We can thank @MoreGainStrategies for the inspiration behind this post. In my latest post Atomic Wallet was mentioned as part of the Back Story.
Bitcoin And UTXO Based Currencies - What I Learned
Quickly realised that if I go into too much detail, Atomic Wallet and their shitcoin AWC, will become the story. I moved on with the line “Will save that story for another day."
@MoreGainStrategies picked up on that and made the comment
So here I am returning from a week in the mines (40+ degrees, 70% humidity), sitting on a plane with my mask on, can’t sleep, just had a coffee, no internet. What is a guy meant to do. Start writing a blog of course.
Do I Really Need Another Wallet?
Publish0x it is all your fault, cough cough.
Atomic Wallet was the recommended wallet to use in conjunction with Publish0x. Not because they were a good wallet but due to the generous referral program. We are also guilty of using the referral program for personal gain.
Publish0x runs another writing competition. At the very last minute I decided to enter the competition.
Atomic Wallet - Do I Really Need Another Wallet?
I had a small amount of ATOM, that had been sitting on Binance for a long time. Storing on the Nano S was way too complicated at the time, so it got put in the Too Hard Basket and was forgotten about.
Being a smart arse, I thought I could kill two birds with one stone. Transfer the ATOM from Binance to Atomic Wallet and stake it. Document the process and bingo I got my first entry in a writing competition.
Once we had the wallet, we soon found uses for it.
- with multiple faucet Pipeflare and Global Hive accounts, always in need of a spare address or 2 to collect the ill gotten gains. To avoid detection you need seperate IP address, internet connection and wallet addresses - jury is still out on that one
- somewhere to send the Publish0x tips - wrong move
In hindsight the answer was NO.
- Ledger has made the process of creating ATOM wallet so easy
- getting 112 free AWC tokens is not enough compensation for the head fck
Certainly would have been better off not having another wallet, but then you learn alot more doing it the hard way.
Staking ATOM On Atomic Wallet
Staking the ATOM was straight forward enough. Selected EverStake as our validator as this was the one we used on Exodus, where the bulk of the ATOM is stored.
Note - We need to keep the ATOM separate as part of estate planning.
An annoying feature of the Atomic Wallet, is the wallet does not record all the transactions associated with that ATOM address. Makes it impossible to reconcile how they arrive at the balance without using an explorer to view the transactions on the blockchain. My OCD part of me needs to keep extensive records, so I find this very frustrating not having access to all the data. I never did find out why Atomic Wallet does not have all the transactions but it is a red flag 🚩 🚩
Calls into question
- competency of the devs who created the wallet
- was it just an oversight
- is it too hard
- is there a cost associated
I have only Exodus Wallet as a comparison, so excuse me if you feel I am being harsh too on Atomic Wallet. Exodus is the standard we gauge things by.
Next hiccup is probably not Atomic Wallets fault but a feature of Cosmos staking. But worth mentioning as a caution to players.
Do Not stake all the available ATOM. Otherwise you will not be able to do anything. Claim, Unstake etc, as you need enough available funds to cover the transaction fees. Your funds are literally frozen, until you deposit some more ATOM.
Unstaking ATOM On Atomic Wallet
Now the fun really started
No problem unstaking the ATOM on the Exodus wallet. Just had to wait the obligatory stand down period.
Atomic Wallet was not quite so easy.
- first attempt it would only allow to unstake a small amount of the total staked ATOM 🚩 🚩
- second attempt, it allowed the same amount to be unstaked, as that was all that showed up as available 🚩 🚩
- so far two lots of fees
- when I went to repeat a third time, nothing was available 🚩 🚩
- thats when I noticed that the validator was showing as Sikka not EverStake 🚩 🚩
It seems to me this might be the problem, on the blockchain EverStake is still the validator but Atomic Wallet has Sikka which does not have the tokens.
Atomic Wallet Support
To their credit support
- do reply very quickly ✔️
- appear to be human ✔️
I won't reproduce all the correspondence but was rather concerned with their suggested solution.
- is this a common problem and this is the recommended fix?
- if it is a common problem, why is it still a problem?
- if not are you just guessing?
- what happens if it doesn't work and I have just deleted the old wallet? The answer is the ATOM is lost forever?
Hence my question
"Are you suggesting there is a fault with the Atomic Wallet?
Now they refused to directly answer the question. But eventually after insisting they answer the question
"Unfortunately, we're unable to answer to it being 100% sure."
Which is an admission there is a fault with the Atomic Wallet and they are guessing. 🚩 🚩
That is a far as I have got so far. Time to write a blog, collect my thoughts before I continue the battle with support. Eventually our problem will get passed onto some one with a grasp of the technical issues. Not just parroting the standard replies. But that is standard whether you are dealing with a Telco, exchange or Atomic Wallet. Good Support is like hens teeth. But is a good sign when you find, if they have bothered to invest in customer support there is a good chance the rest is also been done properly.
The AWC Token
Sorry to all those AWC fans but it is a "shitcoin" by definition.
- no real use case
- 100,000,000 maximum supply
- 10,603,659 circulating supply, which is only 10.6 % of maximum supply 🚩 🚩
- staking is not a real use case, despite the great ROI being offered. They can afford to be the best payers as it is free money they are using and they still have another 90,000,000 in kitty
- Staking should only be a bonus not the only reason
We made the mistake of staking the AWC tokens while we worked out what to do with them. Took awhile but unstaked, swapped AWC ➡️ BNB ➡️ BTC ➡️ some alt. So the AWC was put to rest.
My Apologies
To the 3 people who used my Atomic Wallet referral link, before the program was shut down due to excessive abuse (fraud).
How hard is it to run a fraud resistant referral program?
Zcash Faucet Earnings
Once the ATOM is recovered or lost for ever. Then it is just a matter of stopping the faucet accounts and sending the ZEC to cold storage. Other than the fee being 160 times a single input transaction, at least there is enough to cover the fee. That subject was covered under
Bitcoin And UTXO Based Currencies - What I Learned
Dust
All that should be left is the dust, on the blockchain for eternity.
- 0.27 XTZ unavailable, blockchain requirement to avoid spam attacks
- 0.000744 BNB, doesn't have facility to take all and take fee out of that. You have to get amount right but the fee keeps changing. So you either can't transact or end up with dust. I will give Atomic Wallet the benefit of the doubt that is a blockchain issue
Red Flags
How many red flags do you need before you pull the plug?
The End
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