XMR Zcash and other private coins are getting delisted from binance - page 2.

mrust_mobile

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Quote from: LoyceV on February 07, 2024, 04:57:26 AM

Quote from: mrust_mobile on February 07, 2024, 04:26:59 AM

That deserves a red tag, no?

I've never trusted them, but who's there to tag?

Quote

It is the xmr holders that paid for this mess.

Only if they panic sold, but if they did, they weren't really holders in the first place. That's why I think this is a good thing: if Monero can drop 35% because of the actions from one untrusted exchange, someone has far too much power of it. After Binance delists Monero, that power is gone.

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I couldn’t totally understand why they halted the withdrawals at first and that’s why I screamed “scam” and somehow I was still right about it. I thought they had the coins but they didn’t let people withdraw. It seems they didn’t have the coins and that’s equally scammy.

Imagine having the knowledge to do some insider trading with this! You'd make millions shorting Monero. My assumption is always that someone is manipulating something.

I guess they don’t have any representatives here, at least I don’t know any.

Yesterday I saw a post on reddit, days ago someone predicted the exact date of the delisting. If you can call this a prediction.

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

LoyceV

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Quote from: mrust_mobile on February 07, 2024, 04:26:59 AM

That deserves a red tag, no?

I've never trusted them, but who's there to tag?

Quote

It is the xmr holders that paid for this mess.

Only if they panic sold, but if they did, they weren't really holders in the first place. That's why I think this is a good thing: if Monero can drop 35% because of the actions from one untrusted exchange, someone has far too much power of it. After Binance delists Monero, that power is gone.

Quote

I couldn’t totally understand why they halted the withdrawals at first and that’s why I screamed “scam” and somehow I was still right about it. I thought they had the coins but they didn’t let people withdraw. It seems they didn’t have the coins and that’s equally scammy.

Imagine having the knowledge to do some insider trading with this! You'd make millions shorting Monero. My assumption is always that someone is manipulating something.

mrust_mobile

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Quote from: LoyceV on February 07, 2024, 03:15:02 AM

Quote from: joker_josue on February 06, 2024, 03:00:09 PM

If you think about it, it was actually a positive move to temporarily block withdrawals. This kind of makes the market calm down a little, so that everything doesn't go into panic. In fact, it is a traditional strategy, which even occurs in the traditional stock market, to block negotiations on an asset, so that people do not act on impulse.

It's the exact opposite: by blocking withdrawals, the only option left is selling on that exchange. That leads to panic selling and a huge drop in price. The proper way to prevent panic trading is a trading halt. Ironically, that's the exact opposite of what Binance did. Makes you wonder....

Probably like you said, they fueled the panic because they didn’t have the coins to make everybody whole. Now binance bought the dip, the price stabilized, they resumed the withdrawals…

That deserves a red tag, no?

It is the xmr holders that paid for this mess.

Since they resumed the withdrawals, they don’t look like total scum bags. What’s a 30% drop in crypto in the end? Right Cool

happens every once in a while

I couldn’t totally understand why they halted the withdrawals at first and that’s why I screamed “scam” and somehow I was still right about it. I thought they had the coins but they didn’t let people withdraw. It seems they didn’t have the coins and that’s equally scammy.

Or maybe we should believe their cold wallet/hot wallet story… if that makes sense.

Sophokles

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Binance is trying to eliminate all the possible options that could put him on the track list of the SEC. They have already paid a big fine to keep their exchange running so they don't want to repeat the mistake again. Also the way everything is going, it seems the industry leader wants to reduce binances dominance in the market. It can be due to the relaunch of FTX and other exchanges trying to use this opportunity to get a big market share, and exchanges like bybit, OKX are pushing this really hard.

LoyceV

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Quote from: joker_josue on February 06, 2024, 03:00:09 PM

If you think about it, it was actually a positive move to temporarily block withdrawals. This kind of makes the market calm down a little, so that everything doesn't go into panic. In fact, it is a traditional strategy, which even occurs in the traditional stock market, to block negotiations on an asset, so that people do not act on impulse.

It's the exact opposite: by blocking withdrawals, the only option left is selling on that exchange. That leads to panic selling and a huge drop in price. The proper way to prevent panic trading is a trading halt. Ironically, that's the exact opposite of what Binance did. Makes you wonder....

mrust_mobile

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XMR fell as low as 100 bucks yesterday and now it floats around $125. I bought the dip yesterday and I am actually break-even now.

