Anyone use Poloniex recently, after they were purchased by Circle?

pinkflower

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Quote from: gentlemand on September 04, 2018, 03:01:13 PM

Quote from: pinkflower on September 03, 2018, 10:09:18 PM

The exchanges that listed USDT for their traders' fiat trading needs are there because they dont have the licenses to open real fiat trading. I think Circle has different plans for Poloniex. The may want to get all the licenses and convert Poloniex into an exchange that has real fiat and cryptocurrency trading like Coinbase.

Then I don't really understand why they didn't stick with the Circle brand. When they were selling there were hardly any complaints that I was aware of. Why they'd lay out several hundred million dollars for a now minor exchange that everyone hates is beyond me.

It would've made sense if they were fully licenced and ready to roll but I would presume Circle themselves were in a better state compliance wise.

Yeah but we dont know really what their real roadmap is for Poloniex. But if you ask me, it would be more compliance, more delistings of ICO scams and legal compliance to list security tokens like XRP lol.

gentlemand

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Quote from: pinkflower on September 03, 2018, 10:09:18 PM

The exchanges that listed USDT for their traders' fiat trading needs are there because they dont have the licenses to open real fiat trading. I think Circle has different plans for Poloniex. The may want to get all the licenses and convert Poloniex into an exchange that has real fiat and cryptocurrency trading like Coinbase.

Then I don't really understand why they didn't stick with the Circle brand. When they were selling there were hardly any complaints that I was aware of. Why they'd lay out several hundred million dollars for a now minor exchange that everyone hates is beyond me.

It would've made sense if they were fully licenced and ready to roll but I would presume Circle themselves were in a better state compliance wise.

pinkflower

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The exchanges that listed USDT for their traders' fiat trading needs are there because they dont have the licenses to open real fiat trading. I think Circle has different plans for Poloniex. The may want to get all the licenses and convert Poloniex into an exchange that has real fiat and cryptocurrency trading like Coinbase.

1Referee

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Quote from: gentlemand on September 02, 2018, 04:36:31 PM

Even weirder regarding Poloniex is I thought Circle were putting together their own stablecoin about which nothing has been heard since it was mentioned.

I think they realized that they won't ever be able to reach USDT's global penetration level and for that reason refrained from launching their own coin, which we should be happy with, especially with how we're seeing these 'stable coins' pop up more frequently nowadays. Bittrex and Binance have listed both USDT and TrueUSD, which is retarded. How many of this garbage does an exchange need?

USDT (and basically all other fiat backed stable coins) is the perfect 'scam' with how you (as issuer) for sure know that at least 50% will never be converted back to fiat since it's needed to provide liquidity to exchanges as Binance, OKEx, Huobi, Bitfinex, etc.

DaveF

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I posted in another thread yesterday:
Their support is still terrible.
Their fees are high.
Their exchange rates are average at best.

Circle better get of their asses and do something.

-Dave

pinkflower

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Quote from: pooya87 on August 31, 2018, 11:51:19 PM

they recently sent me an Email asking me to come and verify my account since the site ownership has been changed and apparently now they are enforcing verification! this is an account i created about 4 years ago and i haven't been using it.

in any case to get your answer you can simply check the trading volumes. once Polo had the highest volume in the market but since they started having problems and then starting forcing people to verify their accounts, everyone left. their current volume may not even be 100% real.

It would be hard to prove if their already low volume is fake lol. If you want to find a site that has fake volume, check the Asian based exchanges.

Having that said Circle may be preparing Poloniex to become a fully legal exchange like Coinbase.

gentlemand

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Quote from: 1Referee on September 02, 2018, 04:27:39 PM

You know what the funniest part is? The fact that USDT is still a thing on a highly regulated exchange as Poloniex. I would expect US regulators to be more trigger happy to bust everything around Tether, especially with how they highlighted that token not that long ago as being one of the main reasons the price pumped hard last year.

If there is one way to massively get this whole crypto industry to suffer, then it's busting Tether, but US regulators seem to have other priorities. Roll Eyes

This intrigues me very much too. USDT is everywhere yet still there's nothing fully verified about its nature. They were subpoenaed in Jan/Feb by the CFTC yet they're still gaily printing away so presumably those in the know know enough for now at least.

Even weirder regarding Poloniex is I thought Circle were putting together their own stablecoin about which nothing has been heard since it was mentioned.

1Referee

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Quote from: AdolfinWolf on September 01, 2018, 03:49:05 PM

I mean they did add Dogecoin USDT pairs.. Roll Eyes

https://twitter.com/Poloniex/status/1035564251103023105, what else could you possibly want?

I'm glad no dogs were harmed during the process of listing DOGE/USDT. Cheesy

You know what the funniest part is? The fact that USDT is still a thing on a highly regulated exchange as Poloniex. I would expect US regulators to be more trigger happy to bust everything around Tether, especially with how they highlighted that token not that long ago as being one of the main reasons the price pumped hard last year.

