Here’s everything you need to know about SHFL, the mechanics of Airdrop 2, and how to qualify.

What is SHFL?

SHFL is a digital token designed for online betting and wagering. Users can use SHFL tokens to bet across various games and sports on the Shuffle Casino platform. Its liquidity and availability on a regulated exchange make it a unique wager token, providing users with security and a streamlined betting experience.

What is an Airdrop?

In crypto, an airdrop is a way to distribute tokens to users as a reward for engagement and loyalty. With SHFL Airdrop 2, Shuffle Casino will distribute 90,000,000 SHFL tokens to qualified users, building on the success of Airdrop 1. It’s a way for Shuffle to thank loyal users and incentivize further participation.

Unlocking Rewards: A Step-by-Step Guide to SHFL Airdrop 2

How to Qualify for SHFL Airdrop 2

To qualify for Airdrop 2, users need to meet certain conditions, and the rewards are tailored to favor loyalty, wagering in SHFL, and new features like the SHFL Lottery. Here’s a step-by-step guide to qualifying for Airdrop 2:

1. Start Wagering on Shuffle
   • If you’ve been wagering on Shuffle since Airdrop 1, your volume is already working toward Airdrop 2 rewards.
   • The core factors for Airdrop 2 rewards include your wager volume and theoretical net revenue (considering wins and losses).
   • Betting in SHFL (rather than other currencies) gives you a bigger boost in rewards, making SHFL the best choice for wagering on Shuffle.
2. Level Up in the VIP Program
   • Users who rank up in Shuffle’s VIP program will earn higher rewards in Airdrop 2.
   • The program is structured to benefit loyal users who place consistent bets, especially those using SHFL as their primary currency.
3. Wagering Exclusively in SHFL
   • Wagering in SHFL comes with more perks. Not only does it unlock higher rewards, but it also counts more heavily toward your airdrop allocation.
   • Playing across a variety of games—sports, originals, and slots—will also maximize your reward potential.
   • Additionally, Shuffle is rolling out new ways to convert other currencies to SHFL, making it easier than ever to switch to SHFL and benefit from the rewards.
4. Demonstrate Loyalty by Keeping SHFL on the Platform
   • Users who wagered in SHFL during Airdrop 1 and maintained their balance on the platform will receive higher rewards.
   • Accounts that continued to wager with SHFL through both Airdrop 1 and Airdrop 2 snapshots will also receive additional rewards.
   • To discourage “sybil attacks” (duplicate accounts created to increase rewards), Shuffle rewards long-term, consistent users.
5. Participate in the New SHFL Lottery
   • Coming soon, the SHFL Lottery will allow users to stake their SHFL for a chance to win weekly rewards in USDC. Playing in the lottery will give a small bonus toward Airdrop 2.
   • Details about staking will be released closer to launch, so keep an eye out for this new feature.
6. Affiliate Program Participation
   • If you’re part of the Shuffle Affiliate Program, you already earn commission. For Airdrop 2, affiliates who bring quality users to the platform will receive an additional SHFL reward.

Important Conditions to Remember

• Snapshot Timing: The Airdrop 2 snapshot, which records eligible accounts, has not yet been taken. This gives you time to build your wager volume and maximize your SHFL balance.
• Vesting Period: Like Airdrop 1, Airdrop 2 tokens will be released after a 3-month vesting period, with additional rewards potentially available faster based on performance.
• Eligibility: Shuffle reserves the right to determine final eligibility for Airdrop 2. The criteria can be modified or updated at Shuffle’s discretion.

Disclaimer

Please remember that Shuffle may change or end this promotion at any time. Eligibility and reward amounts are determined by Shuffle and are subject to Shuffle’s Terms of Service, the SHFL Disclaimer, and the official Whitepaper.

The move signals Wormhole’s commitment to democratizing its ecosystem, allowing for greater decentralization. With its cutting-edge technology, Wormhole has facilitated seamless data transfer for over 200 applications, serving a diverse community of over one million wallet users.

The airdrop in question follows a rigorous security and decentralization audit conducted by the Uniswap Foundation’s Bridges Evaluation Committee. Wormhole has become the only protocol approved by the Uniswap DAO, marking a significant milestone in its drive towards decentralized operations and management.

The distribution of the tokens, called W, will benefit various stakeholders within Wormhole’s dynamic community, including active users of the ecosystem’s applications. This allocation is intended to encourage engagement and contribution across the Wormhole network.

Eligibility for participation in the token allocation is determined based on user activity within the ecosystem. However, some users ran into issues with the eligibility check, prompting Wormhole to quickly investigate and resolve the issue.

Despite the challenges, the token giveaway introduced a new management system, under the guidance of token holders. This system enables W holders to play a key role in shaping the future trajectory of the protocol and governance structure, underscoring Wormhole’s commitment to community-led decision-making.

