Poloniex Crashing? $67,877+ in Unconfirmed Steem + SBD Deposits!

in poloniex •  last year

Yesterday Poloniex reopened Steem and SBD transfers. 24 hours later Poloniex disabled Steem and SBD deposits and withdrawals again with a minimum estimated amount of $67,877 in unconfirmed deposits created within the last 18 hours alone. I sent 20 SBD yesterday to see if Poloniex was working and 18 hours later no reference to any deposit in my account. Meanwhile, I made and withdrew a deposit out of Bittrex within 20 minutes cashing out of SBD into LTC which I then cashed to USD in Coinbase.

To calculate how many deposits are not confirmed I visited the Poloniex wallet at https://steemit.com/@poloniex/transfers and made an Excel Spreadsheet totaling all the deposits after mine. The totals are

  1. 26,802 Steem from 45 deposits made after mine times $1.78 Steem price equals $46,099.
  2. 14,142 SBD from 148 Steem Dollar deposits made after mine times $1.54 Bittrex SBD price equals $21,779.
  3. $67,877 total USD value today of deposits made after mine most of which are likely not available for trading on Poloniex.

Edit 48 hours later

My SBD in Poloniex were credited about two days after my initial deposit and sold successfully to Bitcoin at nearly half of what the price was when I made the deposit. Poloniex hopes to reenable Steem and SBD deposits on July 1, 2017. That said, all of the other challenges with Poloniex remain and it will be interesting to see if they evolve or perish among their rapid growth!

Resume original post

You can do your own calculations by finding my transaction and visiting the Poloniex Steemit account at https://steemit.com/@poloniex/transfers. Note that this only counts deposits made after mine meaning the actual number might be much higher if the delay goes back further. Additionally, to save time I deleted many of the smaller transactions for under 5 Steem and under 5 SBD which means the actual numbers are probably higher still. That said, Poloniex might have manually approved a few of the largest individual Steem and SBD transactions faster meaning the real amount could be lower.

Is Poloniex near the breaking point?

With what appears to be thousands of customer complains piling up, incredible lag in the interface, verification requests pending for weeks, and what we have seen recently with the STEEM and SBD deposits being disabled, it appears Poloniex may be heading for at least a temporary crash or extended period of offline maintenance because they are overwhelmed to the point of near inability to function.

As many of us can relate to in our personal lives, getting into a situation where we are so overburdened that we can barely keep up with daily life allows almost any trivial event to break us down completely. How many of the disasters in our lives would have been totally avoided or easy to deal with at the time if we were at full health and able to handle the basics? A straw only breaks the camel's back if it has been ridden hard for a long time beforehand.

Poloniex appears to be near a breakdown which could be a good thing overall if they made some positive changes or could provide a disaster in the markets. While Steem is not even one of the top 10 cryptocurrencies traded on Poloniex, see how much their account is worth.

poloniex crashing sbd thumb.png

The Poloniex Steemit account at https://steemit.com/@poloniex/ is worth over $52 million dollars today. Over $438,926,155 in cryptocurrencies were traded on Poloniex within the last 24 hours accounting for about 10% of the tracked volume on all exchanges of $4,478,110,003.

Stories from customers are already all over Steemit about Poloniex deposits and withdrawals not going through for months now. Either Poloniex is going to get things together or a straw is going to come along that will break their back causing a temporary or perhaps permanent disaster.

I personally am very grateful for all of the tens of thousands of dollars of trades I have made using Poloniex and the hundreds of thousands of views on my tutorials on YouTube featuring Poloniex. I even made an online course or two just about Poloniex.

When we love someone, I think we also have a duty to be honest and share the truth we see when it hurts. The truth I see is that cryptocurrency trading has grown so fast that Poloniex is on the verge of collapse under the weight of the massive volume of transactions they are processing and requiring too many manual approvals for deposits and withdrawals instead of automation.

After almost a year of using Poloniex, I trade on Bittrex now and will not go back to Poloniex until I see a huge improvement and them honestly sharing about what they are doing to fix their now massive list of customer complaints and problems.

Thank you for reading this and I hope it has been helpful!

If you would like me to keep writing most posts like this, would you please upvote it because that will help me know to keep doing more!

Love,
Jerry Banfield

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Hi Jerry,

I had a discussion with someone else about this before, and this is what I mentioned.


I had a think about what the issue is at Poloniex and it frightens me to think if I was correct, how deep the ramifications are.

My theory (which is just a guess)

  1. Poloniex experienced a catestrophic loss of funds. This could either be through security issues or interal siphoning of funds - theft / embezzlement etc. Either way, the exchange is insolvent.

  2. The exchange attempts to create a mania phase encouraging people to deposit anything and everything and then market making themselves with substantial volume that cannot be proven to be legitimate.

