Poloniex = Scam exchange beware. - page 19.

memequiserle

hero member

Activity: 616

Merit: 501

Chainjoes.com

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes, at the moment the exchange is pumping DASH which is a ponzi scheme, they create these big pumps, attract investors who short them, them keep them stuck for weeks. If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

the first youre reason i think youre lost in trading
all exchanger all coin dump and pump common thing, not is big problem, only dump and pump you write ponzi scheme
DASH not ponzi coin, DASH is good coin, good user community, good volume transaction and old coin

asc_one

newbie

Activity: 22

Merit: 0

I believe I witnessed a SCAM on POLONIEX today. I am a ETH/PASC miner. And my PASC is auto deposited to POLONIEX. All days my deposits have been shown up. Each day 40 PASC approx.

Now TODAY PASC goes up about 80 freaking %. And guess what, my mined PASC are not showing up in my Deposits. PASC is about 0.8% Volume of POLONIEX. I message them and they say maintenance or something. Later all PASC deposits and withdrawals are stopped. PASC price goes down to only +30% from +80%....

Ofcourse in a couple of days when PASC will be waaaay down in price, they will buy those coins back and give them back. But still how can you trade with other peoples money that boldly, and how can people not see this, is beyond me !If I was a US citizen I would have called the FBI a long time ago. They will go the way of MtGox when they'll think it's worth it. Todays PASC Volume was at 1,400,000 US$ at Poloniex. Now think of how much money they made...

They traded with my mined Coins. And I thought you should know too. They do it similarly like MtGox that got ""HACKED"",but on a smaller scale with smaller coins.

Be carefull people. And do not concentrate on POLONIEX ! Especially on days when a big crash happens like today. You might lose everything the next time.

poochpocket

sr. member

Activity: 458

Merit: 265

Quote from: dolores13 on March 17, 2017, 09:01:21 AM

Every exchange is scam by oneway or another , they allow you to deposit unlimited Bitcoin (for non-verified account with ID)
and when its come to withdrawal they limited it to 2btc per day and giving lame excuse of KYC rules.
KYC policy should be applied on both deposit and withdrawal.

There's no way to prevent someone from depositing once they have a deposit address.

tokenmarket

sr. member

Activity: 492

Merit: 291

TokenMarket.net

Sounds like a bit exaggerated.
Honestly, why do you think exchanges run 24 hours? all of them have bots.

allthebitandbobs

sr. member

Activity: 1162

Merit: 252

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes, at the moment the exchange is pumping DASH which is a ponzi scheme, they create these big pumps, attract investors who short them, them keep them stuck for weeks. If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

It pretty easy not to get scammed once u know hwat to look out for .Only invest in coins u believe in and only buy at the bottom of the roller roster .Coins are dump and dumped by whales but good coins generally go up in value long term .Just do not get sucked into the hype and be a a bag holder

andyatcrux

legendary

Activity: 938

Merit: 1000

Quote from: irukandji on March 17, 2017, 07:35:57 PM

Quote from: andyatcrux on March 17, 2017, 04:04:52 PM

Yes, exactly. This thread is just speculation. Poloniex is based in the U.S. and needs to pay the IRS taxes. The money that they owe from their .25% trading fee would make creating "fake volume" very costly for them, so really the entire notion doesn't make sense. They could be actively trading I guess, but that is a different thing.

Source: http://coinmarketcap.com/exchanges/volume/24-hour/

Nearly 300 million in daily trade volume, their high rollers pay less in fees but Bots are market takers so a conservative estimate would be them getting .14% average of fees. That would be $420,000 a day in earnings. Now if most of that was "fake," they would be on the hook for a shit ton of tax dollars at the end of the year. A tax bill on earnings of 154 million dollars, no matter how many right offs, would be prohibitive if they were not actually earning that money.

I was somehow under the impression that large market makers or players pay no fees at Poloniex at all.
Does anyone know

Bots are executing sells and buys (mostly) so makers fees apply. I am of course just picking the middle-ish number here. Even if their mean average was .10 it would still be relevant.

poloniex.com/feeTier/

Quote from: irukandji on March 17, 2017, 07:33:27 PM

Three years ago, Poloniex had some Bitcoin stolen. I lost some Bitcoin.
Busoni, the owner of Poloniex, paid it all back.

Same here. While idiot exchanges ran off with 50 BTC when hacked. Talk about not seeing the forest for the trees. Poloniex was smart and Busoni had integrity. Not sure how involved he is with the day to day anymore. He must be so rich now that I doubt he is heavily involved anymore. Anyhow, they still get the benefit of a doubt in my book.

irukandji

sr. member

Activity: 631

Merit: 258

Quote from: andyatcrux on March 17, 2017, 04:04:52 PM

Yes, exactly. This thread is just speculation. Poloniex is based in the U.S. and needs to pay the IRS taxes. The money that they owe from their .25% trading fee would make creating "fake volume" very costly for them, so really the entire notion doesn't make sense. They could be actively trading I guess, but that is a different thing.

Source: http://coinmarketcap.com/exchanges/volume/24-hour/

Nearly 300 million in daily trade volume, their high rollers pay less in fees but Bots are market takers so a conservative estimate would be them getting .14% average of fees. That would be $420,000 a day in earnings. Now if most of that was "fake," they would be on the hook for a shit ton of tax dollars at the end of the year. A tax bill on earnings of 154 million dollars, no matter how many right offs, would be prohibitive if they were not actually earning that money.

