CoinJanitor Update: Ethereum Fees And Giveaway

It has been an eventful month for the cryptocurrency world. A lot of what has been happening with DeFi has inevitably spilled over into what CoinJanitor does in many ways. Nevertheless, we are pushing forward, looking for more buyouts and completing our first ever giveaway successfully.

Here is what we’ve been up to for the last month.

CoinJanitor Giveaway

Our first Bitcoin giveaway has ended. We have distributed the prizes accordingly. We are happy to announce that we gave away 1,000,000 Sats. The results were amazing.

We gained more exposure and more people are contacting us regarding deadcoins thanks to that exposure. Therefore, we decided to launch another giveaway again some time in the near future. Stay tuned and we will tell you how to participate!

DeFi Hikes Ethereum Transaction Fees

More awareness has not brought more buyouts in, unfortunately. The issue here is definitely related to Ethereum transaction costs – gas. Thanks to the DeFi craze, Ethereum transaction fees reached an all-time high recently.

This affects us in two ways:

  • It makes it more costly for us to buy ERC20 projects out
  • ERC20 deadcoin holders are less likely to swap. Devs and communities are not considering our buyout offers due to costs

The second point is the crucial flaw that we cannot control right now. We have enough funds for swaps on our side. Even if it is more expensive for us to swap people out of their deadcoins, we will keep on doing it.

We might need to go back to the basics now: find non-ERC20 projects to buy out. These projects also tend to have more of what we want: code that we can use to build our open source repository for research or other purposes.

Looking Forward

Market dynamics notwithstanding, our message is clear. We are here to buy out more deadcoin projects. We have enough funds to operate under these circumstances and if needed, we are willing to add money from our own pockets to pay for gas on swaps.

In the meantime, we are getting that message out there. As we wait for the failure of the DeFi craze to generate even more deadcoins for us to buy, we are participating in forums like Run for the Unicorns to increase awareness about our project.

No matter what happens out there, we will pull through and keep on going. We know that many of you feel the same way, and we thank you for your commitment and your continuing support.

Our First CoinJanitor Community Update

First CoinJanitor Community Update

Our community is flourishing. Community members are launching projects as we complete more buyouts and welcome more people in. On this update we want to highlight our latest buyout as well as the achievements of our community. This is part of our effort to help CoinJanitor members further their own initiatives.

UNI Buyout Completed!

First, here is an update from our most recent buyout. UNI was our first community-driven buyout. The dev completely abandoned the project and some of its members contacted us for a buyout. Therefore, the buyout was partial.

5 people participated in the buyout. The person who referred us to the project gave up his bounty in favor of the budget. This drove the exchange rate higher. Here are the numbers:

  • 15,000 JAN from the bounty were sent to the buyout budget, bringing the total to 65,000 JAN
  • The other half of the bounty was sent to another person who helped in the buyout process
  • A total of 5 people participated in the buyout
  • These 5 people sent a total of 488.57 UNI to our burn address
  • That set the exchange rate at 133 JAN to 1 UNI (65,000/488.57)

We completed the buyout on July 5th, 2020.

HodlHard Launches Bitcoin Satoshis to USD Converter!

Moving on to our community, we have some exciting developments. The first of them is the launch of HodlHard’s own WordPress Bitcoin Price Plugin.

Thanks to this currency converter, you will be able to track the price of a single USD – or other fiat currency like GBP, EUR, or JPY – in Satoshis. This is a great tool for those who are looking to keep track of:

  • Bitcoin cash back rewards they get
  • The value of trade within the Lightning Network
  • Price of transactions in fiat
  • Inflation, to a certain extent

If you are running a WordPress website, you can download the plugin from HodlHard’s GitHub account. The plugin runs smoothly and without conflicting with any of the popular WordPress plugins. This Bitcoin price tracker is also light, so it is a great addition to your website!

GRT Launches Building Liquidity from Scratch!

The other community update we wanted to highlight, has to do with the inception of GRT. This token did not raise any money because its premise is to build liquidity from scratch. It is a community driven experiment in value creation that consists in rewarding community members that contribute to the success of the project.

GRT stand for GoldenRatio Token. To find out more about this project and how you can participate, head over to the GRT official website. Read the white paper and see how the project is doing so far.

More Community Updates in the Future

News about GRT and HodlHard led us to believe that there are many more project our community is involved in that deserve a mention. We would like CoinJanitor community members to contact us and let us know what they are doing.