  3. Highly inflated coins gives rise to many users with inflated portfolios, except, anyone who likely has a win from participating in these manipulated markets will find it troublesome to withdraw. At first, a few who made large wins will not be able to withdraw, then as more and more people report withdrawal issues, a systematic lockdown of funds will occur.

  4. The mania phase results in large deposits which then can no longer be withdrawn. This gradually fills the 'hole' which the exchange created by market making each of their markets, and most likely front running a lot of the 'pump' with money not belonging to them ( probably from the capital base of the users )

  5. Effectively, the inflated price of the markets there, are only held up by the fact that fewer people can actually 'realise' profit because it's not BTC when it's just a number on the exchange. It's BTC when you can withdraw it, and see it in your own wallet - an action which cannot be taken by an increasingly large base of users.

For me, I had a very substantial amount of money on Poloniex, none of which I have been able to withdraw since over a month ago. It has been complete silence from support despite multiple attempts to get any updates on why my withdrawals have remained in awaiting approval for over a month.

To answer your question in lamens terms :

Someone is willing to pay a premium over nominal market prices of SBD because it attracts people to deposit SBD to sell for BTC, but the BTC cannot be withdrawn. Poloniex could literally place orders at ridiculous prices with phantom btc.

I would be very surprised if I ever saw my money there again. I will assume it is lost and treat it as an expensive lesson.
As of right now, I will probably take advice from another friend on Steemit and avoid centralised exchanges altogether.

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Poloniex experienced a catestrophic loss of funds. This could either be through security issues or interal siphoning of funds - theft / embezzlement etc. Either way, the exchange is insolvent.

As far as Steem is concerned, it's pretty easy to audit Poloniex's STEEM and SBD deposits since they (foolishly) use a single account for all funds. https://steemd.com/@poloniex

It's possible that they are less than fully solvent with other currencies, maybe bitcoin, but I don't personally think so. Their Ethereum cold wallet has enough funds that they would be able to cover any withdrawals, and I would hope that they use good cold storage practices with bitcoin too. I think there's a lot of anxiety about how big the exchange has gotten so quickly, and I think they are experiencing growing pains moreso than insolvency.

Edit: Here's their old BTC cold storage address which got spread out between multiple multisig addresses that mostly still have their balances. https://blockchain.info/address/17irB8xLxhVRerCoUyypnmpoak3QBpVp2z

I keep some tokens there but I am reducing the amount I hold on central exchanges.

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Thanks, yes i'm aware that this can be done this way. The greater concern is of course the rest of the site and their overall balance sheet.

Withdrawals stuck in limbo for 5 weeks, and no support from support ticket at all is not a good sign. There are many reasons why this could be, but at this point I can only assume given that I haven't got my money, and from their lack of response that they are defaulting on me.

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I edited in links to some (relative) proof that they have funds. At least, as long as they haven't lost the keys to the funds.

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thanks for that, obviously I hope you are right and I'm wrong.

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Did you get the emails saying you had to click the approve withdrawal and then you clicked it but the withdrawal never went through? Or did something else happen?

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I got the emails, and then clicked approve. Currently they are sitting in "Awaiting Approval" and have been for coming up to 6 weeks now.

I've also contacted support through their support ticket system, made about 1 new ticket every week or so. Zero replies.

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That's crazy! I appreciate the warning because while this has not happened to me yet with Poloniex, I am not going to use it anymore until you and everyone else commenting has their deposits!

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They have $500 of my SBD and same with @matt-a --- Mine has been lost on a deposit to them over a week now.

It can be easily seen in my wallet or on SteemD.com etc

That was my money I won to go to SteemFest

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Oh no! That really hurts :-(
I've transferred 500 Steem to them a couple of days ago since I had no idea about their issues and am waiting for them to be displayed, too.
Crossing my fingers for yours to appear soon! You definitely must go to SteemFest!!!

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Aw Marly that is so nice of you.

It is always nice to hear from you sister.

I hear you may be coming to Canadastan at some point, so here is the most Canadian thing you might read all year for our 150th Anniversary here...

https://steemit.com/life/@barrydutton/well-today-is-canada-s-150th-birthday-here-in-canadastan-the-government-fails-humanity-daily-but-team-together-everyone-achieves

Thanks for the concern!

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"as long as they haven't lost the keys to the funds" wow that would be more epic and probable than theft!

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"avoid centralised exchanges altogether."

Luckily, we have BitShares for this!

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Wise decision to avoid centralised exchanges... From a business point of view it is not acceptable that they do not communicate with their customers on such an important issue within 5 hours at least... But not getting any answers for a whole month???

Regarding your theory of luring in deposits by buying everything with phantom BTC's I think this strategy would not be realistic. I was wondering about the high SBD price as well... for months already... but the price is very high as well on the internal decentralized exchange. Like 1.80 USD for 1 SBD. How can that be?

