Poloniex proved its balance

[Musewhale]

good job

[Akado]

https://beyondbitcoin.org/poloniex-proves-its-solvency-on-the-bitshares-blockchain/

I think we really should push this topic so people could pay more attention to this kind of questions. We have BitShares solving a very common problem cryptocurrency users face nowadays! Make people demand and care about transparency. Solution: OpenLedger.

Transparent is very good. But for many people they just trade and withdraw to their wallet.
The market deep and volume is more important than trasnparent. Because as for now poloniex looks like a reliable exchange, and most people will not feel it a problem for themselves.

It's right people follow the volume, however this is the only thing we can advertise at the moment. We can't claim any volume now. So the best we can do is play with the cards we were dealt and make the best of it.

We can provide transparency and safety, let's advertise it.

I mean, people still haven't understood that. There are just so many hacked exchanges and one of the biggest thefts in history.. Gox, every bitcoiner knows that. Isn't security one of the biggest issues?

What do you think if people saw a headline like "From now on you can't be Goxxed". Wouldn't they check it out? I mean, that's one of the biggest achievements in crypto history and no one seems to give it the credit it deserves. Even people in our community. This isn't the reason of discussions most of the time. I only see a small mention of the security we provide in OpenLedger and BitShares articles.

We should have whole articles regarding security and how exchanges were hacked. I have a list of the latest security issues exchanges have had and it's somewhat big. What really shocks me is that everyone cries when they get hacked and everyone tells an exchange is a scam, however no one really seems gives a shit about security. That's frustrating. We should take the opportunity and advertise the hell of that!

"Exchanges are Now Impervious to Goxx Attacks" How badass is that headline? We should push this, we need to push this out there. It will easily make it's way to bitcoiners - who, btw, are a altcoin hater community. For the first time you could have bitcoiners actually paying attention to a project that is not bitcoin centric. That itself is another achievement but no one seems to realize this,

For the first time we could actually have a series of articles on Bitcoin centric media sites like coinbase for example. We could easily get to the front page. Same thing for reddit!

Even after this text i still don't feel I've stressed this enough. I may or may not create a thread about this or if someone wants, feel free to do so. This is a very important matter that can easily give us lots of exposure.
/rant

No opinion on this? Mainly from Murderistic, Ronny and whoever is pushing press articles out there.

[BTSdac]

I feel so confounded that ,
it is very difficult to prove anything
transparent. is very good thing we long
but I want to say,
BTS is not a special coin in exchange sight  I think
so Poloiex  don`t have any special duty to make BTS more transparent than other

[Akado]

https://beyondbitcoin.org/poloniex-proves-its-solvency-on-the-bitshares-blockchain/

I think we really should push this topic so people could pay more attention to this kind of questions. We have BitShares solving a very common problem cryptocurrency users face nowadays! Make people demand and care about transparency. Solution: OpenLedger.

Transparent is very good. But for many people they just trade and withdraw to their wallet.
The market deep and volume is more important than trasnparent. Because as for now poloniex looks like a reliable exchange, and most people will not feel it a problem for themselves.

It's right people follow the volume, however this is the only thing we can advertise at the moment. We can't claim any volume now. So the best we can do is play with the cards we were dealt and make the best of it.

We can provide transparency and safety, let's advertise it.

I mean, people still haven't understood that. There are just so many hacked exchanges and one of the biggest thefts in history.. Gox, every bitcoiner knows that. Isn't security one of the biggest issues?

What do you think if people saw a headline like "From now on you can't be Goxxed". Wouldn't they check it out? I mean, that's one of the biggest achievements in crypto history and no one seems to give it the credit it deserves. Even people in our community. This isn't the reason of discussions most of the time. I only see a small mention of the security we provide in OpenLedger and BitShares articles.

We should have whole articles regarding security and how exchanges were hacked. I have a list of the latest security issues exchanges have had and it's somewhat big. What really shocks me is that everyone cries when they get hacked and everyone tells an exchange is a scam, however no one really seems gives a shit about security. That's frustrating. We should take the opportunity and advertise the hell of that!

"Exchanges are Now Impervious to Goxx Attacks" How badass is that headline? We should push this, we need to push this out there. It will easily make it's way to bitcoiners - who, btw, are a altcoin hater community. For the first time you could have bitcoiners actually paying attention to a project that is not bitcoin centric. That itself is another achievement but no one seems to realize this,

For the first time we could actually have a series of articles on Bitcoin centric media sites like coinbase for example. We could easily get to the front page. Same thing for reddit!

