☑☑☑[ANN][BSD] BitSend - online since 2014 [ Core 0.21x]

[wwzsocki]

Development of Bitsend is stopped or there are still some people working on this project? If not then this is no surprise that the price has fallen so much.

I thought that the price will finally go up or stabilize for a while when the airdrop is over but this is not the case and Bitsend lost the most of value in the last 3 months.

If there is no development then there should be proper marketing to keep Bitsend alive. Without there is no other way as to 1satoshi for 1Bitsend in very close future.

Already delisted from biggest exchanges and the volume is only 1000$ a day which gives a total cap of 160K and 1010 place on CMC. Never thought to see such stats for Bitsend especially in 2019.

[tranthidung]

BSD masternode collateral is 25000 BSD. So if the price goes back to $1, then masternode will cost $25000. You miss one number in calculation

There is the biggest problem is the low daily trade volume. Just $765. Delisting from Bittrex is not a good sign.

Bittrex lost its leading position among crypto exchanges, for months. However, they are still one of good and highly trusted exchanges. Listing on exchanges (good ones, not new-born) always takes fees, and fees are huge if they are big and trusted exchanges. Furthermore, it also takes time to surpass verification and technical preparation steps to be listed on new platforms.
Generally, I agreed that delisted from Bittrex is not a good news.

Already delisted from biggest exchanges and the volume is only 1000$ a day which gives a total cap of 160K and 1010 place on CMC. Never thought to see such stats for Bitsend especially in 2019.

By now, I still have belief in Limx Dev, and his team, but crypto investors need solid evidence from BitSend team to maintain their belief over time, especially during such terrible period of altcoins. Whenever their belief broken, it will be so difficult to catch their attention and their capital flow back to BitSend project.

[boomboom]

I lost all faith in bittrex in 2017 when they introduced KYC rules without warning, and no grace period to withdraw. They basically stole millions of $ from account holders all around the world. Poloniex at least gave warning.

Best exchange option for bsd is AtomicDEX, no need to pay fees, just add the coin ourselves to a fully legal decentralised exchange with no kyc and no risk of getting hacked.

[Cent21]

I lost all faith in bittrex in 2017 when they introduced KYC rules without warning, and no grace period to withdraw. They basically stole millions of $ from account holders all around the world. Poloniex at least gave warning.

Best exchange option for bsd is AtomicDEX, no need to pay fees, just add the coin ourselves to a fully legal decentralised exchange with no kyc and no risk of getting hacked.

I agree with you. Bittrex was really unfair.

Poloniex was unfair too as they announced that they were going to force kyc but they were going to let customers to withdraw before that... On the contrary they suddenly introduced kyc without announcing first the exact date it was scheduled for... so the result was that many users have locked funds there. From a certain point of view this is even worse than bittrex, as customers were sure poloniex was going to warn them BEFORE locking their funds... but they didn't.

I hope that bsd quotes will go back up again.

[boomboom]

I lost all faith in bittrex in 2017 when they introduced KYC rules without warning, and no grace period to withdraw. They basically stole millions of $ from account holders all around the world. Poloniex at least gave warning.

Best exchange option for bsd is AtomicDEX, no need to pay fees, just add the coin ourselves to a fully legal decentralised exchange with no kyc and no risk of getting hacked.

I agree with you. Bittrex was really unfair.

Poloniex was unfair too as they announced that they were going to force kyc but they were going to let customers to withdraw before that... On the contrary they suddenly introduced kyc without announcing first the exact date it was scheduled for... so the result was that many users have locked funds there. From a certain point of view this is even worse than bittrex, as customers were sure poloniex was going to warn them BEFORE locking their funds... but they didn't.

I hope that bsd quotes will go back up again.

I thought poloniex announced 30 days before KYC, I could be wrong though, I learnt my lesson with bittrex.

Only trade on DEX now! AtomicDEX will be the industry standard in 6 months.

[Cent21]

....

I thought poloniex announced 30 days before KYC, I could be wrong though, I learnt my lesson with bittrex.

Only trade on DEX now! AtomicDEX will be the industry standard in 6 months.

Poloniex did not. They announced in 2017 that they were going to force kyc, but they were going to let the customers to withdraw their funds. They did not... i'm sure simply because i have funds locked there.

[boomboom]

....

I thought poloniex announced 30 days before KYC, I could be wrong though, I learnt my lesson with bittrex.

Only trade on DEX now! AtomicDEX will be the industry standard in 6 months.

Poloniex did not. They announced in 2017 that they were going to force kyc, but they were going to let the customers to withdraw their funds. They did not... i'm sure simply because i have funds locked there.

Ok, I understand now, both bittrex and poloniex stole millions from their customers. The future is AtomicDEX and other decentralised exchanges where users always control their private keys and never have to give their personal information away to strangers.

[tranthidung]

I lost all faith in bittrex in 2017 when they introduced KYC rules without warning, and no grace period to withdraw. They basically stole millions of $ from account holders all around the world. Poloniex at least gave warning.

