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Bittrex to Cease Operations in the US
- deleted 4y ago[deleted]
- monero-xmr 4y agoDexes destroyed the long-tail crypto exchange. Consolidation and shut downs are coming. Regulation is certainly an issue but the truth is Bittrex doesn’t really need to exist anymore. Cross-chain swaps are possible with wrapped assets, atomic swaps, and operations like FixedFloat. End of an era but the market has spoken. Whatever benefits a centralized exchange provides are better with deeper liquidity and larger exchanges like Coinbase and Binance. I also believe Gemini is on its last legs. The SEC combined with anemic volumes, GUSD went nowhere, Nifty Gateway market collapsed, Gemini Earn is in bankruptcy. Winklevoss will just buy and hold BTC from now on.
- orangepurple 4y agoCoinbase and Binance are firmly under the microscope of the US Department of Justice (DOJ)
- yieldcrv 4y agoEnd of a crappy era, in the US The extortion racket bucket shops cant go fast enough! Long live DEX’s, liquidity pool technology has been an incredible boon to the crypto space, shifting dynamics away from exchanges directly to the project issuers and community.
- gear54rus 4y agoyeah except now you will exchange your fiat into crypto with some shady guy instead of a somewhat-trustable big entity with reputation.
- alphanullmeric 4y agoThe code is open source, your only risks are bugs, exploits and the government.
- pawelduda 4y agoBugs, exploits, and "only problems" in the same sentence are what makes it funny, especially when your money is on the line and the most popular smart contract lang is JavaScript for blockchain edition I mean it certainly does the job but I'd die from stress if I would risk releasing a bug that could wipe hundreds of millions of users' money. I respect people who are good enough at Solidity to be reasonably confident.
- Atlas22 4y agoBy shady guy, the commenter is likey referring to peer-to-peer marketplace swapping of fiat and crypto, not DEXes. DEXes cannot offer fiat currencies since it is inherently centralized. AFAIK, the only options to exchange fiat are centralized exchanges and peer-to-peer marketplaces, both of which rely on extensive trust in a very small number of people, and are not open-source or publicly-auditable.
- skee8383 4y agoWithout any fiat on-ramp crypto is worthless. its value is always measured by how much fiat it can be sold for. without that it has no value. what are you gonna do, go mail a stranger cash for coins? send him gold bars for coins? lol. this crap is OVER. please wake up! or dont, i don't really care..
- alphanullmeric 4y agoGlad we agree the IRS shouldn’t be taxing something that has no value.
- gear54rus 4y agoStop raging, your argument is invalid simply because I can exchange crypto for goods and services and you don't even see this simple problem
- tsimionescu 4y agoToo bad DEXs can't actually get money into the ecosystem, they're only about swapping one funny token for another.
- monero-xmr 4y agoBuy USDC on Coinbase, withdraw to personal wallet, now you can use on dex. Or that’s what I do. I pay all my taxes and I pay a lot of them.
- lcnPylGDnU4H9OF 4y agoThis works but it's also specifically not using the dex (decentralized exchange, for anyone confused) to exchange fiat / crypto in either direction. Coinbase is doing that.
- monero-xmr 4y agoYes but the benefits of dexes, specifically the ability to earn fees by being a liquidity provider (LP) in an automatic market maker pool (AMM) are very useful. You can maintain your exposure to assets and not need to maintain a trading bot with all of its risks and still earn fees.
- saurik 4y agoBut that relegates the centralized exchange into the position of being nothing more than a "fiat on-ramp", and potentially literally nothing more than a trivial wrapper around Circle (in the case of Coinbase and USDC), which effectively undermines their business model of operating the whole exchange apparatus. (Hell: does Coinbase even make any money at all if you deposit USD and withdraw USDC? I think they don't have deposit fees in general, do the USD<>USDC 1:1, and then offer free withdrawals on USDC due to some fancy new "gasless" withdrawal mechanism Circle came up with.) Regardless, the point being made in the comment upthread wasn't "you will never need a centralized entity ever again": that was a total strawman. It wasn't even that you wouldn't want any centralized exchanges! It was merely that the "long tail" of random exchanges who specialize in listing more random tokens is effectively dead as who would bother with all that trouble to navigate all the red tape--particularly to operate in the United States--to support and vet these tokens when every token ever can be made available on a decentralized exchange. You might thereby still want a handful of the largest exchanges... but do you really need Bittrex enough for them to make enough money to put much effort into existing?
- WFHRenaissance 4y agoI guess the issue I foresee is that many perp DEXes aren't available in the USA. Gemini is opening a perp CEX soon I think. May be the last bastion for smaller CEXes: having enough regulatory favorability/connections to copy DeFi until the music stops.
- saurik 4y agoA DEX wouldn't fundamentally exist in any specific regulatory environment... how would one somehow not be available in the US?