We hope they do so we can include more community updates in the future and make CoinJanitor more valuable for its own community members.

Fake CoinJanitor Token Is Flattering But Dangerous

CoinJanitor Fake Token

A fake CoinJanitor token appeared on Etherscan a few days ago. It happened shortly after we announced our fifth buyout. Five buyouts and there is someone out there trying to copy us! That is extremely flattering, but we must do everything in our power to prevent them from piggybacking on our work or even worse, scam members of our community.

Fake Token Background Information

This fake token’s resemblance to ours is uncanny:

  • It has the same name
  • Same ticker symbol (JAN)
  • Exactly the same supply
CoinJanitor Scam Token
The CoinJanitor scam token copied the supply down to the last digit! But it is clear that there is only one true JAN.

Here is what it does not have:

  • The legacy that CoinJanitor has on the blockchain (Our first transaction was registered roughly 773 days before theirs!)
  • Our logo
  • Any kind of official backing
  • A history of being used to buy deadcoins

Some of these are features that the scam token will never have. You cannot fake legacy on the Ethereum blockchain for instance. But a lot of people don’t look at this, so it is important to warn everyone out there. Avoid the fake token.

How to Avoid the Scam Token?

At best this fake token is an attempt to emulate us and buyout dead projects. At worst it is a scam. So, if you are looking into CoinJanitor, please make sure you are looking at the legitimate JAN and verify that it is our project.

To do so, you can do the following:

General Warning Following the Creation of the CoinJanitor Scam Token

Just to make sure that everyone gets the right information, please make sure that you understand the following:

  • CoinJanitor tokens should only be bought and sold from the exchanges that we have partnered up with: SouthExchange, Resfinex, and Unnamed Exchange
  • No CoinJanitor team member will ever approach you asking for money or trying to sell you tokens
  • We refrain from contacting anyone on Telegram. Unless you are a deadcoin dev, we are highly unlikely to contact you. Please double check if it is us when we contact you, or reply to us by email

We are not linking back to the scam token for 2 reasons:

  • We don’t want to give it any kind of notoriety
  • We want to make sure our readers click on the right links and don’t get confused

Stay safe and let’s keep on cleaning the space. Remember: when scammers start noticing us it means we are doing a bunch of things right!

CoinJanitor Buys Unipot Out, First Community Driven Deal!

CoinJanitor Unipot Buyout

Welcome to a new experiment in deadcoin buyouts. Our fifth overall buyout, Unipot, is a community-driven buyout to onboard as many of its users as possible mainly. This buyout might usher in a new era of deadcoin buyouts.

The Unipot community was looking at how to solve the situation they were left in when their dev abandoned the project and switched all social media channels off except for Telegram. Fortunately, a member of the CoinJanitor community suggested a buyout and we agreed to try the community-driven effort this time.

Community Member Donates Deadcoin Bounty

The same community member who brought Unipot to the table, has donated the deadcoin bounty they are entitled to. This community member has asked us to add the amount to the buyout budget, which is a very generous gesture that shows how important this experiment is to many members of our community.

About Unipot

So, which kind of deadcoin is CoinJanitor buying this time? Here are some basic characteristics of Unipot:

  • It is an ERC20 with 8 decimals
  • Total supply is 8,559,776.9979998 UNI
  • There are 1,647 holders according to Etherscan
  • The token was supposed to support a lottery with rewards denominated in UNI
  • Therefore, a significant part of the supply is still in the “Treasury” address

We are making every possible effort to exclude team members from the buyout. So far, we have isolated the top 4 addresses by amount of UNI on Etherscan that hold the token and we have excluded those from the buyout.

Buyout Details

This deadcoin buyout is all about integrating UNI users left, despite the fact that most have expressed their reservations about transactions costs. We hope they see the value in swapping instead of looking just at spot prices, which are little more than just a point on a graph and lack any qualitative information about CoinJanitor.

CoinJanitor to UNI Exchange Rate

We will apply the same method to this swap that we applied to the LENS buyout. The swap deadline is June 30th. After the deadline we will proceed to distribute the buyout budget proportionally among the people who participated in the swap. Here are the conditions and our commitment for this kind of swap:

  • We will disburse the full amount of the buyout budget to those UNI users who send their UNI to us before June 30th, 2020
  • The exchange rate will not be known until the swap deadline is over
  • Swaps after the deadline will not be possible at all. There will be no exceptions

Our swap budget for this project, thanks to the bounty donation by the CoinJanitor community member, will be 65,000 JAN. We will divide that number by the total amount of UNI we receive to that date to calculate the exchange rate and proceed to disburse the funds to UNI holders proportionally.

