AirDrop and Hardfork Consolidation Service

Discussion in 'Mining & Cryptocurrency' started by MATRIXSHARK, Apr 24, 2018.

  1. MATRIXSHARK

    MATRIXSHARK Gawd

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    Sure, it's a click Bait title... but what if???


    Here's a business model for someone smart enough to code for it:

    Problem:
    -- How does a non savvy HODL'er safely get access to all of these random hard forks and airdrops that have occurred over the last year or so?

    Many of us have held Certain Cryptos for a while now.... Big ones like Bitcoin and Ethereum... If you use a tool like Etherscan or FindMyCoins , you can easily check your public address and see these "free" alt coins. However, getting USE out of them is a whole different story.

    Solution:
    - Create a service that scavenges your air drops and Hardforks and consolodates them back into a Major token!!
    - Step one, of course, is for the customer to move the tokens to a new safe wallet before exposing the private keys
    - Then the customer gives the private key to the service
    - The service then goes to work cleaning out the alts, depositing them into the applicable exchanges for token swapping
    - Convert the alt coins back into Bitcoin or Ethereum and redeposit them in the customer's account for later withdrawal to a new fresh safe wallet address.
    - Charge a commission fee structure... something like a 10% fee.


    IF this existed, I would be happy to pay the commission to have these weirdo little alts cleaned up and converted into something I find useful.


    Food for thought, or a business idea, or a side gig for someone up for the task.... you be the judge.
     
    Last edited: Apr 25, 2018
  2. oblox

    oblox Gawd

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    ...or you know, just use coinomi and the respective exchanges to dump your freebies. I get people are lazy but many exchanges now have AML/KYC rules, plus the tax situation, makes this hardly worthwhile as a true standalone service. Anyone doing this living in the U.S. would effectively be claiming income (ownership of the private key claiming forks) and if you're making a respectable salary, top tier brackets are at 37%, so a person wanting this service done would have to pay the embedded tax liability on top of, tx fees, exchange trading fees, and a profit margin for actually performing the service.

    As a side note, probably wise not to phrase what you want done as laundering.
     
    Last edited: Apr 24, 2018
  3. cpuspeed

    cpuspeed Limp Gawd

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    perfect idea for a certain Nigerian prince I know. he emails me all the time.
     
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  4. mkrohn

    mkrohn 2[H]4U

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    Only an idiot would hand over private keys.
     
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  5. MATRIXSHARK

    MATRIXSHARK Gawd

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    Oblox, It's clear by your response that you took the time to read through the post. Thank you for that and for your suggestions on verbage. I agree with you: Tax liabilities are absolutely something that need to be taken seriously. I'm sure there are ways to "broker" the deal, so to speak, while only having tax liability on your own commissions.

    Cpuspeed, cute humor. Does your Nigerian buddy have any bridges for sale while we are at it? I appreciate the thoughtful levity that you bring to the discussion.

    Mkrohn, This response is actually not as negative as it feels at first glance and. It is in fact critical that one NEVER exposes a seed protecting thier funds. Hence, why "step one" outlined above suggests sweeping the wallet FIRST before exposing the keys. This leaves only the "free" airdrops/hardforks exposed to this trusted 3rd party. In direct response to your statement, people trust exchanges with THOUSANDS (if not TENS of thousands) of dollars all the time. If the "service" was trusted how would this be any different? I feel that reputable people/organizations do in fact exist out there to work with.


    Remember the premise: this discussion is "food for thought". Try not to take it so hard and maybe throw in some positivity. Anyone can poo poo all over an idea. You just might feel better constructively contributing.
    -----------


    In fact, I wonder if this whole thing could be coded into a trustless smart contract. Maybe someone looking for a fresh blockchain startup idea could create a new token "Air Drop Token: xAD".
    -- Program the Wallet GUI to accept the private key. Then the smart contract could initiate the collection and consolidation of the tokens into it's native "xAD" token. If done right, this could be no more risky than using any other wallet.
     
  6. oblox

    oblox Gawd

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    I did come across this: https://bitcointalk.org/index.php?topic=2434261.msg24929414#msg24929414

    and





    Never used either and have no comments for or against them. DYOR.
     
    Last edited: Apr 28, 2018
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