If there is one way to massively get this whole crypto industry to suffer, then it's busting Tether, but US regulators seem to have other priorities. Roll Eyes

AdolfinWolf

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Quote from: jhenfelipe on August 27, 2018, 06:01:20 PM

I have not used the site recently, but by checking their ANN thread (visit last few pages) and Unofficial sub reddit, it seems that there are still lot's of problems with the site. Just like in other exchanges, support and withdrawal issues still exists, but what's worrisome in Polo is that several accounts are being locked/frozen (even the verified ones). Knowing that, I don't think it's a good idea to come back and risk your funds.

Not only that, they straight up lied to their customers and forced KYC down their throat to be even able to withdraw their funds, (When earlier they stated the contrary, funds would never be locked, even after the implementation of KYC.)

https://www.reddit.com/r/BitcoinMarkets/comments/8mizvf/dear_poloniex_you_specifically_said_you_wont_hold/

I've said this before and will say it again, I would not trust Poloniex with a single penny after they pulled that stuff on their userbase.

I almost feel empathy with people who are still using Poloniex/Bittrex over Binance.

Quote from: gentlemand on August 27, 2018, 06:19:57 PM

By this point I expected it to be a new paradigm in exchange professionalism. Circle should've drained all the shitcoins, upped customer service massively and reworked the site to perfection.

I mean they did add Dogecoin USDT pairs.. Roll Eyes

https://twitter.com/Poloniex/status/1035564251103023105, what else could you possibly want?

gentlemand

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Quote from: carlfebz2 on September 01, 2018, 01:19:09 PM

Wasn't aware on that amount paid by circle and with those number then theres no doubt they do really regret into that decision.They do blindly purchase it due to its recent place of Polo into past years which is on top
but drastically changed when they do took over.What a big loss for them and as you said it would really be hard to regain its position due to lots of options when it comes on selecting better exchangers which doesn't have that heavy centralized requirements.

I think many a 'big business' will have some hard lessons trying to buy their way into success in cryptoland.

It doesn't take long for places to permanently fall out of favour. Binance did not exist for the majority of Poloniex's life but now creams it in every way.

Circle do have the chance to pull it back but the window is small and what makes the whole thing very strange is they don't appear to be trying. I'll guess acquiring Poloniex had a less straightforward motive such as appeasing regulators.

http://www.coinfox.info/news/8983-poloniex-to-avoid-actions-from-sec-due-to-the-deal-with-circle

The only thing that makes sense is that they're pushing more resources towards a giant relaunch with facilities for institutional types.

carlfebz2

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Quote from: 1Referee on August 29, 2018, 03:20:22 PM

Quote from: carlfebz2 on August 29, 2018, 02:25:55 PM

I did expect some comeback or changes but the situations becomes more worst so I don't really have any hope for this to stand up once again.

Nothing will be able to help Poloniex to regain its position with how Asian exchanges not caring about who's registering take this industry over like a virus.

Seriously, why would anyone use Poloniex over something like Binance? You can easily trade 'fiat' pairs by simply buying Bitcoin or Ethereum locally and dump it for USDT on Binance to trade other coins. Poloniex currently occupies the 41th spot when it comes to exchange volumes, which is piss poor and not really inviting anyone to sign up there.

The main thing is that acquiring an exchange involves a lengthy legal procedure. It might very well be that Circle was interested in Poloniex during its prime days and contractually settled the deal at that point, which they now obviously heavily regret. They paid $400 million for an exchange that currently isn't even worth 10% of that. Undecided

Wasn't aware on that amount paid by circle and with those number then theres no doubt they do really regret into that decision.They do blindly purchase it due to its recent place of Polo into past years which is on top
but drastically changed when they do took over.What a big loss for them and as you said it would really be hard to regain its position due to lots of options when it comes on selecting better exchangers which doesn't have that heavy centralized requirements.

buwaytress

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Quote from: pooya87 on August 31, 2018, 11:51:19 PM

they recently sent me an Email asking me to come and verify my account since the site ownership has been changed and apparently now they are enforcing verification! this is an account i created about 4 years ago and i haven't been using it.

in any case to get your answer you can simply check the trading volumes. once Polo had the highest volume in the market but since they started having problems and then starting forcing people to verify their accounts, everyone left. their current volume may not even be 100% real.

Strange that some users got that email. I never received any, just the one email informing that Circle had acquired them (or was that even from them? I don't recall). What did happen was when I logged in, there was a notification that I'd been converted to Legacy and had to reverify again. I did, so I have a basic verified account now with the $25k daily limit.

Had some decent months with them on the way to the 2017 bull run, when volumes were crazy and lending rates were good. Haven't used them anymore since checking out my last satoshi. Good thing too, since loan demands started drying up anyway. Last check, you get more interest keeping it with a faucet site these days!

They should have far fewer customers than they did before, so their support should be back to normal but from a brief search, it would appear they're no better than they were before at responding to customer issues.

gentlemand

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Quote from: timerland on August 30, 2018, 04:29:04 PM

First, most people who used poloniex before they were acquired by Circle had terrible experiences when it came to their customer support.

