Why Poloniex is a big danger right now
How many times has Poloniex failed us?
Every time there are gains to be had. Well, so it seems.
I've not used it in around 6 weeks after there was a backlog of withdrawals and the Trollbox was overwhelmed. But I continue to read about how Polo is failing it's users. About how they have suspended the Trollbox in lieu of better support for it's users, but which has obviously failed to materialize.
The danger of course, is that the biggest exchange out there has a great deal of say in prices, and any movement on Poloniex is realised on every smaller centralized exchange. If Bitcoin increases in price on Poloniex, Bittrex will quickly follow as people take advantage of that.
This of course leads to accusations of conspiracy, price fixing, blocking withdrawals to keep money in the exchange, and indeed these things are possible, but unproven.
However one has to ask the question as to how a $52,000,000 a year profit maker can't employ 3 or 4 NEETs to deal with support tickets, or spend the money required to have stable servers? It does seem suspicious.
Exchanges, unregulated, uncontrolled, no recompense if something vanishes into the night.
We have to be careful and raise an eyebrow, when a market can collapse overnight due to the volatile nature of our burgeoning industry, everyone must be vigilant. There is always the potential that somebody will run away with our coins, and cash them out before we even know they're gone. This is what it means to hold on an exchange.
Mt. Gox, it should never be forgotten, it was a lesson to us, a lesson that we always keep anything we truly value in a separate wallet, never on an exchange. Most altcoins will transfer in seconds if you want to sell, but if you don't why risk them to a guy on the street who you've never met and never will?
The coming few months will tell us whether Poloniex is a trustworthy place to exchange crypto, either they will run off with everyone's coins, or they will stay and prove the naysayers wrong. But as for me, until I see dodgy signs from Bittrex, I will use them, but do I trust them with my money? NO
Either Polo is running out of money, or they're manipulating markets to make more money for themselves via proxy users, When a coin gets too big for its boots (steem) they cut off deposits and withdrawals leaving money in limbo, meaning you can only sell into other currencies. Polo is like this big giant monster that is trying to control the markets and leaving massive destruction in it's wake.
My $0.02
Thanks for reading
Im taking my steem out of poloniex, screw them and their unreliable service
If that would be possible. I suggested the same in my post, but they still didn't activate STEEM withdrawal.
Perhaps
sell steem for btc >
(optional)sell btc for ltc>
transfer to bittrex>
(optional)sell ltc for btc>
sell btc for steem
The more people who do that, maybe Polo could wake up to what they are doing..and if they are honourable will amend their services.
I couldn't agree with you more there. I wrote this in another comment and said that the timing of disabling Steem deposits was just very suspicious, I mean it was just after HF-19.. and then the silence is another red flag. why would you disable a feature that thousands of people use and not bother to tell them why you did so? that seems so dodgy.
it took them days to put up a notice on the status of the problem. and right now there is a notice saying that everything will be normal by 1600 UTC time, and it's almost an hour after that time and nothing is happening.
I have a support ticket with them open for over a month now :(
I believe they are a actual Delaware registered company. So I figured there'd be some sort of oversight if they did run with peoples coins, etc. They need to hire some support people, with $52,000,000 a year I'd think that shouldn't be a problem for them to do. Not sure what's going on with them, probably bad upper management somewhere.
Please check out my post on how to take action on poloniex!
https://steemit.com/poloniex/@instahater/have-you-had-issues-with-poloniex-exchange-take-action-now
Thank you, I'm okay, luckily all my issues were resolved in the end, and I haven't used it for a good while.
But this will be a big help to other readers.
You're welcome. I have had a support issue open for over a week now and it's does not look like they even opened it as it still says "processing".
Not once did support ever reply to a ticket.
Bittrex has an IRC, instant replies. A much better service.
Not a BIttrex shill, I have no doubt that Bittrex could one day turn also.
Its a clusterf@@ of epic proportions. How can you run a business if you let problems fester for months on end?
Right now they have the advantage of lazy users not wanting to transfer their coins elsewhere, along with high volume and a massive number of coins.
Until the site goes down, or a scandal of galactic proportions occurs, they will continue to make money, all we can do is trickle users away.
Dude honestly I keep reading post after pots about poloniex taking DAYS/WEEKS for withdraws. That's a MAJOR turn off. Ive used bittrex for years without a single issue like that
Yeah if it took weeks I'd probably just count it as a loss.