Poloniex increases confirmation times for Gridcoin to 999
It seems Poloniex increased the confirmation times for Gridcoin to 999 (that is about 1 day).
- they hold currently >61% of the trading volume for GRC (e.g. BITTREX has >36%).
Past confirmation times on Poloniex:
- in May it was still only 120 confirmations,
- on Sep. 13 it was 200 confirmations
Erkan (find me on IRC and twitter)
26 days later it basically reversed:
There is no logical reason for this unless its to drive people out of the coin. 120 confirmations is more than enough.
In past month there were forks longer than 300 blocks. By increasing the confirmation requirement they are protecting themselves from double spend attacks. This sadly pushes the price down.
On the positive side, over the past two-three weeks, whenever we've had the increased volume Bittrex has account for about 65-80% of the volume. So, to me, it looks like people are beginning to realize the benefits of Bittrex's faster confirmations and, IMHO, better interface. If only they would lower their withdrawal fees, they would be spectacular.
Didn't Bittrex recently increase the confirmations as well?
I believe it was still 6 confirmations for deposit as of 3-4 weeks weeks ago. Not sure how you check the current number of confirmations needed without making a deposit now.
It is up to 120 confirmations now.
Still less than Polonex now, haha. And, the interface is still better too ;-).
Please, explain the facilities.
Good work...😍😍😍
Any idea why they're doing this?
quote from IRC:
but the safest bet is to ask Poloniex itself about why they are making this business decision
reminder, from 2 weeks ago: