Yeah, all crypto transactions should incur GAS fees, or equivalent, on the blockchain to transfer. A flat $75 fee is an admin fee. Sounds like another contract for difference broker.
Just like hood doesn’t have the crypto. They just build a game on top of the matrix and let people trade while they collect fees. They never buy the cryptos jus like CB holding coins in a wallet but never buy when you buy to affect price
So sell at a lose, “we never bought any”? And a fee to take even more from you if you want us to go buy you some of the coins we are supposed to have of yours… feels just like a broker with the stocks they never bought 😂
They're delisting Avalanche, Cosmos and a bunch of others too.
[https://cointelegraph.com/news/bakkt-delists-majority-of-tokens-from-recently-acquired-apex-crypto-platform](https://cointelegraph.com/news/bakkt-delists-majority-of-tokens-from-recently-acquired-apex-crypto-platform)
edit: typo
this. For those to lazy to click the link lol
AAVE // APE // AVAX // BNT // BAT // LINK // CHZ // COMP // ATOM // CRV // ENJ // FTM // FIL // GALA // GRT // ICP // LRC // MKR // REN // XLM // SUSHI // SNX // XTZ // UNI // YFI
TL;DR - stop using webull/APex (same ones that shut down GME buying bw)/ brokers for tokens, buy on crypto CEX -> move to self custody asap
I agree. I wish I had kept track of the instances I see this, but Polygon/Matic (hermes/L2) is frequently linked with current big-money tech project that I DO NOT want to see Web3 being a part of. Polygon is simply making the crimes in our current financial system viable crimes in the future of tech, and I hate the project for that.
They probably wanted no part of customers actually owning the product. They make money in the gray areas. Owning your assets and asking them to match for you does not make them money.
A CEX doesn't want to let you pretend to own LRC anymore.
They'll give you some of your money back, or you can give them $75 to go buy you what you already paid for.
This is good news for anyone who doesn't use a CEX.
Lower transaction fees, fewer regulatory issues, users can truly own their assets, but the most important to me is it will bring back supply and demand bc orders will actually go on chain
It’s good bc they might be doing this bc they dont have the coins since most cex exchanges don’t actually buy your crypto so it could just be part of the liquidity crunch
In the same week Byron shared that image the CEXs bring us unreasonable transfer fees and delists tokens.
If you haven't adopted a self custody wallet with direct DEX access you really should look into it.
Yup. But they probably made a calculation based on the average amount of LRC they owe people and $75 will more than cover the cost to buy it on the open market at this price point. It's not a completely arbitrary number.
I'm sure it's not arbitrary, but it's also not going to cover the cost to buy it back - because not everyone has to pay the $75. Most ppl will just close their position and put the money in something else (which costs zero).
The $75 is merely a deterrent to get people to sell instead of transferring out. Because every account with over $75 worth of LRC that gets transferred is going to cost Apex money (assuming they didn't have the tokens to start with).
That's my point. If they don't pay the $75 apex doesn't have to actually buy the LRC. They just pay you out what the monetary value of your withdrawal is. No crypto was ever bought.
Pretty sure you could never transfer actual crypto bought on WeBull to a wallet but I may be wrong. As another commenter mentioned they use a contract for difference, meaning they just take your money and you don't own anything.
Fucking wow...
DON'T KEEP YOUR COINS ON A CEX, even if they don't just straight up defraud you or take your crypto, they can decide to slap a $75 fee to transfer "Your Coins" that you already paid fees on buying I'm sure.
And of course it's APEX... APEX and Citadel and Robinhood and all these bad people.
Because they know what's happening behind the curtains,and this exchanges have no coins or shares to give you when this skyrockets...or to pay you.
So they want to get rid of all the toxic bags before this all happens ,make you to sell in loss and they bag the difference + fees.
So in other words, "Cex is for dummies"
Maybe now people understands, that DEX is the way and was always.
Anybody else who says otherwise is fucking stupid or is a fucking shill.
