Fate of Hive if Binance listing is gone
One of the biggest cryptocurrency exchanges that is trading Hive is Binance and most of the users are finding it very comfortable to trade Hive on Binance. It is not that it offers low-price solutions but it is also one of the popular centralized exchanges. I personally think that there is huge dependency on Binance for making it one of the most comfortable mediums for us to trade. Many people have done KYC for this and have been trading on Binance for several years. I have also used Binance a couple of times to cash out.
One of the best features that Binance has is that it offers some good staking rewards for some of the coins. Keeping funds idle in exchanges is not good but at the same time keeping them in the wallet is also not going to help us much. So if the value is not that big, it is no harm to make use of the features that Binance has to offer us.
Fate of Hive
One of the biggest challenges for Hive if Binance decides to remove the Hive trading pair is that we don't have a proper CEX alternative. We are still not there where we can also use some DEX for trading and withdrawing Hive. Many people cash out their crypto with the help of Binance and I personally have seen many friends doing that. It is very convenient to convert it to USDT and then trade it in the market or cash out with the help of P2P options available. If Binance decides to not list Hive anymore, it can be a great hit for us. We have a few more exchanges but having more sell pressure on those exchanges can create a huge pressure on the price of Hive.
There are a few solutions being worked out on making some DEX on top of Hive that would be decentralized. Even if we think of a centralized solution, we don't have many right now. Some people say that Hive Engine is also a solution available but we have a huge liquidity problem over there. Many people want to convert their SWAP.HIVE to Hive but very few people want to convert their Hive to SWAP.HIVE. There is a facility to convert our Hive to another Hive Engine token but there are withdrawal issues that sometimes become a big thing for us. Even people who transact other cryptocurrencies on Hive convert them to SWAP.HIVE and then to Hive and take them to market.
Start talking to other top exchanges
There have been discussions already in the past with some of the other exchanges for listing. One of the biggest problems is that they ask for money and want a company that would be accountable for Hive. As we are a decentralized community, there is no one leader, and not one person can be held accountable. This is where the CEX finds it hard to collaborate. The second problem we have is that CEX listing costs a lot of money. There were discussions on pooling this money from the DHF funds and using them for the same but then people say that it is not justifiable to make use of the DHF fund to get an exchange listing. There has to be one reliable person making this request and we have to be sure that the person would not want to loot unnecessarily.
Let's hope there will be more exchange listings in the future and at the same time we also have a proper decentralized solution that we can use to connect with other blockchains.
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Wait, why are we even talking about binance delisting HIVE? Has there been any such rumors that I might have missed?
No he is just FUDing right now
Bittrex recently shut down its operations. It is one of the biggest exchanges.
The other biggest exchange listing we have is Binance and just thinking out loud what would happen if Binance delists Hive. The new CEO can do whatever he wants.
I don't think it can happen the way we've seen Binance have a lot of troubled days and that's why all these people are talking like that so prices can't do it but it looks like it's happening.
The new CEO might do anything. We cannot be so sure.
Yeah but hope for good.
If hive is really removed from Binance Exchange, that will really affect the price of the token a lot and which might actually affect the platform also or what do you think
Binance platform will not have any effect if Hive is removed but Hive might shake a little bit. There are a few alternatives though. 🙂
The main thing is that HIVE is on the Korean exchange Upbit. In my opinion, the main market makers and more than half of HIVE trading volume are located there.
They are not very regular there and we don't know who is moving the markets there and I agree that it happens once in a while. A sudden pump.
Having a good or proper DEX for Hive will be a great solution if/when that happens. It's becoming clearer that Binance could be heavily regulated when the case is over, which means changes on how it operates.
My question is why hive can't be listed in coinbase?
Good question.
Exchange listing is not easy. They ask for an individual company or an individual owner. We don't have an individual company or owner because of decentralization.
They also ask a lot of money for listing which is again a concern.
We need to encourage people to trade on the internal exchange so that we can build the liquidity there. First, it's a true DEX built on the layer 1 chain, and 2 it actually gives a good use case for both Hive and HBD. Binance isn't going away, they just now have to play ball with the regulators, which they were really already doing. As a US citizen, I haven't been able to use the main Binance exchange anyway, we are subject to the limited Binance.US which has had it's own share of issues.
The main point of my little rambling, is if people really care about the whole decentralization factor of our industry, they would use DEX's instead of that centralized garbage. On Hive, we have an amazing opportunity here to be an ambassador to traders who what a different way.
NOT YOUR KEYS NOT YOUR COINS!
I agree with your points. We need more adoption in the real world with crypto directly. Currently we are converting the crypto from a decentralized space to a centralized FIAT space and that mostly cannot be done without a CEX. But I definitely agree that DEX should be the future.
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Maybe we should be trying to build hive engine into something which has liquidity and make it a proper dex? more coins more liquidity less fees etc,.
The withdrawal systems and the exchange accounts are all still centralized on the Hive Engine. That's the only part where it is centralized. Other areas are decentralized.
That's also because the Engine team wants to have control over what is happening on the Hive Engine. We have few other challenges and scalability issues that need to be sorted before we think about having open smart contracts and more decentralization. But yeah the future should be like that. Let's see.
It dawned on me earlier that somekind of launch pad type thing with hive power being more used for air dropping more project coins would certainly send hive up. Challenge is getting devs to want to airdrop the coins. But if they got the 20interest from delegations it would be an incentive.