Why Steemit Members (all Steemians) should be cautiously optimistic about Circle Purchase of Poloniex
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:
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.
Do you agree? Send in your comments and or suggestions, resteem in order to share with your contacts and upvote in order to send in your support.
Click here and read my former post:Funny denial: Reward Pool Rape: Downside of Steem Blockchain innovate nature Or Abuse of Free will?
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