I pray Poloniex never gets hacked, lots of traders will feel the impact. It will take months for another exchange to take the place of Polo in trading volume, it won't happen overnight.
They already got hacked atleast once. Might be even two times.
Topic: what would happen to the alt market if poloniex bought the farm? - page 2. (Read 1798 times)
September 23, 2016, 09:44:55 AM
They already got hacked atleast once. Might be even two times.
September 23, 2016, 03:09:37 AM
I pray Poloniex never gets hacked, lots of traders will feel the impact. It will take months for another exchange to take the place of Polo in trading volume, it won't happen overnight.
September 22, 2016, 08:49:03 AM
If Poloniex collapses, many people even big whales will cry as many of them keep their bitcoins or altcoins at the exchange. There is no exchange that can rival Poloniex at the moment. It would take a long time for the new exchange to take over and the trading volume for alts will crash leading to price collapse for many of the coins.
September 21, 2016, 07:57:45 AM
now i'm sure these guys know what they're doing, but let's suppose poloniex shuts its doors. what effect do you think this would have on pumpville? would people migrate to other exchanges or does poloniex have unique levels of trust compared to others?
there will be a short period of chaos and everybody crying about the large amount of money they have lost and they will be saying "we will leave the market and never come back" but eventually after a couple of days the volume will move to other exchanges like bittrex and they would become number one and life goes on.
but I don't think the pumps are going to stop, maybe ethereum pump is going to encounter a lot of troubles since they have been doing all their manipulations on polo and with the help of polo.
September 21, 2016, 03:29:30 AM
It will surely be bad for altcoins and there will be massive dumping out of fear. After that I could see Bittrex as the next exchange to become the big one replacing Poloniex. Remember if it wasnt for Cryptsy closing its doors Poloniex would not have grown the way it did.
That is how dynamic the cryptosphere is. Big changes happen more and at a faster pace than normal.
That is how dynamic the cryptosphere is. Big changes happen more and at a faster pace than normal.
September 20, 2016, 08:42:26 PM
Volume would move to other exchanges and/or someone else would pick up the slack.
When Cryptsy closed, other exchanges just gained more volume. Some coins lost their main exchange but then traders went and started trading different coins.
Life always goes on in crypto.
When Cryptsy closed, other exchanges just gained more volume. Some coins lost their main exchange but then traders went and started trading different coins.
Life always goes on in crypto.
September 20, 2016, 04:18:42 PM
Probably the prices of a lot of altcoins would fall a lot as most people would convert their altcoin stashes to Bitcoin and withdraw all their assets. Poloniex has so many altcoins this is bound to happen. I could imagine over a few months the prices would stabilise again since people would have found somewhere else to exchange.
I'm sure many people would be put off exchanges completely but not that many.
I'm sure many people would be put off exchanges completely but not that many.
August 28, 2016, 05:30:23 AM
now i'm sure these guys know what they're doing, but let's suppose poloniex shuts its doors. what effect do you think this would have on pumpville? would people migrate to other exchanges or does poloniex have unique levels of trust compared to others?
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