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Totaly agree with you man

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Hi, if you are new to crypto i sincerely think you should use telegram

https://t.me/PumpsNotifier

they Provide Free Cryptocurrency Trading Signals for Pumps on a regular basis. just join group and follow and reap rewards for consistent profit

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I had a hell of a time taking all of my STEEM off of Poloniex when I was buying my SP. Let me just put it that way. It took me weeks/months. I finished powering up around Febuary of this year I think.... had several withdrawals in limbo. So I am not surprised by all of this. Not sure what the reason is as other exchanges such as Bittrex do not have this issue.

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Yeah, I've been using Bittrex for over a year now and have never had any problems with it. Would definitely recommend it to others.

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They have $500 of my SBD and same with @matt-a --- Mine has been lost on a deposit to them over a week now.

It can be easily seen in my wallet or on SteemD.com etc

That was my money I won to go to SteemFest

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@thejohalfiles thank you very much for your upvotes and sharing your experience with Poloniex here with us!

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No worries at all

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@sweetsssj thank you for sharing this because while I am not sure exactly what has specifically happened, what you have shared combined with what else I read leads me to believe they have picked up some shameful secret they are not telling us about and they are scrambling to keep everything going before it comes out! While they turned off the discussion due to "needing support elsewhere" one of the first steps when something bad happens is often to stop people from talking about it. Killing the chat box to me was an ominous sign that encouraged me to withdraw everything right away and I wish you luck in getting your withdrawal complete! I am very grateful today I was able to get mine off just before everything started getting crazy!

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I'm so glad that you have protected yourself from this enormous counter-party risk before anything ominous really happens.

I'm not sure why it is that some people seem to have no problems withdrawing whilst an army of others have been having problems for months. Me being one of them.

I read The Willy Report some time a go which goes through all the events leading up to and after the demise of gox. It's eerie how similar poloniex's recent actions have played out.

When something is usually too good to be true, it usually is, and Poloniex have certainly created quite the lucrative market on their exchange perfectly conducive to luring in a very large and significant part of the crypto community. Whether or not it turns out as bad as mt gox, if bad at all, remains to be seen. But I certainly have my skin in the game. Nervous times for me!

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Tonight I just got my SBD deposit into Poloniex, traded to Bitcoin, and then completed a withdrawal to Coinbase in about an hour which was surprising because I did not think it would work! For your deposits in limbo, did you ever get the emails asking to confirm withdrawal? I think my withdrawals say awaiting approval until I click the link in the email confirming I want to complete the withdrawal. Is there a way to resend the email or did you already go through all that and nothing worked?

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For me, I had a very substantial amount of money on Poloniex, none of which I have been able to withdraw since over a month ago.

I've been able to withdraw from Polo, but I'm withdrawing small amounts at a time (less than half a bitcoin).

I think they're manually approving large withdrawals, so do small withdrawals every day instead (it will cost you 10,000 satoshis in fees each time, but that's a pittance to pay to get your money out).

I've heard too that old accounts are having no problems with withdrawals but newer accounts afre struggling.

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I can say the same thing. I made a withdrawal request but, first I had to verify my account.

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Problem with the theory is that Poloniex is a US company. In the US how a catastrophic loss of funds works at a business is as follows:

  • They announce they have been hacked, and disclose funds were lost
  • They either go bankrupt or they survive

The reason people in the US generally go that route is that if they did what you suggest, they would go to jail. To avoid jail time in the US, it's easier to just go bankrupt. The management and ownership can keep their big salaries and dividends and stay out of jail.

So it does happen in the US that businesses commit fraud, but really, these people never are thinking straight. It's simpler to go bankrupt which is basically like a gimme for a business. Sometimes they're allowed to restructure even. Sometimes if it was theft and they were insured, insurance could cover the loss.

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exact same thing has happened to me their wallet was on maintenance they had temp disabled deposit/withdraw but then later or warning went away and they were accepting deposits on SBD so i went ahead an deposited by SBD to poloniex and boom they just like forgot about and and funny thing is they actually now have auto response to u saying wallet is under maintenance if it is then why have they allowed the deposit in first place?
secondly i can clearly see the transactions happening in their wallet both in and out and even some SBD were sent to others from poloniex so what is it? as far as i know if wallet is under maintenance it should not be used right?
i have a whole post written about it check it out if u can with pictures and stuff! thanks. goodluck to you and me both lol
https://steemit.com/poloniex/@shariqriaz/poloniex-is-lying-about-their-sbd-wallet-maintenance

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Hi, if you are new to crypto i sincerely think you should use telegram

https://t.me/PumpsNotifier

they Provide Free Cryptocurrency Trading Signals for Pumps on a regular basis. just join group and follow and reap rewards for consistent profit

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the only solution i could give for everyone who is willing to withdraw their money either SBD or Steem is to use Bittrex,
if people have Bittrex as a choice why they still putting their money in Poloneix, I have a friend who lost $3000 worth of SBD in Poloneix 3 months ago, and he still did not get any response from Poloneix support.
Be wise guys you still have a Bittrex as choice, I already told too many Steemians that I know to avoid Poloneix, until everything is back to normal.

