Is Poloniex Still Safe to Use in 2019?

countryfree

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Quote from: mirakal on August 11, 2019, 02:33:22 AM

There has been no complain about the site yet, I mean a valid complain or a scam accusation so this site is safe at all.

No complaint?

You don't know what you're talking about. Poloniex has stolen 1,800 BTC from its customers. It's not a scam accusation, it's a well documented fact. And I happen to be one of the victims, so I know what I'm talking about.

gentlemand

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Quote from: mirakal on August 11, 2019, 02:33:22 AM

There has been no complain about the site yet, I mean a valid complain or a scam accusation so this site is safe at all.

They have publicly helped themselves to the money of their customers because of a problem entirely of their own creation.

You don't regard that as a problem or valid complaint? Once upon a time you could've moaned about shit customer service perhaps. Now it's gone up a level into proper insult.

mirakal

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There has been no complain about the site yet, I mean a valid complain or a scam accusation so this site is safe at all.
However, it loses it's popularity already and we can tell that with its current volume now which is only $16 million and I really miss the site as it's part of my journey when I was still starting up in trading and investing, back then it was the most popular but now we already have Binance.

So, even if the site is good but there's a better option, I would prefer with the better one.

Smokey23

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Poloniex is as shady as ever, even after the Circle acquisition.

https://www.theblockcrypto.com/2019/06/06/poloniex-could-leave-itself-open-to-legal-threats-by-socializing-1800-btc-loss/

countryfree

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Quote from: malevolent on August 02, 2019, 06:47:10 AM

Quote from: gentlemand on July 30, 2019, 01:47:34 PM

What screwed Poloniex and Bittrex in the eyes of most was a messy transition to full compliance, though obviously there were other issues too along the way.

Binance has yet to transition to being full anal about KYC but the day is coming. They'd better be conscious of the potential to piss off vast swathes of customers and do their best to deal with it smoothly. Both of those joints offer a salutory lesson.

Yeah, KYC and also the unpredictable way it was handled made me very distrustful of these two exchanges which I used to like using. Binance is OK... for now, but in the coming years, if not months from now FATFA might be enough of a reason to push them into introducing mandatory KYC for every user. I wonder what percentage of their users have verified accounts now that it's the only way to participate in IEOs.

Yes, things are getting worse and worse. Poloniex was one of the last trading places I use to trust, but I can't recommend a single one, now.

malevolent

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Quote from: gentlemand on July 30, 2019, 01:47:34 PM

What screwed Poloniex and Bittrex in the eyes of most was a messy transition to full compliance, though obviously there were other issues too along the way.

Binance has yet to transition to being full anal about KYC but the day is coming. They'd better be conscious of the potential to piss off vast swathes of customers and do their best to deal with it smoothly. Both of those joints offer a salutory lesson.

Yeah, KYC and also the unpredictable way it was handled made me very distrustful of these two exchanges which I used to like using. Binance is OK... for now, but in the coming years, if not months from now FATFA might be enough of a reason to push them into introducing mandatory KYC for every user. I wonder what percentage of their users have verified accounts now that it's the only way to participate in IEOs.

countryfree

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Quote from: ethereumhunter on July 31, 2019, 07:33:33 AM

...you can move into another exchange which could make you feel safe.

Make you feel safe, please read the topic before writing BS. Poloniex has stolen 1,800 BTC from its customers, and I'm one of them. You're a mad man if you feel safe using Poloniex. And it will be even worse now that they've moved to Bermuda, where all litigation is impossible.

ethereumhunter

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I still trade on poloniex and so far, I don't have any problem with them. I already verified my account in the 2 years ago, and since then, I don't have any worry to trade with them. I know that poloniex has a lack of time to reply to their member problem, but I am sure that they will answer one by one of their member and help them to solve their problem. But if you are worried about them, you can move into another exchange which could make you feel safe.

milewilda

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Quote from: gentlemand on July 30, 2019, 01:47:34 PM

Quote from: milewilda on July 30, 2019, 11:42:43 AM

One question, would binance would go into the same path?

What screwed Poloniex and Bittrex in the eyes of most was a messy transition to full compliance, though obviously there were other issues too along the way.

Binance has yet to transition to being full anal about KYC but the day is coming. They'd better be conscious of the potential to piss off vast swathes of customers and do their best to deal with it smoothly. Both of those joints offer a salutory lesson.

They should really be prepared because Binance wont stay to be like that forever yet as the day goes there would always be a tendency yet we know that government wont really stop if they cant do something.

countryfree

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Quote from: buwaytress on July 30, 2019, 01:56:56 PM

I realised by then I was really just gambling with leaving all my funds there to earn interest from loans.

Yes, you were. And I'm afraid it will only get worse, otherwise, why would they have moved from the US to Bermuda?

buwaytress

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Was a Polo user myself especially in the hey days of their margin loan facilities. Demand for BTC got so crazy in 2017 I made double digit profits from interest alone in a few months mid that year, but I was less aware then that their support was really bad (should I say, non-existent). I myself had one unanswered for over a year but it was merely about verification so I didn't care, eventually left the platform and in good time, I realised by then I was really just gambling with leaving all my funds there to earn interest from loans.

So is it still safe? Only as safe as it ever was. Probably safer, actually, if you think all their risky margin offerings aren't so active now.

gentlemand

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Quote from: milewilda on July 30, 2019, 11:42:43 AM

One question, would binance would go into the same path?

What screwed Poloniex and Bittrex in the eyes of most was a messy transition to full compliance, though obviously there were other issues too along the way.

