Poloniex caused the market to crash | Bitcointalksearch.org

Kemarit

legendary

Activity: 3080

Merit: 1353

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

sr. member

Activity: 350

Merit: 250

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

hero member

Activity: 729

Merit: 500

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

full member

Activity: 212

Merit: 110

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

hero member

Activity: 1204

Merit: 545

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

legendary

Activity: 1946

Merit: 1427

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

hero member

Activity: 966

Merit: 552

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

full member

Activity: 252

Merit: 123

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

hero member

Activity: 1764

Merit: 505

#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

hero member

Activity: 966

Merit: 552

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

hero member

Activity: 1330

Merit: 569

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

hero member

Activity: 1414

Merit: 505

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

legendary

Activity: 2814

Merit: 1112

Leading Crypto Sports Betting & Casino Platform

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

hero member

Activity: 1078

Merit: 504

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

hero member

Activity: 1274

Merit: 521

7enius - Your Cryptocurrency Marketing Consultant

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

sr. member

Activity: 952

Merit: 250

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

full member

Activity: 252

Merit: 123

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

legendary

Activity: 1120

Merit: 1008

CryptoTalk.Org - Get Paid for every Post!

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

sr. member

Activity: 1078

Merit: 256

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.

TraderBaby

newbie

Activity: 18

Merit: 0

I cant believe exchanges are still trying to play games like this. Surely it would be best to focus on the long term future of the company rather than trying for quick bucks.

findingthemoon

full member

Activity: 252

Merit: 123

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.

capoeira

legendary

Activity: 2404

Merit: 1003

Is this topic from the future? Roll Eyes

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

I agree with you . Because an important factor of an exchange is the number of users of their services.
The more traders do the activity the greater the website exchange. All website exchange perform various ways to attract new users.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: HTracer on May 10, 2017, 11:34:15 AM

I'd like Poloniex to provide more official news releases and info about what they are doing with these issues. So far their tweets are skimpy.

as long as people keep going back to their exchange and give them money with their trades and buy into their pumps they don't give a damn about what their users want or in general about user experience. because all things said and done, people will go back again and complain again and then go back again!

HTracer

full member

Activity: 152

Merit: 100

I'd like Poloniex to provide more official news releases and info about what they are doing with these issues. So far their tweets are skimpy.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: taxmanmt5 on May 10, 2017, 05:51:33 AM

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.

The trading at poloniex is very fast as it is the biggest exchange of altcoins. and even a minute of Server lag can cause someone many dollars lost. and in an hour lag, one can be bankrupt. Poloniex needs to upgrade their servers.

As someone has said maybe they have additional traders registering that causes some lag on the servers. But I agree with you that they should upgrade or get new servers to cope up with the number of traders using their platform. Maybe they haven't anticipated this kind of traders or trading volumes in their exchanges. But this is a good thing for them because many users have been using their trading platform. But I don't think that Poloniex is causing the market to crashed, they just experience some technical issue. That all. I don't worry unless they got hacked and my funds all gone.

Zimtente

member

Activity: 116

Merit: 10

Quack.

i see the age of decentralized markets comming x)

omonuyak

sr. member

Activity: 882

Merit: 269

Quote from: biggzi on May 09, 2017, 08:06:48 PM

Yep seems to have caused a lot of red action!

Except for one coin which has seen new all term highs!....

I think what is happening may be technical issues and not an attempt to create market crash. I see that the issue have been resolved and you can now trade fine in poloniex sites.

taxmanmt5

legendary

Activity: 1190

Merit: 1024

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.

The trading at poloniex is very fast as it is the biggest exchange of altcoins. and even a minute of Server lag can cause someone many dollars lost. and in an hour lag, one can be bankrupt. Poloniex needs to upgrade their servers.

layoutph

sr. member

Activity: 1372

Merit: 255

Poloniex didnt expect to have an instant 80K additional users in the past few weeks. Their site needs more server to handle the traffic. But personally I am using multiple exchange sites, I do not trade only on one site.. So whatever happened, either one site is hacked and my bitcoin is goine. I will still have bitcoin from other exchange.

freebutcaged

hero member

Activity: 588

Merit: 541

It's because they can't keep up with the coordinated market manipulations going on in the past weeks or so, this should be an indicator for people to stop giving power to an exchange.

Places like c-cex and cryptopia, kraken etc, should be more explored IMO to avoid these kind of crashes, but for Bitcoin every thing is doing very well and we have reached $1700+ already.

So for me I really don't care about alts that much.

hase0278

hero member

Activity: 882

Merit: 544

Quote from: ASHLIUSZ on May 09, 2017, 09:02:47 PM

Poloniex has a big capital volume of the bitcoin into trading. The server down is just a technical issue which is just because of the increased number of buy and sell orders that are happening due to the ongoing steeper price fluctuations. This might have caused the crash to some extent but not that big.

Maybe but it is not a thing to worry about I think since even if their server is down they will be back again soon so I will just be patient about it. I't is not that big of a crash though in some altcoins but on some it is big but I think it is not caused by poloniex but the traders there does it just to make profit or they just want to buy cheaper so they dump their coins with a positive profit.