In addition, the W token will flow seamlessly across multiple circuits thanks to Wormhole’s Native Token Transfers (NTT) framework, which enables seamless transfers within Wormhole’s connected network.

In essence, this token giveaway represents an important milestone for Wormhole as it navigates the delicate balance between technological innovation and community-led governance.

The Launch: Picture this: SMOG Token burst onto the scene via a Jupiter liquidity pool, making its grand entrance at 16:00 UTC on February 7th. Within just one hour, the excitement around $SMOG drove its market cap over $1 million, thanks to early supporters diving in headfirst.

What Makes it Special: Forget the ordinary – SMOG Token is all about innovation. With a unique airdrop system, it’s setting a new standard for community engagement. Born in the cosmic forge of Jupiter, this token promises to be the most rewarding gem in Solana’s treasure trove.

The Airdrop Adventure Begins: Hold on tight, because SMOG is gearing up for an epic airdrop event! Token holders earn airdrop points, unlocking the chance to join in on the historic drop. Plus, there’s the exciting Zealy campaign, where users can embark on quests to earn even more points by completing tasks like following $SMOG on Twitter and joining its Discord server.

Soaring to Success: The response to SMOG’s fair launch has been nothing short of explosive. Within hours, it shot up the ranks on Solana-based pools and DexTools, securing its spot as one of the hottest tokens. With over $760,000 in liquidity, SMOG is riding high, surpassing even the $1 million market cap threshold in record time.

The Tokenomics Tale: Behind the scenes, SMOG’s tokenomics are carefully crafted for growth. Here’s the breakdown: 50% for marketing, 35% for the airdrop, 10% for CEX liquidity, and 5% for DEX liquidity. With a total supply of 1.4 billion tokens and strategic allocation for each aspect, it’s primed for success. The liquidity is locked tight through Team.Finance, ensuring stability and trust in the project.

Join the Journey: Ready to hop on board? With SMOG Token, the adventure is just beginning. Join the growing community on Telegram and X (formerly Twitter) to stay in the loop. And if you’re itching to get your hands on some $SMOG, head over to the Jupiter DEX with your SOL in hand.

A classic example is the so-called crypto hedge fund HyperVerse, which took in thousands with over $1 billion – after having previously “procured” the support of celebrities.

The pyramid scheme, investigated by the Guardian’s Australian editorial team, operated in a relatively familiar way. Investors buy a “membership” with a minimum return of 0.5% per day and 300% for 600 days. There is an additional bonus for those who reinvest their money or bring in new members.

The scheme is “sweetened” with the typical loud pronouncements of a new technological era with the power of crypto and metaverse, in which HyperVerse will provide unconditional basic income.

Two other things are helping to catch some “fish”. The first is the charismatic CEO Stephen Rees Lewis, who comes with the calling card of a Goldman Sachs professional who then created a web development company, sold to Adobe and developed startups – and with an elite education from Leeds and Cambridge.

In video messages at its launch in 2021, celebrities such as actor Chuck Norris and Apple co-founder Steve Wozniak declared their support for HyperVerse. “With Steven at the helm, HyperVerse will be a leader in the metaverse,” the action hero states.

In June 2022, the bubble bursts. HyperVerse stops paying investors, and Reese Lewis disappears from social media. Users express increasingly serious doubts about his existence.

Shortly after, the tabloid Daily Mirror finds out that the stars of the video messages do not know Reece Lewis. They are all registered on the Cameo platform, which allows anyone with the means to commission a celebrity to read a message they have written – be it for a birthday or a marketing video.

“The Guardian is on the CEO’s trail. It turns out that neither the universities nor the companies on his CV have heard of him.

The two real people associated with HyperVerse are Australian prepper Sam Lee and his business partner Ryan Schuh. Their company HyperTech was officially behind the fund’s infrastructure, but they denied to the media that they controlled it. They are currently under investigation for the failure of their own crypto company, Blockchain Global, which owes millions to its creditors.

The takeaway from the whole story is that when something in the investment sphere sounds too good to be true, it probably just isn’t true. Even if Chuck Norris is advertising it…

Beyond the thrill, gamified staking stands out for its low financial risk, providing greater flexibility compared to traditional crypto-earning methods like mining or trading. As the popularity of staking rises, more players are exploring the top crypto casino sites, aiming to maximize their earnings and elevate their gaming experiences.

Earning Crypto Rewards with Staking

Staking, a form of cryptocurrency investment, invites players to earn rewards by staking their coins or tokens within the casino’s platform. By holding their position, players continuously receive rewards, ranging from dividends to extra bonuses for active engagement in the casino’s network. Staking contributes to increased liquidity and improved market pricing due to growing demand for specific games and services.

Moreover, crypto casinos sweeten the deal with incentives like lower transaction fees compared to traditional online gambling sites, thanks to the prevalence of digital currency transactions. Staking unfolds as a gateway for players to enjoy tangible benefits in the realm of virtual gaming.

