Poloniex to Spin Out of Circle

[countryfree]

and also.......justin sun. if he's heading the asian investment group, poloniex will undoubtedly be used to pump TRX and BTT.

No, not him. He denied the whole thing.

https://cointelegraph.com/news/im-not-buying-anything-says-tron-ceo-amid-reports-of-poloniex-acquisition

So, who else?

back to square one eh?

without the altcoin pump angle, the deal doesn't make sense to me. we know why circle wants out, but why would anyone pay $100m for a dying exchange in a saturated market? at 1800 BTC volume per day it's a skeleton of its former self.

Well, I guess that if someone wants to start a new exchange, it might be a better idea to buy Poloniex than start from scratch...

[gentlemand]

Well, I guess that if someone wants to start a new exchange, it might be a better idea to buy Poloniex than start from scratch...

I wonder about that. Can you think of anywhere that's come back from the near dead? I'm struggling.

Either places stay relevant with the occasional lull or they fade away and never return. Once your time in the sun is over it appears to remain over.

If the figures being thrown around are correct I'd rather start with a clean slate and throw out some lures to all those alt fans out there. They're pure hookers anyway.

Without the US, Circle's utter waste of the opportunity and the recent ill will about the margin thing it doesn't exactly feel like a hot property.

[figmentofmyass]

Well, I guess that if someone wants to start a new exchange, it might be a better idea to buy Poloniex than start from scratch...

I wonder about that. Can you think of anywhere that's come back from the near dead? I'm struggling.

Either places stay relevant with the occasional lull or they fade away and never return. Once your time in the sun is over it appears to remain over.

their only shot is a complete rebrand IMO. there's definitely value in their database and that's what this investment group is paying for---they have moderate volume, market makers, loyal customers, and a working business. but they can't use the poloniex name and expect to blow up.

if they time their rebranding right---launching on the cusp of an altcoin bubble---and pour enough money into marketing and trading promotions, there's a chance.

but not as "poloniex". that's like when a shitty restaurant hangs up an "under new management" sign. that's not drawing anyone in.

[DooMAD]

Seems they've only just got around to sending me an email, probably under the (entirely correct) assumption that I won't be coming back.  Whoever it is taking on the new ownership, they're incredibly brave (or possibly just incredibly reckless).  Investment-wise, I certainly wouldn't want to go anywhere near Circle's waste products.  It's a tainted brand as far as I'm concerned.

their only shot is a complete rebrand IMO.

Concurred.  A completely new business identity to shed the Circle stench.

[malevolent]

I've received the email, and as an old Poloniex customer, I have the suggestion to make to the new owners: they should pay what they've stolen to their customers!

I'm not totally sure Poloniex has a new owner, though. Could be the same guy. He couldn't find any investor in the US, but he found one in Asia? I'm waiting for more information.

One thing for sure: nobody will miss Circle.

Maybe he's just brokering the deal, or a minor investor within the investment group who helps with the acquisition.

Also, it's unsurprising they couldn't find someone in the US, but found success in Asia (China, most likely). Chinese investors are always looking to invest abroad, but they're sometimes limited, either due to capital controls in China, or countries China has trade wars with making it difficult to accept money from Chinese investors.

but not as "poloniex". that's like when a shitty restaurant hangs up an "under new management" sign. that's not drawing anyone in.

It worked for btc-e/wex.

[countryfree]

but not as "poloniex". that's like when a shitty restaurant hangs up an "under new management" sign. that's not drawing anyone in.

It worked for btc-e/wex.

The software is still good. Poloniex's website remains one of the easiest to trade BTC and altcoins.

I guess the new owners (if there are new owners) must be very open, publishing pictures and bios of everybody working for the company. A video of the staff replying to customers would also help. Of course, the beginning would be to pay back what the company has stolen under the old management...

[carlfebz2]

but not as "poloniex". that's like when a shitty restaurant hangs up an "under new management" sign. that's not drawing anyone in.

It worked for btc-e/wex.

The software is still good. Poloniex's website remains one of the easiest to trade BTC and altcoins.

I guess the new owners (if there are new owners) must be very open, publishing pictures and bios of everybody working for the company. A video of the staff replying to customers would also help. Of course, the beginning would be to pay back what the company has stolen under the old management...

It isnt really too late to regain those glory days of Polo but i doubt that those possibilities would really be slim out. New management will surely
still abide the same strict centralization in case of change hands.I cant deny that their platform is still reliable the only culprit here why they do drop their
popularity is on when Circle handle it out.Spinning out might give some chance but all will vary on how it will handle out.

[enhu]

but not as "poloniex". that's like when a shitty restaurant hangs up an "under new management" sign. that's not drawing anyone in.

It worked for btc-e/wex.

The software is still good. Poloniex's website remains one of the easiest to trade BTC and altcoins.

I guess the new owners (if there are new owners) must be very open, publishing pictures and bios of everybody working for the company. A video of the staff replying to customers would also help. Of course, the beginning would be to pay back what the company has stolen under the old management...

It isnt really too late to regain those glory days of Polo but i doubt that those possibilities would really be slim out. New management will surely
still abide the same strict centralization in case of change hands.I cant deny that their platform is still reliable the only culprit here why they do drop their
popularity is on when Circle handle it out.Spinning out might give some chance but all will vary on how it will handle out.

With Justine Sun and promoting is in Asian market, he might just make Polo regain again its former glory. Reasonable to see why they taking out US market in the picture because they are going to be relaunching it on Asia. Chinese literally buying companies in US is not rare to do, the Chinese had been doing it for years including the companies in the manufacturing industries and then sending all its assembly lines to China.

Anyway, Justine could help but just to confirm that the Asian market for crypto is going to be evident that even Xi Ping is announcing its blockchain adoption.

[sikke]

I received the same email today as well.

Very shocked because there was quite a buzz in the community when they were acquired by Circle. People assumed that progress was going to be made in terms of fiat integration, and improving their customer service etc. I still remember it being quite major news back then.

However, it turned out to be much ado about nothing. This should really be an non-issue right now.

[DooMAD]

People assumed that progress was going to be made in terms of fiat integration, and improving their customer service etc.

Some people, maybe.  My expectations were never that high.  If anything, every time circle's name crop up, my estimations of them sink that little bit lower.