Tech Aide: Converting Steem to Hive for an American ...

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In the aftermath of Steem's Hard Fork 23 and my resulting decision to powerdown for the first time since August 2017, there was just the "small detail" of exactly how I was going to pull off the stake transfer!? 🤷‍♂🤷‍♀

Source: Based on image of creator ?...? on Pixabay

It may not be common knowledge, at least for some of you, how restricted American access is to global crypto exchanges. If complying with the laws ... For example, we cannot legally use Binance, Huobi Pro, or Poloneix - all exchanges which accept STEEM. That is, if you can get past their roles in the Sun takeover of the Steem blockchain.

Bittrex is a bit of a gray area, but the "Adventures of Robin Hood" took care of access even to that (i.e. the Bittrex Steem wallet has been "inactive" since HF 23) for the foreseeable future ...😏

So ...

Source: Creator Peggy_Marco on Pixabay

How does one get STEEM converted to HIVE for an American? In this post, dear reader, I provide you with 3 options. In powering down the accounts over which I have control on the Steem blockchain, I have used all 3 of them.

Using Hive Engine

Here are the 3 basic steps, to convert STEEM in your Steem blockchain account, to HIVE in your Hive blockchain account, using Hive Engine:

  • Open your SteemPeak wallet (SteemWorld is an option, as well) and click on the "Send" button for STEEM:

    Illustration of populating the Transfer dialog screen, in SteemPeak's wallet.

    Note:

    1. graphene-swap is the Steem blockchain account serving as a "bridge" to the Hive Engine.
    2. SWAP.STEEM are the tokens on Hive Engine needed for the Market.
    3. There is a 1% deposit fee assessed, so … In this example, I got 9.9 SWAP.STEEM in my Hive Engine wallet.


  • With Hive Engine open, click on Market, then on the SWAP.STEEM token. In the Sell SWAP.STEEM dialog:

    Illustration of the Sell SWAP.STEEM dialog, in Hive Engine.

    Note:

    1. Clicking on the "Highest Bid" hyperlink populates the Price field.
    2. Manually enter the amount of your SWAP.STEEM you wish to sell for SWAP.HIVE.
    3. Click the "Sell SWAP.STEEM" button.


  • With Hive Engine open, click on Wallet, then the "Withdraw" button:

    Illustration of the Withdraw Tokens dialog, in Hive Engine.

    Note:

    1. Make sure the "Token To Withdraw" is HIVE
    2. Manually enter the amount of your SWAP.HIVE you wish to have withdrawn, for depositing 1:1 as HIVE in your PeakD wallet.
    3. There is a 1% withdrawal fee assessed, so … In this example, I got 8.625 HIVE in my PeakD wallet.

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As easy as "1-2-3!" I did not time any of the individual steps, but they were each executed in less than 5 minutes. Probably closer to 1 to 2 minutes. Very efficient! 👍

Using Steem Engine

Here are the 3 basic steps, to convert STEEM in your Steem blockchain account, to HIVE in your Hive blockchain account, using Steem Engine:

  • With Steem Engine open, click on Wallet, then the "Deposit" button and, after ensuring the "Deposit Token" is STEEM, then click on the "Get Deposit Info" button:

    Illustration of the Deposit Steem dialog, in Steem Engine.

    Note:

    1. Manually populate the amount of STEEM you want to deposit.
    2. There is a 1% deposit fee assessed, so … You get 9.9 STEEMP in your Steem Engine wallet.


  • With Steem Engine open, click on Market, then on the HIVEP token. In the Buy HIVEP dialog:

    Illustration of of the Buy HIVEP dialog, in Steem Engine.

    Note:

    1. Clicking on the "Lowest Ask" hyperlink populates the Price field.
    2. Manually enter the amount of your HIVEP you wish to buy for your STEEMP. This is the reverse of the way you handle this in Hive Engine and it's a little tricky!
    3. Click the "Buy HIVEP" button.