Gamified Staking: Fun and Incentives Unleashed

Gamified staking has become a rising star in the cryptocurrency space, aiming to enhance engagement and draw more participants. It’s an inventive incentive system that encourages users to stake their funds, providing them with entertaining games and activities. This approach simplifies the understanding of staking and motivates users to actively participate.

Rather than offering straightforward incentives like token distributions, gamified staking transforms into competitive scenarios. Teams compete against each other, earning rewards based on their performance. This dynamic approach gains popularity, particularly within decentralized finance (DeFi) protocols using tokens as collateral.

Mechanics of Gamified Staking

Gamified staking mechanics unveil numerous benefits for the broader blockchain ecosystem. By infusing gamification, users are incentivized to stake their tokens, fostering increased liquidity and serving as a platform for experimenting with new tokenomics models. It also acts as an educational tool, making the complexities of staking more accessible, particularly for newcomers intimidated by technical aspects.

The introduction of gamified elements enhances user engagement and loyalty over time, benefiting developers and token holders alike. By infusing game-like features into staking tokens, projects stand out, offering unique experiences and improved user satisfaction.

Fusion of Staking and Casino Games

Blockchain technology has transformed online casino gaming, introducing a novel approach through staking. Users can bet their crypto assets on games, using their coins as collateral. Winning rewards becomes a straightforward process—additional coins are received as payment for victories. Top crypto casinos now merge this innovative staking system with gamified casino games like crypto slots and blackjack, providing players with a comprehensive and thrilling experience.

Securing Staked Assets and Player Data

Security measures play a pivotal role in safeguarding staked assets and player data within crypto casinos. These platforms deploy robust encryption protocols, including SSL/TLS, to secure all communications and transactions. Cold storage solutions keep a significant portion of staked assets offline, shielding them from potential cyber threats. Multi-factor authentication adds an extra layer of protection to player accounts, minimizing the risk of unauthorized access. Regular security audits, secure smart contracts, and strict adherence to data privacy policies collectively fortify these platforms, ensuring players that their assets and personal information are shielded from potential risks.

Diverse Gamified Staking: A New Dimension in Crypto Casinos

In recent years, the concept of gamified staking has gained momentum, allowing players to stake their cryptocurrency on gaming platforms. Top crypto casinos now provide a more immersive experience, offering diverse options beyond traditional slots and table games. With varying difficulty levels and enticing bonuses, gamified staking boosts customer engagement, potentially creating new revenue streams. Developers are actively exploring ways to further integrate this innovative system into the evolving landscape of online casinos.

Conclusion: A Gaming Revolution Beckons

In essence, gamified staking stands as an innovative avenue for players to earn rewards while relishing their preferred games. The convenience of using cryptocurrencies, coupled with added security measures, enhances the gaming experience. Participants can leverage their tokens to enter tournaments, receive bonuses, and access exclusive features not available in traditional casinos. With these myriad advantages, gamified staking is poised to revolutionize the gaming world, presenting fresh opportunities for players and casino operators alike. Get ready for a gaming revolution!

LiteBit.eu

LiteBit is a Dutch company where you can buy several crypto coins straight from euros to your wallet. You can pay for your crypto with Ideal, SEPA bankwire, SoFort, GiroPay, BankContact or Mybank. Most of the time you better buy or sell BTC and convert it to ETH at a real exchange like Bittrex

If you would buy 50 eth you pay at LiteBit 20205.10 euro for that amount I could buy 2,006385 BTC at litebit and convert it on Bittrex to 51.31714165 ETH

If you sold 50 ETH now at Bittrex it would get you 1.94537936 BTC Selling 50 ETH at LiteBit = EUR 18504,90 but if you sold 1.94 BTC it was 18857,63 It can save you dozens of euros

But if you are in a hurry you can buy or sell lots of coins at LiteBit.

If you have a fully verified account You can buy or sell with a 35,000 euro max limit.

A disadvantage of LiteBit is that they don’t always have enough coins on stock and token is under maintenance.

Bitstamp.net

Bitstamp is UK based bitcoin marketplace. It allows people from all around the world to safely buy and sell bitcoins with cash or credit card.

A bank wire transfer typically takes 2-5 and SEPA transfer 1-3 business days to reach your Bitstamp account. In case you choose SEPA deposit to be added to USD balance, it must go through additional step of converting funds to USD.

You can buy and sell BTC, XRP, LTC, ETH and BTC for USD or EUR.

Cryptopay.me

Cryptopay is an online wallet where you can easily store and spend your money in the form of bitcoins, Euros, British Pounds or US Dollars.

Cryptopay is a bank wiring transfer and debit card service (EUR, GBP, USD). You can send and receive fiat on your bank account or convert Bitcoin to you debit card.

Coinfloor.co.uk

Coinfloor is a UK company where can buy or sell Bitcoin or Bitcoin Cash and soon for Ethereum, followed by Ripple, Litecoin and Ethereum Classic. Coinfloor support as fiat GBP, EUR, PLN and USD.

