Poloniex to list jl777hodl (JLH) in first ever crypto-asset listingCryptocurrency exchange Poloniex is to list the
jl777hodl asset (ticker symbol JLH) in a groundbreaking new development for crypto trading. The fund, which represents a basket of high-performance crypto initiatives, was previously only available via the NXT asset exchange. Its inclusion alongside Poloniex’s list of virtual currencies signals a step-change in the way cryptocurrency exchanges view their business, as well as offering a significant new source of liquidity to crypto-based companies.
NXT community achievementSince the NXT Asset Exchange was launched in May a wide range of assets have been issued. NXT developer and forum member jl777 has been responsible for a number of these, including the popular NXTventure – a business that funds, supports and spins off other businesses of benefit to the NXT and cryptocurrency ecosystems.
With NXT’s multigateway already in beta, direct and decentralised trading between cryptocurrencies will soon be possible. In parallel to this, JLH’s listing on Poloniex opens the door for others to issue directly bitcoin-tradeable assets. This will come as a welcome development for the NXT community, some of whom the asset creator has recently assisted in launching successful assets of their own. ‘There’s an art to crafting a successful asset,’ says jl777. ‘The NXT community are an innovative and entrepreneurial group, and this asset provides an excellent model for others to follow.’
jl777hodlJLH (asset number 6932037131189568014) is essentially a wrapper for around 20 different promising NXT-based assets, including many created by other companies and individuals. These include everything from payment processors and crypto venture capital funds to mining outfits and online stores.
‘Hodl’ is a popular cryptocurrency meme that began on the bitcointalk forum back in December 2013, when an unsuccessful daytrader drunkenly complained that he had quit trying to time market movements and instead decided to ‘HODL’. The misspelled word has since passed into crypto lore as a term for investors who doggedly maintain their holdings through thick and thin, ignoring short-term market volatility in the pursuit of long-term growth.
Poloniex: exchange-plusAlthough the addition of a crypto-asset to a traditional exchange may seem trivial, the development heralds a radical shift in the cryptocurrency landscape. ‘To my knowledge this will be the first time a major exchange trades any NXT asset, or any colored coin from any other platform,’ comments Bas Wisselink, NXT community manager. ‘JLH will trade against bitcoin: this will be the first direct path between a non-bitcoin asset and bitcoin funding.’
This fundamentally represents a paradigm shift for Poloniex, too. Instead of trading in digital currencies alone, the exchange has expanded its list to include a whole new class of offering. ‘Assuming success with JLH, I expect that more and more NXT assets will trade on Poloniex and, by extension, other exchanges too. NXT assets can now be viewed as BTC equivalents,’ explains Dan Kindly, NXT marketing associate.
Due diligenceInvestors are recommended to perform their own due diligence on the assets that make up jl777hodl. More information can be found at jl777.org and nxtforum.org. ‘The value of JLH is solely based on the value of what it contains,’ says jl777. ‘I have chosen these assets because I believe in their future potential, but investors need to do their own homework. Of course speculators may choose to skip all that, but I am more interested in reaching the long term buy-and-hold investors – hence the name.’
So, if you want to get in on the ground floor of a very exciting new development in the world of crypto, you can buy jl777hodl from the following sources:
Poloniex:
https://www.poloniex.com/exchangeThe NXT AE, available from within the NXT client itself.
Here, if you haven't already got one:
https://nxtforum.org/nrs-client-how-to-help/%28nrs%29-%280-8-12%29-latest-nxt-client-and-english-tutorial-%282014-03-21%29/And also from the
Secure AE project:
https://trade.secureae.com/#6932037131189568014
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