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mrkavasaki
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May 20, 2015, 09:22:51 PM
Last edit: May 20, 2015, 10:02:39 PM by mrkavasaki |
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well i think tc is right, at the moment monero is too expensive. shorting is probably the best choise you can make
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opennux
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May 20, 2015, 09:51:02 PM |
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still feel dull, took me some times to process the somehow bad news. atm i really dont know how it will play out in the future, some people definitiley left polo. maybe they will return if it stays the only liquid market, but for now i dont think so. even if this has nothing to do directly with xmr at all, yesterday was one of those rare nights i turned my node off after all my transfers finished.
i was very bullish the past few weeks, but now my sentiment somehow turned due to this. i feel cheated by poloniex. not becasue they implemented those rules, but becasue of how fast they did it and how they communicated it. the capital flight out of polo was sure enormous and is not yet finished it seems. people clearly prefer btc to withdrawl. maybe the people joining becasue of margin trading will compensate it, maybe not.
and no, i am not a botnet owner.
I don't know why this impacted your decision to turn off your node? Polo is a U.S. exchange, they need to comply with U.S. law. It sucks that it happened so quickly, but I'd rather there be an exchange than none at all. I believe decentralized exchanges are coming, and when they do so people will be able to trade freely and anonymously. Poloniex changing their rules certainly makes our short term direction cloudy, but if you check, there are a lot less sells than buys. I think what he's saying is that Poloniex has been a great supporter of the Monero community. By implementing their policy change with an obnoxious and customer-hostile two-day notices (where people who happen not to be online every day are not forced to give up their information or have their coins stolen) they just told the Monero community go fuck ourselves. Without even so much as an explanation other than "Hey guys, good news, you can trade on margin and pay more commissions now!" Compliance is perfectly fine, and to be expected. Giving your biggest customer base the finger with a two-day notice is not. And I told them that when they contacted me to try to smooth things over. Fuck you Poloniex. You screwed up here. You are right that they are cocksuckers due to the timeline they gave, but asides from that I don't think the direction they are going is bad. They aren't asking for much info for level 1 verification, data that could be easily fabricated. I agree that they messed up and that the two-days deadline was a really big 'fuck you' to their customers. Once a cocksucker, always a cocksucker. Such short notice shows either: - a lack of professionalism (in which case you should lower your trust-levels towards them) or - them trying to pull it through rather fast and inconspicuously, likely weathering how fast they could do it without pissing of people completely (in which case their whole attitude should be questioned and your trust towards them should be adjusted) What it doesn't show is any trying in protecting customer data (for whomever is snooping). The case can be made though that it is only traders who trade on there, and as such they log in every day. Otherwise you shouldn't have a balance on there. That point is irrelevant in my opinion. Realise though that they likely have a gun pointed at their heads. It is either KYC/AML or die. That doesn't excuse the very short implementation time, especially when withdrawals have been an issue for many people. But plenty of other people have had guns pointed to their heads and have acted better. You should not give fake data to them either, because a) You (likely) breach your contract with them, b) those who would want to track you can track you anyway, likely and c) if you can not provide ID to support that data later one when they will require more (and ohh.. they will require more in the future, don't doubt that for one average monero transaction confirmation..) your funds will be confiscated. In particular we should be opposed because 3'rd parties with subpar security shouldn't handle our personal data. |
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opennux
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May 20, 2015, 09:52:22 PM |
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well i think tc is right, at the moment, monero is too expensive. shorting is probably the best choise you can make
Contact your employer. Tell him he's not getting what he paid for. (or you could ask for a raise in order to make posts with better quality) |
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TrueCryptonaire
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May 20, 2015, 10:07:01 PM |
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My own position in crypto:
some btc some xmr.
BTC I am able to lend with good interest rate, XMR is impossible to lend as there are nobody shorting it and the rates are getting hammered meanwhile btc offers decent rates.
So I am not trading but lending business. I do not have time to trade... To be honest I am worried that my XMRs are not borrowed by anyone and this is probably the only thing I want to use my Moneros so it is not really tempting to hold Moneros.