All Coinfloor customers need to provide at least one proof of identity and pass verification checks. We require ID documents to follow our preemptive regulatory requirements and to follow AML and KYC guidelines.

Etherdelta is a fully decentralized trading platform. It was its first in his kind and any ERC-20 token can be traded there. Even before it hits any market. ForkDelta is a faster copy acting on the same smart contract. Manual works for both versions.

Etherdelta (ED) is a strange place. The user interface looks crap. Mistakes could happen easy and it’s not always clear what is what.

Since I had fallen in love with Sift I had to acquire more, but only tradable on ED so I had to learn. I also noticed at some tokens had asking prices were higher than sell prices at some points.. What the….. I had to learn now.

I do recommend storing your tokens in a Nano Ledger S. I also do recommend it because you can use it to connect to Etherdelta and since you have to confirm everything with pressing a button on the device you are less vulnerable to make the classic Etherdelta mistakes.

Connecting a wallet to Etherdelta

Open Etherdelta in your browser it, most likely will refresh with https://etherdelta.com/#KNC-ETH or another token (mostly) regardless what url you use. I don’t like this “feature” but we all have to live with it (allthough it looks like this feature is solved)

This displayed token is the token with the most daily volume or so (you can see a list in the left bottom corner ordered by daily volume in ethers). To connect your wallet ED go to the right upper corner. You see a menu item “Select account”

If there is something like in the right upper corner, you already have created or imported an account. You can use “Forget Account” if you are no longer using that account (be sure to save privates keys and stuff if you have funds on it). If you press “Forget Account” your private key will be shown in a popup window). By the way… it also works fine if you do not use “Forget account”.. after connecting you will be able to select from several accounts.

There are 3 ways to connect to ED, create “New Account” You will receive an ETH address and a Private Key in a pop up window. Same as you create new address in Myetherwallet. Also your private key is not send over the internet. Its entirely handled by the browser at your computer.

You can also import an account where you have to provide an ETH address and your private key to that address (let’s say your MEW account).

And last but not the least you can connect with your nano ledger click “Select account” and click “Ledger Nano S”. I use ED with my ledger, but all the steps work the same without, but it gives more security and also less vulnerable for mistakes, because you have to confirm everything with the device.

After clicking “Ledger Nano S” an instruction will pop up. Follow that instruction.

When you have entered your Ledger Nano pin-code and selected the ETH app and refreshed (F5) your browser go back to the upper right corner, your ledger ETH address and ETH value will appear when you click “Select account”. Click on your Ledger account, screen will refresh (and most likely again with the wrong token) ….. Go to the left upper corner and select the token you want to buy or sell.

Congrats… You have connected your wallet to ED!

Your Balance

Now go to the left upper corner next to the Etherdelta logo and select SIFT (or any coin you like, but I use SIFT as an examplpe) in the pull down menu. We are going to look at our balances.

The screen will refresh and loading your wallet and transaction info. In the left upper corner (below the logo) you will see your balance.

The number 2974.000 in the middle below wallet is the SIFT I’m holding in my private wallet (my ledger). The 13.000 on the right are SIFT I bought on ED earlier and are in Etherdelta wallet. The 0.055 are my Ethers on my Ledger wallet (with those I pay for all the transactions) and the 0.306 are my remaining Ethers already on ED (with those I can buy coins or that number increases if I sell something).

That 2794 SIFT I can not trade at the moment they are still in my private wallet. The 13 I can sell if I want

Deposit the easy way

Before you can buy anything you have to deposit Ethereum to your Etherdelta part. And before you can sell anything you have to deposit your tokens.

Click on the “Deposit” tab (not the blue button but the gray part under the word Balance, if you just refreshed it’s the default). You see two white input fields both with the word “Amount”. Use the top one if you want to deposit tokens and the bottom one it you want to deposit Ether.

Always leave some Ether in your private wallet. You have to pay transaction fees with it. It’s recommended to leave at least 0.05 ETH.

f you are not in a hurry you can also lower the gas price to 0.1 or 0.5 GWEI (standard on ED it’s 4 GWEI). To lower the gas price go back to the upper right corner were you have selected your account and select “Gas price” and adjust according to your wishes. More about gas limits and gas prices in this article

Also be aware if you are depositing tokens like SIFT and you deposit ALL your SIFT you can’t do it with this function. Read to next block how to to that.

When you want to deposit either Ether or tokens, enter the amount and press the blue “Deposit button”. If you are connected with your ledger you have to confirm it with your device. If you are connected with your private key, the transaction starts as soon as you press the blue button.

When you deposit a token you will see two transactions (you have to confirm both with the ledger) one to interact with the token contract and one to transfer your tokens to ED.

