Biggest sad news for XMR, ZEC & DASH Holder

[Imran232]

Bittrex announced Friday it will be delisting monero (XMR), zcash (ZEC) and dash (DASH), continuing a trend of so-called privacy coins being delisted by cryptocurrency exchanges.



After that Shares of all three coins fell on the news: XMR is down 14.44% to $133.75, ZEC fell 12.28% to $55.76.

Confirm News source: https://www.coindesk.com/bittrex-to-delist-privacy-coins-monero-dash-and-zcash?amp=1

What do you think is coinbase also take the same decision?

[Jawhead999]

While Bittrex gave no reason for the removals, exchanges around the world have been moving to delist coins that seek to preserve the privacy of their users as a way to be compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations that are spreading around the world.

LOL this is so funny indeed

If Bittrex don't want to list privacy coins, why they should listing those coins in the first place? This should be quested before they announce to delist it. Also they don't give any reason for delist it, only against KYC and AML. To be honest that's why we shouldn't using CEXs anymore instead of DEXs.

What do you think is coinbase also take the same decision?

Possible, because coinbase is CEXs same like Bittrex they can delist a coin anytime that they want.

Edit:
Found another similar thread https://bitcointalk.org/index.php?topic=5305779.0 better to lock your topic.

[TastyChillySauce00]

bittrex gave no reason and then that makes people started to speculate about the future of the anonymous coin. I see that there are people that said if another US exchange site gonna be delisting it. It seems like the market has been driving by the bad rumour about the privacy coins. That's why monero got -15% this day. Another exchange site that already implemented KYC and AML have no problem to deal with privacy coins.
That doesn't make sense.

[ranman09]

Why would they delist just because of KYC? All the while some exchanges do keep those coins listed? Is it because the exchange is not competitive enough?

[adzino]

So more coins getting delisted from exchanges? This is bad and shows how bad "centralization" can be. But then they are doing it in order to be in "business" by being compliant to the KYC and AML laws. Probably if they allow listing privacy coins they might not be allowed to operate anymore. I guess P2P transactions are the only way to trade the coins.
Looks like regulatory bodies are already catching up!

[Shallow]

No reason whatsoever was given for delisting those coins hence one can only but imagine the extent some of these centralized exchanges can go to achieve what they want in the detriment of another, of course it doesn't matter. You listed a coin in the first place, at least you owe it to their traders and investors reasons why you are delisting them, nevertheless in my own opinion I just think they don't want privacy coins on their exchange anymore. Also, in the case of Coinbase, who knows they might follow the trend or they might not, but however I think all these sort of steps being taken by centralized exchanges will only be fanning decentralized exchanges to pick the mantle and start working harder than before. In the same way, in my own opinion, privacy coins will be hard to be wiped off, they will still be here because they serve a purpose.

[satria157]

It is very sad that this coin has to fall, I used to trade on this coin but not anymore. for all holders in my opinion, immediately sell this coin before it's too late

[Novatech8]

Is it? Bittrex is based in the US and that's SEC territory so what do you expect? In this year we are going to see more SEC in action going after projects and also centralized exchanges that are based in the US will start delisting some coins too, aren't you prepared? Moreover coins like dash and Monero are better fitted on decentralized exchanges

[Novatech8]

It is very sad that this coin has to fall, I used to trade on this coin but not anymore. for all holders in my opinion, immediately sell this coin before it's too late

What coin fall? Do you know that XMR is still surging on exchanges? Do you know how many exchanges Monero is listed on? Getting delist from bittrex won't and can't stop privacy coins, it shows that they aren't supposed to be listed on Centralized exchanges from day one

[asriloni]

Why would they delist just because of KYC? All the while some exchanges do keep those coins listed? Is it because the exchange is not competitive enough?

The only party who can answer your question is the bittrex team itself. The team gives unclear reason about that. It sounds ridiculous to see the team was arguing KYC and AML as the reasons to delist the anonymous coins but itseems like that this thing is correlating with the latest news about US will be putting more restriction for people who have kept their money in exchange sites that didn't operated in US territory.
US is trying to put more regulation on it too.

[JeotQ]

Why would they delist just because of KYC? All the while some exchanges do keep those coins listed? Is it because the exchange is not competitive enough?

The only party who can answer your question is the bittrex team itself. The team gives unclear reason about that. It sounds ridiculous to see the team was arguing KYC and AML as the reasons to delist the anonymous coins but itseems like that this thing is correlating with the latest news about US will be putting more restriction for people who have kept their money in exchange sites that didn't operated in US territory.
US is trying to put more regulation on it too.

It's all making sense now, I thought Monero privacy is jailbroken by a power organization, they claimed they can trace Monero transactions already, can't remember the name of these people again but I'm sure they are in the US, anyways I don't see this as bad news for privacy coins but instead a good reason to buy privacy coins

[larus]

This is not the main exchange. Traders just searching a news for dump. I hope that these coins will recover

[btcltcdigger]

I think all US based exchanges will face the same situation.
They can't help it, it's being forced onto them by regulation and law.

That's why DEX-es rock

[blockman]

What do you think is coinbase also take the same decision?

They are compliant so if this is related to the SEC pursues cryptos that they can sue the developers, they will include exchanges that are partaking the listing of it.
We have nothing to say for now and we can all wait until Coinbase's announces a new statement regarding delisting or support for the privacy coins that they still have on their platforms. Let's say that they will delist it, nothing can stop the DEXes that have support for these privacy coins.

