SafeExchange Coin De-listing
The call the cryptocurrency markets the Wild West for a reason. The regulators haven't caught up with the advancing technology or the communities forming within these markets yet. All the new people entering into these markets for the first time need to understand there are no guarantees other than what you provide yourself. Understand what your doing before you invest any significant amount of money (whatever that may be for you) into these coins. SafeExchange and all of the FUD today is a perfect example of why I say this.
Bittrex has been the largest market for the coin and it had scheduled a delisting of the coin today, citing an American regulation regarding securities that distribute dividends as the reason. This is understandable, after all, who wants to run afoul of Uncle Sam, as belligerent and violent as we all know he can be?
Cryptopia unexpectedly and without warning announced they were stopping SafeX from trading on their site, which was the second largest market for the coin. Effective Immediately, also today. This happened during some very high volatility, as Safexchange shot from $0.015 to over $0.05 on the day.
Then I hear that another exchange I've not heard of prior to tonight, CoinSpot, has also delisted and stopped trading SafeX. Also without warning and effective immediately. They have this ominous message when you click on the coin page at their website.
Once is chance, twice is coincidence, thrice is enemy action. The quote from Mr. McAfee regarding SafeExchange was prophetic, from less than 24 hours ago...
The idea behind SafeExchange is the epitome of Disruptive Technology. There will be more hurdles SafeExchange must overcome before it reaches its goals as the old industry tries to stop the Blockchain from solving all of the problems their jobs rely on. After all, this is indeed the new Wild West. Don't leave the safety of your city if you aren't prepared to deal with the Indians yourself.
Hold your tokens in your own wallet, in your own possession. These tokens like SafeExchange which represent such radical ideas to the established powers aren't for trading back and forth on these exchanges, these are game changing projects which are meant to be the tip of the spearhead into humanities future. Those who knowingly and willingly got on board because the project represented a future they wanted are willing to ride out whatever volatility comes our way.
The value of the coin isn't in Bittrex, Cryptopia, or OneCoin. The value of the coin is in the idea, and the team building the idea. If you understand this, then today shouldn't make you lose any sleep. They say you know you're over the target when you start to get the Flak, today was a very good indication SafeExchange is getting close...
That is a bit of the problem with these crypto oracles, every coin has them, peope you will inevitably come across that will defend why the coin they are invested in is the best coin. Unknowing people will dive head first into all of these "best coins" without having any clue of what they're doing. Sometimes even the knowledge of the most involved investors can't predict sudden changes or in this case tradability.
The Crypto markets are risky and unpredictable, you're right about that. And people will be foolish with their money because of both FOMO and FUD, especially in something getting hyped as much as bitcoin is recently. I mostly write things like this to share with my friends who are curious about entering the markets and want to understand what they're getting into. SafeX provides a good example of what can happen and the uniformed weak hands will panic when they get caught up in it.
There is risk, but there is also reward, it's up to each individual to determine what level of exposure to each is acceptable.
Nice post