Poloniex caused the market to crash | Bitcointalksearch.org

Kemarit

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Quote from: Harry Callahan on May 15, 2017, 07:01:39 PM

Quote from: krisnt80 on May 15, 2017, 03:53:13 PM

Poloniex is attacked if not all days almost all days, soo i wouldnt be surprised is for sometime the website not avaible to trades, poloniex is a big exchange and with a huge volume daily, an ambicious target to take out as well to try to hack, but im pretty sure poloniex does have several measures to handle ddos attack as well a shield to protect against hackers.

They might have several measures to handle DDOS attacks but are they capable to handle the volume they are getting,that is the biggest question we have to ask,some the things i saw and the complaints i heard regarding the delay in withdrawals and the trade window getting stuck and in the mean time the price of the coin plummets is not the work of hackers,because if the site claims that the hackers did that then i would say that the site is compromised.I am staying away until everything is resolved and back to normal.

Well I don't think that the measures they have put in is enough to handle DDoS. I'm thinking the worst, they don't have any measures to handle it. that's why the moment they got attacked Poloniex crashes making bad speculation on them. I hope they have improved their security in handling such scenarios otherwise who ever is behind the DDoS will continue to harm their business that will make people moved to other trading platforms. Which make them lost revenues day by day.

Harry Callahan

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Quote from: krisnt80 on May 15, 2017, 03:53:13 PM

Poloniex is attacked if not all days almost all days, soo i wouldnt be surprised is for sometime the website not avaible to trades, poloniex is a big exchange and with a huge volume daily, an ambicious target to take out as well to try to hack, but im pretty sure poloniex does have several measures to handle ddos attack as well a shield to protect against hackers.

They might have several measures to handle DDOS attacks but are they capable to handle the volume they are getting,that is the biggest question we have to ask,some the things i saw and the complaints i heard regarding the delay in withdrawals and the trade window getting stuck and in the mean time the price of the coin plummets is not the work of hackers,because if the site claims that the hackers did that then i would say that the site is compromised.I am staying away until everything is resolved and back to normal.

krisnt80

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Poloniex is attacked if not all days almost all days, soo i wouldnt be surprised is for sometime the website not avaible to trades, poloniex is a big exchange and with a huge volume daily, an ambicious target to take out as well to try to hack, but im pretty sure poloniex does have several measures to handle ddos attack as well a shield to protect against hackers.

Arpetuos

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Too many DDoS, I did get into panic too.

Poloniex is probably very dangerous. However, it stays the service I prefer for cryptocurrency exchange.

Have a look at its twitter account.

death69

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They claimed that the website was being ddos but I dont believe in their word. They are trying to make the whole crypto system crashing and this can not be accepted. I dont like polo at all and now I am trying to withdraw my money

AdolfinWolf

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Quote from: gribble on May 13, 2017, 05:44:59 AM

Quote from: AdolfinWolf on May 13, 2017, 04:56:38 AM

Quote from: gribble on May 13, 2017, 02:00:28 AM

I don't think poloniex caused the market to crash because the issue on the website (DDOS, hacking and other problem)
always be found on the internet include on poloniex, i don't think there is related between the price with poloniex down
because there are not the coins disappear and right now poloniex is fine.

They did kind of crash the market, their site is the largest altcoin exchange available, if they go down, everyone will panick, and try to sell their positions, which is what happend here.

It's ofcourse bad that this kind of stuff still happens in 2017, but that doesn't mean that there is no money to be made.

As sad as it is, you could've picked up a lot of coins for a cheaper price at the time poloniex was lagging like crazy.

It is like blame the poloniex because the website was down, even the poloniex doesn't sell all of the coins
the traders are panic selling and make the price went down right now
we blamed poloniex even they never sell the coins of costumers and there are not the coins was disappear
from there, the market to crash because of the traders panic selling.

And why did the sold? Because of the software lacking their needs.

Poloniex was just not functioning normally and barely working. I could see why people panic sold.

