SFT is tradable on the above exchanges.
Can someone tell me what the underlying tactics is why SFT is not tradable on more exchanges?
ps. have been thinking of this question for some time
SFT is tradable on the above exchanges.
Good question. Safex never did a fundraising in a similar way that most other cryptocurrencies had done. So in this case, we have not been able to entering the bidding for listing with exchanges. We simply don’t have the money to do so. The only way is if the community would offer to pool the money to get listed can we pay the listing fees. Ontop of that, most exchanges do not allow to advertise the listing fee, so in that case, how can we petition to the community to contribute?
For this reason I created the Safex Foundation that is a non profit organization. It would be nice, and appropriate if people would donate here to cover these costs. Keep in mind that we have never fundraised and for this reason, while we have finally accomplished our development goals, the lack of substantial funding is why you see that things are more rugged (took more time, have smaller teams) than you might see on most of the coins that raised 10’s of millions $ in the past.
However, since we have delivered on our software development, unlike many other of these ICOs our results are far out pacing the market by comparison. I hope the community changes its mind about providing finance to further enhance our endeavors.
At some point we will add a donation collection system to the Foundation’s website, but if you are so inclined to actually move things forward here is a contact where you can arrange to do so.
If you are American you have a tax deduction for contributing, since Safex Foundation is a 501c(3) tax exempt entity in the United States.
Keep in mind that while most cryptocurrency projects actually issue the cryptocurrency and keep most of it themselves, Safex Token gave off 99% of it, and the Safex Cash is proof of work mining, so no centralized team could benefit from the sales of coins in a similar way as other projects do. There are advantages and also temporary disadvantages; however, in the spirit of decentralization this is necessary.
Great Post Dan. Eye opener for me. I simply wasn’t aware of this challenge.
AriGold SFT is not tradable on more exchanges because the exchanges know that nobody is selling or gonna sell sft . All the sft will be staked for ever so sft is non profitable for exchanges but SFX is !!! Fundraised money is better to be spent on SFX .
Love this forum. How could I have been so thick as to not see this! I’m staking all mine, anyone with at least half a brain will do also. All in circulation. SFX will be the tradable speculative coin.
I don’t agree with your story, there is always supply and demand … if there is a lot of demand and little supply, this piece of coal will become a big diamond
I think both coins need to be on as many exchanges as possible. So it has become a chicken and an egg problem. Time extended to finish, no money to expedite finishing… people are demoralized, don’t want to add money, don’t want to do anything except hide, and bash me, so everything spirals down.
I don’t bother with the short sight so I keep moving on as smart as I can. So, if you see the light, let’s pool $ together and get listings going. We have additional 4 exchanges that will be listing SFX, with the recent problems in last month, out of our control with the malicious actors, those exchanges agreed it is best to hold off. I managed to personally buy and mine a bigger part of SFX that I put forward $ in advance to pay the listings, I put it forward with the hope that it is an example, that you all should be contributing financial resources in kind, especially if you want to see a better result, and success in exchange listings for SFT.
You are right 100% sft will become a big diamond !!!
From your weekly updates, I believe the release of the TWM wallet is not that far off. Others on this forum, on Reddit and on Twitter have suggested that the better exchange listings should be pursed once there is a finished product. With that time approaching, could SFT and SFX be listed on exchanges such as Binance and Kraken? I mention those because others have indicated that they are among the top 5, with Binance being the Crown Jewel.
Is it possible to provide the community with a breakdown of what it would cost to list SFT and SFX on these exchanges as well as the likelihood of them getting listed in the very near future? That might provide the incentive for those that hodl SFT and SFX to offer some additional amount of financial support.
Two statements qualify here imo.
Imagine if I took what $ I had and just decided to buy coins and spend nothing on development, market relevance, legal, etc. Well I would hold a whole lot of nothing. Since there would be no finished product.
So, realizing that our collective contribution is an investment to, for example exchange listings, expanding the software team, setting up a business to commercialize the platform.
Then whatever we are holding currently should be worth more intrinsically.
The difficulty to say what the price exactly is that these exchanges require not discussing the listing fees.
The cost is not tiny, and it can be more than 100,000$ per exchange.
How would the donation collection system you were referring to earlier in this thread work? Would it be a mechanism where one would make a monetary donation with a credit or debit card of a fiat currency? Would there be a receipt generated for use as a tax deduction?
Understanding the mechanism of a 501c(3) tax-exempt entity in the United States common sense says of course to your questions, the questions I ask you why would you ask such a question you already know the answer to wasting peoples time?
I thought it’s a fair question, though of course one would assume, but it’s good to verify. If the mechanism was not proper, it could cost someone big time.
Yes, the system would automatically generate the receipt, you would provide your email address and receive the receipt there. Regarding credit/debit card I know some options, though crypto btc/eth/safex would be the easiest to execute for me.
Some people might choose to donate their crypto as a way to offer financial support. I don’t want to waste people’s time, but the only crypto I hold is SFT. I’ve hodl Safex since 2017 and don’t want to give that up. So the only way I could help financially would be if there were a mechanism on the Safex Foundation site that would allow me to use a debit or credit card. That was my question. The question wasn’t about the mechanism of a 501c(3) tax deduction. Also, I was curious if the donation collection system Dan was mentioning would issue some type of digital receipt when someone makes a donation.
I am grateful for your expressing interest to support the endeavor. I’ve been holding off for direct asks until we form a campaign so there is some direction as to what we’re going to spend the $ on.
Many of my commentary is a survey or canvassing if we’re open to this type of funding strategy. It is very usual for example archive.org and Wikipedia.org use a similar way. There are some fixed costs that we incur and some goals we want to reach from the perspective of the foundation.
Also, I wanted to finish the marketplace application. Which is technically has been completed now to ease into putting into use.
Then we need to take the market by storm. To do so will take planning which is under way and proper execution for which we will need adequate chips to handle that execution.
Understanding SAFEX Foundation is a 501c is required to provide appropriate documentation and receipts when in motion, goes without saying! Questioning if you will take BTC or SFT or SFX or Credit Card or Debit Card why would you not otherwise this would create limitations & Dan Debek is in it to win it & has no limitations.
There is Donorbox.org that handles credit/debit transactions. The crypto I get to roll my own which is my specialty and my favorite since I have full control (no fees to incur or share). Of course if you want to issue a wire transfer there is that possibility as well likely by email, the last will the most cumbersome.
Also keep in mind crypto has an added advantage in that Americans can cash in long term capital gains without claiming that income like normally taxed income* check that for yourself don’t take my word for it verbatim but such a mechanism exists currently in some way around long term capital gains. This statement is not tax advice, but just an idea you can ask your tax advisor if that exists and how it works.
This makes more sense that meets the eye. “Invest in the team, the project, and a better future for yourself and all.”
Strong conviction to support the team can change paradigms and perception long term that breeds more consumers and everyone benefits, some even financially.
Much better than just buying alt coins like they are lottery tickets and having 1 in 90 billion chance of getting rich.
I think $100,000 or even more to get listed on binance is not that much if everyone that hold safex chips in. You should create a public wallet for the donations just like some other coins have done in the past, that way we will see how much there is in there at any time. Just my 2 cents
I’m sure my mention of $100,000 was not for binance, though.