NestEx Crypto Exchange - in BETA

[nestex_one]

The user has taken relevant corrective action as requested, and we've taken note of it. I've asked for an account unlock (which may get delayed a bit due to timezone differences), but this message is to indicate we've recognized that the resolution requested was indeed done.



As per our previous commitment,


I have personally re-verified the user's account balances
current balances = total deposits - amount sold - amount already withdrawn

The user (after login) can download the transaction by transaction report from the link

Code:

https://trade.nestex.one/reports/trade_summary.aspx

(This will download an XLSX file with all trades in it, for the currently logged-in user)

Normally a bitcointalk response would not be needed in the support process; but we're responding here so the conclusion remains clear to all who read the thread.

As mentioned, I've asked for an account unlock (which may get delayed a bit due to timezone differences) - once the unlock is done I will update this message and inform the user via designated support channels.

[VerdOrrBT]

I was given the opportunity to withdraw my funds, and I did so.

P.S. I have not received an apology for the unfounded accusations.

[Hermes Mercury]

Why are your withdrawal fees so absurdly high?

[nestex_one]

Why are your withdrawal fees so absurdly high?

Hi our fees are all less than $1, and for most POW coins it's less than 5000 coins (which in some cases is like $0.0001). Let me know if there's a specific coin you're asking about, if there's an error at our end we'll rectify it. The exception may be USDT or USDC on ETH where the fees spike from time to time

[yc0in]

Why peg NEX to 0.25? There's no incentive to hold, I'd just keep my USDT and buy 1 NEX when I want to withdraw. Let it rise freely instead. If you want to keep withdrawal fees cheap just lower the NEX amount as it gains value

[nestex_one]

Why peg NEX to 0.25? There's no incentive to hold, I'd just keep my USDT and buy 1 NEX when I want to withdraw. Let it rise freely instead. If you want to keep withdrawal fees cheap just lower the NEX amount as it gains value

Point taken! We will be taking this action going forward so that $NEX can rise alongside user demand, and withdrawal fees in $NEX will be adjusted downwards.

[yc0in]

Thanks, really appreciate it. Do you plan to add more utility to the token besides airdrops and lower fees? Compound earn % increase, fee redistribution to holders, access to higher tiers, influence on NestEx decisions, pay listings, etc

NKYC only offers reduced fees and its has only been losing value in the long run.

[nestex_one]

Thanks, really appreciate it. Do you plan to add more utility to the token besides airdrops and lower fees? Compound earn % increase, fee redistribution to holders, access to higher tiers, influence on NestEx decisions, pay listings, etc

NKYC only offers reduced fees and its has only been losing value in the long run.

Thanks for the input! I'll try to respond to all the points, incase I miss anything feel free to point out.

So the airdrops are just for distribution purposes, in addition to the open market. Since it's a token, mining isn't possible and we needed a way to give enough to active users so they see some value in it. Just recently (2~3 days back) active users on NestEx have been talking about $NEX tokens - mainly because they noticed that their withdrawal fees in their favourite coin was paid entirely through the airdropped $NEX.

Incidentally, we're not just _lowering_ withdrawal fees, but _replacing_ it altogether. So if you have $NEX you can pay the fee in $NEX and don't need to discount your coins.

Our Compound Earning rate is already very high, at 20%. In future we may change this but as long as it's 20% we won't be able to provide an added increase in the rate.

Fee redistribution - this is also currently in play given our LPs get back 100% of fees, so we would need to change this so allow $NEX to add more value. Or perhaps we can keep it as it is since it's already doing the job of fee redistribution to liquidity contributors? It's not decided but we're happy to hear from the community what they wish to see.

Tiers will continue to be based on holdings as it is now. However the airdrop itself can change your tier (at least VIP 0 => VIP 1 is possible) if you consistently hold and trade a reasonable amount on the platform.

Influencing NestEx decisions - sure why not. Though we take input for free right now 🤣 - and we genuinely try to action most of them.

Paid listings is a good idea. My problem personally with this is that it feels iffy. Will coin owners really buy our token to pay it back to us to list their coin/token? We can definitely do that, not against the idea.

