Topic: Poloniex is bought by Circle (Read 430 times)
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I don't know this will be good for poloniex member or not because until now, I don't see any problem to trade in that site but once there is a problem, then I think I will move all of my balance to another site. I don't want to have a problem because of the changing of the poloniex owner and I think we deserve to get the best service from the new owner.
if we just return to recall a circle that initially had been on the bitcoin wallet and its ability to come back and request bitcoins and then restructured their business a model that support mobile payment platform to chat with other friends and contact to send and kindly to your liking as a smart move poloniex is an established cryptocurrency exchange all could probably also you bring in those who fell by the circles service as a wallet of bitcoin exchange platform but now as well dwveloped trading platform .its one of the larger deals in cryptocurrency exchange from a trade volume now should increase in their ranking by this time.
This...
Tin foil hat: engage.
This acquisition isn't about acquiring a profitable business; the $400 million price tag is irrelevant. This is about Wall Street gaining an investment foothold in the market. The cryptocurrency markets are far too illiquid for Wall Street firms with deep balance sheets to acquire positions in BTC and other coins. I've been watching firms like GS operate for a long time; they typically spend 2-5 years accumulating stocks before a significant mark-up and massive rally.
They don't have nearly enough time for that in this case. The next best thing? Buy an exchange, churn out percentage commissions, and hold the coins.
I'm really surprised that so many people in the crypto community see this GS buy-out as a good thing.
I expected that there would be outrage at this news and I thought I'd be seeing an organized boycott of Poloniex.
I thought greedy, elite banksters like Goldman Sachs are the very antithesis of what bitcoin and cryptocurrency stand for and yet most of the community are going on about how great this is.. I don't get it..
If we thought there was market manipulation going on before, wait until we see what's ahead..
I'm with you..
F*ck Goldman Sachs and f*ck Poloniex...
Tin foil hat: engage.
This acquisition isn't about acquiring a profitable business; the $400 million price tag is irrelevant. This is about Wall Street gaining an investment foothold in the market. The cryptocurrency markets are far too illiquid for Wall Street firms with deep balance sheets to acquire positions in BTC and other coins. I've been watching firms like GS operate for a long time; they typically spend 2-5 years accumulating stocks before a significant mark-up and massive rally.
They don't have nearly enough time for that in this case. The next best thing? Buy an exchange, churn out percentage commissions, and hold the coins.
I'm really surprised that so many people in the crypto community see this GS buy-out as a good thing.
I expected that there would be outrage at this news and I thought I'd be seeing an organized boycott of Poloniex.
I thought greedy, elite banksters like Goldman Sachs are the very antithesis of what bitcoin and cryptocurrency stand for and yet most of the community are going on about how great this is.. I don't get it..
If we thought there was market manipulation going on before, wait until we see what's ahead..
closed poloniex account, from time to time a little bit of ethics does not hurt
I'm with you..
F*ck Goldman Sachs and f*ck Poloniex...
I am not a big Circle fan, because they used the old Bait n switch trick on Bitcoiners a few years ago. They started out as a big supporter of Bitcoin and then when they gained enough users, they dumped Bitcoin and changed their business model. I will never trust a company like that again.
They are going to use "Poloniex" and spit it out when they are done with them.
They are going to use "Poloniex" and spit it out when they are done with them.
closed poloniex account, from time to time a little bit of ethics does not hurt
saw this too, Circle has continued to re brand itself initially being a bitcoin company,with an aim of improving the accessibility of BTC and later on changing to a social payment company.its claimed that circle paid a whooping $400Mfor the acquisition. i however doubt if it had anything to do with the he negative prices we'v seen BTC experiencing, because if it had, means the company would be running at a loss just after the mega acquisition.
Bittrex and binance are better
Polo was one of the worst exchanges out there in my opinion. Hopefully this changes now! But its kinda scary that GS buys its own trading platform ...
This was going to eventually happen, banks do not like the idea of bitcoin but if investors are willing to put their money in cryptocurrencies then banks will find a way to try to profit from it, and buying exchanges seems like the perfect opportunity to enter the game, exchanges for the most part already perform the job of a bank so it is a natural match and by buying an already existing exchange they avoid the negative response they may get from the community if they opened their own exchange. 
We cant really say whether the big green candle is because of this news or not because Bitcoin has been in the limelight for quite a good time now and even if the news wasn't announced, i think the price of BTC would still have increased. We can say that this news has boosted BTC's price and chances are there that the increase in price will still continue since there aren't many people aware of this right now.
I once tried trading in poloniex too last year. I heard they had a hard time getting traders due to bad rep. Their trading volume really dwindled but it's still one the top trading platforms in crypto. Hope this change for them will up their game with new exchanges popping out every other month.
That's actually big for the crypto world, Circle is a big company that sets high standards around consumer protection and self-regulation, and the recent acquisition will make a wide range of digital assets more safely accessible to public.
Yep, I got the news this afternoon. $400 million, not cheap. Let'see if they plan to improve the ghost support system as I remember users were complaining about it. You can almost be sure to see KYC verification if there isn't any already.
Tin foil hat: engage.
