SafeX (Safe Exchange) - Great Opportunity or Cautionary Tale?

For those of you who don't know, SafeX has been making huge gains as of late. It was an undervalued crypto that was likely going to explode in value anyway, but that explosion was triggered by a certain tweet...

https://twitter.com/officialmcafee/status/941466745822474240

John McAfee is one of the greats in this industry. If you don't know who he is, he is the man behind the ubiquitous McAfee Antivirus Software. Some SafeX followers attacked him on Twitter for not including SafeX in his list of great choices in crypto, and he responded by saying that he was, in fact, a strong supporter of SafeX

Check out the gains made by SafeX just hours after his tweet:

I even grabbed some SafeX around this time. Fortunately, I jumped in at a good price. Unfortunately, I missed the lowest prices due to me investing just 6 hours too late. That's how fast this explosion happened. Lots of people were excited about this coin.

Cue more drama...

Apparently, Cryptopia had some technical issues with their SafeX wallet during this explosion, and froze some parts of trading. Many SafeX investors and Cryptopia members found the difficulties to be suspect. Some accused Cryptopia of dishonest practices. Many just asked when the coin would be back up. Most kept quiet.

But, it became too much for the team at Cryptopia, leading to this announcement:

"
SAFEX delisting

2 days ago OMNI updated their codebase, this is a mandatory release so all OMNI wallets needed to be placed in maintenance while it was updated and resynced. SAFEX is an OMNI asset (along with others) so is affected by this mandatory update. This is external to Cryptopia, and like any exchange Cryptopia must update the wallets. On an exchange with many thousands of transactions in our wallets this takes time.

Since then the SAFEX community have launched an attack on Cryptopia with a very large number of support tickets and posts on various forums abusing Cryptopia and stating that we have placed the coin in maintenance just to manipulate the price and profit from it. We froze the markets in an attempt to allay these concerns, however this just resulted in the SAFEX community doubling down on their accusations and threats and flooding our support and forums with further abuse.

We take a stern view of this type of behaviour from communities and as a result of this, along with other issues with SAFEX, in particular the fees and costs associated with this token, and continuous complaints in general, SAFEX has been put in our delisting queue. While this is still subject to a final review, it is likely that SAFEX will remain in delisting and will be removed from the exchange.

Once SAFEX has fully synced (at block 394077) as of this post, the wallet will be re-enabled and you will be able to withdraw. Cryptopia will ensure all users are able to withdraw all your SAFEX tokens prior to the delisting being finalised.

We apologise for any inconvenience but we have a strict policy against abuse towards staff. This is a good reminder to treat exchange support staff nicely - a torrent of abuse is never welcomed, and we do not expect our staff to put up with this type of behaviour from a large part of a coin community. While we understand that often there are only a small number of bad seeds in a community that are abusive, in this case the abuse came thick and fast from many.

We also apologise to those that were not involved in the abuse and have treated us respectfully through this process - it is due to you that there will be a final review prior to delisting, however due to other issues with this token as mentioned above this may not change the result.

Published by: bobthebomb @ 12/15/2017 7:45:51 PM "

Bittrex had delisted the coin already. Cryptopia was a last option. And we had lost it. So, here we are, with our coins trapped in limbo. What lies in SafeX's future.

Hopefully, Cryptopia can reconcile with the SafeX community. Hopefully, another exchange will list the coin. Many believers, including John McAfee, are still believers in the coin despite its present shortcomings.

As for me, I'm only a small amount in, and I'd rather be done with the whole thing. That being said, my original strategy was to buy and hold, so I don't mind a wait until things get sorted out. I don't doubt that SafeX has a great future. I just hope that it's drama free.