The other day I got an email saying Mandala is migrating to a new platform and I should handle business with regard to that. Of course... it was an email so it can't be trusted. I immediately headed over to the official site to check it out.
Yep, this is extremely legit.
Seeing this made me cringe a bit because I use Mandala all the time to access Binance liquidity pools without doing KYC of any kind. It's been an extremely convenient solution with pseudo privacy that I appreciate. Of course I clicked on the dashboard on my Mandala account for the very first time and their system says I've been logging in from Roseburg (presumabely Oregon).
Roseburg, Grant County, Indiana.
Roseburg, Union County, Indiana.
Roseburg, Kentucky.
Roseburg, Michigan.
Roseburg, Oregon.
Roseburg, Pennsylvania.
Hm nope just kidding there's one in PA that makes more sense.
The point being this is simply further evidence that proves that corporations don't care at all about the law: only if they can get in trouble. Binance was pulling these exact same shenanigans before they went full KYC to get the regulators off their backs. As long as I use a VPN to at least somewhat mask my country of origin this is good enough for Mandala, even though they know damn well I'm an American customer... to the point of even identifying me as such on the dashboard login page.
So why is Mandala Migrating?
Honestly I have no idea I'm just hoping they don't go full KYC like Binance did. It's very hard to tell what the actual endgame of a corporation is when you only have an email written by a marketing team designed to omit data and exaggerate what users want to hear to make the biggest impact. Looking at the email they sent me isn't exactly very useful.
Uh Okay...
You know what this email doesn't mention? Why they would ever need to completely abandon their security system and force users to log in to a new backend with different usernames and passwords. Ya gotta love corporations: they all do it. Completely change the way how things work and then act like it's a convenience to the user. Amazing work guys. Look forward to hearing what other bullshit you have in store for me. I don't want to hear about frontend changes in response to major backend "upgrades".
In any case: 30 days notice.
It looks like there will be a way to transfer funds from the old exchange to the new exchange "within the coming days", but I took action immediately and just drained my account. I needed to pay bills anyway and used the money to finally capitulate and completely pay off the credit card I was using to go long until the summer. Well summer is coming to a close and I'm over it. Looks like we'll have to wait for the end of the year to get a real rally going. That's when all the timelines are adding up (lower inflation, halving event, Blackrock, liquidity entering risk-on markets, etc). I currently have 44 cents stuck on the platform that is lower than the minimum withdrawal amount. Meh they can have it I can't be bothered with depositing $5 so I can get my 44 cents back. Maybe I'll transfer it to the new platform... or not in the event of KYC.
Hive needs to get its shit together.
You know I probably wouldn't even use centralized exchanges if Hive had a deep liquidity pool to Bitcoin with low fees (as in 0.1%). Of course I've heard tales of the SPK network and DLUX trying to tackle this exact problem. We've also got @brianoflondon giving access to the Lightning Network which is pretty cool (but centralized and high fees and low liquidity). It is what it is. Decentralization is not easy.
Things are gonna start looking pretty bleak around here if we lose any more liquidity pools. Bittrex was a bust. Huobi was pretty good but now it's basically owned by Justin Sun and should only be used as a last resort. Blocktrades is gone. Binance went KYC, and now this. The time to get serious about creating a deep liquidity pool to BTC that can't be fucked with is a pretty high priority right now, but I have faith we'll figure something out.
Conclusion
I'm not sure how many of you guys are using Mandala, but I've found it to be an extremely convenient solution as we wait for better more decentralized options to roll around. Keep an eye out for what their actual game is, because thus far that mystery is extremely unclear.
Posted Using LeoFinance Alpha
I'm working right now on cleaning up the main bridge code so I can open source it.
It's horrible code, I'd love to re-write it from the ground up, but I just don't have the resources (especially without DHF funding). I'd love someone else to run another bridge, but even with the source code I don't think anyone will be willing to put up and run a Lightning node with more than 1BTC invested in liquidity and corresponding Hive deployed on the other side.
However, I really do think we're going in the right direction with wrapped BTC on Hive and the multi-sig work @vaultec is doing has the capacity to be a game changer. I would then be able to slash fees (if I'm not taking an exchange rate risk) and give people BTC wrapped on Hive.
All great points.
Funny how people simply ignore how all this stuff works and expect they should get the same deal that some corporation pushing billions in volume can offer. Everyone expects the world without giving it a second thought.
btw you can use MEXC/CoinEx KYC free for Hive
Ah yes indeed I do have a MEXC account only used it once I might have to revisit.
Good to know.
What ever happened to Rune?
Thanks!
Haven't used it in a while but probably would if Hive was actually a listing.
It seemed like a critical functionality Web3 is missing. I was excited to see it grow and become available to me, without KYC or banks in between. I am still waiting.
In ten years we will realize that over a dozen different critical functionalities were missing and wonder how we ever carried on without them.
Yeah, that email sucked. Hoping for the best with new one but it says KYC right there. Mandala was my last one that supports Hive.
Does it say KYC right there?
I'm seeing "KYC status" which is actually the opposite of KYC because it implies that your KYC status could be... not.
In your own control center even, how convenient.
What alternatives do you have that support Hive? I read Ionomi earlier but I've never been there.
I just rediscovered Mandala after first hearing about it in your post you wrote maybe a year ago.
Back then I had all my liquidity stuck on a bridge, and I remember thinking I wish I had read your post before I tried to invest here.
Now once again I have my liquidity stuck on a bridge and I am reading your post about Mandala again.
I love this place, but being on the edge of innovation has a price.
I hope this transition turns out favorably.
It’s annoying but we will figure out a way I know it. You lose some abilities along the way but it’s not entirely a bust. Convenience is the poison apple of fiat.
I have been using mandala to get in and out of Hive as required. THORChain plus CUB will likely be the play. BNB Smart Chain support with DEX aggregation should be available soon (if not already)... which means you should be able to move Hive to BHIVE, and then straight from that wallet you should be able to connect it to THORSwap and trade it for BTC or anything else. You may need to trade BHIVE for BNB first.
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Thanks for the heads up! ALmost forgot about it; they mentioned it already in Spring and I covered it here
So, KYC or not? Probably yes
Thanks, it's nice to know that Mandala is still non-KYC and connected to Binance Bridge.
I believe Mandala is migrating because Binance itself is sunsetting their Binance Cloud platform, which Mandala was using. I've done the same as you and removed any assets from their site, who knows how this is going to play out, but I'm reasonably sure the new product will be inferior without Binance's liquidity.
Yo man, I saw you deleted your discord account, is there a way to contact you?
Well actually it was deleted for me, lol. I got cancelled/deplatformed whatever, not even that active there but I figure I was simply a member of some communities that are considered 'disinfo' by tptb. I haven't got around to creating a new account, will let you know if/when I do.
lemme know when you do also sir, this is TF typing. you can msg me on element
Did they delist hive on the new version of their website?
edit: you can ignore, I can see your newer post about it. Sad day when I realized this