[2018-10-14] Major Exchanges are Delisting Coins as some Begin to Falter

[bbc.reporter]

I am not very happy about this as an Aeon bagholder hehehe. If your favorite cryptocoin is trading in low volume with an inconsistent development team, then it might be better to sell them right away and hold something else. Do not take the same risks that some of us are taking.

In any case, we should also be happy. The exchanges are only doing this to provide us with a more professional service which would only help in the growth of the cryptospace.



Earlier this week, Binance announced the delisting of Chatcoin, Bytecoin, Iconomi, and Triggers. The exchange did not specifically address the reasons for delisting these coins, but it has indicated that lack of development progress, and a general failure of the teams to maintain public communication played a role. Over the past few weeks other major exchanges have also delisted coins for quality issues. Last month Bittrex delisted Bitcoin Gold, and Poloniex delisted nine coins.

For their part, exchanges have taken greater steps to be transparent about the listing, and delisting process. For example, Changpeng Zhou, CEO of Binance, recently posted detailed advice for platforms seeking listing. Also, Bittrex, Bitflyer, Gemini, and Bitstamp have created the Virtual Commodity Association, an organization seeking to create standards for a wide variety of exchange activities, which includes transparent listing and delisting criteria.

Read in full https://www.crypto-news.net/major-exchanges-are-delisting-coins-as-some-platforms-begin-to-falter/

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[fisheater]

This is good advice. We should not hold any coins that don't have a regular dev team support. It is just too easy to create a clone coin now.

[buwaytress]

Well, it's about time we let nature take its place in crypto. Survival of the fittest. Of course, we'll always have the marketing people flex their might when it comes the truly 0-tech coins to maintain their hold in listings. The guys like Binance are supposedly committed to only keeping the very best coins with the most active/responsive development team. I would take it a slightly different direction and examine motives and the specifics behind each development. At the moment, looks relatively easy for most semi-active projects to simply clone, copy, and fork codes. They shouldn't get rewarded for that.

[Betwrong]

For those who's wondering which coins exactly were delisted

Binance: Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG)

Bittrex: Bitcoin Gold (BTG), Bitshare (BTS) and Bitcoin Private (BTCP)

Poloniex: BitcoinDark (BTCD), Bitmark (BTM), Einsteinium, (EMC2), Gridcoin (GRC), NeosCoin (NEOS), PotCoin (POT), VeriCoin (VRC) and BitcoinPlus (XBC).

It's interesting that having low trading volume now, some of the above mentioned projects are trying to pump the price. For example, PotCoin has risen 15% in the last 24 hours, but of course it is clear that with $28k overall trading volume manipulation is easy.

[BitHodler]

This is good advice. We should not hold any coins that don't have a regular dev team support. It is just too easy to create a clone coin now.

Then you can instantly discard 95% of the altcoin market. Most projects hire devs in order to improve implementations or to add extra features other coins have been rocking for years, all to please their noob backing.

Yobit for example has coins listed that haven't generated even $100 in 24H volume once in the last 12-24 months. In the same way, Binance is dealing with a large number of shitcoins as well.

People make fun of exchanges as Coinbase for not having many coins listed, but they forget that this is how an exchange should be operated. The majority of the altcoins are nothing more than pest that should be eradicated immediately.

[DooMAD]

Such is the game we play.  I'm honestly not sure if this constitutes "news" and it certainly doesn't belong in the section of the forum dedicated to articles about Bitcoin.  

Poloniex: Bitmark (BTM)

I suppose that one stopped being useful after they disabled the chatbox and there was no one left to tip.  Pretty sure that's the only reason anyone had any BTM.

[stomachgrowls]

This is good advice. We should not hold any coins that don't have a regular dev team support. It is just too easy to create a clone coin now.

Then you can instantly discard 95% of the altcoin market. Most projects hire devs in order to improve implementations or to add extra features other coins have been rocking for years, all to please their noob backing.

Yobit for example has coins listed that haven't generated even $100 in 24H volume once in the last 12-24 months. In the same way, Binance is dealing with a large number of shitcoins as well.

People make fun of exchanges as Coinbase for not having many coins listed, but they forget that this is how an exchange should be operated. The majority of the altcoins are nothing more than pest that should be eradicated immediately.

Not a surprising thing for some exchangers like Yoshit which do keeps on accepting or listing shitcoins not just to mention decentralized exchangers which also being flooded by erc20-token shitcoins too. For popular or top exchangers it is just right to delist these coins which doesnt really have volume at all to free up some space and would open doors to new ones and the cycle continues.

[bbc.reporter]

News update.

Okex is also delisting the scamcoin, bytecoin. It is shocking that this known scam was listed in Binance and other exchanges based in Asia. Do they do their research before making cryptocoin listings? Maybe not hehehe.

Read the news https://unhashed.com/cryptocurrency-news/okex-adds-4-stablecoins-delists-bytecoin/

[Betwrong]

News update.

Okex is also delisting the scamcoin, bytecoin. It is shocking that this known scam was listed in Binance and other exchanges based in Asia. Do they do their research before making cryptocoin listings? Maybe not hehehe.

Read the news https://unhashed.com/cryptocurrency-news/okex-adds-4-stablecoins-delists-bytecoin/

It is interesting that despite such words

“The project has been exposed to a critical technical issue that has been left unhandled,”

said by OKEx's officials, Bytecoin is not only still listed on Poloniex, but has a pretty decent, around 2 million USD, overall trading volume. The price of BCN is also up 10% in the last 24 hours despite the recent bad news.

