Saturday January 23, 2021
Bitcoin (BTC) $32,585.00   Ether (ETH) $1,223.77
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas.net
No Result
View All Result
Home Crypto Exchanges

Poloniex discusses their plans to handle potential Bitcoin network disruptions

Published by CryptoNinjas.net
07/24/2017

Leading cryptocurrency altcoin exchange Poloniex has communicated its plans for managing any resulting Bitcoin network disruption from the number of proposals for technical changes to Bitcoin that may take effect in the coming weeks.

Firstly, the company says they have no position on the desirability of any particular proposal nor do they have a stake in any outcome. Poloniex remains focused on its primary concern, which is protecting its users and their tokens.

As Poloniex has done in the past when faced with similar circumstances:

(1) any decision the company makes will be with the security of users’ tokens in mind. Poloniex will be disabling deposits and withdrawals of bitcoin (and all BTC related tokens) any time the company judges necessary to ensure that all tokens stored on Poloniex remain safe. The length of any possible downtime is unknown as this is highly dependent on network stability. The company objective will be to bring the wallet back online and enable deposits and withdrawals as soon as they believe it is safe to do so. Trading will be unaffected during these periods.

At this time, Poloniex says they cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split. Even if two viable blockchains emerge, Poloniex says they may or may not support both and will make such a decision only after they are satisfied that the company can safely support either blockchain in an enterprise environment.

The team stated that if they decide to support and make available derivative blockchain tokens after a blockchain split, it should be noted that if a user has tokens on loan at the time of a split, the company will not be able to distribute the derivative tokens to the user, the lender, as they would not possess them. Such loaned tokens can, and often do leave the platform.

(2) If a user does not want to leave the decision of which bitcoin tokens to support (or recognize as valid) to a 3rd party, users should not keep their tokens on any 3rd party platform.

FacebookTwitterLinkedinRedditE-MailTelegram

Related Posts

Poloniex adds new leveraged token trading in ADA, LTC, and XLM

01/20/2021
Crypto exchange Poloniex launches XRP perpetual futures

Crypto exchange Poloniex launches XRP perpetual futures

01/11/2021
Cryptocurrency exchange Poloniex lists ETHBNT

Cryptocurrency exchange Poloniex lists ETHBNT

01/16/2020
Poloniex spinning out from Circle to establish independent global exchange

Poloniex spinning out from Circle to establish independent global exchange

10/18/2019
Poloniex Circle Usdc Bank

Crypto exchange Poloniex now offers card and bank account transfers

07/09/2019

Crypto exchange Poloniex completes major systems upgrade

03/13/2019
Load More

Discussion about this post

Recent Updates

Blockchain supply chain solution SUKU releases social impact DeFi protocol

Crypto wallet Cobo adds support for Binance Smart Chain

Prediction market platform Omen to integrate crypto data oracles from API3

Mirror Protocol brings synthetic stock asset exposure to Binance Smart Chain

Crypto exchange Upbit shows over 100% user fund capitalization in audit report

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit

Trending Views

Billions of dollars in bitcoin becomes available to creditors of Mt.Gox bitcoin exchange

Zilliqa tokenizes rare single-malt scotch whisky casks, now available to accredited investors

Crypto payment and wallet project TenX shuts down

GateHub launches Wallet Protect to cover up to $100K for XRP ledger wallets

Fenbushi Capital launches $15M+ investment fund for Filecoin and IPFS ecosystem

  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version