Deposit the hard way

ED has a 250,000 maximum gas limit. If you want to send all your SIFT to ED you need a 5,50,000 gas limit. And for BCF 550,000. Have not seen other tokens yet requiring a huge gas limit. But the more complex the smart contract behind a token is the more gas it requires and we will see more in the future.

0. If you do not know the difference between gas limit and gas price I suggest reading this article.

First we need to let the etherdelta contract know it may take SIFT/BCF from my account:

1. goto https://etherscan.io/address/0x8a187d5285d316bcbc9adafc08b51d70a0d8e000#code
2. copy ABI from there (Sift ABI code but it works also for BCF)
3. Go to https://www.myetherwallet.com/#contract
4. enter 0x8a187d5285d316bcbc9adafc08b51d70a0d8e000 for Sift or 0x739a3c89ee7827a6e49cc0bfca8dab228b4d0bf3 for BCF in the “Contract Address”
5. paste the code in “ABI / JSON Interface”
6. Press “Access”
7. When “Read/Write Contract” section appears select “Aprove”
8. Fill in “_spender” 0x8d12A197cB00D4747a1fe03395095ce2A5CC6819 (the etherdelta / forkdelta address)
9. Fill in “_amount” the number of BCF you want to deposit to Etherdelta / Forkdelta. Note: You need to add all the decimal zeros to the amount. If you want to withdraw 40 bcf fill in 400000 (4 decimals, so the amount times 10K)
10. Select how to unlock your wallet (i.e. private key, Ledger, Trezor, etc.)
11. Click “Write”
12. A popup will appear. When prompted enter “5500000” (SIFT) “550000” BCF) for the gas limit and leave “Amount to Send” as 0.
13. Click “Generate Transaction” and the transaction should be generated. You may have extras confirmation steps here with hardware wallets, etc, but if you’re happy with everything confirm any more popups that appear on your hardware wallet / on-screen.
14. A transaction will be generated – follow the link to EtherScan.io to observe it. Once it’s finished (may take a few minutes or even a couple of hours depending on gas price (GWEI) used) we will send the tokens to forkdelta
15. Go to MyEtherWallet.com
16. Navigate to the Contracts tab
17. Enter the EtherDelta contract address of 0x8d12A197cB00D4747a1fe03395095ce2A5CC6819
18. Press “Access”
19. When “Read/Write Contract” section appears select “depositToken” from the dropdown labelled “Select a function”
20. In “Token Address” enter 0x8a187d5285d316bcbc9adafc08b51d70a0d8e000 (the address identifying SIFT itself Use any other address if you want to deposit another token)
21. In “Amount” enter the balance of SIFT you want to send to Etherdelta
22. Select how to unlock your wallet (i.e. private key, Ledger, Trezor, etc.)
23. Complete any actions in the right hand side that appear to unlock your wallet (clicking Connect to TREZOR, Connect to Ledger Wallet, Connect to MetaMask, selecting a wallet file, entering your private key, entering a mnemonic phrase, etc.)
24. At the top right of the screen there are three drop downs – one of them says “Gas Price: XX Gwei” (where XX is the current number). I recommend changing this to 0.1 till 0.5 to reduce the transaction cost.
25. Click “Write”
26. A popup will appear. When prompted enter “5,000,000” for the gas limit and leave “Amount to Send” as 0.
27. Click “Generate Transaction” and the transaction should be generated. You may have extras confirmation steps here with hardware wallets, etc, but if you’re happy with everything confirm any more popups that appear on your hardware wallet / on-screen.
28. A transaction will be generated – follow the link to EtherScan.io to observe it. Once it’s finished (may take a few minutes with low GWEI gas price) you will see the SIFT in the ED part of the wallet.

Buying tokens

There are two ways you can buy tokens on ED. You can place an order yourself or you can execute an order from someone willing to sell from the orderbook. If you look at the SIFT orderbook (right next to your balance) you already see why Etherdelta can be so confusing. The red ones are the sell orders. The lowest sell price in this image is 0.00749000 ETH/SIFT but the highest buy order (the green ones) is 0.00749999. Etherdelta does not match your orders. If you think heee lets buy that 162 one and sell 150 I made instant profit. It could be. Most likely that buy order is already taken, but ether network is slow at the moment this image was taken and that transaction has not been confirmed and or orderbook has not updated yet.

If you want to buy that 162 SIFT click that order and a window pops up. If you want this order than click the blue “Buy” button. Be aware if you have not logged in with a ledger the moment you click that button the order will be executed. With a ledger you have to confirm the transaction on your device. If you do not enough Ether in your wallet you can execute the order but you only receive for the total amount of Ether you have. You can also change the amount of sift if you only want 100.

