Sirwin
Sirwin

My Quest turning my Dust Funds into Gold with SwapSpace

By Feax21 | Publish0x Writing Contests | 23 Jul 2021


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Editorial

After the successful #myuplandcity writing contest where my article "Upland in the University city of Cambridge" has been awarded a place in the top category and $100 worth of ETH, and back to back Investigations on CoinmarketCap's Learn and Earn campaigns, I had initially decided not to participate in the new writing contest of Publish0x with title #SwapSpaceExplained Writing Contest and Giveaway with a rewarding pool of $1,200 in ETH Prizes! The rewards is very lucrative but i felt a bit tired to participate in another writing contest so quickly due to the hot summer in the UK. After all I had no idea what special should I write about SwapSpace. What was that after all? Another crypto exchange or another yield farming platform?

SwapSpace? What is that?

According to the writing contest description, SwapSpace is a decentralised cryptocurrency exchange aggregator (DEX aggregator) just like 1INCH,  For 1INCH, I have recently finished my investigation on its 2nd CoinMarketCap Learn and Earn campaign in the article with title "My Investigation on CoinMarketCap's 1Inch second Learn and Earn Campaign" so I have already a very good idea for its DEX services. Still SwapSpace allows the user to exchange more than 500 crypto coins and tokens but the main strategic advantage of SwapSpace in comparison with the rest of DEX aggregators including 1INCH is that the the user don't just convert cryptocurrency with the offered rate but instead, the user can compare the rates provided by the 14 partnered crypto exchanges  and choose the best option taking into consideration their TrustScore ratings. Furthermore, in SwapSpace, the swaps are taking place in a non-custodial way which means that the user doesn't have to register for an account in the platform for the DEX service and SwapSpace doesn't collect sensitive data such as Wallet private keys eliminating all the subsequent risks of a custodial account, even if other custodial crypto exchange platforms or aggregators state that they are safe. They are safe until they aren't safe. More information about the difference between a custodial and non-custodial service can be found on Binance Academy. Finally, there are no limitations in the transactional amounts that can vary from few "DUST FUNDS" micro amounts to large "WHALE" amounts. And all these benefits are combined with a 24/7 global customer support in case the user experience any problems. In a summary, the benefits and strategic advantages of SwapSpace are the following:

  • DEX Aggregator for 500+ crypto coins
  • 14 onscreen crypto exchanges with a TrustScore ranking
  • Non-Custodial Swaps
  • No KYC registration for the DEX Service
  • 50% Referral Program (Account needed)
  • No Transactions limitations
  • 24/7 Customer Support Service

That's nice! Swapspace appears to be a nice DEX aggregator but my objection is that I hardly use one as I rarely exchange my tokens from one cryptocurrency to another. Furthermore, for any assets that I HODL on Binance, I used to find Binance exchange adequate as I was provided a Tier 1 voucher and a 25% discount on my Binance exchange transactions for using my BNB funds for the transaction fees in order to participate in their marketing promotions.

They used to say that "Curiosity killed the Cat" and i tried to find more information on SwapSpace on the various articles of the writing contest. I started from the article of my good friend "The Part Time Economist" and his article with title "SwapSpace Tutorial - Cross Chain Exchange Aggregator". My eye felt on the Key Points of the article mentioning there that the user can trade among 450 different cryptocurrencies on different blockchains as follows:

As with any new crypto project, it's important to ask what unique value proposition it brings to the ecosystem, or in layman's terms, "What does it do?" To put it simply, SwapSpace allows users to trade among 450 different cryptocurrencies on different blockchains without having to complete KYC or spend precious time searching across multiple exchanges to find a cross-chain trading pair. It saves time, it saves work, and it protects your privacy.

I remembered that anyone can perform similar transactions on UPHOLD where you can trade "ANYTHING TO ANYTHING", from FIAT currencies, to CRYPTO currencies and COMMODOTIES such as oil or corn so what is the point of using that so called SwapSpace and I left a relevant comment as follows:

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Obviously Sugarfix replied and explained that "No one likes KYC" mentioning that there is no need of KYC that in fact makes SwapSpace different. However, the SwapSpace idea and the writing contest #SwapSpaceExplained left me indifferent and I focused on the consecutive CoinMarketCap's Learn and Earn Campaigns.

My Dust Funds

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It was another hot July afternoon in my room with the British sun pointing directly in my window after finishing another busy working day from home. I fell into my bed and I started exploring my crypto apps and wallets on my tablet. I remembered then that I had various crypto dust funds in Trust Wallet and in my LTC FreeWallet staying idle for months without being able to move them or even exchange them into another crypto coin. Specifically I found 0.00003222 Dash and 0.00000106 Zcash into my Trust Wallet and 0.012 LTC into my LTC FreeWallet. In fact the fees that these wallets are charging their users for every transaction are literally "criminal" when there are so many DEX aggregators and yield farming platforms available offering lower transaction fees.

I used to use the LTC FreeWallet to withdraw my earnings from the Free LTC app by Bitcoin Aliens since September 2020 when  I had no idea about the Faucet Pay Wallet that manages micro payments from faucets and I have managed to accumulate since then 0.01276965 LTC !!! Unfortunately as you can see in the screenshot, the LTC FreeWallet demands 0.015 as a "Network fee" and a minimum amount of 0.03 LTC. Even if I have managed to accumulate drop after drop 0.03 LTC from my faucets, I need to gift half of my earnings to the wallet in order to transact my deposit into Binance !!! Ladies and Gentlemen fellow Fauceteers this is called "robbery". Even the Huobi Wallet is charging 0.00000192 LTC or $0.0002 per transaction without minimum pay. So that dust amount was destined to remained forever in the LTC FreeWallet which certainly isn't FREE at all !!!

