XMR Zcash and other private coins are getting delisted from binance

ALLON2017

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Quote from: mindrust on February 06, 2024, 08:30:15 AM

Binance disabled xmr withdrawals. Buying the dip probably isn’t the brightest idea anymore. I didn’t have any problems with them delisting it but disabling the withdrawals is a huge dick move and I will clear everything in my Binance account when the dust settles. They are basically forcing everyone to sell cheap now. This is robbery. This is theft. Fuck binance.

Yes im planning on doing the same, don't trust Binance with my assets anymore, also does any know what exchange's are allowing xmr buy and sell with no restrictions?

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Quote from: Ratters on February 11, 2024, 05:42:01 AM

Quote from: The Sceptical Chymist on February 11, 2024, 03:14:55 AM

It's a great privacy coin, and it really is a shame merchants don't (or most likely can't) accept it.

This is the thing really, if you can't use it, it has no value and may well cease to exist.

It's the de facto currency of darknet markets now. Monero isn't going anywhere. Exchanges come and go, especially scammy ones like Binance. It's laughable they talk about delisting Monero to protect their users and comply with regulations when they list hundreds of rug pulls and complete shit tokens all while lining their pockets with their own users' funds in the process. Fuck Binance and fuck CZ. Privacy is a human right. If you need a reminder of why we are all here:
https://www.activism.net/cypherpunk/manifesto.html

Quote

We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.

Cypherpunks write code. We know that someone has to write software to defend privacy, and since we can't get privacy unless we all do, we're going to write it. We publish our code so that our fellow Cypherpunks may practice and play with it. Our code is free for all to use, worldwide. We don't much care if you don't approve of the software we write. We know that software can't be destroyed and that a widely dispersed system can't be shut down

philipma1957

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Quote from: mindrust on February 06, 2024, 06:29:46 AM

Quote from: Bitstar_coin on February 06, 2024, 06:25:22 AM

I remember back in the days when privacy coins where very popular among the crypto community.

They are still popular among the people who care for their privacy... Those who don't, well, they use the mainstream coins. Monero especially is the flagship, the OG of all privacy coins.

Now I wonder... when will theymos ban discussing privacy coins because the authorities don't like them?

tI looks to me, sooner or later it will come to that.

maybe theymos will reply to this thread and give you an answer.

I sure he would ban it if keeping it means jail for him to keep it here.

Who would support him if he were jailed for monero?

trendcoin

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Binance and CZ were accused of money laundering. CZ admitted to some of the allegations or had to admit to the allegations in court, even if the allegations were not true. I think the delisting of privacy coins should have been expected because of this process... I see Monero as the brand face of privacy coins. The brand face of cryptocurrencies is Bitcoin. The brand face of platform coins is Ethereum. The brand face of meme coins is Dogecoin. Monero will continue to be a pioneer in this category...

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Quote from: The Sceptical Chymist on February 11, 2024, 03:14:55 AM

What I do know is that payment processors that take coins other than bitcoin pretty much never accept it.

CoinPayments accepts Monero.

Ratters

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Quote from: The Sceptical Chymist on February 11, 2024, 03:14:55 AM

It's a great privacy coin, and it really is a shame merchants don't (or most likely can't) accept it.

This is the thing really, if you can't use it, it has no value and may well cease to exist.

The Sceptical Chymist

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Quote from: mrust_mobile on February 06, 2024, 01:47:39 PM

It went as low as 100 bucks recently. ($100.4 is the lowest for now)

Oh wow! I'd checked the price of XMR a month or two ago, and it was holding steady at something like $140 or so while the rest of the altcoin market was experiencing some major pain. Seeing it now at $119.41 (at the time I write this) is a bit of a shock.

Not surprising Binance delisted it, but the Monero community and Monero owners in general seem to have strong hands when it comes to market turmoil or even events like exchange delisting--and this major drop is what surprises me. Still, I doubt it's going to stay as low as it is and I don't think it's going to drop below $100 (though I certainly could be wrong).

Having said all that, I don't know how many real use cases there are for XMR. Dark web? Don't know, but I thought bitcoin was still used there. What I do know is that payment processors that take coins other than bitcoin pretty much never accept it. It's a great privacy coin, and it really is a shame merchants don't (or most likely can't) accept it.

FinneysTrueVision

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We have seen the writing on the wall for some time so it is surprising that the price of Monero dropped by so much. The 10 confirmation requirement isn't something I was aware of, although I have often noticed that some instant exchanges will have Monero swapping unavailable due to some vague "network unavailable" reason. If people can't withdraw XMR because of this, it makes sense that there would be mass dumping as people exchange for something that is withdrawable.

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Quote from: mindrust on February 06, 2024, 03:15:04 AM

Quote

Binance to Delist Monero, Zcash, and Other Privacy Coins As Regulatory Pressure Intensifies in Eu...

Privacy coins like Monero and Zcash shield user identities and transactions from regulators but have been criticized for aiding money laundering and other illegal activities.

It is finally happening. Monero is down -11% after the news. ~~Personally i think this is a good buying opportunity.~~ * Fuck the regulatories. We need to show them we are bigger than them.

Remember:

In 2030, “you will nothing and still happy. You won’t have any privacy.”

Fuck that

OMG, that's quite sad actually, but what else, it seems like their era is really starting to end. even though I remember that privacy coins really had a lot of hype about them. Moreover, these two coins were coins that were seen as having great potential at that time, in fact their progress was extraordinary. There was also quite a lot of interest from various parties in this type of coin at that time. However, times have changed and sometimes what cannot survive in the market will disappear. Even though we are absolutely certain that the coins we hold are very valuable and want to prove it, the market proves something different. So, no need to force yourself anymore.

