Do you guys seriously not know that any good marketing needs high volume and popular exchanges? This is unbelievable…
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I prefer MaidSafe’s approach. I think the difference is partly in outlook, partly in priorities. I’m not interested in debating these, I just want to make the point as someone who has been involved with the project for a long time, that I don’t think it’s great overall, to spend a lot of resources on high profile exchange listings.
I do see the point that this would garner more attention for the coin and that this would highlight the project, but I prefer that Maidsafe spend the resources they have on other things that IMO are a higher priority. I also think it is more in tune with the values that I perceive and support, which gel with delivering first, then shouting about it. I don’t mean everything has to be finished, but a bit closer than we are just yet. I think when we have test Safecoin with vaults at home on a stable test network then priorities may shift.
I’m not saying I’m right or want argue the point, I just want to give another take.
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Good marketing has nothing to do with which exchange is used by Maidsafe. Although I will say bad marketing is pumping an exchange to the public and the community without demonstrating that they have fully vetted it and the team behind it. I see none of that here by @maidsafe and would like it to be a priority. If @maidsafe is going to promote a company and sanction their efforts to take money and crypto from the public and the community let’s have a little more insight than “we talked to the team,”
While I did do some light digging and found some publicly available information about the recently announced exchange ChainRift, there is no evidence this exchange has the backing of any large org or long-standing crypto community member. Is our money safe there?
Hey @nicklambert, who is responsible for the exchange vetting process?
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Ultimately the mgmt team are responsible for the exchanges we partner with, Brett. On this occasion the team behind ChainRift were known well and well regarded by a member of our team, which is why we are comfortable providing early liquidity.
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So many secrets Nick. For a company like yours that is supposed to be so open. Why the dark glasses? What is your vetting process? “Well regarded” means nothing in this industry without rep.
Edit: what has your management team learned from the last fiasco you sanctioned is maybe a better question. I believe Maidsafe also knew people that were associated with those criminals.
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Things that we look at as part of the vetting process:
- Do we know the team and are they reputable
- Is there a company behind the business, where are they based, company structure, history…
- Do they require listing fees/promotional fees
- Have they integrated OMNI before (such as USDT) and are they familiar/comfortable with the quirks of the protocol
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Drilling down a bit here Nick. Define “reputable”. What constitutes reputation in the exchange world?
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Just invited the guys (@dannyrdee) at ChainRift back into the thread to answer your queries. Better to hear it from the horses mouth.
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We’re definitely talking more like months.
It’s a high priority, but opening up a cryptocurrency exchange to US audiences is a highly resource intensive process steeped in excessively complicated administrative and compliance related procedures.
We’re the biggest believers in the cypherpunk phrase “don’t trust, verify”, so I’d just like to start out by saying that your skepticism is fully warranted and even appreciated.
To address your two points:
We definitely do not have the backing of any large organization, but also I don’t think we communicate this impression anywhere - or at least do not intend to.
Having said that, there are multiple members of our team that are long-standing crypto community members as you put it. The one with the largest social media presence is our founder, Ferdous. He’s been around since 2013 and you can get a good feel for the size of his network and high-level involvement in various crypto affairs through his Twitter feed. While perhaps an informal venue to get a professional impression of someone, I would deem that it’s proven to be effective with other figures in similar positions, the key example being CZ of Binance.
Our dev team have been involved in the crypto space for a similar length of time if not longer, and have also worked on crypto projects for that duration.Their social media presence is not significant, however. But I’d like to note that this is commonplace of individuals who prefer to dedicate their time to coding and development rather than marketing themselves.
Regardless, they are all available and active on the ChainRift Telegram community channel (hyperlinks are limited to 2 per post for new users, but you’ll be able to find the link to join us on our homepage), and are quick to respond to and displace any queries/challenges regarding the integrity of the exchange - so if there’s a place you’d like to vet the dev team, that’d be it.
In addition to our own dev team’s expertise, ChainRift’s operations and security has been thoroughly vetted by pen tester specialists over at Cobalt. While the detailed reports provided to us by them are not publicly available, anyone wishing to do their due diligence and correspond with Cobalt will receive affirmation that they did pen test our exchange and came to positive conclusions.
Ultimately, as transparent as any institution is in an industry that requires a great level of trust (such as custodian exchanges), building trust and consequently volume is very much a chicken & egg dilemma. Generating activity, usage and volume on the ChainRift platform requires trust and an established presence in the space - and that generally stems from an active and already high volume exchange.
We hope to overcome the above hurdle by continuing to push this transparent front, engaging the relevant communities and stakeholders whenever possible whilst putting the security and efficacy of our exchange as the first and foremost priority.
I will proceed to answer your queries in your previous post directly in another reply just for the sake of keeping everything organized.
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I noticed @dannyrdee watching this discussion from the sidelines yesterday but I’m more interested in knowing what Maidsafe’s definition of reputable is and how they conclude a company has a good reputation. I would also like more transparency in how you describe your relationships. Who knows who? If your not going to provide that level of transparency, don’t mention it at all.
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Thank you for your useful feedback here and in the post above. In fact, the majority of our Angel profiles are outdated, and do not give an up-to-date impression. As a result, I’ve prompted the rest of the team to update their profiles (I will do the same with my own) allowing for a more complete view.
As a relevant aside on the topic of due diligence, anyone interested can see ChainRift’s Wyoming incorporation filing at the following Wyoming gov domain.
Also the Fees seem to be reasonable and comparable with Poloniex.
Trading taker fee: 0,25%, maker fee: 0%, deposit and withdrawal fee: 15 MAID.
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And thank-you Danny for taking time here. I’ll suggest that your introduction here was less than sufficient to make a grand impression but it appears you are trying to make up for that.
You frequently refer to dev members of ChainRift as “they” and “our dev team” and suggest I go elsewhere to vet your dev team. This is not confidence building and I’d suggest you invite them here to introduce themselves and also put their profile.
If you feel this is the wrong place for you to be open about your goals and who is behind the project and the technical team that will fulfill those goals, I understand.
Btw twitter feeds are useless metrics.
Not saying you’re wrong about the transparacy.
But also take into account the potential trouble if everybody can get the identity of who manages the Exchange and therefore the (cold storage) keys. Key which could give access to a lot of (virtual) money…
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Regarding a less than grand introduction and my subsequent recovery, thank you. To be entirely clear, we are both happy and available to answer any queries and clarify any misgivings insofar as it does not compromise our team members’ opsec, or the structural integrity of our exchange platform.
Reference to the Twitter feed was not so much to qualify the person through useless metrics like # of followers, we are in agreement there.
Rather, it offers a window into the caliber of person who’s leading our operations through the content of his writing. Furthermore, it offers a direct line to communicate with them yourself. This is not a commonplace opportunity in the high-risk industry we’re operating in.
In stark contrast, you will note that the vast majority of established exchanges in the space have very opaque operations, with few if any of their boots on the ground team members profiles publicly reachable or viewable. Again, it’s worth noting that CZ of Binance is an admirable exception to this rule (stating this in isolation, with no interest in engaging in a discussion on Binance’s business practices in general).
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Exactly, draw. I think you’ll find I’ve addressed this exact point in my reply to BIGbtc above.
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If this is a problem. We’re all in trouble. The levels of sophistication in cold storage, multisig, hotwallets are well in play. This is not Mtgox.
I’d just like to put it out there that we’re also available for correspondence in real time on the SAFE Network Riot chatroom. If certain members are interested in a more responsive back & forth (e.g BIGbtc), we can shift discussion there.
That’s one of the reasons to try to go to decentralized exchanges, but the volume is still lacking there.
E.g. I don’t want to be in a situation to decide to give or not give my (part of the) multisig key, because a collegue has been kidnapped.
I remember that the identity of the people behind Poloniex was also difficult/impossible to get. Maybe that has changed after the takeover of Circle, but I doubt that.
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