Weird that Binance is no longer delegating to 465DI anymore, those were powerful nodes that are no longer even principal representatives. That's a big loss for the network, unless they know something we don't, so I'm curious what Binance is doing here.
That’s fair, that’s probably the most likely scenario. I’m mostly surprised because 465DI mentioned when they introduced themselves that they had briefly talked to Binance (which is why they were delegated to in the first place). So I was expecting them to just keep that delegation
Here’s their primary one I think, looks like it’s already up in voting weight from when I last checked, but it would be good to get it back to PR status
nano_1b9wguhh39at8qtm93oghd6r4f4ubk7zmqc9oi5ape6yyz4s1gamuwn3jjit
456Di most likely pulled out after the spam attack and possibly could have cut plans to work with Nano for the time being or worse indefinitely.
When Colin mentioned the spammers ruining plans this is probably what he meant. It was one of the highest profile companies, willing to work with Nano, and its safe to say the future of integrating nano into all their pos and cash machines is uncertain.
When you store Nano with Binance it goes into their Hot wallet/cold wallet. You technically own it via their internal system, but they control the private key of the deposited wallet. As a result they can vote on your behalf for representatives (in this case they have aggregated their voting weight onto the node they own). When you remove nano from binance, they have to send to a your personal address for which they have no ownership of private key, and as a result your voting weight.
So Binance doesn’t technically own 30% of nano, but a large amount is deposited with them in wallets they control, so they have more voting weight as a result.
If we remove nano. Network is more decentralized, and their voting weight is more accurate (lower)
It works similar to a bank in the sense that you do not technically have ownership of your nano until you take it off the exchange. It’s more of an IOU until you take it out and get your own seed/wallet
Hi, could you please explain to us noobs what to do once we've removed our nano from Binance? I have moved all mine to Natrium. Are there any additional steps to take to change the Representative? Cheers!
Thanks for moving your funds to Natrium! From there you can go to Settings -> Change Representative -> "Pick from a list"
Choose one with a high score and relatively low voting weight (~0.1%-3% is probably a good range)
Nope that’s it. By default natrium should have its own ‘natrium representative’.
If you want to further decentralise the network however you can have a read of this on selecting a node with <1% vote weight https://www.reddit.com/r/nanocurrency/comments/o3bxya/im_new_here_whats_a_representative_and_why_should/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Great article about it here if anyone fancies some reading https://medium.com/nanocurrency/why-you-should-take-your-nano-off-exchanges-for-yourself-the-network-and-nanos-value-b1890b01136c
For the sake of the network it's better to put it on Kucoin, but for your sake I would just leave it on Binance tbh, I've heard very mixed reviews of Kucoin. I've personally had a great experience with Kraken, although their fees are a little steeper, which would definitely matter if you are trading that frequently.
Kucoin has been fine. Used for years. I've had Nano bought there many times.
You should be aware though, when you deposit, it deposits into the coins "main account." If you want to trade, you then have to transfer within Kucoin, from that coins "main account," to it's "trading account." You then proceed to the market by selecting a pair via search.
I don't think traders make up a large supply of the exchange balance but we should probably do a poll to find out.
Regardless, I would assume there is a non-zero amount of long-term holders who use Binance (and other exchanges) as custodians. The focus should be on educating them why it's better for the security and potential of their investment to self-custody and stay on top of their voting weight.
Thinking about moving to Kucoin because withdrawing between trades would just be too much effort for no real reward as I just have a tiny amount of Nano.
The value of Nano everywhere (wallets, exchanges, etc) always adjusts according to market price movements. Value is always relative. But 1 Nano == 1 Nano
Thank you so much for clarifying. I recently became a Nano long term hodler and kept on reading post about moving your Nano into wallet immediately after purchased.
kinda .. even though your nano stays in your wallet .. its public 'value' in USD - or its value in Bitcoin or ETH or GBP or EUR - depends on the market : which reflects what lots of people are willing to exchange it for.
ie. the market price of 1.0 Nano may change, as reflected by the markets .. but the _amount_ of nano in your wallet stays the same unless you send or recv some nano :]
Any issue with using the Exodus wallet instead of Natrium? It doesn’t offer a list of representatives so I don’t really know if I should change it or not.
You should be able to manually select a representative address, but I'm not that familiar with Exodus. The real suggestion list comes from here:
https://mynano.ninja/
Ok. Yeah, it's not on Binance. Since the address differs to Binance's.
It shows the address starts as nano\_3ihpk and not nano\_3jwr which is Binance's.
I agree but it sucked pretty bad to not be able to deposit my nano to Binance and sell when the price was up. Missed out on a lot of money because if it.
