Here is why Poloniex will never run away with everyones crypto currencies, not only prices would drop, but they are making over $200,000 dollars everyday off low affordable fees! Thats over $104 million a year WITHOUT raising btc price or # of customers

in #poloniex7 years ago (edited)

So to convince friends and new people online that poloniex has nothing to gain from stealing peoples coins I did some math!

if they took off with all the coins, the price of bitcoin would drop so much and altcoins would drop to nothing! They make over $286,500 USD a day on their very low .15% fees...their 24 hour trading volume is 104,471BTC as of sunday May 14 2017...so at $1800 per bitcoin, thats $188,047,800 in 24 hour btc volume, (not counting 11 thousand eth($1.058 million), 3 thousand xmr ($84,000) and 2 million USDT($2 million) so a total of around 191 million US dollars....

And .15% of 191 million US dollars is $286,500 USD which they are making per day...at this rate, for the next year or 365 days thats at least 104,572,500 US dollars per year...and as they are only growing that number will grow....so that is just an estimate of how much they are making and no website cost that much...they definitly have a very favorable profit margin and a very low overhead relative to alot of other online business especially in Finance Fintech....this is just so impressive isnt it? Why would someone take off with a few hundred million and be on thee run, and have NO way of runing off, NO one could hide that much money and be abel to spend it or ave any fun with it! Why would anyone do that??? Why illegally steal 108 million dollars from tens of thousands of people who WILL find you, when you can make AT LEAST $104 Million dollars every year and probobly twice that by the end of the year! And i am not even considering an increase in price of bitcoin! if bitcoin goes to $4000 then they will be making almost half a billion in fees per year...and thats at the current rate of customers with zero growth,....


(Graph of Bitcoin prices recent increase and todays AltCoin prices in USD)

as they grow in customers and as bitcoin price goes up that number of their total profit from fees will go up even higher! It will get close to 1 billion by 1 year and by 2 years should easily surpass 1 billion ..and its all crypto profit ! So it will all continue to appreciate! That 1 billion a year could end up becoming 1 trillion a year if those altcoins perform as well as bitcoin or if bitcoin were to go to 1 million....and to fully replace fiat paper money, crypto currency will need to have a muti trillion dollar market cap like total cash paper m3 money supply is

Poloniex will be the new Charles Shwab or Fidelity Investments and maybe even the next berkshire hathaway, hopefully poloniex will stay independent and the federal government wont come in and try to nationalize poloniex LOL well this isnt China..If Venezuela government actually cared about its people, they would run their own cheap bitcoin exchanges and allow their citizens to thrive on bitcoin

https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=309559982
"Company Overview" Poloniex, LLC operates a cryptocurrency exchange platform that offers trading features. The company was founded in 2014 and is based in Wilmington, Delaware. 1013 Centre Road Suite 403-B Wilmington, DE 19801 United States Founded in 2014 www.poloniex.com Key Executives For Poloniex, LLC
Mr. Tristan D'Agosta Founder and Chief Executive Officer

Above is info gleamed from the bloomberg profile. Can you imagine if polonix went public and you could buy Poloniex stock?!

(fake image )
Anyway I could be wrong, but I will be emailing Poloniex to ask for proof of their bitcoin paper walllet cold storage techniques like how coinbase gave some behind the scenes photos via one of their employees who shows a tech blog how they do cold storage there. A similar report from poloniex would REALLY drive customers and make existing customers trust poloniex even more and would create a massive surge in new customers deposits and trades

Lets hope Poloniex answers the call and makes a Youtube Video tour of their facilities or other type of open transparent moves to make people feel safe, as if their money is as safe as it would be with Berkshire Hathaway or Fidelity or Charles Schwab

EDIT: New Evidence of them stepping up to the plate
Press Release just came out too! https://poloniex.com/press-releases/2017.05.16-Industry-growth-and-its-effect-on-Poloniex/

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I don't think they'll run away with your money. But what's up with the polo lag lately?

Poloniex Exchange‏Verified account @Poloniex 11h11 hours ago
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The stop-limit issue has been resolved. We're in the process of crediting stuck/missing balances that resulted from the issue.
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even though what you say makes sense, I still moved most of my crypto from Polo for the simple reason that what has happened shouldn't have happened.
These fees they are cashing in are waaaay more than enough to invest in CS teams and hw to keep everyone happy even through difficult stages but they haven't invested in that which to me doesn't look good and healthy.
Larger exchanges have died, why would Polo be more bullet proof?

youre right...whenI have more substantial money I will move it...what about keeping all your money in steemit as steempower? WhenI have enough to matter I will put part of it in steempower, part in a hardware bitcoin walet and or my altcoins like stelle rripple ill use steller or ripple mobile wallets and maybe just use poloniex for all the real obscure altccoins

ya poloniex could have invested in the Customer support like coinbase and they would have a much better image...maybe the philsophy is to save money like busiess os suposed to so investor can invest maybe they wanna become te next big investment bank imagine a poloniex stock lol but yeah i just havea good feelijng about them...but i will trust steem with arge amounts too...but for my largest amounts in teh futyre ill go hardware wallet all the way (but what if i loose my hardware wallet, backups? paperwallet backups? do i need a trezzor if i just use bitcoin armor paper wallet?

my bags are not all in steem :):) but many other altcoins and BTC.
Off course some of the major ones I keep in walles (eg. jaxx) and steem on here :)
I moved 80% of my holdings from Polo to Bittrex

so is bittrexx safer? is it really decentalized?

im gonne move half there i believe ppor the new shapeshift decentralized portfolio Prism

this i s a seruous issue lets make a youtube show about it! call me 6169 302 0398 or email me [email protected]

i am risking a lil bit by keeping so much of my crypto in poloniex but its just so convinent and i dont want hackers stealing my btc in hot wallets...ill be putting my btc into cold walets ut i like keeping altcoins and altcoins dont have easy paper wallets or sometimes no paper wallets

I had to buy some guns too recently (built it myself) glock 17 and ar fifteen to protect my self lol use firearms unknown jig and kit $900 for a full glock 17 kit! no backgroudn check u build it yourwelf its so cool, no need for a stupid Ghost Guner, u canmill it all yoursellf with a $0 drill press from hoem depot

Good guy poloniex

Poloniex Exchange‏Verified account @Poloniex 11h11 hours ago
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The stop-limit issue has been resolved. We're in the process of crediting stuck/missing balances that resulted from the issue.
42 replies 85 retweets 186 likes
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Liked 186

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