MAID Relisted on ChainRift (Exchange Shutting Down)

I guess a 50/50 split between two exchanges is healthy and is in the spirt of decentralisation :grinning:

3 Likes

Good to see ChainRift being adopted nicely. It looks like MAID has the most volume on ChainRift already, so everyone is seeing the benefit nicely here.

13 Likes

It feels like a real market too, without bots doing all the crazy things that they do to move prices in artificial ways. I have made several trades and will continue to do so on ChainRift.

9 Likes

There are long-term plans for releasing an app, but no ETA right now.

5 Likes

@ales85

I take it as a positive indicator that you’re focusing on your existing web app and not spreading out too quickly.

2 Likes

Had a poke around to find a bit of background of the people behind Chainrift. So far looks Ok could be the first genuine exchange for MaidSafeCoin after Poloniex.

@ales85 @rajbanerjee I would suggest you guys update your About page and move to revise the Secure Storage policy. The main concern in this space is that the exchange will pull an all to common exit scam with the ā€œfounderā€ disappearing with all the funds. It is probably the greatest risk have lost count of number of smaller exchanges that have pulled exit scams so far. So the first step is usually to check the About page team profile. Make sure the team members are relatively known in the community see their individual twitter feeds, blogs etc, see if they have attended conferences and the like (and are known to be real people operating in cryptocurrency circles). This all helps towards building confidence that the exchange has some roots and decreases the risk our funds will disappear in an exit scam. You already have a somewhat team profile over on your EOS application here. Also on Angel.co has some info here but it is not good for anyone that your potential customers have to take time to dig that basic info up. If not for the MaidSafeCoin listing I would have crossed this exchange off in first 2 minutes just from the about page as it is does not list where Chainrift is based let alone team profiles, twitter handles etc.

On Secure Storage: Reading your security info on the About page and in the blog it is apparent that Chainrift is not addressing exit scams as a major concern people will most likely have. George Togkas is listed as founder and Bill Togkas as CTO. What is the secure storage multisig arrangement to minimise risk of an exit scam? This info would help build confidence in the Chainrift service and might be a big part of what is holding it back.

13 Likes

Chainrift MAID market is now on Blockfolio!

17 Likes

These things help but there is always a risk of an exit scam. Cryptsy seemed like it would be around forever then went ponzi mode. Quadriga was like the most reputable exchange in Canada until the CEO ā€œdiedā€ and didn’t leave a way for anyone else to access the keys. Bottom line is don’t keep funds on an exchange just to store them. Only put what you are actively trading on any exchange.

6 Likes

This is the best advice with any exchange. We also don’t encourage users to use any exchange as a wallet.

10 Likes

And the user unfriendliness of setting up cold wallets and transfers is a major hurdle in mass adoption of crypto. It needs disruption before the man in the street gets interested

2 Likes

Of course you have a point, but you both do. As so often, the truth is somewhere in the middle.

3 Likes

I, for one, am so far really impressed by the response from the guys at ChainRift. From what I have seen, they have exhibited real professionalism and came through in a huge way for MaidSafe and the community. They also not only gave us all another real, viable alternative but seem to genuinely support the project. The latter gets them huge respect in my book. For those of us in the states, this partnership is also a godsend. If everything works out, I hope the company is forward looking enough to offer their services on the network. Whatever team pulls that off is going to be rolling so hard.

21 Likes

I think its a win/win. They gave us a good place to keep trading and we took their volume from basically zero to something :stuck_out_tongue:

12 Likes

We value your adoption!

9 Likes

Agree, as I mentioned it is all about reducing the probability such a thing might happen to your funds stored however briefly on a centralised exchange. The Cryptsy and Quadriga examples only highlight why the bar has been raised for other exchanges so the same mistakes are not repeated. Quadriga may have been ā€œreputableā€ for some people but they certainly did not have a publicly stated multisig and cold wallet access policy in place in the ā€œSecure Storageā€ policy.

Good advice. Some of us don’t really trade like you rather move a sum to an exchange set some buy/sell orders and wait for them to be filled. The wait can take a while so even if following that advice exit scams are still a factor to be considered. Hopefully the Chainrift team take the constructive criticism into consideration and address one of the growing concerns new users have about trusting new exchanges. Lack of volume on other trading pairs is partly a symptom of this and limits the amount people using what is otherwise a decent looking exchange run by people that appear to be of good intentions.

5 Likes

Would it be possible for you guys to get Chainrift added to coinmarketcap in the near future?

1 Like

We’ve been working on this, however, we need more trading volume and deeper orderbook on our exchange in order to be eligible to be listed on coinmarketcap. We encourage you to consider trading at ChainRift and share your referral link to your friends so we can reach more traders! :slight_smile:

9 Likes

We’d gladly be the place to host a SAFEcoin market!! :rocket:

11 Likes

We launched ChainRift because we believe that there is a room for an exchange that does business ethically, without resorting to:

  • wash trading
  • charging exorbitant listing fees
  • listing scam tokens

As your post shows, it’s easy to find who the people are behind the exchange from a quick search.

We didn’t divulge our exact multi-sig scheme and some more sensitive details in public due to OpSec reasons. Security through obscurity!

9 Likes

I am starting to think maybe the way to spur volume on ChainRift is from the sell side. I thought Maidsafe was going to supply some liquidity. Common @dirvine put up a big sell wall and invite the whales to come do some big volume there.

1 Like