Okex - One of the largests crypto exchange in the world is deslisting 50 coins

[bitmover]

https://support.okex.com/hc/en-us/articles/360018396732-Delisting-of-Trading-Pairs

Delisting of Trading Pairs
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OKEx

    Thursday at 05:53 Created

Dear valued customers,

 To create a robust trading environment and offer the best trading experience to our users, we will delist several TRADING PAIRS with weak liquidity and trading volume according to the OKEx Token Delisting / Hiding Guideline. The affected tokens and trading pairs are as follows:

then comes a list with over 50 altcoins, which I don't know any.

Bad times to be a holder of those coins....

They explain, at the end of the document, that owning crypto is risky lol

Please be reminded that trading digital assets involves significant risk and make sure you fully understand the mechanism and risk involved. You should always consider your investment ability and risk tolerance before entering the market.

Early this month Okex announced trading pairs with other Stable coins, like USDC and TrueUSD, which a good step. We are not so dependent on tether anymore.

[figmentofmyass]

then comes a list with over 50 altcoins, which I don't know any.

Bad times to be a holder of those coins....

They explain, at the end of the document, that owning crypto is risky lol

i've been surprised there haven't been more mass delistings given the low hype/volume state of the market. this has been a long time coming on okex---they've listed far too many tiny shitcoins for too long. they're diluting their other markets (and their brand).

Early this month Okex announced trading pairs with other Stable coins, like USDC and TrueUSD, which a good step. We are not so dependent on tether anymore.

i totally agree. some people see the launch of these other stablecoins as "more of a bad thing" (centralized coins). i see them as a good thing because of how large tether is and therefore how damaging it will be for the ecosystem when it falls. i'd rather see the risk spread around, especially to more reputable issuers.

[apityeh71]

50 altcoin?   that surprised me.  They should be not delisted all together at the same times but one by one. All exchange have the same reason why they delisted some altcoin , that because that altcoin has low trading volume so trader does not get any liquidity but crypto exchange should be promote their exchange to more new people so trading  volume will increase.

[adaseb]

You need to understand that its a huge maintenance nightmare for every coin that is listed on an exchange.

Basically the exchange needs it own dedicated daemon to run as a node for the coin. So if its something such as Bitcoin Cash or ETH the type of hardware required to run reliably isn't cheap. This is particularly due to the sheer size of the blockchain.

Secondly there are forks, upgrades, crashes from time to time and the reason why there needs to be a few individual watching the networks for all the coins at all times of the day.

One example can be the XMR fork we just had 2 weeks ago. The exchange operators had to make sure their daemon was upgraded in time and that after the upgrade it ran without issue; if there was network issues they would have to halt deposits/withdraws immediately not to lose any customer funds.

[carlisle1]

Well maybe Okex find this coins shits or not functional to be on their exchange thats why thy are delisting these huge counts of altcoin,i can feel the sentiments of the holders specially on those coins that only listed on this exchange.i am lucky that nothing on my coins is on that 50 delisted coins

[BabyBoss]

https://support.okex.com/hc/en-us/articles/360018396732-Delisting-of-Trading-Pairs

Delisting of Trading Pairs
Avatar
OKEx

    Thursday at 05:53 Created

Dear valued customers,

 To create a robust trading environment and offer the best trading experience to our users, we will delist several TRADING PAIRS with weak liquidity and trading volume according to the OKEx Token Delisting / Hiding Guideline. The affected tokens and trading pairs are as follows:

then comes a list with over 50 altcoins, which I don't know any.

Bad times to be a holder of those coins....

They explain, at the end of the document, that owning crypto is risky lol

Please be reminded that trading digital assets involves significant risk and make sure you fully understand the mechanism and risk involved. You should always consider your investment ability and risk tolerance before entering the market.

Early this month Okex announced trading pairs with other Stable coins, like USDC and TrueUSD, which a good step. We are not so dependent on tether anymore.

Well they have their own decision since they are one of the popular exchanges they have authority to delisted the token or coin that they think that is already dead or not good one.

[Beerwizzard]

IMHO if an exchange is a reputable one then it somehow vouches for the markets it provides to its users. Then delisting all those unknown shitcoins seems more then reasonable. Demand for the coin supposed to be formed by the real demand and not by the exchange.

Early this month Okex announced trading pairs with other Stable coins, like USDC and TrueUSD, which a good step. We are not so dependent on tether anymore.

And on the other side the entire concept of stablecoins is not viable. Sooner or later they will go more or less the same way as Tether did.
If people want to trade crypto to fiat then they should find a way to do it without inventing any extra coins.

[NeuroticFish]

then comes a list with over 50 altcoins, which I don't know any.

I've also checked the list and there are only 1-2 I've heard of. So while the 50 number looks pretty big for this "mass" delisting, I think that the problem is not really the number. I guess that some of those unknown coins could have been removed long ago, in smaller batches.

No business likes to maintain resources (they pay for) if those resources don't bring profit...

[Sylvial]

Bad time to be a hodler of any of those coins. None of those 50 coins that I know of and it seems they're no longer profitable for the exchange as there's no demand for the shitcoins. Could also be that some of those coins are projects that been abandoned by the devs

[Pursuer]

everything that is pumped should eventually be dumped.
during that pump these exchanges were adding dozens of altcoins at a time in a short period of time as they were being created then paid the exchanges to list their shitcoins.  but as I said this can not last forever. it will end at some point and when it does and the dumps kill the coin, there is no more volume hence no more profit for the exchange to keep these coins listed. everyone is done with them so they are delisted !!!