Even after this text i still don't feel I've stressed this enough. I may or may not create a thread about this or if someone wants, feel free to do so. This is a very important matter that can easily give us lots of exposure.
/rant

[xiahui135]

https://beyondbitcoin.org/poloniex-proves-its-solvency-on-the-bitshares-blockchain/

I think we really should push this topic so people could pay more attention to this kind of questions. We have BitShares solving a very common problem cryptocurrency users face nowadays! Make people demand and care about transparency. Solution: OpenLedger.

Transparent is very good. But for many people they just trade and withdraw to their wallet.
The market deep and volume is more important than trasnparent. Because as for now poloniex looks like a reliable exchange, and most people will not feel it a problem for themselves.

[emailtooaj]

https://beyondbitcoin.org/poloniex-proves-its-solvency-on-the-bitshares-blockchain/

I think we really should push this topic so people could pay more attention to this kind of questions. We have BitShares solving a very common problem cryptocurrency users face nowadays! Make people demand and care about transparency. Solution: OpenLedger.

+5  yes to this ^^^^

[Akado]

https://beyondbitcoin.org/poloniex-proves-its-solvency-on-the-bitshares-blockchain/

I think we really should push this topic so people could pay more attention to this kind of questions. We have BitShares solving a very common problem cryptocurrency users face nowadays! Make people demand and care about transparency. Solution: OpenLedger.

[Ander]

So we can see more than 200M bts in poloniex's cold storage wallet.

I think this is pretty sufficient to declare that they have plenty of BTS and are not running a fracitonal exchange.

It also appears that close to 200M probably bts moved from btc38 to poloniex over the past several months, as poloniex took over the volume lead.  They probably only had 10% of this before a few months ago!


Clayop are you happy now with the results? 
Was it worth spooking the hell out of the markets by making people think polo was running fracitonal reserve and contributing to a 40% drop in BTS over a few days that probably made a bunch of traders vow to never touch BTS again?

[liondani]

Edit: Poloniex proved its solvency!

https://bitshares.openledger.info/#/account/poloniexcoldstorage

 

[sudo]

Poloniex proved its solvency! Great job Poloniex!

https://bitshares.openledger.info/#/account/poloniexcoldstorage

+10086

[alt]

great poloniex

[xeroc]

Poloniex proved its solvency! Great job Poloniex!

https://bitshares.openledger.info/#/account/poloniexcoldstorage

Bam .. + first panel was a success

[clayop]

Poloniex proved its solvency! Great job Poloniex!

https://bitshares.openledger.info/#/account/poloniexcoldstorage

[Marketorder]

Poloneix is legit this thread is just a way to lower the price so the thread starter can buy some cheap coins

[alt]

there are only 10m BTS at polo's wallet.
maybe BTC38 should buy  all these BTS, the price only pull to 2400

[alt]

very funny, I never know prove 100% reserve is  such a difficult thing.
of couse, we can wait, but polo should reply and give a date.

clayop, support you.
wish poloniex open it's cold wallet.

thank you for your notice.

but I  think it is not easy to prove anything. so I think I would keep some bts on poloniex

Poloniex has the ball. If it opens its cold wallet account name, all problem will be solved easily. If not, only bankrun can reveal the truth.

周公恐惧流言日，王莽谦恭未篡时。 向使当初身便死，一生真伪复谁知？

[BTSdac]

clayop, support you.
wish poloniex open it's cold wallet.

thank you for your notice.

but I  think it is not easy to prove anything. so I think I would keep some bts on poloniex

Poloniex has the ball. If it opens its cold wallet account name, all problem will be solved easily. If not, only bankrun can reveal the truth.

周公恐惧流言日，王莽谦恭未篡时。 向使当初身便死，一生真伪复谁知？

[alt]

clayop, support you.
wish poloniex open it's cold wallet.

thank you for your notice.

but I  think it is not easy to prove anything. so I think I would keep some bts on poloniex

Poloniex has the ball. If it opens its cold wallet account name, all problem will be solved easily. If not, only bankrun can reveal the truth.

[clayop]

thank you for your notice.

but I  think it is not easy to prove anything. so I think I would keep some bts on poloniex

Poloniex has the ball. If it opens its cold wallet account name, all problem will be solved easily. If not, only bankrun can reveal the truth.

[BTSdac]

thank you for your notice.

but I  think it is not easy to prove anything. so I think I would keep some bts on poloniex

[clayop]

IMO what we have to do;

(1) Keep all your fund in your own wallet (not in poloniex!)
(2) Urge poloniex to prove their reserve

[Ander]

Poloniex doesn't actually trade BTS on their site. You are trading made up tokens. They also allow people to short on margin which does not require someone to lend the shares to you. The are lending fake BTC to you and you can then create fake BTS from the lent btc.