Instructions For UNI Users Claiming JAN Tokens

If you are a UNI holder, please email us at support(@)coinjanitor.io to begin the swap process.

Please state the following on your email:

  1. How many UNI tokens you have
  2. Which address(es) you hold them in
  3. Which ERC20 address you will like us to send your corresponding JAN to
  4. We will reply with our burn address
  5. Send your UNI tokens to the burn address provided BEFORE THE DEADLINE
  6. Once the deadline passes, we will be able to calculate the exchange rate
  7. We will inform you about it via email and we will transfer the corresponding amount of JAN tokens to the public address you asked us to send the tokens to on your initial contact email

Make sure to include a corresponding ERC20 address for which you control the private keys to complete the swap.

Note: Only SouthXchange, Token.Store, Unnamed Exchange and Resfinex support CoinJanitor tokens. Failure to provide a corresponding ERC20 address for which you control the private keys may result in the loss of your JAN tokens.

UNI Buyout Deadline

Remember, if you are a UNI holder, you have until June 30th, 2020 to complete steps 1 through 5 (see above).

UNI Holders: Welcome to CoinJanitor!

To all the members of the UNI community, we welcome you to CoinJanitor. We hope you find our project useful and valuable. We invite you to use all the resources that other CoinJanitor members are already enjoying. There are multiple benefits of joining our budding community, and we are looking forward to hearing from you.

If you’re new to the CoinJanitor project here is a short explanation of what CoinJanitor does:

Special Update: CoinJanitor is Now Listed on Resfinex!

Resfinex Lists CoinJanitor

After an eventful month, we are proud to announce that June is already looking bright. We have a JAN listing to announce, as well as an offer to onboard users of an abandoned project.

This is the first time that CoinJanitor will intervene to onboard users of a deadcoin that has been completely abandoned by its devs. We have done so after many community members asked us to reconsider our approach. This will be an experiment because we do not have any contact with the devs.

CoinJanitor is Listed on Resfinex

The deadcoin we offered a buyout to under this experiment is called Unipot. We are intrigued by this experiment and will be updating you on it periodically. We are sure that our new listing will also help us convince the members of that deadcoin community to swap and join the janitor!

Resfinex is the newest exchange to list CoinJanitor. The listing went through on June 6th, 2020. This shows our commitment to expanding partnerships with a wide variety of individuals and organizations in the space for the benefit of the community and those who decide to join.

CoinJanitor Trading Pairs on Resfinex

We are grateful to the team at Resfinex for the listing and we hope that our community members will use this listing too, to trade their JAN if they wish to do so.

Resfinex is listing CoinJanitor for two trading pairs:

  • JAN/BTC
  • JAN/USDT

You will be able to trade with your JAN tokens on Resfinex on June 6th, 2020.

About Resfinex

Here is some background information on Resfinex for those of you who do not know this budding exchange:

  • There is a total of 33 coins listed on Resfinex
  • You can trade on 50 pairs involving these coins and tokens
  • Resfinex trading volume is growing, and has surpassed the $2.5 million USD mark already

More Great News Coming!

We hope that the new listing will have a positive impact on our deadcoin buyouts. In any case, we have more exciting news coming your way about everything else we are working on. Stay tuned and thanks again for supporting our efforts to clean up crypto!

May 2020 CoinJanitor Update: Bitcoin Giveaway & Deadcoin Buyouts

CoinJanitor May 2020 Update

May has been an eventful month for CoinJanitor. Our team has been focusing on the Bitcoin giveaway as we engage with numerous devs on deadcoin buyout leads.

Although we have made some progress on deadcoin buyout conversations, we were not able to finalize any buyouts this month. We are confident that at least some of those conversations we had will bring us a deal in June.

Contacting Exchanges to Buy Delisted Projects

In the meantime, we have been contacting a wide range of exchanges in an effort to partner up with them. We are offering the following:

  • To send delisted coin devs our contact information with a short intro
  • To inform all exchange users about deadcoin buyouts and swap those who hold the delisted coin off-platform
  • Finally, we are extending our deadcoin buyout bounty to exchanges that partner up with us

We are contacting more exchanges every day and will continue to do so until we find suitable partnerships.

