Can Poloniex Hacking Damage Be Compensated?
Is it safe to leave all my money to Poloniex?
I have summarized the items that I think are important among the Terms of Use.
[Reference] https://poloniex.com/terms/
0. Prefix
Poloniex reserves the right to change or modify the terms and conditions contained in these Terms, including but not limited to any policy or guideline of the Site, at any time and at its sole discretion.
Any changes or modifications will be effective immediately upon posting the revisions to the Site or at the instant that Poloniex transmits the information to the users (e.g. via email).
These changes will apply at that instant to all then current and subsequent uses of the Site. Your continued use of this Site acts as acceptance of such changes or modifications. If you do not agree to the Terms in effect when you access or use the Site, you must stop using the Site.
Poloniex can modify the Terms and Conditions at any time in the preface, and it will be applied immediately if you are notified. If you disagree, you have to leave.
2. Registration and Account
Take responsibility for all activities that occur under your Account and accept all.
Password management is solely the responsibility of the individual.
9. 51% and Other Cryptocurrency Attacks
Poloniex makes no representation and does not warrant the safety of the Platform and is not liable for any lost value or stolen property, whether or not Poloniex was negligent in providing the proper security.
No compensation for hacking damage.
11. Anti-Money Laundering & Know Your Customer Policy
If a user or a user’s transaction is flagged as suspicious through our internal controls, Poloniex will require additional proof of identification from the user and has the right to not permit any trades, deposits, and/or withdrawals until additional and verifiable proof of identity is received and the Compliance Officer has approved the user for use of the Platform.
If money laundering is suspected, withdrawals may be suspended.
15. Transferability
While the Account and the Services provided to a user are not transferable under any circumstance and shall be used only by the user, Poloniex shall have the right to transfer, assign, or sell all the rights, benefits, or obligations to any person and these Terms shall continue to be in force and effect for the benefit of the successors and assigns of Poloniex.
User accounts can not be transferred, but Poloniex has the right to do so!
20. Disclaimer of Warrantees
Poloniex will make reasonable efforts to ensure that transactions on the platform are processed in a timely fashion, but makes no representaions or warranties with respect to the amount of time needed to process such transactions.
Does not compensate when the server is broken.
21. Limitation of Liability
To the maximum etent premitted by law, Poloniex shall have no liability for any damages of any kind (including without limitation indirect, special, incidental, consequential, or tort damages, or lost profits) in connection with your use of the services.
Poloniex avoids maximum liability within legal limits.
27. Force Majeure
In addition to applicable disclaimers stated above, Poloniex's performance under these Terms shall be excused in the event of interruption and/or delay due to, or resulting from, causes beyond its reasonable control, including but not limited to acts of God, acts of any government, war or other hostility, civil disorder, the elements, fire, flood, earthquake, explosion, embargo, acts of terrorism, power failure, equipment failure, industrial or labor disputes or controversies, acts of any third party data provider(s) or other third party information provider(s), third party software, or communication method interruptions.
Poloniex do not compensate for damage caused by disaster.
Did you know all of this?
It is time to rethink your investment if you have not risked as much as you expect for profit.
This is very good post with real question and problems that we "small" people have. Do poloniex do all the things that you mention in the post? Probably.
So let's see about alternatives, are they very similar to other exchanges? Answer is yes. So from that we can conclude that exchanges are not very safe place to be. Do what you want to exchange and place it in wallet (preferably cold storage if you have huge amounts of money), if you want to trade on a daily basis then that is the risk you have, having it on exchange.
I totally agree with you.
People have to distribute their money to several exchanges and they should care more about security.