The Plot Thickens as I Look Into the Poloniex Wallet and Discover Something Shocking!
The plot thickens. Why didn't I already think of this, we can track their receipt of steem. So I looked it up in my own wallet, to be certain and sure enough, there it is, clear as day, 8 days ago, the steem was transferred from my account. See for yourself.
Then, I followed the @Poloniex link in my wallet entry to their profile. I selected the "Wallet" link at the top of the page and began to scroll down until I found the entries from 8 days ago. And there, sure enough, was my steem, snugly received by Poloniex. It has never, apparently, left the Steemit platform at all. So, I took another screen cap of that section of their wallet. This is all open source information anyone can get.
And, as you can see, I've left my calendar icon clearly visible in the bottom left, these were taken just moments before I shared this story. So, I decided to take a look at Poloniex. This user account is purely for exchange purposes, as far as I can see, but I'm going to dig deeper. Here is what I found intriguing. They are currently holding almost 30 million in liquid steem on the platform. Why? That's much more than they ever trade in a day. Ever.
Then it gets even more interesting. All along the way their transactions are incoming, incoming, but a few outgoing. Which is possible, I supoose, although, the account has NEVER earned a single reward, so I'm not sure where it would come from. But, here is the most interesting thing of all, steem going out on and coming in, on a regular basis, from BITTREX!!
So, while we are busy trying to drag our measly coins out of Poloniex, they have over 28 mil in cash assets and they are trading on bittrex! What the actual hell is going on here? This may be completely above board, that is possible. Perhaps there is outside money invested in this account, but in any other business (one regulated and, I am choking on the words as I type them, by the SEC) THIS WOULD BE COMINGLING OF FUNDS!
So, while I've got no authority and expect to be heavily flagged for this, I'm calling on @Poloniex to cease using this account for any other purpose than transferring user funds to their exchange. Multiple accounts are more than acceptable, they have been encouraged, so if you need one for personal investing, or business, by all means, get one, but the one we send our money to, in hopes of investing it, needs to be allocated to that purpose alone in my opinion.
"Oh a wise guy, eh?"
Not sure what you mean by that, but okay.
I think it is a reference to the mob or mafia coming after someone who has dug too deep.
I'm with @quinneaker though, I don't know much about these things - but to me it definitely sounds like a conflict of interest.
Really tough to read these @markrmorrisjr ...I've seen some posts here that you can click a link to enlarge. It's over my head atm but I'm sure someone can help you help us to be better able to look at what you're offering up.
For now I'll take your word for what's there...no one else has said that there's no "there" there. It's upsetting to me to hear of this. For whatever reason, arbitrage for profit, leverage ( a two edge sword imo ). I'll just say many at Poloniex Trollbox straight up accused them of manipulating their own exchange...I didn't give such accusations credence as there was no proof.
Not saying this is proof...but if they would do something like this...then they can also DDOS themselves...creating panic selling and profiting from not only their set percentage for every trade...but shorting on margin through friends, insiders, sock puppets.
As much as I have great hope for the future of the blockchain and the cryptosphere...I fear this just may be all part of the rich and powerful playing both sides of the fence...making profit from the greater fools...all the while destroying the market itself...leaving the blockchain unsupported yet still of use to themselves.
These have been my thoughts for sometime. Since the media/mindscapers began positive reporting of Bitcoin...then the banks getting involved...well it doesn't take a psychic or a psychiatrist to know what these power brokers are capable of.
I expect I'm just being paranoid. I certainly hope so. I'll not be buying into the hype anymore with my hard earned wages. I've invested my last fiat dollar in cryptocurrencies as of this moment and will just continue to ride the whales as best I can with the house's money.
/sad face/
Right click on the image and select "View Image" to enlarge.
That's it...I had forgotten. Thanks for taking the time to enlighten me. :-)
If we don't self-regulate this industry, they will take it over. Then we'll be taxed as well as charged fees on every transaction, and eventually, the larger buys will require a licensed broker.
Just woke up and having my morning cuppa joe...and getting more pissed about this revelation. :-/
I sure hope somebody knows how to work out a "grandfather" clause for those who were registered traders before any laws change. Still not putting any of my worthless fiat into the cryptosphere until I know, with high certainty, that what appears to be happening...is not.
