From rags to riches: POLONIEX

in bitcoin •  last year

That thoughts kept running through my mind for a long time. This is only my assumptions, that has no any vital confirmations. Just my thoughts.

I started crypto trading long time ago, as most of the people, I started from the pair BTC/USD on the BTC-E stock exchange.

I was tired of Bitcoin trading, as each time when I sold the BTC, I should wait till the market plummet. That lead to cheap BTC, and the moment in time, when I could buy BTC one more time. I didn’t use margin trading.

At the beginning of 2016, one unknown cryptoexhange started trading the ETH. I was unfamiliar with that coin. But there was a huge hype about ETH in the Russian cryptocommunity. It was exactly that moment, when the Poloniex started it solo activity of black cardinal in world of altcoins.

When I entered the Polo first time, I saw unremarkable design and old-fashioned UI of the website. I didn’t like it. But you know, the time has passed, and I got used to it. The exchange started it’s test on the traders/users. Whether they used their own capital or borrowed one, I don’t know…

They attracted a looot of people, using pumping of the ETH. That trick helped them to built trust and get large volumes of money, and… that strange things started…

As polo can see all the stop positions, levels of margin call they started to play on the market themself. I personally know many people, that has lost large sum of fund in that time. In the spring, they started to use small pumps of the small alts. So they tried the same strategy on the new field. As well their user-base was growing.

Then was rather calm time: prices on the coins decreased, and the charts were in the flat position. And unexpectedly the DAO was hacked. That incident plummeted the ETH price to the bottom of the charts. I am 100% sure, that was done with the forces of Polo, huge dynamic of prices, margin calls and so on….

In the end of July, Polo exchange had the info about the start of Etherium Classic earlier then all of us. That lead to the increase in the price of ETH and buyout of the large sums of that coin. It was done to get the large part of the coins from the older chain. The fast dump of the ETC helped Polo to make larger savings. As users were selling the coins of ETC, that were given to them for free.

When finally Polo fucked all the users using ETC, the market get into depression.

Black cardinal Polo dumped all the altcoins, intentionally leading them to the bottom… and holding on the bottom as long as they could. It was not because of the increase of the BTC price. It was the 3rd period of their sliding strategy. We were witnesses of that strategy in the middle of February.

I also would like to mention Pascal coin. That was also experiment in some case. In the beginning of december, on the crypto exchange Cryptopia, we see the increase in price of the Pascal coin. Nowbody knew that coin. And the pump increased the price of that coin in 3 times, buyout of the coin on large sums of money. In some time the coin got back to the old price…

Voila.. In the December we saw that Pascal coin appeared at Poloniex, and we see standart scheme. Dump x10, and fix of the positions with the 10x profits.

What am I would like to tell? Summary.
I think Polo watch track our all positions, our stop positions, liquidation points, all huge transactions. And Polo can stop pumps, restrain the growth of a coin , if someone with large position sits in it, in order to persuade to sell it before the growth. And that is only a tip of the iceberg...I wouldn’t even mention the inside trading, bugs, when Polo can trade and we couldn’t.

What shall we do? Well, firstly you can go to the Bitrex, but if you trading coins that have Polo, it will not change anything. Because the market follow the “hairy motocycle”. I recommend being very careful not to be greedy, and margins should have enough security to The cardinal's hairy hand did not reach you ...

I think the experiments will continue and it will not quickly end. If you ever feel a lot of money, you want even more ....

P.S. This is not a complaint, not the text of an angry hamster who has lost everything. I earned a decent amount of money using polo, but it was not easy and not quite in fair play against me ....... There are a decent number of people who are still very naive …

Good mood to you all. Cheers!

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Cool article, Mr. Cat) Lets eat some Plov..