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!!)
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Thanks you did resteem, due to that I saw this blog! Another good info!!
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Exactly! Hoping more people understand this all the time. :)
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Yep, Since steemit and your post i try to avoid central exchanges as much as possible also... Bitshares for president
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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.
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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.
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Wow this is pretty scary. Wonder if these companies have regulatory control.
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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
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Created a new UIA called 'POLOLOSTKEYS'
Description:
Anyone want some free POLOLOSTKEYS? Post your Bitshares account name & smash that follow button! ;D
Dedicated thread
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I'll have some free POLOLOSTKEYS! Send to theeleventhhour .Thanks, upvoted and followed.
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SHENANIGANS!?
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This post received a 4.6% upvote from @randowhale thanks to @kurtbeil! For more information, click here!
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This comment has received a 1.96 % upvote from @booster thanks to: @kurtbeil.
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I have been saying NO they do NOT have cold storage password any longer. This is not logical what they are doing otherwise...
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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.
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@robrigo be like, "This look sketchy AF to anyone else?" -- Also, great use of #quandary. resteemed :)
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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?
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@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~
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If this is true that mean 290M BTS is Burn which is positive news for BTS Investors but bad news for those who have BTS in Poloniex. Anyway, if there is mass BTS withdrawal fro Poloniex, Poloniex need to buy BTS from other market which will push the price up.
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It'd also be bad if when users can't withdraw they dump for BTC on polo to escape with what value they can claw back with their fake BTS.
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i doubt they lost keys but i smell problems with this exchange since longer time so who knows.
good spot on man!
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That is seriously crazy. Also, I like that we can independently audit their BTS holdings.
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Man, between this, the suspect TOS change, and holding everyones funds for weeks I can say I'm glad I switched over to another service for my funds.
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@robrigo can you imagine hot wallet empty? That's really serious and looking the info i gathered some days back, i summarize is on this link https://steemit.com/bitcoin/@samest/poloniex-again-red-flag-showing-take-action-201788t101058725z . Poloniex this days we need all to stay off.
I dont think theyare trying to make bitshares look unstable to suppress there price, i think they themselves has issue internally. May be they have lost access to the cold or something else is happening internlly that is yet to reveal.
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If this is the case, they've taken far too long to announce the issue - they've stepped into entirely fraudulent practices!
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Woah, just after those dodgy ass TOS updates by poloniex and now this by bitshares. Maybe a smear campaign to discredit poloniex's name? Maybe it will go the same way as BTC-E.
Stay Woke.
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What do you mean "now this by bitshares"? It's not a problem with the protocol; it's a problem with Polo.
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Oh sorry, i misworded my reply i didnt mean BY bitshares, i meant with all this negative press recently that it may be a smear campaign against poloniex the exchange itself, to prepare for a takeover like they did with BTC-E. This was just related to bitshares as opposed to past stories about their TOS.
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what about now did they filled hot wallet ? @robrigo ? or still low ?
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You can check for yourself here: http://cryptofresh.com/u/poloniexwallet
it's still low.
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i think they are careless what do you say ??
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they filled it. it turns out they have the keys. so what the fuck was all this about?
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Very weird indeed! Not sure if it is possibly but they could also be taking the bitshares and trying to own a large enough amount to be able to control or manipulate it in some way!
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Remember folks... you read it here first! Resteemed.
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Thank you for warning our community!
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You're welcome @ronni!
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If they don't have access to these cold storage funds, then they're operating a fraudulent fractional reserve - the BTS being traded on poloniex aren't real.
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Omg..I am now really afraid of using Poloniex, I have no idea when they will stop deposit and withdraw...
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Poloniex is such a mess lately! I hope they get their butt in gear here what would be the next best exchange?
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I like bittrex. They have much better support.
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Hello friend ! You blog is very interesting!! I am re post you story !
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Congratulations @robrigo! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
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I like your post very interesting and interested greeting from @abupasi.alachy
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what this is happening ??
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This post has received a 4.67 % upvote from @booster thanks to: @inertia.
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Sorry for being OT @robrigo but are you involved in Blockpay ambassadors?
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No although I am interested in deploying their technology at some storefronts.
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Cool, thanks for the reply. I wanted to deploy Blockpay too but first I have to get int touch with them. Sadly I didn't get any reply yet but I also know they're quite busy right @kencode?
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Have you checked out their Telegram channel? https://t.me/BlockPay
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OK you are right! I admit to a stupid thing, I was going to but I want to buy a prepaid sim and later throw it away to be absolutely private.
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it's so scary , i think i will use exodos , thank you for sharing
what about Bittrex?
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wow.... tnx for the info... lets check it out... hoping its not a problem
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Don't use them, if you don't trust them.
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Is there any good people here. Help me new beginner in steemit. Vote & follow. Friendship greetings, thank you
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wow that's discomforting
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wtf is wrong with poloniex every day i hear something bad about them
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i just hope there will be no scam :) and its just speculation
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Interesting development. Will need to watch this play out.
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nice @robrigo....@sultan-aceh
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seriously crazy
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Seems like Poloniex indeed have access to their wallet. https://steemit.com/poloniex/@sc-steemit/poloniex-still-has-access-to-their-cold-wallet-get-your-assets-while-you-can
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Great post!
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They already proved ownership by transferring 30m BTS to their hot wallet hours ago..
http://cryptofresh.com/tx/40b2b20e32eb4592e08d50d35bebce668ee0caf1
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No.
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Haha :)
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Ok no problem
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Just commenting to let you know that spamming to beg for votes will only get you a bed reputation and flagged :-/. It's not cool.
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I know that, and that's my fault, I'm sorry if it makes you uncomfortable. I will not repeat this mistake.
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