The most important rule when investing in ICOs

mrees999
By mrees999 on Tue, May 2, 2017 - 7:43pm

Although every Ethereum Based ICO I've been involved with gives instructions for this, it is important to remember - you can't send funds from an exchange.

They send tokens back to your etherem address you send funds to them with. If you send from and exchange - you LOOSE your token. The exchange wallet gets the ERC20 token in their big valt of coins and they won't know they got an erc20 token back because they weren't expecting it. You can destroy your value by sending ETH from an account like poloniex, kraken coinbase.

 

YOU MUST have a paper wallet, or NANO - MIST or another way where you own your own coins and have the private address. Make sure you check to verify your source can handle ERC20 tokens that will be returned to the same ethereum address you sent the from

 

Always read their websites very closely to follow their instructions.

 

 

 

4 Comments

Belmontl's picture
Belmontl
Status: Member (Offline)
Joined: Aug 23 2009
Posts: 19
Wealth of knowledge

Thanks Mark

I learned the hard way, it's important to remember this. This is a    paradigm shift

 

 

skipr's picture
skipr
Status: Bronze Member (Offline)
Joined: Jan 9 2016
Posts: 97
ICO 101

How do I get up to speed on ICOs?  Are they all Ethereum based?

I also just received a Nano S.  I'm confused about how I keep track of Golem, Augur, etc on it.  Apparently they all reside on the Ethereum blockchain.  The Exodus wallet keeps them all separate.  Unfortunately they don't have hardware support yet.

PaulJam's picture
PaulJam
Status: Bronze Member (Offline)
Joined: Dec 4 2016
Posts: 63
Nano S and Golem

i manage Golem by using myetherwallet.com.  You can use the website to interface with the Nano S to manage Golem tokens (don't need to open up a web-based walled through the website at all).  However, you need to select "enable browser support" on the nano S before it will interact with myetherwallet.

thatchmo's picture
thatchmo
Status: Gold Member (Offline)
Joined: Dec 14 2008
Posts: 432
'bout that gift horse....

I'm trying, but struggling, to get a handle on this crypto thing.  It would really help me feel more comfortable with the info presented if the spelling, punctuation, and syntax in the postings were....correct.  Sometimes I'm left wondering what the poster really had in mind, or if I'm getting it properly.  Thanks, Aloha, Steve.

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