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Author Topic: when an exchange kills a coin, it should follow a protocol  (Read 741 times)
akd (OP)
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May 15, 2014, 04:39:40 AM
 #1

.

when an exchange kills a coin, it should follow a protocol:

suggestions:

  • give enough time between announcement and death
  • alert the users, preferably by email (not everyone is daytrading)
  • a mailinglist that users can subscribe to might help, to be informed about important events
  • cancel all open orders of that coin, put them back onto balance
  • keep the balance reachable for a few more weeks, to allow for withdrawal

what else?


Summer quiz: Name 7 quality coins, for a balanced portfolio.
https://bitcointalk.org/index.php?topic=1980616 Risk management.
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akd (OP)
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May 25, 2014, 08:40:45 PM
 #2

bump

Summer quiz: Name 7 quality coins, for a balanced portfolio.
https://bitcointalk.org/index.php?topic=1980616 Risk management.
tokyoghetto
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May 25, 2014, 08:46:45 PM
 #3

Poloniex - Kills off coins every other day it seems. Some that still have active communities and development.
Mintpal - Promised to kill off coins, only one  I know of is Cagecoin
Cryptsy - Doesnt kill off coins, lets zombie coins like Royalcoin continue trade.

Good suggestions but exchanges are going to do whatever they feel like.
somic
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May 26, 2014, 03:22:31 AM
 #4

big exchange will not follow any protocol except their own
SaraMine
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May 26, 2014, 05:30:22 AM
 #5

great but what if coin source code is bad? people will trade but noone will ever withdraw it?

activecoin
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May 26, 2014, 06:45:41 AM
 #6

Back when i used to trade i would not stay with a low volume coin for very long cause i worried for my funds, I did not want them to get stuck somewhere, a good solution would be for an exchange to have an automatic payout in the case they do delist a coin, user's simply add that when they are depositing coins.

akd (OP)
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May 28, 2014, 05:31:28 PM
 #7

a good solution would be for an exchange to have
an automatic payout in the case they do delist a coin,
user's simply add that when they are depositing coins.

VERY good suggestion.

And to make it simpler, a few defaults for recipient addresses in case of delisting:
  • When I have deposited coins into the exchange, the sending address is stored (*)
  • My last withdrawal address is always the one that would be used
  • when I buy a new coin at an exchange, that coin is listed in my TODO list = I need to provide a fallback address

Only the last case really needs action from my side then.

(*) can cause problems if that was a mining pool, or another exchange.



Summer quiz: Name 7 quality coins, for a balanced portfolio.
https://bitcointalk.org/index.php?topic=1980616 Risk management.
ziplibrary
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May 28, 2014, 05:51:08 PM
 #8

      .

      when an exchange kills a coin, it should follow a protocol:

      suggestions:

      • give enough time between announcement and death - Agreed
      • alert the users, preferably by email (not everyone is daytrading)
      • a mailinglist that users can subscribe to might help, to be informed about important events
      • cancel all open orders of that coin, put them back onto balance - Agreed
      • keep the balance reachable for a few more weeks, to allow for withdrawal - Agreed

      what else?


      I'm not quiet sure about email notifications. Big exchanges with hundred thousands of users can have some troubles sending out tons of notifications emails at once.[/list][/list]
      Zer0Sum
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      May 28, 2014, 09:34:15 PM
       #9


      It all starts when a Dev abandons his coin...
      There needs to be a Posse that hunts down dead-beat Devs...
      And brings them to justice.
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