Updated: 9 of 17 altcoin communities, that are going to be delisted from Poloniex, are not dead and have commented on the situation.
After the announcement from Poloniex, each of the cryptocurrencies faced a major price fall. Some of these coins have lost 30-75% of their price in just a couple of hours. Traders and the community were shocked with the list of coins delisted and the fact that there are no explanations of why Poloniex decided to do it.
This situation caused a lot of rumors and doubts in Poloniex and in each of these 17 coins. Coinidol turned to the management and development teams of each of these altcoins, asking them to comment on the situation and explain if their projects are still growing and developing.
Coinidol.com is still waiting for answers from 8 more altcoins from the list, that are either dead or prefer to keep silence.
One of the first altcoins named to be delisted from Poloniex is Boolberry (BBR), a cryptocurrency based on CryptoNote technology that has a $1,462,893 market cap. According to its developers, the major benefit of Boolberry is to provide stronger privacy to both the senders and receivers of transactions and it is being actively developed to date.
Speaking about the situation with being delisted from Poloniex, Boolberry Lead Developer, Zoidberg, commented to Coinidol.com:
“We are upset by this decision of the exchange, as we have optimistic plans for the development of the project and will disclose the key features of the project in the coming months. We respect the Poloniex exchange, but for us, their decision looks strange on the background of the fact that the project has been relatively actively traded in recent months.”
A person from the former Cryptonote team said that nobody was supporting that project during the last 2 years and it's strange that it managed to survive so long. However, Zoidberg said that with the next updates, the activity will increase.
“Yes, there was a lull for a while, but in fact, our team has increased, and we are now actively working on the sources and we already have unique developments that our users should definitely like.”
Boolberry lost up to 61% of its price on April 19 and moved from $0.419 down to a bottom of $0.16 per coin.
SuperNET (UNITY), an altcoin with a $3,148,780 market cap, will also be delisted from Poloniex. The announcement caused UNITY’s price to go down from $6.67 to $2.85 per coin, which is about a 58% price fall.
Audo, Content manager at SuperNET commented to Coinidol.com:
"Our project is definitely not dead! We have over 400 active community members on our Slack. We have over 20 team members working either part-time or full-time for our project.
SuperNET asset will be still trading in Nxt Asset Exchange, and during the summer we will port it from the NXT platform into its own independent blockchain that is generated with Komodo Platform. After that, it will be trading on our own native decentralized exchange in Agama Desktop App."
Jason Brown, Marketing Manager at SuperNET, also commented about the delisting from Poloniex:
"It is regrettable that Poloniex has chosen to delist UNITY, the SuperNET asset. We speculate there could be several reasons for this, mainly though is the desire of centralized exchanges to stay away from dividend bearing instruments and the imminent abandonment of the NXT platform when Ardor comes online.”
Jason Brown continued that the UNITY asset will be moved to its own blockchain in the summer of 2017 and will be listed on its Native InstantDEX shortly thereafter.
Rubycoin (RBY), has a
$5,237,654 market cap and is a digital coin used for secure and instant transfer worldwide. The price of RBY fell by 63%, from $0.38 to $0.14 following the announcement from Poloniex.
The official comment from Rubycoin (received from the official reddit account and it's administrator " stoner19") states:
“Rubycoin and TraderDaddy are still being actively developed. There has been no public statement from Poloniex about the reason behind the delisting. Regardless, things will still move forward as planned.”
CureCoin (CURE), is a CryptoCurrency based on coupling SHA-256 Mining and Folding@Home Protein Folding, that already has a $1,443,987 market cap.
Jake Wiser, Creative Marketing at CureCoin, said that Poloniex gave no explanation and named no reason for why they're delisting CureCoin on May 2, 2017. “So everyone is a bit clueless in that matter”, he said.
