Bitcoin Forum

now i'm sure these guys know what they're doing, but let's suppose poloniex shuts its doors. what effect do you think this would have on pumpville? would people migrate to other exchanges or does poloniex have unique levels of trust compared to others?

Probably the prices of a lot of altcoins would fall a lot as most people would convert their altcoin stashes to Bitcoin and withdraw all their assets. Poloniex has so many altcoins this is bound to happen. I could imagine over a few months the prices would stabilise again since people would have found somewhere else to exchange.
I'm sure many people would be put off exchanges completely but not that many.

Volume would move to other exchanges and/or someone else would pick up the slack.

When Cryptsy closed, other exchanges just gained more volume. Some coins lost their main exchange but then traders went and started trading different coins.

Life always goes on in crypto.

It will surely be bad for altcoins and there will be massive dumping out of fear. After that I could see Bittrex as the next exchange to become the big one replacing Poloniex. Remember if it wasnt for Cryptsy closing its doors Poloniex would not have grown the way it did.

That is how dynamic the cryptosphere is. Big changes happen more and at a faster pace than normal.

there will be a short period of chaos and everybody crying about the large amount of money they have lost and they will be saying "we will leave the market and never come back" but eventually after a couple of days the volume will move to other exchanges like bittrex and they would become number one and life goes on.

but I don't think the pumps are going to stop, maybe ethereum pump is going to encounter a lot of troubles since they have been doing all their manipulations on polo and with the help of polo.

If Poloniex collapses, many people even big whales will cry as many of them keep their bitcoins or altcoins at the exchange. There is no exchange that can rival Poloniex at the moment. It would take a long time for the new exchange to take over and the trading volume for alts will crash leading to price collapse for many of the coins.

I pray Poloniex never gets hacked, lots of traders will feel the impact. It will take months for another exchange to take the place of Polo in trading volume, it won't happen overnight.

They already got hacked atleast once. Might be even two times.

Yep. They were way smaller back then though. These days they must make hackers mouths water.

Just to get the facts straight, they have been hacked only once and they have paid the affected customers after a few months. So in fairness they still did a job well done.

people would move on. an other exchange would handle the trades and after some time will be "hacked" ... ...

and hopefully some decentralized exchange system would start to grow. and people would use it.

If you see the price history of lots of coins listed over poloneix, their prices only get hard pumped after getting listed in poloniex due to high trading volume they have daily. So if they shut their doors or get out of business bittrex may take oppurtunity to be number 1 altcoin trading platform and many of the coins listed in polo will get the bloody red bath.

50 trash coins would die overnight and people would need to go other places to trade Ethereum, Monero, Dash and the couple other coins that actually matter.
All the trolls would move to some other trading site with their pump and dump schemes and the world would keep turning.
The sun would rise and set just like it did the day before.

i think if this things happened people will move and trade to other exchange but only altcoins who have huge volume market will survive because traders will only trade same coins such as in poloniex and they will only care to altcoins who very potential to grow for the future and i'm pretty sure the rest of altcoins in poloniex who have small market cap will become an dead coin

If Poloniex goes down, people will migrate. Bittrex is a very good alternative, for example.
Life goes on. I know that many hate the altcoins, maybe op too, but most will go unaffected.
There could be a temporary fall in the price, but it'll be temporary. However, it's a much more volatile market so people should not be surprised.


But I really hope that Poloniex will not get hacked. I have some funds there too.

Hahahahah


how dare you?


What is written in your signature? 350+ coins ..... oh now I understand .... polo coins are trash coins .... but yobit are awesome coins.


fcuk off you little hypocrite!

At beginning of this year Poloniex had way less volume as right now. So yes it is easy for exchange users to change their exchange.  But they will nto do it if they will get good service. And it was already seen in 2014 that Poloniex will succeed.

i think is poloniex is good exchanger because high volume transactio so can very fast take profit
much people not migrate if poloniex is still run on the bussines

i think if USA very dificult regulated
poloniex can't not accepted member from USA
so this member outside USA is not problem

this can actually happen at any time and it has already happened a couple of times more with other big exchanges and i always find this a big issue with the current state of trading markets: it is Centralized !

if you check out the volumes Polo is always ahead with a big difference, and this has to change or we will see another Cryptsy, or MtGox scam happen so soon.

but as for what will happen next i am sure nothing really serious because people will move on to other places eventually and the same shit will continue :D

Super dump and once everyone finds an alternate exchange (bittrex) the price will slowly stabilize. I don't think Polo would ever shut it's doors but a hacking incident similar to bitfinex is not impossible. Probably with a similar effect depending on what Polo decides to do after words. A lot of the "safer" traders keep at least 50% of their bank roll in BTC at all times anyways. Not a bad insight to look into if you ask me.

it is really hard to imagine what is going to happen. there just a lot of altcoins with a lot of volume on this exchange and the risk of them going down is the same as any other exchange service out there. i think there will be a lot of price drops. especially in ethereum


obviously they will migrate to other places.
but i don't get why you say poloniex has  unique level of trust. they are the same as any other exchanger like bittrex, c-cex, bitfniex and cryptsy and i don't see anything that separates polo from others.

can you elaborate on this?

This exchange had been the most active exchange and is even more popular nowadays than Bittrex, so if a news comes up of an attack or even if they decide to run away with people's money, I guess that there will be a huge dump in Bitcoins because it is all based on security which is why we are all here together...

Poloniex doesn't have anything special like more trust, but they do have better trading engines and things like margin trading and lending makes it a completely different exchange with such features and if it goes down, then why won't people migrate to others???

it's where the whales have parked themselves. nowhere else has had volumes of that magnitude and it never seems to go anywhere else either. it's come back just fine from a hack which very few alt exchanges have and it has the best ui. that's attractive to people.

well you could say thay have something special... first... they dont have coin votes so you cannot buy a shitcoin in with few btc. Second they are most likely always the first exchange to add innovatives coins with new codebases... where other exchanges struggled with

Bittrex would become the new pump centre of the world

Re: what would happen to the alt market if poloniex bought the farm?


it would be a good day

As others mentioned preveiously, Poloniex had been hacked before. It will be hacked again. It's just a matter of time. Not if, but when. They were able to compensate the users, but then they were a small exchange with few users. Now that it's grown big, when the next hack comes, don't think they will so easily provide compensation, there will be a haircut. So, trade there with full expectation of losing your money.

So, you want to say that they are too special that even those innovative coins don't get pumped on their exchange???
They ain't special in my eyes, I do trade there but they are not special... Even they got attacks and were almost gone during March...
But yeah, I do believe that they do have special security for their users to protect their funds and not get ripped...