I kind of would hope XMR would offer nicer rates than btc because in free market efficient economics it should do so thanks to the gap in the inflation rates. Now the status quo is quite the opposite it rationally should be.
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nakaone
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May 20, 2015, 10:13:16 PM |
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My own position in crypto:
some btc some xmr.
BTC I am able to lend with good interest rate, XMR is impossible to lend as there are nobody shorting it and the rates are getting hammered meanwhile btc offers decent rates.
So I am not trading but lending business. I do not have time to trade... To be honest I am worried that my XMRs are not borrowed by anyone and this is probably the only thing I want to use my Moneros so it is not really tempting to hold Moneros.
I kind of would hope XMR would offer nicer rates than btc because in free market efficient economics it should do so thanks to the gap in the inflation rates. Now the status quo is quite the opposite it rationally should be.
I am pretty sure that inflation rate and lending rate are not intercorrelated at all. the reason for the low interested rate on xmr is the lack of alternative use cases. |
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americanpegasus
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May 20, 2015, 10:14:55 PM |
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well i think tc is right, at the moment, monero is too expensive. shorting is probably the best choise you can make
Contact your employer. Tell him he's not getting what he paid for. (or you could ask for a raise in order to make posts with better quality) Seriously, how much do these people get paid? I would be rich right now if I sold my writing abilities.  On the other hand, my honesty and integrity have opened up connections and opportunities I otherwise wouldn't have had, like discovering this opportunity-of-a-decade. |
Account is back under control of the real AmericanPegasus.
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mrkavasaki
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May 20, 2015, 10:31:32 PM |
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I am not here to fud but a 4 million marketcap is definitely too expesive for just a cloncoin with no official GUI
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trollercoaster
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May 20, 2015, 10:39:19 PM |
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Bought a nice amount of blackcoin with profits from monero  Thanks for the pump Bought a nice amount of xmr with profits from black coin |
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oblox
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May 20, 2015, 10:52:50 PM |
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I am not here to fud but a 4 million marketcap is definitely too expesive for just a cloncoin with no official GUI
Pretty sure XMR uses only 12-15% (if that) of bytecoin's original code FWIW. |
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smooth (OP)
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May 20, 2015, 10:54:55 PM |
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I am not here to fud but a 4 million marketcap is definitely too expesive for just a cloncoin with no official GUI
I am not X but Y is code for "Y is exactly X, and I know it, but I'm trying to obscure or deny that fact" Example: I'm not intending to be rude here, but ___________. Interpret accordingly. |
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smooth (OP)
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May 20, 2015, 10:56:15 PM |
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well i think tc is right, at the moment, monero is too expensive. shorting is probably the best choise you can make
Contact your employer. Tell him he's not getting what he paid for. (or you could ask for a raise in order to make posts with better quality) Seriously, how much do these people get paid? I would be rich right now if I sold my writing abilities. On the other hand, my honesty and integrity have opened up connections and opportunities I otherwise wouldn't have had, like discovering this opportunity-of-a-decade. The paid trolls we've seen seem to hail from some poor non-English speaking country and have terrible writing skills. I'm sure their tiny hourly pay wouldn't be worth taking time away from your waterfall pool planning efforts. |
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Johnny Mnemonic
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May 21, 2015, 12:27:10 AM |
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"I'm not here to fud but..." pretty much always preceeds a big load of fud.
Poloniex being almost entirely unresponsive about their behavior is a bit suspicious (gag order perhaps?). Information regarding withdrawals may have already been seized.
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shmadz
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@theshmadz
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May 21, 2015, 12:31:19 AM |
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<snip>
My take on this is that I have zero interest in giving my identity documents to any of the current crypto exchanges or other crypto businesses, and I have never done so, nor do I plan to. Not because I have anything to hide (all of my activities are entirely legal, and my identity isn't even that secret anyway), but because I simply don't trust them to safeguard it. Look at how many have been hacked, have had data breaches, rogue employees, etc. If I put coins there I'm aware I may have to forfeit them, so I act accordingly, mostly by exposure limits. Which is needed anyway given the risk of being hacked or "hacked".
