Poloniex exchange just added Monero Markets and removed LTC markets

binaryFate

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Quote from: Litesire on July 24, 2014, 09:13:51 AM

XMR devs must of payed a lot for this.

There is no need for poloniex to be paid to expect more profit after the switch LTC -> XMR.
XMR makes up between 60 and 90% of the daily volume on poloniex. Incomes from poloniex depend directly on volume. Connect the dots, no need to spread conspiracy stuff.

Also, you must be used to premine shitcoins... but since XMR was fairly launched, the devs don't own more than what they get as voluntary donations from people. I hardly see how they could pay anyone even if they wanted.

Litesire

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XMR devs must of payed a lot for this.

Palmdetroit

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PHS 50% PoS - Stop mining start minting

Interesting.

binaryFate

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Quote from: venlo on July 24, 2014, 05:13:03 AM

i tell ya: way more people hold LTC than Monero. Polo will not have more volume with xmr than they had with LTC so removing LTC was a bad choice and possibly pisses off a lot of LTC-people. Adding monero, try something new - sweet, but removing LTC-markets is not so clever. Just my usual 2 cents.

The last days before the LTC market disappeared, I was looking at it daily, computing the resulting profit for poloniex.
The poloniex profit on the whole LTC market was around 0.0008 BTC (yes, there are 3 zeros after the dot) per day.

Maybe XMR won't do better, we'll see, but independently of that, there was absolutely no point for poloniex to keep the LTC market alive!

darkota

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Quote from: venlo on July 24, 2014, 05:13:03 AM

i tell ya: way more people ~~hold LTC~~are Litecoin Bagholders than Monero. Polo will not have more volume with xmr than they had with LTC so removing LTC was a bad choice and possibly pisses off a lot of LTC-people. Adding monero, try something new - sweet, but removing LTC-markets is not so clever. Just my usual 2 cents.

Sir, you're speaking out of your ass. Litecoin has almost no volume on Most exchanges. Mintpal it has less 20 btc volume, Poloniex it has less than 1 btc volume. Cryptsy, it has less than 20 btc volume.(FYI, Litecoin is mostly traded on Btc-e, Okcoin, etc) Even Pinkcoin has more volume than Litecoin on those exchanges, thus it made a lot of sense to switch the no-volume Litecoin market for a coin that would actually bring in volume..

venlo

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i tell ya: way more people hold LTC than Monero. Polo will not have more volume with xmr than they had with LTC so removing LTC was a bad choice and possibly pisses off a lot of LTC-people. Adding monero, try something new - sweet, but removing LTC-markets is not so clever. Just my usual 2 cents.

othe

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No i am not sure, nor is poloniex, we'll see how it works out after some months.
Poloniex are always the first to add innovative coins or business ideas, they are the first normal exchange where u can trade mastercoin for example and afaik still the only one.

"If you don't try you already lost."

Everything else you mentioned doesn't need to be commented further as its just doesnt make any sense at all...

venlo

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Quote from: othe on July 24, 2014, 04:31:54 AM

The Litecoin markets there simply had no volume and thus were irrelevant, you can trade LTC on nearly all big BTC exchanges and people use them instead.
Thats it, theres no conspiracy against LTC, LTC is on a shitton of other exchanges so no one really used it on Poloniex.

Exchanges simply delist unused pairings or coins when no one uses them...

Sorry but no conspiracy theory involved there...

lol. What's that comment? You think xmr-market will have more volume than LTC? Are you sure?
Thinking someone bought some coins before pushing them is not a conspiracy theory. I don't need a tinfoil-hat or crystal ball to know someone is holding a monero-bag here. What ever. I don't care. Have fun.

othe

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The Litecoin markets there simply had no volume and thus were irrelevant, you can trade LTC on nearly all big BTC exchanges and people use them instead.
Thats it, theres no conspiracy against LTC, LTC is on a shitton of other exchanges so no one really used it on Poloniex.

Exchanges simply delist unused pairings or coins when no one uses them...

Sorry but no conspiracy theory involved there...

venlo

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adding xmr-market is maybe good
but i don't see for what reason they would remove the litecoinmarkets? To troll litecoin or to leave you no other choice but to buy monero to get those other coins? We'll know what's happening if we see more and more coins going to xmr-markets early.

