💹 What Will Come Of Poloniex
Circle X has recently taken over Poloniex, lets take a look into what we should expect from this take over.
Circle X is a well oiled machine that has been being worked on for 5 years and a backing of $140 million dollars. From what I can gather of the company they have an idea that no single crypto currency will be the go to for everything. But instead have many cryptos that each do their own thing better then the other. This is why my feeling and from reports that Poloniex will be offering even more cryptos in their trading platform circle x as we continue forward.
My biggest hope for this new hand off will be that things such as Steem
For the last 3 weeks to a month now I have been unable to transfer my steem out because of this! It totally infuriates me and I am sure many others as well. My hope is this will become less of a thing with the new company take over.
The other big issue with Poloniex that has come up is their lackluster support. In fact I wrote to them 2 weeks ago and still have not heard back! That's freakin wild and I don't get how you can even run a company like that. I will admit I can understand at the very most a 72 hour turn around time but that's where I start to lose my shit lol. With Circle X taking over they already have it in the plans to hire on 100 more employees.
All in all this sounds like a great take over but time will tell in how fast things start to update on the site. I do hope for big things though!
Thanks for the writeup. It will definitely be interesting to follow what happens.
On one hand I'm happy if it makes cryptos more mainstream, but on the other hand I wouldn't trust a single penny to anything related to Goldman Sachs knowing how they've treated the world economy (remember Greece, anyone?) or any individual who has been in their way.
I think it's safe to say that following regulation and paying taxes has never been Goldman Sachs agenda (unless we're talking about Cayman rules). But they do have a lot of ex-employees in high places so they can probably pull a lot of strings in terms of favoralbe regulation.
Do you have any idea how much power GS has in the deal or is circle X mostly acting independently?
There are certainly positives to more professional and established companies moving into crypto exchanges, but I think there's also likely to be a backlash from many users.
The reason so many people love crypto is due to the lack of involvement in the process by the big established financial institutions. Understandably people are very negative about them so it will be interesting to see whether numbers of users fall (at least initially)
I feel like those times are behind us now. Cryptos are now regulated and taxed which was at first when people loved them. We seem to have grow passed that point and still hit all time highs on cryptos
You might be right. Additionally, due to Circle being regulated for Fiat transfers, it should add some much needed competition to Coinbase / GDax for the fiat transfer
This new takeover seems interesting. I would check on it and see if it's for better of for worse. I just hope everything will turn out fine because I love to trade with Poloniex.
I think that a lot of that is just because they've got an immense amount of new accounts lately that they can't keep up.
Still though, I'm sure it's looking up for them. Perhaps they'll get a Bitlicense (or NY will repeal it) and then I can get an account with them.
good news
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