Yesterday Binance announced the delisting of Bitshares and the price plummeted by 60%. If the legal troubles that Binance found itself in weren't concerning enough for us on Hive, the delisting of Bitshares hits even closer to home.
If you ever needed more incentive to support @vsc.network upcoming Hive-Bitcoin bridge you dont need to look further than one of our "sister" chains. Some of our top witnesses developed Bitshares originally. @dan Larimer, our shared connection as well.
We like to assume we are safe because we have a very active community and continuous development but CEXes can ruin a blockchains financial prospects at a whim and leave it without a connection to the open crypto market.
We do not need to prepare for this because it will surely happen. We need to prepare because it can.
Remember what happened last time when we werent prepared?
Talking to people these last few weeks, some of them witnesses, some of them 6-7 year Hive veterans, I've seen some skepticism over our ability to tackle this problem and solving it via:
1. Creating a working decentralized bridge.
2. Providing enough liquidity.
3. Reaching internal Hive adoption.
I will never accept that. Even though I am not able to give you a definite answer if what #VSC is doing will resolve all our problems that stem from our overreliance on CEXes, I am absolutely certain that it can solve at least some.
I can oftentimes be skeptical and cynical like many others (its easy) but when it comes to burning issues like this I try to look at it differently.
Even if I was to humor the criticisms that might, or might not come, related to VSC or any other project offering a solution to this problem...
I am still willing to embrace, with open arms, a less than optimal solution over no solution at all!
I will always choose anything that is even remotely helpful if the alternative is doing nothing.
Expect me reminding you about the bridge many more times because the only way for there to be adoption and acceptance in the community is if you repeat something a 100 times and then a 100 more + 10 more times for good measure.
That is the only way to drive anything into the collective consciousness of the community.
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Absolutely. And just so people understand, the current bull spike on BTC has driven fees through the roof.
BTC is essentially useless for daily transacting. I just had to open a 0.1 BTC channel to add funds to my Lightning node. This is costing me $35.
BUT with @vsc.network providing me a BTC back end on Hive, I'll be able to run a ultra low cost Lightning interface in and out so moving funds to things like Binance should be a doddle and far cheaper than whatever the BTC fees are by then.
The more I hang out with you lot, the more I get it. Just don’t quiz me yet! 😉
👍
lol youre only supposed to use lightening with exodus and cashapp! didnt you know thats the only way to make it work free and instant? to basically leave your coins in the hands of cashapp? or just use exodus that lets you own your keys, cashapp kinda can too its weird
but yeah those are the two ways to use lightening so leave some btc in exodus or cashapp if you hate these $35 fees that happened last week or so,
now its calmed down like $2 and you can set a custom fee on exodus very very nice so you can set down to around 60 sats per byte and wait
also cashapp groups txs and if you do at least 0.001 BTC like $35 you can have a FREE transaction that may take up to 24 hrs but usually is faster than the paid txs that cost $1 to $3 for standard or rush lol, but yeah cashapp is a good way to avoid fees, and exodus build in lightening BUT the ONLY REAL way to avoid fes are DPOS chains
if HIVE was on crypto.com thatd be it the cheapest way to fly BUT they just have EOS and wax, so YOU CAN actually use TRIBALDEX and MAKE a profitable trade to get WAXP, withdraw and take the 0.1% fee which the tribaldex swap will cover at these rates, and then send that waxp to crypto.com visa debit card
so hive to hive engine to SWAP.WAXP to withdraw WAXP to crypto.com waxp wallet and directly top up to visa debit card
and to buy i use cashapp at 711 deposit cash for $1 fee, 2% fee to buy btc, so you pay $103 CASH and get $100 you can withdraw like i said at $) FEE on cashapp, right to changenow.io where i can buy HIVE with BTC at a REALLY good rate almost instantly
Lightning in and out on Binance is very useful for me, but I'm not in the USA.
Yep. Heres what I wrote to some folks in relation to that.
