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There’s been a bunch of requests lately to get DigiByte listed on Binance. I’m here to confirm today that the hold-up in doing-so is not due to anything in our control.
Let me set the scene for you: We have been listed on approx 2x exchanges per week, every week, for the last few months. This has been in part due to some of the Foundation and some incredibly dedicated community members, again keeping in mind none of this is paid work. I want to take this opportunity to acknowledge the many hours that these people put in, filling out forms, chasing exchanges, getting information and technical details to them.
Then, we find out there are other exchanges that we’re listed on, without our knowledge. Again, that’s fantastic, and because we are a decentralized blockchain with the source-code open and freely available on Github, this means there’s nothing preventing Exchanges from doing this. Because the DigiByte Core Wallet has it’s basis on the Bitcoin Core Wallet, if an Exchange has integrated Bitcoin or Litecoin, they have the technical know-how to integrate DigiByte, and it’s not a difficult task.
Back to Binance.
There is a form that Binance request new sign-ups complete. A pretty standard practice, basically to weed out the time-wasters and brand new ICO’s that aren’t worth anything at all. Totally cool, and so this was filled out earlier last year, and again just one day after Christmas. No problems there.
Since then, Binance have requested the completion of a NDA form. Unfortunately this NDA form is completely not applicable to DigiByte, as we are not a central company, we're not an ICO that raised funds, nor do we take any percentage of each newly minted block as other coins do.
I’m sure you’re all well aware that DigiByte relies on the donation of time of all its Foundation Members, as none of us have been given any DigiByte by anybody to survive on, and once the Foundation has been fully established then down the line decisions will be made regarding how those funds are best spent. For now though, everything is done from the generosity of the hearts of those in the Foundation and community, because we believe in this project, it’s merits, and what it stands for.
So this NDA form, we can’t in good faith sign it, as it’s not applicable to us and legally there’s no point in putting ourselves into a situation where things aren’t clear. However, it begs the question: Why is there an NDA form required at all? Anybody can list DigiByte on their own Exchange, and it doesn’t require us to be made privy to any technical or financial details about a company. They basically download the wallet, as you and I would, integrate it into their Exchange through RPC calls to the digibyted, and that’s about it. The RPC / P2P port details are all in the BitcoinTalk thread. No NDA required, and the listing can be completely done without any input / help from the DigiByte Foundation, community or developers.
It gets better though:
On the application form (Keep in mind this has been completed twice now), there are a number of things such as:
You accept that Binance reserves the right to de-list your coin at any time, for any reason, solely at Binance's discretion. * With the answer options being: - Yes, I agree. - No, no need to hit the submit button.
That’s fair, there is no problem with them de-listing DigiByte if they want, Exchanges do it all the time for coins and ICO’s that have a very small volume. DigiByte however has done a few thousand BTC daily volume just on Bittrex alone (Just using them for comparison). Even with the admirable 0.1% fees that Binance charges, that’s still a few BTC every single day in trading-fees alone, which makes it seem like DigiByte would be a worthwhile investment for them to add on their own accord.
So the problem with us accepting donations from the community as an attempt to pay a listing fee to get on to Binance, they could still de-list DigiByte at any time for no good reason, we have to agree to that before they’ll actually accept the submission. On top of this even if we do
pay the “Listing fee”, DigiBytes acceptance on to the Exchange is not guaranteed. We would have no come-back for that, no repercussions, nothing that we can do to prevent it. The CEO even states in his “Tips for getting listed”:
High fee does not guarantee listing, but it may increase your review priority. If you don't want to pay a listing fee, simply put 0. Free market will determine the rest.
It gets better,
On top of the NDA requirement, there is no TOS or similar at Binance. While in my eyes this doesn’t prevent DigiByte from being listed (DigiByte is on a few Exchanges without terms of service thanks to their own initiative), it does mean that this isn’t an ideal scenario. Why is this not an ideal scenario? Because there is no legal recourse for any of the users, no obligation to help them, and if they were to take the “Listing fee”, they can literally just take it and run.
I don’t think it would be very responsible of the DigiByte Foundation to arrange crowd-sourcing the funding, for a venture such as this, where there are absolutely no guarantees at all.
While we admire the enthusiasm of the community and your willingness to assist, the last thing we want is for it to all be for nothing. If the community is really keen on donating to a project, we would recommend donating to the recent development that has been undertaken on the iOS wallet, headed up by a community members company. This will be a big step forwards for DigiByte and fills a gaping hole in our arsenal (See: https://github.com/Racecraft/digibytewallet-ios
for donation link at the bottom of the page)
In the mean time, we are still pursuing avenues to get us listed, while maintaining true to our honor and integrity, and doing all that we can to look out for the community.
Besides, Binance would make more than this within a few days worth of listing us, based on trading-fees alone, so the "requirement" of a listing fee just does not make sense. Edit:
Made a poor attempt at fixing the formatting coz apparently I still suck at the markup required here to make it look pretty
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