- quanticle 4y agoIt would be unavailable in the sense that US entities would be legally prohibited from transacting with it, in the same way that US entities are prohibited from transacting with Binance (and, to the extent that they're flouting this prohibition, they're getting in trouble for it).
- detrites 4y ago*in the US Bittrex Global continues, along with the other 600+ centralised exchanges [0] unfortunately excluded in American-centric reality. [0] https://blockspot.io/exchange/ https://blockspot.io/exchange/
- babyshake 4y agoWould you expect they will rug pull GUSD? I assume this, like with USDC, would be seriously illegal, but it also wouldn't surprise me if they had some ToS provisions somewhere waiving their obligation to redeem GUSD for USD.
- colesantiago 4y agoGood. Crypto has no use case at all and the exchanges harboring these speculative tokens needs to be destroyed.
- repomies69 4y agoThey are only ceasing to operate in US, they will continue to serve rest of the world (95.75% of world population).
- colesantiago 4y agoUsually (and in almost all cases) the world follows the US so will be not surprised when governments will completely ban crypto into the dark web.
- yashg 4y agoWhen it comes to crypto regulations though, US is lagging behind. Crypto is already taxed as gambling in India and is pretty much out of popular discourse. Just one season of crypto platforms advertising on India's biggest sporting league (IPL) made the regulators sit up and take notice of the shady practices and put an end to it. I believe crypto is very much dead in China as well.
- Mizoguchi 4y agoThe US has 20% of the global crypto market and it's responsible for 40% of all transactions. That's pretty significant.
- gear54rus 4y ago[flagged]
- teekert 4y agoI like the podcasting 2.0 ecosystem. With boosting and satoshi streaming. Cool usecases of the btc lightning network if you ask me.
- smithcoin 4y ago@dang can this title have “in the United States” appended to it? They’re still continuing worldwide operations.
- LeoPanthera 4y agoHow confusing! I thought the headline referred to the ultra-bitter chemical that stops kids eating things they shouldn't. But that "bitrex" just has one T. Fun fact, Nintendo Switch cartridges are coated in it.
- ziml77 4y agoI thought that's what it was too! I expected to be reading about how they were forced to shut down because the chemical was super toxic after extended exposure or something like that.
- jasonjayr 4y agoSure way to get my older kids to lick the cartridges is to tell them about that :)
- BLKNSLVR 4y agoYeah, I don't have a Switch myself but now I'm going to need to find a friend's and work out how to slip in a sneaky cartridge lick just to have this experience.
- hungryforcodes 4y agoThis is a stupid title though. It's just Bittrex US. I can't think of a worse country to do crypto business in so it should come as no surprise. Bittrex Global seems perfectly fine.
- bdcravens 4y agoYes, the original title is "Important Message For Bittrex U.S. Customers"
- rchaud 4y agoWhat are the good countries? In crypto, most business seems to come down to converting an unstable fiat currency into a stable fiat one. DeFi is just the middleman.
- quanticle 4y agoThe problem is that the countries that are good for crypto, e.g. Venezuela, Nicaragua, Lebanon, etc, aren't really all that good for anything else.
- hungryforcodes 4y agoThat's not true. Crypto is fine in most of Asia. Most of these countries are very respectable.
- barnabee 4y agoNot a Bittrex user but this makes me genuinely glad not to live in the US.
- sdfghswe 4y agoImagine being happy for not leaving on the wealthiest nation on earth because a specific magic beans trading venue is shutting down. It's like the maga incels who work at walmart but complain taxes are too high.
- teekert 4y agoI have always liked Bittrex. Have been a user for many years now. Indeed they’ve never been hacked and their support is pretty good. Sad to see this happen. Have to say that as an EU based user I feel a bit uneasy about this though. Perhaps it’s time for some cold wallets or, as I’m reading here, a dex.
- troymc 4y agoI am in Canada and when I went to their website I found that it's not available for me either. I wonder what they do.
- throwaway4837 4y agoI started using Bittrex in 2017 because they had support for altcoins I wanted to gamble with. Sadly, over the years they abruptly dropped support for coins with barely any notice, and it was a pain to keep up with them. While I'm sad to see them go, I'm sort of looking forward to being forced to move my coins out of their exchange. Unfortunately none of the other exchanges I use have support for some of the altcoins I had on Bittrex, so I'm either going to have to dump those into BTC/DOGE/etc. or spin up my own wallet. I guess this is good for Bitcoin in the absolute shortest term... I expect Bitcoin/maincoin dominance will go up if Bittrex has any reasonable volume.
- swader999 4y agoCrypto getting killed to lock us into cbdc. Banks that don't play will be "rescued". Only big exchanges left that will be heavily locked down.
- nubinetwork 4y ago> The page you are trying to access isn’t available to you in the locale you are accessing from. Well then.