Also binance resumed xmr withdrawals, I edited the OP. If you want to get your xmr out of binance this is your chance.

Bureau

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Quote from: joker_josue on February 06, 2024, 03:00:09 PM

It seems that XRP is already recovering a little from this fall, in addition, XRP has already been devaluing since the beginning of the year, now it has only seen a spike, which has practically returned to the value it had before the announcement.

Typo error, it should be XMR and not XRP and you are right the price has recovered a little.

I was reading the blog post of Binance and they said the reason is "When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it,"

What standards were not met? To me, it looks like pressure from the US first, it was OKX, and now Binance. The next exchange I am assuming would be Kucoin, it always follows Binance in listing and delisting of tokens.

joker_josue

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Quote from: mindrust on February 06, 2024, 08:55:17 AM

Edit:

According to binance, they disabled withdrawals temporarily.
https://old.reddit.com/r/Monero/comments/1ak9lxf/all_cheap_xmr_has_been_bought_and_withdrawn_from/

Don’t panic, yet.

Calm down boy, there's no point in panicking. They just said that it would no longer be possible to trade XMR, you will be able to withdraw the money.

If you think about it, it was actually a positive move to temporarily block withdrawals. This kind of makes the market calm down a little, so that everything doesn't go into panic. In fact, it is a traditional strategy, which even occurs in the traditional stock market, to block negotiations on an asset, so that people do not act on impulse.

You'll be able to remove all your coins from there, calmly and calmly, you'll see.

It seems that XMR is already recovering a little from this fall, in addition, XMR has already been devaluing since the beginning of the year, now it has only seen a spike, which has practically returned to the value it had before the announcement.

mrust_mobile

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

Sub $100 soon?

Zaguru12

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Quote from: BitcoinsGreat on February 06, 2024, 10:48:58 AM

Well, we can still buy them on instant exchanges and we will get them for cheap. Don't we ?

Isn't it a good deal to buy some XMR outside binance and keep them in our personal wallet. I guess the use case of XMR will make it pump again soon once this binace drama is over. The whole dark web uses XMR, isn't ?

If a coin is delisted from a particular exchange that doesn’t mean you can’t get it on other exchanges. You can actually use other decentralized exchanges to actually get it. But this idea of buying a dip of Altcoins is something I sometimes see as a very risky move. Although Monero is actually one of the best performing Altcoins out there in fact my favorite altcoin due to its anonymity nature and looking at its potential you will see it is not a dump and pump coin but still it is an altcoin and buying its dip is more of a gamble than an investment strategy. So even if you want to ape in just go for an amount you can afford to lose.

Quote from: cryptoaddictchie on February 06, 2024, 11:17:27 AM

This just means that Cex will cooperate with authorities and dont want to be associated with privacy coins either due to regulations. Well thats how it goes. Its not like its the end of the world for monero and other privacy coins. There are other people who love their tech and will continue to use that anyway.

This move signifies that once you pass out your KYC details to them it is as simple as the government getting hold of it. I don’t see this as bad news for privacy coins to be fear, they shouldn’t even be on KYC platforms in the first place

kentrolla

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To hell with the regulators, sad to see they have finally succeeded in getting one of the most reliable privacy coin and look at our helplessness we are forced to use centralized exchanges due to poor UI and volumes at DEX and this is the area which centralized exchanges have capitalized and now regulators are pressurizing centralized exchanges to remove any coin they want and exchanges being patronized by regulators.

Our community is not so strong to buy XMR when it's dumping to show support that we will not be suppressed with these tactics as objective of many of us is money and we are dancing to their tunes.

btc78

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This is honestly both bad and good news.

This is bad news for binance because I am sure many of their users use these coins and now they might seek other ways to access these coins outside of binance this is also proof of how centralized exchanges would be soon ruled by the government with their implementation of rules and regulations a lot of the centralized exchanges would have to cater and obey these protocols in order to keep their company alive

On the other hand, this is a good news for the privacy community these privacy coins are meant to keep identity from leaking so it must be decentralized in nature now without binance it can be used accordingly

Kelward

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Quote from: cryptoaddictchie on February 06, 2024, 11:17:27 AM

This just means that Cex will cooperate with authorities and dont want to be associated with privacy coins either due to regulations. Well thats how it goes. Its not like its the end of the world for monero and other privacy coins. There are other people who love their tech and will continue to use that anyway.