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problem with bittrex is their interface, it's just not as user friendly as POLO, thats why people stay on POLO, it's like you have 1 screen for trades and you switch between you currencies easily, whereas BITTREX it's just hard to keep an eye on movements without being on the home page not looking at charts.

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i also had trouble getting a reply from bittrex and am using changelly

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Changelly has terrible exchange rates. How do you cope? I have always refused to work with Changelly because of this. Please comment buddy.

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seems it is better to get a larger exchange charge and have it occur than be waiting weeks like people are on poloniex - i respect your opinion though you haven't said who you are using

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I use all kinds of storage. Paper wallets, nodes, bitcoin.de, bittrex, poloniex, coinbase, kraken, etc.. I have never sold any crypto, only mine. I have always stumbled accross Changelly, but everytime I wanted to execute a transaction I got so pissed off, the BTC price etc. is so far off and unjustified that I started to coagulate. I mine Dash, XMR, ETH, SC, UBQ, BCN, ZEC. I don't trust anything I can't touch. Too many bad experiences good buddy.

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looks like you know what your doing - i will keep an eye on your posts to see your advice too

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Haa ha ha haaaa, no worries. You just made me feel like this:

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Very educating

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Hi @sweetsssj

I still believe that you could get your money. There might just have been glitches that caused some transactions not working as normal. I love reading your travel posts so much. You are such a blessed person in this world.

Ronald Jay Rama @ronaldjayrama

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"Catastrophic loss of funds" - yikes! Please don't say stuff like this... or at least please don't let them be true... As someone who lost 110 LTC at Cryptsy (and probably one of the less affected) it's painful to think of another exchange going bust. It was even worse because immediately after reading this I withdrew about 1 BTC worth of MAID and the transaction failed and I thought I'd lost it. However a few hours after filing a support ticket the transaction was re-done and I got my MAID out. But for a minute there is scared me pretty good.

I honestly think their issues are just caused by scaling problems - even the biggest guys with nine-figure VC investment and billions on deposit have issues that are pissing their customers off (I won't name names but I'm sure you can guess).

I totally agree about decentralized exchanges - we so need them and we so need liquidity in them. I've used the one on the WAVES network and it was fine - good liquidity for the WAVES/BTC pair.

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this to me is bullshit.
I have at times up to 60 btc on polo, withdrawing daily around 10btc, no issues so far last months... do not understand why you think they would be insolvent. steem is not a very relevant currency in the total balance sheet of them anyway.

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Alttrader you obviously suffer from selective reading. I have a fully verified level 2 account. I have had it for about a year. I have made withdrawal requests since May. None have gone through. Just stuck in awaiting approval. I have made support tickets to no avail.

Like I said. There are people who will withdraw fine. But a growing number of people can't . If you look at what happened in the last with gox and what happened leading up to them shutting down, it's no different. For me it might as well be as if they defaulted because I have never had to wait 45 days and counting for a custodian of my money to release it to me when I request it. Let alone fail to communicate to me in the slightest.

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I use a bunch of exchanges. At no other exchange do I encounter withdrawal that is "temporarily disabled". It's bizarre and very recent. I'd been using Poloniex for eighteen months prior to to this happening in the past two months.

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No exchange should limit you at all to how much of your money you want to withdraw! To me its bull shit one can only withdraw only 10 BTC and not an entire wallet to put into cold storage. That right there is red flags to me. Withdrawing entire balances on coinbase, kraken, or CEX.IO are never limited especially for crypto.

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I have had real problems with Poloniex and reported about it here in Steemit and Facebook. Nobody was really reacting to it. For me there is no question, the figures on your screen are only figures. These are typical habits of brokers, banks and exchanges, typical. I can explain it like this: When you pay funds into an insurance policy, that money is reinvested by the insurance company into other asset classes, you are left with a piece of paper with writing on it. What can protect you? Multiple accounts, multiple assets, focus on "physical". I have been a trader and investor for 30 years, you can't believe how many times I have been scammed... and lost and lost and lost and lost...

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I don't like polo and liquidated yesterday, I had to do it in BTS, the transfer worked instantly, not sure if this info might help or not.

