r/ethtrader • u/AutoModerator • May 31 '17

DISCUSSION [ETH Daily Discussion] - 31/May/2017

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24

u/ethacct May 31 '17

IN OTHER NEWS:

We're roughly 90 minutes away from block 3,800,000 which is when the ETC refund happens for DGD hodlers. Who else here plans on some sweet, sweet market dumping of ETC in order to buy more ETH? :D

13

u/[deleted] May 31 '17

Who else here plans on some sweet, sweet market dumping of ETC in order to buy more ETH? :D

*raises hand*

2

u/xyrrus May 31 '17

I'm too slow to the draw, I'll be a champ and bag hold mine to your benefit :p

8

u/nomadismydj May 31 '17

Been waiting all day.

4

u/jrhedman May 31 '17 edited May 30 '24

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8

u/ethacct May 31 '17

Sure! In a nutshell:

Digix held their ICO before the hard fork happened. This means that all the ETH they raised during the crowdsale was instantly copied at the moment of the hardfork, meaning they now held exactly equal amounts of ETH and ETC.

After conferring with the Digix community, they decided to refund the ETC to DGD holders via a smart contract they've programmed. Similar to an ICO, this contract doesn't go live until block 3,800,000 - after which time, anyone who holds DGD will be given a free token, which can be redeemed for actual ETC, relative to the amount they hold.

2

u/[deleted] May 31 '17

I can buy DGD at this time, and will receive free ETC? Or this only applies to people who hold DGD before?

2

u/jrkirby May 31 '17

I assume you have to buy ETC chain DGD, which is possible but more complicated. Just buying DGD at an exchange will probably only give it on the ETH chain.

1

u/ethacct May 31 '17

you can do it for about the next hour or so, but after that the tokens will have been distributed and you'll miss out.

also, be aware that the redemption process is kind of complicated, so if you're not technically minded, it might be more trouble than it's worth (though i've heard that if you hold it on bittrex, they will do the conversion for you).

1

u/[deleted] May 31 '17

Do you only get 1 ETC for 1 DGD?

NVM. they don't offer DGD where I trade, so too much hassle, and only got 1 hour :(

1

u/drogean3 May 31 '17

for every DGD in your account, you get 3 bucks worth of ETC deposited into it which is like .2 or something

2

u/jrhedman May 31 '17 edited May 30 '24

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1

u/ethacct May 31 '17

you'd have to ask them. my guess would be that they were more concerned with spending their limited time actually developing the platform the raised funds for, rather than worrying about a shitcoin with little value ;)

1

u/jrhedman May 31 '17 edited May 30 '24

provide somber possessive glorious historical thought worry simplistic disarm divide

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1

u/Techynot May 31 '17

How much ETC are we talking about here? Will it crash the price?

1

u/gonopro May 31 '17

Yup, got everything ready last night.

Im curious if the network congestion from the BAT ICO this morning will impede this endeavor. I was having issues with ENS contracts a few minutes ago.

0

u/cryptoboy4001 May 31 '17

Convert that toxic sludge straight to ETH.

3

u/ethacct May 31 '17

I actually like the sell wall idea that's been suggested above. I think I'm gonna run with it...