Now let’s do a complete new buy order. Below the order book you see a section called “New Order”.. I entered a stupid Sift/ETH price you will get some sort of warning, but if you press buy and sign (with your ledger) … the order will be placed!!!!! And if you do not use a ledger, pressing that green button has cost many people cost money because they entered the SIFT/ETH (0.006) price where you have to put the amount you want to buy and the enter the number they want to buy (6) at the price. You are now buying 0.006 sift for a price of 6 ethers a SIFT!!!!! DON’T DO THIS (like so many before you did). So If want to buy 6 sift for 0.006 I have to do it the other way around. This confusing most likely comes from the fact that in the orderbook starts with the token/ETH price and then the amount. And new orders start with the amount and then the token/eth price. Be warned and pay attention!

After some time you will see your order marked with a cyan background in the orderbook. Placing an order is free for executing an order you have to pay a fee and transaction cost. Transaction cost are taken from your private wallet, so leave ETH there.

I let it expire in 10000 blocks (about 33 hours, if you want to cancel an order it’s an eth transaction and cost you money!!!

You can also have up to 5 buy orders at the same time (and you don’t even have to cover it with enough ether)

Here is one example from a dude paying almost 22 ETH for 0.001 whatever token at a price of 3750 ETH per token. When you create a new order put the amount of tokens you want in the field right to the token and fill in the token/ ETH price in that field….You have been warned, pay attention!

If you see an order like this not executed.. You have to use huge gas prices over 1000 GWEI is not on common. It there are more people who want that order… first confirmation got is, and the higher the gas price the faster it gets… but it is not without risk, If you are not the fastest you will run out of gas and paid a lot for nothing!

Withdraw the easy way

After you bought some tokens and want to send it back to your wallet, or if you have sold some and want to send the Ethers back to your wallet you have to withdraw. Withdraw back from ED is basically the same as a deposit, but the other way around.

Click on the “Withdraw” tab (under the word Balance a but to the right. You see two white input fields both with the word “Amount”. Use the top one if you want to withdraw tokens and the bottom one it you want to withdraw Ether.

Always have some Ether in your private wallet. You have to pay transaction fees with it. It’s recommended to leave at least 0.05 ETH.

Enter the amount and press the blue “Withdraw” button. If you are connected with your ledger you have to confirm it with your device. If you are connected with your private key, the transaction starts as soon as you press the blue button. And don’t forget to set the gas price lower like we did doing a deposit.

Withdraw the hard way

ED has a 250,000 maximum gas limit. If you want to withdraw your SIFT from ED to an empty wallet (not having SIFT on it) you need a 750,000 gas limit. For BCF tokens you need 500,000. Have not seen other tokens yet requiring a huge gas limit. But the more complex the smart contract behind a token the more gas it requires and we will see more in the future.

1. Go to MyEtherWallet.com

2. Navigate to the Contracts tab

3. Enter the EtherDelta contract address of 0x8d12A197cB00D4747a1fe03395095ce2A5CC6819

4. Press “Access”

5. When “Read/Write Contract” section appears select “WithdrawToken” from the dropdown labelled “Select a function”

6. In “Token Address” enter 0x8a187d5285d316bcbc9adafc08b51d70a0d8e000 (the address identifying SIFT itself, use another address if you want to withdraw anoter token, BCF: 0x739a3c89ee7827a6e49cc0bfca8dab228b4d0bf3)

7. In “Amount” enter the balance of SIFT you want to withdraw from Etherdelta

8. Select how to unlock your wallet (i.e. private key, Ledger, Trezor, etc.)

9. Complete any actions in the right hand side that appear to unlock your wallet (clicking Connect to TREZOR, Connect to Ledger Wallet, Connect to MetaMask, selecting a wallet file, entering your private key, entering a mnemonic phrase, etc.)

10. At the top right of the screen there are three drop downs – one of them says “Gas Price: XX Gwei” (where XX is the current number). We recommend changing this to 0.5 to reduce the transaction cost.

11. Click “Write”

12. A popup will appear. When prompted enter “750000” for the gas limit and leave “Amount to Send” as 0.

13. Click “Generate Transaction” and the transaction should be generated. You may have extras confirmation steps here with hardware wallets, etc, but if you’re happy with everything confirm any more popups that appear on your hardware wallet / on-screen.

14. A transaction will be generated – follow the link to EtherScan.io to observe it. Once it’s finished (may take a few minutes or even a couple of hours with 1GWei price) you will be credited SIFT in your wallet.

Selling tokens

Selling is basically the same as buying, just the other way around. If you want to sell tokens you can click a green (buy) order, and press the blue “Sell” button.

Or you can place a sell order same way you do as a buy order. Again pay attention you put the amount you want to sell at the correct place as well as the token/ETH price.

Transfer tokens

Useless confusing option. But you can send tokens or Ether from one private wallet to another. I always use MEW if I want send tokens from one address to another

That wallet can be located almost everywhere, somewhere online, on your PC, a piece of dedicated hardware or an exchange! A wallet is just a combination of an address and a private key (a very very hard long to crack password if you like) and allows you to do transactions from that address.

