2 Weeks With Ink! Some Common Questions

Listia and Ink have been integrated for 2 weeks now, and we couldn’t be more excited about the future! Listings in Ink are starting to grow quickly, and we’re working on a lot of new things for both Listia and Ink so please stay tuned! Along with that, we’ve gotten a ton of amazing feedback from the community. Here are a few of the common topics that came up. If you have any more questions, please reach out to us and submit a support ticket. We’ll have some more updates on everything soon!

ink

What is so special about Ink and why did you change from credits?

  • Ink is yours and you can withdraw it off Listia to use on other services. We’re working on partnerships to get Ink on other services as we speak and we’ll have announcements on those as they come up!
  • There is a fixed supply of Ink and that means no more can be created. If you own Ink you own a piece of the total supply. No more credit inflation.
  • *Coming Soon* Reputation and feedback stay with you! If you want to buy and sell with Ink on a marketplace you have never used before, show them the reputation that you’ve earned from all your Ink transactions.
  • Dispute features to help when problems happen with a transaction. Unsure about a purchase? You can use the built in dispute features that are very similar to those that we have on Listia.
  • Sell your Ink outside of Listia on exchanges. More details on this process coming soon!

Where else can I use Ink?

Currently, Listia is the main service that uses Ink, but you can already use it directly with another person outside Listia if you are familiar with using Ethereum smart contracts. We’re also working on partnerships, tools, marketing, and distribution to help get Ink used in more places. Listia is just the beginning!

How do I price my items and bids in Ink?

The best way to think about Ink is to convert from a US dollar value. Currently, we are using a rate of $0.09 USD = 1 XNK. For instance, if you want to list a $10 movie you would perform a simple calculation, $10 / $0.09 = 111.11 XNK. In the future we plan on displaying a market rate along with some tools to make this calculation easier for the community.

Another way to think about Ink is to let the marketplace determine what your items are worth. This is very similar to how Listia functioned with credits.

How does the USD to XNK rate get determined?

Similar to other cryptocurrencies like Bitcoin or Ether, the value of Ink will eventually be market-based. Many cryptocurrencies are traded on exchanges, and can be bought and sold using USD or even other cryptocurrencies.

Today, we internally estimate the value of Ink to be around $0.09 = 1 XNK. There is some talk about the rate that you see on some other 3rd party services, but that rate is largely dictated by the activity on IDEX, which is a very low volume, decentralized exchange. We don’t believe that this price is indicative of the true market rate and do not believe the Listia marketplace should use this rate as a reference. Once there is a rate we think the marketplace can follow, we will display that rate where applicable.

Can the value of Ink change? If so, how do I adjust my selling and buying behavior?

Yes, the value of Ink can change based on the current price on 3rd party exchanges. We plan on creating features and tools for sellers and buyers to manage fluctuations in rate, and we’ll have more announcements on this soon!

How do I withdraw Ink?

To do this you need to have an Ethereum wallet outside of Listia that supports Ink. One that is popular is MyEtherWallet (MEW): https://www.myetherwallet.com/

If you’re unsure of exactly how to do this, we’ll have some detailed tutorials on this soon. Be very careful when you withdraw Ink because once you withdraw it, we can no longer retrieve it for you. You will need to control your own wallets outside of Listia.

How do I exchange Ink for another currency?

In order to exchange Ink to another currency you need to use a 3rd party wallet and exchange that support Ink (MyEtherWallet and IDEX are 2 that meet this criteria). If you’re unsure of exactly how to do this, sit tight! We’ll have some detailed tutorials on this soon, please stay tuned!

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