My best guess: polo-staff is holding a monero-bag

Dread Pirate Roberts

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interested someone say ltc will touch $100 end of this year . but exchange once by one remove it slowly .
and people still keep and hoping something .
im invest LTC to but i not have many dreams with LTC . just hope little bit to profit later . and if it happen in end of the year will be amaing and LTC will follow BTC in end of 2013 later hoho
interested to see shock millioner later.

Bobsurplus

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Making money since I was in the womb! @emc2whale

Poloniex has been fucking up for ever now.

Back when dcm wanted to hold the IPO there, they told DCM to wait while they chose some trash coin to IPO, which btw.. sold like only 10% of it's ask while dcm sold out in 24 hours.

Then they talked shit about cloak code and declined to list it, once again missing out on 1000's of extra btc volume.

Busoni is running polo into the ground!

binaryFate

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I don't think arguing constructively with people that are in delusion is worthy, or even possible.
In my opinion LTC will slowly fade away because it is too similar to bitcoin, and as such cannot be seen as complementary to it. At one point in crypto history, changing two numbers and the PoW function was seen as a major differentiation, but this is not the case anymore. We have altcoins around that do provide a real differentiation from bitcoin/litecoin. Thus they can live along bitcoin, being complementary to it by filling different needs.

The fact that LTC was the #2 since its inception, does not mean it will remain so for ever in the future.
I am sure many large LTC holders don't have the open mind to look around and be curious at what is existing now... However they should really do so, it doesn't mean they would sell their LTC for something else, but if they choose to hold them it would be a well-thought choice. I am sure many are not doing it, seeing how they scream pump&dump right away. Not everything is a pump&dump, be careful not to miss something big because your emotions make you blind to its actual characteristics and potential value, or overestimate the value of what you hold.

wwhitman

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Well, what matters is if the exchange is profitable, and how low the volume would have to be for the exchange not to be profitable.

B/C as long as the exchange is profitable, why would they shut down?

I don't know the economics of running an exchange. Did Poloniex use to be very large and has been shrinking? If they aren't decreasing in volume and can provide a market for Monero that people trust (read: coins are safe), then it will continue to exist and fulfill a niche. The 2 reasons to switch are trust and liquidity, and right now Poloniex has both.

Poloniex is betting on a certain horse to succeed (due to volume, probably didn't have a choice). If XMR does succeed, Poloniex will be doing quite well assuming they are indeed taking the XMR fees from the trades and hodling.

Saying it is irrelevant is only proportional. I use it and love it, so it is not irrelevant to me. However, if the you believe that the exchange is losing money and that is increasing the chance of a cut-and-run, I'm all ears.

oldmarsh

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Quote from: Megalodon on July 23, 2014, 10:05:43 PM

Poloniex is irrelevant though, I mean look at their total site volume. Cryptsy, Mintpal, and Bittrex are more important.

Only reason Poloniex made this move is because XMR has maintained a volume of at least 150 BTC almost every day for two months now, and they we're barely getting any volume on LTC markets, so it makes sense they made this business move of replacing their LTC markets with XMR instead. If Cryptsy does the same for XMR that's when it becomes a big deal.

I'm drunk as fuck but this 'Poloniex is irrelevant' shit I started is making me laugh.

When you at the volume ranks for exchanges, you see just how irrelevant Poloniex is though. http://www.cryptocoincharts.info/v2/markets/info
Fuckin Kraken has a higher trade volume and I have honestly never even visited their website in my life. Even the other ones you listed, Cryptsy and Mintpal don't look too hot in the grand scheme of things, Bittrex seems to be doing alright, especially by altcoin exchange standards and for being a newer exchange. But I mean Bitstamp, BTCChina and BTC-e are just raping those other exchanges in terms of volume, and this list doesn't even include OKCoin which does some heavy BTC and LTC volume.

Megalodon

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Poloniex is irrelevant though, I mean look at their total site volume. Cryptsy, Mintpal, and Bittrex are more important.