[btc_angela]

It's forth coming though, exchanges have been delisting those privacy coins, because well they are privacy coins and government wanted to track everything so it will be a cumbersome to allow them to be in the crypto space.

But I'm not saying that they will die down, just maybe the trading will slow down and will be full DEX only, or P2P.

[qwizzie]

Bitcoin and Dash both use CoinJoin (a privacy-mixing technology) on their network, Dash just calls it PrivateSend.
Bitcoin and Dash both have an open blockchain where transactions, senders and receivers on the blockchain are fully viewable and where CoinJoin mixing is optional --> see : https://www.coindesk.com/wasabi-wallet-coinjoin-design

From a legal point of view there is no difference between Bitcoin and Dash.

Will Bittrix now also delist Bitcoin ? If not now, how about when Bitcoin incorporates privacy features ? --> https://www.coindesk.com/statechains-scaling-solution-new-potential-bitcoin-privacy
Will Bittrix delist Litecoin when it incorporates privacy features ? --> https://www.coindesk.com/first-mover-privacy-litecoin-ace-hole-jpmorgan
Will Bittrix delist Ethereum when it incorporate privacy features ?  --> https://www.coindesk.com/why-ethereums-privacy-matters-and-whats-being-built-to-support-it

The problem is that Dash is still associated as a privacy-centric coin, while that has not been the case for many years.
Dash used to be a privacy-centric coin in 2014/2015 when it introduced its optional privacy feature, but has since then focused on payments by making them instant, secure and protected
against double spending. There is more mixing on Bitcoin's network then on Dash's network currently. Darknet markets still prefer using Bitcoin, then using the so called 'privacy' coins.
 

[Baimovic]

What do you think is coinbase also take the same decision?

This would be bad for the value of the coins if coinbase did the same thing. Even for a large project when affected by such news, the price will change dramatically,i think that in the coming time there will be relatively large corrections in the market, and that will be an opportunity next to buy and hold potential coins.

especially on privacy coins like XRP will be hit hard as we see that Xrp is facing serious issues with the SEC. there is even news that some exchanges have removed XRp from their list such as Coinbase and Okcoin.

[qwizzie]

What do you think is coinbase also take the same decision?

This would be bad for the value of the coins if coinbase did the same thing. Even for a large project when affected by such news, the price will change dramatically,i think that in the coming time there will be relatively large corrections in the market, and that will be an opportunity next to buy and hold potential coins.

especially on privacy coins like XRP will be hit hard as we see that Xrp is facing serious issues with the SEC. there is even news that some exchanges have removed XRp from their list such as Coinbase and Okcoin.

XRP is no privacy coin. XRP is seen as a security by the SEC and they are going after Ripple. That is why exchanges in the US are delisting XRP.
Not because XRP is seen as a privacy coin.

https://www.pymnts.com/news/2020/first-court-date-set-for-sec-lawsuit-against-ripple/

The SEC complaint alleges that Ripple and two of its executives — Garlinghouse and Larsen — raised more than $1.3 billion in an unregistered securities offering of the digital coin XRP.
The SEC considers XRP a security, however, and that is where the problem sits. Ripple maintains that XRP is electronic money.

We have two discussions currently :

* Exchanges delisting privacy coins because they fear the uncertainty around US regulations / don't want to spend time and money setting up internal monitoring tools to comply to FATF regulation or US-specific regulation.

* Exchanges delisting crypto coins that the SEC deems as securities. They delist those crypto coins in order to protect themselves from the SEC as these crypto coins need to be registered with the SEC as securities.

[qwizzie]

The three cryptocurrencies of XMR, ZEC and DASH seem to be mainly privacy cryptocurrencies.

Not Dash.

Dash used to be a privacy-centric coin in 2014/2015 when it introduced its optional privacy feature, but has since then focused on payments by making them instant, secure, protected
against double spending and instantly spendable by receivers.

Now Dash is focusing more to function as a decentralized platform where developers can create Dapps and store their Dapps data directly on the masternodes network (kinda like cloud storage) and making transactions far more user-friendly by introducing blockchain identities, blockchain usernames, paying to blockchain usernames, introducing a decentralized API.

Dash announces new update, social payment wallet enters testnet
https://cointelegraph.com/news/dash-announces-new-update-social-payment-wallet-enters-testnet


Source picture : from above article
Credits : tungfa on DashPay Reddit

Dash Launches Public Alpha for Social Payments Wallet
https://bitcoinist.com/dash-launches-public-alpha-for-social-payments-wallet/


Source picture : from above article

Dash Platform and the DashPay Dapp are currently live on Dash Testnet and are scheduled for release on Dash Mainnet in Q1, 2021
DashPay Dapp demo : https://www.youtube.com/watch?v=GtTaezpxQOs & https://www.youtube.com/watch?v=vw2CrHyQMVI

[magnum cyber]

The three cryptocurrencies of XMR, ZEC and DASH seem to be mainly privacy cryptocurrencies. As the U.S. market becomes more and more regulated, I think this type of cryptocurrency is indeed susceptible to penalties by regulators, so the exchange removed them all. I don't know if it will be delisted from other US exchanges.

it is likely that it will be removed from other US buras. It is very concerning that this case originated with the XRP company and has an impact on other privacy coins such as XMR, DASH & ZEC. I think this is one of the big history in cryptoqurrency space about XRP and also from day to day XRP has experienced a drastic decline.