  • With Hive Engine open, click on Wallet, then the "Withdraw" button:

    Illustration of the Withdraw Tokens dialog, in Steem Engine.

    Note:

    1. Make sure the "Token To Withdraw" is HIVE
    2. Manually enter the amount of your HIVEP you wish to have withdrawn, for depositing 1:1 as HIVE in your PeakD wallet.
    3. There is a 1% withdrawal fee assessed, so … In this example, I got 8.6625 HIVE in my PeakD wallet.


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As easy as "1-2-3!" Again, I did not time any of the individual steps, but they were each executed in less than 5 minutes. As with Hive Engine, probably closer to 1 to 2 minutes. Very efficient! 👍

Hive Engine or Steem Engine?

Wouldn't it be nice if whichever Engine app was used, we would end up with a similar result? At least close enough that we wouldn't care about the difference?

While likely the case at times, perhaps even most of the time, in the little bit of research I did before executing my first trades, I learned this cannot be counted on. They are two different markets, so it is understandable.

How to decide?

@roleerob's calc sheet for determining whether to use Hive or Steem Engine

This illustrates the answer for me. I built a spreadsheet to calculate it, once I had gotten the current STEEM and HIVE pricing off of CoinMarketCap.

How this spreadsheet was built is beyond the scope of this post. Anyone familiar with spreadsheets though, should be able to look at what I show above and have a pretty good idea of how they might tackle the problem.

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In my case, for the examples shown in this post, both Hive Engine and Steem Engine were pretty close. Note well, however, in each case, these were the results for selling a very small quantity of STEEM. Even small differences would add up considerably if much larger stakes were being sold this way.

Just shortly before needing to get my first powerdowns sold, another option appeared. I cover it in the following section!

SteemScan's "Quick Convert"

In this post, published on June 3rd, I learned about this new feature of what was originally a Steem blockchain explorer - SteemScan.

Their "Quick Convert" feature is very straightforward, giving the user the choice of converting / exchanging into USDT, BTC, or TRX.

Here is a brief look at how it works:

Illustration of "Quick Convert" Order Entry Screen


  1. Enter the amount of Steem you wish to sell, to generate a "quote," for the order.

  2. Enter the wallet address where you wanted your converted tokens deposited.

  3. If all appears to be satisfactory, in the "quote" then click the "Create Order" button.

Illustration of "Quick Convert" Order Payment Screen

While clicking on the "Proceed Payment" button is an option, I chose instead to create a STEEM transfer from SteemWorld, using the info provided.

A nice touch is to click on the copy icons, which works just as expected!

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While @roleerob makes no pretense to being any sort of expert trader, given the volatility of these crypto markets, I have elected to try my hand it a little bit. I have never really been very "liquid" with these tokens, since I have always been powered up. Now is my chance.

So ...

Of the three options listed, I liked SteemScan the best for larger amounts I want to convert and hold, while waiting for my limit prices to be reached in buying back into HIVE.

For smaller amounts, I think the use of whichever Engine has the best market price is a great option.

Onward and Upward

With that, to wrap up this post, it has been an expensive task, time-wise, to have to figure all of this out. And that is just a portion of what I have had to work through, over the last several weeks, in my teeny, tiny little corner of these blockchains.

Can we imagine, dear reader, the cost of all that has taken place, since the "Valentine's Day Surprise", for thousands of us once on the Steem blockchain?

I do not pretend to know, but of two things I am certain:

  1. It is very high already.
  2. Four months into it, the "final tally" is still a long way from being determined ...

Source: Based on images of creator OpenClipart-Vectors on Pixabay

Supporting neither side of this raging conflict, I was saddened by all that HF 23 represented. I personally had hoped to be able to spend time on both blockchains. Based upon what I wrote here in my recent "Two Years on the Hive Blockchain" post:

"There are still people with whom I have developed relationships I value that keep me going. Some of whom have chosen to focus their primary or exclusive efforts on the Steem blockchain. And who I still wish to support."