Thanks for this informative post @markrmorrisjr
~peace out...in~
Well, you can multiply your fiat and take it back out on a daily basis, man. I'd be remiss if I didn't say, you need to invest at least a little.
This is where the SEC looks for opportunities to put the clamps down. Some funny business here.
Well, they have no jurisdiction here, but we need to establish, as crypto users, an appeals process and some form of self regulation.
I agree. Wherever people can't regulate their own ethical behavior, that's where the government tries to step in. It's all the ammo they need.
You digged deep into this ! I don't see why someone would hate this post
It feels that way. But, it may not be. But, if it were me, I'd run a separate account for an exchange, no other transactions at all.
I agree
I don't know to much about this kind of stuff but I will share this post with some of the witnesses and devs on Steemit and see what they say.
Investigation is always good even it it turns up everything ok. Then atlas we KNOW its ok. So no problems with this post. If someone flags it its just a sign the investigation needs to be done. If theres no problem then someone can easily answer to this.
Right. I figure they've probably already seen it, but be my guest. It's all public information.
you may be on to something but I think its the norm, exchanges often buy in "bulk" to provide liquidity for the market. It also depends on who has a large share of the market, they kind of set the tone with regard to prices. Put it this way, they can make and break a coin. Its all about the money, nothing personal, if there is profit to be made, that's business. I highlighted weeks ago what I saw happening with Bytecoin, I guess no one took me serious. I go as far as saying "EVERYBODY KNOWS, AND EVERYBODY IN". Sit and think about a market with no liquidity and exchanges operating on tight margin, not good for business. "EVERYBODY KNOWS AND EVERYBODY IN"==> they all got to paid. It's a much happier place when the pie is bigger. I hope you see the big picture, so if I was you I won't be acting up, and I would probably see how I can eat from the pie. It sounds f.... up but the reality, this is a convo i had with an interesting individual. As I told you, don't act up, just be patient, they gonna sort you out
These exchanges are going to get into trouble sooner or later. shady shit
Another thing that seems strange to me, particularly given the general tone of suspicion that something shady is going on here for profit, is that @poloniex neither posts nor votes, when self votes could be generating significant profits from raping the rewards pool.
I am unschooled in these matters, but know of no rule that might prevent them from posting and attaining to rewards thereby.
This would indicate, if there is no rule against them posting and receiving rewards, that they aren't doing so in order to preclude even the appearance of impropriety.
Anybody know more about whether they could be upvoting their own posts, or why they wouldn't?
You can't upvote posts that don't exist. They've never blogged anything, which is fine, but then why are there so many payments to seemingly random accounts from this account?
Well, the lack of posts or curation is exactly my point. Clearly self voting posts, or even just voting on other's posts, would have enabled a significant income stream for the @poloniex account, and, as you pointed out, that wasn't done.
My understanding is that only @poloniex's unwillingness to do so explains why it wasn't done, as I do not know of any rule that might prevent such profitable action. The only two reasons I can surmise for that unwillingness are lack of time and/or ability, or desire to not appear to be milking the account for profit.
The payments you reference are beyond my ability to comment on, and I can offer no conjecture, as I have no relevant knowledge.
I think that mystery was solved. It seems that when we move money from Bittrex to Poloniex, it goes through those two steemit accounts, and vice verse.
My first instinct is that people are transferring their money from bitterex to poloniex and vice versa. It would show as if poloniex or bittrex did it, but actually individuals are doing it.
Does it work that way? I don't think so. Because you transfer your money to a wallet. But, perhaps you are correct.
Yes. I'm sure that this is all that is happening.
I just opened up my bittrex account and my poloniex account, and looked at how I would transfer between the two of them. And this is EXACTLY how to do it.
I would have to send Steem held at Bittrex to the Poloniex account on steemit, or vice-versa.
So there is no great mystery here.
Great. Good to know. Thanks
Exactly right.
People decided that they prefer one exchange over the other,
or they are trying to benefit from arbitrage -- when steem is higher on one exchange vs the other. So they send it back and forth.
thnx for this post. Makes a lot clear to me now... those behind poloniex aren't trusty and better avoid this kind of greedy organisations