LBRY CREDITS DELISTING ON POLONIEX – IS IT REALLY A PROBLEM?
As you may or not may know, recently, Poloniex announced it was going to delist LBRY Credits (LBC) on its cryptocurrency exchange. For obvious reasons, this took everyone by surprise. Although it had been speculated by a few sharp eyed people within the LBRY community multiple times, due to low volume trading, and lack of marketing to drive coin adoption, these concerns were never taken seriously as a possible scenario, yet here we are today, with this now being a reality.
At the time of writing this, LBRY Inc have had no explanation about why Poloniex had chosen to delist LBRY Credits from its exchange. The founder and CEO of LBRY Inc, Jeremy Kaufman told me that he had recently received a personal “answer” from Jeremy Allaire, the founder of Circle Internet Financial Limited, the Goldman Sachs funded startup that owns Poloniex. Unfortunately, the answer was just a repeat of the FAQ’s Jeremy had already received. “They have refused to say why”, Jeremy said.
A LITTLE ABOUT ME
I want to put a positive spin on the news that Poloniex will be delisting LBRY Credits, which is going to be hard, but let’s give it a go. Stay with me on this and read to the end.
As some of you might know, I have been involved with LBRY for a number of years as senior customer/technical support, helping with app development, testing, debugging, and many other related LBRY services. I am also an investor in LBRY Credits. So when I see news like this, it affects me on multiple levels.
But I am not ignorant to issues that exist with LBRY/LBRY Credits. I can see where Poloniex is coming from, from one angle and maybe others too, but I am not convinced, given the current climate of cryptos and the potential LBRY has, that they are acting in good faith in this case. I’m wondering if there’s more to this than meets the eye. Is this actually a political move, rather than a logical one?
LET’S TAKE A CLOSER LOOK
If we look at other coins in the alt market, such as ByteCoin (BCN), which is a very shady project, hence why is forked off in to Moreno, which has very low trading volume which looks looks automated, and is literally almost at zero – you have to ask, why LBRY and not them?
No doubt, Poloniex will claim it’s because of recent LBRY wallet issues, on top of low volume, and that this is costing them too much to operate. This may be true, but I remain sceptical that this would be the whole reason.
The whole alt crypto market is having a slump, not just LBRY. And what problems LBRY does have, are all short term and solvable issues. It hardly seems like a valid reason to delist one of the most active projects in the world of blockchain, with many big names actively using it, which we can see from our LBRYnomics Top 100 LBRY Channels
Was This Banking Politics?
It’s no secret that Phoenix is, indirectly, the property of the massive banking empire of Goldman Sachs. And we know just how frightened [banks] are of blockchain technologies and cryptocurrencies or at the very least, ones that could compete against their own cryptocurrencies in the future. So it would be foolish not to consider that there maybe more to this than meets the eye. It’s not the first time freedom of speech, blockchain based platforms have been targeted by large corporate entities, if that is what this is.
SO WHY ARE LBRY CREDITS SO IMPORTANT FOR LBRY?
We don’t ignore the crypto side of things here at LBRY Social, we are firm believers in it. It’s an integral part of the LBRY app and a great place to find new users who are already in the crypto scene, thus the perfect target audience who face no learning curve or issues with on and off ramps.
You can find out more about the hidden secrets of LBRY Credits here and why they are a lot more useful than most people realise.
Who Already Uses LBRY?
While the news of the delisting my seem depressing and negative, it’s important not to forget that from the app side of things, everything is looking pretty good. LBRY already enjoys a whole host so notable users, from Alex Jones and Jordan Peterson, to David Pakman and Naomi Brockwell. See the below widgets I created for more.
The future is bright for LBRY despite this setback, with many more big stars soon to reach the platform. And with major advancement happening on LBRY TV, everything is looking nice and rosy.
*My views do not, in any shape or form, represent the views of LBRY Inc or anyone else.