when Bittrex gives me a wallet address that you won't accept?
this is the IBAN address Bittrex gives me for ETH > XE--ETHBTRXPL06H7--6.. but the "Ethercoin redemption page" wont accept it. please help

this is what i get
[debug] user typed:4rn7y
[debug] captcha is:4rn7y
[debug] captcha correct!!
Error: XE17ETHBTRXPL06H7006 is not a valid ethereum address -- missing 0x at beginning

^^ Got the same question.