The most unsafe wallets are exchanges and online wallet where you don’t have a private key. In fact you a depended on a third party to store your coins. Exchanges can fall overnight, and block wallets and accounts. If that happens…goodbye tokens, goodbye money. Only hold your tokens at an exchange if you are trading with it. Exchanges are there to exchange stuff, it’s not a warehouse.

For most coins you can download a wallet for your pc. You now have control over it but are still vulnerable to computer hacks. If someone takes over your pc he can access your wallet and send all your coins to an address of his choice… again goodbye tokens, goodbye money. It’s the same if someone stole you bankcard and pin code.

You often here, I stored my tokens at MEW. They refer to MyEtherWallet. It’s not an online wallet it’s an online interaction tool with the blockchain. You can create an address private key combination there and can send Ethereum and all tokens on the Ethereum blockchain with that key and also interact with smart contracts. You will use MEW a lot when you are dealing with ICO’s and ERC-20 dividend tokens.
You have to copy paste your private key to interact with MEW. Your key is not send over the internet, it is all handled bye the browser. But you are vulnerable to keyloggers and such is your computer is hacked.. if someone has your private key you are toast.

Best way to store your coins is on a hardware wallet. Nano Ledger S or Ledger Blue and Trezor are examples. I prefer the Nano Ledger S or Blue because you can interact directly with it on Etherdelta.
A hardware wallet is an USB device you can connect to your computer. You don’t have to copy paste your private key anymore so keyboard loggers will not succeed in getting your keys. You also not have to worry about someone taking over your PC. He still has no control over the device. Every transaction you make you have to confirm physically by pressing a button on the device before you can make a transaction.

For a device less than 100 dollars it’s a must have. Better safe than sorry…. Would you like 100K vulnerable on a PC or even a 1000?

But even with a hardware wallet you are not completely safe. Like I said you only need a private key to unlock a wallet. But those keys are long like e40c3291a318a4f7b330e414eae3753c9e357ac19beb266b22d587a4576fe825

And yeas in theory if I gamble a bit I can guess your key and unlock your wallet. The changes that I unlock your wallet are extreme slim. Nevertheless it could happen. I have successfully unlocks several wallets just by trial and error. But guessing a private key and find an address containing tokens on it has changes of winning the lottery 3 times in a row or so.

See better safe than sorry. On your ledger you can hold dozens (or even unlimited never checked beyond 50) of addresses. Just split up your portfolio over several addresses or even several ledgers. In case any one of them in compromised you only lose your tokens on that address.

The Gas Limit

The Gas Limit is the max amount of Gas that can be used in a transaction (compare it to a gas tank in your car, the larger the tank the further you can go) . Complicated smart contract can use quite a bit of Gas. For a Sift transaction to a wallet with no Sift in it you need about 3,500,000 Gas. For a simple ETH transaction 21,000 Gas is needed for most tokens 50,000 to 200,000

When you set the Gas Limit to low, the transaction will run out of Gas and failed (you wont make on a 60 liter tank all the way across the USA) and you can’t refuel.

You can set Gas Limit way to high. You only pay for the Gas used. But when a transaction fails you pay for the total limit. It happen on Etherdelta when you are competing for an order and the other guy was faster (read paid more for his Gas, see next paragraph)

The Gas Price

Gas Price is what you pay for your Gas (or petrol in case of a car). The higher the Gas Price the more you pay for transaction and the faster it goes. I use Gas Price 0.5 Gwei, it’s is enough at the moment to get transaction done within a minute or when network is busy several minutes.

In MEW you can set the Gas Price in the upper right corner (see image below). It’s standard at 21 Gwei

ALERT: Don’t make the same mistake as many have done before you. When a transaction fails because it runs out of Gas don’t increase the Gas Price you only end up paying more for the same failing transaction… Increase the Gas Limit!!!!!!

What happened here was not just me loyally giving away drinks. What happened was a physical transfer. That beer went from my hand to yours. And we both know it happened, you accepted the beer and hold it.
There was no need for the bartender to help us with this transfer and confirming the beer went from my hands to yours.

The beer is yours you can do what you want with it, drink it, zip it, throw it over that annoying dude over there. Whatever its your beer, you can do with it what you want and I cant give you another beer, because I have no more beer left to give. It was a simple person to person exchange and it does not matter if it’s a glass of wine, a 100 dollar bill or a pineapple.

So far the real world and going digital. What if I have one digital beer and I want to give it to you. You go to your favorite digital bar and see a new beer. But how do you know that particular beer is now yours and only yours and how would you know it came from me. Finish that beer and think about it for a bit(coin)
How would you know I did not have made thousand of copy’s and send all my friends the same beer. Or place it at a website to download for everyone. Giving digital beers suddenly looks a complete different thing than giving a physical round.

What we need is a accounting book ledger and tracking all this digital beers. In many online games you can buy extra stuff. All the things you buy are recorded in a central place. The database of that particular game.. Problem solved!… Not quite yet.

