Effective immediately, BlockTrades will no longer support customers trading cryptocurrency. Instead we will entirely focus our business on its founding purpose, the development of blockchain-related software.
Why end the service?
For a while now, BlockTrades' cryptocurrency trading service has been operating at a small loss.
My partner, Donna and I, have been considering shutting down that part of our business for a long time, but we continued operating as long as seemed feasible because we felt we had some duty to continue supporting our long term customers.
We long ago decided that we wouldn’t try to expand BlockTrades into a large business, but instead keep it focused on supporting the community that we feel affection for, namely the Hive community.
But with increasing legislation and regulatory requirements, it has been come difficult for our small business to handle the increasing overhead. At this point, it seems that small cryptocurrency businesses like ours just don’t have sufficient headroom to compete.
Another factor in this decision has been my own lack of interest in the cryptocurrency exchange business. I’m much more interested in technology than in business, and operating our cryptocurrency business has always been a major distraction for me personally. So while I’m sad to some extent to end this business after being involved with it for so long, I’m also looking forward to being able to focus my future efforts on the technologies that I hope can best contribute to a better future.
Also, I want to be clear that we will continue to donate our time towards the development of software to serve the Hive community. I remain passionately committed to this work.
End of an era :( Sad but completely understandable with the regulatory insanity going on. At least now you can focus on the more interesting stuff
Sad day. Do you see any light at the end of the tunnel in terms of legislation and support for crypto?
Crypto legislation is really hard to predict. Especially as the rules are being established much differently in different regions.
Also, I believe that cryptocurrency isn't really well understood by the people creating the rules, as they keep trying to map it to older (and quite different) things when there's some remote similarity between them.
There's also many competing ideologies and special interests at play, which again makes the final outcome difficult to predict.
Yep. This I get.
What I think might be the pivoting factor in the future is, that as the next generations are coming through who are traditional economy skeptical and crypto comfortable start to take decision making seats, while inheriting wealth from older generations, they will naturally start catering to and supporting what they know. The next two decades are going to see a massive transfer of wealth through inheritance and perhaps, that is where the critical mass will come from.
Might be too late for you and I perhaps, but it is a long game to change an economy.
Nice thought. Have been involved in the financial industry for close to 50 years. The old guard have a remarkable ability to look after the old guard. We just have to see how the SEC has taken action to shake out all the loose cash in altcoins to drive it into Bitcoin ETFs opening up by the old guard.
It's a pretty major distraction trying to function under all the uncertainty and fluctuation of temperament and sentiment in US law on top of everything else you guys have mentioned. I have respect for making the choice to preserve your abilities and enthusiasm for this ecosystem while removing an impediment that's been actively making things tougher for you guys. Thanks for providing the business as long as you did!
"making things tower for u guys"
I would like to thank you for the devotion you put in especially if you were running at a loss. Your exchange was great and I used it often, so for that I am very grateful. Ultimately you need to do what feeds your soul and ignites your passion and if you and Donna know that development is more up that alley, then I think it's a good move. I wish you all the best going forward and considering all the regulatory nonsense I absolutely don't blame you. All the best to you both, thank you for providing such a good service while you did
🦋 Emma
Blocktrades exchange played a crucial role in the Hive ecosystem, so it is disheartening to witness its closure, partly due to the growing legal burdens.
My previous @v4vapp proposal has expired. I have a new one which is running but unfunded right now. I'm still running @v4vapp and all my other services.
I've just updated v4v.app and I'm getting ready for some exciting new features after the next hard fork.
Please consider asking your friends to vote for prop #265 or consider unvoting the return vote.
For understandable reasons in the current crypto climate it is harder to get funded by the DHF, I accept this so I'm asking a wider audience for help again. I will also redraft this proposal with more details (coming soon). I'm also looking for other funding sources.
Additionally you can also help with a vote for Brianoflondon's Witness using KeyChain or HiveSigner
If you have used v4v.app I'd really like to hear your feedback, and if you haven't I'd be happy to hear why or whether there are other things you want it to do.
Forgive ignorance, but will this have any impact at all on wrapped coin in hive-engine? Does hive-engine at all use your currency conversion service? Is there any way of knowing what apps out there are using your currency conversion service that will be impacted by this change?
It doesn't have any impact on hive-engine. Our service has only ever supported a relatively small number of coin types, and none of those were hive-engine coins.
To clarify, this sounds like hive-engine does not use blocktrades to do swaps to ETH and BTC and there will be no impact to users exchanging in/out ETH or BTC.
Ahhh crypto nostalgia!
Thanks for everything and being my first ever exchange!
Wishing you every success for the future :-)
It's been quite sad seeing how the U.S. has been treating this innovation and have often thought about how it would affect this part of your business. Hopefully Hivers will have other methods over time to easily exchange tokens and that this gives you less headaches to focus on other important things that you're more interested in working on in the future. Thanks for running it for so long, it's been quite useful in more ways than I can count, and for everything else you do!
I used your trading service and found it to work quite well. I'm sure wherever you put your attention will benefit from your efforts. Good choice to follow your passion(s). :)
Makes sense. I wouldn’t want anything to do with running an exchange right now. Keep up the great work that your team is doing.
Can completly understand this. Trading for trading sake is not what makes this tech interesting.
Very sad to read this. The trading service on BlockTrades was a part of the Hive blockchain at some level. When we clicked on buy or sell in our Hive Wallets, BlockTrades appeared.
