Get your crypto out of Poloniex.
Anyone familiar with crypto currency should've heard of Poloniex. Poloniex, one the largest crypto exchanges out there, was a home to many out there. Many of us have started our journeys hoping to become the next rags to riches story. We spent our times in the trollbox spamming dumb nonsense, or listening to potential tips on the next thing out there. Sadly, Poloniex is becoming a shadow of it former self. It gotten to the point where as of writing , I'm officially out of Poloniex and you should too. Here's why.
Removal of the trollbox. Back in early June, to quote them, "To meet the increasing demands on support staff, the Trollbox has been disabled indefinitely and moderators have been reallocated to assist in support."
Now, alot of people were upset by this action, as it was a good way to communicate with other users, along with mods. Poloniex was having issues before the removal of trollbox, so we took it in stride, hoping that this removal would help their customer service issue, which needs to number two on the list.
Lack of customer service. Even with the removal of the trollbox, customer service sees no improvement. One of the biggest things that seems common across all exchanges is we, the users, have no good way of contacting customer service. Even with the claims of increasing amount of customers, there is no excuse. Not one of these exchanges has disabled the ability to create new accounts, although kraken has slowed down the account creation process. Poloniex, being one with the most activity, should've brought more people on to maintain and help with customer service.
Lastly , freezing of funds, lack of communication, and lies. Part of maintaining an exchange requires you to also maintain the users wallets. We all understand that things happen, and sometimes wallets will be down for maintenance , but there are limits. Prime example, an altcoin known as Einsteinium, or ecm2 for short. Ecm2 wallets have been frozen as June 30th, and as of writing this article, still are. You might be ok with this since it's a relatively unknown crypto, but for some they are reasonably upset. I have a friend who currently has 4.2 btc worth still frozen in ecm2, AND MISSED a great boom in price because of it. If that's not enough for you, maybe this is.
(Note: the scribbled out part said inaccurate, due to the fact that poloniexs statement on issues with litecoins network, which was false. So I removed it to prevent confusion.)
Edit: decided to add proof to my statement.
Earlier today, I saw a post via Reddit about the maintenance of litecoins wallet. This was the final nail in the coffin of me, not because of the downtime of the wallet, but more so what a developer said after the announcement.
Yep, you read that correctly. Poloniex never bothered to contact any of the developers about their issue, not to mention their statement of a network issue being false. Was this a lack of communication issue, or something they deliberately lie about? Who knows, but that statement was enough for me.
Poloniex has lost its trollbox, never had customer service, they freeze funds, and lack the ability to communicate. Get your funds off Poloniex. Who knows, they really might be another mt. Gox.
Thanks again for reading, if you have the time please check out my other posts! Also, feedback is welcomed.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by mrbearbear from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
I have been telling people this for a couple months when they started delisting and manipulating their market. Steem was down for a long time there is reportz of a lot more coins down for long time.
I hope no one loses coins and maybe we start to realize not to leave coins on a centralized exchange that you don't own anything once it hits the exchange
I never liked the fact that communication was always an issue with them. Maybe I should link this to them on Twitter ? :)
Wow.. i wasn't aware that LTC is denying any issues with their network.. That's a blatant lie from Polo..
that's good to know thanks a lot for sharing and keep on posting ;)
And thank you for reading!
thanks for info :)
I've had problems with Poloniex too. Deposited BTC in my account the other day and it never showed up. Contacted support and they basically told me to screw off. Won't be using their exchange again.
yea, they are shady
Hi Mrbearbear, from my seat all the exchanges have had problems at just the right time, for them. Looked like manipulation to me.
In a 'wild west' world of cryptocurrency exchanging, with no regulation press these businesses to task for their statements, good on you for providing an honest assessment of Polo's workings.
I have to say I was trying to trade at peak / opportune times. ATHs and times to make very low buys rarely work out on the more popular tokens.
While we were in the troll box I always noticed a few people who claimed non-res-ponce on issues. Not knowing these people I wouldn't know if they were trolls, but I did see some folks with good karma crying foul. Having set for hours with these good people, I put good faith in their comments and queries.
I heard, read and experienced the some of the same complaints with Kraken. Coinbase and others.
Coinbase was really bad in the beginning about going down just as I was ready to pull the switch, making buys and sells participating a long repetition of reloading pages before I could get my transaction through.
Basically I am an alt coin project enthusiast and having skin in the game keeps me searching for more and more updated information about these projects.
I really miss the troll box and all the good conversation and links that were disseminated there. Also I really miss some my the fellow enthusiast who were like minded in this brave new leap into automating and enhancing processes of the future that I want for my grandchildren.
Thanks for your post.
Wow. I have investments on Poloniex. I recently moved Steem from Poloniex to Steemit because of what many people as well you have been saying about Poloniex. If Poloniex is centralized that certainly isn't promising.