Binance has yet to transition to being full anal about KYC but the day is coming. They'd better be conscious of the potential to piss off vast swathes of customers and do their best to deal with it smoothly. Both of those joints offer a salutory lesson.

milewilda

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Quote from: countryfree on July 30, 2019, 09:47:35 AM

Quote from: squatter on July 29, 2019, 01:58:18 PM

They've destroyed their brand before they can even start on-boarding these "yet to arrive" customers. They already had a glitchy site with bad liquidity to start with. Now they're stealing from their lenders and moving offshore to Bermuda?

They're just becoming a smaller and less trusted version of Bitfinex that steals from its customers. They have no future now.

Those are the right words: "They've destroyed their brand".

In 2017, Poloniex was the best exchange by far, and now it could be the worst. It's a good example of poor management, and just carelessness.

Remembering the Poloniex and Bittrex glory days back on the years and then they suddenly becomes shit.One question, would binance would go into the same path?

For the question on using up poloniex once again,its better to skip this up and stick to the current top ones.

countryfree

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Quote from: squatter on July 29, 2019, 01:58:18 PM

They've destroyed their brand before they can even start on-boarding these "yet to arrive" customers. They already had a glitchy site with bad liquidity to start with. Now they're stealing from their lenders and moving offshore to Bermuda?

They're just becoming a smaller and less trusted version of Bitfinex that steals from its customers. They have no future now.

Those are the right words: "They've destroyed their brand".

In 2017, Poloniex was the best exchange by far, and now it could be the worst. It's a good example of poor management, and just carelessness.

squatter

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Quote from: gentlemand on July 29, 2019, 05:43:36 AM

Quote from: squatter on July 25, 2019, 06:17:55 PM

That's the thing -- wasn't the purpose of buying them to leverage the brand? Letting the brand go to shit seems like a good way to shoot themselves in the foot. Placeholding made sense over a year ago but my guess is they've run into unexpected regulatory snags that have piled on the delays. I can't imagine things are going as Circle planned.

If you were planning on tokenising the world then your current customers are an irrelevance and that kind of seems how they're being treated. They'll be looking towards all the people yet to arrive, but unless they keep it ticking along relatively contentedly until then it won't occur to any newcomers to try it.

That's why they look so stupid. They've destroyed their brand before they can even start on-boarding these "yet to arrive" customers. They already had a glitchy site with bad liquidity to start with. Now they're stealing from their lenders and moving offshore to Bermuda?

They're just becoming a smaller and less trusted version of Bitfinex that steals from its customers. They have no future now.

BitSat19

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Surely now they are not safe as many lost money I am also with some good amount I submit 1 ticket but they never reply in last 5 months so now I am also leaving and never recommend any one to join this as now they are facing some serious troubles and stealing amount from loyal customers for covering this lost.

gentlemand

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Quote from: squatter on July 25, 2019, 06:17:55 PM

That's the thing -- wasn't the purpose of buying them to leverage the brand? Letting the brand go to shit seems like a good way to shoot themselves in the foot. Placeholding made sense over a year ago but my guess is they've run into unexpected regulatory snags that have piled on the delays. I can't imagine things are going as Circle planned.

If you were planning on tokenising the world then your current customers are an irrelevance and that kind of seems how they're being treated. They'll be looking towards all the people yet to arrive, but unless they keep it ticking along relatively contentedly until then it won't occur to any newcomers to try it.

Perhaps they intend to send big hitters to it, but big hitters are just as unlikely to want to be tasked with reviving somewhere when all the action is taking place elsewhere.

I've never been able to figure out Circle's strategies. Not sure they can either.

countryfree

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Quote from: The Sceptical Chymist on July 25, 2019, 06:30:23 PM

Basically you just have to choose the one that's the least evil, I suppose.

Great idea! I think we could all follow this advice. So let's compare:

Bitfinex had a huge problem with Tether, but it launched an ICO to cover it, no user funds were affected.
Binance got hacked, 7,000 BTC were stolen, but no user funds were affected.

Poloniex made the mistake of allowing huge margin trading on a sh*tcoin that even a 10-years old would have guessed it was doomed. Poloniex stole money from its customers to cover its loss.

yefi

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Quote from: The Sceptical Chymist on July 25, 2019, 06:30:23 PM

Basically you just have to choose the one that's the least evil, I suppose.

Polo went from hero to zero not because they were evil but because they were incompetent. Choose your poison I guess?

The Sceptical Chymist

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Quote from: Decimation on July 24, 2019, 11:58:13 AM

I'd say that Binance (besides the whole 7k BTC thing) is the least painful to use right now.

I agree with you there, except I can't even use them anymore since I'm a US resident. Can't wait until they resume their support for US customers, though I've no idea when that'll be.

I've used Poloniex recently and have had no problems. I think they're legit despite the scam accusations I read about them. There doesn't seem to be an exchange in existence that doesn't have massive amounts of complaints against them--even Coinbase, which has the prying eyes of the US government all over them (and I think Poloniex does as well). Basically you just have to choose the one that's the least evil, I suppose.

Poloniex just implemented bank account linking, which I figured would be a very convenient way to deposit fiat to trade for bitcoin, but to my chagrin that wasn't the case. You can only wire money to them, which costs money. Not sure why they can't set up ACH deposits like Coinbase has, but whatever. That's the only real problem I have with Polo right now.

Topic: Is Poloniex Still Safe to Use in 2019? (Read 433 times)