We were aiming for a $0.15 launch price on New Year's eve, but that 'launch' got fudged since the token was released early. And then lots of people bought in, so we ended up at $0.5 approx around new year's.

We were then thinking of capping the value to a 'reasonable to use' amount like $0.25 - similar to how $POL (Polygon) prices are kept low - but our users didn't like this, not blaming them; maybe we didn't think it through enough. So now it's uncapped again, and it's shot up to $0.61.

The PURPOSE of the token is to add value to our users. For now airdrops is one way to distribute, but we will try to come out with more methods that generate more value.

Open to more ideas of course 👍👍

[yc0in]

That's an interesting analogy with mining. Then I'd suggest to reduce the 500k liquidity fund or even remove it entirely, liquidity will naturally build over time as people who get tokens from the airdrops sell them and you sell the NEX that replaced fees. I'd see the 500k liquidity like some huge premine in that analogy. 700k supply instead of 1.2m also makes NEX more enticing, and if there could be some burns to further reduce the supply (burn a % of the NEX used for fees, etc) that'd be even better for holders

Again thanks for the reply. I hope you can implement some of these ideas or any nice benefit you can think of. A nice exchange token people want to hoard would help attract new users who'd love to join the party too so it'd be worth the effort to make NEX as incentivizing as possible

Totally unrelated, but can you please provide a "remember me" checkbox or change to something like 7 days since last activity instead? It's annoying to suddenly be logged out just because 7 days elapsed

[nestex_one]

burn a % of the NEX used for fees, etc

This is a nice idea. We are open to burning the entire $NEX that was paid in fees. We kept aside some $ for liquidity incase we engage in a liquidity based partnership (talks are in process) so if that doesnt work out without a reasonable timeframe we can probably begin burning that.

Totally unrelated, but can you please provide a "remember me" checkbox or change to something like 7 days since last activity instead? It's annoying to suddenly be logged out just because 7 days elapsed

I get what you mean. I will take this up for discussion, I think there was a reason we kept the session expiry time 'absolute' (login date + 7) and not 'relative' (last activity + 7), I'll revert in some time - probably in the coming week - since most of the team have limited availability over weekends

[nestex_one]

burn a % of the NEX used for fees, etc

This is a nice idea. We are open to burning the entire $NEX that was paid in fees. We kept aside some $ for liquidity incase we engage in a liquidity based partnership (talks are in process) so if that doesnt work out without a reasonable timeframe we can probably begin burning that.

Totally unrelated, but can you please provide a "remember me" checkbox or change to something like 7 days since last activity instead? It's annoying to suddenly be logged out just because 7 days elapsed

I get what you mean. I will take this up for discussion, I think there was a reason we kept the session expiry time 'absolute' (login date + 7) and not 'relative' (last activity + 7), I'll revert in some time - probably in the coming week - since most of the team have limited availability over weekends

We've started burning $NEX paid toward withdrawal fees. The total burned since day 1 is shown on the airdrops page https://trade.nestex.one/airdrops/

We will continue adding more things around this, watch this space 👍

[yc0in]

That's very nice. Can you confirm it's not part of the tokens already planned to be burned? And that final circulating supply is 1.2m (1m airdrops+liquidity, 200k team) minus burns? just want to be sure cause the site says 9.99b burned implying there's actually 10m remaining tokens and 8.8m yet undisclosed

Why don't you burn these tokens already to clear any doubt and speculation holders and investors might have? You should have minted only 1.2m from the start imo. Burning the fees already a good campaign, if you can burn more among the remaining 1.2m it's even better, but it's pointless to create billions of tokens just to tweet later a few times "🔥🔥🔥we've burned xx% of the total supply", you can do better

[nestex_one]

That's very nice. Can you confirm it's not part of the tokens already planned to be burned? And that final circulating supply is 1.2m (1m airdrops+liquidity, 200k team) minus burns? just want to be sure cause the site says 9.99b burned implying there's actually 10m remaining tokens and 8.8m yet undisclosed

