Poloniex Issues Caused Significant Panic and Losses For Cryptocurrency Traders
It is unclear how much money people lost due to these issues, though.
Plenty of cryptocurrency traders are not too amused with Poloniex right now. The popular altcoin exchange suffered from several brief outages yesterday. During the panic, the Ripple price crashed hard and Ethereum lost US$1bn in market cap. It is unclear what occurred exactly, but we do know traders lost a lot of money in the process. It is unclear what will happen to the people who lost money, though.
Trading cryptocurrencies is always a risky business. Money can be earned and lost in a matter of mere seconds. However, if a popular exchange goes down and traders can’t execute orders, something is definitely amiss. Poloniex had a lot of issues last night after Ripple reached a new all-time high. Shortly after this happened, the platform became unresponsive.
Poloniex Suffers From Brief Outages Once Again
It was not just the web frontend suffering from these problems. The Poloniex API, used in tools such as TabTrader, became unresponsive as well. The company acknowledged the outage and trading resumed back to normal relatively quickly. However, a lot of users have suffered from spotty accessibility for several hours. During that time, trading just continued as normal, allowing some people to take advantage of the situation.
To be more specific, Ethereum lost close to US$1bn of its market cap during the trading frenzy. Events like these should not occur in the first place. Moreover, some people feel Poloniex should have halted all trading until the platform was operational again. This goes to show the platform cannot handle increased trading volume for an extended period of time. That is quite disconcerting, to say the least, given Poloniex’s position in the market.
One thing is certain: a lot of people have lost faith in Poloniex for the time being. One Reddit user even calls it an ‘organized scam crime website”, although that may be a too strong sentiment. It is true this is not the first time the exchange suffers from such outages, though. If these problems continue, Poloniex will quickly lose its market position. After all, the company has to provide exchange services around the clock, yet appears incapable of doing so.
It is unclear how much money people lost due to these issues, though. Ethereum’s market crashing and the unexpected Ripple dump raise a lot more questions than answers right now. Poloniex has some explaining to do, albeit it is safe to assume no one will be reimbursed for their losses. Centralized exchanges continue to pose a problem for traders. No exchange is always reliable or accessible, that much is certain.
As I mentioned in the last post, I suggested people choose a better trading platform.More stable and more reliable. It is the most important of the development of digital currency.
I think that it is my responsibility to share the information with everyone to raise people's awareness about trading platform.
NEWSBTC
it's OLD NEWS... maybe also fake... pay attention... Steemit doesn't like GARBAGE like this
yes, but still have the problem, more and more people suffering from the problem... such as the withdrawal, they can't take their money back. A lot of people try to contact the support team and waiting for a mouth...but still have not feedback.
that's strange... and I am skeptical.... because I used poloniex before and I know how fast and serious they are...
maybe you didn't have direct experience and you just did copy paste of some fake news around...
I just lose my money there... So I am angry for a while.
Searching about the problem of Poloniex.
I think strange and skeptical too....because I saw many people in there( the chat room), having the same problem, more people lose the bigger amount of money and Poloniex still famous...There are many people report the problem for a mouth but still not respond. I waiting about 2 days, and I think that a good trading platform is not that.
So, why you think that is fake news....?
do yu have direct experience on Poloniex with such issues ...?
Yes...I just mentioned that before,
I see not... I apologise for what happened.. I suggest you try to contact them on phone or facebook !! keeep trying every day !! they answer to me... so it's very strange.. they don't to you
nowadays I keep very little in the POLO account. Their "hiccups" are happening more frequently lately.
I am glad that you got out of there.