Circle’s Poloniex Exchange Infuriates Bitcoin Cash Community With New Made-Up BCH Logo
Poloniex, a crypto exchange owned by Circle, has recently come up with a new logo for Bitcoin Cash (BCH). The logo has the famous Bitcoin symbol together with and A and a C, equaling ABC. As a person who knows the industry may have suspected, it did not end well.
Basically, people are angry now because they do not accept that Bitcoin Cash is equaled to the Bitcoin ABC implementation.
Users have gone to social media to complain about this new logo and some have criticized the company heavily stating that this says more about the wishes of the company than it does about the real world, so the company should “fix” that. Other people said that the exchange cannot be taken seriously because it is “ran by kids” who change the names of coins and make up logos.
After the occasion, the company has released a new logo, this time without the ABC, which may mean that the company has heard the people who thought the logo was a really shitty idea.
Once upon a time (like three years ago), Poloniex was considerably more popular than it was today. Those were easier times with less competition, after all. Since the exchange was one of the only ones in which people could buy Ethereum (ETH), it was a powerful player in the market.
Soon after that, Binance and Kraken started to become a lot more powerful and Poloniex was sort of put aside by many traders. This was the beginning of the company’s downfall. However, today the exchange is still alive and kicking, despite having lost most of its status.
Last year, the company was acquired by Circle, which used money from several investors, including Goldman Sachs, to buy the company. Circle has been around since 2015 and has taken over the previous leadership of the company since it.
Unfortunately, it looks like even with all this experience, the company has not yet learned that there is simply no point in picking useless fights with the community as you will always get burned.