I bought a small amount on Poloniex some time ago. The BitX environment strikes me as innovative and forward-focused.
However, the volume of BitCNY on Polo is dire. Amazingly, today there has been volume of almost 1 BTC. Usually it is about 0.2 BTC.
Can anyone please tell me what is going on? Why is this coin so under-appreciated? Many thanks!
However, the volume of BitCNY on Polo is dire. Amazingly, today there has been volume of almost 1 BTC. Usually it is about 0.2 BTC.
Can anyone please tell me what is going on? Why is this coin so under-appreciated? Many thanks!
There are so many Alts that are on Poloniex, only a few will actually be sucessful, some might be good ideas but too late to the party, others are just scams or trying to get involved in the boom.
I don't know about BitCNY (rubbish name by the way) but unless something serious happens, with less than 1 btc volume per day, it will be hard to see a big price increase coming.
BitCNY is not an alt coin or block chain. BitCNY is a derivative(market pegged asset) of CNY on the Bitshares block chain. The whole idea of BitCNY or BitUSD, BitEuro, etc... are to maintain those values, thus you will not see "a big increase in price coming."
Read up on the BitShares project to better understand this. They are trying to produce a decentralized exchange, financial platform, FX markets, Fee Backed Assets, the list goes on and grows daily. One of the issues with BitShares is the scope of the project, its like hearing about BTC for the first time and will take a lot of research to understand its importance.
Thank you for the explanation. My impression then is that there is no "rational" or "logical" reason why BitCNY or BitUSD should be cited on Poloniex. In terms of the "big increase", I would note that, according to Poloniex, the monthly price range from 13,333 to 244,394 (with two spikes) which shows some kind of actionable price increase. You can see this if you look at March 18 and March 20. I'm curious as to why (if there is an obvious reason) these spikes occurred? Thanks again!
