<html> <p>The News circulating at the moment is that Boston based mobile payments processor <a href="https://www.circle.com/en/"><strong>Circle, Inc</strong></a>. has acquired major cryptocurrency exchange Poloniex in <a href="https://blog.circle.com/2018/02/26/circle-acquires-poloniex/"><strong>a deal valued at $400 million</strong></a>.</p> <p> <div class="pull-right"> <p><img src="https://i.imgur.com/LudxHN2.jpg" alt="Poloniex" /><br /> <em>Poloniex</em></p> </div> </p> <p>Many of us here on Steemit use <a href="https://poloniex.com/"><strong>Poloniex</strong></a> either as our trading venue, or as our "exit point" to get from Steem to fiat money, and so many of us have also been aware that Poloniex has been plagued by technical problems and poor (non-existent) technical support.</p> <h2><em>What will this deal mean, exactly?</em></h2> <p>Poloniex's ongoing problems seems to have stagnated its growth somewhat... but it's one of the still limited number of exchanges where you can trade Steem and SBD. Which perhaps makes it more important here on Steemit than in the world at large, where it only ranks about 12th-14th of all crypto exchanges, on a daily basis.</p> <p>Will the deal improve things?</p> <p>Then there's <a href="https://www.circle.com/en/about"><strong>Circle</strong></a>. </p> <p>On one hand, they do have experience with cryptos already <em>(although their retail level user app is not yet active)</em>, and they do have experience in peer-to-peer financial transactions. These would be pluses, as best I can tell.</p> <p>It could also be a plus that Circle has the funding and technology to address the pervasive problems at Poloniex. In the initial press release, the Circle founders did state that the first step would be to address customer support and technical issues at Poloniex.</p> <p>Evidently, there are also plans to increase Poloniex services by adding support for major fiat currencies like USD, EUR and CNY. Time will tell.</p> <h2><em>Centralization?</em></h2> <p>On the other hand, Circle is substantially funded by investment giant Goldman-Sachs and Chinese tech giant Baidu, Inc., which could easily be interpreted as "<em>creeping centralization</em>" into the world of crypotocurrencies. </p> <p>For me, that begs the question of "<em>who REALLY holds the strings behind the curtain, and how will that affect everything?</em>"</p> <p>Whereas I personally am a fan of DE-centralized exchanges, experience to date suggests that these are a great <em>idea</em>, but slow to develop... perhaps because of lacking resources? Or the fact that working by consensus tends to take longer than a centralized structure? I don't know.</p> <p><em><strong>What do YOU think?</strong></em> How will this affect us here at Steemit, if at all? Do you think this is going to be a positive development? Are you a Poloniex user? Have you experienced the many technical problems and lacking customer support there? <strong>Leave a comment-- share your experiences-- be part of the conversation!</strong></p> <p><em>(As usual, all text and images by the author, unless otherwise credited. This is original content, created expressly for Steemit)<br> Created at 180226 08:47 PST</em></p> </html>
post_id | 35,368,495 |
---|---|
author | denmarkguy |
permlink | mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit |
category | cryptocurrency |
json_metadata | "{"app": "steemit/0.1", "format": "html", "links": ["https://www.circle.com/en/", "https://blog.circle.com/2018/02/26/circle-acquires-poloniex/", "https://poloniex.com/", "https://www.circle.com/en/about"], "image": ["https://i.imgur.com/LudxHN2.jpg"], "tags": ["cryptocurrency", "poloniex", "discussion", "crypto", "steem"]}" |
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pnc | 0 | 7,441,954,275 | 2% | ||
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i am concern about poloniex. what is going on it???????
post_id | 35,368,700 |
---|---|
author | steemibu351 |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t164854051z |
category | cryptocurrency |
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created | 2018-02-26 16:48:57 |
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root_title | "Mobile Payments Processor Circle buys Crypto Exchange Poloniex: What Will that Mean for Steemit?" |
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Nice post, thanks for sharing
post_id | 35,369,821 |
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author | minoti |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t165554737z |
category | cryptocurrency |
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created | 2018-02-26 16:56:00 |
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root_title | "Mobile Payments Processor Circle buys Crypto Exchange Poloniex: What Will that Mean for Steemit?" |
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I think that the whole point of crypto is to avoid centralization. (big banks) so I will.