It still appears, writing the following:
I really hope that it is indeed temporary, and one day the trading service on BlockTrades will return.
The last time I used BlockTrades was on 2023.06.24. I have 11 completed transactions. My first BlockTrades transaction was on 2021.10.21.
Thank you for the trading service.
Have a nice day and have a nice weekend.
All the best. Greetings and much love from Hungary.
Governments putting thorns in the viability of crypto. On one hand regulations are understandable to thwart scams and money laundering, but on the other hand it defeats the purpose of crypto, being decentralized and outside of government overreach. It's a double-edged sword. Thanks for your services, I hope you'll find more satisfaction in development.
Thanks for everything you have done. Your refocused energy will be invaluable to Hive going forward.
It's so sad to hear about this news. Blocktrades is always the place for my transaction in crypto because it's very easy unlike other trading platforms. But I respect your decision and always, thank you for your service. I hope you will be back when you think it's nice to go back for doing the trading.
Thank you
Sorry to hear this. The regulations sure sound like a minefield and I can understand that your energies are better used in other places where the powers that be can't exert so much control. Thanks for keeping it going for so long.
My previous @v4vapp proposal has expired. I have a new one which is running but unfunded right now. I'm still running @v4vapp and all my other services.
I've just updated v4v.app and I'm getting ready for some exciting new features after the next hard fork.
Please consider asking your friends to vote for prop #265 or consider unvoting the return vote.
For understandable reasons in the current crypto climate it is harder to get funded by the DHF, I accept this so I'm asking a wider audience for help again. I will also redraft this proposal with more details (coming soon). I'm also looking for other funding sources.
Additionally you can also help with a vote for Brianoflondon's Witness using KeyChain or HiveSigner
If you have used v4v.app I'd really like to hear your feedback, and if you haven't I'd be happy to hear why or whether there are other things you want it to do.
Too bad :/
Well Damn! That is a big move!
You've got to do what you've got to do brother!
SALUTE
Keep developing buddies
That's a big move bro.
All the best on this new path you guys are embarking on.
My best wishes
Continue the good work.
Keep deving dev
sad to hear, but I think your time and effort are much more needed as a dev and it's great that's where your heart is as well!
You have a more time to focus on Hive based SMTs then ;)
Sad to hear things but nobody would love to run a business on a loss over a long period of time. Now the government regulation have even made it tougher.
I hope the focus will uplift Hive more and more with other tech you intend to venture into.
Wish you all the best and continue with the good work.
Such sad news, I used blocktrades quite a few times in the past. Good luck with all your future endeavours.
Understandable with the current hoohaa and increasing legislation that exchanges have to contend with. It will just get increasingly difficult for operators without an ever increasing legal team to continue
Thanks for having provided that service. I used it a lot. I'm sure the business and legal issues around running an exchange are a lot of hassle.
Cheers
Was for sure not an easy decision. But to shift the focus on developing Hive sounds very good!!
I was just want sell something 😐
There is a time for everything and if it starts to scratch, then simply get rid of it.
Thank you for your efforts.
Your way or the highway! Good luck dev !
Based on your explanation, it seem logical to me that you would stop the trading services; namely running a business at a loss which one has no affection for and in this current regulatory environment. Thanks for having provided that service. Hive looks forward to your future endeavours.
A wise decision in these uncertain times. If your heart is in technology then that is exactly where you should be, not in the trading service. I am an older lady but feel like a teenager being kicked out by her parents LOL....kidding aside, all manner of respect and thanks for being here. I am sure you will be contributing to the advancement of Hive through your work.
Sad but I totally understand your reasons (I'd do the same !).
But I'd like to say a big "thank you" for being the best way to move funds into HIVE.
Hopefully we can all find something else out there that's just as user-friendly.
I’ve been a great fan and user of your trading service, but I completely understand that you need to recalibrate your activity towards its best goals ! Will look forward for your developing, keep it up ;)
Thankyou for your past service. Appreciated, especially when first joining up on steemit. 👍
It is better to focus on your core abilities than on something distracts your passion. I wish you a great success in your future endeavors.
It's never easy to let go of something that has been a part of your journey for so long. However, it is clear that we are witnessing an unprecedented wave of regulation. Hard to continue to do business under these conditions. Thank you for all you do for the Hive community.
Shit, sorry to hear this as I used your service and really appreciate how well it worked.
But I understand your reasons. Thanks for your service and thanks also for staying committed to Hive xxx
A shame, but understandable
Urgh hate to read this man, but understand the messed up situation for all exchanges these days. Thank you for providing your exchange to help a lot of us get our feet wet in this eco-system.
You were my first exchange. The simplified version of your shop become a refuge when my mind couldn't process major ones. Thank you for the cushioned first time experience.
I felt so sad to realize what going on. I remembered when I trade Hive To BCH using blocktrades it was super fast in transactions but now it no more. I understand how hard it things to keep things working still this present moment but thanks so much for creating a space for us to trade Man you owe hivans a lot.
It good to see you are still with hive man. Can't wait to see your next blog, I hope things work out well for you and Donna
Happy new month @blocktrades sending love from Nigeria 🇳🇬
If I may ask are you starting a Curation team?
If yes I will love to be with the team!
Oh sad I am supposed planning to orient and coach newbie how to transact withdrawal via @blocktrades and how to rent Hive power.I am thinking now where we can use such feature such as blocktrades.
I guess we will retreat to Binance. But even Binance is being asked to be banned in the Philippines due to the ban implemented in the US.
Probit or Ionomy, sis @antonette