You have to borrow polo bts IOUs in order to short however, from other users lending them out.

[unimercio]

even if so, why triggering a bank run on the exchange with the most volume for bts?

  agreed... Lets not burn the ships until our decentralized exchange liquidity issues are solved. To date, volume on all decentralized crypto exchanges has been dismal.

The risk is there and real, but lets not "screw the pooch",  just yet. 

[SkyscraperFarms]

Poloniex seems to fake its balance. Its sell order says that it has at least 25 mil BTS, but the account poloniexwallet only has 12 mil now.
I asked about their cold wallet account name but they seem to ignoring my email.

I think it is safe to withdraw all of our BTS from poloniex now.

If you know any accounts related to poloniex, please let me know.

Poloniex doesn't actually trade BTS on their site. You are trading made up tokens. They also allow people to short on margin which does not require someone to lend the shares to you. The are lending fake BTC to you and you can then create fake BTS from the lent btc.

[Musewhale]

Poloniex is margin trade, Below three times are normal

Polo margin traders borrow BTS from other BTS owners, so the amount should be the same.

Not lending relationship

[clayop]

They should, but 2.0 is new so perhaps they havent figured it all out yet.
I think its a bit too early to call foul on this.

But they should show balance fairly soon.

Agreed. But isn't it safe for community to keep our fund in our pocket instead of in centralized exchanges? (always)

[clayop]

Poloniex is margin trade, Below three times are normal

Polo margin traders borrow BTS from other BTS owners, so the amount should be the same.

[Musewhale]

Why they don't show the wallets to public?

security reason's(?) 

I guess out there are a couple of hackers that want to know all the details about their accounts...

Poloniex it is necessary to show their balance
In China, show balance is already a movement, if not show, then the customer will not dare to trade

[liondani]

Why they don't show the wallets to public?

security reason's(?) 

I guess out there are a couple of hackers that want to know all the details about their accounts...

[Ander]

Why they don't show the wallets to public?

They should, but 2.0 is new so perhaps they havent figured it all out yet.
I think its a bit too early to call foul on this.

But they should show balance fairly soon.

[Musewhale]

Poloniex is margin trade, Below three times are normal

[clayop]

You are not factoring the loan's and shorts. They would account for the differences. That's why ppl don't like showing their books, you get quick to judge ppl screaming from making the wrong conclusions.

No they wouldnt.

But polo has plenty more bts in wallets they arent showing us yet.

Why they don't show the wallets to public?

[Ander]

You are not factoring the loan's and shorts. They would account for the differences. That's why ppl don't like showing their books, you get quick to judge ppl screaming from making the wrong conclusions.

No they wouldnt.

But polo has plenty more bts in wallets they arent showing us yet.

[Pheonike]

You are not factoring the loan's and shorts. They would account for the differences. That's why ppl don't like showing their books, you get quick to judge ppl screaming from making the wrong conclusions.

[Ander]

They have way more than 12M bts.

[liondani]

^^^ THATs why openledger will succeed !!!

[liondani]

even if so, why triggering a bank run on the exchange with the most volume for bts?
Why spreading panic? It doesn't mean they don't have the fund's because they don't reply to you....
I wouldn't either give my cold wallet details to "random" users....

have you thought that some traders must close their margin buy orders if they want to follow your advise?
How would that impact bts price? Don't forget that the price feeds are heavily depended on poloniex...


PS But sure, like any other centralized exchange they could easily make business like a fractional reserve, and who knows, maybe they manipulate the price in their favor using bot's vs. fresh air!

[clayop]

It's most probably the case they have not claimed all their 2.0 balances yet.

Any possibilities are open. But if they want to hide their balance, it must be suspicious.

[alt]

I don't know why all exchanges want to hide their reserve.
It's  interesting to see  so many people withdraw BTS from polo.
https://bitshares.openledger.info/#/account/poloniexwallet/overview

[jakub]

It's most probably the case they have not claimed all their 2.0 balances yet.

[clayop]

Poloniex seems to fake its balance. Its sell order says that it has at least 25 mil BTS, but the account poloniexwallet only has 12 mil now.
I asked about their cold wallet account name but they seem to ignoring my email.

I think it is safe to withdraw all of our BTS from poloniex now.

If you know any accounts related to poloniex, please let me know.


Edit: Poloniex proved its solvency!

https://bitshares.openledger.info/#/account/poloniexcoldstorage