Storing XTZ tokens


#1

New to Tezos so I thought i would get some advice on where i can store any XTZ tokens i buy on exchange. Is there a secure wallet that supports these XTZ tokens or are they just bought and left in exchange purchased from?
Any advice on best exchange to obtain and keep XTZ tokens?


#2

I like your enthusiasm,

But as of right now XTZ tokens are not trading, at least four months out.

If you participated in the fundraiser then you know how secure Tezos made that process, the same will be true with your Tezos wallet, which is coming.

Any advice I give on exchanges like all my thoughts is my own.
I can’t stand exchanges, they operate by trading derivatives and not the real token. This is the #1 reason everyone tells you to get your tokens off the exchanges. If you don’t hold it you don’t own it. When you transfer your tokens off the exchange they are forced to record your transaction to the blockchain.

Gemini
kraken
coinbase

All work fine, I have accounts on all of them, pick your poison.
Also, I do not know which exchange will offer XTZ first.

Side note - The Winklevoss Brothers’ are Gemini which for some reason I find amusing.


#3

I came across this website and then thought that XTZ tokens were then being traded now as it appears they are but I dont know this exchange so Im unsure?
I was going to buy some if they were available.


#4

that is future price, not the current price right?


#5

@Cye, I checked HitBTC and found this in their faq
“You are able to buy ICO directly on our exchange and store them on your HitBTC account. As soon as tokens are released, you’ll be able to trade, deposit/withdraw them – it’s exactly the same deal as with every other coin.”

Understand that they are paper creators, they are making a “coin” out of thin air. If you were to buy XTZ today they will have to go and get real XTZ later to credit your account. Ony then will it be recorded on the block!

Do you see the problem with this?

I sure do.

Anyone who buys on exchanges like that is taking a risk. They are betting against you from the start, hoping to pick up real coins at a lower price when the real ones are offered.

The opposite is also true, they could lose big if they have to pay a premium for the real coins.

My question, will they honor the contract?

I do not know, no one does.
Think it through carefully @Cye

I hope this helps you,
Chainomatic


#6

@LotusF1 that site has no idea what the price will be.
They are fortune tellers, and from what I see not very good ones.

—— rant ——
Let us not start thinking in terms of what the nominal price/fiat price is, that will come later. Let’s instead think of what the real price will become if and when Tezos succeeds.

I understand the confusion, given the current ICO hype that is prevalent, but Tezos is not like any other cryptocurrency.

Tezos has gone through more waxing and waning over the past years than the moon, I was not sure how the fundraiser would be received, it was a huge success, which I hope translates to aligned participants.

If I’m correct and those Tezos holders are aligned, then who is going to part with their XTZ?

You have to have skin in the game you know to participate.

Tezos is bringing meaning/democracy into the market better than any other crypto. Q. As individuals are we really ready for that new reality?

—— end rant ——


#7

I received two DM over my comments (not from @Cye or @LotusF1), what follows is a direct result of those conversations:

First - I’m not giving investment advice.

  • Yes, you could be getting in at the best price so I understand why someone would want to buy from exchanges offering XTZ.
  • Yes, it appears that the exchange is also making a profit off the spread.
  • I still stand by what I wrote. But it is also true that if you look at the buying and selling totals it appears that risk is also being absorbed by members. I’m not a member so I do not know who can sell if members are shorting XTZ their risk is UNLIMITED! In fact, anyone who is selling XTZ has unlimited risk.

That pretty much ended the conversation.

I feel for anyone who missed the fundraiser, I understand how frustrating that must be.


#8

Im not sure what a DM is but thanks for your input @Chainomatic I did not realise that the XTZ being traded were not actual tokens so thats cleared it up for me. I will just try buy some when they launch if the price falls to a low enough level or I will just accept having missed the boat this time, my own fault, took too long considering how much i could afford to risk. :anguished:


#9

Sorry, DM stands for Direct Message.

You did not miss the boat, just beginning.


#10

Its an IOU market. There was one for Ether as well. It was a good indicator of public interest.


#11

Hey guys,

Hope everyone’s doing well.

I’m also looking for a way to store my XTZ.

At the moment they are sitting in HITBTC where they were purchased. I didn’t buy during the ICO so can’t store with Tezos own wallet. Does anyone know of a non-exchange wallet I can store my Tezos in?

Thanks a lot!


#12

unfortunately, at this point if you buy XTZ not directly from the fundfaiser you didnt really buy any Tezos, you are really participating in a futures contract/exchange for the XTZ market.

At this point you cant really get a wallet and are locked in wherever you bought those futures, until official Tezos launch later this year. And you really have no choice but to trust in whoever you bought those futures from, and hope they deliver


#13

Hello,

When Tezos official wallet is ready, can I set it up with the private keys which I got during the fundraising and will I see my tokens in the wallet?


#14

yes - thats exactly how it will work


#15

If you really can’t wait for listing and you happen to be the one with itchy fingers for IOUs, I suggest you divide your capital into three, use one to buy IOUs, another one to buy when it got listed. Then use the final quarter to buy the dip if it happened


#16

Correct me if I’m wrong, did we not setup a wallet with password during the ICO? If so, then we cannot setup a wallet with just the private key. But, if my memory is incorrect forgive my blunder.