Bitcoin Forum

Hello guys

I recently checked the top 30 coins listed on coinmarketcap and I came to a (rather scary) conclusion. Nearly all of them are listed on Poloniex. All of them with staggering growths. Huge amounts of tradings happen on Poloniex. According to coinmarketcap more than 30 percent of Bitcoin traffic goes trough Poloniex. Siacoin 55 percent. Stratis 62 percent. These are numbers we should not be happy about. Whole the idea of blockchain is decentralisation, yet nearly all traffic goes trough one channel -Poloniex-. The great bitcoin Bubble happened because of the downfall of one trading-platform. One of the biggest at the time. I think it would be of great importance that trading not only relies on one or two platforms. Imagine the idea of a Poloniex fall-out. More trading-platforms are a necessity if we like to have a stable and safer bitcoin/altcoin market. What are your thoughts or ideas about this?

your post seem and sound of giving much credential to poloniex.
poloniex, bittrex or kraken, if any one of these exchanges fall-out crypto would screws a couple years back, not just limited to poloniex. i'm worry more of bittrex fall-out than poloniex, it would impacting more coins.

just hope none of them exchange getting screw

Then what would be your proposal after making this fuss about Poloniex?
Create more trading sites and divide every coin to them and avoid the fallbout because of low volume of coins in their pockets?
That wont help either. Small or big trading site it will have the same effect.
The difference here is Poloniex made people trust them that is why you can see this happening.
It aint that easy to make that happen. Lots and lots of money will need to come out of their own before a great publicity.

I dont know what makes you feel more worried about bittrex than poloniex because trex actually is top notch in regards of security, has never been hacked before, and the founders have extensive backrgrounds in the IT, security field.

And what about poloniex? ;)

read my last sentence on first paragraph.
i didn't say polo is safer than bittrex or bittrex is safer than polo. what i'm saying crypto would be more damaging if bittrex failed than polo failed, and will always is.

It is a common knowledge that the coins listed in Poloniex will usually have a huge volume and so is the reason the developers are trying their best to list their coins in Polo because of the volume and the reach the coins listed in the exchange gets,not only that coins enrolled in majority of the Asian markets will have a really huge volume.

I hope you invest some money into learning and improving your English.

don't blame my english when you have no logic

Unfortunately centralization of certain systems is inevitable despite what we may wish for. Its more efficient to have traffic go mainly through one exchange because it gives us more liquidity there. Its liquidity is the reason poloniex keeps increasing their userbase despite huge problems of lag and other technical issues people regularly experience.

This is true with the exception of Gulden who aren't pushing for a listing on Poloniex, i believe the devs have requested no Poloniex listing. Which is a shame with https://gulden.com/pow2 coming, however they are a very usable currency already and don't want to be subject to pumps and dumps as it could tarnish the price stability.

Waves has the highest marketcap outside of Poloniex but they do have a large financial backing and they are trying to get on Poloniex.

Regarding Dash it has definitely benefited price wise being on Poloniex.

I agree, Poloniex is the platform of choice for Alts trading and especially Alts pumping and dumping!
Other coins that aren't listed on poloniex are still pumping, but not so crazily and one after another like on Poloniex.

I find the platform easy to use, but I found that previously with MCXnow (is that what is was called?) and that turned out to be a scam. It was similar with the p&ds there too.

I did understand that you said trex getting hacked is more damaging to alts than poloniex, but what I said is, trex getting hacked is highly unlikely. Do some research pal.

bittrex is big but nowhere near as big as poloniex.

OP has an excellent point and i have been thinking about this myself too. ever since this recent outage where people lost a lot of money i am staying away from there.

it is not good at all to "give" all the power to one exchange like this. they may not run away but they are making a lot of money by controlling the market and pump and dumping the coins themselves.

and nothing is preventing them from getting hacked or anything like that. i can see the day that we hear poloniex was hacked and some ridiculous number like 500,000BTC was stolen! and that number is enough incentive for all the hackers in the world to try their best...
it can potentially have the same effect as Gox in 2013 had! and this altcoin bubble is actually like the 2013 gox bubble in bitcoin!

sad to say but Polo can make or break a coin.. ideally, i want to see TREX and POLO on equal footing. Maybe TREX needs a trollbox :D

All of the attention gets concentrate on polo, Which means that polo has hold a lot of the volume comparing with another exchange site.

If polo gets hacked like bitfinex and the dooms day for crypto will come to us.

There are some development to deploy new technology for the exchange site. Cosmos, blocknet, and another.

We must leave from this centralization.

Yes, many people are showing interest towards Polo is only because of the volumes. Many big projects want to launch their coin in Polo and to get huge exposure in all the sectors of the world. When compared in 2015 now cryptocurrency trading people have increased.

And will always is!  :D :D :D

polo is the biggest scam going

STEEM isn't a coin...

I do observe the same things, it more looks like a advertisement of poloniex  ;D It maybe on the top but there are still some exchanges on which most traders do make trades not only focusing on poloniex itself but we would really admit when it comes to volume then polo does really have the edge. Pump and dump do really happen but rarely noticeable into an obvious one.

It is always happen that. Is like you throw and snowball down the hill. it will get only bigger and bigger till it will explode.

Polo is trying hard to be smaller. They delis 10+ coins every 2-3 months. I expect that trend will continue.  Many other exchanges stayed only at BTC and only recently started adding others. they stayed way behind

Poloniex was one of the smartest people in the exchange site's competition. They started early and throw that snowball every now and then just to analyze the outcome and testing whether it will be profitable or not. There is no competition for Polo now.

Anytime a new coin gets listed there, they have seriously huge up movement. Polo is huge power.

how we can detect new listed coins? easy way?

Hard to do. Theres nothing that alerts people. you just have to keep watching