Step By Step Instructions On Withdrawing NOTES And Selling Them On A DEX
This post is NOT FINANCIAL ADVICE and is for INFORMATIONAL PURPOSES ONLY.
You should always do a test with a small amount of crypto that you are willing to lose if you make a mistake before trying to send large amounts.
PreRequisites
- Before you get started you will need to install the Metamask Chrome extension. This is the only way to withdraw your NOTES at the time of writing.
Be sure to write down all the keys and phrases given to you during installation and store multiple copies of this in different secure locations. This is the only way to recover your account if you need to in the future.
- You will also need a small amount of ETH in the Metamask account that you wish to use to pay for "fuel", the fee for transferring your NOTES around. I would recommend you trade some STEEM or WLS for ETH and use that rather than buying it through somewhere like Coinbase as you will have to pay fees. If you need me to do a post and/or video showing you how to do this then please let me know in the comments.
Adding The NOTES Token To Your Metamask Account
Before you can transfer your NOTES into your Metamask account you will need to add the token information.
- Log in to your Metamask account
- Click on "Menu"
- Scroll down and click on "ADD TOKEN"
- Click on "Custom Token" and enter the following code:
0x5e6364d4534f780ae053b93b45c8b8840e683eb7
- Click "NEXT"
Transferring NOTES To Your Metamask Account
- Go to your account in Choon and click on "Manage NOTES"
- You will be prompted to connect your Choon wallet to Metamask. Click "Connect".
- You will get a confirmation when this has completed
- Next enter the number of NOTES you would like to transfer. Remember there will be a fee (in ETH) to transfer the NOTES so bear this in mind when you calculate the value of the NOTES you are going to sell (see below).
- Click "Withdraw"
- Choon will prompt you to confirm the withdrawal. Read through so you understand what you are doing and if you are happy to continue then click "Yes, withdraw".
- You will now be shown the maximum "GAS" (fee) that will be applied to this transaction (this is where you need the ETH mentioned above).
- If you agree press "CONFIRM".
- The transaction will now be sent to the blockchain and will need confirmations by multiple nodes to be completed.
- If you would like to watch the confirmations take place you can check the status:
- Once all confirmations have gone through you will get a completion message on Choon:
- If you click on "Menu" and scroll down within Metamask you should now see your NOTES balance.
Congratulations! Step 1 is complete! Go and make yourself a cup of tea!!
Selling Your NOTES On a DEX (Decentralised Exchange)
At time of writing I am aware of two DEXs that have order books for NOTES:
They both function in similar ways.
Determining The Current Best Price
- You can see the current list of buy & sell orders in the "Order Book":
- If you want to sell immediately then you can use the top price(s) in green.
- If you want to sell at a higher price you can enter that price and your order will be added to the order book.
In the above example the best purchase price is 0.000012000 NOTES/ETH
If you go to Coin Market Cap you can see the current price of ETH so a quick calculation will give you an idea of what the current price equates to in $US as a guide.
So if we multiply the current ETH price by the NOTES/ETH price above we get 1 NOTE = approximately $0.00139.
So if you wanted to sell 100,000 NOTES you would get approximately $139 if the buy orders at 0.000012000 NOTES/ETH covered this quantity However the best purchase price is for 4000 NOTES so that is the most you could sell at that price. If you just wanted to sell the entire 100,000 regardless of the price then you can click further down the list and the system should automatically get the best price for each portion of the amount you are selling.
Transferring Your NOTES From MetaMask To The Exchange
So once you have decided on which exchange you want to use you need to transfer your NOTES from your MetaMask account to the exchange.
I am going to use ForkDelta as it seems to have the most volume at the moment.
Under "Balance" (top left) enter the quantity that you want to transfer (I had to refresh the page to get this to show up for some reason).
- When you click "Deposit" you will get 2 pop up boxes from Metamask. Again confirm you agree with the GAS fee and confirm both.
- You will need to wait for the confirmations again before you see your funds appear on the exchange.
- You can see the status of the transfer in Metamask:
If you want more detail (or you want to increase the GAS Limit to speed up the transaction) you can click on the entry:
- You can also click on the arrow to view the transaction on EtherScan to get even more detail:
- Once the confirmations have gone through you should see the NOTES balance in the DEX:
Creating A Sell Order
- If you click on any sell order you will get the sell box:
If you wanted to sell the full amount (4000 in this example) then you can just leave the values and click "Sell".
On ForkDelta you cannot modify the price in this box so if you want to put a sell order in for a higher price then you have to use the box below the order book.
Due to the number of decimal places involved it easy to make a mistake so I would highly recommend you click on an entry in the order book and copy & paste that price then modify it.
