[XMR] Monero Speculation

[aminorex]

2k per diem rate cap at level 1 has no documentation requirement.  In principle I agree that a ToS change merits a better grace period, but in practice no one is likely to suffer any actual harm.  Thus I will reserve my f-bombs for another day.

[smooth]

It makes no sense for them, either socially or financially to *want* to piss off their customers. 

And, yet, companies fuck up in ways that don't really make sense all the time.

The gag order is possible, but if so I don't care.

They still fucked up and fucked their customers by not foreseeing it and taking action earlier.

I actually consider it more likely they just rushed it in order to bundle it with the margin trading rollout. With a legal order they probably wouldn't have given any notice.

[smooth]

2k per diem rate cap at level 1 has no documentation requirement.

It has a self-identification requirement, which means you give up your information, commit fraud, or give up your coins. Not much of an out.

[smooth]

2k per diem rate cap at level 1 has no documentation requirement.

It has a self-identification requirement, which means you give up your information, commit fraud, or give up your coins. Not much of an out.

Furthermore the "open letter" that was supposedly in response to the community backlash was little more than a marketing vehicle ("we hope it won't overshadow margin trading?" -- wtf? do they really think we are that stupid?) and not addressing the actual concerns at all. If you are gagged, then just shut the fuck up, or at least apologize for the inconvenience (they didn't) and stop trying to tell us how great margin trading is.

[shmadz]

2k per diem rate cap at level 1 has no documentation requirement.

It has a self-identification requirement, which means you give up your information, commit fraud, or give up your coins. Not much of an out.

Yeah, that's pretty much how I read it as well. I could lie about my name, and probably get away with it, but when I read that clause that says I forfeit my funds if I provide fraudulent information...

I'm just glad I was able to exit in an orderly fashion.

(*EDIT* -- I would just like to make it clear that I have no reason to lie about my identity. I've done nothing wrong. Also, I have no obligation to provide that information.

It's that potential withholding of funds pending identification I think is what smooth is rightfully upset about.

[Anon136]

Smooth, you are far too hard on Busoni.  No one is going to lose coins.  They will just be limited in the rate of withdrawal.

No, the limited rate is 0 if you don't verify level one. That's a change to the terms. There should be an opt out, or a least a notice decent period.

I'd have far less of an issue with it just being rate limited, but that's not what happened.

 
 
smooth, we have to assume that the people running Polo are rational players who don't want to piss off their customers.  They had to have known that making these changes happen within two days was going to do that. 
 
It makes no sense for them, either socially or financially to *want* to piss off their customers. 
 
Polo denies it up and down, but the timing coupled with the fact that they stay silent everyone someone asks them to explain why they choose to implement this policy in two days suggests to me that their hand was forced, and likely they can't discuss it openly. 
 
There is simply no way they would flagrantly pee on their customers like that without good reason.  These aren't asshat bankers; they are crypto true believers who recognized the appeal of XMR so much they featured it heavily. 
 
So I think we should be mad at the situation, but not blame Polo too much.  It really doesn't feel like their fault.

Lol. I didn't realize this needed to be said. I though everyone just knew this. But uh if it does than, yea, all of that ^

[smooth]

It's that potential withholding of funds pending identification I think is what smooth is rightfully upset about.

Not potential. As far as I can tell from the trollbox, the system literally won't let you withdraw, and that went into effect automatically as of midnight UTC, which was hours earlier than people expected for a US-based exchange (the original notice didn't specify a time zone).

Look I'm not saying they are evil incarnate, I don't think they are. But I think they screwed up multiple ways in handling the situation, haven't even so much as apologized, and deserve to be condemned for it.

[shmadz]

It's that potential withholding of funds pending identification I think is what smooth is rightfully upset about.

Not potential. As far as I can tell from the trollbox, the system literally won't let you withdraw, and that went into effect automatically as of midnight UTC, which was hours earlier than people expected for a US-based exchange (the original notice didn't specify a time zone).

Look I'm not saying they are evil incarnate, I don't think they are. But I think they screwed up multiple ways in handling the situation, haven't even so much as apologized, and deserve to be condemned for it.

I feared as much. I actually took a day off so I could figure out how to make some Monero wallets to withdraw to. I know, I've been around long enough to know better but until this little kick in the ass I was keeping all my eggs in the polo basket.

As devil's advocate, it's not really the coin's place to complain about where it's exchanged. (I realize you're not the boss of Monero or anything like that,) but the exchange can act as it will, and you are free to criticize their actions, but Monero moves on, uncaring.

[smooth]

It's that potential withholding of funds pending identification I think is what smooth is rightfully upset about.

Not potential. As far as I can tell from the trollbox, the system literally won't let you withdraw, and that went into effect automatically as of midnight UTC, which was hours earlier than people expected for a US-based exchange (the original notice didn't specify a time zone).

Look I'm not saying they are evil incarnate, I don't think they are. But I think they screwed up multiple ways in handling the situation, haven't even so much as apologized, and deserve to be condemned for it.

I feared as much. I actually took a day off so I could figure out how to make some Monero wallets to withdraw to. I know, I've been around long enough to know better but until this little kick in the ass I was keeping all my eggs in the polo basket.

As devil's advocate, it's not really the coin's place to complain about where it's exchanged. (I realize you're not the boss of Monero or anything like that,) but the exchange can act as it will, and you are free to criticize their actions, but Monero moves on, uncaring.

For sure. The coin is not affected either way. It's only on topic for this thread because so much Monero trading occurs there.

[Johnny Mnemonic]

It's pretty big news for a major US exchange... yet no mention of it on coindesk  

I'm honestly surprised people continue to read that trash.

[KennyTheMartian]

i smell a bear trap 

[TrueCryptonaire]

i smell a bear trap 

I don't... Me and perhaps a handful others are pretty much the only bears here.
All the others are bagholding a bag that gets lighter and lighter.

I called you guys to sell when the price was 0.003 (and I sold also). Then it dropped and never has recovered from that drop.
I am still bearish and worried at the same time as there is almost 0 short selling. The long and short positions should be more or less equal so that the situation would be normal.

[americanpegasus]

I showed this to a few friends the other day.  Is it possible that we have discovered the native fractal pattern for Monero? 
 
File this one under wild speculation, for sure.   
 

[adhitthana]

So where does Polo gets the coins, that it loans out, from? Are they our coins?

[TrueCryptonaire]

So where does Polo gets the coins, that it loans out, from? Are they our coins?

Some of them are my coins.

[aminorex]

Oh that is sweet.  I'm lovin' it.  Takes me back to some good times in BTC.  Note to self:  BTC is now old enough for nostalgia to form!

[aminorex]

Some of them are my coins.

...for now.

[adhitthana]

So where does Polo gets the coins, that it loans out, from? Are they our coins?

Some of them are my coins.

Can you get them back, anytime you want?

[opennux]

I showed this to a few friends the other day.  Is it possible that we have discovered the native fractal pattern for Monero? 
 
File this one under wild speculation, for sure.   
 

3200 xmr/btc? 
That'd be 70-80k usd/xmr at recent prices. 

[smooth]

So where does Polo gets the coins, that it loans out, from? Are they our coins?

Some of them are my coins.

Can you get them back, anytime you want?

You specify the term when you offer the loan