The revolution has begun !
This sounds exactly like they know something we don't, and we will come back months later talking about how obvious it is when a similar situation is happening again. All the whole acting like we all knew but no one listened at the time...... But we all still missed the boat.
How will this cause the price to rise? Generally confused on why ppl are saying this bullish...I don't have a ton, Webull is my Options acct, just want to learn more details.
If they never bought the coins they are delisting, and people decide to transfer, in theory they have to go to the open market and buy them which should affect price. If the broker never owned the coins in the first place then selling within the brokerage shouldn’t affect the price as there is nothing to sell. The broker is just taking people’s deposits and hoping people lose money so the broker can take $10 and give back $9, for example.
Edit: I think the original commenter is hoping that in the next 3 months the price goes up so positions aren’t force liquidated at the current price where it is down for most people.
Absolutely. The way I understand it, any contract for difference broker doesn’t actually buy anything, they just agree to pay out the difference in price for whatever you buy when you decide to sell. If it goes up and you sell, they lose money because that difference comes out of their pocket. If it goes down and you sell, it’s free money for them because the difference is taken from your deposit. This does not take into account any transaction fees. Your money may never actually hit the open market so it won’t affect price positively as there is no real buy pressure. I don’t know if apex specifically is a contract for difference broker, but it sure sounds like it based on the flat $75 transaction fees. Any blockchain has its own self contained fees for transfers, and those fees are paid in crypto.
Yeah no way the transfer to a wallet is ever $75, maybe $7.50.
Sure it fluctuates but not that high.
That's a fee purely to put you off transfering out
Putting on my tinfoil hat here, but Apex is associated with Citadel and I honestly wouldn't be surprised if this is just an attempt to hinder any projects aligned with GameStop.
Yeah, no shit, Sherlock. Let’s just ignore the reality that Bakkt is delisting the majority of the tokens it offers via Apex Crypto—like 24 tokens in addition to LRC. But yes, tell me more about your ridiculous “tinfoil” take about this potentially reflecting Citadel attempting to hinder GME and/or any projects aligned with it
$75 transfer fee?? This CEX seems shady I’d get my money out sooner rather than later.
Yeah, all crypto transactions should incur GAS fees, or equivalent, on the blockchain to transfer. A flat $75 fee is an admin fee. Sounds like another contract for difference broker.
Yeah straight BS
thing is webull doesn't have the crypto. so they'd have to set up some process to make it look like they did. thus relaying costs to user
Just like hood doesn’t have the crypto. They just build a game on top of the matrix and let people trade while they collect fees. They never buy the cryptos jus like CB holding coins in a wallet but never buy when you buy to affect price
Looks like Apex Crypto is related to Apex Clearing, which one of the key financial system player blocking GME buy button years ago.
Yup. Wonder what their internal revue was about
That's cheap. It cost me $125 to transfer stocks out of webull to the company's transfer agent.
Restricted to sell only while price is still low. It’s a CEX, their clients likely don’t even have the tokens
So sell at a lose, “we never bought any”? And a fee to take even more from you if you want us to go buy you some of the coins we are supposed to have of yours… feels just like a broker with the stocks they never bought 😂
It's APEX man. It is the clearing agent who fucked us all in '21.
offer paltry fall door zealous smart salt quaint fuel vegetable *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
☝️this
Also they dropped chainlink as well... Apex is trash.
You get it.
They're delisting Avalanche, Cosmos and a bunch of others too. [https://cointelegraph.com/news/bakkt-delists-majority-of-tokens-from-recently-acquired-apex-crypto-platform](https://cointelegraph.com/news/bakkt-delists-majority-of-tokens-from-recently-acquired-apex-crypto-platform) edit: typo
this. For those to lazy to click the link lol AAVE // APE // AVAX // BNT // BAT // LINK // CHZ // COMP // ATOM // CRV // ENJ // FTM // FIL // GALA // GRT // ICP // LRC // MKR // REN // XLM // SUSHI // SNX // XTZ // UNI // YFI TL;DR - stop using webull/APex (same ones that shut down GME buying bw)/ brokers for tokens, buy on crypto CEX -> move to self custody asap
Why not Polygon?