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Quote from: LoyceV on February 08, 2024, 03:11:32 AM

Quote from: joker_josue on February 08, 2024, 02:56:01 AM

There's a good reason why you sometimes have to take breaks from your withdrawals. The project's own limitations require this.

It's unnecessary though: Binance doesn't have to keep their entire XMR balance in one UTXO. I don't know if they do it already, but if they'd keep their balance in many different UTXOs, they shouldn't be limited by waiting for confirmations.

Yes, but they can have a large part of their jump in cold wallets. So movement between wallets will create longer waiting times.

Now, if you say that they should have already organized this, before making the announcement, I totally agree. But maybe it's a strategy to avoid massive amounts of money coming out in one fell swoop.

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Quote from: examplens on February 07, 2024, 07:48:06 AM

Here is a post from the official Monero Twitter account

Quote

The delisting is happening because Binance is now requiring that deposits come from a publicly transparent address. Monero has used stealth addresses for ALL addresses since it’s launch in April 2014

Monero allows selective disclosure with view keys but not a transparent address

https://x.com/monero/status/1754879394261147663?s=20

This does not seem to be related only on privacy coins.

It should be expected that gradually all cryptocurrency exchanges will fall under the control of states and their governments. Otherwise, their activities on the territory of these states will be limited or simply impossible. Coins with a high level of anonymity and confidentiality come to the attention of states first. Apparently, after a certain time they will either simply disappear, or their circulation will be illegal, bypassing official crypto exchanges and exchangers. In this case, the Binance exchange simply yields to pressure from government authorities.

LoyceV

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Quote from: joker_josue on February 08, 2024, 02:56:01 AM

There's a good reason why you sometimes have to take breaks from your withdrawals. The project's own limitations require this.

It's unnecessary though: Binance doesn't have to keep their entire XMR balance in one UTXO. I don't know if they do it already, but if they'd keep their balance in many different UTXOs, they shouldn't be limited by waiting for confirmations.

joker_josue

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Quote from: LoyceV on February 08, 2024, 02:52:25 AM

Quote from: Ratters on February 07, 2024, 02:35:32 PM

"Network Busy" on Binance again.

Could it be because Monero UTXOs are only spendable after 10 confirmations? With Bitcoin, you can spent your change up to 24 parents deep. With Monero, you'll have to wait each time. So if Binance has one large address for all their Monero, they can at most process a few transactions per hour.

There's a good reason why you sometimes have to take breaks from your withdrawals. The project's own limitations require this.

Anyway, I've already read some conspiracy theories, such as a Binance attack on Monero and the like. Not much logic, but people always like to complicate things.

LoyceV

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Quote from: Ratters on February 07, 2024, 02:35:32 PM

"Network Busy" on Binance again.

Could it be because Monero UTXOs are only spendable after 10 confirmations? With Bitcoin, you can spend your change up to 24 parents deep. With Monero, you'll have to wait each time. So if Binance has one large address for all their Monero, they can at most process a few transactions per hour.

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Quote from: BabyBandit on February 06, 2024, 11:45:37 AM

Binance.com sadly seems to have a lot of power in the crypto world.
But internesting. Down 30% last 24 hours. I buy some.

Easy money. Cool

Anyone else made some profit of this?

Ratters

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"Network Busy" on Binance again.

I bought this loverly low and now cant get out Cheesy

Keep trying peeps!

examplens

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Here is a post from the official Monero Twitter account

Quote

The delisting is happening because Binance is now requiring that deposits come from a publicly transparent address. Monero has used stealth addresses for ALL addresses since it’s launch in April 2014

Monero allows selective disclosure with view keys but not a transparent address

https://x.com/monero/status/1754879394261147663?s=20

This does not seem to be related only on privacy coins.

mindrust

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Quote from: DeathAngel on February 07, 2024, 05:24:49 AM

Sad for privacy coin enthusiasts but what are the exchanges supposed to do? If they are threatened with denial of services to specific countries unless they delist said privacy coins then as a business, they simply have to do so. I mean, they could get embroiled in court battles & litigation to fight it but is it really worth it to them? They run very profitable exchanges even without privacy coins so it just isn’t worth jeopardising their businesses to fight for privacy coin inclusion. There are still no KYC places like Bisq people can use but privacy coins are dead as far as any future mainstream adoption goes.

True. However I never blamed binance for delisting these privacy coins. I was mad when they halted withdrawals...

Binance is a tax payer and they have to obey any order coming from the authorities like any of us.

The truth is, I couldn't believe it when I first saw that monero was a tradeable asset on binance. It looked too good to be true (and it was lol) and I liked it because I already did KYC there. I liked the idea of buying XMR there because after I take it out of binance, nobody could trace it anymore. When you think about it, binance was working like a [BANNEDWORD]

Binance is still better than many other exchanges but I won't be keeping any funds there for a while, till I get stupid again at least .

DeathAngel

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Sad for privacy coin enthusiasts but what are the exchanges supposed to do? If they are threatened with denial of services to specific countries unless they delist said privacy coins then as a business, they simply have to do so. I mean, they could get embroiled in court battles & litigation to fight it but is it really worth it to them? They run very profitable exchanges even without privacy coins so it just isn’t worth jeopardising their businesses to fight for privacy coin inclusion. There are still no KYC places like Bisq people can use but privacy coins are dead as far as any future mainstream adoption goes.

LoyceV

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Quote from: mrust_mobile on February 07, 2024, 05:02:04 AM

Also, people who sold yesterday may have thought that was the only exit they offer… Some of those people might be the victims here.

That's the risk of leaving your coins on a centralized exchange. "Not your keys, not your coins" is nothing new.

Topic: XMR Zcash and other private coins are getting delisted from binance (Read 614 times)