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thanks for the informative write up about your experience

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Pretty happy I found Steemit recently, as it has opened my eyes to Poloniex. This is feeling more and more like Mt. Gox with each passing day. Maybe that isn't quite fair, as Mt. Gox truly was incompetent. Poloniex may be a case of biting off way more than they can chew. One possible vector not mentioned is that Poloniex is likely still filled with bugs across their expansive platform. Managing that many currencies, that many wallets is likely to be a monumental task. The slow response from support reported across many channels is not encouraging either. My personal issue is quite relevant and highlights one bug:

Recently I closed multiple margin positions. I shorted ETH, LTC, XRP, and DASH vs. BTC. After closing all of my positions, a few hours later Poloniex still thinks I have some position and is still calculating a borrowing cost after I have withdrawn all funds possible:

Total Margin Value 0.01475918 BTC
Unrealized P/L 0.00000000 BTC
Unrealized Lending Fees -0.00000004 BTC
Net Value 0.01475914 BTC
Total Borrowed Value 0.02176298 BTC

Mind you I have no positions open. The amount of "Total Borrowed Value" is the amount Poloniex believes I still hold a position for, yet I have no open positions, short or long. At this stage I am uncomfortable having any funds on Poloniex and likely won't be going through the grueling support process for the small sum currently stuck in margin-limbo.

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I personally wouldnt be using margin or shorting any thing. Only because the crypto exchanges have so many bugs, they are not clear on rules, they have little to no obligation to you or any regulations that will keep them in check, so they do right for customers. This is possibly a disaster brewing to happen. Buy coins, invest for medium to long term. And keep those coins in cold storage were u control the keys.

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Thanks for the information

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Hi, if you are new to cryptocurrency i sincerely think you should use telegram

https://t.me/PumpsNotifier

they Provide Free Cryptocurrency Trading Signals for Pumps on a regular basis. just join group and follow and reap rewards for consistent profit

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kindly cite examples of decentralized exchanges

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bitshares !

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That's right, the answer to all these problems is---bitshares! Everybody, all together now....bitshares and openledger!

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hah you should write a Crypto Thriller novel about this :) It would be an exciting TV show to produce!
Openledger.io check it out ! so cool so many coins just neeeds more liquidity and users but its still possible to buy relatively small to medium amounts...bitshares tho its so cool! but Poloniex will be fine! They telepathically send me messages explaining whats going on..Oh whats that Poloniex? Oh theyre telling me...theyre saying they just have alot of technical errors in their wallet systems and its just alot of transactions and they cant REVEAL what technical difficulties they are experiencing because revealing that vulnerability will open them up to hackers and theft ... But Open ledger is sooo cool! u can use it to buy bitcoin using SBD or steem! U can even buy tether! It is a miracle and Bitshares is the best and problems like this will allow bitshares to become like steemit's little brother that becomes taller than steemit!

Great analysis of Poloniex funds.I just want to add the they are holding 1,223,387 SBD - this is a HALF of all SBD.

Maybe people will begin to switch to Bitshares Exchange.

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WOW
Poloniex is hold about half of all SBD???

What happens to SBD if Poloniex vanishes? Would SBD go up or down?

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I was thinking about it too. It will damage STEEM directly.

Everything's Gonna Be Alright
Everything's Gonna Be Alright ...

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Everything's Goona Be Alright :) I hope so

Hey Jerry,
I have had my share of problems on Poloniex from no return emails from the support and withdrawals that would error and I would never get refunded.
With my portfolio getting rather large I ended up pulling my coins off the exchange and putting them in individual wallets in which makes me feel a lot safer and comfortable with my investment in my hands rather then a possible Mount Poloniex. :) Thanks for the great post I'm sure it's getting a lot of folk on here to think about their individual investments as well.

I am withdrawing from Poloniex to my daily limits, daily. No issues; transfer is quick following the confirmation email.

Hey, I have an idea .. Stop using Poloniex!

Thats somewhat of a concern, thanks for the heads up.

Poloniex will be going back up according to them... lets all heavily scrutinize them but also be understanding and supportive if they are pushing to fix this all....

https://steemit.com/steem/@xiobus/quick-update-steeming-mad-at-poloniex-well-guess-what-has-been-announced

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This post received a 2.9% upvote from @randowhale thanks to @xiobus! For more information, click here!

Why is @bittrex sending so much SBD to @poloniex?
I see multiple transactions from @bittrex to @poloniex every hour, although it seems to have stopped 6 hours ago.

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So awesome, cant stop laughing

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I can't stop watching this! :D

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heheh..cute baby

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Because it was much cheaper on @bittrex. Buy low sell high ring the bell? :D I think that was the reason and people didn't know​ that there will be a transfer problem!
@penguinpablo!

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ohhhhhh. That's explains a lot

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The Bittrex transactions are from individual users trying to buy lower on Bittrex and sell higher on Poloniex!

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I never understood why there was such a huge price difference on some exchanges. I figured people were using that to their advantage somehow. Well the day traders that is. I guess I am going to have to transfer all the coins I can from Poloniex to Bittrex which I hate doing because of the fees and general pain in the ass. Well all of them that are not "temporarily disabled". Thanks for the push Jerry

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It's good to see competition among these sites. If one was a monopoly we'd lose all our money. AKA Mt. Gox.

