Poloniex is down. Be Careful with Exchanges
Poloniex is down. The technicians are working on the site. But this brings to mind three points of concern with exchanges.
- They are subject to a hack.
- They are subject to an exit scam.
- They are subject to being shut down by an outside source (such as government).
Yes, we all rely on exchanges. Yet, all "crypto experts" have repeatedly warned us to not keep funds (cash) or tokens on an exchange for any length of time. Get your coins onto a secure wallet as soon as possible. The best advice (which is what I follow) is to HOLD your coins/tokens. The expression HODL (hold on for dear life) is true as well.
Yes this market is volatile. This is good, it means it is real and alive. Most of us know of how manipulated the global equities exchanges are. Try and think long term (2 to 5 years). This is not that long, but the gains and value over the next 5 years will be staggering.
The current economic global model is dead. It has been on life support for more than two decades. When it goes completely off line, it is the block chain that will replace it. Each of us who are the early adopters of crytpo currencies and the block chain will be rewarded handsomely.
For about a year now I no longer use Poloneix. there was just too many problems with them and it seems to be an on going thing with them. Bittrex as an exchange is much better.
That is what I have heard. Thanks
I agree, one get into some crypto, and two, put it in an offline wallet.
Yes, That is what I do
I bought Bytecoins (BCN) on Polo 2 months ago and could never withdraw them.
Not good