Any good reason for Bittrex delisting?

Well I just sent them a ticket asking for explanation so we will soon find out, will post updates here. I hope if its because of OMNI maidsafe dev team will go all hands on deck for 4-5 days and think up a way to offer ERC20 tokens in exchange for the OMNI tokens IF owners of MAID choose to make that conversion (later safe coin could be converted from OMNI coins OR the ERC20 equivalent), because if its as simple as that, then that is on Maidsafe for not adapting to the times and sticking to what could now be considered a legacy ICO mechanism. Which would be a pretty bad image for a team that intends to drive the future of a secured layer on top of the traditional internet.

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Only reason i can see for not doing anything is that safe beta is coming and there are plans to list but not able to share yet. Maybe its wishful thinking :slight_smile:️:sweat:

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Don’t expect too much in the way of common sense from Bittrex.

This was their explanation to the Devs re: the delisting of mysterium;
“We encourage you to request relisting when you have completed and fully implemented the basic application for which you intend your token to be used and both the application and token can be used by the general public“.

I do recall reading some ridiculous thing in their listing policy where they reserve the right to delist a coin if its product is not yet implemented. The term ‘Implemented’ is of course totally determined at their whim :roll_eyes:

Code for delisted until they can provide proof they are not unregistered securities…

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Exactly, I don’t know why this isn’t unanimous, it’s an absolute no brainer.

Is there anything stopping the community setting up an ERC20 token and a burn address? This could free up the maid team to keep working on important stuff. As long as they honour the ERC20 tokens at conversion date that’s all we need from them?

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Apparently Bittrex did the same thing to Mysterium. Per their update, the MYST team is working to get listed on two new exchanges as well as reapplying for listing on Bittrex. They stated the following: Thus, we are now in the process of being listed in two more exchanges, one of a medium size, and one decentralised. You will be informed about the results as soon as we make an agreement. Also, we have already submitted and provided all the process documents required for listing at Bittrex, thus returning to this exchange would merely take the updates of information as needed.

I think it would be helpful and would inspire confidence if the Maidsafe marketing team could publish a Medium article highlighting what they are doing about this. For example, will Maidsafe also endeavor to remain listed or relist on Bittrex? In addition, the marketing update from the beginning of this year mentioned getting listed on additional exchanges. In light of this latest turn of events, I think now would be a great time to shed a bit more light on how that initiative is going.

Moreover, as a bit of encouragement for everyone, Bittrex delisted Bitshares back in October, but as you can see below the negative impact was indeed short lived.

However, I must also mention that Bitshares has an extensive range of exchange listings.

image

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Over the course of the past few weeks we have been helping Bittrex with their enquiries. I’m afraid I can’t go into any detail about what they asked/the process as we did so under a mutual NDA, but we found out last night by email that they were going to delist the coin citing their view of MAIDs lack of utility on the SAFE Network.

This much more proactive stance is obviously coming about through the changing regulatory landscape in the US (where Bittrex are based) where the SEC is taking a greater interest in crypto currencies and I would expect many coins that are not perceived to have a legitimate current use case to also be delisted.

Moving forward we are having discussions with some exchanges at the moment and actually have already put plans in place to list with a large exchange out with the US and are just waiting for their technical team to complete the integration. We will be working with them on promoting the new listing and they have asked that we make a joint announcement only when everything is ready so we cannot provide much more info at the present time.

It is worth noting that as we speak with new exchanges, the Omni protocol has never been mentioned as a reason to list/delist coins. The omnicore daemon is based on /forked from bitcoin-core so the integration path is identical to using bitcoin-core (as that is the underlying technology/software already) just with a few extra RPC calls available to interact with the Omni protocol.

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https://bisq.network/ also has Maidsafecoin
Maybe using @whiteoutmashups idea to do escrow service would also help.

Buyer send bitcoin to bitrated.com, seller sends Maidsafecoin to buyer trust agent sits in the middle.
:stuck_out_tongue:

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Guys we could really try to get listed to new exchange like bankera, I see there are are very little support to get listed, but all we want high prices but no work or help to get it…

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Thanks for the explanation and reasons for optimism, @nicklambert!

In terms of timing, Friday evening seems like pretty cruel timing on Bittrex’s part, as the maidsafe team was unlikely to be able to respond. I hope it hasn’t spoilt your weekend!

It is good to hear about there being something in pipeline and also that the protocol isn’t the issue. I think it is easy to jump to conclusions about why listings aren’t happening and what the impact of this is too. I’m looking forward to the announcement.