Speaking about the current status of the project CureCoin, Jake Wiser said:
“As far as being dead, that is far from the truth. We are currently number one for points per day on folding at home and second place for total points. We donate to many different charities frequently. We are a 501c3. And are continually working on 1.0 code while we wait for Maxwell Sanchez to finish the 2.0 code. We are also adding gpugrid and maybe rosetta at home to our list of rewards.”
Maxwell Sanchez, Software Developer at CureCoin said to Coinidol:
"Curecoin is still alive and kicking – we're running a bunch of internal testing of our new 2.0 software before doing a beta release in the next few weeks. The 2.0 software will be the first quantum-computer-resistant cryptocurrency (it is using Merkle signatures instead of ECDSA), and will use a mini-blockchain to improve scalability."
A member of the team, Wuffy68, also said to Coinidol that the team continues to internally beta test the SigmaX blockchain (part of future CC2.0), and it also sent over $5000 USD in converted CURE to 11 different charities this month.
“It's ironic Poloniex delisted us around the same time we were breaking some Folding@home records for a single team's computational output in the search for new medicines. Many protein folders tend to hold onto their coins, rather than trade - knowing how much it actually costs to fold proteins (and the potential value of the research results) ... it could have been a result of our relatively low volume on the exchange over an extended period of time leading up to the recent bumps in price."
The announcement by Poloniex resulted in a 59% price fall. The price fell to $0.05 from $0.12 USD.
I/O Coin (IOC) is one of the environmentally friendly cryptocurrencies. IOC works from the PoS system 'Proof of Stake' using less energy than Bitcoin. It has a quite impressive market cap of $6,050,483. However, Poloniex decided to delist it, which was a surprise to the I/O Digital and I/O Coin developing team. Joel Bosh, founder, board chairman and CEO in charge of development and project management:
"We are actively developing I/O Digital - I/O Coin. Actions taken by Poloniex took us all by surprise. We reached out to Poloniex but there is no one that can answer with any definitive reason. Poloniex doesn't have any form of contact but only by submitting a ticket. Our Dev team and community have reached out via all means and we have not heard any response. Poloniex communicated this info at close to 8pm causing massive panic in the markets. We would have wished that they would have reached out to us or given a warning of delisting. This is our official video and views on what happened with Poloniex”
Sam Gabsi, CTO & Secretary of the Foundation Board in the Blockchain Industry, I/O Digital Foundation commented:
"The project is alive. We are still actively developing. We have reached out to Poloniex for information about what is going on and have not been given details as to why they plan on delisting."
Moreover, all attempts to reach out to the Poloniex team via message to the Helpdesk were unsuccessful, as they hide behind nicknames and there is no way to know who to contact. Same as all the other 17 altcoins from the list, I/O Coin’s largest fall on April 18-19 was 43%. It moved from $0.60 to $0.34 per coin.
The I/O Coin project was launched using private funding to develop since day one. All coins held either by developers or by the community were acquired in the exchanges. They have a very active community and the trading performance was one of the best, said Joel Bosh to Coinidol. He continues:
“We are weeks away from launching DIONs. In our view having a strong market, strong community, strong development is a mystery as to what Poloniex is doing.”
According to Richard Groen, COO of I/O Digital Blockchain Foundation and responsible for marketing, communication & investor relations, I/O Coin is one of the most successfully traded coins of the last year. IOC was in the top 10 most profitable coins with a steady gain and very healthy chart. The foundation has been developing the Blockchain ever since 2014 and will continue to do so.
Sam Gabsi commented:
“This actions taken by Poloniex have severely affected (in the short term) our community. We will continue on trading in Bittrex exchange."
While members of the Poloniex team prefer to stay in the shadows, the Bittrex exchange team is more open. Altcoin developers know who the owners and developers are with their real names and can contact them directly if there is any issue.
"As the blockchain industry evolves, it's natural to see projects fall in and out of favor, and for market volume and price to reflect that. At Bittrex, we evaluate digital currencies delistings on a number of factors, including volume, stability of a blockchain, developer activity, and community engagement.” said Bill Shihara, CEO of Bittrex, to Coinidol.com: “We understand that delistings can cause price movement, so we're transparent about the factors that go into it so that no one is surprised when they occur."
