Fundraising for Bittrex Replacement Exchange

Economics Trading & Exchanges
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Note: Complete, no need for more pledges.

As was stated in this thread, Peercoin is losing its primary market Bittrex. The Peercoin Foundation has recently been in contact with several exchanges in an attempt to find a replacement that is liquid.

We have reached a deal with one of the exchanges. We are not able to say which one it is, because the service agreement forbids it. But it is one of the few that has been talked about on Peercoin’s Telegram/Discord recently.

We will need the community’s help though to make it happen. We are raising for $60k, to meet the Listing Fee.

The Peercoin Foundation can pay for half of this. What we require is for the community to raise the other half:

  • $30k in USDC

If we can spread the cost over 30 people, it should only cost about 1000 USDC per person, and even less if spread over more people.

If you would like to make a pledge to donate because you don’t have the funds yet, please make a post below stating the amount you’d like to pledge.

If you are ready to donate right now, please make your donation to the Peercoin Foundation’s ETH address below. We prefer that Ethereum-based USDC is donated.

Donations: 0xC631f54Aa17F9539c63bcdcdB648cb02a691D7e2

You can verify this address on the Peercoin Foundation website here: https://www.peercoin.net/foundation PPC and BTC donation addresses are also listed at that link, but once again, we prefer to receive USDC for this to make things simpler for us.

DO NOT send Polygon-based USDC. The foundation DOES NOT have a Polygon donation address. If you do this, the coins you sent will be lost and we cannot recover them. Yes, someone already made this mistake, so we’re putting this warning up.

NOTE: Unfortunately, USA customers cannot be serviced at this exchange. Don’t let this change your mind though. Every exchange we’ve contacted refuses to service USA customers, so there aren’t many options to choose from right now.

This is of course because the SEC has been cracking down on exchanges that were allowing USA customers to trade unregistered securities. It seems most exchanges would rather abandon the USA right now than delist unregistered securities.

Even if you are located in the USA though and can’t take advantage of this new exchange, it would benefit Peercoin if you help us fundraise. You will be helping the rest of the world find a new place to trade, which should support the price and allow PPC to become more liquid.

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I have spent a week communicating with representatives of a number of exchanges. I will not say which ones specifically, but all of them are visible on this screenshot (from CMC).

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Of course, they all ask for money. Some ask for incredible amount of money, some are more realistic.

All of them have banished US citizens from opening accounts and using their services. One, probably the most famous one on the list, has openly admitted that they are being investigated by the US authorities. Other has openly stated that serving US citizens is not worth the risk, and they are not planning to change the way they do business. All of them list unregistered securities, all of them do wash trading, all of them trade against their customers and all of them have issued unregistered securities themselves (exchange tokens, like BNB).

These places simply have no business model which does not include sale of unregistered securities. This is true for exchanges which are headquartered in the US as well (Kraken, Coinbase). But these two are rich enough to fight the fight in courts for a good while.

Is making a deal with places like this risky? It sure is. Is it worth it? I truly don’t know the answer, it probably is given the liquidity situation now. We may simply not have a choice but to dance with the devil.

Please discuss.

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Anyway, I pledge to donate 2,000 USDT. I should be able to send it sometime in the next month.

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I am now speaking not as a project leader or the Foundation board member but as a community member.

I have personally quit crypto in every sense, whether investing, trading and generally caring what is happening with crypto all the way back in 2017. Ever since it has become public and verifiable what is going on with Tether/Bitfinex/Bitcoin, and what is the secret to the success of Binance. I simply could not stomach supporting what is the biggest fraud in history. I did short the ends of last couple of bubbles though.

Ever since I am only in “crypto” in professional capacity, and I only care of what is going on with Peercoin. The rest of it does not exist for me. A hardliner maximalist. Much can be said about Peercoin, but it is not a scam.

With that said, I am deeply hesitant to support this type of exchange, any of these. But really, there is no alternative at this point. I understand that an easy-to-use exchange is needed. Uniswap, that wrapped coin thing and Metamask will simply not cut it for the vast majority of people. I understand that by paying to these people we support both their way of doing business and the Tether cartel, and I feel bad about it, but will take one for the team.

