[Closing] SouthXchange

Discuss about exchanges that have Riecoin listed, propose new listings, speculate!
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Pttn
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[Closing] SouthXchange

Post by Pttn »

Discuss about the SouthXchange cryptocurrency exchange platform.

RIC/BTC: https://main.southxchange.com/Market/Book/RIC/BTC
RIC/LTC: https://main.southxchange.com/Market/Book/RIC/LTC

Trading Fees: 0.1% for Makers and 0.3% for Takers
Withdrawal Fees: 0.01 RIC/0.00025 BTC (free if using Lightning Network)
RIC Deposit Confirmations: 30
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Re: SouthXchange

Post by Pttn »

SouthXchange confirmed to have upgraded their wallet to 0.20 and are ready for the Fork.
Hi Riecoin,

Wallet has been upgraded successfully. Thanks.
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Re: SouthXchange

Post by Pttn »

They are now on 0.21.
Hi Riecoin,

​Wallet has been upgraded. Thanks.
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Re: SouthXchange

Post by ghost14 »

Already? RIC no longer promoted in the top bar, that was way too short :(
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Re: SouthXchange

Post by Pttn »

Yeah, others are quick to outbid you :|
Sometimes it is interesting to vote for RIC, when the 2 or 3rd place only paid a few hundreds Sxcc.
Though, despite hundreds of users seeing a RIC market, it is not the most effective way to advertise Riecoin anyway. I don't feel that there is a flow of new users coming here or on Discord when Riecoin is promoted.
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Re: SouthXchange

Post by ghost14 »

I think it's still useful as that's still hundreds of people that see that RIC exists. And glad to see RIC 1st now, hopefully for a longer duration this time!
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Re: SouthXchange

Post by Pttn »

And they are closing :| ... I always felt that they were declining since a while, with the Volume going down and down, very little activity on discussion channels, no new listing since a while, Btc Withdrawals issues, unresponsive support,... But that is still unfortunate, it was still easily the second RIC exchange after XeggeX.

I might place more focus on DeFi then since we never know when any exchange with RIC will be next hacked or close... This has happened way too often, and also deters me from paying Listing Fees for an exchange that can shut down at any time.

There is also the question of the 3.5 millions of coins that are currently there, see this Guesstimated Wallet.
https://chainz.cryptoid.info/ric/wallet.dws?1440428.htm

I anticipate a repeat of what happened with Poloniex, with most of the coins actually remaining there. Hopefully they don't decide to dump all the remaining coins on XeggeX or FreiExchange... We might end up with 11-12 millions of RIC with unknown fate and that could destroy the RIC markets and any upward movement if one of them decides to sell the coins...
Important update regarding SouthXchange

We regret to inform you that SouthXchange has decided to end all its operations. We are sorry for the inconvenience this decision may cause to our customers.

The winding down process will be as follows:

- From January 15th 2024, deposits and trading will be disabled. You will still be able to withdraw your funds. We can not guarantee any deposit after this date.
- January 31st 2024 will be the last day for withdrawing your coins. Please withdraw all funds before that date.

All updates will be posted in this article and our official channels. We will never contact you personally through email and we will not contact you directly through direct messages in telegram or any other messaging platform. Please avoid scam attempts.

If you have any questions please contact our support team.

- SouthXchange
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