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

[DarkBullet]

I believe that most exchanges are sending a notification email or posting it throughout their social media accounts if they are planning to delist an altcoin. For me, that is a usual way for a reputable exchange to remove a shit coin which only makes a temporary pump after ICO and don't have any plan to develop their project. Owning an altcoin always is risky but you only doubles the risk if you keep believing to a shit coin and hold it for long term without any research or not even following the platform actively.

[fasdorcas]

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.

I was saying something recently, that we may pretty soon be getting to an era in which we get to start seeing most big exchanges getting to delist shit coins from their system and this is where those who are bag holding shit coins will likely get screwed eventually as they do not get to see any reasonable market listing which they can manage to sell what they are holding and apparently just end up bag holding it forever.

What actually made me laugh as well was what they topped the news with; trading digital assets involves significant risk and make sure you fully understand the mechanism and risk involved... which practically means if you have gotten scooped with this, you have to understand you are at your own risk.

[o_e_l_e_o]

I was saying something recently, that we may pretty soon be getting to an era in which we get to start seeing most big exchanges getting to delist shit coins from their system and this is where those who are bag holding shit coins will likely get screwed eventually as they do not get to see any reasonable market listing which they can manage to sell what they are holding and apparently just end up bag holding it forever.

This is a real problem I think with the mindset of newbies. You can go in to any ICO thread or altcoin thread on the forum and you will see people churning out the same responses about holding/hodling/having patience/etc. This is great advice, if we are talking about bitcoin - a coin with a working product, a real world use and growing adoption. Yes, if its growth pattern continues, then holding on to bitcoin and having patience is likely to net you some profit. The whole "hodl" mentality is completely wrong when talking about the vast majority of altcoins, however. Most of these coins/tokens/projects are built on pure speculation - most do not, and likely won't ever, have a working product or real world use. Their price is driven solely by new investors and not by any intrinsic value. Holding these coins long term will only result in you bag holding as they are delisted from every exchange and no one else will buy them from you, even for a fraction of the price you paid.

[Roukawa]

I am not familiar with OKEX. But I have some friends that are actively using this exchange. They said to me that it is easy to deposit or withdraw cryptocurrency. Well, I might do that once I will have an interest to buy lots of token in this exchange. As of now, I will become spectator of this exchange.

[bitmover]

This is a real problem I think with the mindset of newbies. You can go in to any ICO thread or altcoin thread on the forum and you will see people churning out the same responses about holding/hodling/having patience/etc. This is great advice, if we are talking about bitcoin - a coin with a working product, a real world use and growing adoption. Yes, if its growth pattern continues, then holding on to bitcoin and having patience is likely to net you some profit. The whole "hodl" mentality is completely wrong when talking about the vast majority of altcoins, however. Most of these coins/tokens/projects are built on pure speculation - most do not, and likely won't ever, have a working product or real world use. Their price is driven solely by new investors and not by any intrinsic value. Holding these coins long term will only result in you bag holding as they are delisted from every exchange and no one else will buy them from you, even for a fraction of the price you paid.

Certainly some newbies arr getting screwed. But those ico are like lottery. You can lose 90% of your money in many, and still make huge profits if one of them gets 10000%. It happened a lot last year... This year was not so good for those "gamblers"

[randythered]

Only heard of a few of those 50 and they were all coins that were out of ICO in the last year or so. I doubt they've done anything to deserve being listed in the first place. Now if Okex could do something about the fake bot volume they might start to become a better exchange to use.

[BoitCoinZen]

I think "coinjanitor" was trying to achieve something like you said where all the horrible coins were collected into one place and either was sold or traded so the people who had these horrible coins either get more thanks to other ones or sell so in the end have enough to get out of it with any meaning.

It didn't help you recover your losses at all but at least it gave you a way out, right now many coins are out there which you can't simply sell and get out because there are no places they are listed so you are stuck with your coin and you can't sell it. Coinjanitor was trying to destroy that and give you a place to sell and manage to get rid of it. I do not think they manage it, I think they failed but the idea was great, if the execution was good too it would have been an amazing product.