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Update about Xmr Liquidity Crisis

Hi,

The liquidity crisis of xmr on exchanges seems to be real. Here is a brief report of current situation

BEFORE READING.

Please spread the word. I know MMcrypto is one of us. He is a believer and supporter of Monero with a youtube channel of more than 350k suscribers. Load him with tweets, emails… try to let him know and help us spread the word about the XMR situation. Coin Bureau is also a supporter of XMR (957k suscribers). And of course Ricardo Spagni aka Fluffy Pony

I. BINANCE situation:

Binance has been suspending withdrawals for DAYS now. Almost a week! They can’t give a valid explanation and argue it is due to an alleged “network congestion” issue. When contacted by users they don’t give more explanation although the withdrawals are still suspended

When [u/bawdyanarchist](https://www.reddit.com/u/bawdyanarchist/) tried to post about the situation on their reddit it got immediatly deleted:

[https://www.reddit.com/r/Monero/comments/ngrxxy/my_post_to_the_binance_sub_regarding_suspension/](https://www.reddit.com/r/Monero/comments/ngrxxy/my_post_to_the_binance_sub_regarding_suspension/)

Here is a post about Binance possible strategies now. It explains that Binance best interest is to either try to drop the price or suspend withdrawals:

[https://boards.4channel.org/biz/thread/35864938](https://boards.4channel.org/biz/thread/35864938)

“My thesis is that Binance is fucked, they have no Monero in wallets. They have only two ways out. Either the MtGox way, or using all means possible to dump the market so much, that enough people will come to centralized exchanges (all of them) to liquidate their Monero at prices Binance can afford, to be able to close their shorts and save their ass.They blocked XMR withdrawals, to force people to sell at a loss, if they want to get anything out of the exchange (be it fiat or crypto).”

​

II. CRISIS WIDESPREAD TO OTHER EXCHANGES:

Other exchanges seem to also experience liquidity issues. There are posts about ChangeNow and Kucoin probably much more exchanges involved:

[https://www.reddit.com/r/Monero/comments/ngntff/psa_from_changenow_on_stuck_xmr_exchanges/](https://www.reddit.com/r/Monero/comments/ngntff/psa_from_changenow_on_stuck_xmr_exchanges/)

[https://www.reddit.com/r/Monero/comments/ngszn7/kucoin_sucks_dont_even_try_to_trade_or_withdraw/](https://www.reddit.com/r/Monero/comments/ngszn7/kucoin_sucks_dont_even_try_to_trade_or_withdraw/) (he meant xmr)

Audio about common fractional reserve practice on exchanges: [https://comfymetro.com/posts/211](https://comfymetro.com/posts/211)

​

III. MINING POOLS might become TARGETS BE CAREFUL:

If you are mining be CAREFUL! I bet these guys are coming at your mining pool to either bribe them or steal them at your expense. Think about withdrawing your xmr more often than necessary.

Nicehash mining pool was “hacked”

[https://www.tweaktown.com/news/79472/nicehash-disables-crypto-withdrawals-burning-miners-as-crashes/index.html](https://www.tweaktown.com/news/79472/nicehash-disables-crypto-withdrawals-burning-miners-as-crashes/index.html)

IV. XMR NAKED shorts are IMPRESSIVE:

Here you can see Bitcoin shorts. As you can see the ratio between hedged and unhedged shorts is 521 to 646, about 80% of hedged shorts. And you can see this ratio exploded when price massively dumped recently. So it is a way to manipulate markets to the DOWN SIDE.

[source https://datamish.com/btcusd/90d](https://preview.redd.it/b5j6c96f19071.png?width=782&format=png&auto=webp&s=645d058fc806bb30018d8a0555e96e6a72607fd1)

Now let’s have a look at Monero shorts. On 2021-04-16 the ratio was 0.03% (34709 unhedged for 11 hedged). 0.03% !!!

[source https://datamish.com/xmrusd/90d](https://preview.redd.it/h60zun2129071.png?width=779&format=png&auto=webp&s=cd1cb9c4eba623b51b78a84f1ffc985ded52c1fe)

Now it is at 0.01% How long can we accept this?

[source https://datamish.com/xmrusd/90d](https://preview.redd.it/ca0vruov29071.png?width=842&format=png&auto=webp&s=09c1038bf38781108fb9ee5e24e632b73a458f11)

You are not alone we are the MONERO community and we need to act together to free XMR

Demanding PUBLIC VIEW KEYS from exchanges appears to be mandatory at this point

What do you think?

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21 Comments

  1. Just dont put them on an exchange, that defeats the whole point of be your own bank. 80 percent of the supply should be in wallets imo and not on exchanges.

  2. >MINING POOLS might become TARGETS

    Everyone should be **solo mining** now, even if you don’t usually mine, or usually mine in a large pool! This isn’t just about making a few cents worth of Monero anymore, this is about countering a potential imminent attack on the network. If you’re worried about slowing down your computer or using too much electricity, you can limit the miner to just one thread, which is infinitely better than nothing.

    Getting started with solo mining is really easy, just download the official GUI wallet from [getmonero.org](https://getmonero.org), wait till it has downloaded the blockchain, then click *Start Mining* in the *Advanced* tab.

    You can download a pruned version of the blockchain, which takes up only 1/3 of the size (about 35GB at the moment). Here’s a guide on how to do that: [https://monero.stackexchange.com/questions/11454/how-do-i-utilize-blockchain-pruning-in-the-gui-monero-wallet-gui](https://monero.stackexchange.com/questions/11454/how-do-i-utilize-blockchain-pruning-in-the-gui-monero-wallet-gui)

  3. Hello, I’ve swapped XRP to XMR almost 4 hours ago using [https://stealthex.io](https://stealthex.io) and so far no XMR arrived to my wallet.

    I am talking to their support and they say that this is pretty much due to XMR network overload. Which reading all these threads – is bullshit! There is truly no XMR liquidity in the market it seems..

  4. Yup this is it. I witnessed the GME stuff from the beginning to what it is now and it was the same pattern back then, it unfolded similarly. You/We stumbled unto something.

  5. Could this be because the pipeline hackers were paid in Monero, which required Colonial Pipelines to get $5m worth of XMR from somewhere (e.g the brokers that are locked)? Would a $5m be enough to wipe these exchanges? Could they do that large of a sale hush hush? Hmmmmm, all theory, but it’s fun to speculate 🙂

  6. Price manipulation from the DEXs could be a way to stock up on Monero while pretending a lack of liquidity, easy to do it as noone can check how much they have.

    Either that or they got fucked by the CypherTrace guys during the money laundering investigation.

  7. I have never understood how this is legal in any country. How can they be allowed to sell something they don’t have? How does this not drive the price through the roof? Can they just force their users into selling with no repercussions?

Binance banned in Ontario Canada, What does that mean

Daily Discussion Thread 03/14/21 [Join FlareXRP Discord] – discord.gg/7Bv2rYf