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Atomic Wallet - The Emperor Has No Clothes

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Avatar for Bragato18
Written by   26
8 months ago

We can thank @MoreGainStrategies for the inspiration behind this post. In my latest post Atomic Wallet was mentioned as part of the Back Story.

Bitcoin And UTXO Based Currencies - What I Learned

Quickly realised that if I go into too much detail, Atomic Wallet and their shitcoin AWC, will become the story. I moved on with the line “Will save that story for another day."

@MoreGainStrategies picked up on that and made the comment

So here I am returning from a week in the mines (40+ degrees, 70% humidity), sitting on a plane with my mask on, can’t sleep, just had a coffee, no internet. What is a guy meant to do. Start writing a blog of course.

Do I Really Need Another Wallet

Publish0x it is all your fault, cough cough.

Atomic Wallet was the recommended wallet to use in conjunction with Publish0x. Not because they were a good wallet but due to the generous referral program. We are also guilty of using the referral program for personal gain. 

Publish0x runs another writing competition. At the very last minute I decided to enter the competition.

Atomic Wallet - Do I Really Need Another Wallet?

We had a small amount of ATOM, that had been sitting on Binance for a long time. Storing on the Nano S was way too complicated at the time, so it got put in the Too Hard Basket and was forgotten about.

Being a smart arse, I thought I could kill two birds with one stone. Transfer the ATOM from Binance to Atomic Wallet and stake it. Document the process and bingo I got my first entry in a writing competition.

Once we had the wallet, we soon found uses for it.

  • with multiple faucet Pipeflare and Global Hive accounts, always in need of a spare address or 2 to collect the ill gotten gains. To avoid detection you need seperate IP address, internet connection and wallet addresses - jury is still out on that one

  • somewhere to send the Publish0x tips - wrong move

In hindsight the answer was NO.

  • Ledger has made the process of creating ATOM wallet so easy

  • getting 112 free AWC tokens is not enough compensation for the head fck

Certainly would have been better off not having another wallet, but then you learn a lot more doing it the hard way.

Staking ATOM On Atomic Wallet

Staking the ATOM was straight forward enough. Selected EverStake as our validator as this was the one we used on Exodus, where the bulk of the ATOM is stored.

Note - We need to keep the ATOM separate as part of estate planning.

An annoying feature of the Atomic Wallet, is the wallet does not record all the transactions associated with that ATOM address. Makes it impossible to reconcile how they arrive at the balance without using an explorer to view the transactions on the blockchain. My OCD part of me needs to keep extensive records, so I find this very frustrating not having access to all the data. I never did find out why Atomic Wallet does not have all the transactions but it is a red flag  🚩  🚩

Calls into question

  • competency of the devs who created the wallet

  • was it just an oversight

  • is it too hard 

  • is there a cost associated

I have only Exodus Wallet as a comparison, so excuse me if you feel I am being too harsh

on Atomic Wallet. Exodus is the standard we gauge things by.

Next hiccup is probably not Atomic Wallets fault but a feature of Cosmos staking. But worth mentioning as a caution to players.

Do Not stake all the available ATOM. Otherwise you will not be able to do anything. Claim, Unstake etc, as you need enough available funds to cover the transaction fees. Your funds are literally frozen, until you deposit some more ATOM.

Unstaking ATOM On Atomic Wallet

Now the fun really started

No problem unstaking the ATOM on the Exodus wallet. Just had to wait the obligatory stand down period.

Atomic Wallet was not quite so easy.

  • first attempt it would only allow to unstake a small amount of the total staked ATOM  🚩  🚩

  • second attempt, it allowed the same amount to be unstaked, as that was all that showed up as available  🚩  🚩

  • so far two lots of fees

  • when I went to repeat a third time, nothing was available  🚩  🚩

  • thats when I noticed that the validator was showing as Sikka not EverStake 🚩  🚩

It seems to me this might be the problem, on the blockchain EverStake is still the validator but Atomic Wallet has Sikka which does not have the tokens.

Atomic Wallet Support

To their credit support

  • do reply very quickly ✔️

  • appear to be human      ✔️

I won't reproduce all the correspondence but was rather concerned with their suggested solution.

  • is this a common problem and this is the recommended fix?

  • if it is a common problem, why is it still a problem?

  • if not are you just guessing?

