Bittrex announced yesterday that they will be delisting Monero, Zcash, and Dash
A few days after Bittrex announced they would be delisting XRP due to the SEC lawsuit filed against XRP and Ripple, Bittrex announced they would be delisting three privacy coins as well...
Specifically, Bittrex said they would be delisting Monero, Zcash, and Dash.
Their twitter announcement can be seen here:
(Source: ~~~ embed:1345056010981892096) twitter metadata:Qml0dHJleEV4Y2hhbmdlfHxodHRwczovL3R3aXR0ZXIuY29tL0JpdHRyZXhFeGNoYW5nZS9zdGF0dXMvMTM0NTA1NjAxMDk4MTg5MjA5Nil8 ~~~
These are three of the most popular and highest market cap privacy coins in the world.
All three coins were down more than 10% on the news and this is likely just the beginning in terms of US based Exchanges delisting privacy coins as regulators continue to come down hard on the crypto space.
Could HIVE gain from this?
There is a lot of money coming out of these places that is ultimately going to need to find a new home.
Combined, we have billions coming out of XRP, Monero, Zcash, and Dash which is likely part of the reason bitcoin is doing so well.
One of the most popular pairs, if not the most popular pair, for the above coins is bitcoin.
So, as money comes out of these privacy coins and XRP, bitcoin continues to inflate.
Could this also eventually benefit HIVE?
Right now we are seeing some of the more controversial projects seeing massive outflows of value, as this continues, it is possible that the money involved migrates over to the more legitimate altcoin projects at some point.
keep in mind that when I say "legitimate projects", I mostly mean legitimate in the eyes of regulators...
While HIVE certainly has its own flaws, it is very difficult to make the claim HIVE is a security and it's not really 'private' either.
Both things should help HIVE remain standing when all the dust eventually settles.
So, while there may be some near term blood shed as more and more altcoin projects get delisted and targeted by the SEC, eventually it may be good news for the legitimate projects as money will likely be forced into them.
The headlines aren't fun in the short term, but in the longer term, these types of announcements may end up being great news for the more legitimate altcoins.
Stay informed my friends.
-Doc
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It would be nice to see some benefits
There is going to be a lot of money sloshing around looking for a home. A purge of crypto projects would probably help HIVE get some attention.
without some strong marketing I don't see it but I am very open to be proven wrong :)
Yep, there will probably need to be some major changes to how things are going currently, that's very true.
I dunno. As an investor I wouldn't look at hive as something that would appreciate in value. It's a sad thing but true
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Well, it's funny how these things work. Sentiment can shift on a dime. I remember buying TSLA late last year when everyone hated it. It literally was so oversold it was setting personal records on the technical charts in terms of MACD and Stochastic over sold conditions. I dove in and bought it. It went on to rally about 800% from there over the next year as the sentiment did a complete 180. Of course I sold after about a 20% gain, but that is a topic for another day. :)
There is no guarantee that the sentiment ever shifts like that on HIVE, but if there is more money with less projects, it only helps our cause.
I would imagine maybe second third quarter of 2021. The masses are barely getting used to Bitcoin $30,000 plus. Many will want to earn crypto instead of buy since most will be priced out. And that’s where Hive/Leo will outshine most projects. :)
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Yep, I could see something like that a well. Normally in an altseason, the majors go first, then the mid caps, then the small caps. HIVE is right on the border of mid and small cap in my opinion.
Hive is not a security and it is not a privacy coin ... actually it seems that all this can create an advantage for coins like HIVE
That is the line of thinking, yes.
Part of me wonders how many people will just hold on hoping that once things settle down those coins get listed again and the price swings back up. That seems like the smarter move for people who have a significant amount invested. Especially if they can't handle taking a short term loss.
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lol no
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I don't think the story on HIVE has been fully written just yet. Getting ride of some of the 'competition' doesn't hurt, and who knows, it may help.
would be nice if something happened eventually 🤣
It makes sense now why Bitcoin was going crazy while I was trying to use it as a way to buy Hive. I really tried to get in and out of Bitcoin before the red started showing, looks like I would have been ok for a while. I really feel these exchanges are putting nails in their own coffins by trying to control the flow of certain currencies.
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I haven't used Bittrex in months... And I see no reason whatsoever to use it... After they started the corporate restructuring, nothing made sense anymore...
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Do not miss the last post from @hivebuzz:
At some point, the market realizes 2btc = hive whale at these prices. But there is not enough for many of them. The first mover will get a really good deal IMO
Edit: It can also happen to steem/tron with sec problems in US.
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Yea I did see something about that, has there been any development with that beyond just a tweet from someone saying the SEC may be looking into Tron?
No idea, was a while ago. But i think it's like ripple from token distribution.