Do you think the coin will die soon nevertheless, or can it be that the situation is improving for Bytecoin? And if you think that BCN is doomed, what are the main reasons for that?

[bbc.reporter]

@Betwrong. I do not have the answers for those questions because the cryptospace has a crazy market. We are in a place where the news of dying or hacked cryptocoins would sometimes make them pump hehehe. Verge and Electroneum are good examples.

I also have questions for you, have you done your research on bytecoin? Do you know its history?

[Febo]

For those who's wondering which coins exactly were delisted

Binance: Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG)

Bittrex: Bitcoin Gold (BTG), Bitshare (BTS) and Bitcoin Private (BTCP)

Poloniex: BitcoinDark (BTCD), Bitmark (BTM), Einsteinium, (EMC2), Gridcoin (GRC), NeosCoin (NEOS), PotCoin (POT), VeriCoin (VRC) and BitcoinPlus (XBC).

It's interesting that having low trading volume now, some of the above mentioned projects are trying to pump the price. For example, PotCoin has risen 15% in the last 24 hours, but of course it is clear that with $28k overall trading volume manipulation is easy.

OMG not the PotCoin. PotCoin sponsored Denis Rodman travel to North Korea a year or two ago and he then organized Jong Kim Un meeting with Trump. How Poloniex can be so ignorant? Dont they have any responsibility to humanity? If there would be no PotCoin we would all live in Nuclear Winter now.

[bbc.reporter]

@Febo. Why is Poloniex keeping bytecoin listed? Besides the information that we already know about its developers' history of lying to the community, what is the real story behind bytecoin and Poloniex?

I reckon Circle's purchase of Poloniex should have cleaned the exchange of cryptocoins that have questionable histories.

[dumplingsandsushi]

This is good.  Of course, the skeptic in me wonders if the delisting has more to do with profit rather than quality control.
There isn't much data on how much it costs an exchange to maintain wallets of certain coins.
Perhaps the low trading volume of those coins made it unprofitable to keep them listed?

If it really is that there is a lack of development, then I applaud exchanges for doing this.
Any type of regulation or standard is good for crypto.
And exchanges setting up quality control is a very good sign of stability.
It used to be that getting on binance was the gold standard, it almost guaranteed that your coin would pump and volume increase.
now, with such a bearish market, even binance has low volume on some coins.
It truly is an interesting scenario are market has come into, one that will surely change soon.

[CreamIce]

Its a good point you've made. A good team behind the coins/ico's is the key factor to determine whether or not to invest. But what if you are too late to back off? I wish there could be work around.

[awazieik]

I think that Binance has a good reason to delist these coins but lets remember that Binance is an exchange and for profit purpose, there is no point in keeping coins that have no development. It doesn't mean these coins are bad but low volume with no progress is bad business for exchanges.

[Coin-1]

As I can see on CoinMarketCap, the trading volume of delisted coins has significantly dropped. Prices of these coins have drastically plummeted. It is weird why the teams of delisted coins so hesitantly improved the technology and evolved their communities.

I looked at the ByteCoin chart which has been delisted from Binance. Over the past few days BCN has lost more than 50% of its capitalization.

Binance is a truly respected crypto exchange. Almost every team wants to list their coin or token there.

[iconoclast]

News update.

Okex is also delisting the scamcoin, bytecoin. It is shocking that this known scam was listed in Binance and other exchanges based in Asia. Do they do their research before making cryptocoin listings? Maybe not hehehe.

Read the news https://unhashed.com/cryptocurrency-news/okex-adds-4-stablecoins-delists-bytecoin/

Not really, they seemed more concerned about extracting extortionate listing fees. Personally I hold these centralised exchanges in pretty low regard. They allow all sorts of practices that would be considered illegal in regulated markets. Given the choice I will always choose a decentralised exchange.

[Betwrong]

@Betwrong. I do not have the answers for those questions because the cryptospace has a crazy market. We are in a place where the news of dying or hacked cryptocoins would sometimes make them pump hehehe. Verge and Electroneum are good examples.

I also have questions for you, have you done your research on bytecoin? Do you know its history?

If you mean the fact that devs were lying from the very beginning about the date of its discovery and that 82% of of the maximum supply of BCN were mined before the initial release, yeah, I read about that but paid little attention because I think that the past is not as important as the present. I mean, of course to know the past is important but only in order to compare it with the present situation. If something had started very badly several years ago but it's okay now, who cares how it started? And vice versa. But can we say that BCN is okay now is a big question, and I thought maybe you know some answers.

Regarding the thing with Verge and Electroneum, I'm intrigued. Can you provide some links to read more on that?

[bbc.reporter]

@Betwrong. If you are holding bytecoin and it pumps, I have no problem with that as long as you know its history. The cryptospace is a crazy place and ongoing scams pump faster than real projects hehehe.

The information you need on Verge and Electroneum can be searched easily in the forum and Google.

[auliahr]

indeed a large exchange and popular must do the delisted of altcoins that do not comply with the standards or criteria, there are special reasons and make various delist. but this is the right and automatic action they have selected and separated between altcoins that have good growth potential and those that do not. so as investors and traders we are also helped in making investment choices.