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Bought on Melotic. Moving?

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BittBurger

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Location: Miami, FL

I have a balance sitting on Melotic because i chose to just buy them with Bitcoins.

I am unclear how to move those LTBCoins somewhere safe, for safe keeping.

Usually I pull alt coins off exchanges to a local client application like QT.

I saw the tutorial on this website about how to put coins onto a paper wallet, but that generated more questions than answers for me. So I send to counter party, then I send to a Bitcoin wallet, then it sits on the paper wallet as Bitcoin? What if the price of Bitcoin goes down $200, or the price of a Counterparty token goes up $200, or the value of LTBcoin goes down $200? Very confusing.

Any insights would be appreciated. I prefer not to leave balances on exchange websites. Such situations result in theft.

Posted on August 16, 2014 at 11:54 PM

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• CrimsonRoze

  

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  Location: Göteborg, Sweden

  Counterparty addresses are the same as bitcoin addresses. You can send your coins from melotic directly to a bitcoin paper waller or bitcoin-qt address for safekeeping, but the only way to transfer them away from there is to add the private key to a wallet that supports counterparty.

  Posted on August 16, 2014 at 11:56 PM
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• markxmayer

  

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  Location: Englewood, CO

  I'd say it is best to send them to Counterparty and leave them there. You control the private key to the wallet, and they are ready to spend/trade as you wish. Sending them to a paper wallet would be a good idea for long term storage if you wish, but not necessary.

  Posted on August 17, 2014 at 12:00 AM
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• BittBurger

  

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  Location: Miami, FL

  Thanks so much. So let me reiterate what you said in slightly different words to be sure I understood.

  1) Send the LTBCoins to my Counterparty Wallet

  2) Since Counterparty wallet has both XCP and BTC balances for the same balance ....

  3) I then send the BTC balance to a Bitcoin paper wallet.

  Questions:

  1) I assume Counterparty "documents" that (for example) 200 LTBCoin were sent to that paper wallet?

  2) If Bitcoin value goes to $5,000 and those LTBcoins are on the paper wallet as 0.0001 BTC ... none of this matters because as far as Counterparty is concerned - for me and me alone - 0.0001 BTC equals 200 LTB coin? (if so, thats crazy confusing lol) ...

  3) And if XCP value goes up $20 .... that wont matter because counterparty knows the 0.0001 BTC being sent back into it six months later equals 200 LTBCoins?

  Posted on August 17, 2014 at 12:03 AM
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• BittBurger

  

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  Location: Miami, FL

  @markxmayer I'd say it is best to send them to Counterparty and leave them there. You control the private key to the wallet, and they are ready to spend/trade as you wish. Sending them to a paper wallet would be a good idea for long term storage if you wish, but not necessary.

  Thanks. I suppose the same question applies though. I assume they arrive at Counterparty wallet as BTC or XCP, not LTBCoin. If XCP or BTC change in value, is there some system in counterparty that ignores that and always tells me I have 200 LTBCoin?

  Posted on August 17, 2014 at 12:05 AM
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• xabuk411

  

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  thanks for this information. It's really helped me.

  Posted on August 17, 2014 at 12:12 AM
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• Lena

  

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  What does LTBCoin mean?

  Posted on August 17, 2014 at 12:26 AM
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• markxmayer

  

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  Location: Englewood, CO

  @bittburger

  @markxmayer I'd say it is best to send them to Counterparty and leave them there. You control the private key to the wallet, and they are ready to spend/trade as you wish. Sending them to a paper wallet would be a good idea for long term storage if you wish, but not necessary.

  Thanks. I suppose the same question applies though. I assume they arrive at Counterparty wallet as BTC or XCP, not LTBCoin. If XCP or BTC change in value, is there some system in counterparty that ignores that and always tells me I have 200 LTBCoin?

  No, they arrive as LTBCOIN. They are a separate token from XCP and BTC. 1 LTBc is always 1 LTBc. The ratio of LTBc to XCP, or BTC or any other coin will change.

  http://ltbcoin.com/

  Posted on August 17, 2014 at 12:39 AM
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• karasako

  

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  @lena What does LTBCoin mean?

  Lets Talk Bitcoin Coin

  Posted on August 17, 2014 at 1:50 AM
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• BittBurger

  

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  Location: Miami, FL

  Oh Cool. So I guess there will be another little box on my Counterpary wallet next to the BTC and XCP boxes that will say LTBC. I'll give it a sample try now and report back.

  Posted on August 17, 2014 at 2:16 PM
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• BittBurger

  

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  Location: Miami, FL

  @markxmayer

  @bittburger

  @markxmayer I'd say it is best to send them to Counterparty and leave them there. You control the private key to the wallet, and they are ready to spend/trade as you wish. Sending them to a paper wallet would be a good idea for long term storage if you wish, but not necessary.

  Thanks. I suppose the same question applies though. I assume they arrive at Counterparty wallet as BTC or XCP, not LTBCoin. If XCP or BTC change in value, is there some system in counterparty that ignores that and always tells me I have 200 LTBCoin?

  No, they arrive as LTBCOIN. They are a separate token from XCP and BTC. 1 LTBc is always 1 LTBc. The ratio of LTBc to XCP, or BTC or any other coin will change.

  http://ltbcoin.com/

  Okay. So I sent 51 LTBCoins to my Counterparty wallet. It forced me to do minimum 50.

  What I received? 0.00078 BTC and "1" LTBCOIN.

  That's not good. I should see 51 LTBCOINS in my counterparty wallet.

  Posted on August 17, 2014 at 2:46 PM
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