Poloniex, the world’s purely crypto to crypto exchange, has disclosed that it will delist 17 altcoins in early May.
In consequence, most of the low-value altcoins have suffered a crash in value as fear spreads among traders about losing money.
Poloniex has further complicated the case by not giving more information about the delisting, which has led to massive speculation by altcoin users, and some of them are in forums claiming that poloniex is out to scam the developers.
While Alena has sided with Poloniex, Dana is against the company, terming their anticipated move as “unfortunate”.
Well, it remains to be seen whether Poloniex will make good their threat and actually delist the altcoins.
Looking in from out here, we can only wonder about the precise reasons that would make Poloniex consider delisting the altcoins.
- No income
The one reason with most weight is about revenues. Perhaps the soon-to-be delisted altcoins have had no major input to the exchange in terms of generating revenues. And because Poloniex is first a business, and are out to make a profit, they have reached this decision.
Honestly, there are so many altcoins out there, some of them with shitty names, and I wonder how they have been let to exist all this time.
It becomes worse when you find out that these “shitty named” altcoins are even bad investments for exchanges, and by extension, cryptocurrency traders.
- Dispute between developers and the exchange
Perhaps the exchange and that specific cluster of altcoin developers are not getting along well.
The reasons could be as varied as; failure to agree on the revenue share or even policy-based squabbles.
In this case, Poloniex may have seen it best to let go the altcoins associated with such developers, so they may look for another “host”, or just wither away.
One of the strong points of bitcoin is the wonderful infrastructure it’s built on. Everything flows seamlessly. Well, we may foolishly credit Satoshi Nakamoto as the sole engine responsible for the efficacy of the bitcoin network; when other developers have clearly participated.
The soon-to-be delisted altcoins have not been as “lucky” or “fortunate” as bitcoin is.
What now is left undone besides creating conspiracy theories is to wait and see whether Poloniex will make good their threat.
Seriously, I hope they do.
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