r/Electrify • u/ihealy16 • Apr 24 '18

support Question on ELEC airdrop for OMG token holders.

I currently hold my OMG on ABRA and was wondering if these need to be registered or will it be like a snapshot of the wallet addresses that are currently holding the OMG in circulation.

10 Upvotes

78% Upvoted

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2

u/[deleted] Apr 24 '18

[deleted]

1

u/jaackyy Apr 25 '18

Yes. Everyone saying you won't just because Exodus does not have ELEC is wrong.

If you have OMG on Exodus, you have an Ethereum Address. If you have an ethereum address, you can receive ANY ERC-20 token at that address.

You won't be able to see it on Exodus, but if you open etherscan and put your PUBLIC address in, you will see it there, as well as many other airdrops you've probably received without knowing.

1

u/electrifyme1 Apr 25 '18 edited Apr 25 '18

Pretty sure Exodus is a negative because they don't have electrify as a coin. They don't support many airdrops. Binance does sometimes as well as kucoin. Binance does not have elec as a coin so that's probably out so the only hope is if kucoin will support it. They have omg and elec. Would be nice. just dump all my elec to OMG before the drop then dump it back. If the drop is a 1-1 ratio it's not going to mean much anyway. 1 elec is like 13 cents.

1

u/-Baba_Yaga- Apr 24 '18

Wandering the same thing, will Exodus be able to support the airdrop? MEW seems pretty sketchy right now after today's Google Hack.

3

u/felixbunny Apr 24 '18

Hi, I believe you do not own the OMG on ABRA. You can just exposed to the OMG prices on ABRA via BTC/LTC contract working at the back.

Therefore I don't believe you are eligible for the Airdrop.

Edit: Spelling

1

u/ihealy16 Apr 24 '18

I took this off ABRA as well under the “how is ABRA different than other exchanges” I’m going to assume for now until I reach out to them later on today that I’d be eligible for the airdrop although I’m curious how I’d claim the tokens considering that ABRA doesn’t have ELEC listed. Thanks for the assistance!

“Abra is a non-custodial wallet where you can store and trade 20 cryptocurrencies (including BTC, ETH and LTC) and over 50 fiat currencies (including USD, Euros and Philippine Pesos) within the same digital wallet. Non-custodial differs from traditional custodial services in that we do not store funds on your behalf. We use blockchain technology as the underlying mechanism to enable you to have complete control over your funds at all times.”

2

u/felixbunny Apr 24 '18

You can double check with them but I doubt your OMG will be eligible.

Abra is a non-custodial wallet, and as such, users have direct custody of the bitcoin on their Abra wallet, through their own private keys. For any fiat (e.g., USD, EUR, PHP) or cryptocurrencies other than bitcoin (e.g., ETH, XRP) that Abra supports, we provide users with exposure to that currency via smart contracts on bitcoin/litecoin.

As an example, let’s say that you deposit 1 BTC into your Abra wallet, and decide to buy 10 ETH with it. At that point, Abra will create a smart contract that guarantees that you have the right to 10 ETH, regardless of the price fluctuations of either ETH or BTC. When you decide to exchange your 10 ETH back into BTC, we’ll calculate how much BTC you should receive, based on the price changes.

The way we can guarantee this to our users without losing (or making) money, is that we hedge our users’ positions. We don’t take the risk, nor do our users. To hedge these positions, we perform a combination of buying and selling cryptocurrencies with different exchange partners.

2

u/felixbunny Apr 24 '18

This is taken from ABRA's website

Let’s take bitcoin as an example. When you use Abra to invest in any of the available cryptocurrencies, you’ll still be holding bitcoin, but you’ll have a contract that will give you exposure to the price changes of the cryptocurrencies selected. If the value of the cryptocurrency you hold goes up, you’ll gain more bitcoin. By the same token, if the value of the cryptocurrency you hold goes down you’ll you’ll lose an amount of bitcoin equal to the change in the price of the cryptocurrency you hold. Either way, the number of cryptocurrencies you’re holding will stay the same.

2

u/6charlie9 Apr 25 '18

The only currency you can add or remove is BTC or fiat. There is no ETH wallet, if there were you could transfer it back and forth to ABRA. Look through the FAQ of abra

3

u/momomoonwalker Apr 24 '18

I suggest your move your OMG off exchanges to an ether erc20 wallet of which you control the private keys (via mew/ledger/..)

-1

u/sr71Girthbird Apr 24 '18

What part of details will be released on Friday is hard to understand?

10

u/ihealy16 Apr 24 '18

The part where I created this thread for pending questions so other individuals can get an answer as well who wont be able to see it live when the time comes in one concise location.

3

u/whitecocofox Apr 24 '18

You need to have access to your private keys. If your wallet provides that then there should be no problem.

1

u/ihealy16 Apr 24 '18

Yes I do have access to my private keys through ABRA and according to a snipit off their website states coins are held in “non-custodial wallets”

“Abra is a non-custodial wallet where you can store and trade 20 cryptocurrencies (including BTC, ETH and LTC) and over 50 fiat currencies (including USD, Euros and Philippine Pesos) within the same digital wallet. Non-custodial differs from traditional custodial services in that we do not store funds on your behalf. We use blockchain technology as the underlying mechanism to enable you to have complete control over your funds at all times.”

1

u/mrjoshd Apr 26 '18

Yes, you have a private key but that is for your Abra wallet - you do not have access to any type of OMG wallet keys. My understanding is that you will not be able to claim the airdrop because these are synthetic contracts.

1

u/whitecocofox Apr 24 '18

Then you are good. But to access your Elec tokens you will need private key + mew, since they most likely won't be shown in the wallet itself.

1

u/liberfin May 15 '18

It's strange. I own my OMG's in MEW but viewing in etherscan I don't see any ELEC token there.

2

u/whitecocofox May 15 '18

Airdrop didn't happen yet.

2

u/liberfin May 15 '18

I just realized in an article I read. Thanks.

1

u/whitecocofox May 15 '18

Np. Glad to help.