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---|---|
author | everittdmickey |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t165858168z |
category | cryptocurrency |
json_metadata | "{"app": "steemit/0.1", "tags": ["cryptocurrency"]}" |
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I'm eyeing this one with some suspicion. Seems to be the nature of anything financial, though: If there's money to be made, someone will walk in and try to control it.
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---|---|
author | denmarkguy |
permlink | re-everittdmickey-re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t171011212z |
category | cryptocurrency |
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nice blockchain you have here it'd be a shame if anything happened to it.
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permlink | re-denmarkguy-re-everittdmickey-re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t171700559z |
category | cryptocurrency |
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denmarkguy | 0 | 11,017,233,834 | 10% | ||
maven360 | 0 | 15,554,476,532 | 100% |
thanks for information denmarkguy
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author | cryptosingle |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t170014337z |
category | cryptocurrency |
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The company blog post We’ve been privileged to get to know and collaborate with the Poloniex founders and their teams over the past several months as we contemplated this union and completed extensive due diligence together, and we learned that we share a similar perspective on the future as well as the same sharp sense of urgency about immediate needs and challenges. [Link](https://planetcryptocurrencies.com/2018/02/26/goldman-sachs-backed-circle-acquires-poloniex-crypto-exchange/)
post_id | 35,371,241 |
---|---|
author | obaidb2 |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t170441637z |
category | cryptocurrency |
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denmarkguy | 0 | 5,798,544,123 | 5% |
Yes, I saw that. We'll see how things work out once they get down to the nuts and bolts.
post_id | 35,397,982 |
---|---|
author | denmarkguy |
permlink | re-obaidb2-re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t194910442z |
category | cryptocurrency |
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Just the beginning of more acquisitions to come. $400 M to these guys is pocket change, so why not gain some exposure to a burgeoning market that threatens your business? Serves them as both a hedge and an investment.
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author | maven360 |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t173029520z |
category | cryptocurrency |
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denmarkguy | 0 | 11,597,088,246 | 10% |
I expect you're right. And it strikes me as one of those double-edged sword things... part of us *want* cryptos to become more mainstream and accepted to they can be more of an inherent part of life... but at the same time we *don't* want the issues, control and regulations that go with being in the mainstream, of life. Maybe I'm a jaded and cynical... but *"pick a lane, ANY lane..."* it's difficult to *have* your cake and *eat* it, too.
post_id | 35,407,282 |
---|---|
author | denmarkguy |
permlink | re-maven360-re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t205222940z |
category | cryptocurrency |
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This will give circle relevant advantage to other competitors, like Revolut.... Bankera saw this coming and announced their own exchange at the beginning of their ICO, a couple of months ago.
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author | xabi |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t174117667z |
category | cryptocurrency |
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denmarkguy | 0 | 11,597,088,246 | 10% | ||
awaischuchi | 0 | 557,393,608 | 100% |
The open question for me is whether these sorts of deals will result in taking more and more of the decentralization out of the whole cryptocurrency idea?
post_id | 35,407,675 |
---|---|
author | denmarkguy |
permlink | re-xabi-re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t205523424z |
category | cryptocurrency |
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I think a bit of regulation is inevitable and also a positive. On Feb 6th, the SEC chairman said in testimony before Congress that they favor less regulation and will handle this budding technology with kid gloves. I think the large scales of capitol required to bring this to the masses would only happen with the nod from the Feds. Not a popular opinion, perhaps, but a seeming reality.