I dont hold any privacy coins but this is a grave news as it can be seen on the downfall of the price right away.

Of all the top exchanges, Binance, should understand more about what it means to cooperate with authorities regarding regulation matters, I'm sure that after the issues that their former CEO, CZ, had in the US, they'll be more than willing to comply with regulations. So if Binance is doing away with privacy coins like Monero, then they have a good reason to do so, being a centralized exchange, they'll want to comply with authorities and get investors KYC. This is not the end of Monero, and the likes, because they're still relevant in the crypto space without Binance.

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Quote from: mrust_mobile on February 06, 2024, 10:00:33 AM

edit:

Down 30% weeeee

Trading volume last 24h: Up 245.99%

Quote from: mrust_mobile on February 06, 2024, 11:03:08 AM

If you know an exchange that doesn't fuck their customers over, you can do that. Just be sure that you can withdraw your cheaply bought coins. XMR will survive this mess, it existed before Binance and hopefully it will exist even after Binance goes down.

Regardless of the reason and correctness of the decision to delist XMR, the mere act of removing a coin from trading on Binance is enough to cause a significant drop in value. I also expect that this is just another bad day at the office for XMR.

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

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Quote from: cryptoaddictchie on February 06, 2024, 11:17:27 AM

This just means that Cex will cooperate with authorities and dont want to be associated with privacy coins either due to regulations. Well thats how it goes. Its not like its the end of the world for monero and other privacy coins. There are other people who love their tech and will continue to use that anyway.

I dont hold any privacy coins but this is a grave news as it can be seen on the downfall of the price right away.

You made the right conclusion why delisting is happening. But I’ll add on the rest. Of course, this is not the end for anonymous cryptocurrencies, but their cost is also very important. After all, the cost is determined not only by the utility of the coin, but also by the ability to trade it as an asset to benefit. Purely technically, user A will send user B, for example, 1 XMR without any problems. But the cost of 1 XMR today is already lower than it was yesterday. That is, I want to say that this will affect settlements such anonymous cryptocurrencies. After all, this is not a stablecoin that is pegged to the US dollar.

cryptoaddictchie

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This just means that Cex will cooperate with authorities and dont want to be associated with privacy coins either due to regulations. Well thats how it goes. Its not like its the end of the world for monero and other privacy coins. There are other people who love their tech and will continue to use that anyway.

I dont hold any privacy coins but this is a grave news as it can be seen on the downfall of the price right away.

mrust_mobile

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Quote from: BitcoinsGreat on February 06, 2024, 10:48:58 AM

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.

Well, we can still buy them on instant exchanges and we will get them for cheap. Don't we ?

Isn't it a good deal to buy some XMR outside binance and keep them in our personal wallet. I guess the use case of XMR will make it pump again soon once this binace drama is over. The whole dark web uses XMR, isn't ?

If you know an exchange that doesn't fuck their customers over, you can do that. Just be sure that you can withdraw your cheaply bought coins. XMR will survive this mess, it existed before Binance and hopefully it will exist even after Binance goes down.

BitcoinsGreat

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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.

Well, we can still buy them on instant exchanges and we will get them for cheap. Don't we ?

Isn't it a good deal to buy some XMR outside binance and keep them in our personal wallet. I guess the use case of XMR will make it pump again soon once this binace drama is over. The whole dark web uses XMR, isn't ?

criptoevangelista

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Quote from: mrust_mobile on February 06, 2024, 10:00:33 AM

Quote from: criptoevangelista on February 06, 2024, 09:55:17 AM

It was already expected that at some point it would leave trading on Binance, I read on the Brazilian website livecoins.com that it had already been on the monitoring list for some time, so it was already somewhat predictable...

and it also makes no sense to KYC and trade privacy coins.

No?

You can trade anything you are allowed to on an exchange. What is the difference between trading btc or xmr on an exchange as long as you are not interested in withdrawing your XMR? To these people, XMR is just another asset like LTC, BTC, ETH or Doge... Its intrinsic value has no meaning to these traders. They will trade anything that breathes or moves. As long as it is going up and down and sometimes sideways, it can be traded. Cool

edit:

Down 30% weeeee

I wrote to messages that it didn't make sense to see this from Binance's side and not the traders' side. Traders trade everything, even mom and dad if they can lol

Topic: XMR Zcash and other private coins are getting delisted from binance - page 2. (Read 614 times)