Popular cryptocurrency exchange Poloniex announced last week that they will be delisting eight assets from their platform today. Recently, a number of assets have fallen out of favor and exchanges have been doing these delisting operations left and right. This typically happens due to low interest in the asset which causes low volume or insufficient developer support. Join us as we go over the eight assets being dropped by Poloniex in the latest delisting, what they’re about, and where you can still find them.
Poloniex Dropping Coins
Most cryptocurrency exchanges have rules that stipulate what an asset needs to do in order to remain on its platform. For example, many exchanges require a minimum volume of daily trade. Others may require a minimum price in Satoshis or dollars. Another major issue is whether or not the asset (especially if it’s a coin with its own blockchain and not just an ERC-20 token) is still being actively developed and the engineers at the exchange are able to work with them in order to keep things secure and up-to-date. Or worse, if a coin with it’s own blockchain lacks enough nodes to support transactions.
One example of this is Dogecoin which was dropped from the Exodus wallet last year due to whats the wallet developers called a lack of support for critical features. The Exodus team said:
“Unfortunately Exodus is built on support from public Insight servers and Dogecoin does not have the latest updates to Insight. We have asked around and it does not seem this is going to happen anytime soon.”
The same type of concern can arise with an exchange since it is far more likely to encounter issues due to its high trade volume. Without further ado, let’s get into the eight assets being dropped from Poloniex.
Bitcoin Dark – BTCD
Bitcoin Dark launched as a fork of bitcoin designed to add privacy features that the original bitcoin did not offer. The project ran out of steam, however, and instead transitioned into a new project known as Komodo. A coin swap was made available and owners of Bitcoin Dark were able to switch their BTCD for KMD. Today the Bitcoin Dark project is effectively dead as the community has largely moved on. The original website for Bitcoin Dark, bitcoindark.com, has gone offline.
Bitcoin Dark is still trading, however, and is going for just under $17 each, with around $50,000 in daily trading volume. According to coinmarketcap.com, BTCD is still available for trading through Trade By Trade.
Bitmark – BTM
Bitmark is a reputation management system where users can keep track of and report on others reputation. BTM is a coin with it’s own PoW blockchain. Understandably, the Bitmark team was not particularly happy to hear their asset would soon be delisted from Poloniex. This tweet from the official Bitmark Twitter account has received 3 retweets and 5 likes since it was posted on September 18th.
I'm working this issue with poloniex's engineering team, but they have no say on the business decisions…I urge everyone to email:
— Bitmark (@ProjectBitmark) September 18, 2018
BTM is trading for just over $0.02 each with around $25,000 in daily volume. It’s still available on Cryptopia, Trade by Trade, and Trade Satoshi.
Einsteinium – EMC2
Einsteinium is a cryptocurrency project aimed at providing funding for scientific research ventures. This is accomplished by a block reward tax being collected and stored in a fund that can be disbursed to approved projects. The group behind it also plans to eventually launch a credit card that would spend units of EMC2 directly.
EMC2 is currently trading for $0.07 each with a daily volume of just under $4 million. It is still available for trade on Upbit, Bittrex, and Cryptopia. The vast majority of it’s trade volume is through Upbit.
GridCoin – GRC
GridCoin is the cryptocurrency of choice for volunteer distributed computing. The idea is that network participants provide their computing power to scientific and medical research projects and are rewarded with GRC. This project has some similarities with other distributed computing projects such as Cure Coin (CURE).
GRC is currently trading for just over $0.01 each, with a daily volume of $17,000. It is still available for trade on Bittrex, Trade by Trade, C-CEX, SouthXchange, and OpenLedger DEX.
NeosCoin – NEOS
Using the tagline “your own web”, the group aims to offer decentralized web hosting services where those who contribute content will be rewarded for doing so. According to syn taks, an admin at the official Neos Telegram channel which has just under 500 members, the group recieved the following message from Poloniex regarding the delisting:
“Thanks for connecting with us about Neos status on Poloniex. We regret to inform you that our asset listing team has determined Neos didn’t satisfy our requirements for listing on the Poloniex exchange. As Poloniex matures, we’ve integrated an auditing process that reviews all listings on our exchange.”
The message continued by citing what they call their asset framework which determines listing eligibility. According to syn taks, NeosCoin was delisted due to issues with volume.
NEOS is trading for $0.42 each, with a daily volume of $40,000. It’s still available for trading on Bittrex and Trade By Trade.
PotCoin – POT
PotCoin is a proof-of-stake cryptocurrency which was targeted at the growing legal marijuana industry. A number of celebrities have been seen endorsing it including professional basketball player Dennis Rodman.
POT is trading for $0.025 each, with a daily volume of just over $60,000. It’s still available for trading on Bittrex, Trade By Trade, Cryptopia, Bleutrade, CoinExchange, and Tux Exchange.
Vericoin – VRC
Vericoin is an hybrid proof-of-stake and proof-of-work cryptocurrency that is only mineable with CPUs. Vericoin is unique in that it is actually two currencies that work together – Vericoin and Verium.
VRC is trading for $0.11 each, with a daily volume of $115,000. It’s still available for trading on CoinEgg, Upbit, Bittrex, Livecoin, Cryptopia, and Bleutrade.
Bitcoin Plus – XBC
Bitcoin Plus is a bitcoin fork that has a one minute blocktime and is secured by proof-of-stake. It also has a much lower total supply, with only 1 million XBC to ever be created. The project also aims to support privacy features through TOR network implementation. In respond to the delisting, the official Twitter account had this to say:
For all those wondering where they can trade trade XBC right now after the poloniex shock you can still use #cryptopia #tradesatoshi @cryptopia @TradeSatoshi etc.Always check https://t.co/OTD79ajiND #coinmarketcap @coinmarketcap for latest markets.
— BITCOINPLUS(XBC) (@BitcoinPlusOrg) September 22, 2018
XBC is trading for $5.23 each, with a daily volume of $17,200. It’s still available for trading on Cryptopia, CoinExchange, Trade Satoshi, and Trade By Trade.