Bittrex Removed 36 Digital Coins - Essay Example

Bitcoin exchange Bittrex informed its users that it has removed three dozen cryptocurrencies from its platform on Sunday.

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Bittrex also pointed out that they have flagged and warned these wallets for around 30 days. So, no exceptions will be made for funds remaining during execution.

The digital coins subject to this decision are not very famous compared to Litecoin and Ripple, with very small market capitalizations.

While the company provided no reasons, all-out abandonment might be the case for some of the digital currencies. “Broken blockchains” is being cited as a reason why refunds will be unavailable.

However, It seems fair for those coins but two of the cryptocurrencies in the list were unexpected entries. Those who paid attention to the digital currency world would have never guessed that Bittrex will remove Netcoin and Anoncoin.

Netcoin has seen a recent revival in development, value and usage. It is currently trading around 200 Satoshi at Cryptsy. Considering the altcoin’s growth rate, no one expected it to be in the list.

Anoncoin consistently trades over 50,000 Satoshi. Bittrex stated that the reason for its removal was wallet issues. So, it is expected that the developers might find a way back into the exchange.

One thing is clear. The motive for removing these 2 coins could not be related to their utility or value. Each of them has growing communities and comparatively feature-rich applications boosting them.

Removal of most of the other coins was not very notable. Some coins were replaced by competitor coins. XXX is an example which shares a market with SXC, TIT, and TTC, and therefore got replaced.

Others, like stated earlier, are broken and abandoned coins, so the decision from Bittrex represents more a cleaning of its list than anythingelse.

Below is the complete list of 36 coins that Bittrex removed from its platform:

ANC / AnonCoin

AXR / Axron

BIG / BigBullion

BURN / BurnerCoin

CHCC / CHCCoin

DCN / DeepCoin

DEAF / DeafDollars

DIME / DimeCoin

DSB / DarkShibe

FLEX / FlexibleCoin

FRSH / FreshCoin

GANJA / GanjaCoin

GB / GreenBacks

GLOW / GlowCoin

HIC / HawaiiCoin

LKNX / InkwayCoin

MCL / MiracleCoin

MOB / MobCoin

NET / NetCoin

NMB / Nimbus

NOPE / NopeCoin

NUD / NewUniversalDollar

PYRA / PyramidsCoin

REKT / RektCoin

RUBLE / Ruble

SHADE / ShadeCoin

TAC / TalkCoin

TECH / TechCoin

UROD / UroDark

VAULT / VaultCoin

VIK / VikingCoin

VLTY / VolatilityCoin

VOOT / VootCoin

WWC / WorldWideCoin

XBOT / SocialXBot

XXX / XXXCoin

After being permanently cancelled from Sunday, no funds in these wallets will be recoverable.

In moments like these, advocates of total decentralization such as Cody Wilson gain traction. It is true that you can sell what you want for as long as you want on a decentralized exchange.

The only role of the platform is to maintain the connection between the buyer and seller. It is very how the BitTorrent protocol connects the file sharers.