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author | old-guy-photos |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t195144766z |
category | cryptocurrency |
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denmarkguy | 0 | 28,992,720,616 | 25% |
And I tend to agree with you. There are a bunch of hardcore "freedomists" out there who scoff at anything that looks like a regulation or government intervention. OK, fair enough. That leaves us with some version of "The Wild Wild West." But a whole bunch of those same freedomists lose their enthusiasm and start whining when they become victims of some greedmonger behaving badly. I'm sorry, but boo-hoo-hoo... the fully free "Wild West" paradigm only works within a framework where all the players are educated, informed and honorable... and when you take that into "the real world" you soon enough discover that there are far more greedy, cheating, self-serving pigs than there are honorable freedom seekers. Sad... but generally true...
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author | denmarkguy |
permlink | re-old-guy-photos-re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t210148332z |
category | cryptocurrency |
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created | 2018-02-26 21:01:48 |
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root_title | "Mobile Payments Processor Circle buys Crypto Exchange Poloniex: What Will that Mean for Steemit?" |
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Well Poloniex was always terrible so I will just continue to not use them I guess.
post_id | 35,423,168 |
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author | jeezzle |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180226t224439276z |
category | cryptocurrency |
json_metadata | "{"app": "steemit/0.1", "tags": ["cryptocurrency"]}" |
created | 2018-02-26 22:44:39 |
last_update | 2018-02-26 22:44:39 |
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root_title | "Mobile Payments Processor Circle buys Crypto Exchange Poloniex: What Will that Mean for Steemit?" |
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Poloniex was always centralized, they were incorporated in Delaware (US). I would love to see an increase in both number of decentralized exchanges and also their popularity. But I don't mind some regulation either. I still tend to believe that at the core, most (initial) regulation comes from whether the angle of customer protection or prevention of criminal activity and not from lobbying groups. In fact, especially on platforms where "money" is traded I think it is positive to work with more centralization, and thus also (future) regulation as it gives the customer somebody to go after when done wrong. While I am no fan of Class A suits, a legally liable entity is IMHO a good thing to have. Whether that will disrupt the whole dream of recreating economies, the world without the centralized 1% controlling everything? I don't think so, too many people worldwide are involved. Let's not forget that Paypal was going to fail to because the old money would never support such evolution (although considering that they've become one of the strictest regulated players with way too many unilateral flags and blocks, they may not be the perfect example in this specific discussion). As far as I managed to observe and follow all politicians, none so far seem to have any intent to regulate blockchain and cryptoes in the knee. Basic regulation, protection and the possibility to go after criminals, yes but everybody knew that would come some day. Besides, always more and more countries are joining the crypto world. Japan has made huge legal progress, Venezuala and Russia may not be the prime examples but nevertheless, they present signs that adoption is becoming wider. Here in the Philippines, regulation is already fully integrated and no local player can operate an exchange with accreditation from the Philippine Central Bank. Since more than 20 companies have applied, two of which were already active with an AML/KYC compliant 'cash out BTC to fiat' app and the first local, fully accredited exchange is currently in beta test stage, and letting in more users every day. Which IMHO is a nice position to be in as it also means that there's no *grey* about crypto anymore, instead it's fully white. In the USA adoption by regulators is also growing as several states have already that they will accept tax payments in crypto.
post_id | 35,704,660 |
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author | fknmayhem |
permlink | re-denmarkguy-mobile-payments-processor-circle-buys-crypto-exchange-poloniex-what-will-that-mean-for-steemit-20180228t045836799z |
category | cryptocurrency |
json_metadata | "{"app": "busy/2.4.0", "community": "busy", "tags": ["cryptocurrency"]}" |
created | 2018-02-28 04:58:39 |
last_update | 2018-02-28 04:58:39 |
depth | 1 |
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root_title | "Mobile Payments Processor Circle buys Crypto Exchange Poloniex: What Will that Mean for Steemit?" |
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