Breaking up with Binance
If there is an event that might signal the end of the a project is probably having a Binance delist a token. Of course, it's not necessarily true that if it happens a token will go to zero, but the possibility of it happening, more so if the bear market continues, is basically amplified ten fold.
There's something to be said of the power that the Binance exchange has over the currenty crypto markets. Out of nowhere, Binance became the most important and biggest exchange in the world, and it seems like they are showing absolutely no signs of slowing down. Development is still very active, and it seems like every month or so, they are launching a new product, a new service, something that would help facilitate mass adoption, the goal we are all striving for after all.
Also we can say, that an indication of a job well done, of making a "the right moves" so to speak is getting your particular token listed by Binance. But up until now, I had not seen major tokens being delisted, and more so tokens that I at some point in time believed in and had bags of.
This is the case with SALT, a token designed to allow people to access funds without having to sell their crypto to do so. The idea was that it would allow you to not exit your positions while at the same time remaining solvent in the "real economy" until the markets would recover, and all of this would be provided to you with small fees of course.
I never bought too much of this token, but I had at some point enough to where if I still had it today, I would probably be typing this post while trying to calm myself down with wine or something even stronger. "It's not easy to hodl" - At any rate, I don't see SALT surviving this delisting, and the plummeting price basically shows I'm pretty much in line with the rest of the cryptosphere on these thoughts.
The other projects getting shown the door are:
- CloakCoin (CLOAK)
- Modum (MOD)
- Substratum (SUB)
- Wings (WINGS)
And out of this list, the ones that really makes my heart bitter with disappointment is Substratum. Once again, a great idea that for some reason or another, nobody cared about to begin with. Uncensorable internet? What? For What? Net Neutrality? What? For Who?
Who knows how many tokens are on their way to kicking the big bucket, and I fear we've not seen but the tip of the iceberg as this bear market continues to claim victims.
Who will be next?
Yes, I would imagine that a delisting would typically be a death blow to many projects... but I guess it's also a reminder of a couple of things: A lot of projects get started "in the heat of the moment" and people create business or operating plans around a paradigm of up markets while ignoring completely what might happen in a protracted down market.
Of course — much like the dot-com crash back in 2001-02 — there are also lots of projects that basically had no business existing in the first place. Not necessarily because they were bad ideas, but because they were ideas that could only hope to survive during good times.
Frankly, I think all this "weeding out" is a positive, on a greater scale... it creates a marketplace in which the participants are actually viable, rather than just fueled by hope and idealism.
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I was very excited for SALT when I was first reading about it, but then I realized that the MakerDAO was superior in almost every way. SALT is an extension of institutional loaning. Maker allows you to give yourself a loan using Ethereum as collateral.
Why would you ever get a loan from a regulated institution when you could just give yourself an unregulated loan that you fully control?
The nice thing about Maker is that they never did an ICO so they are going to avoid the dreaded SEC crackdown. Same with Steem and EOS.
Checking my Binance history, it looks like I fully exited SALT two months ago.
I did back in November or so, I took a hit, but gosh.. I'm so glad I did now
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Thanks for sharing. Being on binance is an important thing for a tokens survival. (Until D'ex's take over).
I'm starting to care less about projects because i want to make money. You can even make money when everything goes down. Just trade the waves.
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That is certainly a blow to any project as it is probably the best liquidity available for these assets across the world. They continue to grow and continue to be a big influencer for those seeking to get involved with projects.
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