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"If one was a monopoly we'd lose all our money."
What you are saying is that we will get our money back from Poloniex. I like your positive thinking. :)

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Thats very interesting. hmmmm

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That's more than just interesting...verging on highly suspicious

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Someone needs to do an investigation ... still trying to transfer some alt coins, been 5 weeks 😂

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5 weeks...that's unbelievable...these types of transactions should be instant. Again, more cause for concern.

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yeah,thats why i love litecoin cause they introduce the concept of segwit

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Entering the second month already, with no reply of Poloniex support. $500 worth of SiaCoin stuck. :)

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I know the story, wrote like 6 customer support tickets, nothing haha

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same here :(

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There are just so many bad things going on Poloniex right now. Wouldn't recommend it to anyone. Instead use Bittrex.

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is this a bad thing? are they doing something bad?

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hahaha.i think traders from bittrex were taking advantage of arbitraging since the price of SBD seems to be higher at poloniex than at bitrex

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That was my question too. It all seems very fishy...

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Mental!

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Do you have any Tx IDs? I'm a journalist and PLNX operates near me.

I have actually had amazing customer service with them but have been reaching out to employees directly for assistance after placing a support ticket.

Back to the issue at hand -- I'd be interested to see some links.

I stopped usinv Polonuex a while ago. I like and trust Bittrex.

Time for OpenLedger, maybe. If they could trigger some liquidity there it would be nice.

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Agree. OpenLedgers low liquidity is major barrier for adoption. Only crisis on centralized exchanges will boost it.

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i am starting to seriously consider switching permanently to openledger. for now, blocktrades has been perfect in his customer service so I am equivocal.

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Blocktrades are conveeniant but too expensive. OpenLedger have too less liquidity and a lot of trading pares are useless. No real price discovery there. But your coins are safe on blockchain. They both need more users and traffic. I hope it'll come sooner than latter.

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Aaaaaand that's exactly why I a) pulled everything out of Poloniex and b) invested into BTS :)

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That was my point. It's difficult these days to exchange sbd to bts.

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i just take the hit and send it to blocktrades for immediate conversion from SBD to BTS

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I did it twice, but then they went down. Now it's working again.

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Take your coins offline into a portable SSD once you have a significant amount. Keep it plugged into the power outlet, but disconnect it from your PC. Encrypt the files for a extra layer of security. I'd steer clear of flash drives. I worked tech support and they'd normally die in 1-5 years. SSD can last 80. It will cost you some money to transfer the coins back onto an exchange to sell them, but you'll have nearly perfect security in the meantime.

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this is not true. it is a commercial electronic device with solder joints etc. and the life expectancy is not 80 years. a MTBF (mean time before failure) calc for SSD is not 80 years.

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I use Openledger.io for everything I can

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So sexy to hear a girl talk about Openledger.io like this!!!!
Wow I used it once to bu some zappl and I didnt know how many new coins have been added sice that sale!

wow they have everycoin poloniex has! ...almost!!! even tether!

How could anyone resist this beautiful GUI? so much better than poloniex, no centralized assholes to stop your withdrawals, noone person or private group is in control the way it should be ..like steemit ...and Bitshares is now the Exchange of steemit! imagi ne when we integrate it with chainBB!!!! imagine having our OpenBitcoin wallets available here on steemit.com like in the next hardffork Update! so cool to think of having an exchange with eevery coin poloniex has, but here on steemit! like in our internal steem to SBD market, i wnder if we can add bitcoin and ethereum LOL well mayne we can just use Openledger.io and link it the way they link Blocktrades.us from the new "Sell" button on the SBD button in the wallet! we should petition the developers to raise money to pay someone to add the openledger.io exchange to #chainBB we should ask @jesta is that is possible to embed an openldger.io window inside of beta.chainbb.com (steemit with enhanced features) to allow people to buy and sell their SBD and steem for bitcoin all on the same page! how cool would it be to send Bitcoin to people right from steemit.com!!!

Thanks for putting out the warning. I recently moved all crypto off Poloniex as well. Everyone needs to know that leaving crypto on an exchange for a prolonged period of time has some inherent risk. But Poloniex is currently showing itself to carry more risk than I'm willing to accept.

Have really been enjoying all your videos and posts thanks.

I haven't had any issues with poloniex yet other than the temporary wallet freezes.

I think all the exchanges have bad service, you just hear about poloniex more because there's more people using it.

Followed

I managed to get most of my steem off poloniex before it went down again.

Poloniex has become fucking trash. Not looking at any of the above described problems, you actually need to refresh the entire page for the new price to show up which is a stone-age thing in this crypto day and age, lol.

I've been waiting on adeposit for 233 STEEM for about 10 days now, since before they took deposits/withdrawals offline. Given the amount of money they make in fees this shit is unforgivable. Fucking Busoni!