"So ..."

"For now, I have remained powered up and active on both. If forced to choose, that will not be difficult. I will focus my efforts exclusively on the Hive blockchain. It is where I already invest most of my time."

While I had my doubts about making it through another year there, I certainly had no idea HF 23 was days away. And yet ..

Here we are ...

Source: Creator Peggy_Marco on Pixabay

As I was just getting used to the idea of spending all of my time on the Hive blockchain, I learned that I am not alone in not being particularly supportive of either side in the "Steem <=> Hive blockchain wars." A group of people have banded together, in their own response to HF 23, to create another blockchain - Blurt!? 🙃

They have taken a "snapshot" of the Steem blockchain, just prior to HF 23 and everyone will receive an airdrop of an equivalent in Blurt tokens. This new blockchain is due to be launched on or before July 4th. Interesting date to choose! Pure coincidence?

Here are some links to learn more about it, dear reader, if you are interested:

  • "Official" Twitter account.
  • Post about Blurt on PeakD.
  • Post about Blurt on Publish0x.
  • YouTube chat, featuring surpassinggoogle.

Yes, dear readers, both the Steem and Hive blockchains have competition ...

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Source: Based on image of
creator OpenClipart-Vectors on Pixabay

As summer begins in earnest where we live, I am thankful for the opportunity to simply get outside in our garden. It is quiet and peaceful. And compared to all of the complexities of these various blockchains and what the future holds for them - simple! 😉

"Onward and upward" into the rest of 2020!

Closing

Thank you for reading along through my adventures in converting my STEEM to HIVE tokens. In another 3 weeks, it will be complete. About the time the Blurt blockchain is scheduled to "roll out" ... 😏

Shouldn't be bored any time soon! I’d love to hear any feedback you may be inspired to provide.

Until "next time," all the best to you for a better tomorrow, as we all work together to build up our Hive Communities and add increasing value to our Hive blockchain! 👍 😊

Respectfully,
Hivian @roleerob

🐝 🍯 🐝


Posted using PeakD and “immutably enshrined” in the Hive blockchain on Thursday, 11 June 2020!


PeakD: An awesome interface for our Hive blockchain.

Check it out!


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17 comments
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Oh wow, yet another fork! I'm not sure I could manage more than one platform, but my curiosity is certainly peaked.

I’m also curious as to what the legal issues are for crypto exchanges in the US.

By the way, if you're using any of the engines to covert then an option which decreases fees is to deposit and withdraw using beeswap. The exchange from Steem to Hive is still done on the engines, but it only takes 0.25% fee for each deposit or withdrawal, rather than the 1% fee the engines take.

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Yes, my friend, another fork ... 🙃 Personally, I wonder if the "powers that be" have given any thought about what that represents. The more honest posts I read "in here" acknowledge there just aren't that many people who actually are active on these blockchains. The Steem <=> Hive split did just that - split this set of people up across 2 different platforms. And now a 3rd one, largely competing for the efforts of the same set of people ...

Thank you kindly @minismallholding, for the reference to beeswap. I had not heard of this service before, but at a glance it appears to be quite impressive. Great timing, as my next powerdown completes in the morning! 🙂

I hope all is well with you and yours. I am very busy trying to get our garden through all of the early season needs, so not as active "in here" recently. We are well though and thankful we live in a comparatively small population center ...

Thank you for investing your time into this comment and adding value to this post, for the benefit of others! 👍

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Yes, it's a sad state of affairs with the chains. When you also realise that some of the active users are currently posting on both chains, that doesn't help those low numbers.

I've had a quick read about Blurt, but unless they're going to have centralised control to be able to remove earnings from plagiarised posts, I'm not sure that getting rid of downvotes will be the best move. Also getting rid of the pegged SBD component could limit their options as a coin. It will be interesting to see how they go, though.