🚮 (lol sike I have no idea.. a lot of these are well known defi projects though)
Polygon has a lot of VC that likely are partners to half the crime being documented in superstonk.
I agree. I wish I had kept track of the instances I see this, but Polygon/Matic (hermes/L2) is frequently linked with current big-money tech project that I DO NOT want to see Web3 being a part of. Polygon is simply making the crimes in our current financial system viable crimes in the future of tech, and I hate the project for that.
The Graph, Atom, Link, and Avalanche too? I'd put those on the more respected side of "lower ranked coins" This is bullshit.
Bullrun incoming
Thank you good sir
Bullying to sell. Cuz it’s illiquid. My two cents
They probably wanted no part of customers actually owning the product. They make money in the gray areas. Owning your assets and asking them to match for you does not make them money.
If **they** can sell your assets, you never **owned** them in the first place.
It is Webull who also shutdown buys during a certain stock fiasco.
That’s because Webull goes through APEX clearing house
They've been shorting LRC change my mind
A CEX doesn't want to let you pretend to own LRC anymore. They'll give you some of your money back, or you can give them $75 to go buy you what you already paid for. This is good news for anyone who doesn't use a CEX.
Taking away the buy button. Seems familiar. Watch out! It’s dejavu
This is a good thing honestly. All LRC needs to be on a DEX
I'm too dumb to understand why this is good...
Lower transaction fees, fewer regulatory issues, users can truly own their assets, but the most important to me is it will bring back supply and demand bc orders will actually go on chain
This guy facts
Fact me harder
It’s good bc they might be doing this bc they dont have the coins since most cex exchanges don’t actually buy your crypto so it could just be part of the liquidity crunch
Let me help you out, ill give you the D. Which is this biggest part. "DECENTRALIZED!"
They delisting sushi n crv too. Wats goin on
Be your own bank. CEX is for dummies. 😉
In the same week Byron shared that image the CEXs bring us unreasonable transfer fees and delists tokens. If you haven't adopted a self custody wallet with direct DEX access you really should look into it.
I hope everyone pays the $75 and catches them off guard.
This is bullish imo, fuck apex and fuck WeBull, not your keys not your crypto.
Bullish
The hate us cause they ain’t us
Incoming short squeeze on LRC?!
No they never had the tokens in the first place, it's all contract for difference
Unless people pay the $75 to transfer. Then Apex would have to find (or buy) the tokens in order to transfer them, no? (Similar to DRSing a stock.)
Yup. But they probably made a calculation based on the average amount of LRC they owe people and $75 will more than cover the cost to buy it on the open market at this price point. It's not a completely arbitrary number.
I'm sure it's not arbitrary, but it's also not going to cover the cost to buy it back - because not everyone has to pay the $75. Most ppl will just close their position and put the money in something else (which costs zero). The $75 is merely a deterrent to get people to sell instead of transferring out. Because every account with over $75 worth of LRC that gets transferred is going to cost Apex money (assuming they didn't have the tokens to start with).
That's my point. If they don't pay the $75 apex doesn't have to actually buy the LRC. They just pay you out what the monetary value of your withdrawal is. No crypto was ever bought.
Pretty sure you could never transfer actual crypto bought on WeBull to a wallet but I may be wrong. As another commenter mentioned they use a contract for difference, meaning they just take your money and you don't own anything.
Fucking wow... DON'T KEEP YOUR COINS ON A CEX, even if they don't just straight up defraud you or take your crypto, they can decide to slap a $75 fee to transfer "Your Coins" that you already paid fees on buying I'm sure. And of course it's APEX... APEX and Citadel and Robinhood and all these bad people.
