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OMG Bitfinex stop Dash Trading

Discussion in 'General Discussion' started by Naruto, Aug 7, 2015.

  1. Naruto

    Naruto Member

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    Darkcoin (AKA Dash) to cease trading
    Posted: August 07, 2015 03:12


    Due to persistently low demand for trading in Darkcoin (AKA Dash), we have decided to remove Darkcoin from our crypto-currency trading pairs. Darkcoin trading will terminate on August 31st, 2015 at midnight UTC. Users will have one month - until midnight UTC on September 30, 2015 - to withdraw their darkcoins before all Darkcoin wallets are removed from the site. After removal, any darkcoins not withdrawn will be moved to a separate wallet controlled by Bitfinex, requiring users to contact support to claim any remaining funds.
     
  2. tungfa

    tungfa Administrator
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  3. Naruto

    Naruto Member

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    why would they do this.! Honestly the trade volume has pick up recently!
     
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  4. tungfa

    tungfa Administrator
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    i send them an email earlier today
    asking politely for an explanation
    no answer yet
    :what:
     
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  5. Naruto

    Naruto Member

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    I don't like Cryptsy although it account for large trade volume. Before I hope Bitfinex trade volume will dominant one day.......:eek:
     
  6. tungfa

    tungfa Administrator
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  7. moli

    moli Grizzled Member

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    Use Bittrex. I didn't like Bittrex before because of their funky looking site but it has gotten better now. I hope Bitfinex will reverse this decision, but in the meantime if anyone doesn't like Craptsy, i would suggest using Bittrex, it doesn't have a huge volume but it's pretty decent.
     
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  8. moli

    moli Grizzled Member

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    I think all of those idiots who harassed Bitfinex about "rebranding" need to apologize to them.
     
  9. tungfa

    tungfa Administrator
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    lets see what bitfinex sais
    lets give this some time
    it is still early over there
     
  10. UdjinM6

    UdjinM6 Official Dash Dev
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    Tbh all issues I had on Cryptsy back in old days were resolved without any loss. Yes, their support sometimes is slow but well, at least I lost nothing there.
     
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  11. tungfa

    tungfa Administrator
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    same here
    i use them for anything Dash related
    and never had a problem (loss)
     
  12. bluebit

    bluebit Active Member

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    Why not have an ATM machine mine Dash and then sell it for local currency? No need for exchanges...
     
  13. l3sny

    l3sny New Member

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    I have posted it elsewhere a moment ago but this is the right thread:
    Shame...

    Posted: June 02, 2014 14:00
    We are pleased to announce that Darkcoin will be available to trade on the Bitfinex platform starting at 6PM CET. It is rare for us to add new trading products, but we believe that the advent of privacy-centric cryptocurrencies warrants our attention. Specifically, we believe that Darkcoin and the team behind it represent the most credible foray into this important frontier, and now that Darkcoin's market capitalization has reached non-trivial levels, we have decided to offer it as a trading option to our customers. As one might expect, will support trading in DRK/BTC, but, in addition, we will the first exchange to support trading in DRK/USD.

    While we have no crystal balls at Bitfinex, we do nonetheless believe that the new features that Darkcoin aims to implement represents a substantial development in the cryptocurrency space, and we believe that any innovation that enhances privacy deserves our attention. Naturally, we do not condone the use of Darkcoin for illicit purposes, but we do believe in the right to privacy.

    Initially, we will only offer cash exchange transactions. In time, as our order book deepens and Darkcoin successfully navigates certain milestones, we will also possibly allow swap leverage and shorting, should Darkcoin's risk profile and volatility merit it.

    Darkcoins can't also be used as collateral for margin transactions.

    We hope that you that you find these new trading products to be of value to you and we, of course, always welcome your feedback.
     
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  14. flare

    flare Administrator
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    In the end it's all about the money: $50k daily trading volume --> $50 daily fees from trading for Bitfinex.

    Not worth keeping us at their exchange it seems.

    Back in June 2014 when they added Darkcoin we saw > $1M trading volume in the markets.
     
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  15. DarkWater

    DarkWater Well-known Member
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    I will make mention that this news as increased the volume of trading...just not in the direction we were hoping for.
     
  16. moli

    moli Grizzled Member

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    Regardless of whether there's much volume on Bitfinex or not.. I think it's time for our own Dash people to rethink about their behavior, what they say to exchanges... Something like this REALLY REALLY NEEDS TO STOP!!!!! :

    upload_2015-8-7_19-58-49.png


    Come on people, do you think you have the right to shut out exchanges when this coin is still in development and we still need exchanges, merchants, adopters, your enemies, your dogs and cats... to like this coin? If you are so drunk and out of your mind, please take a break, get away from forums and twitter and chat rooms and just shut the hell up!!! Don't keep causing damages to everyone else in this community!!!!
     
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  17. moli

    moli Grizzled Member

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    An ATM machine to mine Dash? How does that work?
    All I know is there are Bitcoin and Dogecoin ATM machines but it's not easy to run a crypto ATM machine without it getting stolen, plus there's not much profit in it.
     
