UFR Exchange Listings Update

The cryptocurrency market is still recovering from the massive runup in 2017. During this time, exchanges charged exorbitant listing fees for projects and had so many users that nearly every single exchange had closed new user registrations by mid-January 2018, due to having thousands upon thousands of new users flooding their sites daily and overloading their trading engines as a result. Exchanges used this seemingly infinite and ever-increasing fund supply to salary tons of new employees and grow massively.

We are now in a phase of realistic downsizing, reminiscent of the events that transpired in bear market of 2015 after the 2013 bull run. At the moment, many exchanges’ expenses exceed their profits and as a result, are needing to downsize or shut down entirely. These include several of the exchanges that UFR is or was listed on.

Exchange Side Note: We are committed to ensuring that UFR is ALWAYS available on exchanges. If exchanges shut down, we will find others. In addition, we will be developing the Upfiring Decentralized Exchange (UFR DEX) directly in the dapp (again, see the roadmap) so that UFR will always be available for buying/selling in a decentralized manner among users with ETH and DAI pairs.

Ethfinex shut down, UFR pairs have been moved to Bitfinex

Ethfinex has shut down, and all user accounts have been moved over to Bitfinex. UFR/ETH and UFR/USD are now live and trading on Bitfinex as well, as can be seen on Coinmarketcap. Bitfinex has proven to be a relatively reliable exchange thus far and a good place to buy and sell UFR.

Coinexchange.io shutting down

Coinexchange has recently announced that they are shutting down due to market conditions. Please read the aforementioned linked letter by Coinexchange and withdraw all funds there by December 1st. They have stated that they may reopen their exchange if market conditions change in the future.

Cryptopia liquidation continues

Very few details have emerged about how user funds will be handled, but it possible that the UFR held there that was not stolen in the hack (between 2–3 million UFR) could be eventually returned to users with a “haircut” — meaning users would receive 70–80% of their original balances back. This has not been confirmed by Cryptopia, but they do currently possess this UFR in a wallet and have access to it. Meanwhile, the exchange is undergoing a liquidation process.

RightBTC Situation

RightBTC massively downsized and delisted nearly ALL of their trading pairs, including UFR, without warning. If you view RightBTC’s exchange, you can see the few trading pairs they have left (around 10–15 total coins/tokens). We are not sure of the reasoning behind this downsizing on their part, but it was not a very active exchange for UFR regardless. You can view the complete list of delisted pairs here, and if you had UFR on the exchange, file a request to have it returned to you.

Overall Market State

Keep in mind that markets tend to be cyclical and while all projects (aside from a select few) have experienced “bleeding prices” for the past several months to several years, it is unlikely that this bear market truly lasts forever. Crypto in particular is known for its “boom and bust” cycles. Regardless, note that holding crypto is considered very high risk as all of this technology (Upfiring included) is still in its infancy, and anything can happen. Understand the risks that are involved with owning UFR or any cryptocurrency, and keep your tokens off exchanges in a secure wallet like Ledger Nano S (hardware) or MyEtherWallet (software).

Summary

We know it can be frustrating to have to wait, but good development takes time, and perfection isn’t going to happen overnight. We are working on making our vision for this project a reality: establishing a decentralized and incentivized file exchange without limits — and this is a long-term path that is going to take several years to traverse through. Marketing will begin as soon as Upfiring 1.2 is ready, and will scale upwards as more features continue to be added as outlined in the Upfiring roadmap. As always, we will provide a date for Upfiring 1.2’s release as soon as we are sure it is ready. Testing of Upfiring 1.2 with the integrated C++ torrenting module is expected to begin in mid-November, and more development updates will follow at that time.