Poloniex - ETC desposits and confirmation time

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Quote from: countryfree on December 11, 2020, 07:09:30 AM

There are other exchanges, forget Poloniex.

Yeah, I reckon there are far much better exchanges than poloniex

Quote from: XZERO1 on December 11, 2020, 07:44:24 AM

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Even if it's just ETC only, it doesn't warrant them to give that much amount of confirmations for the amount to be credited to one's account. It doesn't make any sense at all for a trader to wait for that long.

XZERO1

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Is it only for ETC coin or some other ones need around that many confirmations as well?, because that really is not normal.

If it's just for ETC I kind of get it, since this coin experienced a 51% attack just months ago and maybe the exchange is trying to take some precautions, but of it's the same situation for some other coins too I really wouldn't use any exchange that needs that many confirmation to credit your trading account.

Who knows what will happen to market until they confirm that transaction, you could be in 20-30% loss easily till they add the funds into your account.

Also it's better to stay far away from shitcoins like ETC, if you are merely using it for its lower transactions fees you have many other faster/cheaper options like Stellar, Nano and Litecoin.

countryfree

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Your country may be your worst enemy

You can't be safe when you use Poloniex, this exchange doesn't hesitate to steal coins from its customers when something goes wrong. More than 1,000 BTC were stolen.

There are other exchanges, forget Poloniex.

passwordnow

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Quote from: Boriss on December 07, 2020, 12:59:11 AM

Quote from: logfiles on December 06, 2020, 12:32:02 PM

Quote from: passwordnow on December 06, 2020, 10:34:54 AM

I don't think that they'll love to see their coin being delisted to any exchange and getting the refund. That's all that they've got. I don't know much about how long those confirmations will take place for ETC. But they wouldn't set a lot of confirmations if it will bring trouble to their exchange.
It's for the sake of the safety of the deposit.

Ethereum Classic's average block confirmations time is approximately 15 seconds. Binance's required 500 confirmations which is about 2 hours is more than okay. I don't understand why an exchange would set to 595,000 confirmations. That's over 100 days of waiting for the deposit to appear in one's account Grin

Exactly, why even have coin listed there if you need to wait for 3 months after you make transaction, that's just absurd in every way, if they think that coin network is compromised they should just block deposits and wallet competently or just delisted coin from their system.

In a less time you can have package delivered from China with boat over the ocean then to have ETC available on Polo.

Then that's seriously like a hidden message that instead of transferring it to them, send it to other exchange.
You're right that instead of putting with that much of confirmations, they have to simply block deposits from ETC or just simply give an announcement that they're discouraging people to deposit the coin to them.

Boriss

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Quote from: logfiles on December 06, 2020, 12:32:02 PM

Quote from: passwordnow on December 06, 2020, 10:34:54 AM

I don't think that they'll love to see their coin being delisted to any exchange and getting the refund. That's all that they've got. I don't know much about how long those confirmations will take place for ETC. But they wouldn't set a lot of confirmations if it will bring trouble to their exchange.
It's for the sake of the safety of the deposit.

Ethereum Classic's average block confirmations time is approximately 15 seconds. Binance's required 500 confirmations which is about 2 hours is more than okay. I don't understand why an exchange would set to 595,000 confirmations. That's over 100 days of waiting for the deposit to appear in one's account Grin

Exactly, why even have coin listed there if you need to wait for 3 months after you make transaction, that's just absurd in every way, if they think that coin network is compromised they should just block deposits and wallet competently or just delisted coin from their system.

In a less time you can have package delivered from China with boat over the ocean then to have ETC available on Polo.

logfiles

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Quote from: passwordnow on December 06, 2020, 10:34:54 AM

I don't think that they'll love to see their coin being delisted to any exchange and getting the refund. That's all that they've got. I don't know much about how long those confirmations will take place for ETC. But they wouldn't set a lot of confirmations if it will bring trouble to their exchange.
It's for the sake of the safety of the deposit.

