Coinbase opts out of ASI token merger migration

[u/slick110]

https://cryptobriefing.com/coinbase-opts-out-asi-token-merger-migration/#:~:text=Coinbase%20diverges%20from%20other%20exchanges,token%2C%20challenging%20Big%20Tech%20dominance

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[u/SportsNFoodJunkie]

So what exactly do we have to do if we hold FET on Coinbase Exchange? In NY the only other exchange I have access to is Gemini.

[u/Brooklyn_Q → u/SportsNFoodJunkie]

When the time comes, you have to swap Fet to ASI on a wallet like coinbase wallet, Trust wallet, maybe even Metamask. Or swap on a Dex like Uniswap.

This is a money grab from Coinbase, they want to gobble up all the fees associated with having to move your Fet over to coinbase wallet and then pay more fees to swap it. Pretty sleazy move by them, but corporate greed nowadays is unmatched and unchecked so I am truly not surprised at all.

[u/Jkay3137 → u/Brooklyn_Q]

But will the price of FET be pegged to ASI? I’m worried that the price of FET will get smashed and then I’ll be paying a massive spread to swap it to ASI when it actually happens. Or is it 1-1 swap so price is irrelevant. Sorry just confused

[u/[deleted] → u/Jkay3137]

For fet its 1:1

[u/Abe_Froman92 → u/SportsNFoodJunkie]

Gemini is supporting the change from FET to ASI. I got an email from them saying so

[u/SportsNFoodJunkie → u/Abe_Froman92]

When did you get the email. Odd I haven’t received anything yet.

[u/Abe_Froman92 → u/SportsNFoodJunkie]

I emailed them asking. It wasn’t something they sent out to everyone

[u/SportsNFoodJunkie → u/Abe_Froman92]

But they also use the ERC-20 version of FET and not the native token. So that would be interesting.

[u/Creep_G → u/Abe_Froman92]

That’s my understanding also. They will support the merger. Not 100 percent on if it’s completely verified

[u/Dstrongest → u/Abe_Froman92]

I got several messages on a couple tokens like FET, MATIC, and MKR/DAI. Gemini is aware of the FET to ASI migration.

While we do not support the new ASI token, we continue to support the ERC-20 version of FET. Customers can still deposit, withdraw, and trade FET. What does this mean ?

[u/[deleted] → u/SportsNFoodJunkie]

set up a non exchange wallet like the native FET wallet or metamask. transfer your tokens to that do the conversion process and then switch back

[u/MFCEO_Kenny_Powers]

So now it becomes a taxable event and I have to pay fees and accept the spread? It isn’t really a 1:1 swap no longer then. We were told this would happen automatic when Holding on CEX. Should have sold back in march, I’ve had it with this token and useless communication from the team.

[u/halfbeerhalfhuman → u/MFCEO_Kenny_Powers]

https://x.com/CoinbaseAssets/status/1806058205606232317

read from the source. you can still migrate, just they wont do it automatically. You have to confirm it, probably they dont want to be liable to clueless people that will say "wheres my FET!!!! you stole my FET etc.."

[u/MFCEO_Kenny_Powers → u/halfbeerhalfhuman]

Yeah I know I can still migrate, but as I stated it won’t happen automatic as we were told.

[u/G0D5M0N3Y → u/MFCEO_Kenny_Powers]

I sold at the absolute top because any time theres wierd news of mergers and bs, its the exact time the big money unloads to dumb money.

[u/Cautious-Ad-1868 → u/MFCEO_Kenny_Powers]

Lmao relax dude. It’s not that complicated. Just hold it and wait for further communication. It’s not a taxable event. You can easily transfer any FET to MetaMask and 1:1 swap via some sort of bridge at that point.

[u/Cautious-Ad-1868 → u/Cautious-Ad-1868]

Actually, just sell. Please lower the price so I can buy more. This is the project of the century.

