The cryptocurrency exchange, Poloniex, has chosen to pause all Monero deposits and withdrawals until the infamous MoneroV fork is launched. Their reasoning for this is to allow for the network to ‘stabilize.’ In their statement, Poloniex makes it clear that they will not be supporting the MoneroV (XMV) fork, and as a means of hindering its adoption, they are preventing users from trying to trade with it.
It is not uncommon for an exchange to be cautious about an upcoming fork— generally, Bitcoin forks take months before they are embraced by high profile exchanges. In fact, the Bitcoin Private fork (BTCP) is still struggling to receive external support despite it being ranked 35 on CoinMarketCap. The reason exchanges distance themselves from these projects is because there have been several forks in the past that were only created as a means of making money. An example of this would be Bitcoin Diamond and Super Bitcoin (although in some ways this is a matter of interpretation).
The Monero community has been unwelcoming to MoneroV, with several users considering it to be a scam. One of the main reasons for this is because its wallet is not open source, meaning that no outside members can scrutinize its code—the website states that you need to enter your public and private keys into their wallet to be eligible for the airdrop from the fork. This has led people to believe that MoneroV may be harvesting people’s addresses and then siphoning the contents. Furthermore, MoneroV does not list any known developers. The website argues this is a positive feature, stating there is ‘no ‘face’ of the project and coin as with Monero.’ While that does arguably make for a more private project, communities value being able to reach out to developers and hold them accountable when appropriate.
The MoneroV hard fork is due to occur on May 2, 2018, which is slightly later than exchanges like Poloniex expected. The hard fork will take place on block #1564965. The fork will not be supported by MyMonero.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.