Daily Crypto News

Hello steemians,

Today is a sad day for crypto space because one more time millions of $ have been lost for nothing more than centralization and lack of customers incentive.
First the crypto exchanges continu to be attacked as OKcoin stop USD deposit after Bitfinex and btce:

Secondly crypto investors, once again got harmered by an exchange with Poloniex choice to ninja delist no less than 17 coins in one notification.

As results few hours later, thousand of BTC have been lost with as large as -84% decrease for C2 , - 83% for HZ, -83% for QBK

Some of you may think all delisted coins are just "shitcoins" and it's totally normal that they got delisted but the main problem isn't coming from here, after all Poloniex is a private company and can decide as they wish to list or delist a coin, i agree with that.
Problems are huge amount of money are traded with biased informations and no regulation to protect customers.
Usually a coin is delisted when daily volume is low for weeks and/ or no development is going on.
As we see below, Coin2.1 (C2) and Rubycoin RBY had almost 5M$ monthly volume, so looking at Naut/Steem dollars/ XCP/ Storjcoin/ NXC...
As they have less monthly volume than C2 and RBY , they could be delisted overnight by Poloniex as they generate less valu?

Even better we moove up in classification with VOX and Nobl with a respectively monthly volume of 7M$ and 6M$ .
Is Pasc/ANS/BCY/VIA at risk to be delisted aswell?

You could argue those coins are "dead", look at my last blog entry where i was talking about VOX recent news, delisting a coin in the middle of an equity offer is quite surprising.
Even famous crypto millionnaire rpitila investor from bitcointalk is participating.
That doesn't look dead to me.

I can't make a case and talk about all projects and it's not the point.
From a volume and development point of view there is no real logic from Polo delisting strategy and no explanations available to understand what they do.
No reason for customers to think such event could happen.
What it mean is simply that anybody on most of listed coins could experience anytime a delisting from Poloniex and experience a massive loose in few minutes for no objective reasons.
This doesn't look fair to me.

How could act Poloniex if they would take care of us?
-At minimum indicate few hours/ days before a delisting announcement that at a specific time they will announce a delisting. So traders / invertors can be ready to act accordingly and not simply log in and see they lost up to 80% of their monney after the fact.
-Set up clear rules about delisting decisions.
For exemple Bittrex have a low liquidity warning when trading volume is too low for too long, this exchange announce in advance that the coin could be delisted if volume don't pick up shortly.
Sometime volume is not rising but developper contact Bittrex and give them insight on current status and usually Bittrex give more time so the community involved know what is happening and can act accordingly.

I am totally against Poloniex behaviour, as the biggest altcoins exchange in volume, owning a tremendous monopoly and centralized power, Polo should be blamless on such important matter.
Imagine if one day Poloniex was taken down by hackers or US government, situation is clearly not healthy for crypto market.
Furthermore, this centralization of power is against what crypto is aim for.
Hopefully decentralized crypto exchanges are soon enought taking back power from current centralized exchanges.
Waves platform, Blocknet, Unity are working to offer the possibility to trade without 3nd party involment, being the owners of your Keys, lower fees an no risk to see your coin delisted anytime soon.
Lykke is semi centralised exchange as customers own wallets keys but 3nd party is involved.

Finally i would say , Poloniex if you continu to treat your customers as you do, and decentralized exchanges are finally picking up, in no time you will loose your centralized power and your leadership in crypto exchange space.

                                      Have a great day!

Link:

http://www.coindesk.com/okcoin-bitcoin-freeze-us-dollar/
https://coinmarketcap.com/currencies/volume/monthly/