[2017-07-12] Poloniex Bitcoiners’ Stellar Lumens in Jeopardy

[Slow death]

Poloniex Bitcoiners’ Stellar Lumens in Jeopardy

Stellar Labs have had an ongoing program where they are giving away free Lumens to people who already hold Bitcoin. They explain this move by saying:

"To achieve a more inclusive digital economy. Per our mission, Stellar.org works to connect people to low-cost financial services. Giving away lumens for free is an invitation to communities to design the services they need. […] To expand the reach of the network. The availability and active use of lumens on the network will increase the network’s utility by many orders of magnitude."

However, when they announced the program earlier this year, they said that users of Poloniex and other exchanges wouldn’t need to do anything:




An updated page shows that they are “confirming with Poloniex,” who summarily denied having ever agreed to receive these free assets. Stellar says they believe they had “an understanding” with Poloniex:



For its part, Poloniex fully denies it all:




Read more in this link: https://www.cryptocoinsnews.com/poloniex-bitcoiners-stellar-lumens-jeopardy/

[iamTom123]

I am supposed to be a beneficiary but I was not qualified because they have a minimum of Bitcoin that one should be holding before one can participate. Now, in the case of Poloniex not informed ahead of this giveaway, it seems strange for the people behind this program not to be talking and facilitating first with Poloniex before including it as one of the exchanges where the coins can be unloaded.

Anyway, this can just be considered as a minor kink and they can easily remedy the situation by reaching out formally to Poloniex. I am sure that Poloniex would not say no for such an opportunity as this can be a big boost to their members. Now, am wondering if this program can help the value of Lumens or would it not dampen its market value further?

[freedomno1]

I feel that Poloniex is being cheap or running away with the coins to be honest this would be a test of their reserves.
If the exchange really isn't running on a fractional balance they would not have any issue redistributing the coins so this seems to be a flag that their books might not be in the balance.