Poloniex Following The Cryptsy Curve

in #ethereum4 years ago (edited)

Poloniex-logo-800px.png




Poloniex is following the Cryptsy curve here pretty closely:

  1. Disabling front end while allowing API to gorge on orders at critical peak volume times:

    CHECK



  2. Disabling withdraws for long indeterminate periods of time:

    CHECK



  3. Disabling the chat so users can't see how many problems they are having:

    CHECK



  4. Blaming problems on coin chain protocols even though they are the only exchange having issues:

    CHECK



  5. Users going weeks with unanswered customer support tickets:

    CHECK



  6. Owner fleeing to China:

    TBA




The pattern of events here is getting eerily similar... prepare yourselves. I suggest abandoning Poloniex.





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This is a very important post, and something to keep in mind.
We need decentralized exchanges for alt coins asap.

Pretty much agree with you. I have had a bad experience with Poloniex myself. Decentralised exchanges are the future. https://steemit.com/bitcoin/@gokulnk/why-i-am-moving-to-bitshares-and-you-should-too-part-1 The only challenge they need volumes :)

I must admit when the trollbox got shut down I was concerned . particularly since before that I saw post after post talking about stuck deposits.

I was around for the entire life of Cryptsy as well, and I was warning people years before they folded that they were not to be trusted. There are so many parallels here it is scary. I don't expect Poloniex to last much longer.

I hope you got out in time. The main thing that bothers me about Poloniex is that so little is known about the CEO. There's a Linkedin page that says he's a musician and that's about it. No interviews, nothing. I also remember seeing a Reddit thread where people were questioning the legitimacy of the company address.

I did. I had a very small amount left in for trading since there were no really good alternatives for altcoin trading at the time, but it was an inconsequential amount. The CEO being a shady character does not surprise me. I bet he has his tickets to China ready to go.

You've definitely given me something to think about, I think I'm moving over to Bittrex, I already have an account there just never traded there before.

Yeah, avoiding Poloniex altogether. I've been using Coinbase, not terrible. Btw, I got around to posting an article about Civil Asset Forfeiture. Give it a read if you have time, thanks! https://steemit.com/philosophy/@ryanjk8/an-officer-s-take-thoughts-on-libertarian-criminal-justice-and-asset-forfeiture

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