Best exchange option for bsd is AtomicDEX, no need to pay fees, just add the coin ourselves to a fully legal decentralised exchange with no kyc and no risk of getting hacked.

Decentralized exchanges are good choices, because they usually ask low listing fees or give free listings; and no KYC-requirement is another plus point. However, the main disadvantage of decentralized exchange are their low volume; most of them have very low daily volume, compare to centralized exchanges. I don't understand why you claim decentralized exchanges , or AtomicDEX in particular, has no risks of hack. Would you mind explaining more about that, please.

[wwzsocki]

Decentralized exchanges are good choices, because they usually ask low listing fees or give free listings; and no KYC-requirement is another plus point. However, the main disadvantage of decentralized exchange are their low volume; most of them have very low daily volume, compare to centralized exchanges. I don't understand why you claim decentralized exchanges , or AtomicDEX in particular, has no risks of hack. Would you mind explaining more about that, please.

This is the phenomen which I can't grasp until now. We have all waiting for good DEEX or P2P exchanges.

People funded multiple ICO's with millions of USD only to get one running. Today there are multiple high-quality peer to peer exchanges and nobody is using them, to be honest. Why?

They are safer, there are almost no fees, for sure lower as on other exchanges, no KYC, no point of failure. And there is no volume on all of them.

I think a lot of people has a bad experience when they used the first exchange of such type Etherdelta. We all know that it was a pain to use it. Slow, there were no advanced orders and hall exchange was very limited.

[Edlack]

Decentralized exchanges are good choices, because they usually ask low listing fees or give free listings; and no KYC-requirement is another plus point. However, the main disadvantage of decentralized exchange are their low volume; most of them have very low daily volume, compare to centralized exchanges. I don't understand why you claim decentralized exchanges , or AtomicDEX in particular, has no risks of hack. Would you mind explaining more about that, please.

This is the phenomen which I can't grasp until now. We have all waiting for good DEEX or P2P exchanges.

People funded multiple ICO's with millions of USD only to get one running. Today there are multiple high-quality peer to peer exchanges and nobody is using them, to be honest. Why?

They are safer, there are almost no fees, for sure lower as on other exchanges, no KYC, no point of failure. And there is no volume on all of them.

I think a lot of people has a bad experience when they used the first exchange of such a type Etherdelta. We all know that it was a pain to use it. Was slow, there were no advanced orders and hall exchange was very limited.

Good DEX is the solution for altcoins (and Bitcoin too, but Bitcoin is strong enough to use private exchanges).
We need time and waiting that the crypto community will be smart enough to see the dead of private exchanges... and the victory of the DEX.

[tranthidung]

This is the phenomen which I can't grasp until now. We have all waiting for good DEEX or P2P exchanges.

People funded multiple ICO's with millions of USD only to get one running. Today there are multiple high-quality peer to peer exchanges and nobody is using them, to be honest. Why?

They are safer, there are almost no fees, for sure lower as on other exchanges, no KYC, no point of failure. And there is no volume on all of them.

I think a lot of people has a bad experience when they used the first exchange of such a type Etherdelta. We all know that it was a pain to use it. Was slow, there were no advanced orders and hall exchange was very limited.

Volume is the most important reason and plays as main barrier of decentralized exchanges. Investors and traders don't want to join exchanges (centralized or decentralized) that have low daily volume. Because they will have to struggle themselves with low daily liquidity on those exchanges when they want to buy or sell at expected price. People tend to like big-volumed exchanges, that give them as much convenience as possible for their daily tradings.

[rus23kav]

This is the phenomen which I can't grasp until now. We have all waiting for good DEEX or P2P exchanges.
People funded multiple ICO's with millions of USD only to get one running. Today there are multiple high-quality peer to peer exchanges and nobody is using them, to be honest. Why?
They are safer, there are almost no fees, for sure lower as on other exchanges, no KYC, no point of failure. And there is no volume on all of them.
I think a lot of people has a bad experience when they used the first exchange of such a type Etherdelta. We all know that it was a pain to use it. Was slow, there were no advanced orders and hall exchange was very limited.

Because people financed and invested in decentralized projects, which changed their shoes along the way and now will force them to go through the KYC procedure.
A good example of such a transformation from decentralized to centralized is IDEX. How can you trust them after that? And I do not know a more convenient yet decentralized exchange.

[boomboom]

I lost all faith in bittrex in 2017 when they introduced KYC rules without warning, and no grace period to withdraw. They basically stole millions of $ from account holders all around the world. Poloniex at least gave warning.

Best exchange option for bsd is AtomicDEX, no need to pay fees, just add the coin ourselves to a fully legal decentralised exchange with no kyc and no risk of getting hacked.

Decentralized exchanges are good choices, because they usually ask low listing fees or give free listings; and no KYC-requirement is another plus point. However, the main disadvantage of decentralized exchange are their low volume; most of them have very low daily volume, compare to centralized exchanges. I don't understand why you claim decentralized exchanges , or AtomicDEX in particular, has no risks of hack. Would you mind explaining more about that, please.