Once you have filled in the values and TRIPLE CHECKED that you have entered them correctly you can click "Sell" (note there there is a fee involved here too so it's important to take all the fees into account when you are selling your NOTES).
You will get this worrying looking pop up from Metamask but it seems to be a standard message. Do some research if you want to know more and only click if you are happy.
- Click SIGN and your order will go into the order book:
Useful info, gonna hold onto mine for a while though, see if they pick up a bit, could we get a link added to this post pinned on discord the Musicians Checklist so we can find it in a month or two? (I’ve just got so much stuff bookmarked I can’t find anything lol)
Added it to the Tutorials page.
I was planning to do a video and add it to the tutorial section but actually I'll post a link on that page anyway as not all tutorials have to be videos! Thanks for the idea!
I thought I’d ask, since I seem to lose the ability to find stuff after a few weeks :rofl:
Me too!
Only after a few weeks? Try days for me 😂
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Hello, you may want to update your post so :
For now, you can exchange some Choon NOTES on uniswaps exchange (https://uniswap.exchange) i've created it today and just put 15000 Notes on it!
As explained in the tweet we need to put more liquidity on it, if we want a convenient way to sell/buy without a too huge slippage...
PS If it don't appears, put the contract add 0x5e6364d4534F780Ae053B93b45c8B8840E683Eb7 & the @UniswapExchange will appears! For now only 15 000 Notes are in it => please add liquidity!
Thank for your informations, don't hesitate to add some liquidity and/or promote the uniswaps NOTES exchange!!!
Great way for help the community to seamlessly & frictionlessly change some tips
best regards
I won't worry about updating the post as people can read your comment. However what makes Uniswaps better than the others? Are there more buyers for some reason? Thanks!
Many thanks for writing up this extensive piece. It's very helpful.
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STOPTo support your work, I also upvoted your post!
Although there doesn't seem to be much point withdrawing notes seeing as it's all on the DL, plus it's already so complicated, you may as well keep them on the platform. From your figures, 10,000 notes won't get you very much and producers become traders... Not ideal.
Of course, I appreciate the effort of going through all the steps and how to get it all out. I think NOTES are more like loyalty tokens for using the platform and unlock features, seeing as it's looking to be all about streaming.
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I think it depends on everyone's individual circumstances and tolerance for complexity. Christmas is coming up and a few 1000 NOTES will translate into hard cash albeit not as much as we may had hoped. This could make all the difference for some people.
Also what if Choon shut down and NOTES became worthless? I am not saying this is going to happen but startups that depend on traditional investment are high risk so it's always a possibility. Sure we can all be positive and hope the project can survive long enough for the markets to pick up and NOTES value increases but we have no idea what their funding is like and it's all gone very quiet on the marketing front for some reason.
I honestly hope they are just trying to weather the storm and will come out fighting next year but no one really knows.
I heard you the first time :P
Yea I agree it depends on individual circumstance. My tolerance for complexity is low as you know (you don't just make a Bluffer's Guide to highlight complexity) but if people are really that strapped then who am I to judge if that extra £10 will make the difference.
Well, it could happen, there's no denying. I've worked in a crypto start-up and when the market went south (before it went further south), the project was canned because it basically crippled the revenue stream for the company. Any start-up is a risk really, more so when it involves crypto and volatile price swings.
What I will say is that no-one knows anything really and if they say they do, they are talking out their derrière. However, transparency and open communication does wonders for authenticity and respect for a company...
But the way I see it, it's best for artists to focus on themselves, their own art and enjoyment of creating music rather than chase the shiny objects.
Ooops. Deleted the duplicate. Got an error when posting but it obviously had posted!
For those of us that were in at the beginning we could actually get a few hundred dollars though, even at the current rate. It's the good old "risk reward" scenario.
Oh right. For me, that seems like a non-reality as I have only known it to go down town Charlie Brown. The wonders of coming in at ATH Haha.
Now I know your perspective as you have seen it be lucrative whereas I have seen it being mostly free falling. I am still bullish long term but in terms of years. The space is still pushing for applications in real life and finding it's feet. It truly is unchartered territory so any development that happens on any platform is ground breaking.
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So I know in the beginning of the post you mention to use a different currency like STEEM/WLS to get the required Eth for gas. How exactly do you go about doing that? I just created a Steem account (no STEEM there yet) but would it be the sell option there and I just be the Ethereum address as my wallet code on Metamask to get initial funds into Metamask?
There are a number of options:
Then, as you say, you can send it to the public wallet address on your Metamask.
Feel free to join us on Discord if you need more help.
Where is that token from :
0x5e6364d4534f780ae053b93b45c8b8840e683eb7
?
Choon.co
Awesome I've been needing this! Cheers!