Richard Groen stated:
“The whole community and our professional business partners are highly concerned about a sudden delisting. Not for IOC because we will survive and keep being traded and developed, but for an exchange like this that just delist without any proper reasoning. This could happen to anyone with any coin and investor. With IOC we are trying to make professional Blockchain services but if the industry keeps acting like cowboys and pull off these stunts then we have a long way to go.”
“Delisting like Poloniex pre-announced will not help the adoption nor give good PR to Blockchain-based projects or cryptocurrency exchanges. We are responsible as a community - Blockchain projects, developers, investors, and exchanges - to create an environment of trust, security and grow into technology that is beneficiary for corporations, institutions and end-users.”
Myriad (MYR), is the first coin to implement 5 simultaneous hash functions, as it is open to SHA256d ASICS, Scrypt ASICS, GPUs & CPUs. To date, Myriad has a market cap of $479,217. The announcement on Poloniex resulted in a 73% price fall, from $0.001333 to $0.000361/0.001333.
Coinidol received no answers from the Myriad management team, but one of the active Myriad community members spoke about the price fluctuations before and after the announcement:
“Look across all of the delisting coins. On March 27/28th the insider pumping started across essentially all of them. This pumping triggered and cascaded, ceasing approximately 3 days before the announcement. A couple of the coins pumped on the morning about 12 hours before the announcement.
I was watching the market when the announcement hit and saw massive, clustered sales prior to the announcement posting to the web page and before the scary yellow banner telling customers to remove their funds from the exchange by May 2nd appeared (it took a few minutes of reloading to see either of these, and by that time the price had fallen 20+% already).”
The position of Martin Repetto, CEO of Voxelus and Voxels coins (VOX), was given in the previous article. He also commented to Coinidol.com:
“Honestly they sent no warning whatsoever, there is no problem with The voxel nor Voxelus, in fact, we are better than ever. I don’t know why they choose to delist us, they haven’t contacted us previously.”
VOX price also moved down by 71%, from $0.041307 to $0.012070 per coin.
CEO of the altcoins exchange OpenLedger, formerly CCEDK, Ronny Boesing, said to Coinidol.com that he considers 7 of the altcoins mentioned in the article to be dead:
"NuShares and Horizon as well as Qora will be having my full support on OpenLedger, unlike any of the other 7 you have mentioned [in this article] and they are are all added due to the tech behind and its present low value allowing a lot of uptrend. All others seem to have been overvalued from the start.
Saying is, that people saying their currency is not dead without being listed on any Exchange has more to say than an Exchange taking in the currency because of the community and not because of a few devs insisting it's alive, crazy actually.
The devs can say whatever, if not getting on an Exchange, it is dead.
It's just not enough to say its all ok, they have had plenty of time showing that same thing on Poloniex."
Coinidol sent a request to Poloniex for comment on the situation but we still have received no answer as well as the representatives of altcoins that are going to be delisted from Poloniex on May 2, 2017.
Magi (XMG) is another coin that is going to be delisted from Poloniex. At present, Magi has a
$217,868 market cap. Since the announcement from Poloniex, the Magi price fell by 71% from $0.10 to $0.03.
Joe Lao, developer of Magi coin, told Coinidol.com:
"It's not 7, but at least 8 coins delisted on Poloniex are not dead! Instead our awesome and voted most friendly Magi community (2016) is very active! Here is the link of the main Magi (XMG) thread on
Just like everyone else, the marketing manager of Magi, DJ Tango has no explanation for Poloniex's decision to delist their coin. He commented:
"We contact Poloniex about this issue and still don't understand why. The Magi trading volume was very good after the new wallet release. Our dev and team are working every day on new developments and improvements. At the moment, Magi is working on awesome modern new website. So new development & improvements, trading volume and activity are not the issue for Magi. Big question will be why Poloniex would delist a currency with such good progress?"