AtomicDEX uses atomic swaps, so users control their private keys at all times, a trade either goes through to completion or gets reversed, so you control your coins and never have a counterparty. Afaik the atomic swap tech is based on timelocks and multisig.

As for liquidity AtomicDEX allows for adding api from centralised exchanges, so market makers can pull liquidity from binance etc,  and take a cut on the spread. If you want 100% security you can pay the market makers small commission for basically using his/her centralised exchange access, but without any kyc or security risk for yourself from 'not your keys not your coins' deposits.

[AlUz]

By the way,  buyers's pressure is growing at Live, Crex and Coinexchange...
And way from 60 sat to 100 is more than 50 %  
BSD wallets are currently under maintenance and deposits/withdrawals in this currency are temporarily unavailable at Crex.

[wwzsocki]

Volume is the most important reason and plays as main barrier of decentralized exchanges. Investors and traders don't want to join exchanges (centralized or decentralized) that have low daily volume...

I agree with you but I think that the main reason is that such exchanges don't offer a possibility to buy crypto using FIAT, credit cards and so on. I thought it will change when multiple stablecoins popped up lately but this is not the case. To be honest I don't know any decentralized exchange which offers trading pairs with stablecoins.

...A good example of such a transformation from decentralized to centralized is IDEX...

I wasn't aware of that. This is just insane, I wonder how they explained such a decision?

[boomboom]

I agree with you but I think that the main reason is that such exchanges don't offer a possibility to buy crypto using FIAT, credit cards and so on. I thought it will change when multiple stablecoins popped up lately but this is not the case. To be honest I don't know any decentralized exchange which offers trading pairs with stablecoins.

AtomicDEX is compatible with all erc20 coins, already has USDC now and will probably get other major stable coins too, just need market makers.

[tranthidung]

I agree with you but I think that the main reason is that such exchanges don't offer a possibility to buy crypto using FIAT, credit cards and so on. I thought it will change when multiple stablecoins popped up lately but this is not the case. To be honest I don't know any decentralized exchange which offers trading pairs with stablecoins.

Crypto Bridge has trading pairs with USDT, but as always decentralized exchanges have very low trading volume, not only in USDT pairs, but also in BTC pairs and others.
Bitcoin is the highest coin that has traded in BTC/USDT pair (last 24 hours) on Crypto Bridge, but total volume has been around $320. Other coins in USDT pairs have nearly zero volume.

There are few reasons: USDT pairs was added recently on that exchange; and latest volume of crypto market (within recent weeks) is low.
 
I don't know that other decentralized exchanges have USDT pairs or not, let's check.

[wwzsocki]

...I don't know that other decentralized exchanges have USDT pairs or not, let's check.

AtomicDEX is compatible with all erc20 coins, already has USDC now and will probably get other major stable coins too...

This is a good start. Still, people are lazy and on a centralized exchange, they can withdraw to the bank or use a credit card to buy, which is the entry point for every new cryptocurrencies enthusiast.

Decentralized exchanges are rather for people who already hold some cryptocurrencies in their portfolio. One can't start his crypto journey on a decentralized exchange because there is no other way to buy crypto as only with crypto. Anyways one has to start from Coinbase or Localbitcoins to buy first BTC.

Still, don't understand such low volumes on these exchanges mentioned above, especially if they offer stablecoins pairs. BTC is already 10 years old and there are many people holding it and other cryptocurrencies if only a small percentage will use Deex or P2P exchanges this should be enough for much higher volumes.

As I said before, a phenomenon which is hard to grasp. We all want to be anonymous when trading BTC or even gambling and nobody is happy when there is a need to do KYC, but still, the majority choose centralized exchanges not only to trade but to hold crypto in their wallets, even after so many hacks (not your keys not your money).

[rus23kav]

I wasn't aware of that. This is just insane, I wonder how they explained such a decision?

I do not know what is the reason for this decision, most likely pressure from the government, there is no other explanation.
Now after entering the exchange you need to create a personal account, and it says that you need to pass a check to remove restrictions on the volume of funds withdrawn.
In principle, if it does not pass, then the daily withdrawal volume will be $ 5000, which is enough for most traders, because there are few large traders on this exchange.

[wwzsocki]

I do not know what is the reason for this decision, most likely pressure from the government, there is no other explanation...
In principle, if it does not pass, then the daily withdrawal volume will be $ 5000, which is enough for most traders, because there are few large traders on this exchange.

Now I understand that decentralized exchanges even if only with cryptocurrencies have to compile with AML (anti money laundering) restrictions and that is why one has to fulfill KYC to be able to withdraw more as 5000$ in 24 hours period. I wasn't aware of that but looks like a standard in these times.

We have to start to talk again about Bitsend because the price is going down every day and actually lost almost 97% from the ATH.

I want to change the subject and ask Bitsend community about the actual development of this coin? Is there any development actually and what is the further roadmap if there is any?

Is the team active here on Bitcointalk or any other social media channel? Are there any plans for the Bitsend future?