I pledge 2k. :vulcan_salute:

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I will pledge $1,000 but it will take time, I will screenshot the weekly balance as it builds up and send all at once I hit the target.

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I feel like we need the peercoin equivalent of localmonero.co.

I am not sure this is a good use of funds, however this is no doubt a shitty situation. The BTC/PPC pair seems to be gaining liquidity on southxchange… Maybe requesting PPC pairs on other more popular exchanges is a better way to go?

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So we are down to $25k now, and $24k if you count Phi’s pledge on Telegram.

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I pledge $1000. I will be ready to send the funds in about a week.

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A few thoughts, in no particular order:

Regarding the reputation of Peercoin and/or the Peercoin Foundation, I don’t necessary see that joining another exchange is any different to Peercoin’s presence on Bittrex. Perhaps the difference is that we did not pay to get on Bittrex, but we did not seek to get Peercoin delisted, either.

Peercoin remains listed at SouthXchange and one or two others, is this not enough? Or are these exchanges too low profile?

We know that Peercoin is not a security, but regulators might be less sympathetic to that interpretation if Peercoin is seen to be involved in questionable exchanges.

If one or more of the above exchanges are being investigated, there may be a chance they will shut shop at some point.

Regardless, I pledge $1,500 if the Team decides to go ahead.

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It is not enough, and yes, indeed those are too low profile. SouthXchange specifically is living in the legal gray zone, as they do not implement KYC and AML procedures. They also list a significant number of unregistered securities, a brief look over there and I see DASH, BNB, TRX… And they take US citizens, which means that they live on the borrowed time.

Honestly, our best bet is to find a fresh place which did not have an opportunity to break all the laws yet, and has intention to play legally. And hope one of those rises to relevance. One such bet is slex.io.

The existential question is, whether, crypto even has relevance in the global market without the illicit activities. I guess we will find out, soon.

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I pledge 2k for now

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It’s been a while since I’ve posted anything… not that I ever posted much at all. But I continue to follow our Telegram chat every few days. And I most certainly still believe Peercoin to be the best crypto out there. The design and features of Peercoin are exactly what I think crypto SHOULD be. And the leadership and technical team behind it are clearly aligned. Your focus has always been on the technology and not the marketing. And I’m almost positive you are all severely underpaid for your efforts. Can’t stress enough how much I respect your discipline and perseverance thus far… Especially when about everything else in the crypto world is created, promoted and sold for profit as the #1 incentive. But not Peercoin. I agree with the others that I don’t want to get in bed with the illegitimates… but for the long term survival of Peercoin, we need to for now. Liquidity is extremely important for any coin to make it. I understand the risk here, but we need to take it.

I pledge $15,000.

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Thank you Maverick for the kind words. This will be a massive help.

Currently we are only short $4.5k now. Who wants to help finish it off?

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Is there a deadline for Peercoin to pay the fee and get listed on the new exchange?

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Ok I’m in for another 3k. total of 5k. That should leave 1.5k to go

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The foundation can pay the full fee for now as long as we know those who pledged will send in their money at a later date. So no need to rush or anything.

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SelfWithin said on Telegram he’s pledging to donate $500 on the 3rd week of January 2024.

That leaves $1,000 left that we need.

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I will pledge $1,000 within 3 months.

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https://twitter.com/MEXC_Official/status/1745387873040527401

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Now that the exchange has been announced, all of you can start sending in your pledged amounts. Once you send, please make a post below letting us know, and include the txid.

I updated the first post to reflect this, but we currently prefer Ethereum-based USDC to be donated. Please make your donation to the Peercoin Foundation’s Ethereum address below.

Donations: 0xC631f54Aa17F9539c63bcdcdB648cb02a691D7e2

You can verify this address on the Peercoin Foundation website here: https://www.peercoin.net/foundation. PPC and BTC donation addresses are also listed at that link, but once again, we prefer to receive USDC for this to make things simpler for us.

DO NOT send Polygon-based USDC. The foundation DOES NOT have a Polygon donation address. If you do this, the coins you sent will be lost and we cannot recover them. Yes, someone already made this mistake, so we’re putting this warning up.

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