He also stated that "Magi is a unique long-term currency with a great future” and the Magi team had some unique campaigns, like the Proof of Interest campaign with better interest than banks will pay. Magi was added on Cryptsy and after the issue with Cryptsy the community, team and dev’s continue working on the future for Magi.
“We will do the same after this issue with Poloniex and maybe Poloniex will reconsider the delisting of Magi. Magi is happy to be on Bittrex, Cryptopia and NovaExchange and will look out for other great exchanges."
Bitstar (BITS), a coin with a
$110,005 market cap, is a digital savings currency and its network is secured by the earning interest. It also fell by 79.5% from $0.04 to $0.008 on April 19, 2017.
Coinidol.com received an official comment from the team at Bitstar coin:
"Bitstar coin has always been in active development, creating partnerships and long-term goals which, while low-key and less overtly promoted than similar Proof-of-Stake coins, are firmly rooted in the ethos of creating value through utility. Our team were part of the initial SuperNET project development, helping to roll-out their first multi-wallet GUI and we look forward to the implementation of its decentralised exchange in order to continue on to the next stages of that project."
Bitstar’s team doesn't understand the decision of Poloniex. They stated:
"The decision taken by Poloniex to delist Bitstar was entirely theirs to make, albeit the unusually high trading volumes for the coins being delisted in the period leading up to the publicising of that decision certainly warrants independent investigation, with regards to possible market manipulation and insider trading."
Esko, Vice Chief of Liquidity Operations at Nu, the issuer of
NuBits, from Sweden:
We're affected by the planned delisting of NuShares at Poloniex.
The NuShare is the lifeblood of our organization and the news came untimely during increasing demand and scarcity along the developments we made over the year. Monthly volume of NuShares averaged above $1,000,000 across February to April.
We have a team working professionally for Nu to improve reliability, attractiveness, and understanding of NuBits. I'm proud to be part of this project as I think we're truly pioneering the field of decentralized stable digital currencies. It would be sad to see Nu fall on circumstances unrelated to its merits, potential, and support.
NuBits provides the most stable peg among decentralized digital currencies, and a core strength of Nu's model is independence of centralized entities which carry risks such as frozen transfers or accounts. Nu has reduced reliance on external factors down to the properties of one or more value transfer assets, reserve assets, backing asset, and method of exchange.
Nu has survived many setbacks and I'm confident we can deal with this as well. With most recent significance last year the peg for US NuBits (US-NBT) was abandoned by our well-meaning but unfortunately misguided liquidity teams that withheld reserves from NuBit holders, which of course had dire consequences for trust and demand. Shareholders transferred all responsibility of liquidity to a trusted individual and granted them NuShares to sell in carrying out tier 6 of our liquidity flow. The peg was restored and procedures established for tier 6 utilization.
Governance of Nu represents the first DAO in production that we're aware of. Voting NuShare holders directly control network variables and reach consensus by passing motions. Closely related to Nu is the planned B&C Exchange, a decentralized exchange trading native cryptoassets that in synergy with NuBits has immense promise to the benefit of both.
We're building an automated shareholder-controlled decentralized bank issuing stable digital currencies with flexibilities expected in a digital age that once complete will run itself for the most part. That's extraordinarily exciting to me!
I'm hoping Poloniex will reverse their decision and give us the chance we deserve. Everyone in support of Nu and NuBits would do well to contact them with a brief message and show their support.
Even if Poloniex insists, the NuShare will be trading at Cryptopia and OpenLedger. We're in contact with additional exchanges, one of which confirmed today an NSR/BTC pair. US NuBits are available for $1.00 at Bittrex and Cryptopia.
P.S. If you are representative of any of 8 altcoins (Coin 2.1 (C2), Horizon (HZ), NobleCoin (NOBL), Qibuck (QBK), Qora (QORA), Quatloo (QTL), ShadowCash (SDC)), that are not quoted in this article, but you have something to add about the situation in an extra comment, you are welcome to reach out Coinidol via email@example.com.