Poloniex is bought by Circle

[DIA7]

Yep, I got the news this afternoon. $400 million, not cheap. Let'see if they plan to improve the ghost support system as I remember users were complaining about it. You can almost be sure to see KYC verification if there isn't any already.

for Circle $400M is not much they are earning a lot more and entering the exchange market it will boost their income more this is good news for Poloniex users because the Circle is big influence for Cryptos trade and it may help it going back to the top alongside Binance and Bittrex it's not going to be easy to get the users in time but good publicity and media will help it get back out there fast off course they need to bring something to the table to make it more appealing to use Poloniex over other exchange platforms.

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[gentlemand]

One of the most interesting things this raises is tether. Circle must be planning on flushing it away ASAP but the fact they'd buy somewhere currently balls deep in it implies some deeper knowledge of it t.

[squatter]

Yep, I got the news this afternoon. $400 million, not cheap. Let'see if they plan to improve the ghost support system as I remember users were complaining about it. You can almost be sure to see KYC verification if there isn't any already.

Tin foil hat: engage.

This acquisition isn't about acquiring a profitable business; the $400 million price tag is irrelevant. This is about Wall Street gaining an investment foothold in the market. The cryptocurrency markets are far too illiquid for Wall Street firms with deep balance sheets to acquire positions in BTC and other coins. I've been watching firms like GS operate for a long time; they typically spend 2-5 years accumulating stocks before a significant mark-up and massive rally.

They don't have nearly enough time for that in this case. The next best thing? Buy an exchange, churn out percentage commissions, and hold the coins.

One of the most interesting things this raises is tether. Circle must be planning on flushing it away ASAP but the fact they'd buy somewhere currently balls deep in it implies some deeper knowledge of it.

In before Tether markets get de-listed.

That "deeper knowledge?" They got the green light from US regulators. Carte blanche, clean slate:

Here's a slide from a Circle presentation that was leaked this morning. Check out the second section in particular:


Basically, Circle told the SEC that they would turn Poloniex into a fully registered/licensed broker-dealer. In return, the SEC said they wouldn't pursue enforcement actions for any past behavior.

Poloniex is in the clear now. I suspect Bitfinex and Tether won't be so lucky. In fact, I really don't think either of them will be operational a year from now.

[J_CCreate]

That's actually big for the crypto world, Circle is a big company that sets high standards around consumer protection and self-regulation, and the recent acquisition will make a wide range of digital assets more safely accessible to public.

[RudeeTam]

I once tried trading in poloniex too last year. I heard they had a hard time getting traders due to bad rep. Their trading volume really dwindled but it's still one the top trading platforms in crypto. Hope this change for them will up their game with new exchanges popping out every other month.

[hasmukh_rawal]

We cant really say whether the big green candle is because of this news or not because Bitcoin has been in the limelight for quite a good time now and even if the news wasn't announced, i think the price of BTC would still have increased. We can say that this news has boosted BTC's price and chances are there that the increase in price will still continue since there aren't many people aware of this right now.

[aeternus]

Polo was one of the worst exchanges out there in my opinion. Hopefully this changes now! But its kinda scary that GS buys its own trading platform ...

This was going to eventually happen, banks do not like the idea of bitcoin but if investors are willing to put their money in cryptocurrencies then banks will find a way to try to profit from it, and buying exchanges seems like the perfect opportunity to enter the game, exchanges for the most part already perform the job of a bank so it is a natural match and by buying an already existing exchange they avoid the negative response they may get from the community if they opened their own exchange.

[Lunaar]

Bittrex and binance are better

[KuyaBreezy]

saw this too, Circle has continued to re brand itself initially being a bitcoin company,with an aim of improving the accessibility of BTC and later on changing to a social payment company.its claimed that circle paid a whooping $400Mfor the acquisition. i however doubt if it had anything to do with the he negative prices we'v seen BTC experiencing, because if it had, means the company would be running at a loss just after the mega acquisition.

[vazquezvk]

closed poloniex account, from time to time a little bit of ethics does not hurt

[Kakmakr]

I am not a big Circle fan, because they used the old Bait n switch trick on Bitcoiners a few years ago. They started out as a big supporter of Bitcoin and then when they gained enough users, they dumped Bitcoin and changed their business model. I will never trust a company like that again. <They use people>

They are going to use "Poloniex" and spit it out when they are done with them. <absorb more customers into Circle>

[DirtyMartini]

This...

Tin foil hat: engage.

This acquisition isn't about acquiring a profitable business; the $400 million price tag is irrelevant. This is about Wall Street gaining an investment foothold in the market. The cryptocurrency markets are far too illiquid for Wall Street firms with deep balance sheets to acquire positions in BTC and other coins. I've been watching firms like GS operate for a long time; they typically spend 2-5 years accumulating stocks before a significant mark-up and massive rally.

They don't have nearly enough time for that in this case. The next best thing? Buy an exchange, churn out percentage commissions, and hold the coins.

I'm really surprised that so many people in the crypto community see this GS buy-out as a good thing.
I expected that there would be outrage at this news and I thought I'd be seeing an organized boycott of Poloniex.

I thought greedy, elite banksters like Goldman Sachs are the very antithesis of what bitcoin and cryptocurrency stand for and yet most of the community are going on about how great this is.. I don't get it.. 

If we thought there was market manipulation going on before, wait until we see what's ahead..

closed poloniex account, from time to time a little bit of ethics does not hurt

I'm with you..

F*ck Goldman Sachs and f*ck Poloniex... 

[Lorna t]

  if we just return to recall a circle that initially had been on the bitcoin wallet and its ability to come back and request bitcoins and then restructured their business a model that support mobile payment platform to chat with other friends and contact to send and kindly to your liking as a smart move poloniex is an established cryptocurrency exchange all could probably also you bring in those who fell by the circles service as a wallet of bitcoin exchange platform but now as well dwveloped trading platform .its one of the larger deals in cryptocurrency exchange from a trade volume now should increase in their ranking by this time.

[ethereumhunter]

I don't know this will be good for poloniex member or not because until now, I don't see any problem to trade in that site but once there is a problem, then I think I will move all of my balance to another site. I don't want to have a problem because of the changing of the poloniex owner and I think we deserve to get the best service from the new owner.