ASHLIUSZ

hero member

Activity: 994

Merit: 502

Poloniex has a big capital volume of the bitcoin into trading. The server down is just a technical issue which is just because of the increased number of buy and sell orders that are happening due to the ongoing steeper price fluctuations. This might have caused the crash to some extent but not that big.

biggzi

hero member

Activity: 543

Merit: 502

Yep seems to have caused a lot of red action!

Except for one coin which has seen new all term highs!....

shinratensei_

legendary

Activity: 3234

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: Fredomago on May 09, 2017, 02:45:11 PM

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.

its hurting alt traders since the lag or interruption causing the price went down and afterwards those who bought with much higher price
needed to wait for the value to bounce back, i used to remember when xrp value went up to 7k might be almost a month ago then polo
start to have some interruption after it went back to normal xrp fall down to 3k+ sat almost a half of the price.

The lag made a lot of traders get panic selling. But At the DDOS moment and stellar gets dumped on polo. It from over 4k satoshi to 1,7k satoshi.
Over a half just in some minutes.

But this not the first time for polo, many times server gets lag and there will be an automatic dump in there. That's strange for me.

We are knowing if polo is a major exchange which ahs contained over $500 million dollars. This will attract a lot of the attacker.

Fredomago

legendary

Activity: 2996

Merit: 1054

Leading Crypto Sports Betting & Casino Platform

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.

its hurting alt traders since the lag or interruption causing the price went down and afterwards those who bought with much higher price
needed to wait for the value to bounce back, i used to remember when xrp value went up to 7k might be almost a month ago then polo
start to have some interruption after it went back to normal xrp fall down to 3k+ sat almost a half of the price.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

Quote from: Joel_Jantsen on May 09, 2017, 02:31:19 PM

You're not the only person that is giving the "lag" reason,many complaining on the chats as well.

Yes, https://www.cryptocoinsnews.com/jilted-trader-organizing-class-action-suit-poloniex
But, by considering the reputations maintained by poloniex so far, I am sure this incident might be something beyond their control. This is honestly an unfortunate situation for all of as well for poloniex.

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

Pretty sad considering the daily profit they make from fees.

But there were history like market giants were got hacked for millions dollar worth of bitcoins as security breaches are highly unpredictable as hacker are always ahead in the race of inventing and utilizing the new technologies.

arpon11

sr. member

Activity: 882

Merit: 282

I was thinking my Internet connection has problems but it was not. Hope there solve the problem before things get out of hand as many focus were currently on the pump in the crytocurrency price and any negative activities from exchangers will be terms as intentionally.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: forthewin on May 09, 2017, 02:27:21 PM

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.

How did it cause the market to crash? The price on poloniex is $1792 which is an all time high.

There was a very slight dip recently of ~$20. I wouldn't call it a "crash" at all, just regular price fluctuations. I really don't think that Poloniex is affecting the price yet - the situation isn't dire enough yet. In a couple of weeks it might be a different story.

Joel_Jantsen

legendary

Activity: 1946

Merit: 1311

Get your game girl

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.

I'm having second thoughts now.Bought a few XRP couple of days back when the price was peeking.Now,somehow I'm guessing it's all planned.You're not the only person that is giving the "lag" reason,many complaining on the chats as well.

forthewin

newbie

Activity: 23

Merit: 0

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.

How did it cause the market to crash? The price on poloniex is $1792 which is an all time high.

electronicash

legendary

Activity: 3178

Merit: 1054

even if its true that they did have some issues, its still a poor services from them consider they are earnings almost a million a day on their exchange. whether its their server's fault, its still their fault. have no idea what their servers are but sure there are better ones.

this issue might just be exaggerated by competitors and somehow working Grin

BrewMaster

legendary

Activity: 2114

Merit: 1293

There is trouble abrewing

haha, it is actually the other way around my beginner friend

whenever market is crashing, poloniex goes down. a positive way of thinking is saying they go down because of the massive amount of traffic their website gets, a lot of people are trying to sell their coins to survive the crash with smaller loss. not to mention all the bots and all the stop losses that are kicking in when price is falling! and their servers are not strong enough to handle all of this. so they go down or at best become super slow.

a negative way of thinking is that they are shutting many out to prevent them from dumping their coins. for example their ETH tokens so they can prevent or at best slow down the process of catastrophic market crash.

Danicole

newbie

Activity: 21

Merit: 0

Hi all,

I personally that those periods when poloniex goes slow are bad. But somehow it's allways during midnight my local time which result in coins going down, just check the graphs, be smart to expect this, and make the weak thing of the platform a positve part of your trading.

goinmerry

legendary

Activity: 2940

Merit: 1083

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.

I don't consider it as a crashed. I see it has some advantaged. People take profits while at the same time having a chance now to buy another round of coins. Correction price is still not achieved as those who were recently pumped still experiencing a large volume upwards. The cycle will just continue so go with the flow.

What's new when there is a big pump, it will always accompanied by big dump so that is expected. Yes kinda worried if you have some big funds stored at Poloniex and with just a minor problem people will panic but we have nothing to do with it.

Mia Wallace

full member

Activity: 361

Merit: 100

This might be actually true as they are having issues for the past few days and trades were halted for a while ,what i really thought was my internet connection died,but then other sites were working and then after a while i found that the trend is going negative,because people might fear that the biggest alt coin market goes down and that might have triggered the correction.

jmigdlc99

sr. member

Activity: 784

Merit: 282

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.

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