I trimmed the rest but that piece I kept sums up my feelings almost perfectly. After I dealt with the anger phase, I was able to exit mostly intact (took a bath on some speculative coins I'd rather have held, but they got liquidated > bitcoin > Monero, so I don't mind so much. Was maybe a good thing to consolidate?) <snip>
Fuck you Poloniex. You screwed up here.
I'm not quite at this level of outrage, but I appreciate the sentiment. I've seen some favorable rates on shape shift from time to time, and I'm strictly a small-timer, so that seems like the way I'll be going from now on. Maybe after the dust settles someday I'll create a new account with my real name, but for now, my positions are set, and I'm digging in for the long haul. |
"You have no moral right to rule us, nor do you possess any methods of enforcement that we have reason to fear." - John Perry Barlow, 1996
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trollercoaster
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May 21, 2015, 12:34:10 AM |
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Every coin I own has been removed from all exchanges, i expect this i.d crap to spread among them quickly. I could also be wrong  |
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cAPSLOCK
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Whimsical Pants
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May 21, 2015, 12:38:20 AM |
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Every coin I own has been removed from all exchanges, i expect this i.d crap to spread among them quickly. I could also be wrong I had like 97 XMR on Poloniex this AM. I had forgotten about them. They have been whisked off as of today. It gets easier to be a bagholder. |
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smooth (OP)
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May 21, 2015, 12:44:39 AM
Last edit: May 21, 2015, 12:56:05 AM by smooth |
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<snip>
Fuck you Poloniex. You screwed up here.
I'm not quite at this level of outrage, but I appreciate the sentiment. I've seen some favorable rates on shape shift from time to time, and I'm strictly a small-timer, so that seems like the way I'll be going from now on. Maybe after the dust settles someday I'll create a new account with my real name, but for now, my positions are set, and I'm digging in for the long haul. My sentiment is solely about how they implemented the change. It is their prerogative to demand identification, but not to steal people's coins who happen to be offline for two days. In my opinion the only legitimate way to make this change is to allow a choice to accept the new terms or immediately stop using the service and close your account and withdraw your coins without any artificial and aggressively-short deadline. Or at least explain that they are under legal order to seize coins and not allow a reasonable period for withdrawal if you don't agree to their new terms. They've done neither. If they're under a gag order, tough shit. They still deserve the ire of the customer base they stuck it to. Get better lawyers. |
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kazuki49
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May 21, 2015, 12:46:25 AM |
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I am not here to fud but a 4 million marketcap is definitely too expesive for just a cloncoin with no official GUI
Pretty sure XMR uses only 12-15% (if that) of bytecoin's original code FWIW. It is true https://bitcointalk.org/index.php?topic=583449.msg10990151#msg10990151As I see the Monero devs do not hide they started as fork of Bytecoin, alas Bytecoin devs already copied xmr payment ID implementation (and possible other bugfixes) removing the credits and comments in the code. |
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Brilliantrocket
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May 21, 2015, 12:54:43 AM |
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I don't even get why they keep working on Bytecoin. The jig is up. Who's going to use an 82% premined scamcoin?
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smooth (OP)
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May 21, 2015, 12:58:01 AM |
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I don't even get why they keep working on Bytecoin. The jig is up. Who's going to use an 82% premined scamcoin?
Everyone wants to be in on the next big crypto pump, when good and bad alike get pumped, especially if they can stay in the top 20 or so. And if you look at the absolute crap in the top 20 these days, it doesn't take much. They're paying one or two developers in a third world country to pretend to do real development. How expensive is that? As coin scams go, it's fairly smart. |
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ArticMine
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Monero Core Team
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May 21, 2015, 02:06:35 AM |
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Every coin I own has been removed from all exchanges, i expect this i.d crap to spread among them quickly. I could also be wrong I had like 97 XMR on Poloniex this AM. I had forgotten about them. They have been whisked off as of today. It gets easier to be a bagholder. I would not leave funds in an exchange unless one is activley trading. AML/KNC is the least of one's concerns. Ever heard of MTGox? By the way I will be going for level 3 verification on Poloniex and did not have funds on deposit there when the changeover occured. On another note: The most effective way to squeeze the shorts to the wall is to buy and then take delivery. |
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