First hearing of Poloniex,any due diligence out there,are they legit?
Who?
Up until several hour ago ive never even heard of Poloniex,and now I am seeing something about how it is possible to arbitrage through them and that is suspicious inherently as arbitrage should not be possible for long.If anyone could provide any background on them I think it would be helpful to not only me but our community as a whole.I would just hate to see something resembling mt gox.Cheers everyone and heres to due diligence which is a concept that everyone on this site should know...
Anythings possible in crypto!
Upvoted!
I have been on Poloniex for Years, they are not flashy by any means, but they are a reliable and trustworthy Exchange.
Seems very strange that one can arbitrage through them,sets off red flags
Arbitrage is a matter of market participants knowing what they're buying and selling, not a matter of the shadyness of an exchange.
Also, take these people calling out "arbitrage opportunities" with a grain of salt. Often times there are logistical reasons these gaps in prices exist, and if you try to take advantage of them without limiting your risk, you can end up in a pretty shitty situation.
Source: I used to be a derivatives trader. I've made markets for various cryptocurrencies like Ripple. I know a thing or two about markets.
Arbitraging altcoins was my main form of income for about a few years and if you get the opportunity take it, but I have not been active for a while and can't vouch for the new exchanges, but I stopped using poloniex a few years ago when they were hacked. If the arbitrages becomes ridicoulously unbalanced imediatly pull your coins off the site because they are getting hacked. Upvoted
Poloniex is a rather large exchange that has been around quite some time and are very trustworthy. Go to coinmarketcap.com and look at all the markets for the top currencies. You'll see Poloniex on every single one, somewhere near the top for volume.