  • what happens if it doesn't work and I have just deleted the old wallet? The answer is the ATOM is lost forever?

Hence my question 

"Are you suggesting there is a fault with the Atomic Wallet?

Now they refused to directly answer the question. But eventually after insisting they answer the question

"Unfortunately, we're unable to answer to it being 100% sure."

Which is an admission there is a fault with the Atomic Wallet and they are guessing.   🚩  🚩

That is a far as I have got so far. Time to write a blog, collect my thoughts before I continue the battle with support. Eventually our problem will get passed onto some one with a grasp of the technical issues. Not just parroting the standard replies. But that is standard whether you are dealing with a Telco, exchange or Atomic Wallet. Good Support is like hens teeth, but is out there. It is always a good sign when you find it. If they have bothered to invest in customer support there is a good chance the rest is also been done properly.

AWC Token

Sorry to all those AWC fans but it is a "shitcoin" by definition.

  • no real use case

  • 100,000,000 maximum supply

  • 10,603,659 circulating supply, which is only 10.6 % of maximum supply  🚩  🚩

  • staking is not a real use case, despite the great ROI being offered. They can afford to be the best payers as it is free money they are using and they still have another 90,000,000 in kitty

  • Staking should only be a bonus not the only reason

We made the mistake of staking the AWC tokens while we worked out what to do with them. Took awhile but unstaked, swapped AWC ➡️   BNB ➡️   BTC ➡️  some alt. So the AWC was put to rest.

My Apologies

To the 3 people who used my Atomic Wallet referral link, before the program was shut down due to excessive abuse (fraud).

How hard is it to run a fraud resistant referral program? 

ZEC Faucet Earnings

Once the ATOM is recovered or lost for ever. Then it is just a matter of stopping the faucet accounts and sending the ZEC to cold storage. Other than the fee being 160 times a single input transaction, at least there is enough to cover the fee. That subject was covered under

Bitcoin And UTXO Based Currencies - What I Learned

Dust

All that should be left is the dust, on the blockchain for eternity.

  • 0.27 XTZ unavailable, blockchain requirement to avoid spam attacks

  • 0.000744 BNB, doesn't have facility to take all and take fee out of that. You have to get amount right but the fee keeps changing. So you either can't transact or end up with dust. I will give Atomic Wallet the benefit of the doubt that is a blockchain issue.

Red Flags

How many red flags do you need before you pull the plug?

The End

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Avatar for Bragato18
Written by   26
8 months ago
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Comments

Sorry you found article to hard to understand and read.

1st contacted Support Nov 08 2020

I mention in the post was comparing to Exodus Wallet and did not have any issues with staking Atom on Exodus.

I could not get a satisfactory answer from Atomic Wallet support as to why I could not unstake the ATOM or why the validator had changed from Everstake to Sikka with out any input from us.. Their answer was to delete the wallet and try and re-install. I was not prepared to do that.

Eventually one of the many updates must have fixed the fault and I was able to unstake last week. Now just have to wait to send the funds to our Ledger Nano.

$ 0.00
7 months ago

This article is hard to understand and read. It seems you lost some amount of money to Atomic wallet. But you didn't explain how this happened, what happened in any clear way so we can understand.

If you've found a better wallet, tell us what it is and the reasons it is better for you. Also, did you recover your funds from Atomic?

$ 0.00
7 months ago

good one, i still have some of my Atom there and i couldnt get it out. now i know why.

$ 0.00
8 months ago

check if the validator has been changed, be interested if it is the same problem. Suspect I am not the only one. Hence my reluctance to follow supports advice. If you prefer to discuss privately twitter @Bragato18Paul

$ 0.00
8 months ago

you were right. i changed validator with sikka and worked.

$ 0.00
8 months ago

Cool

$ 0.00
8 months ago

i get it out, still 21 days to unstake. but i just want to take everything out of Atomic. a bit pissed off.

$ 0.00
8 months ago

I'm glad that I never signed up with them. And thank God P0x stopped promoting them. Thank you for the article. 👍

$ 0.00
8 months ago

Thank you again for the inspiration.

$ 0.00
8 months ago

wouldn't say worst, Binance and Coinbase take that one. Unfortunately the support is stuck with a crap product which makes them look bad.

$ 0.00
8 months ago

Atomic was the worst customer service and the hidden fees

$ 0.00
8 months ago