Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen
A leading cryptocurrency exchange offering a wide variety of digital assets, Poloniex, announces its plans concerning potential Bitcoin network disruptions as there are a number of proposals for technical changes to Bitcoin that may take effect in the coming weeks.
As the team claims, Poloniex takes no position on the desirability of any particular proposal nor does it have a stake in any outcome. As reported, the primary concern is protecting its users and their tokens.
We will be disabling deposits and withdrawals of Bitcoin (and all BTC related tokens) any time we deem 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 team details on its blog. Trading will be unaffected during these periods.
Distributed database that is used to maintain a continuously growing list of records, called blocks
Poloniex also highlights that the exchange cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split. Even if two viable blockchains emerge, Poloniex may or may not support both and will make such a decision only after they are satisfied that they can safely support either blockchain in an enterprise environment.
Another important remark made is that if the exchange decides to support and make available derivative blockchain tokens after a blockchain split, note that if you have your tokens on loan at the time of a split, Poloniex cannot distribute the derivative tokens to you, the lender, as you would not possess them. Such loaned tokens can leave the platform.
Feedback on Poloniex Exchange Twitter
The feedback to the announcement is rather ambiguous. Thus, some users are not happy with the status quo, let along the breaking news concerning the disabling deposits and withdrawals of Bitcoin.