[WARNING] Poloniex BTS Hot Wallet is empty; Do they have the keys to their cold storage?
As you can see on Cryptofresh, the Bitshares account "poloniexwallet" is low on funds:
There's 103 BTS left in this account. Their cold storage account "poloniexcoldstorage" has 290 million BTS though; however those funds have not moved for over 10 months:
edit: the 103 BTS just dropped down to 8 BTS
Why aren't they filling their hot wallet? Are they trying to make bitshares look unstable to suppress the price, as it is a competing technology to their business model? Have they possibly lost access to their cold storage keys? If the keys are lost, what will happen to the price of BTS? What do you think?
I think that if they can no longer access 290 MM BTS, that will drastically reduce the effective supply, which could have a good effect on the price long term. In the short term, the uncertainty for BTS holders on the Poloniex site may cause the price to tank on that exchange specifically.
edit: please retweet this message to Poloniex asking them to prove they are not operating a fractional reserve: https://twitter.com/robrig0/status/896016700327550976
I never use a centralized exchange (for the last several years) except in the rare occasions when I must move into or out of fiat - and then I leave funds on a centralized exchange for the minimum time necessary.
This is what the DEX is for!!! (bitshares.org)(accept no cheap imitations)
Upvoted and resteemed (and e-mailed out to friends!!)
Thanks you did resteem, due to that I saw this blog! Another good info!!
Exactly! Hoping more people understand this all the time. :)
Yep, Since steemit and your post i try to avoid central exchanges as much as possible also... Bitshares for president
093c / BTS2.0 upgrade may have nuked their cold storage. Or perhaps they have lost their keys. No matter the case, if they cannot access the cold storage they will have to start buying BTS on the open market to fund withdrawals... BTS moon shot would be the result.
It certainly could, however given that it's still an active trading pair on poloniex we may see panic sellers trying to flee non-existent bts on the poloniex exchange - bad for trading value in the short term.
Wow this is pretty scary. Wonder if these companies have regulatory control.
It is annoying how much power exchanges like poloniex and bittrex has.
This is probably just another way to manipulate the price of bitshares as poloniex and many other exchanges have been doing.
It seems like the price for bitshares has dropped slightly on poloniex.
Let's hope nothing drastic happens. I'm glad that I stopped using poloniex a while ago @robrigo
Created a new UIA called 'POLOLOSTKEYS'
Description:
Anyone want some free POLOLOSTKEYS? Post your Bitshares account name & smash that follow button! ;D
Dedicated thread
I'll have some free POLOLOSTKEYS! Send to theeleventhhour .Thanks, upvoted and followed.
SHENANIGANS!?
This comment has received a 1.96 % upvote from @booster thanks to: @kurtbeil.
I have been saying NO they do NOT have cold storage password any longer. This is not logical what they are doing otherwise...
Hey robrigo. Long time to chat. What are they total holdings as an exchange in crypto assets? lately poloniex is all hate and not for no reasons I guess. I just hope people wont lose their coins and money over something like that. It seems DEX are going to absorb a lot more interest after something of that latitude. When anything was actually too Big to Fail.
Bts seems like out of competition when it comes to DEX investments.
@robrigo be like, "This look sketchy AF to anyone else?" -- Also, great use of #quandary. resteemed :)
The spread between Poloniex and other exchanges has grown to more than 2 cents. This indicates the news on exchange problems is spreading and Poloniex BTS is priced with significant discount as traders with BTS on the exchange accept loss because they fear they may lose more in the future.
Reminds me of Gox spread before it went down. How much more is needed until SHTF?
@robrigo,
I don't think this will effect on BTS price, but my experience says better we stay away from Poloniex, coz I was fed up by their dramas and won't be a part of that again!
Thanks for sharing this useful information, coz most of Steemians are holding BTS as well.
Cheers~