XV Token moves ALL holdings off BINANCE

Hello SPIers, today I have an update for the XV token and where we store its basket of 15 cryptos.

As many of you are likely aware, Binance and CZ are getting sued by the SEC and this time it looks like it's happening. I have full faith that Binance will not go down, I saw somewhere that they have allocated $1 billion toward fighting the SEC which is almost 8x more than what XRP set aside at $150 million. With this amount of money, it could drag on for years and years before the case is settled. I dont think Binance will go down but I 100% would not recommend holding funds on an exchange. When it comes to exchanges, use them to exchange and then get your funds off. Storing crypto on an exchange is a bad idea long term. Even if you never lose money from holding in an exchange, you'll need need to provide IDs and jump through other loops just to keep your account in good order. Why do you need me to verify myself 7 times over 6 years Binance?

Now, SPI itself has $0 on Binance or any CEX. We hold some tokens on HIVE-ENGINE which is debatable if its a true DEX or not. The only exposure SPI has to Binance is we have $5k worth of EMP/ETH LP and $3-4k with @spinvest-leo on BSC. Im not sure how BSC would react to Binance US having to sUt up shop. The question would be, how can they stop BSC?

XV token on the other hand holds all of its crypto on Binance within Reblancing Bots. When closing these positions, you have the option to take your funds as the individual cryptos in the basket or the bot can sell them all and pay you in USDT.

4-5 days ago, this news broke and I was not sure what to do. I sat on it for 2 days and decided it best to remove all the cryptos and relocate them. The reason it took me 2 days was i had to make sure it was not FUD and it's not easy to find a crypto rebalancer service that will connect to an offline wallet. There are only 2-3 on the market and they all need to connect to an exchange or MetaMask which would defeat the purpose of removing the XV basket from Binance.

Attempt 1
2 days ago, I cancelled our rebalancer bots and converted the lot into USDT but I was still working on where to move the funds to. I thought of Exodus but their swapping fees are crazy high, Atomic has just been hacked, Ledger has been getting bad press and everything else was 1 chain dominated. We could have used other offline wallets or MetaMask but then we'd have stuck to 1 chain. I would prefer the XV basket of crypto remain pure to their native chains so BTC is BTC and not wrapped BTCB or WBTC.

After 2 hours, i gave up and decided to call it a day. I converted the USDT back into the rebalancer bot because the market for that day was down 4-5% and i did not what us to be holding $ even for a day.

Attempt 2
Now, dont laugh but the best wallet I could find was Trust Wallet. Now for those that do not know, this was bought by Binance in 2018, funds are not connected at all to the best of my knowledge. It is a hot wallet but it lets us store cryptos on whatever chain we please. This has an advantage in itself as we can hold our crypto on native chains and use something cheap like BSC, SOL, MATIC etc for token swaps when rebalancing.

Once again, I cancelled our rebalancing bot and then 15 cryptos appeared in my spot wallet. 1 by 1 I withdrew 14 of our cryptos to the trust wallet and ARB remains as Binance only lets withdraws to the ARB chain which I need to find a wallet.

I also dumped Stacks and replaced it with QNT which i think has a better chance to remain in the top 50 ranked by marketcap.

Round Up
It's not ideal but funds being in the Trust wallet are safer than being on Binance. The rebalance bot is a really cool tool and cheap to use but I guess long term, it's better to hold our own cryptos and just do fewer rebalances. This might have advantages like if one of our holdings moons 50-60% in a few weeks, we'll see most of that gain as it'll not be sold off by the bot auto-balancing. The same in reverse, if a crypto we hold drops 50-60% in a few weeks, we're not selling good crypto to buy bad crypto.

It took 2 attempts but we are sorted for another while. The whole thing cost us around $90 in gas fees but I think it's worth it. Most of our cryptos are ERC-20 so....ETH fees. We still have a long time until this ends, 104 weeks and i guess this was the plan anyways to move it all off Binance. Its done.

Thanks for staying up to date of XV token news.

XV Token SUBs

@dbooster, @eikejanssen, @thatcryptodave, @curatorcat.leo, @siddhartaz, @ammonite, @hoosie, @cryptosimplify