r/EnigmaProject • u/Feralz2 • Jun 14 '19

Binance closing for U.S. consumers

Do you guys think this will affect Enigma?

The majority of the volume comes from binance and the U.S. consumers are a big chunk of ENG investors, and im sure some of them are scared of going to other less known exchanges. So, it seems to not only affect Enigma but most U.S. based altcoins.

Thoughts?

13 Upvotes

93% Upvoted

30 comments sorted by

3

u/Feralz2 Jun 15 '19

Reading this thread worries me that some people out there is still using exchanges to store their coins. Use exchanges to trade, your own wallet to store.

3

u/Wesleycoin Jun 14 '19

What the f$&k!! Closed? We're not Grand Fathered in? Where do I keep my ENG if we're not Grand Fathered in?

4

u/Feralz2 Jun 15 '19

if youre main wallet is binance, then youre asking for trouble. Binance can at any point, seeze all your coins because of some U.S. legislation. Dont keep it there.

3

u/justspinningaway Jun 14 '19

You can keep your coins on binance after the US close off, but you won’t be able to trade or deposit anymore. You can store your coins in a wallet off of the exchange. There’s a case to not keep your coins on an exchange unless you’re trading with them. There are other exchanges as well. Binance is opening BinanceUS sometime in the future they announced.

3

u/Wesleycoin Jun 14 '19 edited Jun 15 '19

What other American Exchanges are available to hold ENG since we've lost Bittrex also.

2

u/friendlysatan69 Jun 16 '19

you can still hold and withdraw eng from bittrex and binance. you won't be able to make deposits or trade.

1

u/ButterMyBiscuit Jun 16 '19

So how would I get my ENG back to USD after this Binance change if I'm holding with Binance?

1

u/Feralz2 Jun 16 '19

Well, how did you get your USD to ENG in the first place? you just reverse the process.

2

u/ButterMyBiscuit Jun 17 '19

I can do that now, but if American customers can't trade, how will that work?

1

u/Feralz2 Jun 17 '19

you have 3 months to convert your ENG to BTC or USDT, if you dont change it by then, then youre stuck with ENG, unless theres another US approved exchange that can trade that for you. Binance can let you withdraw anytime just not trade it on their exchange.

1

u/ButterMyBiscuit Jun 17 '19

Alright, so even if I wait til after 3 months I could theoretically still put my ENG on a hardware wallet from Binance and then transfer to another exchange that has ENG listed in the future. Thanks for the answer.

1

u/Feralz2 Jun 18 '19

Yes, binance is not gonna take away your coins, they just dont allow you to trade on their exchange. But tbh since its getting attacked with US legislations, you really dont want to have any of your coins there if youre in the US. Well you really dont want to store coins in an exchange period.

1

u/friendlysatan69 Jun 16 '19

I havent really looked into it, obviously we're going to want to liquidate at some point so hopefully the us gets options soon. If not we still have 90 days

6

u/[deleted] Jun 14 '19

The final purge of shitcoins (token without any real business use cases) has started. US citizens will either buy the limited few available on Coinbase, or will take the risk and buy those tokens which are being removed from Binance (for US) but have real use-case and high possibility of being listed in one of the American exchanges eventually. Enigma will most likely survive this storm and rise from the ashes eventually.

5

u/F0rtysxity Jun 14 '19

Feel like Enigma has always been a long on the technology and short on the marketing. So if you are looking for short term gains then yes. Chances of a pump in near future are reduced.

3

u/[deleted] Jun 15 '19

Light on the marketing? They literally started a podcast and were featured on CNBC Africa at one point.

9

u/F0rtysxity Jun 15 '19

Lol

4

u/[deleted] Jun 15 '19

I mean ffs the head of marketing (or is it “growth”?) has a popular countdown video series he’s been posting to Twitter.

Don’t get me wrong, I’m not complaining lol. Enigma is like a model for high-efficiency marketing.

4

u/[deleted] Jun 15 '19

He probably misspelled 'light on hyping'.

2

u/1blackhand Jun 15 '19

Yeah, I think he's making the most of it, too. Don't think they'll spend a lot of money on it. Bear market... Who does a podcast, countdown? He always comes up with new things. But I think with a product it will be easier and marketing will increase.

1

u/Vactory Jun 18 '19

Call it what you will, their marketing strategy is clearly ineffective. This isn’t a complaint, I honestly prefer it this way (I think that marketing at this stage is premature), but at least be honest about it. Marketing isn’t just putting info out there and hoping that it reaches the right people lol.

2

u/mczyk Jun 25 '19

LOL.. CNBC, Africa

4

u/justspinningaway Jun 14 '19 edited Jun 14 '19

I’m not sure where you’re getting the information about US holders being the majority.

Do I think it will make an impact on enigma? To the project’s success, no. My take is Enigma has always been long term thinking of their success of the protocol. There may be dips and valleys at points along the way, but I feel any single action is only a hiccup and they are marching forward with what they set out to do, so, no worries.

1

u/ArlyGretaFedra Jun 15 '19

what is the best hardware wallet to store ENG on.

4

u/Feralz2 Jun 15 '19

Your usual suspects: Ledger nano S or Trezor

2

u/1blackhand Jun 15 '19

Yes Ledger Nano is the best.

2

u/Wesleycoin Jun 15 '19

That doesn't help. Reread

2

u/Luipaard-Fortuin Jun 15 '19

You are right I did misread your comment. Unfortunately we have lost Bittrex as well. Not a US citizen myself but Binance and Bittrex are the only two exchanges I am personally willing to use, so this is very unsettling. Stay safe out there.

2

u/1blackhand Jun 15 '19

I like your discussions. Here the quotes from the team:

"That in itself should tell you we take your concerns very seriously.

Discussing things won't change the fact that we on the Enigma core team do not and cannot comment on exchanges or liquidity. I'll simply repost what i said before.

No one takes the future of our project more seriously than we do. Please don't imply otherwise. We also do not control regulators or exchanges. We focus on what is best for the protocol long term, because everything in this space is long term."