Team Update #28: Poloniex Delisting, Legal Risks Memo & Exchange Expansion Plans

#1

Poloniex Delisting

Yesterday, a number of members on our team received the following email from Poloniex Exchange about Peercoin being delisted, along with a number of other crypto projects:

First, it should be stated that we are on good relations with Poloniex and they have been an exchange partner of Peercoin for the past 5 years, since April 8th, 2014. We also have close contact with their technical team. However in spite of this long established relationship we found out about this delisting along with everyone else.

We are currently in the process of reaching out to their management team so we can better understand what factors have led to this decision. At this point however, all we can do is speculate as to the reason why Poloniex has taken this action.

Open a Support Ticket

We encourage everyone who supports Peercoin to reach out to Poloniex by opening a support ticket and asking them to reconsider their position. Explain your support for Peercoin and why you think it would be a mistake for us to part ways. Also ask them to get in touch with our team at foundation@peercoin.net so we can discuss the matter and negotiate a solution.

Regardless of the outcome, the Peercoin Team will continue on its current mission of modernizing Peercoin’s protocol as communicated in our April Monthly Update

Exchange Expansion Plans

In addition to our development work, the Peercoin Foundation also recently obtained a legal risks memo from a US based attorney at law that we hired to estimate the position and the legal treatment of Peercoin under U.S. Federal securities law. A digest of this memo has been provided here for unofficial and public use: https://docs.peercoin.net/#/peercoin-legal-risks-memo. You may refer to this document for educational and informative purposes.

Modern exchanges today require this legal memo upon listing to show proof that Peercoin is not classified as a security. Now that we have officially obtained this legal memo, there is nothing preventing the Peercoin Foundation from being able to list at more liquid exchanges. We are currently in the process of determining which exchanges we will apply to list at in our upcoming expansion efforts. Please also consider donating either PPC or BTC to the foundation fund so we can pay various listing fees at different exchanges.

Of course we also hope that Poloniex will reconsider their position and remain an established partner of Peercoin as they have for the past five years. Our team will do its best to continue reaching out to them and we appreciate any help the community can give in doing the same.

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#3

I sent a message in a private/customer capacity, and received the following:

+++

Thanks for your feedback and we will be sure to pass this information along to our product team.

We delist assets as part of our mission to provide customers with the most innovative projects that fuel the industry and to ensure the assets meet the high standards customers deserve, which is why we created the Circle Asset Framework.

Under the Circle Asset Framework, we consider listing or delisting assets based on whether the asset has sufficient trading volume, whether it aligns with the core tenets of the crypto community, whether it is backed by robust technology, whether it creates real value for a meaningful number of customers, and whether it’s backed by a strong, experienced team. In addition, we also consider other factors such as new guidance from regulators.

For additional information on why we make these decisions, please see our Delisting Policy. If you have any other questions, please let us know and we will be happy to help.

Best,
Poloniex Support Team

#4

Delisted coins today vs. BTC:

Steem Dollar: -7% (but seems to be stablecoin pegged to USD so does not count here)
Peercoin: -11%
Syscoin: -16%
Burst: -34%
Counterparty: -41%
Namecoin: -47%
Huntercoin: -72%

With BTC/USD today +8%, that delisting news has cost peercoin only 3% of it’s value.
Shows how wrong their decision is. Good news for Bittrex.

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#5

Regarding their listing criteria:

Aligns with the core tenets of the crypto community - PPC ticks.
Backed by robust technology - tick.
Creates real value for meaningful number of customers - PPC tick on real value, although maybe not “meaningful number of customers”, see below.
Backed by a strong, experienced team - tick.
New guidance from regulators - tick.

Maybe the sticking point is sufficient trading volume and “meaningful number of customers” but, even here, PPC has taken steps with the market making.

#6

Hello, friends. I just saw the Poloniex delisting news. Hopefully it gets reversed, because I think Peercoin deserves to stay. I’m still rooting for it.

EDIT: I’m going to launch a video on this.

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#7

What will you be arguing?

#8

The video is simply news coverage, rather than an argument. I posted it in a separate thread: Poloniex delisting makes the news on One Minute Crypto

#9

Very Simple reason:

  1. No trade, how can Phoniex makes money? it’s a trade platform not Wikipedia.
  2. Few users, low popularity, who care PPC, the community?
  3. No high profit (like btc, ltc, eth,eos), how to attract people?

Still someone said that PPC has good profit, Suppose one person bought PPC with $5 around Jan, 2014 with a little bit money, now he still loss, if he bought any “shit” coin except very few coins like PPC,NMC at that time and hold till now, he is rich now! In the only one Peercoin community of China(since 2013) is currently almost closed , noboddy would talk about PPC.If you join BTC,LTC, ETH,EOS,BSV,BCH,DASH,IOST,BTS,STEEM,NXT… any community, you will find there are so many “believers”!
We do respect the fist POS coin-Peercoin, but will she go to the history only or launch some value application of reality?

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#10

Peercoin has had the longest and most fair distribution of coins, which is essential to POS and something you can’t easily replicate.

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#13

You are correct, the past can’t be replicated, Peeercoin’s story can be retrospected since long long ago, let tell the story to the people : once upon a time…

#14

I think it is possible to restore Peercoin to its proper place in the market or I wouldn’t be here right now. And it’s important that the team work on the issues that you pointed out so that we can attract people here again. However the beginning of that restoration process starts with technology that is actually current and exciting. Peercoin is not fresh and exciting in its current form.

Understand that we had a period of about 2.5 years (2014-2016) where very little development took place. Sunny King had not focused on building a proper team to replace him when he eventually started focusing more on his career. As a result, Peercoin naturally fell behind everything else.

Only in 2016 did we start Peercoin back up again by forming a new team. 2016 and 2017 were focused on team building and adjusting to our new roles. Even then, development was slow because we relied on volunteers who were working in their spare time.

2018 however is where things started to slide into sharper focus. Before the Foundation, we were lucky to release a core network upgrade in the span of 2 years. Thanks to the Peercoin Foundation though we just released v0.7 and v0.8 is soon to follow after that. Never before in the history of Peercoin have we had a higher rate of development than we do in the current moment.

Peercoin hasn’t been current with Bitcoin since before 2014, and yet with financial help from the Foundation we are on the verge of seeing that once again. And once we do, that is when the real fun stuff starts happening again. That is when we begin work on integrating Peercoin with all the fresh and exciting technology out there and bring interest back to this blockchain again.

It has taken a long time for us to get into our current position, but we’re here now and we’re moving forward. We have great plans for the future and an exchange with decreasing use like Poloniex is not going to stop us. Do your best to hang in there through the dark times, believe in what the team is doing, lend a helping hand, and things may turn out well for us in the end.

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#15

Appreciate all you have done for the community.

#16

awesome crisis proceeding. and today I saw ppc is in good performance.
And Sunny king and his partner created Peercoin in 2012, his role was famous at the beginning, and he never has forgotten Peercoin community although he is busy.
Good wish on PPC

#17

Yes that’s true. Sunny still works with the team in an advisory capacity, helping with various things when we ask him to. He is also a supporter of the Peercoin Foundation, and from what I can see he is happy with its performance. By bringing up Sunny in my previous post, my point was to establish how utterly dependent the community had been on him at that period of time, something we’ve been evolving past for a while now with the Team and Foundation.

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