[bitmover]

everything that is pumped should eventually be dumped.
during that pump these exchanges were adding dozens of altcoins at a time in a short period of time as they were being created then paid the exchanges to list their shitcoins.  but as I said this can not last forever. it will end at some point and when it does and the dumps kill the coin, there is no more volume hence no more profit for the exchange to keep these coins listed. everyone is done with them so they are delisted !!!

That's right, most of those exchanges charge to list a coin
They probably make a lot of money during those pumps, just to dump them now..

This is market manipulation.

[Pursuer]

everything that is pumped should eventually be dumped.
during that pump these exchanges were adding dozens of altcoins at a time in a short period of time as they were being created then paid the exchanges to list their shitcoins.  but as I said this can not last forever. it will end at some point and when it does and the dumps kill the coin, there is no more volume hence no more profit for the exchange to keep these coins listed. everyone is done with them so they are delisted !!!

That's right, most of those exchanges charge to list a coin
They probably make a lot of money during those pumps, just to dump them now..

This is market manipulation.

no, this is just business!

they get paid to list these coins so they win because they make money
the ICO devs spend a tiny amount compared to what they are being paid to get their useless token be listed on some exchange so that they have a place to dump it and get the money out. so they win too.
users get a place so that they can dump or possibly participate in any possible pump and dump and make some profit so they win also.

when everyone is done making money and wants to move on to a new token they should get rid of the old one.
everyone is happy...

[bitmover]

no, this is just business!

they get paid to list these coins so they win because they make money
the ICO devs spend a tiny amount compared to what they are being paid to get their useless token be listed on some exchange so that they have a place to dump it and get the money out. so they win too.
users get a place so that they can dump or possibly participate in any possible pump and dump and make some profit so they win also.

when everyone is done making money and wants to move on to a new token they should get rid of the old one.
everyone is happy...

What you are describing is a Ponzi scheme (whoever came on the base of the pyramid is making money and the others on the top losing). It's a scam.

Everyone ia happy, except those who lost a lot of money.
This kind of"business" is forbidden in many places in the world. It is illegal in Brazil

They sell you something 100% useless, that the creators know is useless, promising to do a lot of things. But it's just a scam to get people's money.


Of course there are some projects that are not scam , they just didn't make what they want... But most of them are not that.

[o_e_l_e_o]

Running an exchange is a business. A business that is under no obligation to provide a market for a coin that is useless and potentially losing them money. All 50 of these coins are pure trash, but look at the market volume on OKEx for some of them:

VEE/USDT volume - $215
AMM/BTC volume - $129
ATL/USDT volume - $84

They are well within their right to delist these dead coins. Also, if that's your definition of a Ponzi, then all of crypto is a Ponzi I'm afraid. For every person that is selling high to make a profit, there is someone buying high who will make a loss. It's not a Ponzi - it's just trading.

Now, calling these coins scams (but not Ponzis) I totally agree with. They are all trash, and should never have seen the light of day. Unfortunately there are thousands of idiots in crypto who will fund even the shadiest of ICO, enough even to get them listed on an exchange. I don't think it's the exchanges job to evaluate every coin for potential usefulness, however. Caveat emptor.

[haroldtee]

I am not surprised and I will keep saying people should wait and watch out for coming years as there would be more massive de-listing of shit coins as this space gets more matured, regulated and so many exchanges are trying to make their exchanges a good space for investors to feel relaxed about what they are trading and investing in.

This is one of the reasons people should not be looking at quantity at the moment because they want to be holding some coins that could pump and dump for them to get rich tomorrow, but they should be after quality and at least, if they cannot manage to do due diligence, they should just stick with the top coins which they would be safer in.

[capoeira]

50 of how many? 500? lol
they added everything in the past

[el kaka22]

50 altcoin?   that surprised me.  They should be not delisted all together at the same times but one by one. All exchange have the same reason why they delisted some altcoin , that because that altcoin has low trading volume so trader does not get any liquidity but crypto exchange should be promote their exchange to more new people so trading  volume will increase.

A lot of exchanges are beginning to try as much as possible to renovate their platform as that is how I tend to always want to see it, and the likelihood of seeing more of this happening in the long run is pretty much going to start becoming a reality pretty soon. Maybe and just maybe, the year 2019 or upcoming years will be the year when we will start seeing massive delisting of shitcoins across most exchanges.

Most of these coins and tokens have no real life functions, product or possible development, and it is about time people started realizing this market is growing every day and investors want to feel relaxed what they are investing in, so exchanges will do everything to try as much as possible to clean up their system off shitcoins as time goes on.

[o_e_l_e_o]

Maybe and just maybe, the year 2019 or upcoming years will be the year when we will start seeing massive delisting of shitcoins across most exchanges.

God, I hope so. Coinmarketcap currently lists over 2000 cryptocurrencies, and https://deadcoins.com/ lists almost another 1000. What possible use in the world is there for 3000 cryptocurrencies?

More than half of the currencies on Coinmarketcap have a 24hour volume under $10,000. Given such a low volume, exchanges will be making absolutely minimal profit, if any at all, on the trading of these coins/tokens. Better to just ditch these dead projects. This would also have the added bonus of making it more difficult for these scam projects (which the vast majority of them are) to continue to dump their bags on naive users.

[oceantiger]

The reason for de-listing is a valid one and there is no coin owners that will complain of any ill against them. This will really make the Okex platform to be smarter and  free. There is no point crowding the whole system with non performing or dead coins making the platform to be clumsy. The traders will now enjoy the platform as it is now less heavy and transaction will be faster in execution.

[gentlemand]

There must be a business opportunity to open Cryptograveyard.com where delisted coins can gather and be traded in respectful silence. Since there's now well over 2000 shitcoins that's a whole lot of desperation to tap.