"We are doing it for them". We are improving Bitcoin and the bitcoin ecosystem.
I think thats a good way to try and go about this outside Hive.
It will take some time, but I can see how I will be able to out-compete about $100m worth of investment in "Lightning Service Providers" because I will pretend to be a Lightning Service Provider but behind the scenes instead of running a zillion servers or virtual machines, one for each customer, I'll be able to have a single Hive account for each.
I can't quite explain it yet, but it will be epic and will make the Lightning network obsolete for the self custody side. The large centralised services will provide the infrastructure we will access and use.
Thats some mastermind level stuff. :)
If a combination of my work and @vaultec's work can pull this off, it will be quite something.
If you and HIVE could make the lightning network obsolete, it means that HIVE is the most powerful tool in the crypto world and you sir truly are a crypto genius
I dont think you are far off with that assesment.
Again a very good narrative. I like this one!
Hive has few exits and that is a real problem that should be faced.
That is true, which is why im trying to point people to the offered solutions.
If we dont embrace them, if there isnt enough community support behind these projects it will be hard to get to the adoption level needed to offer a viable alternative to CEX trading pairs.
Rather ironic bitshares was pitched by a few people as a bridge for HIVE, yet, it was also delisted.
There have always been liquidity issues there. The underlying tech and usability for our purposes is not something i know much about.
Building bridges to other chains is the only way to avoid this from happening over and over again. Direct, easy to use bridges is the decentralized method.
This would flip the current model on its head as anyone could setup a bridge with enough tokens/funds to provide liquidity completely on blockchain.
You can see this being done by looking at what xBTS is doing here with BTS/Hive https://ex.xbts.io/market/XBTSX.HIVE_BTS
Centralized exchanges will be forced to become gateways, like xBTS above, instead of hosting their own trading environment. It's a win-win.
100%
I've been reluctant to use Binance for trading Hive. I exclusively used Blocktrades until it was shut down. CEXs are unreliable, and, as you say, they can kill a project just by delisting it. We shouldn't rely on them at all.
We can use them... we just need to be ready if things go south.
I agree.
Binance will be closely monitored by the US authorities and the board or whatever that they will put basically in charge so a lot more coins will get delisted soon. They even have a section and those coins will probably get delisted.
Interesting. I didnt know this list existed.
What does the full sentence say after "more" is clicked.
Yeah... Makes sense they look at that too.
FTT hasn’t been delisted yet ?????
We need to be set up incase there are no more centralized exchanges.
A truly decentralized bridge is really hard, be a fan of Richard Heart or not but even he hasn’t found anyone build a proper decentralized bridge.
But, pairing with other projects like bitcoin and eth can help us a bit if the training pairs’ liquidity is thick enough.
Getting consensus in a built in “buy and burn” metric that can help offset all the “income” hive pays out to curators and creators would go a long way as well.
The question is, why did Binance delist Bitshare? They can't just wake up one day and delist a coin without a major purpose.
Sure they can.
Ofc there was definitely a reason, they monitor metrics, trading volume, development, regulations ... They can also do it after adjusting their internal policies. They make the call.
The main point is that they can do it so its better to be prepared then not.
You are right though. Especially if they intend to attack a particular currency/coin.
The SEC will demand that everything gets delisted … except Blackrock Bitcoin of course and any other coin they create.
More like they are turning to a regulatory authority for CEX?
That would be very bad for alt coins but I don't see it happening.
Hive needs to create their own way to convert Hive to Bitcoin.
And they are doing that already. A Decentralized crypto platform like Hive needs to be 100% Self Sufficient… it cannot rely on any Centralized Exchange.
Other way to look at this topic can also be (I second your concerns): ask why is not Hive listed for trading in Coinbase?
It is called Rosetta and as far as I know, no one did anything about that.
https://docs.cloud.coinbase.com/rosetta/docs/welcome
We have Crimsonclad working on exchange relations. I dont know anything about this or how valuable it actually is.