I hope you'll have plenty to tell us about in the garden when you get the time again. I do miss your posts.

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"Back in" before day's end, I see I did not address your curiosity about why the big exchanges don't allow American citizens. I honestly am no expert on the topic, but I think it has to do with the SEC's view many cryptos are securities. Unless "registered" or something similar, they can't be traded. And the time & cost of getting them "registered" must be prohibitive.

Some, like Binance, have gone to the trouble of setting up a separate exchange for the U.S. But the cryptos offered are very limited.


Thank you for the kind words about my garden posts. I was in a (rare) nice rhythm in getting them written, when the "Valentine's Day Surprise" changed everything ...

Quickly followed by our "fearless leaders" deciding to "lockdown" America, as well as much of the rest of the world ...

I'm sure I'll get back to them at some point. 🙂

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Senior @roleerob, Are you sure you wrote a way to convert coins from Steem to Hive?
It is difficult for non-English speaking Koreans like me. I understand why Koreans stay on Steem. I still do not know the concept and usage of blockchain and cryptocurrency.

Koreans understand Bitcoin as a speculative product only.
I read your text with a translator, but it is still difficult.
I will try it according to your explanation though. Thanks!

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(Edited)

Yes, my friend ...

"Are you sure you wrote a way to convert coins from Steem to Hive?"

... I am certain. As mentioned in this post, I used each of these methods myself. I would not write about how to do it, when I had not proven it out for myself. I do not want "my name" attached to it otherwise.

From my perspective, many Koreans stayed on Steem because a number of the major Korean "influencers" were left out of the Hive airdrop. They had combined their stakes together and tried to play something of a mediators role between Sun and the "old guard" of Steem. They failed and paid a heavy price. That they are obviously not soon going to forget ...

If you have any questions @silvergrifin007, on following any of these steps, please let me know. I will do what I can to help you.

As referred to in a comment from an Australian friend above, you may also want to check into Beeswap. It may be a good "one stop shop" for someone like yourself. Be aware, however, I have not myself tried it, so I am not endorsing it. Simply bringing it to your attention ...


P.S. Yes, I agree with you on the difficulty. The difficulty extends beyond just your need to learn English. These blockchains themselves are complicated. Getting through this conversion process took me a lot of time. Which I would have preferred to invest elsewhere, but ... After HF23, I had no choice but to "solve the problem" ...

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(Edited)

From my perspective, many Koreans stayed on Steem because a number of the major Korean "influencers" were left out of the Hive airdrop. They had combined their stakes together and tried to play something of a mediators role between Sun and the "old guard" of Steem. They failed and paid a heavy price. That they are obviously not soon going to forget ...

Dear @roleerob, As you say, it seems that many Koreans are excluded from the Hive airdrop. However, most Koreans don't know why Hive was separated from Steem.
Most Koreans can't speak English, so they can't communicate with foreigners, including Americans. So, Koreans cannot produce content that foreigners like.

So, only Koreans make a community and voting with each other, making coins. Because Koreans don't have the ability to communicate with foreigners like you.

Most Koreans are unaware of the decentralization and democracy created by Hive. So, they understand steem as a speculative product only.

There are no Korean sites and descriptions for Hive, so many Koreans follow the Justin sun.
I don't know the concept and usage and Mechanism of Steem and Hive, Cryptocurrency.

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From the "outside" @silvergrifin007, a major problem with some key "influencers" inside the Korean community was their posting content with a picture and a word or two and then massive upvoting "circles" of each other's "work." This attracted major downvoting pressure, as this was seen as taking advantage of the rewards pool.

The Korean community engaging in these practices did not like this "attention." So, they did what they did. And here we are ...

"Because Koreans don't have the ability to communicate with foreigners like you."

