Is Poloniex the next Mt Gox, Snapswap or Cryptsy?

[pilot]

This is my opinion based on observation and my own experience having my XRPs on a temporary hold for some time.

Hello Ladies and Gents,

I'm starting to get very concerned about Poloniex Exchange. I have been trying to get verified so I can transfer more than $2K day. Initially I thought that it was just me, a small delay or an isolated case, or somebody just forgot my file.

However it has been 3 weeks and no answer from anyone. About the same time I started the same process with Kraken and with Kraken, I was verified within a week.

I have been watching the Poloniex Troll box and I started to see more people with the same verification problem. All people claiming "it has been weeks and no feedback". Strange!

I also noticed that the moderators are using canned messages for everyone. In another words they copy and paste the answer. Their goal is to dismiss you as quickly as possible.

Yesterday, my XRP wallet got disabled for sometime. I could not withdraw my XRPs and I didn't not try depositing. I'm avoiding to increase my exposure with them.

Today, I was watching the Troll box and again and again. I heard the same complaints.

I'm starting to think that Poloniex is trying to regulate the crypto flow and it is not in their best interest to let you move your money out of there at once. Imagine if you could sell 4,000,000 XRPs and say Good Bye in one move! OK, ok ALL in name of good security but assume that I pass the first login, 2FA authentication, an email confirmation and my fingerprint.   We should be allowed to move our money freely.

I'm stuck at moving $2K a day which makes me miss the markets elsewhere.

The other thing that is making me nervous is that when I look at Ripple Charts is that Poloniex has 49.45% of market share. I understand that they helped to drive the market up but what if they crash or get hacked?

They may say that they are sorry and that they are working on the problem but there isn't a phone number listed, there isn't a name we can call. They are hiding themselves behind an avatar and not being forthcoming to us.

If they want to regulate the flow at least be honest about it. I have the same situation with Kraken but they told me up front and I adjusted.

So if you are selling XRPs via Poloniex, think how you are going to exit their exchange. Don't do like I did and I learned the hard way and lost the market in one transaction that I couldn't move..

If you are happy with $2K a day then you should be fine.

I don't recommend you leave your money there. Be careful, a lot of kids in charge of a lot of money and learning how to become businessmen on the fly on our dimes.

Unfortunately, a lot of people will lose their money because of the lack of professionalism these exchanges have.

 

 

 

Edited May 23, 2017 by pilot
Typos

[T8493]

Other exchanges/gateways have similar issues, too (e.g. Kraken, GateHub, etc.)

[xrpwizard]

I made the same observation a month ago here. Any funds people have on Polo should be removed ASAP as it will end up going balls up at some point. 

[xrp1980]

Took me 2 weeks as well. Only 1 moderator helped me, check for Mirai. All the others kept saying please be patient. After that I withdrew all my coins without issues. Hope this helps

[pilot]

1 minute ago, T8493 said:

Other exchanges/gateways have similar issues, too (e.g. Kraken, GateHub, etc.)

You missed the point. Kraken was upfront and took care of the problem within a week. GateHub sent me a wire transfer across the Atlantic that took two weeks but eventually it arrived.

Poloniex, they say it is right here in the USA, I would expect a higher degree of professionalism since it is our culture. Polo is not giving people answers they deserve not even an estimate. They are just saying I'm sorry we are working on it. Very bad signals coming from other little things such as freezing your assets temporarily.

[T8493]

5 minutes ago, pilot said:

Polo is not giving people answers they deserve not even an estimate. They are just saying I'm sorry we are working on it. 

 

Same could be said for Kraken.

[coinjester]

This is a current problem with almost every exchange. None of them prepare for high volume, invest in proper servers or hire people. Those tickets should be getting cleared with more folks helping. What happens when people want to take exits on XRP once it *really* gets to higher prices?

As much as I hate to say it, this is just why I almost want some kind of oversight to get involved to make them regulate this the way that a fair market should be. Because clearly, they don't have the users interests in their mind as much as they'd like to think. Could you imagine a major stock market being down just because the owners want to be sparsely prepared and appear ostensibly greedy?

Something has to give and they need to start thinking deeply about what happens when crypto really starts to get adopted. There's just no excuse. Period. This needs to be a fast process. No politics, no lag, and a fair market.

[Parabellum]

I have more XRP in that place that I'd ideally like too, yet let us remember a few things:

- Poloniex is protected by 2FA. That does not make it impenetrable to the worst case scenario - that being a hack - but it does reassure to some extent.

- Poloniex has grown tremendously in the past few months, in the rate of hundreds if not thousands of percents.

- Connected to this: it is not weird to assume that their verification logs are filling up quickly as they'll likely still have the same amount of people in place there, or just barely more (people need to be trained for this line of work after all!).

 

I don't think you should assume something fishy is going on: the trollbox for example is really busy, so I completely understand the mods there using standard answers to be done with it, especially if it is a question that's really often asked. Sowing fear about the safety of XRP funds on that exchange is not a good thing to do, no matter if you like or dislike that place. 

By the way, the only reason I use it is because you can margin trade XRP there, that's all. 

 

Edit: Also, that title is really loaded. Everyone fears a Mt. Gox scenario so for god sake, don't even throw it around unless you're really sure! Also, the world of crypto isn't exactly the wild west anymore, even though there are still growing pains to be noticed.

Edited May 23, 2017 by Parabellum

[pucksterpete]

**** POLO

[Diezel]

What exchange would you guys recommend using? 

[Parabellum]

4 minutes ago, Diezel said:

What exchange would you guys recommend using? 

If you're not interested in margin trading, then Bitstamp. I imagine many people here will agree on that. GateHub might be an alternative, but it's having some issues at the moment as well as lower volume, so Bitstamp!

[Eik]

*Psssst he you there. Did you know that your favorite coin actually has a purpose and a much greater benefit!? It lives in the Ripple Consensus Ledger (RCL) and it allows you to trade all sort of coins (e.g. BTC, ETH, USD, XRP) on it. It has markets to trade virtually an unlimited amount of coins. It is very robust and stable and is controlled by 25 validators. Some say it is the whole reason XRP was born in the first place *

[Robbieboy]

been waiting on an ETH withdrawal for almost 2 weeks, no answer at support, Polo is basically a scam at this point. At least it is a loss I could live with if forced to, but still not happy and they have lost a customer. I will never trade there again. Be very wary of any exchange right now, especially Polo. It will be a shame if they do a gox though because it will cripple the bull run on all crypto, they need to put some of those sickening profits into expanding safely and gracefully for their users.

[tulo]

45 minutes ago, Parabellum said:

If you're not interested in margin trading, then Bitstamp. I imagine many people here will agree on that. GateHub might be an alternative, but it's having some issues at the moment as well as lower volume, so Bitstamp!

They are adding margin trading, LTC and ETH soon

Bitstamp will become my n.1 exchange.

[vanhalendlrband]

I wanted to say I noticed they froze the amount of users statistic at 41,053 from yesterday to today they would like us to believe nobody logged on or off polo, who wants to bet a "DDOS" is coming soon?

Edited May 23, 2017 by vanhalendlrband