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General Discussion / Marinecoin MTC > New MTC Token Swap program explained.
« Last post by brucewayne on March 01, 2021, 10:28:01 am »Technology in the crypto-currency world is changing rapidly. What we call innovation yesterday can quickly become an outdated relic of the past. In order to adapt to the changing technologies and to prevent MTC holders become further isolated from growing decentralized exchange liquidity markets, urgent steps must be taken to recover some of the funds invested in MTC especially during the 2018 bull market.
The freely distributed 1.5 Billion airdropped MTC exchanged hands on the f1cx and the shorelinecrypto exchanges by speculative investors. The rest approx. 8.5 billion non-circulating MTC is still held by the developer and was never sold to any market.
This new swap program should not be considered a Marinecoin project revival and cause MTC price speculation but more of a recovery fund, an attempt to bring the price to a certain level by the developer using proprietary DEX investment methods and give a chance for an exit to recover some of the initial investments. Each individual has investment costs at varying amounts and this swap program does not guarantee or promise any gains, partial or full recovery of invested funds, this swap program does not promise a new MTC Token price level or whatever level it reaches after this moment, and does not guarantee that the price will remain at that level for any period of time. The price of MTC/DEXD pair on f1cx.com should be monitored daily by New MTC token holders to sell and convert their Tokens to DEXD and exit the market, cross pair pricing must be made by traders to analyze if it is a good time to sell or not.
Among all options that were considered most striking and readily available with a working solution is the SOLANA - SOL blockchain. It is very similar to Ethereum - ETH with all the smart contract functionality native USDT - USDC support, but transactions cost a fraction of a cent compared to ETH, with 1 SOL you can do around 10.000 Token transactions, and the Solana blockchain is 10.000 times faster than most classical Bitcoin-based networks which Marinecoin is also a version of that type.
The current MTC in Circulation is around 1.5 Billion Old Classic MTC.
Under the assumption of %66.66 Swap completion, excluding lost wallets, forgotten F1CX airdrops.
450.000 New MTC Tokens are issued on the Solana blockchain, however unlikely if swap completion exceeds %66.66 small amount of additional MTC may be minted until the swap deadline after that the mint authority will be disabled forever.
This brings the practical conversion rate at 1/2222.2222
an example calculation is if you had 1.000.000 Old MTC you will get 450 New MTC Tokens after the swap.
Each New MTC Token is divisible by 1.000.000.000 lamports so 450 new MTC is 450.000.000.000 New MTC lamports, each lamport of New MTC is transferable individually if needed, unlike classic Bitcoin networks where each satoshi can not be sent to another wallet due to high fees.
Unmoved & untouched free distribution of 450K old MTC airdrops from old f1cx accounts will not be converted to new tokens.
Unfortunately, this program will not swap 450k free giveaway airdrop accounts, as they are deleted. As there was a requirement to withdraw and claimed them to a private wallet or a paper wallet before the deadline. The deadline was mentioned during the airdrop campaign. Unclaimed airdrops were sent back to Marinecoin burn wallet.
If you have more than 450K on f1cx balance please send an email to [email protected] using the same email of the old f1cx.com account to inquire about salvaging your old MTC.
If you hold Old Classic MTC in your private computer wallet or paper wallet please email [email protected] to get a conversion deposit address for your old MTC to get the new MTC tokens.
after you get the email reply with the conversion old MTC deposit address send your old MTC to that address.
after sending all your MTC in one transaction to your old MTC swap address,
Create a wallet https://wallet.solanadex.com add some SOL, 0.01 is enough and create a 'New MTC Token' address by clicking the top right + sign on the wallet interface and reply to the email with your new MTC token deposit address.
After the above steps are complete you will receive your new MTC Tokens in your wallet on https://wallet.solanadex.com. You can then connect to this wallet directly to the new f1cx.com DEX trading MTC / DEXD - DEX Dollar pair which has many liquidity options.
Bruce
The freely distributed 1.5 Billion airdropped MTC exchanged hands on the f1cx and the shorelinecrypto exchanges by speculative investors. The rest approx. 8.5 billion non-circulating MTC is still held by the developer and was never sold to any market.
This new swap program should not be considered a Marinecoin project revival and cause MTC price speculation but more of a recovery fund, an attempt to bring the price to a certain level by the developer using proprietary DEX investment methods and give a chance for an exit to recover some of the initial investments. Each individual has investment costs at varying amounts and this swap program does not guarantee or promise any gains, partial or full recovery of invested funds, this swap program does not promise a new MTC Token price level or whatever level it reaches after this moment, and does not guarantee that the price will remain at that level for any period of time. The price of MTC/DEXD pair on f1cx.com should be monitored daily by New MTC token holders to sell and convert their Tokens to DEXD and exit the market, cross pair pricing must be made by traders to analyze if it is a good time to sell or not.
Among all options that were considered most striking and readily available with a working solution is the SOLANA - SOL blockchain. It is very similar to Ethereum - ETH with all the smart contract functionality native USDT - USDC support, but transactions cost a fraction of a cent compared to ETH, with 1 SOL you can do around 10.000 Token transactions, and the Solana blockchain is 10.000 times faster than most classical Bitcoin-based networks which Marinecoin is also a version of that type.
The current MTC in Circulation is around 1.5 Billion Old Classic MTC.
Under the assumption of %66.66 Swap completion, excluding lost wallets, forgotten F1CX airdrops.
450.000 New MTC Tokens are issued on the Solana blockchain, however unlikely if swap completion exceeds %66.66 small amount of additional MTC may be minted until the swap deadline after that the mint authority will be disabled forever.
This brings the practical conversion rate at 1/2222.2222
an example calculation is if you had 1.000.000 Old MTC you will get 450 New MTC Tokens after the swap.
Each New MTC Token is divisible by 1.000.000.000 lamports so 450 new MTC is 450.000.000.000 New MTC lamports, each lamport of New MTC is transferable individually if needed, unlike classic Bitcoin networks where each satoshi can not be sent to another wallet due to high fees.
Unmoved & untouched free distribution of 450K old MTC airdrops from old f1cx accounts will not be converted to new tokens.
Unfortunately, this program will not swap 450k free giveaway airdrop accounts, as they are deleted. As there was a requirement to withdraw and claimed them to a private wallet or a paper wallet before the deadline. The deadline was mentioned during the airdrop campaign. Unclaimed airdrops were sent back to Marinecoin burn wallet.
If you have more than 450K on f1cx balance please send an email to [email protected] using the same email of the old f1cx.com account to inquire about salvaging your old MTC.
If you hold Old Classic MTC in your private computer wallet or paper wallet please email [email protected] to get a conversion deposit address for your old MTC to get the new MTC tokens.
after you get the email reply with the conversion old MTC deposit address send your old MTC to that address.
after sending all your MTC in one transaction to your old MTC swap address,
Create a wallet https://wallet.solanadex.com add some SOL, 0.01 is enough and create a 'New MTC Token' address by clicking the top right + sign on the wallet interface and reply to the email with your new MTC token deposit address.
After the above steps are complete you will receive your new MTC Tokens in your wallet on https://wallet.solanadex.com. You can then connect to this wallet directly to the new f1cx.com DEX trading MTC / DEXD - DEX Dollar pair which has many liquidity options.
Bruce