I made numerous comments on the posts of several Koreans and got no response whatsoever. They seemed a very closed community, keeping to themselves. Which, of course, they are free to do. You have chosen to make the effort to communicate in English, using a translation tool. I have, at times, chosen to attempt the same, in reverse, as you know ...

"... so many Koreans follow the Justin sun.
I don't know the concept and usage and Mechanism of Steem and Hive, Cryptocurrency."

As stated above, they are free to do this. But, they are helping one person reach their vision of the future, instead of a community of people. Hive has a lot of problems, in my view. I have been clear I supported neither side in all the "back and forth" between them. But, I have no influence. Given the choice between the two "virtual worlds" I have chosen this one. For now ...

As for not understanding yourself, I have and will continue to do what I can to help you. If you have specific questions, please ask them and I will do what I can to answer.


P.S. Please do not take the above comments about what I witnessed with the Korean Community as criticism of them. It is simply a statement of the "facts," as I have understood them in reading the posts and comments of others ...

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From the "outside" @silvergrifin007, a major problem with some key "influencers" inside the Korean community was their posting content with a picture and a word or two and then massive upvoting "circles" of each other's "work." This attracted major downvoting pressure, as this was seen as taking advantage of the rewards pool.

Senior @roleerob , I agree with you! In fact, I did not join the Korean community because I hated the closedness and centralization of the Korean community.
I disliked the attitude of Koreans voting among themselves and trying to make money. I pursue the world's surprises and fun through meeting with foreigners.

I rather appreciate your honest advice.
Currently, the ruling classes of Korea, China, and Japan seek centralization. So, Koreans, Chinese, and Japanese are getting accustomed to collectivism.
So, the Korean community has a closed nature of refusing to talk with foreigners. The Korean ruling class hates the actions of Korean civilians to embrace foreign cultures.

The ruling classes of East Asia believe that decentralization in the United States will disrupt their monopoly of wealth and power.
Currently, the ruling classes of Korea, China, and Japan use the US dollar and technology as tools to create and monopolize their wealth and power.
So, the ruling class hinders South Korean civilians from receiving US capital and technology to create Korean civilian businesses.

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I made numerous comments on the posts of several Koreans and got no response whatsoever. They seemed a very closed community, keeping to themselves. Which, of course, they are free to do. You have chosen to make the effort to communicate in English, using a translation tool. I have, at times, chosen to attempt the same, in reverse, as you know ...

Koreans are wary of foreigners because they have been plagued by Chinese, Japanese and Russian invasions from the past. Fear of acting to reveal their appearance to foreigners.
In particular, Korean kings severely punished Koreans who communicated Korean information to foreigners.

As stated above, they are free to do this. But, they are helping one person reach their vision of the future, instead of a community of people. Hive has a lot of problems, in my view. I have been clear I supported neither side in all the "back and forth" between them. But, I have no influence. Given the choice between the two "virtual worlds" I have chosen this one. For now ...

Koreans are afraid of new challenges and creative actions. Currently, Koreans are caught in fear and anxiety that China and Japan will reign over Korea.
In the end, they believe that the United States might abandon Korea.

As for not understanding yourself, I have and will continue to do what I can to help you. If you have specific questions, please ask them and I will do what I can to answer.

Thank you for your kind!

P.S. Please do not take the above comments about what I witnessed with the Korean Community as criticism of them. It is simply a statement of the "facts," as I have understood them in reading the posts and comments of others ...

I compare myself to the apostle Paul, who left and rejected the closedness of Jewish society.
I want Korean society to change.

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Congratulations @roleerob! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You distributed more than 46000 upvotes. Your next target is to reach 47000 upvotes.

You can view your badges on your board And compare to others on the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

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Hey, noticed your transfer to @ocdb, are you sure there was a "double spend" error cause I can't locate it. :D

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Hmmm. I have just spent a very unproductive 30 minutes @acidyo, trying to find this transaction again. I originally found it in my PeakD wallet and copied an image of it, to attach as documentation to my message, but then ultimately deleted it, since it seemed the best way to notify OCDB was do what I did.