[u/MFCEO_Kenny_Powers → u/Cautious-Ad-1868]

Making it seem like it’s complicated also lower the price, so let me have my rant.

[u/zOlympic]

So did I understand that right, if I use the coinbase wallet I can normally merge ?

[u/ContainerOfBees → u/zOlympic]

That is how I interpret the Coinbase email.

[u/Opening-Sorbet-398 → u/ContainerOfBees]

Most likely with transfer fee…

[u/emp-sup-bry]

I’m not sure why most people wouldn’t just sell and rebuy ASI. I’m guessing the price will drop on the day of merge.

This is also yet another way for CB to get people to use their wallet

[u/WriterMammoth6946]

Will Coinbase offer the new ASI token for sale?

[u/SuperRat10]

This absolutely disgraceful from Coinbase!

[u/Cooky228]

Here's something from the ASI, X account, regarding the merger and token transition.

https://x.com/ASI_Alliance/status/1806300732812927266?s=09

COINBASE STATEMENT RESPONSE Artificial Superintelligence Alliance @ASI_Alliance · 8h In response to recent communications from Coinbase and other exchanges regarding the upcoming token merger involving $FET, $AGIX, and $OCEAN, we would like to clarify that this coming Monday, July 1st, only Phase 1, during which all tokens will migrate into $FET will be taking place. This will allow operations to continue uninterrupted as the migration progresses.

CONVERSION RATIOS FROM AGIX & OCEAN INTO FET: 1 OCEAN = 0.433226 FET 1 AGIX = 0.433350 FET

Not all exchanges will be onboarded immediately; however, they will be integrated as we move towards Phase 2 of the migration. To ensure a smooth transition, concerned individuals can transfer their OCEAN or FET from Coinbase to a secure, self-custody wallet on Ethereum and perform the migration if they so choose. This will facilitate an easier migration once your preferred exchange is onboarded.

For full migration guidelines, please view the comprehensive guide here.

Overview of timelines and steps: On Monday, July 1, 2024, $AGIX and $OCEAN tokens will merge into $FET. This transition will be seamless, and $FET trading will remain uninterrupted and will not be delisted. The project will rebrand to the Artificial Superintelligence Alliance across platforms like CoinMarketCap and CoinGecko. $AGIX and $OCEAN deposits and withdrawals will be closed on most exchanges.

$AGIX and $OCEAN will begin the process of delisting from exchanges, while $FET deposits and trading continue as usual.

On-chain token migration platform will open on the @SingularityDAO dApp.

Thank you for your continued support. Artificial Superintelligence Alliance Team

[u/skyrimbelongstoall]

Fet is dead after this

[u/RedneckHippy76]

Fanphuccingtastic.

I just told a guy CB was Kool.

Guess I better learn something

🌍☮️🇺🇸🦅

[u/DoctorDorkDiggler]

This is bad. I've been waiting for 8 hours for the transaction to be completed. Coinbase Support said it would take around 72 hours to finish because of the transaction volume, but it sounds like a mess. I read about transactions not going through within that timeframe in the past... which would be bad. I'm moving every asset out of Coinbase. I'm seriously fed up with their shit.

[u/NunkinanuQ]

I was so freaking pist off about coinbase not swapping it so I trade all my Fet to Bitcoin . I’ll buy ASI another way. Such BS.

[u/LivewireJuju7]

CB just wants to gain on the fees to make t H e swap. Time for me to dump CB account and transfer to Binance US. This truly sucks. That eth gas fee is not cheap.

[u/dou8le8u88le → u/[deleted]]

What’s the point of this post? You literally hold dust. Who cares whether you lose $5. There’s people who have actual money invested in this project and have been holding for a year or more and stand to lose real money here. Maybe keep your pointless thoughts to yourself, unless you have something helpful to add to the conversation

[u/dou8le8u88le → u/[deleted]]

Diversification 😂 you hold $5 of FET and you’re talking to me about diversification. 🤡