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Is Poloniex the next Mt Gox, Snapswap or Cryptsy?


pilot
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1 hour ago, Parabellum said:

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.

"Actions speak louder than words!" 

The behavior is typical from Mt Gox and Cryptsy. Comparison is unavoidable!

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4 minutes ago, vanhalendlrband said:

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?

I heard another person saying the same thing. What is the gain of such an action?

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2 minutes ago, pilot said:

I heard another person saying the same thing. What is the gain of such an action?

I'm guessing so they can say there were too many users, then we all get "Connection issue" messages like the other 3 times this month and while this happens lets someone or some group dump off to bring the prices down. Rinse and repeat. They've done this 3 times since April 1st.

At one point this lasted for an entire week where most people were unable to able to buy or sell

Edited by vanhalendlrband
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I have stated this before and will again, whenever there is repeat difficulties from a money manger with no solid explanation the remaining logical reason stands- there is something wrong with the money .

This is only a gut feeling and believe what you like, but Polo seems to always crash whenever there is a big spike/ crash or a large demand on withdraws. Margin calls are a big feature for Polo and despite what they say about counter risk free calls I keep having this tingling feeling that something is off. Of course margin calls will go up and crash with the spikes/ falls.

Worst case they can't cover the calls or they are making their own calls and betting against themselves...

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Just now, Mercury said:

I have stated this before and will again, whenever there is repeat difficulties from a money manger with no solid explanation the remaining logical reason stands- there is something wrong with the money .

This is only a gut feeling and believe what you like, but Polo seems to always crash whenever there is a big spike/ crash or a large demand on withdraws. Margin calls are a big feature for Polo and despite what they say about counter risk free calls I keep having this tingling feeling that something is off. Of course margin calls will go up and crash with the spikes/ falls.

Worst case they can't cover the calls or they are making their own calls and betting against themselves...

My feeling is that it's imminent.  I just lost $500 deposit that I've accepted is gone.  Consensus speakers discussing regulations and consumer protection.  These tea leaves are pretty easy to read.  Act accordingly.

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1 hour ago, Mercury said:

This is only a gut feeling and believe what you like, but Polo seems to always crash whenever there is a big spike/ crash or a large demand on withdraws

That's because with high spikes there is lot of volume and many more users...it's just their servers having problems.

As I wrote in another post: unless they got hacked they make with 1-2 year fees legally what they could steal in deposited currencies. And my estimation was before this huge increase in volumes.

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I believe this person is correct to a point. I was with cryptsy from beginning. The imploded from within with **** tons of in fighting. They sealed thier own fate. I left cryptsy with all my coin and made a **** ton on poloniex when they first came up. Although poloniex is showing alot of the signs of doom. i believe they may actually pull through if they get straight with everyone they owe. The were doing 885 million dollars a day in crypto volume. They have made enough money to buy thier way outta this. But, that windows is closing rapidly and it appears right now as though they are still far behind..

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I have only had polo activated to find another $0.000~~  coin and bought XRP.  I watched over time how Poloniex

just goes through and clears out all of the stop-loss limit order and "freezes the service" and blames the additional traffic slowing things down.  Totally False (they have been using the same excuse for a LONG TIME.  They even screwed up with the stop loss limit feature a couple weeks ago and people were losing there funds without XRP dropping.  They fixed that aspect, but they are most definitely monitoring "stop loss orders placed"  and they clear it out about every 36-48 hours religiously, freezing every time so you can t go in and buy the severely discounted XRP.  It goes down and up in less then a minute.

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