There are more issues to be addressed. What if someone hacks that database and moving my digital beers to his collection. Or what is the database keeper desides to take all the beers and run or simply create more. We need the bartender to validate all beer transactions and keep the database honest.

In November 2008 Satisho Nakamoto came up with a very good idea how to solve it. It is still in debate who he or she actually is. It’s also in debate if he came up with this idea.

The basic idea was, what if we gave this ledger / database to everybody??!! All beer transactions ever happened and will happen will be recorded in it. And everyone can watch it, review it check it it’s an open ledger for everyone to see.

It’s cheat prove. If I own one digital beer and give it away this transaction is stored and I don’t own that beer anymore and I cant send it to anyone else since I don’t own it anymore. I can try, but my ledger will be out of synch with the rest of the ledgers and it won’t be accepted. For the same reason I can’t create extra beers.

He also figured out a way to verify all the transactions. You can participate in this ledger and get a reward in zips of digital beer for your efforts.

In November 2008 Satoshi he wrote this paper. And what I described above was called the Bitcoin Protocol and the digital beers are the Bitcoins and the ledger is called the blockchain and participating in the verifying transactions is called mining. Ill go in a bit more detail in the next paragraphs.

In reality, it is all relatively easy to understand. The Blockchain is a public ledger where transactions are recorded and confirmed anonymously. It’s a record of events that is shared between many parties. More importantly, once information is entered, it cannot be altered. So, if the blockchain is the public record, what is being recorded? What are all of these “transactions”?

Cryptocurrencies, like Bitcoin, are currencies that exist solely in digital. There are no physical golden coins with a big “B” on them. Moreover, owning these non-real coins entails a new idea of “ownership.” You don’t literally have it in your hands, or even in your bank account, and not even in your Bitcoin wallet (see article how to store your coins) but you have the ability to transfer “ownership” to someone else simply by creating a record in the blockchain. Rather than using bills, your transfer is pure data. The public nature of the blockchain means that anyone can check it. It is effectively anonymous, yet public, simultaneously, and it is in the best interest of users if it remains so.

What happens when you send some Digital beers

What miners do is quite similar to real-world miners in that they are actively looking for something. Their computer repeatedly works through complex calculations to find a very specific answer and when they do they get rewarded with some digital beers

Miners solve problems, but how in the world is that helpful? Short story, miners are actually verifying that transactions posted by other users are legitimate, and the numbers all add up. Long story…

Miners collect transactions and put them into a single block. A block generally contains four pieces of information: a reference to the previous block, a summary of included transaction, a time stamp, and Proof of Work that went into creating the secure block. The blocks are strung together into a chain—a fluid chain that does not allow for any inconsistencies; this means there are no “bad cheques” in the system, and transactions entered are necessarily valid and can be processed. By checking the blockchain and confirming transactions, the entire system is effectively self-regulated and fully secure. No, that doesn’t mean some kid cooped up in a basement can just click “okay” and confirm a billion dollar transfer. Blocks generally need numerous independent confirmations, and the equations are intended to be hard to crack. Not to mention, the hardware required is far more specialized than the average laptop. Finally, what’s to stop someone from simply going back and editing existing blocks? Each block is securely hashed—meaning it is rendered into seeming gibberish and nearly impossible to invert or undo. Once it’s in the blockchain, it’s there forever.

Satoshi made it all open source and he defined the rule that there is a maximum number of Bitcoins (digital beers). Within the system when beers change hands its updated and verified by the public ledger and suddenly the digital beer exchange behave like an exchange of a physical object… and it is still digital. And because of that I can send even 100,000 beers at once or a very small zip.

I can even attach other digital things to it, a digital note, or contracts, ID info etc. The possibilities are endless… and that’s why we see numerous blockchains and over more than 1500 crypto currencies at the moment… Al the same but all a bit different, technology and applications are in constant development and we could even argue that Bitcoin is a dinosaur in the current crypto world. Or it’s the Adam and Eve (the first block is called the Genesis block) of crypto and will live on forever.

So this is great! How should we treat or value these “digital beers”? They’re quite useful aren’t they?

Well, a lot of people are arguing over it since and will ever do. There’s debate between this and that economic school, between politicians, between programmers. Don’t listen to all of them though. Some people are smart; some are misinformed some try to save their own (banking) ass. Some say the system is worth a lot; some say it’s actually worth zero.

Some say it’s digital gold; some say it’s a currency. Others say they’re just like tulips. Some people say it’ll change the world; some say it’s just a fad. Fact is Bitcoin is over $8000 worth at the moment I wrote this and a $250,000,000,000 market capitalization in the entire crypto world and over 1500 coins.

Off course not all those 1500 will survive, there is a lot of crap out there and I cant imagine paying at an online store in the future and have to select over a couple of thousand payment methods. Only the strong will survive and no one knows who…evolution, survival off the fittest we will see.

Cheers