The one time I had an issue when buying through Circle the support was a live and instant human who dealt with it instantly. I was well impressed. Which is why the ongoing shitness of Poloniex is surprising to me.

Surely they know how wretched customer experience is with most exchanges, even more so their own, yet nothing seems to have changed there.

pooya87

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they recently sent me an Email asking me to come and verify my account since the site ownership has been changed and apparently now they are enforcing verification! this is an account i created about 4 years ago and i haven't been using it.

in any case to get your answer you can simply check the trading volumes. once Polo had the highest volume in the market but since they started having problems and then starting forcing people to verify their accounts, everyone left. their current volume may not even be 100% real.

pinkflower

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Quote from: gentlemand on August 27, 2018, 06:19:57 PM

Nope. Thought I'm fully verified and it's not a legacy account I don't trust it.

By this point I expected it to be a new paradigm in exchange professionalism. Circle should've drained all the shitcoins, upped customer service massively and reworked the site to perfection.

From what I've read and heard it's just as mysterious and useless as it's ever been. The exact same problems before acquisition seem to happen over and over again.

How long has it been now? It must be six months. I expected more. Much, much, much more.

Thats why Binance has become the the users' choice for altcoin trades. They also dont ask the users that trades small to verify their documents which might compose most of their users.

countryfree

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I'm everyday on Poloniex and Bitfinex. Nothing has changed, except the bottom of the page which says they're in MA instead of DE.
I haven't used support for ages, everything is fine. Except when I think that BTC is about to go up, and it goes down (or vice-versa).

timerland

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Quote from: BlockchainWebHooks on August 27, 2018, 01:33:23 PM

I had a terrible experience with Poloniex before they were purchased by Circle. Anyone use the exchange recently, any feedback?

I don't think anyone still continue to use Poloniex after they were purchased by Circle. And that includes me as well.

The reason is twofold. First, most people who used poloniex before they were acquired by Circle had terrible experiences when it came to their customer support. This essentially meant that most old users stopped using them even though the buyout was there. ID verification became mandatory, which was another reason why old users stopped using them. But the second reason is that new users just had so much more to choose from, with Binance, Kucoin, all arriving at the scene.

I'm not aware of a lot of people who still rely on poloniex on their day to day trades, but based on their feedback, the progress they've made after Circle's acquisition in terms of responsiveness of support and general usability is quite disappointing. Can't say anything has improved by much.

socks435

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Poloniex has a great service before but after the price increase a lot last year they slowly become the worst exchanges.
I use Poloniex before when converting my bought altcoin from other exchange site and few mined coins but after my account compromised and all my balances gone I never trust them anymore.

So, let's move on to binance, it's way much better than staying on polo.

1Referee

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Quote from: carlfebz2 on August 29, 2018, 02:25:55 PM

I did expect some comeback or changes but the situations becomes more worst so I don't really have any hope for this to stand up once again.

Nothing will be able to help Poloniex to regain its position with how Asian exchanges not caring about who's registering take this industry over like a virus.

Seriously, why would anyone use Poloniex over something like Binance? You can easily trade 'fiat' pairs by simply buying Bitcoin or Ethereum locally and dump it for USDT on Binance to trade other coins. Poloniex currently occupies the 41th spot when it comes to exchange volumes, which is piss poor and not really inviting anyone to sign up there.

The main thing is that acquiring an exchange involves a lengthy legal procedure. It might very well be that Circle was interested in Poloniex during its prime days and contractually settled the deal at that point, which they now obviously heavily regret. They paid $400 million for an exchange that currently isn't even worth 10% of that. Undecided

carlfebz2

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Quote from: magneto on August 29, 2018, 01:58:17 AM

Quote from: BlockchainWebHooks on August 27, 2018, 01:33:23 PM

I had a terrible experience with Poloniex before they were purchased by Circle. Anyone use the exchange recently, any feedback?

I've similarly had terrible experiences with poloniex before, with all the awaiting approval withdrawals to laggy interfaces.

I haven't really used them ever since their legacy account system was completely wiped out and you now had to verify yourself before you can actually deposit, trade, and withdraw within the platform. There was simply no point, as the only advantage that they held over other exchanges at the time was convenience and anonymity, which is now gone.

I'd say that they haven't really improved by that much because of the fact that I've seen people still complain about the speed of their customer service (which has always been extremely bad), and constant issues. I would recommend you not to return to using them.

When the time comes that poloniex do really changed up on the way they do handle out their users (delay support system, shady account access, delay withdrawals etc.) They do nosedive when it comes to rankings which is normal for a good service to become the worst.I didn't use polo for a while and I heard out about circle which is the new owner.I did expect some comeback or changes but the situations becomes more worst so I don't really have any hope for this to stand up once again.

Topic: Anyone use Poloniex recently, after they were purchased by Circle? (Read 329 times)