Topic: Do you think guys Poloniex will be the next MT.Gox? (Read 1006 times)

This. Some users have gotten so used to the fast withdrawal times in the past, and now that Poloniex have become a lot stricter in their withdrawal process those people are now trying to create a scene that Poloniex is freezing their withdrawals indefinitely.

I dont know if its true but some say that verified accounts' withdrawals are processed faster. Can anyone confirm this?

I've heard of zero complaints about them from anyone that is reputable. The only real issues I've heard of are slow verification processes, but nothing shady.

I don't mean knowing who someone is, I mean there being people who can vouch for their integrity. Look at the person who started Tether. There was a shady past, no one is going to come forward and vouch for him. But if trusted ppl in the crypto community would vouch for the integrity of ppl at an exchange (which can only happen through being personally known), then it would go a long way to establishing legitimacy.

I'm not referring to the last couple years, all the complaints exploded over the last couple months. But it could be explained by increased volume. We have to see if there continues to be problems with withdrawals over the next few months.

1. The accumulated millions of sollars worth of cryptos as pretty much every other big bitcoin/altcoin exchange.
Just remember that in this business there is no guarantee, the biggests exchange can fall.
2. Another argument to not fully trust them, but even if the management and CEO is known there is no guarantee that exchange is legit.
I mean - everyone knows who Mark Karpeles is.
3. That does't not concerm net. Busiensses tend to avoid unnecessary burden of additional paperwork or regulations.
4. Maybe they eliminated trollbox just because it became a tube for hardcore trolls and nothing more?

I don't know about mtgox but i know poloniex is the trusted one of the exchange site if your account get hacked by other. you should recover it by contacting their support.

BitMaxz, are you saying your account was hacked? Did you try contacting Poloniex's customer support?

This looks like an isolated case because no one else is complaining that their accounts were hacked. The best thing for you to do is change your passwords, enable 2FA if you have a verified account. If you dont, its better to have that account deleted by Poloniex.

The only complaints I have seen about not being able to withdraw from Polo are usually issues with the coin (wallet/network/dev team), not with the exchange. I haven't had issues withdrawing BTC at all over the last couple years.

Yes the trollbox is gone, but that was to ramp up the support team, which customers had been asking for since ticket response times started suffering.

Ok, yes, it's good to use 2fa, but that doesn't answer the original, legitimate, question: will poloniex be the next mtgox? So far no one has given any reasons why or why not.

1. they must have billions of dollars worth of crypto in users' accounts. there is a financial incentive for them to abscond with some of it.
2. no one seems to know any of the management at poloniex. without having a reputation in the community, I find it hard to see how they can be trustworthy.
3. it is located in the US but they haven't registered with US govt/financial agencies like coinbase and others have.
4. they eliminated the trollbox. if something bad was going to happen, it makes sense to turn off communication beforehand.

I am not that familiar with mtgox: what were the warning signs before it collapsed? right now a lot of people are complaining about not being able to withdraw funds from poloniex, even waiting more than a month. I recall this being the case at mtgox as well, problems with withdrawal. anyone can make up a balance sheet showing lots of funds, but you can't know if it's there until you try to withdraw it. 

Exchanges have had to deal with quite some unsatisfied customers lately, and most often this was well justified, but in some cases you can't just blame an exchange for your own mistakes.

As OP already more or less confirmed that after enabling 2fa these random logins seem to have stopped. It directly shows how important it is. 2fa should be mandatory, and not optional.

The comparisons being made in this thread aren't apples and oranges, they are more like apples and Toyotas.

1. Poloniex uses Cloudflare for DDOS protection. You would not see the site using the same IP address over time.
2. The Mtgox problem has/had nothing to do with end user authentication. You definitely SHOULD set up 2FA anywhere and everywhere that is important to you. However, that will not prevent an attack against any exchange's back-end systems.

For whatever blockchain-based currency you are holding, if the keys reside anywhere other than offline storage, then there is a vulnerability. The severity depends on where those keys sit. If your currency is sitting in a virtual wallet on an exchange, then you either trust that exchange has a security posture that is worthy of a financial institution, or you don't. From a risk perspective, a virtual currency (VC) exchange should have higher security and more due diligence than a bank. With a bank, there is the possibility to roll back fraudulent transactions, and some amount of government protection (in the US). With VC, done is done.

Would I trust a few hundred dollars in an exchange such as Bittrex or Poloniex? Sure. A few thousand? Probably. Tens of thousands? No way. That is not an indictment of any particular exchange; it's just that there are risks that cannot be mitigated if someone else is holding the wallet keys.

For now some Issue at them are keep existing and I don't know why there staff doesn't solve those things yet but It's very best to report those error happening so that they can look up into that and fix those said errors, And I cannot tell for now that they will be the 2nd Mtgox since there markets are pretty much amazing and the only annoy's me is the security issue since I can trust those site who's have an past issue as similar as that.

Hard to tell, but I'm not willing to take the risk... I've withdrawn my funds from there a long time ago.

Well i just try to reset my password since i forgot my old password and let me try to add 2fa after a days looks like i am not receiving any email that someone are logging in in my poloniex account ..
It means they are still had this issue that any time the security like 2fa can be crack.
Well since they are secured via 2fa i just tried 2 days ago and until now didn't receive any email that someone use my account.. 
Let me see if i still experience or not this issue..

i don't think they are but they really, really should be communicating more with their customers. maybe put up some type of public ticket queue rundown. if they want to be market leaders then they owe it to their customers to be more transparent.

Polo having a good backup team and trying to resolve the issue
not an easy task when users increase x10 overnight

That's likely the case. I seriously don't understand why people don't find it necessary to activate the 2FA security option. On the other hand, I think it will be a good first step if exchanges will start to force people to make use of 2FA, because as long as that isn't the case, people will continue to expose themselves to the high level risks crypto users in general are facing. They are too lazy to go through an extra security step. It's not just a few bucks that we are talking about, people are trading with tens of thousands of dollars worth of coins. It's a real shame....

I am using the 2 factor authentication added security feature which is a must for our time. I am not seeing any problem and I am registered at Poloniex since a long time ago. I keep doing my trading normally without problems and I am not worried that Poloniex will be the next Mt.Gox. As far as I know they are still making about 4 million dollars in fees only during a day so they should be solid.

What isn't secure? If people are refusing to use 2fa and are using the same password elsewhere, Polo has zero control over that. User error should never be blamed on the site. If people would quit being lazy this wouldn't happen.