Why Steemit Members (all Steemians) should be cautiously optimistic about Circle Purchase of Poloniex

in #altcoin3 years ago (edited)

Poloniex has been fraught with poor management and almost no customer service when help is needed. Most worringly, steem and SBD traders have not been doing well there due to constant wallet issues and lack of trained staffs willing to solve the issues. Therefore we all can welcome this week news as a good thing because Circle is a Goldman-Sachs backed company with more experience, trained staffs, good working capital and stronger commitment KYC/AML regulations.
Moreover, according to Fortune.com

Circle Trade is the primary reason behind Circle’s profitability. The desk handles more than $2 billion a month in cryptocurrency transactions with a minimum deal size of $250,000. (The biggest deals run as high as $200 million.) Customers tend to fall into a few categories: early investors whose coins have soared in value; coin “mining” operations; and cryptocurrency business ventures, including other exchanges, hedge funds, and projects that have hosted “initial coin offerings.” From November through January, Circle Trade brought in more than $60 million in revenue (including several million just on the day of my visit), according to a source familiar with the company’s financials.

In light of this positive news, I am sure that we will have a better trading platform for steem and sbd however there are still some limitations and thus we have to be cautiously optimistic –here are some few points:

Pic Source:

Crypto Traders like Being Anonymous: Remember 50 cent´s denying his bitcoin due to haters coming after him? See link to my former post about it here . Most traders like being anonymous due to issues like governmental control, criminal / haters knowing about their wealth and other personal reasons-therefore this will be a big issue in the near future because there will be increased control of identity, account verifications through KYC regulations- due to more governmental control on big corporations and thus forcing their customers to adhere to identity checks and new governmental regulations and tax regimes.
However there is also a good news for traders:

Bright future: Poloniex has been a pain in the ass for steem and sbd traders for a while now, therefore this take over will be a welcomed news and a new beginning because circle has good banking relationships, great customer care and experience in the crypto space-therefore we hope for a brighter future with them. Moreover KYC/AML will add legitimacy and trust to the platform with regards to big traders even though most of us will prefer to remain anonymous. Therefore KYC is a good thing for those who do not have anything to hide- however we have to be cautiously optimistic.

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I think KYC/AML are a necessary and healthy way to regulate crypto trading and will over time contribute to the legitimacy of cryptocurrency, so I see this as a positive thing. It is already a standard in many crypto exchanges and will increasingly be, and I think this is how it should be if we want cryptocurrency to move out of the shadows.

Good point, thanks for your comment

This will certainly be a good news for we stemians because as you rightfully indicated, Poloniex has been a pain in the ass. However we have to be cautiously optimistic due to issues relating to regulations. Still this is a good news, thanks for sharing

I agree. Let us hope for the best.

Do you think this highly mitigated the risk of your coins being compromised if it is backed by Goldman? If there is a Mt. Gox I'm sure Goldman would want to avoid the reputation risk and pay up, or they would have insurance on the coins. Hopefully they take care of us Steem and SBD traders on there like you said :)

Good point, thanks for your comment

It will certainly be a bit of a test case as the crypto world gets into bed with a traditional financial services group. I'm not too sure some of the anarcho community will be too impressed but I certainly think its a stepping stone in theright direction of mass adoption...we shall await the outcome with baited breath :-)
Great writing by the way. Very readable thanks :-)

Thanks for your comment, I agree. Fingers crossed

According to Fortune, Circle is paying $400 million for the acquisition. Poloniex has been around for years and used to be one of the biggest exchanges out there — there are now many exchanges competing with Poloniex.
Circle is an interesting startup because it’s hard to keep track of what it does. The company first pitched itself as a bitcoin company that wants to make bitcoin more accessible. Circle wanted to become the PayPal of bitcoin. You could buy and sell bitcoins quickly and easily without any technical knowledge.

By the way sir @charles1 do see my new blog it's on syrian war.. give a look I'll like

Good anylsis, thanks

I have a problem with poloniex.com account
My own is that my account has been frozen for activation
And failed to activate and then I activated the account by a bundle of another account for me with the same name

But technical support does not respond to me from the duration of more than 30 days technical support is very bad opened more than a ticket but to no avail

Is there anyone who can help me solve this problem or connect with Adam directly through the Sky Bay or Shi to solve it even with a material compensation because the account is a large amount of it is not only me and it can happen to me a problem has not been opened account

Lets hope that the new owners will help you with their good technical support. Fingers crossed

A big money backed exchange with high aspiration for tockenizing all assets and becoming the largest and best may end up being a good thing.

The Crypto wave is relatively new and of course the trading. I expect a chain of improvements in a near future. Each one will challenge to improve to avoid getting left behind.
Thanks for sharing.

Good point, thanks for your comment

we hope that these new owners correct the faults, and give support to all users, well you have commented ,. that they did not have a trained staff and attentive to the needs of their clients on the other hand I see that this house of change is always involved in problems, let's see what happens with the new investors, while in the meantime I continue to use bittrez that provides security and stability , greetings @ charles1

Good point, thanks for your comment

Its good news for me also. I trade on poloniex and I hope to earn some sbd also on steemit that I can exchange there. I'm not in a hurry now and their steem wallet problems don't affect me, but in the future I might need to use these wallets...

Good point, thanks for your comment

Totally Awesome !!
thanks .... A nice informative post you gat here..
Resteeming to let all my friends see the trending update on Poloniex and Crypto..
thanks so much for this ......

We hope for the good of the users that this new administrator will reverse the situations and change the image that the exchange platform has to date.
Thank you very much dear friend @ charles1 for sharing this information
I wish you a good weekend

A $400 million purchase is not made hastily. The image will be scrubbed and polished. I expect the name will change too and I hope, since they are going to be SEC compliant and get all kinds of licenses, that they will provide on ramps from USD into many coins.
I wrote a blog on this if you care to look:
Is Crypto now too big to fail?

Fingers crossed, thanks for your comment

Good point, thanks for your comment and happy weekend

did not know about this topic that is shared, I think it is very interesting the point how you accept it. I will be looking for more information about this, thanks for sharing. The only thing you can understand is that cryptocurrency should be something for everyone, stop being a shadow for some.

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I don't know Poloniex has such issues. I thought it is one of the best exchange out there haha

Now you know...they actually had many issues last year.

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you can't change an economy without a good war ;)

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a very good post ??

Thanks to share

What about Bittrex, Changelly or Openledger?