According to the news, Coinbase has been picked by nine out of the 12 ETF issuers for custody services, so it must have some value 😉
About the Rosetta, is a dev subject, not exchanges diplomacy.
Why do you think this is one of the reasons Hive isnt listed on Coinbase?
Rosetta implementation is necessary to list hive because hive Blockchain is not currently supported on Coinbase wallet. Coinbase wallet is compatible with erc-20 tokens, BTC, doge, BNB chain, etc but not with hive.
They will not implement their own Hive node. Is from our side the implementation of the rosseta API endpoints because we're not erc-20,etc.
It's not a question of money or diplomacy, it's a tech thing
@vaultec if we get HIVE EVM compatible than this issue could be solved too right?
I would like that @vaultec answer that but in my opinion this wouldn't be possible on layer 1 and I don't think VSC will be EVM compatible. Anyway, if it was compatible would never be hive, would be a L2 token pegged with hive. In my opinion for Coinbase compatibility Hive Core devs have to be involved
That's going to be the chart for Hive should that happen. It would be an extremely awkward situation having essentially only Upbit left that has any significant volume and is restricted for 99% of people
I dont think it will happen but lets not wait to find out.
The heck is bitshares 😂 ( I know but I don't think anyone really used the dang thing)
Lol. I dont know how much it was used but up until January 2022 it had pretty much the same market cap as we did.
Not bad on the market cap level, but for sure Smart contracts can't come soon enough. Hopefully after that we can onboard developers to build stuff.
I always see all the advice and not even half a dollar in my wallet hahaha
Lol. Your account is 1 day old.
Who knows they might delist HIVE one day, arbitrary.
I dont think they will, but we cant know for sure.
But its never a good idea to be certain that it cant happen, especially when it comes to CEXes.
I'm 100% behind this! Best to be prepared!
truth
I hope Hive doesn't get delisted from Binance
!PIZZA
seriously just use changenow.io way better , convert hive to bitcoin or vica versa and no ned for an account, it should be added to wallet hive blog not the blocktrades crap
https://changenow.io/?from=hive&to=btc&amount=300 SEE? and it has referal/affiliate so hive wallet could use that and use the fee sharing payouts for hivedao, almost like defi, eventually im sure @ChangeNOW_io could have some sort of fully decentralized unstoppable dex with hive on it too
you can even go from hive to eos with sometimes just a few hive like under 10, and eos is on crypto.com visa debit card so its the best way to cashout that exists with lowest fees and instant at any atm
we just need hive on crypto.com visa card app, it would be huge, crypto.com used to be monaco, also has a nice lion logo like leo
Change now seems to simply use Binance for trades.
I wonder why Binance must have delisted Bitshares
It’s not like we heard that the two of them are at loggerheads
Its hard to tell. Im sure they have their reasons.
Progress not Perfection.
That statement has been gold for me in trying and learning tougher things for more return. So many will do nothing out of laziness or fear, even fear of failing. Trying and learning is the key.
So, trying a bridge to help with monetizing token earnings and onboarding new fiat sounds like something worth trying at least cautiously.
I can't wait til bridges are no longer necessary and businesses own and accept Hive/HBD!
Wake-up calls sound closer and closer to home.
Just like every time a coin is delisted we see its price drop in the same way but we all know that hive users are also wise and its Holders are also wise and they will not sell their valuable coins in the market like this and we will see that in the future people who are all the rest that are through block trades and other things like that are there on their own.
It's worth bearing in mind that Bitshares is technically a competitor to centralised exchanges like Binance. While it seems unlikely on the surface that they would view Bitch-shares (typo. lol) as a threat, this factor might weight them to be more likely to delist them than something like Hive.
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This should be a wake up call for all chains however also a blessing in disguise.
Bitshares is a decentralized exchange, so this could help push the concept of gateway's > Dex instead of the usual centralized exchange model we have today.
With the many graphene based chains out there, a simple Graphene Alliance could help Hive & Bitshares thrive. Some consolidation of dev/app work would go a long way!
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