Hypha’s position on listing Seeds on exchanges
TLDR: Maximum security and confidence for the SEEDS community | Decentralized Exchanges > Centralized |P2P > Custodial
Note: SEEDS is a movement. Seeds are the currency. Hypha is but one organisation supporting it.
Exchange listing philosophy
We at Hypha focus on offering people the most secure, rewarding and enjoyable experience into the world of cryptocurrencies.
For this reason, we’re not seeking to list our Seeds on exchange listings that are centralized exchanges. A centralized exchange is a financial market structure that consists of having all orders routed to one central exchange, one center point that is open to manipulation and alteration. These have proven to be routinely the source of frustration and problems in the shift towards adopting cryptocurrencies into the mainstream.
We are not saying that the SEEDS community cannot or should not pursue listings on centralized exchanges. We are simply stating that Hypha, the people initiating the SEEDS movement, do not intend to actively pursue listings Seeds on centralized any exchanges.
#NotYourKeysNotYourCrypto
There have been numerous recent examples of centralized exchanges causing frustrations among the public that’s using them. The general rule is that if you do not hold the keys to your currency, then you simply do not own them. The examples below are just a few reasons why we do not intend to pursue centralised exchange listings.
- Exchanges using customer funds to aid a hostile takeover of a network.
- Relentless hacks, heists and disappearing keys that resulted in over 1 Billion USD was stolen in 2018 alone.
- Exchanges unethically freezing your funds.
- Insider trading and shutdowns during pivotal trading widows.
Exchanges are fast becoming the centralized middlemen the decentralized movement sought to disintermediate.
Fees: it’s all about the fees
It’s become an industry standard to charge unreasonably high fees for projects seeking an exchange listing. These range anywhere from 1 to 20+ BTC for a listing. That’s 5,000–20,000 USD equivalent. This is in addition to the fees they’ll take from the community for facilitating trades. These fees are often transferred to the community in the form of transaction fees and higher rates. Someone is always paying for it and it’s not the exchanges.
We won’t find our community there
Centralized exchanges are an unlikely place to connect with SEEDS first adopters. SEEDS is at the early stages when the potential gains are the highest. We want those obtaining the first Seeds to be those who are actively part of this regenerative movement, not those who are simply speculating on cryptocurrencies.
In due time…
As the SEEDS community grows and continues to attract attention, Hypha will consider responding to only the most reputable and proven centralized exchanges and only if they offer terms beneficial to the SEEDS community. Hypha will only take steps to list on centralized exchanges after the SEEDS community has voted to do so.
For now…
We’ll continue to partner with and support decentralized exchanges and peer-to-peer methods of trading Seeds.
Note: The views expressed here are only the views presented by Hypha and do not reflect the SEEDS community at large.
