Crypto nightmare :/ Good people, help!

Hi Gosia, here is a guide to help you figure this out.  In your case, you can add up the amount of NRVE you bid on the three niches to do the NRVE buy once on LATOKEN.  That said,   if you are new to this, you may want to purchase enough NRVE for one niche first. Once you get comfortable it will be easier the next time.  

Note, this FAQ references the Credit Card option. This is temporarily down as you know so if you are still squeamish about crypto, we will be extending the time period to purchase the niches while we bring the new CC option is back up.

 In the meantime, you can draft your content and save and then go back and add your niches later once they are purchased.  

Hope this helps. 

Thank you very much for your quick reply, @MOLLY O!

At first, I thought I'd give crypto a go because of the 15% commission on the CC payment but after delving deeper into this I did a recalculation and realized my time was worth more so I'll just go for CC when the option is back up I'm a writer, not an investor and never spent even a minute thinking about stock exchange or investments in fiat currencies and I'm not going to change in this respect now

So just to clarify the last 2 things:

1/ The potential rewards/earnings will be paid in NRVE so we'll still need to exchange them to fiat currencies through the same procedure, just the other way round, if we want to spend them IRL? 

2/ If I win an auction and the CC option is still not back, I'll get the payment time extended until it's available?

thanks!

Gosia

Gosia Rokicka posted:

Thank you very much for your quick reply, @MOLLY O!

At first, I thought I'd give crypto a go because of the 15% commission on the CC payment but after delving deeper into this I did a recalculation and realized my time was worth more so I'll just go for CC when the option is back up I'm a writer, not an investor and never spent even a minute thinking about stock exchange or investments in fiat currencies and I'm not going to change in this respect now

So just to clarify the last 2 things:

1/ The potential rewards/earnings will be paid in NRVE so we'll still need to exchange them to fiat currencies through the same procedure, just the other way round, if we want to spend them IRL? 

2/ If I win an auction and the CC option is still not back, I'll get the payment time extended until it's available?

 

thanks!

Gosia

Hi.  

for #1, this is covered in the spec. You can get paid in FIAT, there is a premium however, to be paid in FIAT, and not NRVE.

When available, you may also have the option to redeem your Points as US Dollars (“USD”), with the USD value based on the current exchange rate of NRVE at the time of redemption. For USD redemptions, a 15% premium is applied; this premium will effectively reduce the USD value of the redemption to be 85% of the NRVE market rate. USD Redemptions will require 15 days to process. Any gains or losses realized by Narrative when processing USD redemptions will be added as debits or credits to the Narrative Rewards fund.

You'll want to read the rest of that portion of the spec for more details.

And for #2, there has already been an extension from the previous 72 hours to 2 weeks. Credit Cards may or may not be back by then. We're certainly going to try, but I don't think that can be guaranteed. Please plan accordingly.

@Gosia Rokicka - I feel for you.  Cryptocurrency has a long way to go before it becomes truly accessible to the average user... which is why it was so important for Narrative to make it completely optional!

Meanwhile, it is unfortunate timing that the credit card processing is interrupted right now.  Fingers crossed it will be up and running again in a couple of weeks, as projected.

I think you made a wise call, factoring in the value of your time (such an easy thing to forget).  If you are not already inclined towards understanding markets, butting your head up against the steps to buying NRVE could use up some of your precious good energy and positive disposition towards Narrative as a platform.  I'm wondering if we should be going a step further in our messaging, and explicitly advising non-crypto people to start by opting for the credit card option, and then exploring exchanges and NRVE acquisition at their leisure, later, if they still feel like it.

Two factors make that a good thing to do: as time goes by, NRVE acquisition will get easier.  If people look into it a year from now, chances are they will have a smoother time of things!  And the motivation will be stronger once we are all using and liking the platform on a daily basis, and functions like staking to be part of the Electorate are live.  (Staking, in a nutshell: placing above a certain amount of NRVE on your Narrative account will allow you to earn more rewards from participating in Narrative's voting - but importantly, it will not increase the power of your vote, and it will not buy you reputation - there is some good information in a Medium blog @Ted wrote about this and I can dig it up for you if you are curious).

Thank you very much, @David Dreezer and @Malkazoid!

I'll wait with bidding until the CC option is back again.

It's a good point that maybe there's no need to waste positive energy on crypto at such an early stage. I think that for me it will be easier to plunge once I will want to redeem rewards (it seems easier to do this way round).

Anyway, I'd rather concentrate on writing articles.

And yes, I read this article about the relation between committing NRVE and voting rewards. I think it's brilliant that reputation can never be bought. It's actually nice to have to do things to build up your reputation - I'm glad I already got to 8

Gosia Rokicka posted:

 

And yes, I read this article about the relation between committing NRVE and voting rewards. I think it's brilliant that reputation can never be bought. It's actually nice to have to do things to build up your reputation - I'm glad I already got to 8

Yes - I love this too!

I'm glad you are stoked about building your reputation: the community needs thoughtful people with high reputation, so I'll be cheering every time you gain a point.

@Gosia Rokicka I read your issues with crypto over the weekend and felt/feel your pain! I did all the things the guide by Molly told me to do and then I had a bank issue that turned me upside down! I used my credit card! Time, to me, is more valuable than 15%! You're not alone here!

@Jayme Soulati - that's encouraging to know I'm not alone! It feels like all early adopters are crypto-fans

There is a huge learning curve with crypto, and I'm still trying to sort it out. (I don't understand the stock market either, so I can't build on knowledge of how that works.) Like I didn't know I couldn't just buy NRVE with my ETH like exchanging currency at a bank... you have to have someone willing to sell you NRVE for whatever crypto token you're using to buy it. Not understanding this made me NEED to use the credit card option to buy my niche within the 72 hour window when my auction ended. There are at least two other niches I currently want to buy, but I'm going to wait and see if this credit card thing gets sorted. Well, so long as no one goes and bids on the niches I want, which is why I'm not saying which ones, LOL. ;-)

MOLLY O posted:

Note, this FAQ references the Credit Card option. This is temporarily down as you know so if you are still squeamish about crypto, we will be extending the time period to purchase the niches while we bring the new CC option is back up.

Good to hear that you are working on getting this up and running again ASAP. Hopefully before the next entry of alpha members get access. It is pivotal to the mass adoption, Narrative first spoke about, to remove the challenging barriers to ownership for non-crypto members. It also is a very important part in seeing the NRVE token raise in value. Which is still an important part of the equation to many of us, ICO first adopters.