I listened to the let’s talk Bitcoin podcast about the US legal stuff and it sounded like coins which were around long before the recent legal interest would likely be fine. They don’t usually take action without first publishing their guidelines, apparently. So, it is a little disappointing to read that some US exchanges are going after maidsafecoin regardless.

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Great news on new potential exchange! Look forward to the announcement. :wink:

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Thank you for your detail explanation. Many Korean investors are already worrying about the delisting because Bittrex is linked to Upbit which is the largest crypto exchange here. I hope to pass on some good news to them before long.

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IMHO This is a large step towards asking projects to be at the behest of the SEC’s mood. Many questions from these type of people are rather open to interpretation. To me this is a serious issue that almost asks projects to be in a position where the SEC could hang them at any time by taking the answers out of context. A good legal advisor would warn against giving information to a potential threatening body who could use that info in a very bad way and effectively change a law slightly to then drown all the responders.

There is also the point of a USA body taking control over (by using cash as a weapon, not for the first time :wink: ) a global system like bitcoin and related projects. The USA has so so much to offer and so many smart dedicated people and projects that will change the world, they already have in many ways, but this is over reach.

I think some projects could be in real trouble or have to give up users etc. in these kinds of moves. For us it is best we stay steady and realise our vision for the worlds people to decide on how they want to regulate/work/co-operate and not have dictates or influence by potentially competing world governments and agencies in each jurisdiction. Do not get me wrong, I am happy when I see some scam projects closed down and I hope that continues, but because they are scams, not because an agency wants to give its own projects any favour.

I would love to see the scammers stopped, but it is a price we have to pay right now, I agree the price is too high and there is a definite evil part of the world that will con money from people and they are to be stopped. However using that to cast a net across every decentralised project and taking control of their actions a little at a time, means none of those projects will change the world as they thought, they will just fit where the status quo lets them and that will never be SAFE if I can help it and it certainly will never be MaidSafe while I have a say in it.

If the coin goes down a bit then we just need to work harder to launch, there is a lot happening in the background to let me believe that will be quicker than we think, however giving up our vision or not fulfilling our promise is not a road we will even look at. The short term cash of those who comply and surrender to the authorities is not really a gain, its a sad loss and a sell out in my opinion. So stay strong , stay steady and most of all stay honest and determined we leave this world in the hands of the people to communicate, collaborate, find peace and get on with evolving. This project is way to powerful a proposition to give up on for short term gains or losses, In the long run those issues just have no bearing on true value, people decide on that, not agencies.

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This is why I believe in you, the team and the project. I got into crypto because it aligned with my attitude towards liberty and freedom.
It is both reassuring and humbling that Maidsafe and SAFENetwork continue to walk this path, despite the head winds. Keep up the great work!

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x 2 (20 characters)…

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This is enough to calm me down. Thanks David. :+1:t2::pray:

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If we end up in Hong Kong. for example (not speculating here), would feel kind of right for a Scottish project. It was a Scot, who, rather than create an overbearing bureaucracy … left law abiding people alone! And that seems to have been a wise thing looking at how dynamic the place is, now. Not perfect, but we do not need perfect.

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while spending money on marketing, why not put some efforts into switching from Omni to ERC20, that will bring liquidity and publicity and a 50x PR boost. (Storj gained 10x reddit registrations and probably 30x liquidity boost after switching from Omni to ERC and only took about one month)

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Believing Omni is not the problem is just delusional.

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Because the focus is on delivering the product, and when that is done it won’t matter. See this big post, just published:

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David, you’r humbleness and and down to earth spirit resonates very well with the nordic way of thinking which I value very high. The trust for you, the team and the community is if you all are family.

I’am not so worried as I know that Maidsafe have porbably set up enough capital for a medium term because I know that you guys know the same thing as me, that the market can be hevaly volatile for a short to medium term time frame.

When knowing the reach of the US regulation and how they handle interests in the past I want to take the oportunity raise security awareness, air-gap, property surveilence with cameras and staff and so on, even though I know you and the team probably know and think about this questions alot. Dont want a public discussion about security, I think it should be in a close group within the company, just want to raise the awareness. The swedish inventor of positioning system and color displays, Håkan Lans, got his invention stolen despite patents. “
In 1995, a representative of the Delphi & Co Law Firm contacted the inventor and explained that the agency would help him to raise money from a number of computer companies. The representative said he had a connection with a reputable patent lawyer who could convey contacts in the United States.
This lawyer had earlier been a senior official in the Pentagon”. Long story short, Håkan Lans got screwed big time.

Laws and regulationions dont seem to apply for those that makes them, if there is a strong interest I believe there is a risk that they will hack or do whatever it takes to get a hold of or controll of what they want. Everything will probably go well but better to be SAFE then sorry. :slight_smile:

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