Poloniex has an extremely powerful position right now. They can break any altcoin by de-listing it, and they can also crash the markets by shutting down their exchange. Maybe not in the long run, but they will surely have a big impact on the short term.

gribble

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Quote from: AdolfinWolf on May 13, 2017, 04:56:38 AM

Quote from: gribble on May 13, 2017, 02:00:28 AM

I don't think poloniex caused the market to crash because the issue on the website (DDOS, hacking and other problem)
always be found on the internet include on poloniex, i don't think there is related between the price with poloniex down
because there are not the coins disappear and right now poloniex is fine.

They did kind of crash the market, their site is the largest altcoin exchange available, if they go down, everyone will panick, and try to sell their positions, which is what happend here.

It's ofcourse bad that this kind of stuff still happens in 2017, but that doesn't mean that there is no money to be made.

As sad as it is, you could've picked up a lot of coins for a cheaper price at the time poloniex was lagging like crazy.

It is like blame the poloniex because the website was down, even the poloniex doesn't sell all of the coins
the traders are panic selling and make the price went down right now
we blamed poloniex even they never sell the coins of costumers and there are not the coins was disappear
from there, the market to crash because of the traders panic selling.

AdolfinWolf

legendary

Activity: 1946

Merit: 1427

Quote from: gribble on May 13, 2017, 02:00:28 AM

I don't think poloniex caused the market to crash because the issue on the website (DDOS, hacking and other problem)
always be found on the internet include on poloniex, i don't think there is related between the price with poloniex down
because there are not the coins disappear and right now poloniex is fine.

They did kind of crash the market, their site is the largest altcoin exchange available, if they go down, everyone will panick, and try to sell their positions, which is what happend here.

It's ofcourse bad that this kind of stuff still happens in 2017, but that doesn't mean that there is no money to be made.

As sad as it is, you could've picked up a lot of coins for a cheaper price at the time poloniex was lagging like crazy.

findingthemoon

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Quote from: barnes13 on May 12, 2017, 01:56:07 AM

Quote from: bitcub on May 12, 2017, 01:45:13 AM

I heard some rumors that Poloniex intentionally create some fake crash, to allow them to buy coins during its dump. Consider what happened to my friend, he saw a dump at 7k, a crashed happened. Then after few minutes, poloniex is back. The price becomes 8k.

Some people say that but I do not think Poloniex will risk a reputation for that kind of thing, and it needs to be proof to say that it's true, Poloniex will not do that because they already get huge profits from every transaction fee trading. I think Poloniex Just did not anticipate well the growth of the user on his website, and this is quite disappointing.

I agree, the amount of money they lose from customers going elsewhere though I have no stats to back it up is probably more than what they would earn by perpetuating these dumps. Additionally if any whistle blower or hacker came out with proof then they would all go to jail. Why go to jail for some hundreds of millions when they already make at current rates upwards of a billion a year?

senyorito123

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#SWGT PRE-SALE IS LIVE

Another fuds scattered? Well this one is sure one of black propaganda of greedy people who wants bitcoins price crash and poloniex is pretty fine last time i saw at them so in my though's markets for now is pretty fine since no interruption been happen on them. And those negative issue's is just a chismis and theirs no point to believe in that.

gribble

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I don't think poloniex caused the market to crash because the issue on the website (DDOS, hacking and other problem)
always be found on the internet include on poloniex, i don't think there is related between the price with poloniex down
because there are not the coins disappear and right now poloniex is fine.

audaciousbeing

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Quote from: jmigdlc99 on May 09, 2017, 11:15:29 AM

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.

So because they are having issues with maintenance means they are causing market to crash the smae way I tried accessing livecoin website I think yesterday then I got the notification that they are doing maintenance. Are they also causing price to crash, I doubt that. Its normal for site to face downtime and most times is for the greater good considering the fact that they are also losing money during the downtime.

clickerz

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Backed.Finance

I am expecting a Press Release from Poloniex whether from their twitter account or on their site. Recently, I think they are the frequent target of DDOS attack. I hope they can fix or having any mitigating plan if ever this problem arises. I always trade with Polo and I have my portfolio there, this post really caused a concern to us.