This acquisition isn't about acquiring a profitable business; the $400 million price tag is irrelevant. This is about Wall Street gaining an investment foothold in the market. The cryptocurrency markets are far too illiquid for Wall Street firms with deep balance sheets to acquire positions in BTC and other coins. I've been watching firms like GS operate for a long time; they typically spend 2-5 years accumulating stocks before a significant mark-up and massive rally.
They don't have nearly enough time for that in this case. The next best thing? Buy an exchange, churn out percentage commissions, and hold the coins.
One of the most interesting things this raises is tether. Circle must be planning on flushing it away ASAP but the fact they'd buy somewhere currently balls deep in it implies some deeper knowledge of it.
In before Tether markets get de-listed.
That "deeper knowledge?" They got the green light from US regulators. Carte blanche, clean slate:
Here's a slide from a Circle presentation that was leaked this morning. Check out the second section in particular:
Basically, Circle told the SEC that they would turn Poloniex into a fully registered/licensed broker-dealer. In return, the SEC said they wouldn't pursue enforcement actions for any past behavior.
Basically, Circle told the SEC that they would turn Poloniex into a fully registered/licensed broker-dealer. In return, the SEC said they wouldn't pursue enforcement actions for any past behavior.
Poloniex is in the clear now. I suspect Bitfinex and Tether won't be so lucky. In fact, I really don't think either of them will be operational a year from now.
One of the most interesting things this raises is tether. Circle must be planning on flushing it away ASAP but the fact they'd buy somewhere currently balls deep in it implies some deeper knowledge of it t.
Yep, I got the news this afternoon. $400 million, not cheap. Let'see if they plan to improve the ghost support system as I remember users were complaining about it. You can almost be sure to see KYC verification if there isn't any already.
for Circle $400M is not much they are earning a lot more and entering the exchange market it will boost their income more this is good news for Poloniex users because the Circle is big influence for Cryptos trade and it may help it going back to the top alongside Binance and Bittrex it's not going to be easy to get the users in time but good publicity and media will help it get back out there fast off course they need to bring something to the table to make it more appealing to use Poloniex over other exchange platforms.
I hope this is good, I kind of miss Poloniex being cool, not sure how they fucked up. I guess it went all downhill when they removed the trollbox.
They also stopped adding coins, probably because of the SEC, maybe that will change now.
They also stopped adding coins, probably because of the SEC, maybe that will change now.
the news would be great for crypto community as circle is backed by goldman sachs that means the huge whales are into the game and huge liquidity is in its way.
at the end of last year they started asking for Legacy account to get Verified
is this the reason why poloniex initiate "a major upgrade" of customer identification and verification systems?
would that be one of the requirements they have to do to make the acquistion/partnership to happen?
It might be the reason, but there is no way to prove anything in this case, especially with how other exchanges have done the exact same thing. From there it's safe to say that it is more likely related to increased regulations.is this the reason why poloniex initiate "a major upgrade" of customer identification and verification systems?
would that be one of the requirements they have to do to make the acquistion/partnership to happen?
At some point we'll see even the most rubbish exchanges do the same, so it's not that people on Hitbtc and Yobit are safe from all these measures. It's either abiding by the rules, or get your but whooped by authorities.
It's a great move for people using that exchange, but I don't know how much of a good move it is from Circle's side. You may agree or not agree, but Poloniex is a falling knife, and you know what people say about falling knifes......
Hopefully this can be a start of Poloniex returning to some of its former glory. Binance has completely overtaken the previous big 2 of bittrex and poloniex and they're now really quite inferior. New ownership could change this.
It's also good from the markets point of view as a bigger corporation is entering the cryptocurrency space. Expect to see more moves like this in the coming months and years.
It's also good from the markets point of view as a bigger corporation is entering the cryptocurrency space. Expect to see more moves like this in the coming months and years.
I expect this too, with the change of ownership and management hopefully their customer service will improve. I have withdrawn also all my funds and leaving only less than a hundred dollar just in case for arbitration or If I am in mode to trade with their platform. I welcome this good news. Finally.
Yep, I got the news this afternoon. $400 million, not cheap. Let'see if they plan to improve the ghost support system as I remember users were complaining about it. You can almost be sure to see KYC verification if there isn't any already.
Anyone still has funds in Poloniex? I haven't logged in for a long time. They used to let you trade anonymously, I had some stupid fake name on there because back then they didn't care. I assume that now that GS is in you can forget about that.
you and a lot of other people.
they instituted new KYC requirements starting january 1st---no more fake names. full KYC with government ID and selfie required. however, their policy does state that you can continue to withdraw at your old limits if you don't verify. you just can't deposit or trade.
The good side of the news is that, at least, we know who is behind Poloniex. The bad is that I don't like these new owners. Obviously, they aren't anarchists who want to destroy the banking system... It could be good for BTC, though... Let's wait and see.
the first generation of exchanges was mostly run by anonymous or fly-by-night people. lots of exit scammers. no licenses, no reputation to back them up. we've never known anything about poloniex except the possibly fake name "tristan d'agosta" and a virtual office mailing address.
we may not like goldman sachs, but i prefer them to anonymous owners who could disappear at any moment.
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