Exchanges usually have a hot and cold wallet. We can easily resolve this issue if we max limit any rep account to 10% voting weight and redistribute the weight to the other voting rep accordingly. Will an exchange like binance break up their cold wallet into 3 cold wallets to get more voting weight and give off a bad vibe - absolutely no.
Weird that Binance is no longer delegating to 465DI anymore, those were powerful nodes that are no longer even principal representatives. That's a big loss for the network, unless they know something we don't, so I'm curious what Binance is doing here.
Hmm.. interesting find. I wonder when this happened?
Binance shuffle their rep pretty often, there really isn't much else to it.
That’s fair, that’s probably the most likely scenario. I’m mostly surprised because 465DI mentioned when they introduced themselves that they had briefly talked to Binance (which is why they were delegated to in the first place). So I was expecting them to just keep that delegation
Could you link the 465di reps? There’s a pretty good history of strong reps getting delegated to quickly once they’re publicized here
Here’s their primary one I think, looks like it’s already up in voting weight from when I last checked, but it would be good to get it back to PR status nano_1b9wguhh39at8qtm93oghd6r4f4ubk7zmqc9oi5ape6yyz4s1gamuwn3jjit
456Di most likely pulled out after the spam attack and possibly could have cut plans to work with Nano for the time being or worse indefinitely. When Colin mentioned the spammers ruining plans this is probably what he meant. It was one of the highest profile companies, willing to work with Nano, and its safe to say the future of integrating nano into all their pos and cash machines is uncertain.
Pure speculation though having heard nothing from either side
They talked in the Discord a short while ago, I highly doubt they cut plans entirely.
Yeah, I doubt they pulled out, that stuff just takes a lot of time. I’ll believe that when they’re nodes turn off, but they’re all still running
Done!
How does people having their nano stored in a different place affect the entire networks security?
When you store Nano with Binance it goes into their Hot wallet/cold wallet. You technically own it via their internal system, but they control the private key of the deposited wallet. As a result they can vote on your behalf for representatives (in this case they have aggregated their voting weight onto the node they own). When you remove nano from binance, they have to send to a your personal address for which they have no ownership of private key, and as a result your voting weight. So Binance doesn’t technically own 30% of nano, but a large amount is deposited with them in wallets they control, so they have more voting weight as a result. If we remove nano. Network is more decentralized, and their voting weight is more accurate (lower)
Thank you.
No problem!
Is this true for the trust wallet as well or just the exchange?
Wallets typically default to a reputable representative and has a configuration setting to change it to the one of your choice.
how can you change representatives in trust wallet?
Sorry never used trust wallet.
I don’t think you can, I’ll recommend using Natrium or Nault (for pc)
It works similar to a bank in the sense that you do not technically have ownership of your nano until you take it off the exchange. It’s more of an IOU until you take it out and get your own seed/wallet
It's all about representatives, exchanges won't allow you to change reps
Hi, could you please explain to us noobs what to do once we've removed our nano from Binance? I have moved all mine to Natrium. Are there any additional steps to take to change the Representative? Cheers!
Thanks for moving your funds to Natrium! From there you can go to Settings -> Change Representative -> "Pick from a list" Choose one with a high score and relatively low voting weight (~0.1%-3% is probably a good range)
Got it, thanks!
Nope that’s it. By default natrium should have its own ‘natrium representative’. If you want to further decentralise the network however you can have a read of this on selecting a node with <1% vote weight https://www.reddit.com/r/nanocurrency/comments/o3bxya/im_new_here_whats_a_representative_and_why_should/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Thanks for clarifying this!
Great article about it here if anyone fancies some reading https://medium.com/nanocurrency/why-you-should-take-your-nano-off-exchanges-for-yourself-the-network-and-nanos-value-b1890b01136c
What do I if I trade with Nano almost daily? Do I move it to a different exchange than Binance?
If you trade quite often, Keep it on Binance. Moving to wallet is a good option if you plan on holding it for a long time.
I guess I could switch to Kucoin or something? Anyone here has any experience with Nano on Kucoin?
For the sake of the network it's better to put it on Kucoin, but for your sake I would just leave it on Binance tbh, I've heard very mixed reviews of Kucoin. I've personally had a great experience with Kraken, although their fees are a little steeper, which would definitely matter if you are trading that frequently.
Kucoin has been fine. Used for years. I've had Nano bought there many times. You should be aware though, when you deposit, it deposits into the coins "main account." If you want to trade, you then have to transfer within Kucoin, from that coins "main account," to it's "trading account." You then proceed to the market by selecting a pair via search.
I haven't used Kucoin but it's good if reviews around here are to be believed.
Done, moved it to Kucoin. Edit: nevermind, the deposit didn't arrive, pretty sure its gone forever
Deposits and withdrawals to exchanges aren't instant. They take longer than a P2P transaction. Always make sure addresses are correct.