Strongkored

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The problem in Poloniex is that they did not update quickly, this has happened a couple of times but it seems they aren't fix fast so it crashes eventually, and this can make the user annoyed and maybe re-think to use Poloniex.

ubercool

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Quote from: barnes13 on May 12, 2017, 01:56:07 AM

Quote from: bitcub on May 12, 2017, 01:45:13 AM

I heard some rumors that Poloniex intentionally create some fake crash, to allow them to buy coins during its dump. Consider what happened to my friend, he saw a dump at 7k, a crashed happened. Then after few minutes, poloniex is back. The price becomes 8k.

Some people say that but I do not think Poloniex will risk a reputation for that kind of thing, and it needs to be proof to say that it's true, Poloniex will not do that because they already get huge profits from every transaction fee trading. I think Poloniex Just did not anticipate well the growth of the user on his website, and this is quite disappointing.

Its not ethical to do so but who knows they are doing it for the profit they can get through the dumps. Poloniex is a reputed site and trustworthy so I dont think they will risk it all for some bucks. May have happened because of the large traffic they got because of the dump.

barnes13

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Quote from: bitcub on May 12, 2017, 01:45:13 AM

I heard some rumors that Poloniex intentionally create some fake crash, to allow them to buy coins during its dump. Consider what happened to my friend, he saw a dump at 7k, a crashed happened. Then after few minutes, poloniex is back. The price becomes 8k.

Some people say that but I do not think Poloniex will risk a reputation for that kind of thing, and it needs to be proof to say that it's true, Poloniex will not do that because they already get huge profits from every transaction fee trading. I think Poloniex Just did not anticipate well the growth of the user on his website, and this is quite disappointing.

bitcub

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I heard some rumors that Poloniex intentionally create some fake crash, to allow them to buy coins during its dump. Consider what happened to my friend, he saw a dump at 7k, a crashed happened. Then after few minutes, poloniex is back. The price becomes 8k.

findingthemoon

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Quote from: joshy23 on May 11, 2017, 08:27:17 AM

Quote from: findingthemoon on May 11, 2017, 07:55:14 AM

This topic seems to be recurring cause Poloniex has recurring problems with their servers. I personally believe it is not malicious but it does give rise to speculation of manipulation each and every time.

Correct. This should have been fixed by now. Poloniex has a lot of customers and if this is a recurring issue with them, others might move to other trusted and more reliable trading platform. I also believed this is not purposely done, but you can removed speculation from people if they issue keeps coming back after they have resolved it already. They have profited enough that they have the funds to hire technical experts to help them diagnose and find a permanent solution to their problem.

Agreed, I think ultimately if they don't fix it they will lose a lot of customers to other exchanges and that will hurt their profits more than the possible gains they might have had from any market manipulation. I think like many exchanges before them they aren't just technically competent enough to scale up fast enough to keep up with the crypto world.

amacar2

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They can name those lags whatever they like to. They have monopoly on altcoin market because none of other trading platform have daily volume near to what polo have. Bitsquare is out there as decentralized trading platform but they are still struggling to get some userbase. We don't have choice right now, other than just waiting for polo to upgrade their server which they never do.

joshy23

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Quote from: findingthemoon on May 11, 2017, 07:55:14 AM

This topic seems to be recurring cause Poloniex has recurring problems with their servers. I personally believe it is not malicious but it does give rise to speculation of manipulation each and every time.

Correct. This should have been fixed by now. Poloniex has a lot of customers and if this is a recurring issue with them, others might move to other trusted and more reliable trading platform. I also believed this is not purposely done, but you can removed speculation from people if they issue keeps coming back after they have resolved it already. They have profited enough that they have the funds to hire technical experts to help them diagnose and find a permanent solution to their problem.

Topic: Poloniex caused the market to crash (Read 2539 times)