Why don't you burn these tokens already to clear any doubt and speculation holders and investors might have? You should have minted only 1.2m from the start imo. Burning the fees already a good campaign, if you can burn more among the remaining 1.2m it's even better, but it's pointless to create billions of tokens just to tweet later a few times "🔥🔥🔥we've burned xx% of the total supply", you can do better

The whole amount and values held are disclosed at https://trade.nestex.one/airdrops/ > faqs section, there is no undisclosed quantity at all. Yes fewer tokens should have been minted, but the plan is now to burn all the excess. The burn tokens are maintained in a separate address, not being touched intentionally, to avoid possible confusion.

As the supply burns happen we'll announce it; if you see our twitter we generally announce most things quietly.

[nestex_one]

That's very nice. Can you confirm it's not part of the tokens already planned to be burned? And that final circulating supply is 1.2m (1m airdrops+liquidity, 200k team) minus burns? just want to be sure cause the site says 9.99b burned implying there's actually 10m remaining tokens and 8.8m yet undisclosed

Why don't you burn these tokens already to clear any doubt and speculation holders and investors might have? You should have minted only 1.2m from the start imo. Burning the fees already a good campaign, if you can burn more among the remaining 1.2m it's even better, but it's pointless to create billions of tokens just to tweet later a few times "🔥🔥🔥we've burned xx% of the total supply", you can do better

The whole amount and values held are disclosed at https://trade.nestex.one/airdrops/ > faqs section, there is no undisclosed quantity at all. Yes fewer tokens should have been minted, but the plan is now to burn all the excess. The burn tokens are maintained in a separate address, not being touched intentionally, to avoid possible confusion.

As the supply burns happen we'll announce it; if you see our twitter we generally announce most things quietly.

The burn has been completed at an accelerated schedule. Links to the burn txid are included on https://trade.nestex.one/airdrops/

[yc0in]

Great news, also cleared up my remaining doubts. It's looking really nice with 19k airdropped and 13k already burned, supply will end up much smaller than 1.2m at this rate, it's looking more like a gem now, gotta buy some more

Can you reconsider the dump fee concept? It's far too punishing and horrible trading experience. It's especially annoing when you get taxed despite a green 24h change because 6h ago the price flash crashed 20% before instant recovering 1 minute later, it's such a bad design that's going to put lots of traders off

Instead of the dump fee you could do something like 0.1% buy/0.7% sell instead of 0.4 both, you could also do that on all coins not just free listings, some exchanges implement this kind of asymmetric fees

[deepfoundation]

Yes, but only once the price has fallen back to 0.25, because that's the price the exchange is aiming for.

[yc0in]

They changed their minds about the 0.25 aim, now the target is "fair allocation and long-term growth"

I was already looking for some dump but price only kept rising, doesn't look like it's ever going down to 0.25 again and if airdrops pressured the price too much they'd reduce them as the "airdrop rate may be adjusted to match that target" of long-term growth

[nestex_one]

Great news, also cleared up my remaining doubts. It's looking really nice with 19k airdropped and 13k already burned, supply will end up much smaller than 1.2m at this rate, it's looking more like a gem now, gotta buy some more

Can you reconsider the dump fee concept? It's far too punishing and horrible trading experience. It's especially annoing when you get taxed despite a green 24h change because 6h ago the price flash crashed 20% before instant recovering 1 minute later, it's such a bad design that's going to put lots of traders off

Instead of the dump fee you could do something like 0.1% buy/0.7% sell instead of 0.4 both, you could also do that on all coins not just free listings, some exchanges implement this kind of asymmetric fees

Ok so the 'dump fee' only applies on ultra-low market cap coins where the dump is not within range of the natural trading volume. Also 'dump fee' ONLY applies on SELL orders; not on buy orders.

The intention of this to prevent rapid dumping of a coin to abnormal levels. For example $0.001 ===> 0.0000001 or suchlike.

We're open to take an input on how we can improve this 👍

[rizzler]

Is there Any venue where people who trade at NestEx can speak, a forum to commune so to say ?