This scares me, its not new news but its defiantly eye opening when Jerry lays out the warning. I try to stay spread out in case of market failures but I do have a good chunk of einsteinium on polo and am now seriously considering starting to shift that to bittrex a little at a time. Thanks Jerry!

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Well keep in mind that hf19 hit the steemit platform. Also with the increased price of bitcoin there has been a massive increase in the use of cryptocurrency in general. If Poloniex didn't have the infrastructure to deal with this new increase then they are struggling to keep up. I am holding out for Poloniex as their rates have been so reasonable, but In the meantime I am looking for another exchange to handle my steem. I mean, rent does have to be paid after all ;)

I just logged into Poloniex and got this message - STEEM deposits and withdrawals are currently estimated to resume by 05:00 UTC on July 1st.

I was able to Withdraw STEEM from Livecoin.net with no issues!

Poloniex pops up a message implying this is Steemit's fault.

Gracias por compartir esta informacion. Upvote y resteem 😊

I've now moved all of my funds out of Poloniex. The whole thing started to get a bit sketchy If you ask me :/

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Agree

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I totally agree...ive transferred all of mine because I don't believe its worth the risk. Everybody please do the same.

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its been this way for days now, so many people arent getting their funds anymore... it reminds me a lot of what happened with cryptsy and mtgox

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Exactly. Once any exchange takes away the trollbox, you know they're either about to do something really bad, or they already did and don't want the word getting out.

yes it's really sad to see this large scale failure of a huge platform. my friend has deposited 200 SBD into it a few days ago, and it has disappeared. I would consider this as a scam. Is there anything that we can do to stop poloniex from withdrawing all the money away? If this is really a scam, I am sure it will take the money away very soon. I guess flagging will not work? ...

I hope Bitshares or anoter decentralized platform soon becomes good enough to handle large volume and a wide varity of coins

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I hope in the future the coins that are valuable are attached to a performing product and, or service. I see a lot of coins on there offer next to nothing. Yet their value is in the dollars instead of pennies, per coin.

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I agree, there is way, way to may coins that does nothing new.
For crypto currency i forsee there will only be around 5 coins that will survive in the long run. Assets are hard to specualte on, but I think the number of asset coins and tokens especially will continue to rise for the forseeable future.

"You take the BLUE PILL, the story ends.
You wake up in your bed and believe whatever you want to believe.

P O L O N I E X

You take the RED PILL, you stay in Wonderland,
and I show you how deep the rabbit hole goes."

B I T S H A R E S / O P E N L E D G E R


I had transferred 10 and initially but it never came, afterwards sending 0.4 more just to be sure if the issue wasn't from me.. Still nothing.
After a week the 0.4 came but the 10 never showed up.
It's still taking 2 weeks for the support to respond to a simple ticket I wrote.
I'll is really hopeless :/

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You will NEVER hear anything back from support. Best you can hope for is that they eventually get around to pushing out the transaction at some point.

I am thinking to shift my main coins to bottrex as polonoex tend to disable wallets when heavy cashouts take place.

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Have not received my SBD deposit to Bittrex either.

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This comment has received a 0.10 % upvote from @booster thanks to: @cryptokraze.

The delay goes back much further than when you deposited 20 SBD! I deposited at least 10 hours before you and I too did not receive it! :[

Wow that is a whole lot of funds. Avoid Poloniex at all costs and use Bittrex. Here is my last post on that: https://steemit.com/poloniex/@jeffjagoe/is-poloniex-freezing-your-funds-head-over-to-bittrex

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Ponlostyu agree. I also long ago abandoned Polo, and switched to Bittrix.

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but I already gave them money and I want it back

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If they currently have your funds, you can transfer which ever coins you purchased to a wallet (look up cryptocurrency wallets) or open an account at another trading platform and transfer.

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@lifted, their website does not say anything about that and it is as if nothing happened but their bot on this website got my money in their wallet on their website and you can go their Steemit bot account and see my name and the evidence and everything is there on Steemit

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i will also avoid poloniex for steem and SBD transaction.there is also hitbtc.i think it also allows for transaction of steem and SBD

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Thanks for information

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Still have not received SBD deposit into Bittrex from a few days ago! It actually works for you!?

The Steem / SBD are not reflected on our balances since 10 days now, so why not include the 10 day history in your speadsheet ? The Poloniex account valuated at 52 millions is probably not coins but registred incoming minus outcoming all times transactions, my guess is when Steemit launched their blockchain they made accounts for the exchanges on the same UI and never updated exchange accounts UI. Those informations should be on the white paper that nobody has ever read. The same for the Bittrex deposits: it's probably when bittrex users transfer money to poloniex. @ned should be able to answer those question btw. Thoses Bittrex deposits acctually reassure me, I am gonna worring when they stop. You have to understand that the cryptosphere is small and those people talk toghether, remember when ETH got hacked last year all exchange got the withrawal deactivated within minutes after an announcement from Etherum Foundation on the Slack. Now it will be interesting if they are silent on thoses channels too. To come back to Poloniex, I think they are preparing an exit scam.

