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I have a few friends that have/still work at polo who are my sources for this thread and I feel this needs to be said as a word of caution to crypto users . The wallet maintenances are a lie, here is why.
Every trade at polo take a .25-.5% fee, this is money in polo's pocket that eventually they need to dump.
How it works:
1. Polo earn the fees
2. Once a coin starts to drop in price, they put it under maintenance in order to stop trades and sell what they can.
3. Usually this results in a price drop of 5-40% depending on how weak the market is and if they decided to completely dump or set sell orders.
What happens to weak-ish markets that can't handle polos share dump? Price crashes and sometimes, doesn't recover. We've seen this with XRP, we've seen this with SIA, and their dirty & foolish ways will not stop, at the end of they day they need to keep making money, and this is the best way for them to maximize their profit on fees.
While I can't confirm if other exchanges do this as I don't have that sort of proven insider info, I would not be surprised if they use this strategy. YoBit for example tend to make it pretty obvious when they do this and wouldn't be surprised if this is a standard practice for them. The worst thing about it is there is no way to prove it (since e.g polo are registered companies therefor need to abide by the law) though I think this could be classified as market manipulation IF it was proven, which is illegal.
What do I recommend? Store your coins in a software wallet, do not store on any exchange. This will allow you to sell on other exchanges if polo decide to do their dirty work while you want to sell. It's also a good indicator to know whether or not to sell. If polo want to dump, you should make a decision whether you think it's worth holding or liquidating some of your holdings.
Take this as a warning for the future, whether you want to believe me or not is your choice. Bottom line = don't store on exchanges, period.
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Fun fact: an XRP whale I know ($600K+) indirectly was offered to have his entire stack bought up by polo. They literally emailed him & offered to buy all his XRP up at -10% market price. That way he gets to convert his stack without risking crashing the market.
Why? Because low market cap coins are manipulated to hell and back. If you don't think exchanges are in on it you're delusional. Especially polo. 90% of these altcoin bull runs are artificial and one day it won't be so fun anymore.
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>>2146535
If this is true, it's very upsetting.
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>I think this could be classified as market manipulation IF it was proven, which is illegal.
I hope you're aware that there are currently no laws against insider trading or price manipulation for cryptocurrencies in any country. It's the wild west. We're in the 19th century stock market.
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my dad works at nintendo and he says op is a faggot
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>>2146944
>it's very upsetting
HA.
You need this video, yes the whole fucking thing:
https://www.youtube.com/watch?v=L7G0OfJUON8
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>>2146979
You realize exchanges are trading commodities, just like stocks, so the law also applies to them.
In the U.S. it's illegal. The thing is, with crypto it's basically impossible to enforce. The papertrail is the blockchain, with millions of wallet addresses. There is no way the government could trace it all back to poloniex if they have contacts overseas.
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>Every trade at polo take a .25-.5% fee
The fee is actually below that, even on taker orders at 0 volume
Couldn't even do 5 minutes of research not to fuck up a troll post that took you twice longer to type
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>>2146979
>They
And this is why we can have insane gains, you people want regulation, fine, then go invest in Walmart or Apple.
Personally I trust Busoni, 3 years ago I accidentally sent some Premine Coin to my BTC wallet address and he scoured btctalk for 2 days trying to find a solution to rescue my measly 300 dollars worth of coin (and he did). That shows dedication to his customers. Don't forget he paid back every customer after they got hacked 2 years ago.
But still don't leave coins on the exchange just for the reason it can be hacked by outside entities.
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>>2147072
>You realize exchanges are trading commodities, just like stocks, so the law also applies to them.
Nope. There are no laws against price manipulation for bitcoins. There are laws against scamming people but what happens in exchanges is completely unregulated.
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TIL /biz/tards don't understand how market makers make money.
Is this really a surprise to anyone?
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>>2146535
>XRP
>low marketcap
pick one
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>>2146535
>90% of these altcoin bull runs are artificial and one day it won't be so fun anymore.
no shit Captain obvious, but then again who could be so fucking retarded to actually put everything they have on a pump and dump.
Remember that the money that we earn, comes from someone, probably someone who wasn't fast enough, smart enough. It's kill or be killed, people actually thinking there are rules to this is delusional and this is truer on unregulated cryptocoin exchanges.
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>>2147148
Exactly and 600k is hardly a whale in xrp. Explain, op.
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>>2146980
my nintendo works at faggot and he says op is a dad
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>>2146995
>2 hrs
I dont think so kiddo
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How much fucking money must poloniex make off all the 0.25% commissions, there's so many trades going though
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