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According to an announcement released by Bither, a well-known domestic trading platform, in order to improve service quality, reduce operating costs, and reduce the maintenance energy of some old currencies, the first batch of currencies that are difficult to maintain and have sluggish trading will be removed from the shelves.
The editor logged into the BIT website and found that the scale of BIT's delisting of currencies is very large, totaling more than 40 currencies. Many of these digital currencies were once popular currencies or led the market, but as time goes by, most of them have been unmaintained and have lost their investment value and development space.
Netizens heatedly discussed the delisting behavior, with mixed reviews. <br/>The large-scale delisting of old coins by the BitTorrent platform has aroused discussions among many netizens.
Some netizens who support this view believe that from the perspective of business operations, there is nothing wrong with removing old currencies from the shelves. This can not only save corporate costs, but also concentrate more resources on mainstream trading currencies.
Netizen "Shandong Tough Guy" said: Too many coins are not a good thing for the market. Supporting netizen "Pure Love Little Squirrel" said: If you can't maintain it, don't maintain it. It is a decentralized thing. What reason is there to ask the platform to be responsible? Another group of netizens scoffed at the act of removing old coins, believing that this move harms the interests of investors and is an irresponsible behavior of the platform.
Netizen "888": Today, 17 of my coins were suddenly removed from the shelves, involving an amount of more than 10,000 yuan. As a platform, it should issue a notice 1 to 3 days in advance. Should the platform be held responsible for causing such a huge loss?
Netizen "Croissant Agent": How to deal with the losses caused by the delisting? It's delisted as soon as we say it. The coins we bought are rotten in our hands. Who can we talk to?
Different netizens have different suggestions and opinions. For example, a netizen named "I hope BTER will be responsible" said, "I have no objection to you taking the product off the shelves! But you should announce it in advance instead of afterwards! This is too overbearing and rude. In fact, BTER can set up a delisting area where all delisted products can be traded. The coins in the trading area can only be withdrawn but not recharged. This can solve many problems. If that product has a new team or comes back to life, it can return to the mainstream trading area, similar to the 3rd edition stock system."
Netizen "天使爷儿" holds a similar view, saying, "In fact, if the delisted coins are transferred to the delisted area for trading, the wallet does not need to be maintained. It is also OK if cash cannot be withdrawn. Now most wallets cannot be synchronized. Where can customers withdraw cash? If some coins are revived one day, they can be transferred to the trading area. If there is no notice or sign, the sudden delisting can only cause losses to customers."
Due to different national conditions, there are differences in the delisting and listing styles of domestic and foreign platforms . The listing and delisting of trading currencies on digital currency trading platforms are completely different on domestic and foreign platforms.
From the perspective of listing, the number of currencies supported by foreign digital currency trading platforms is much higher than that of domestic trading platforms. Foreign mainstream platforms such as B.com and P.com support hundreds of different trading pairs, while domestic trading platforms such as BitTimes and Jubi.com often only have dozens of currencies. From the perspective of delisting, it is common for foreign platforms to delist currencies, but it is rare for domestic platforms to delist currencies.
The editor believes that the differences in national conditions and ethnic cultures have led to such differentiation. As a service intermediary, the trading platform provides transaction matching services for buyers and sellers. In theory, the platform decides whether to open or stop the trading service of a currency based on its own operating conditions.
However, the operating philosophy of more foreign platforms is based on the "contract spirit", that is, a fee is charged for providing a transaction matching service. Both the buyer and the seller and the platform have the spirit of contract. After the transaction is completed, the contractual relationship between the buyer and the seller and the trading platform is terminated. Even if the subsequent trading platform no longer provides this service, this is also normal behavior under the "contract spirit". Therefore, foreign platforms are very agile when listing and delisting coins. From the perspective of the enterprise, once the platform believes that the benefits of providing transaction services are greater than the cost of providing transaction services, it will list the coin, otherwise, it will delist the coin.
Domestic users have a slightly stronger speculative mentality than foreign users. They have a weaker investigation and understanding of a digital currency before investing. Some users even complete their investment without even knowing how to use a wallet. As a result, a large part of the operation of domestic platforms can only be based on the "moral level". Netizens often comment on whether a certain platform has moral integrity or not, which is actually a manifestation of different national cultures of users. Therefore, when it comes to the issue of listing and delisting, the platform's operating team is also easily affected by the "moral level". Regardless of listing or delisting, there are always different voices. Therefore, it is understandable that domestic platforms are very cautious in listing and delisting.
Lawyer’s opinion: Is it legal and compliant, and is it reasonable? <br/>Regarding the case of BitTorrent removing more than 40 currencies, the editor consulted Lawyer Wang, a member of the company’s legal advisory group. Lawyer Wang said: Under the premise of not violating the provisions of the Contract Law, the Company Law, etc., the company has the right to stop providing its business. That is, if the company has no arrears or unfulfilled obligations in this business, it has the right to adjust its business structure and scope according to the company’s operating conditions. From this case, the suspension of trading services by the trading platform is itself a normal business behavior and should not constitute an illegal act, but it is necessary to ensure that user assets can be repaid smoothly.
From another perspective, Lawyer Wang believes that this move may undermine user confidence. At the same time, the lawyer did not find a "user agreement" on the trading platform, which may cause other disputes. For example, users who were still buying digital currencies yesterday, although the purchase was voluntary and the users should bear their own profits and losses, but when the users purchased, they did not know that trading would be stopped today. There is information asymmetry here.
Review of some cases of delisting currencies on domestic platforms
In September 2013, BitTimes delisted YAC due to low trading volume, and the platform rewarded users by exchanging 1 YAC for 2 XRP coins.
In December 2013, BitTimes listed the Dragon Coin ISK, but it was removed from the market after only two hours of trading. The platform paid all users who bought it at the original purchase price.
In September 2015, JuBi said that the transaction volume of Dash was too low and removed DASH from its listing without any additional compensation or rewards.
In December 2015, Yibi.com announced that Red Star Coin, John Coin and Service Coin were officially dissolved and removed from the shelves. Users could exchange them for CoinLink Coin.
In January 2016, BitTimes delisted SYNC due to low trading volume, and the platform rewarded users based on the average transaction price of SYNC over the past three months.
In February 2016, Goubi.com said that there were too few nodes in the Hongbi network and removed Hongbi from the shelves without any additional compensation or rewards.
In March 2016, Goubi.com announced that it had a dispute with the development team of Bass Coin and removed Bass Coin from its shelves. Users can convert Bass Coin into Geek Coin.
In March 2016, Yibi.com announced that after communicating with Lebi officials, it decided to remove Lebi from the shelves without any additional compensation or rewards.
In March 2016, Bither removed more than 40 currencies from its shelves to reduce maintenance costs. |