Ethereum Classic's average block confirmations time is approximately 15 seconds. Binance's required 500 confirmations which is about 2 hours is more than okay. I don't understand why an exchange would set to 595,000 confirmations. That's over 100 days of waiting for the deposit to appear in one's account Grin

passwordnow

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Quote from: Boriss on December 05, 2020, 06:20:55 AM

Quote from: passwordnow on December 05, 2020, 04:57:30 AM

Quote from: Boriss on December 05, 2020, 02:13:46 AM

And that seems big enough, but 595 000 confirmations on Poloniex just seems ridiculous

That's the protocol that Polo has made after the attacks that were made for ETC's network. It may seem to be high but that's them and that's what they think the most secured amount of confirmations to be deposited into their network. It's not their problem that they've increased the number of confirmations but it's ETCs network and vulnerability.

Who would make deposit for their ETC on that exchange if they need to wait for 2.5-2.8 months to be able to trade?

If ETC team paid for listing there they should really need to get refund Grin

I don't think that they'll love to see their coin being delisted to any exchange and getting the refund. That's all that they've got. I don't know much about how long those confirmations will take place for ETC. But they wouldn't set a lot of confirmations if it will bring trouble to their exchange.
It's for the sake of the safety of the deposit.

hugeblack

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Be wary of shit cryptos that require a lot of confirmations to ensure that you own 100% of them because many of them are considered rubbish.
A scammer has succeeded in using a site and purchasing enough hash rate to effectively carry out a 51% attack and withdraw money, which means that you cannot trust such currencies and you may lose all of your capital.

You may achieve temporary gains, but keeping those currencies does not make any sense, why not trade them within central platforms and withdraw using others cryptos.

Boriss

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Quote from: passwordnow on December 05, 2020, 04:57:30 AM

Quote from: Boriss on December 05, 2020, 02:13:46 AM

And that seems big enough, but 595 000 confirmations on Poloniex just seems ridiculous

That's the protocol that Polo has made after the attacks that were made for ETC's network. It may seem to be high but that's them and that's what they think the most secured amount of confirmations to be deposited into their network. It's not their problem that they've increased the number of confirmations but it's ETCs network and vulnerability.

Who would make deposit for their ETC on that exchange if they need to wait for 2.5-2.8 months to be able to trade?

If ETC team paid for listing there they should really need to get refund Grin

passwordnow

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Quote from: Boriss on December 05, 2020, 02:13:46 AM

And that seems big enough, but 595 000 confirmations on Poloniex just seems ridiculous

That's the protocol that Polo has made after the attacks that were made for ETC's network. It may seem to be high but that's them and that's what they think the most secured amount of confirmations to be deposited into their network. It's not their problem that they've increased the number of confirmations but it's ETCs network and vulnerability.

Boriss

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Quote from: OmegaStarScream on December 04, 2020, 12:04:29 PM

AFAIK, a lot of exchanges increased the confirmation times a couple of months back due to the 51% attack. Maybe they just never fixed it? Because looking at the trading volume on CMC, it appears that this has been going for a while now.

You are probably right...

This is from Coinbase:

How many confirmations does Coinbase require for ETC transactions?
91,000 confirmations.

And that seems big enough, but 595 000 confirmations on Poloniex just seems ridiculous

logfiles

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I doubt if it's mistake though the number of confirmation required for deposit for withdrawal is higher than other popular exchanges

Huobi Global requires 250 confirmations for the deposit to appear in your account and after 8000 confirmations to be able to withdraw it
Binance requires 500 confirmations for the deposit to appear in your account and after 1000 confirmations to be able to withdraw it

The high number of required confirmations is definitely due to the 51% attack vulnerability that ETC has repeatedly suffered. Just avoid the shitcoin in general.

OmegaStarScream

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AFAIK, a lot of exchanges increased the confirmation times a couple of months back due to the 51% attack. Maybe they just never fixed it? Because looking at the trading volume on CMC, it appears that this has been going for a while now.

Boriss

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So I just take a peek at their ETC deposits rule and the message is as follows:

ETC deposits are available after 595000 network confirmations. Shocked

Is that some kind of error or would customers really need to wait for few months before they can use their ETC they send to that exchange?

Topic: Poloniex - ETC desposits and confirmation time (Read 239 times)