  18. raganius

    raganius cryptoPag.com
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    Indeed. I am so sorry that we have lost Bitfinex. It's a great exchange.

    Our community should try not to become too arrogant, either towards the "outside world", but as well as amongst ourselves. If we end up isolated, due to our tactlessness, I believe we will lose much more than we would eventually benefit.
     
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  19. moli

    moli Grizzled Member

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    There're so many nice, wonderful people in this community, you know... And I'm so thankful for our devs, who are of great character, unlike some devs of other coins.

    But there's this small segment of Dash people that don't know they're so toxic.. I just couldn't believe they kept harassing Bitfinex on their Twitter just because they can't change 'DRK' to 'DASH'... https://twitter.com/bitfinex/status/598824558473441281

    Bitfinex is the first Chinese based exchange that added this coin... They didn't add Monero, or Dogecoin.. They added "Darkcoin"!!! .. So what if they can't change the name code.. Give them some time... It's like there's a group of us trying so hard to get this coin developed, tested, adopted,.. then there's another group of "Dash members" that do nothing good but damages...

    We also lost another smaller exchange sometime ago because of some drunken "Dash member" who said nasty stuff to them??? And now this... How many more exchanges do these people want us to lose?????!!!!!
     
    #19 moli, Aug 8, 2015
    Last edited by a moderator: Aug 8, 2015
  20. bluebit

    bluebit Active Member

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    Mining pools/farms. So each mining pool/farm funds itself to a % of the profits in the exchange rate at the ATM machine. The owner that buys the ATM machine also sets a percentage. The ATM machine is connected via the internet to the mining pool/farm and the dash is instantx sent to the ATM once someone wants Dash. In fact, we don't even need the ATM, all we need is a customer to go into a store and ask to buy Dash. The store clerk does the transaction, and the customer hands over the cash. This would work with or without a machine. All we need is a map of all the store locations where you can BUY/SELL DASH, the store owner get's a percentage. This can be done with a mobile app, I think.

    The best app would be one were you can see a map. On that map lists all the "stores" and "people" around you selling Dash. You can send them a chat and initiate a trade via the app and in person. After the trade you rate them.
     
    #20 bluebit, Aug 8, 2015
    Last edited by a moderator: Aug 8, 2015
  21. moli

    moli Grizzled Member

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    Is this what you're planning to do?
     
  22. bluebit

    bluebit Active Member

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    well, i don't have the skills to create this system, but I'd vote for it :)
     
  23. Naruto

    Naruto Member

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    Honestly I don't think it is about the "harassed" in the twitter. It is about money ( trade volume) . Keeping a coin in the exchange need time and cost to maintain. If they think it is not cost effective they are going to drop it.
     
  24. tungfa

    tungfa Administrator
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    email reply from Bitfinex:

    DASH was adopted by Bitfinex several months ago, but it never reached 1% of our total USD monthly volume.
    I'm sorry but for us the burden of keeping it as a trading pair is really not justified by its volume.

    so be it !
    please do NOT hustle them by email or Twitter !
    :sad:
     
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  25. l3sny

    l3sny New Member

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    I think there is something weird with this bitfinex thing...
    On the 06/08/15 they announce Dash is out. Next day they announce that due to bitlicense requirements NY based clients are out as well.
    Just wondering if bitfinex was under pressure to make that decision on Dash because as we know it has its "dark side" implemented in the wallet so that users do not need to use external mixers. I know it is a long shot but given quite positive bitfinex announcement from June 2014 introducing Dash on the exchange their decision just lacks any logic. At least to me. The project is very promising and developing very well comparing with other coins (hail to Evan and the Team), I do not think that there are any maintenance costs of supporting Dash on the exchange (perhaps I am wrong) and at the end of the day the question is why? Why disappoint the community in such a manner just pulling the plug? I think it would be interesting to hear more on this from bitfinex, at least I hope that they still "always welcome your feedback" as they say.
     
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  26. flare

    flare Administrator
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    Thanks tungfa - and instead of assuming some kind of conspiracy (BitLicence) behind that and/or hustling them: Start trading their DASH/USD pair!

    We have three more weeks before getting delisted, enough time to prove that we can reach at least 1% of their USD volume.

    As per today they have a USD volume of $ 3,284,841 - DASH/USD is accounting for $ 7,033, which is 0.2%

    upload_2015-8-8_10-49-41.png

    So let's start a campaign to tenfold this to 2% in the next three weeks ;)
     
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  27. tungfa

    tungfa Administrator
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    tx flare for the initiative
    but i honestly think this is unfortunately done already
     
  28. flare

    flare Administrator
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    Don't get me wrong, i don't think that they'll revert it - but at least we can leave the building upright :)
     
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  29. l3sny

    l3sny New Member

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    sure, run like hell in the hamster wheel to please the owners of bitfinex ;)
     
  30. TaoOfSatoshi

    TaoOfSatoshi Grizzled Member

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    Don't worry guys, we will have our decentralized Dash exchange in due time...:cool: #DGBB