{"id":20008,"date":"2024-05-08T15:00:07","date_gmt":"2024-05-08T15:00:07","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20008"},"modified":"2024-05-08T10:33:18","modified_gmt":"2024-05-08T10:33:18","slug":"localmonero-and-agoradesk-shutting-down-what-it-means-for-monero","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/localmonero-and-agoradesk-shutting-down-what-it-means-for-monero\/","title":{"rendered":"LocalMonero and AgoraDesk Shutting Down: What It Means for Monero?"},"content":{"rendered":"<p>A recent buzz that spread like a forest fire in the crypto world is the announcement by the crew of the popular peer-to-peer trading platforms, <strong>LocalMonero and AgoraDesk, declaring that they will be shutting down the trading of their trading platforms.<\/strong> Referencing both internal difficulties and the disappointments of the outside world, this makes it clear that the era of monero traders is over.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/localmonero-and-agoradesk-shutting-down-what-it-means-for-monero\/#Implications_for_Monero_and_its_Community\" title=\"Implications for Monero and its Community\">Implications for Monero and its Community<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/localmonero-and-agoradesk-shutting-down-what-it-means-for-monero\/#Acknowledging_Users_Support_Amid_Uncertainty\" title=\"Acknowledging Users&#8217; Support Amid Uncertainty\">Acknowledging Users&#8217; Support Amid Uncertainty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/localmonero-and-agoradesk-shutting-down-what-it-means-for-monero\/#Challenges_to_Moneros_Reputation\" title=\"Challenges to Monero&#8217;s Reputation\">Challenges to Monero&#8217;s Reputation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/localmonero-and-agoradesk-shutting-down-what-it-means-for-monero\/#Market_Response_and_Future_Outlook\" title=\"Market Response and Future Outlook\">Market Response and Future Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Implications_for_Monero_and_its_Community\"><\/span>Implications for Monero and its Community<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On May 8, the notice was pasted everywhere, and it was lettered to the employees with the specific date of the shutdown process. <strong>Firstly, Monero will stop trading on May 14,<\/strong> which will be followed by the winding down of its operation over the next the next six months.<strong> This gradual clean-up of its operations will lead to its closure on November 7, 2024.<\/strong> Customers would be kept posted about returning their funds before the last date, or the unclaimed funds may be viewed as abandoned.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Acknowledging_Users_Support_Amid_Uncertainty\"><\/span>Acknowledging Users&#8217; Support Amid Uncertainty<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The team assured the community of their gratitude, which has been held in their hearts for the past seven years, and their confidence in the future of Monero, despite the platform&#8217;s decision to be discontinued. Apart from demoing Monero\u2019s operation in practice, They also gave the audience an insight into the forthcoming developments within the community, like the launch of Haveno and Serai, the decentralized exchanges, and the ongoing Monero protocol progress. The interest of the community in joining the project and team is evidence of the belief that the values of Monero are far-reaching and go beyond the platforms the team is working with now.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Challenges_to_Moneros_Reputation\"><\/span>Challenges to Monero&#8217;s Reputation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>LocalMonero and AgoraDesk recently shut down at a fundamental moment when Monero faced challenges to its future security and privacy with recent incidents. By delisting Monero and other privacy currencies on the <a href=\"https:\/\/coinengineer.net\/blog\/binance-ceo-richard-teng-demands-release-of-gambaryan\/\">Binance<\/a> platform, a noticeable decrease in value occurred. These exchanges are putting into question what the Monero dependability and reliability are that are required for the alternative currency to exist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Response_and_Future_Outlook\"><\/span>Market Response and Future Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It doesn&#8217;t matter how difficult the situation is; Monero is perfectly able to overcome the barriers within the market. Pushing forward, <strong>Monero ($129)<\/strong> is dealing at the $XMR level today. In a span of 24 hours, there has been a prominent increase of 15%. While the cryptocurrency stabilized at 7%, we noticed a sharp increase of 6% in the past week, which could be one of the positive indications that investors are still interested in the cryptocurrency despite the platform closures and regulatory challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent buzz that spread like a forest fire in the crypto world is the announcement by the crew of the popular peer-to-peer trading platforms, LocalMonero and AgoraDesk, declaring that they will be shutting down the trading of their trading platforms. Referencing both internal difficulties and the disappointments of the outside world, this makes it<\/p>\n","protected":false},"author":6,"featured_media":20011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[5951,5950],"class_list":["post-20008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-agoradesk","tag-localmonero"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LocalMonero and AgoraDesk Shutting Down: What It Means for Monero? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"LocalMonero and AgoraDesk announce closure, citing internal and external factors. What does it mean for Monero? 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