POLONIEX - Even more advanced scam than Cryptsy!
I am sure this post will get lot's of hate, but I just can't keep this to myself anymore. There are more and more signs that this exchange is headed down the same path that previous, eventually fraudulent, exchanges took.
I am not writing this because I lost money on Poloniex. Oh no, actually I made decent money the last 2 weeks on Poloniex. Believe it or not, during this volatility in the last 2 weeks I turned 3.5$ into 680$. So no, this is not because I feel I got scammed and I lost my money, I am posting this because I have been on Poloniex for 2 years now and I have noticed some things. I have noticed things that are timed so perfectly that it allows the scams to happen. The worst part, is that these scams have collusion between the pumpers and the exchange.
If you were on Poloniex last year, then you might remember the lag that came during the most opportunistic trading times. If you were there during the "DAO HACK" (which was a scam plan), Poloniex made it impossible for people to trade while the epic dump happened. Little did people know, during this time if you went on your mobile phone they allowed your orders to go through. That same "lag" happens whenever there is epic movement in markets on poloniex. They claim that is has to do with an increased server load and people flocking to the server. That is not the case. The lag is the same with 4k people as 23k people. I know enough about bandwidth and servers to understand that doesn't make sense.
The most recent scam that was colluded upon was XRP with POLO. Poloniex made it so that everyone got "transaction failed" after they opened their margin positions. This caused people to lose tens of thousands of dollars! I recognized what was happening, because I have seen this scam from Poloniex before, and I turned my position the other way with a manually placed order, and boom, just as I expected with the fraud lag, the market turns the other way and moves so much in 2 minutes in squeezes the shorts that are stuck. Perfect scam. Not to mention, they have verbiage in there Terms Of Service that you agree to waive your right to a CLASS ACTION LAWSUIT! Yeah, they make you agree that you can't sue them for this fraud.
I just had a support ticket open with Poloniex for 12 days. I wanted to make a withdrawal but I had lost access to my email address that I had signed up with. It's actually their fault that I made 680$ dollars with 3.5$. If they would have helped me withdraw my 100$ I never would have been able to multiply it. Anyways, they handed me off from support guy to support guy claiming they didn't have the ability to help me and had to escalate me. After 12 days, I had to pay 15$ to my old email provider to activate the email address that I had lost. Then I was finally able to make my withdrawal after 12 days from POLONIEX.
Polo waits to add coins, because they get their hands on the coins before it's added to the exchange so they can manipulate the price when it is finally added. Poloniex gives priority to advanced coders and bots over regular trading people. Poloniex has their moderators just use key binds to pacify people complaining that they are not being helped by support.
I understand that someone can look at all these things and give "explanations" for them, but that's what makes this such a great scam site. They knew about the dao hack before it came. The site was primed for it. They watch the people deposit and withdraw all these coins after the site "crashes from so many customers!". They also claim DDOS attacks make this happen. Why is it that everytime something goes "wrong" on Poloniex they stand to make TONS OF MONEY! Pay attention, any time something goes wrong on Poloniex, they make tons of money!
Am I telling you that you shouldn't trade there? No that is not what I am saying. But I am suggesting that you be very careful. I would not deposit more money than you are willing to lose to a thief. Part of what has me so upset is the fact that Cryptsy stole money from me and I couldn't do anything about it. Cryptsy took my .6 BTC because of a "site glitch". I don't want others to lose BTC like me. I know many people are chasing dreams in crypto, we all want to be crypto millionairs. We can see that it is actually a legitimate possibility to become rich from crypto, but make no mistake, with few regulations around people will steal your coins in any way possible. Right now, Poloniex is the king of coin thiefs. I will still keep .1 - .2 btc there just for my own trading purposes, but I will no longer be an advocate for their site.
Be careful, keep your coins safe! Best of luck to everyone and their trading.
Can I get a TLDR?
Patterns of behavior on Polinex match patterns of behavior on known prior fraudulent exchanges and reserves.
I have noticed much the same! A sad factor in this is that the "normal person with money" has a job. I am fortunate enough to be self employed through the internet. So I have been able to keep a Poloniex tab open on my 2nd screen for the last 2 years and watch what goes on. I was there to witness many things in the wee hours of the night that many people miss, like the "dao hack" for example. Not everyone has the luxury of having free time to sit and observe these things. But thats part of what makes these scams so brilliant. There is millions of dollars involved in these schemes. They operate in such a way that they can hide behind laws and make it difficult to prove anything. This is one of the biggest cons to the crypto world. As a person that doesn't believe in much government regulation, I have to admit it has attracted some dark figures to the scene.
In a fair, open market of trade, the term 'fraud' is pretty much useless.
No, it isn't useless at all. Fraud is theft through deception. If a company lies about its server capacity and trade algorithms to people who have been told everything is operating in an aboveboard and honest manner, fraud has occurred. Legality is irrelevant.
Thanks for passing you own experiences and observations. I can say I've noticed the same.