CoinJanitor Bitcoin Giveaway Expanding the Community

The initiative to contact exchanges comes from members of our growing community. This is why we have decided to extend our Bitcoin giveaway. We have integrated more community members during April and May, and this is creating great opportunities for the project.

We would like to extend the deadline to August 31st, to give more people the opportunity to join. We are gaining momentum on that front and we would like to keep it up because a lot of the success we have had so far is due to the commitment of our growing community.

Stay Tuned!

There is no doubt that just as our Bitcoin giveaway brings more community members and attracts more constructive ideas to our project with them, the next deadcoin buyout is closer. Stay tuned to our updates. More exciting news are coming, including more information on our backend work to improve our interaction with you and cultivate all these wonderful ideas you are bringing to the table!

CoinJanitor April 2020 Update

CoinJanitor April 2020 Update

It has been a challenging month so far. We have been dealing with the giveaway and looking for more deadcoins to buy out. Despite a few introductions to stalled projects, the negotiations have not panned out. As we look for more projects, we decided to take a step and list on an additional exchange. This listing will give the project more flexibility in the markets.

CoinJanitor Lists on Unnamed Exchange

We listed on Unnamed Exchange following the suggestion of one of our community members. This listing is particularly favorable due to the following reasons:

  • It gives CoinJanitor some more exposure
  • Adds more JAN pairs for our community to use
  • Solidifies the convertibility of JAN tokens with more options on a good market

More JAN Pairs

This listing on Unnamed Exchange adds 6 new pairs and allows the users on this exchange to trade JAN using a total of 8 different cryptocurrencies. The following are the JAN pairs available at Unnamed Exchange:

  • JAN/BTC – the second exchange on which this pair is available. SouthXchange was the first one
  • JAN/ETH – also the second exchange that offers this pair after our listing on Token.Store
  • JAN/LTC – a new pair we are particularly excited about. Litecoin is a promising cryptocurrency that has solid foundations
  • JAN/USDT – for those of you who like stablecoins, Tether should be the kind of option you were looking for
  • JAN/XMR – a zero proof option for those of you looking for anonymity
  • JAN/DOGE – it might have been launched as a joke, but DOGE has a solid community around it and it is certainly a nice addition
  • JAN/WAVES – for Waves fans within our community and all those who we have integrated through the RELAY buyout
  • JAN/UTIP

Ready to Trade on Unnamed Exchange?

So, if you want to try Unnamed Exchange out, just go ahead, pick your favorite pair, and start trading. Our team is pleased to give you more options so you can choose your favorite exchange as well as a growing number of trading pairs.

Looking for the Next Buyout

While you try Unnamed Exchange out, keep your eyes open for deadcoins. We are still offering our deadcoin bounty. So, if you can help put us in touch with the devs of any deadcoin, you will have more JAN tokens to trade with upon the successful completion of the buyout.

CoinJanitor Added to CMC!

CoinJanitor CMC CoinMarketCap

Although it might not seem like it, the past couple of months have been quite eventful. While nothing substantial has panned out on the buyout front yet – we do have a few leads we are working on – we took advantage of the downtime to do some housekeeping. Here are the exciting updates we have to share with you from the work we have done during February and March.

CoinJanitor is Now on CoinMarketCap – CMC

Our first great piece of news is that we are now listed on Coinmarketcap – CMC. This is probably one of the biggest achievements we had while taking care of internal tasks. We would like to thank the members of the community who helped us get there as well, because without them CMC wouldn’t have been possible.

Here is a link to CoinJanitor’s profile on CMC . There is no doubt that being on CMC will raise the profile of our project and it will raise awareness about the need to have a mechanism to recycle deadcoins. test

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The Dangers Of Cryptocurrency Trading Scams

cryptocurrency trading scams market manipulation

Cryptocurrency is probably the greatest innovation of the 21st century so far. The freedom it provides, considering how money and the internet work, and how big data has compromised our lives, is absolutely necessary. But the explosion of altcoins and tokens further down the line has created the conditions for a variety of cryptocurrency trading scams. These are hurting the space, casting a long shadow on the technology that will become the cornerstone of individual freedom globally.

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CoinJanitor January 2020 Update

We started the month of January 2020 with a long-awaited swap from a buyout that should have been completely finalized last year. The LENS buyout took quite a while to finalize just because that is the nature of the game; developers get our offers, they think about it, maybe they try to figure out a different solution. When they can’t find a different solution, they come back to us and the buyout moves ahead quickly.

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