You have convinced me to kick my ass in gear and put all of my money on my ledger tomorrow on my day off. Thanks again, Jerry!

@jerrybanfield Just when I read this I checked theres like 6 currencies temporary disabled for withdraws and deposits... I'm trying to withdraw bitcoin but not getting the verify email.. is this real :D

I just trade on Bittrex now. No Poloniex for me!

After all the bad news I've heard from Poloniex lately, I'm going to stay away from that exchange! Thanks for the heads up @jerrybanfield !!!

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so sad since I gave Po money and lost it now to Po like the Po Po and Post Office (Po)

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there are people who said they have been trying to contact them directly for over a week with NO response at all !

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I am one of those people. 15 days now and still no response!

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In May I did a ticket, response was two weeks, so early June I got my issue fixed. When a system backlogs, the support tickets pile up and compound atop one another. It's probably 3 to 4 weeks by now.

@jerrybanfield, I might have text you what I thought of this post but I thought I would say it to the community as well!

Just finished reading your new post. Just reading the first sentence i was like “WHAT?????”

This is incredible! Seems a bit sketchy that Poloniex is hold 52 MILLION worth of steem! Could that be holding it for now because Steem is becoming more and more popular? Thinking that people Creating such great content will be using some of their SBD to buy up a lot of the inventory that Poloniex already has of other digital currencies?

If that is the case that would be pretty sad on Poloniex's part. Just because as an exchange they have one of the Largest Multi Currency Platforms in the Crypto World! Are they afraid that they arent holding the market share they want?

Great post Jerry!

Well, to buy cheap at bittrex and sell high at poloniex ...this could actually work...

I was able to quickly remove all my steem from poloniex yesterday! :-D

I still use Poloniex but don't keep too much fund there and too many slow downs.

Very interesting :-/

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its sad... i hope alot of people dont lose money because of this

I was wondering why my SBD deposits are not showing even after 24 hours, thanks @jerrybanfield for sharing this important update.

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I would try to take my money out of there immediately if you can

Well, Steem is on it's way to 1m. T/X a day, maybe there servers can't handle it!?

Imagine 1m. T/X sec. LoL!!!?

I just sent 1 STEEM to test back 48 hrs ago.
Nothing was shown and i am on safe side with 1STEEM loss.
Times like this, following the news and real people reviews like @jerrybanfield helped me.
This is was my 1st transfer and saved on a little loss.

Thanks for educating and warning people jerry.
Also let us know if poloniex resumes back. I need to claim back my 1 STEEM ;-)

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If I had a bunch of steem on there I would not bother trying to transfer it, just sell it for bitcoin and move out the bitcoin. BTC has never stopped working.

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Use dash, lower fee and faster send time out of poloniex.

I don't agree with @jerrybanfield that poloniex.com is near the point of crashing, we have seen many times that due to different prices on different sites they temporarily disable the wallets of relavent currencies as you can see that not only steem or sdb wallets are disabled but also many other wallets are temporary disabled too. This is normal practice of trading sites, as a few weeks back I bought 1337 coin on coinexchange.io to sell them on cryptopia.co.nz because cryptopia.co.nz was giving double the price so I quickly bought those coins on coinexchange.io and try to deposit those on cryptopia.co.nz but its wallet of 1337 was blocked, do I thought I had a chance to double my currency but I missed the trick. So according to me this is normal behavior of any trading sites.

I may be new here on steemit but I am an old trader too and I understand the market, maybe many of guys will not give preference to my opinion over Jerry's opinion but I think what I said is true.

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I wouldn't base your opinion of what is normal on what Cryptopia does. Did you also notice that all of their wallets are locked? And that you can't mine anything in their mining pool? I mined some there 2 years ago and never saw payment.

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So you mean they are scam?

Not only STEEM issues, but the other wallets being disabled for WEEKS like Bytecoin is what scares me. I hope they can resolve their issues because I like trading on their platform.

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have you also been having withdraw issues with Bytecoin as well? Ill be sure to tell other people who use them to try and withdraw their funds immediately

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Well every time i go to the deposits and withdrawals page, the bytecoin wallet has been disabled. I'm not sure how long that's been ongoing but i believe it's a few weeks at least. Other wallets get disabled and come back online, but i've yet to find a window of opportunity to withdrawal bytecoin so i might just sell them off.

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Coin wallets are supposed to go down and then come back up. It's better that they are disabled for a time rather than remain open and allow the glitch, etc to continue to eat up transfers rather than "go down" and fix the problem.

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