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And let's go now to the famous and popular Trust Wallet who completed so many successful marketing promotions last December on twitter in collaboration with Binance. Fearing that the Zcash and Dash funds from Pipeflare Faucet would be evaporated during my daily withdrawal, I decided last October to use a TrustWallet in order to deposit my funds there.

Big Mistake !!!

As you can see from the screenshots, from 0.00008578 DASH that I sent into my Trust Wallet, 0.00005356 DASH were consumed as "Network Fee" during the deposit and I was left with 0.000032222 DASH. Also from 0.00008389 ZCASH, 0.004535 ZCASH were also consumed as "Network Fee" during the deposit and I was left with 0.003854 ZCASH. The amounts are minimal for sure, however for every decent fauceteer every drop counts and until today i have managed to accumulate a respectful amount of Zcash from Pipeflare Faucet into my Binance account receiving 100% of the deposits and staked into my Binance Flexible account.

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As a result from the initial depositing losses of almost 50% of my funds into "Network Fees" when I receive 100% in my Binance spot account, I was left again with dust amounts which i couldn't move or exchange in another cryptocurrency in order to accumulate them and being able to withdraw them and uninstall the "Wallets of Shame" i.e. Trust Wallet and LTC FreeWallet from my tablet. I tried hard to find a solution until I have sent a relevant question to my good friend PVM in his twitter mailbox who suggested me to give a go to SwapSpace !

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Maybe SwapSpace? Eureka?

Yes! Eureka!! That's the solution to my dust funds problem! If I could find a way to connect my Trust Wallet or my LTC FreeWallet into the SwapSpace exactly like it happens with Metamask in order to connect with other DEX aggregators such as 1INCH and Yield Farming platforms such HARVEST.FINANCE, then I would be able to move my idle dust funds by converting them into BITCOIN GOLD !!! And this is how MAGICALLY it works for the LTC case !!!!!!

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Step 1: In the main SwapSpace page, I have inserted the amount of my LTC dust which is 0.01276965 LTC precisely. This amount is planned to be converted into Bitcoin and precisely on 23/07/2021 I get 0.0000424 BTC and I pressed "VIEW OFFERS" in order to be directed into Step 2 where I can see all the available exchange rates.

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Step 2: Eventually, I got redirected into the 2nd step of the exchange process, where I had to choose the best possible rate in the best crypto exchange provided. And the "Best" includes the one with a better TrustScore ranking. In the case of my LTC dust amount, the best rate was 0.00004240 by FixedFloat. I don't know who the FixedFloat is but I don't really care as I don't need to pass the time in the consuming process of researching its validity, registering an account there and pass the KYC  verification before starting the exchange process. The only thing that I had to do is to press the "EXCHANGE" button next to the rate in order to be directed into the Step 3.

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Step 3: Here, I had to provide the BTC destination address where my funds would have been forwarded after the exchange and also the LTC refund address in case that the transaction will be cancelled. Here I used the LTC FreeWallet address. It is worth noting that the rate had been slightly changed to approximately 0.0000426 BTC which is logical due to the slippage and the market volatility. But in the end it won't make a big difference. By pressing "NEXT" I have been forwarded into the final step of the transaction without though noticing the directions on the bottom of the screenshot...

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Step 4: This is the most critical step. My initial foolish impression was that by providing my LTC FreeWallet address, somehow, SwapSpace was gaining access into that (without even having my private key) and proceeded into the exchange of my funds into BTC which I was expecting to be sent "automatically" into my BTC address via Fixedfloat. This is pure MAGIC !!!

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Yet the reality is a bit different that it was initially planned since in order for the exchange to be executed, all I had to do was to transfer my funds to the exchange address MQcYddTe5EsRmPy5AmoSvWVrttbwLLiCoB !! It was obvious in front of my eyes but blinded from my agony to transfer my dust LTC funds out of the LTC Freewallet that I couldn't see it !!!

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In fact, I could have very easily procced with the exchange IF I was able to withdraw my funds out of the LTC FreeWallet which brings me back into my initial quest. Eventually after the deposit period of 30 minutes expired, I received a notification that the time provided for the funds transfer was over.

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And this is the end of my quest. Although, I am still disappointed with the outcome of moving my dust funds out of Trust Wallet and LTC FreeWallet, I have managed though to fulfil my curiosity how SwapSpace eventually works for a future consideration. SwapSpace is another tool in my quest in the crypto world and I would like to thank PVM for providing me the initial idea. 

Finally, I was strongly considering to add on this article my Trust Wallet DASH and ZCash and LTC Freewallet addresses in case a generous reader would like to provide me enough funds to withdraw my dusts funds from there. However, that would make my final destination addresses exposed into the blockchain adding an extra information in the attempt of scammers to expose my KYC. Quite difficult to happen but I had received a similar notification from Binance few months ago that scammers are sending randomly dust funds to blockchain addresses which they can be traced when they are being withdrawn into bigger wallets. So, in case you will see any unjustified dust funds into your wallets without depositing them, it is advised to leave them untouched. The term used is called "Dusting Attack" and you can find out more information on the Binance Academy.

Therefore my only hope is to earn a reward in the #SwapSpaceExplained writing contest and use part of the funds in SwapSpace to convert them into DASH, ZCash and LTC micro amounts, deposit them into the "Wallets of Shame" in order to withdraw any funds from there and eventually uninstall them from my tablet. I will finish with some ambient music "Dust Into Gold | Q-dance presents QORE".

 

Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions

 

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Feax21
Feax21

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