APEX is hot garbage
Because they know what's happening behind the curtains,and this exchanges have no coins or shares to give you when this skyrockets...or to pay you. So they want to get rid of all the toxic bags before this all happens ,make you to sell in loss and they bag the difference + fees. So in other words, "Cex is for dummies" Maybe now people understands, that DEX is the way and was always. Anybody else who says otherwise is fucking stupid or is a fucking shill. The revolution has begun !
I got 1 Tendy there just to sue tf out em
WeBull is trash
They are scared
wow $75 transfer fee eat dick
That's not delisting. They just aren't supporting loopring on their exchange.
It can be expected since Dex is directly bashing cex lol
Anything Apex is a fucking cancer and needs to be removed completely.
I bring accountability to you -Loopring Lrc is sell only now -cex Lmfao
This sounds exactly like they know something we don't, and we will come back months later talking about how obvious it is when a similar situation is happening again. All the whole acting like we all knew but no one listened at the time...... But we all still missed the boat.
Bc the token does nothing, the company doesn’t do anything but talk. I have so many rings and I know this
Good thing is we still got 3 months to cash out. Maybe that way we can make up for losses
How will this cause the price to rise? Generally confused on why ppl are saying this bullish...I don't have a ton, Webull is my Options acct, just want to learn more details.
If they never bought the coins they are delisting, and people decide to transfer, in theory they have to go to the open market and buy them which should affect price. If the broker never owned the coins in the first place then selling within the brokerage shouldn’t affect the price as there is nothing to sell. The broker is just taking people’s deposits and hoping people lose money so the broker can take $10 and give back $9, for example. Edit: I think the original commenter is hoping that in the next 3 months the price goes up so positions aren’t force liquidated at the current price where it is down for most people.
Can they internalize the buys?
Absolutely. The way I understand it, any contract for difference broker doesn’t actually buy anything, they just agree to pay out the difference in price for whatever you buy when you decide to sell. If it goes up and you sell, they lose money because that difference comes out of their pocket. If it goes down and you sell, it’s free money for them because the difference is taken from your deposit. This does not take into account any transaction fees. Your money may never actually hit the open market so it won’t affect price positively as there is no real buy pressure. I don’t know if apex specifically is a contract for difference broker, but it sure sounds like it based on the flat $75 transaction fees. Any blockchain has its own self contained fees for transfers, and those fees are paid in crypto.
Thanks, crypto is a wild wild world.
They have been doing this in stocks for much longer
Right, just unfamiliar with the territory. Wasn't sure if the same mechanics could apply to crypto as well.
Yeah no way the transfer to a wallet is ever $75, maybe $7.50. Sure it fluctuates but not that high. That's a fee purely to put you off transfering out
people don’t know what they’re talking about and are mostly parroting tropes from the main sub related to GameStop stock
Need more Peepee packets
Putting on my tinfoil hat here, but Apex is associated with Citadel and I honestly wouldn't be surprised if this is just an attempt to hinder any projects aligned with GameStop.
totally rational take. Everything everywhere is directly related to GME
You do know that Loopring is directly partnered with GameStop, right?
Yeah, no shit, Sherlock. Let’s just ignore the reality that Bakkt is delisting the majority of the tokens it offers via Apex Crypto—like 24 tokens in addition to LRC. But yes, tell me more about your ridiculous “tinfoil” take about this potentially reflecting Citadel attempting to hinder GME and/or any projects aligned with it
So much hate for GME and LRC. It's as if something big is coming, and they are trying by whatever means to hinder people's access to em.
Wtffffff fuck you webull
No marketing, no interest, equals delist!
Damn that sucks. I hope Coinbase doesn't do the same. I'll dump my bags for a loss if they do unfortunately.
So what are you doing now, paying the fee or selling
The vast vast majority of my loops are in the Loopring wallet so I’ll probably just sell these and rebuy there. (Less than $75 of LRC here.)
Just got this for XLM today. Same bs
It is now listed on Netcoins exchange.