Thank you for your input. I have noticed many others complaining in the Trollbox about various things. Not getting withdrawals, the coincidentally timed lagged, and other things. The thing is, it's hard to see some of it but I know that I am not the only one noticing these things. Of course people are always upset if they lose money, and they want to blame other things/people for their losses. That is not what this is about, this is about highly intelligent people taking money from people with less technical knowledge. If you look up the address to their "building in Delaware", you can google that same address and find that it is an office building with multiple Suites, but no where online does it say Poloniex is one of those suite renters. If you zoom around on google maps I cant find any sign for Poloniex, which isn't that surprising really. But whats most amazing is that if you look up the suite that is registered to Bloomberg for Poloniex, you find that its "1013 Centre Road
Suite 403-B, Wilmington, Delaware. Now Google that address and you will find that VCORP is actually the occupant of that suite.
Hmmmmm. Why hide your corporation if you are doing nothing wrong and plan to do nothing wrong?
Thanks for the info :)
I wouldn't doubt it! I believe everything that was written above as I too witnessed myself numerous of times across multiple platforms. I remember my first exchange 'Bitfinex' oh b0i!! Don't even have to speak on it!
We just hope for the best while keeping coins spread out to different locations(offline/online).
Great post by the way ;)
It's just really such a sad thing. Crypto is such an amazing thing but this is such a bad aspect of the unregulated environment. Honestly, who can you trust? No exchange is safe in the end, but people want to trade, and rightfully so! It's particularly sad because Poloniex has had some good days, and there is definitely opportunity to make money trading cryptos there, but its a tainted environment. And honestly, the same could be said about Cryptsy which turned to be a huge scam in the end. But personally I got started trade Doge at Cryptsy back when it spiked to like 267 satoshis and I was so drawn to the idea of day trading cryptos. I had turned 60 dollars to 260$ trading Doge at cryptsy, then suddenly Cryptsy made a "glitch" happen which allowed me to put a buy order in for double the amount of BTC I was holding. Then they gave me 2x more Doge than I was supposed to be able to afford. I opened a support ticket, and Doge dropped hard. I expected to be reimbursed because my account was now in the negative -.6 BTC. They told me to deposit more money to take my account out of negative because of their server glitch. lol. I just want an honest, up to date, not laggy, not scammy, real business like crypto exchange that we can all trust and we see commercials for it on TV because it's so legit. That's what I want to see.
Same here! I want to see legit businesses within the Crypto-Space. Too many scams going on in this space and yes, such a sad thing because those ppl 0r companies who are scamming, could be legit while still making decent money but instead they choose to *uck us over to get a bit more. Makes no sense! If they stay legit for awhile, they can make great money without worrying of getting caught???????????????????????
Nice Doge-trading by the way ;)
Where to trade now? Bittrex?
If you just want to do simple trades occasionally for liquidity shapeshift works well, not the best rates but the security of not having to move your coin on to an exchange is worth it, Jaxx wallet has shapeshift built in
Jaxx wallets are buggy and they currently have problems with ETC wallets I have a few $ in ETC that I cant get out they keep telling me to watch their twitter feeds for updates, not goog IMO.
Very concerning. I honestly don't know who and what I can trust anymore. I do have an account at Poloniex, but I did not trade there yet. I always use Bittrex, but that can be a scam also.
This is really bad for the overall reputation of cryptocurrencies. Very sad.
Yes! I want cryptocurrency to work, I can't stand the banks, but these people who refuse to even consider the possibility of an unregulated market being manipulated blows my mind. Blinded by their profits I suppose. How many people have coins on a hardware wallet? A good percentage of people are holding, not even trading. So who's doing the trading? Poloniex to me "bots are legal." Well alright, but even insider trading bots? How would we know if there were an insider trading bot. These people running exchanges have no oversight, no rules. Doesn't matter, getting rich! I just hope to Christ when Bitcoin takes a leap to $5000 that altcoins don't all stay down.
Oh and I'm 100% positive this is a scam, but to what extent? How is that going to affect the price on other exchanges? Maybe this is a simple answer, but why the price difference from exchange to exchange? I've seen bitcoin up to $120.
I tweeted this post: https://twitter.com/NWOforum/status/860612735087902720
Disclaimer: I am just a bot trying to be helpful.
it seems the whole board is jewish and they used multiple names for the same person so based A it's american (only for the money additute) B All Jews (money is all and nothing else) C very little known about founders who use multiple names and D they don't communicate about what on earth is going on with the problems. Don't start trading there for sure!!
Nice informative post personally, I dont trade anymore my strategy is to buy and hold. I am hearing more and more unsavoury news about Poloniex shame because I like the site and have made money their. Today when I logged in, their was a notice about they are now not able to sue them if their is a probelm in the futre.
Can anyone reccomend a good exchange to just hold my cryptos
Good points in this blog. I was about to post a similair post. I'm worried about the amount of scams out there. But on the contrary there's quite some jewel cryptos as well. Besides coinmarketcap.com there is: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market.