Only reason Poloniex made this move is because XMR has maintained a volume of at least 150 BTC almost every day for two months now, and they we're barely getting any volume on LTC markets, so it makes sense they made this business move of replacing their LTC markets with XMR instead. If Cryptsy does the same for XMR that's when it becomes a big deal.

Spoetnik

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FUD Philanthropist™

Quote from: iGotSpots on July 23, 2014, 09:06:44 PM

Quote from: Spoetnik on July 23, 2014, 12:39:33 PM

i have no doubt it will be as popular as Cryptsy's XPM markets we laughed at way back on launch..

Well Cryptsy launched that market days before it was added to btce. This was also during the "Cryptsy and btce codes will work cross site" blah blah too

Take from that what you will

I like Poloniex a lot but this moves feels equally as selfish as the XPM debacle on Cryptsy

ya..
those BTC-E codes never did get implemented on Cryptsy i think right ?
in case peopel don;t know they had mentioned a partnership but it didn't pan out last year..
and that was what i thought of when i heard a bunch of BTC-E guys were on Cryptsy's chat box not long ago hyping coins.
they also made Koolio a chat mod and he was the one doing it the most and getting the most complaints about his Cryptsy chat box behavior.

anyways lol

The Cryptsy XPM markets came out of no where with pretty much no warning.. they just did it.
and i believe most people felt it was a crappy idea.
I always liked XPM but never used it much and it's because mining them was too hard right after launch..
rented botnets etc made getting XPM coins for the little guy like me way too hard.
not an issue for all people but it's one for me..

edit:
and no offense Poloniex guys but they are not that relevant in my eyes.
i could never stand the UI and the coin selection and the kids that spam the chat box and the no warning order submit button and and and lol

oldmarsh

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Quote from: Viper1 on July 23, 2014, 09:39:56 PM

Really doesn't matter how well Monero is trading today, it's new. 6 months from now, 12 months from now, that will tell whether or not it truly has any value.

It actually does matter, Viper1. You can tell a lot from watching day to day trade volumes, even at the start of a new coin's life. Seeing a new coin come out and in it's first week have >1000 BTC worth of trade volume and a large price rise, and then seeing that volume slowly fade away over the next weeks and month pretty much proves the coin is a pump and dump within it's first month of existence. It doesn't matter then as 6-12 months down the road everyone already knows the coin is going to be dead. Only ones left at a loss at that point are the clueless bagholders, aka half the posters in this thread.

Viper1

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Really doesn't matter how well Monero is trading today, it's new. 6 months from now, 12 months from now, that will tell whether or not it truly has any value.

oldmarsh

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Quote from: Joshuar on July 23, 2014, 09:17:10 PM

oldmarsh, as I said. your words are to be taken with 1 grain of salt.

You invested in a scam coin called H2Ocoin. You critisize exchanges(Poloniex, Mintpal) with over 300 btc daily volume as "not real", with Bitifinex having over $2million(4000 btc) trade volume daily. You are a troll sir. You don't make any sense.

I guess what a "real exchange" is to you is one of those scam exchanges, since your so fond of scam coins like h2ocoin.

This will be my last post to you, since I have more to do than argue with illogical trolls.

Translation of your last line: "I'm not going to post anymore because you owned me and I think it's best I don't keep making an idiot of myself on here..."

Seriously, you didn't even quote my post because you aren't even responding to any of the points I raise and you know everything you are saying is bullshit. As I said, I didn't invest in H2Ocoin and if you included the rest of my post history in that thread I expose ThisWeeksCoin and H2Ocoin and encourage people to get refunds while they can and not fall for the scam.

Again, please point out where you say I am 'lying' and 'don't make any sense.' But you can't, so you just say you won't post anymore.

So I will post this again for you:

Quote

Nice try, A for effort, but none of this changes the fact that Monero is going to fail. Have fun with your bags of Monero, bud.

PS- For the future, saying something is 'a lie' or 'doesn't make sense' doesn't actually mean anything if you don't back it up and explain why 'it's a lie' or 'it doesn't make sense.' And no, bringing up some fallacious straw-man argument about a totally non-related topic doesn't count as an explanation why something else is a lie.

Topic: Poloniex exchange just added Monero Markets and removed LTC markets (Read 2932 times)