So news emerged today that Bitshares has been removed from Bittrex, the extremely popular crypto exchange.
Bittrex is important as it currently boasts more total volume than all but two exchanges. As predicted, a bloody sell-off of Bitshares has proceeded pretty quickly on Bittrex.
The move is concerning at first glance. However, a deeper look helps to explain things a little more.
One of Bitshares' big selling points is its decentralised exchange. From the Bitshares website:
"BitShares provides a high-performance decentralized exchange, with all the features you would expect in a trading platform. It can handle the trading volume of the NASDAQ, while settling orders the second you submit them. With this kind of performance on a decentralized exchange, who needs risky centralized exchanges?"
As an up-and-coming decentralized exchange, it makes sense that Bittrex could see Bitshares as a potential future competitor. Especially as Bittrex is a foremost centralized exchange.
Is this the real reason Bittrex removed Bitshares from their exchange?
The plot thickened slightly when this was posted on the Bitshares subreddit:
Now, it makes sense that if Bittrex was to remove Bitshares overnight with zero warning, then they'd need some kind of official "reason." It wouldn't be viewed as good form to just remove them as they're a potential competitor. So reasoning like this, on some level, makes sense.
If it's true that Bitshares developers are in touch with Bittrex staff and looking to sort out a potnetial tech issue with the exchange, then we could see a big jump up once news breaks that Bitshares is being re-listed. Or, at least, the de-listing tag is being removed.
So what's going to happen? It's too early to say. This could be a political move on the part of Bittrex that see a potential competitor and want them removed before they cause too many problems. In which case, I doubt we'll see it un-delisted anytime soon.
On the other hand, if it's a technical issue, like the above image seems to suggest, we could see a big move up by Bitshares once news breaks that it's being re-listed on Bittrex.
If we don't see Bitshares on Bittrex ever again, that's not the end of the story. There are plenty of other exchanges to trade Bitshares on, including Bitshares' own DEX.
As one recent poster mentioned, "Bittrex banning Bitshares is a little like the banks trying to ban Bitcoin!"
So what do you make of this news? Do you believe in the Bitshares project? Are you looking to hold through this most recent bump in the road? Or are you going to take your money and run?
Let us know in the comments below!
Man, our whole team is cheering you @cryptpohunter188! Eddy Taylor wants to interview you.
Contact me tonight - you can be interviewed on his Thursday night radio show:
http://amfm247.com/hosts/sovereign.html
Your whole blog wowed him.
Thx stan also for your upvote..when the central exchanges are getting scrared...
https://steemit.com/bitshares/@rival/bitshares-fud-central-exchanges-are-scared-as-hell-just-hodl-did-you-ever-see-mc-donalds-sell-burger-king-burgers
Apologies I was out last night and didn't see this until this morning (GMT time).
Right behind what you're doing, @stan
Keep up the good fight! :)
If you'd like to be interviewed by Eddy Taylor, Call him at 310 940 2404.
Great information, THANK YOU!!! Upvoted, resteemed and shared already!
All for one and on for all! Namaste :)
This is clearly an opportunity to buy some BTS. I'm doing it!
This is as true as obvious. And becomes true almost every day already (peer to peer deals). And this is simply great.
Bitsharians just don't bother ;)))
Hello @cptnsolo - in one of your replies you said what if the dollar falls. That is one of the motives behind my proposal of a SmartCoin with the purchasing power of one unit of energy. Energy = work = production = food, that you need to sustain life, no matter what the markets do. I keep on blogging in that vein.
Regards
Well I will hold it until I can no longer see a future for it. I hope they do rise soon but there are alot of decentralized exchanges with better speed and more selling points.
There really isn't. Nothing is faster than Bitshares.
Well being fast is not enough, if it were, we would be "on the moon" already. It is a good selling point when comparing to bitcoin but with ripple, for example, it doesn't work. It's like saying that playing games on 60 fps is so much better than on 50 that you need to throw out your old garbage pc (that pulls only 50). I've seen a few people saying that waves is more user-friendly, which is a good selling point but what else is there to offer? Can anyone really explain why they think waves is better? @linkdead13?
Yea... no. Name one DEX with 'better speed and more selling points'
Well Waves for one. Blocknet is another one and soon Cobinhood will be joining the ranks as well
Waves is not decentralized and is joke compared to Bitshares. Blocknet and Cobinhood don't exist and their tech is about 2 years behind where Bitshares was three years ago.
Sorry, I'm always on the lookout for a better mousetrap to invest in but there is literally no other DEX in existence that is even close to Bitshares for decentralization, adoption, liquidity, speed, etc. etc.
What I see happening is more shitcoins trying to call themselves a DEX to pump and dump.
I'm pretty sure Waves is a decentralized exchange and in my option though it is quite infantile is alot less clunky than Bitshares. I have holdings in Bitshares I'm not slamming them at all I'm just saying in my opinion Waves is a better option.
Waves and its amazing 100 transactions a second? That Waves?
waves and it's CENTRALIZED order matching waves?
Do more research before posting.
This ^
Just because some website says it's so, doesn't mean it's so.
The next thing we are going to see is a bunch of ICOs for shitcoin DEXs that are nothing of the sort.
Meanwhile, Bitshares will just keep chugging away at 900k tx/op per day...
Althoug Bisq cannot compare to BitShares DEX directly, it could serve as BitShares's decentralized fiat gateway.
You are right bitshares is far better than waves platform , yet the market cap say otherwise
We need a more user friendly interface ,a native android dex and a huge marketing campaign
See my suggesstions in my later post
What are those mysterious exchanges? Can you elaborate please?
Bittrex delist because of FOMO
I have been away from everything alt coin for awhile since hurricanes. Thank you for your article, i had no idea Bittrex was delisting Bitshares. I purchased more and moved them to safer location. Thanks again.
Time to get decentralized..
just out of curiousity what happens to people holding BTS on Bittrex are you forced to sell or can you simply hold and not exchange them. I am happy to keep mine on there if they will let me I have no intention of selling.
Yeah, I've wondered the same thing because as of now I have no way of getting those shares out unless I sell them.
Why ,Did bittrex stop withdrawal of bitshares?
In an email, they told me my new Bitshares wallet addresss hasn't been verified on the blockchain, therefore the withdrawal of Bitshares out of Bittrex was invalid.
Ok , just wait for your account to be verified or try creating another account
Congratulations @cryptohunter188!
Your post was mentioned in the hit parade in the following category:
You should use your flags more wisely. Now look what has happened...