The bitcoin exchange Bittrex is withdrawing a number of privacy coins from its program. But there is resistance to the measure.
The Bitcoin exchange Bittrex will suspend trading in three previously listed privacy coins. Like a press release as of January 15 this year, Bittrex customers will no longer be able to trade Monero (XMR), Zcash (ZEC) and DASH. Users should therefore have completed all trading activities by January 15th at the latest.
Users have up to 30 days to withdraw delisted tokens, but in certain cases the withdrawal period can be shortened. Users should withdraw all tokens before the specified redemption period,
writes Bittrex in the message.
In the notification, Bittrex does not give any reasons for the delisting. However, one can assume that their status as privacy coins was decisive for the end of trading on the platform.
DASH: Privacy Coin?
While XMR and ZEC make no secret of their status as privacy coins, DASH does not want to be lumped together with the two altcoins. Because according to @Dashpay, the crypto currency is strictly speaking not a privacy coin.
Technically speaking, Dash’s privacy is no bigger than Bitcoin’s, which makes Dash’s privacy coin a misleading name. We reached out to @BittrexExchange and asked to meet their compliance team.
That’s a pretty remarkable statement. After all, DASH had repeatedly presented itself as a privacy coin in the past. When it forked BTC in 2015, DASH was even still called Darkcoin — and has since attached great importance to privacy. With the PrivateSend feature, for example, a built-in coin mixer is built in to disguise transactions in DASH. In 2017, DASH advertised on its website as “the first crypto currency with a privacy focus” for the favor of investors.
Although Bittrex has not given any specific reasons for the delistings, DASHPay CEO Ryan Taylor sees new US regulations against so-called Anonymity Enhanced Cryptocurrencies (AECs) as the reason. Wrong, as the CEO then suggests. After all, the impending regulation of privacy coins is, firstly, still a long way off and, secondly, DASH is not a privacy coin at all.
Dash is not an AEC! As a bitcoin fork, all Dash transactions are completely transparent. All inputs, outputs, addresses and amounts are recorded for each individual transaction and can be viewed by everyone on the blockchain.
Delistings like this, however, are a fairly reliable litmus test for the degree of decentralization of a cryptocurrency. The mere fact that there is a kind of spokesman for the cryptocurrency in the form of the DashPay CEO is probably a red flag for Bitcoin hardliners.
Since the announcement of the delisting, DASH is 15 percent, XMR 20 percent and ZEC 10 percent in the red.
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Bittrex delists Privacy Coins Dash, Monero and Zcash was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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