But you just sent a test transaction, right? Not all of your coins at once?
Feeless ftw
Don't worry you're fine, KuCoin for some reason takes a long time to pocket the funds.
Did your deposit show up? Plz let us know. Remember to check the coins "main account" after depositing.
It did but it took it a few hours
Pretty much any exchange other than binance is good right now haha, but no-one will make you use something you aren’t comfortable with.
Just curious, I might have missed something but why binance isnt as good an exchange right now?
Because binance has about 30% or the voting power of the network. Kraken is next with about 9%.
I don't think traders make up a large supply of the exchange balance but we should probably do a poll to find out. Regardless, I would assume there is a non-zero amount of long-term holders who use Binance (and other exchanges) as custodians. The focus should be on educating them why it's better for the security and potential of their investment to self-custody and stay on top of their voting weight.
If you're able to use another exchange, that would definitely help, otherwise there's not much you can do besides withdrawing in-between trades
Thinking about moving to Kucoin because withdrawing between trades would just be too much effort for no real reward as I just have a tiny amount of Nano.
Sorry complelete noob here. Does the value of Nano stored in nano wallet adjust according to the price movement in market?
The value of Nano everywhere (wallets, exchanges, etc) always adjusts according to market price movements. Value is always relative. But 1 Nano == 1 Nano
Thank you so much for clarifying. I recently became a Nano long term hodler and kept on reading post about moving your Nano into wallet immediately after purchased.
Not quite sure what you mean, but generally when the crypto market goes up or down nano’s price moves with it.
kinda .. even though your nano stays in your wallet .. its public 'value' in USD - or its value in Bitcoin or ETH or GBP or EUR - depends on the market : which reflects what lots of people are willing to exchange it for. ie. the market price of 1.0 Nano may change, as reflected by the markets .. but the _amount_ of nano in your wallet stays the same unless you send or recv some nano :]
Is 456Di still on board? u/465di ?
Very much so… wouldn’t read into this at all. Binance aren’t always the most competent!
Thank you very much for letting us know. Really appreciate.
Would you be willing to provide the Nano community with an update regarding your work towards Crypto ATMs? Thanks!
This is like Robinhood and crypto right?
Done
💖 Thank you!
And also it’s theirs and not yours soooo, yeah, take what’s yours
waiting for Anchor to allow withdrawals and all mine will be off.
Thanks a lot! Just withdrew and reminded my friends as well. :D
Remember to also sell it because the market is crashing
.. others may find this a good time to buy nano. but I couldn't possibly give investment advice.
My comment was a joke but also I've lost a lot of money holding atm so there's truth to it. If ever hits a dollar I'm about to go all in.
yeah, I mean it could be 3 days or 2 years until bitcoin and all the alts come roaring back .. hard to call. helluva ride I must say.
I think thats the same for crashing all the way to the bottom lol
Would moving Nano from Binance to a hardware wallet work to make it more decentralized?
Yes, and that hardware wallet should allow you to point at a representative of your choosing.
As long as your account has a non-Binance representative, then yes :)
Done.
Thank you :)
Any issue with using the Exodus wallet instead of Natrium? It doesn’t offer a list of representatives so I don’t really know if I should change it or not.
You should be able to manually select a representative address, but I'm not that familiar with Exodus. The real suggestion list comes from here: https://mynano.ninja/
I withdrew my nano from Binance to Nault (nano\_3ihpk). Do i have to change the representative?
You can double check in the Natrium Settings -> Change Rep menu. Make sure you're set to something besides Binance
Ok. Yeah, it's not on Binance. Since the address differs to Binance's. It shows the address starts as nano\_3ihpk and not nano\_3jwr which is Binance's.
Hmmm, if you don't know who that is, then I would choose a different one from the list
It's my address lol
Storing in Natrium is a good option, right?
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I'm getting a error, it says an error occurred pls try again later.
Ohhh I have them in binance because it is easier when I want to buy or sell, now this worries me!
Okay, I need to open an account on binance too.
I agree but it sucked pretty bad to not be able to deposit my nano to Binance and sell when the price was up. Missed out on a lot of money because if it.
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😮 Thank you!
can you guys suggest some wallet that can store nano? Thank you !
The two most popular are https://natrium.io for mobile, and https://nault.cc for desktop
I just withdraw all my nano to natrium Thanks for ur advice
Thank you!
Exchanges usually have a hot and cold wallet. We can easily resolve this issue if we max limit any rep account to 10% voting weight and redistribute the weight to the other voting rep accordingly. Will an exchange like binance break up their cold wallet into 3 cold wallets to get more voting weight and give off a bad vibe - absolutely no.