Send it back, with an accompanying message ...

Now? I do not see it. Further ... In looking at Hiveblocks, it appears OCDB pays these delegation payouts at a very precise time every day. And nothing in there suggests there was a double payment, like what I saw in my PeakD wallet.

So ...

Not sure what to say, other than apologize to you for wasting your valuable time. It was my mistake in not checking into it further. As I am an advocate for personal responsibility, please keep it (yes, I know it isn't much, but it's the principle ...).

Thank you for investing your time to let me know!

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I have just spent a very unproductive 30 minutes @acidyo

LOL, no worries mate I only checked like 3 different days around that time for a double spend so wasn't that bad. I'll send you back the amount once I get to the ocdb keys cause this is life-changing money we talking about so glad we got to the bottom of it! XD

lol, but ye it's good to give the bot a checkup every now and then so don't worry about it. ^^

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Up before 🌄 (here) @acidyo and both surprised and blessed to find this response and the support you have provided to this post. While we don't know each other, I am sure you have some idea of the encouragement this represents.

"... this is life-changing money we talking about so glad we got to the bottom of it! XD"

💰 Yep, no question! 💰 Great humor, my man. 😉

If for some sort of "keeping the books" straight, which makes sense to me with my background, then I can understand returning this transaction. And, yes, I can certainly see that you would also be demonstrating that it is the principle which counts, not the amount ...

Thank you for being a "stand up" guy, @acidyo. ☝ God knows there are enough malignant forces at work "in here," so to experience the opposite is a "red-letter" day! 🙌

Have a great one "over there" in your part of this big wide world. And all the best to you and your loved ones, for a better tomorrow! 👍


P.S. You have had my support as one of our all-important Witnesses for some time. My post here references the steps I am taking to move "down and out" on the Steem blockchain, which will result in the MVests I have control over increasing in that support. While not pretending, even as a "1%'er," that it will change your ranking, in my small way it is pledged to do what I can.

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Yeah man, it's all good and the curation in this post was not meant as a way to secure future support, I think we're all trying to move away from the past and many are "doubling down" on hive which is great to see. As a curator I just happened to notice the post quality, and that you don't post that frequently so wanted to reward that. It's mainly just difficult to be in many places at the same time and support as many great creators as possible either through time, or resources (voting power relative to current prices) but I see a bright future ahead of Hive and so many aspects that will scale greatly. I'm mainly just happy to be able to slowly return to being 100% there for hive and continue developing OCD to assist this platform in how I see it doing it the most good which will be finalizing our community "incubation" initiative. Which btw will be to move away curation from our own community and focus more on the niche ones so content discovery and each community and their curators finding legit new accounts easier, just thought I'd let you know since you had been posting in OCD lately and we've stopped actively curating it. We will probably still keep an eye on it once the other things are running smoothly for any content authors may feel doesn't fit in the other communities.

Anyway, more about that in a post coming :soon: :D

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Thank you for this ...

"... the curation in this post was not meant as a way to secure future support, I think we're all trying to move away from the past and many are "doubling down" on hive which is great to see. As a curator I just happened to notice the post quality, and that you don't post that frequently so wanted to reward that."

... as it indicates good intentions from my perspective @acidyo. You are willing to invest a little time and are perceptive. I am most definitely a "part timer," but I do put serious effort into what I publish, since it "has my name on it" (no matter how it is "rewarded") ... That is just the way I was raised.

Not to worry about my perception in reverse. Never crossed my mind ...

I will hopefully catch the coming post about OCD's curation plans, which you reference. I'm sure it is a continuous challenge to try and get the balance right. At least you make a genuine effort to do just that, while in so many other cases it is blatantly obvious that is not happening. Observing that, in the past, is the basis of my support for OCD's Witness.

"May your tribe increase!" 🙂👍

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