Cryptopia and cryptocurrency self-reliance

What happened with Cryptopia was terrible, first they were hacked, and then kept the non hacked coins as collateral to pay off people that needed pay-out.

At least that’s what I get from this situation, it’s absolute nonsense and leads to reinforce the minority in the cryptospace that wishes for more government
regulations.

I think it’s clear that the team behind Verge Currency is all about privacy and community practices. After seeing so many people, some of which I call friends losing their coin to this exchange, I really wanted to help.

I first joined The Collective, a group of ETN admins who started working on helping community management within crypto, and then this lead me to Chaincreator.

ChainCreator was looking to get traction in order to buy Cryptopia from the liquidators and allow for everyone to withdraw what wasn’t hacked.

From there, I suggested if they owned the exchange Cryptopia, they could turn into into a DEX or decentralized exchange, meaning that the coins are owned by the users, and not on the exchange servers.

Having worked on various projects outside of verge,I wanted to push for the self moderation and self-building attitude found in crypto. I suggested further that to bring in all projects together, that if they had the capacity, turning cryptopia into a DAO decentralized autonomous organization could be a great opportunity for the crypto space to have a self regulating mechanism.

For me, having a DAO means that new projects could be listed with minimal fees, and a voting mechanism could weed out bad projects, as well as allowing new pairings based on popular demand. While the DEX aspect would maintain the servers on minimal fees, there could be a reward system for the people hosting it. From there, I hope that a DAO, running on opensource software allow the #cryptocurrency world to move forward and challenge #fiat.

XVG_Ninja.