I was somehow under the impression that large market makers or players pay no fees at Poloniex at all.
Does anyone know

irukandji

sr. member

Activity: 631

Merit: 258

Three years ago, Poloniex had some Bitcoin stolen. I lost some Bitcoin.
Busoni, the owner of Poloniex, paid it all back.

andyatcrux

legendary

Activity: 938

Merit: 1000

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes, at the moment the exchange is pumping DASH which is a ponzi scheme, they create these big pumps, attract investors who short them, them keep them stuck for weeks. If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

Quote from: eternalgloom on March 17, 2017, 01:49:22 PM

How would you even know for sure that Poloniex itself is using bots to 'pump and dump' coins?
Couldn't anyone use a bot to do this? It doesn't have to be Poloniex itself, right?

Just reads like FUD to me.

Yes, exactly. This thread is just speculation. Poloniex is based in the U.S. and needs to pay the IRS taxes. The money that they owe from their .25% trading fee would make creating "fake volume" very costly for them, so really the entire notion doesn't make sense. They could be actively trading I guess, but that is a different thing.

Source: http://coinmarketcap.com/exchanges/volume/24-hour/

Nearly 300 million in daily trade volume, their high rollers pay less in fees but Bots are market takers so a conservative estimate would be them getting .14% average of fees. That would be $420,000 a day in earnings. Now if most of that was "fake," they would be on the hook for a shit ton of tax dollars at the end of the year. A tax bill on earnings of 154 million dollars, no matter how many right offs, would be prohibitive if they were not actually earning that money.

klarki

legendary

Activity: 3262

Merit: 3675

Top Crypto Casino

By these criteria, any exchange can be called that.

misterbigg

legendary

Activity: 1064

Merit: 1001

I had a significantly large quantity of bitcoin on deposit at Poloniex and they handled my account very professionally. I was extremely happy with their service and their exchange software works great. I have not seen any evidence that they are a "scam exchange." Quite the opposite, they look incredibly solid.

azguard

legendary

Activity: 1484

Merit: 1001

Crypto-News.net: News from Crypto World

Quote from: ipanks on March 17, 2017, 09:00:51 AM

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes, at the moment the exchange is pumping DASH which is a ponzi scheme, they create these big pumps, attract investors who short them, them keep them stuck for weeks. If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

as long as the traders can make good profit, i think they don't care with this and they still continue to do trading in poloniex. but in reality, we know that poloniex still a big market exchange which have big volume in many coins and i think its still a good market exchange that allow us to make big profit too.

Off course this is true. We all want to gain profit so far it good one and personally dont care if this come to be ponzi we all will gain profit even Poloniex on every transaction they dont care what coin it is it like us we want to make more coin or cash and they want to. So they will allow anything that is good for both sides.

eternalgloom

legendary

Activity: 1792

Merit: 1283

How would you even know for sure that Poloniex itself is using bots to 'pump and dump' coins?
Couldn't anyone use a bot to do this? It doesn't have to be Poloniex itself, right?

Just reads like FUD to me.

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes, at the moment the exchange is pumping DASH which is a ponzi scheme, they create these big pumps, attract investors who short them, them keep them stuck for weeks. If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

how investors are gonna lose this game if they just short after they bought at cheaper rate thanks tot he pump? isn't poloniex risky too much here instead? i can't see how this is work good for them there must be something else under it. You want to pump ok fair enough i'll dump on your pump at the first opportunity, investors aren't that stupid

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes, at the moment the exchange is pumping DASH which is a ponzi scheme, they create these big pumps, attract investors who short them, them keep them stuck for weeks. If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

I mean, do you actually understand what a Ponzi scheme is?

"a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors."

The earlier investors in Dash and other altcoins, even the scam ones, are not given payouts, they still trade them as is the point of Poloniex. Therefore none of them are Ponzi scheme nor scams in the sense that you describe them.

Regardless, Poloniex does not use bots, it's only Poloniex users that sometimes use bots to enhance their trading, as they sometimes do on other exchanges as well. This is nothing new.

Golftech

hero member

Activity: 2128

Merit: 520

Quote from: Fatoshi on March 17, 2017, 10:56:53 AM

Poloniex isn't pumping anything, the users of poloniex are doing what they always do ie run like crazy bulls at any coin they think is rising and so it rises. I expect a big crash and it can turn in seconds on Poloniex.

that's the reality, if you are trading inside polo you should have big nerve to accept the loses because you are really risking your money its up to you how to overcome and profits from this business, its not controlled by the exchange but the people behind the movements of certain project,.

20kevin20

legendary

Activity: 1134

Merit: 1598

Quote from: Red-Apple on March 17, 2017, 08:16:40 AM

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes, at the moment the exchange is pumping DASH which is a ponzi scheme, they create these big pumps, attract investors who short them, them keep them stuck for weeks. If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

i disagree with DASH being a ponzi scheme, there are lots of things wrong with that coin but being a ponzi scheme is not one of them. and yes DASH is not pumped big time and it will dump.

also poloniex is known to be the place for pump and dumps and they do it themselves too. everyone wants a piece of the action afterall! and when they do they use bots,...
but i disagree with what you said about "stucking traders"
they may finally pull a MtGox on us and run away though.

I think holding money on a website is a stupid idea. Especially if it's a trading website that's exposed to hacks, or you can be the one exposed to a scam.

It can be even the best known trading website and it's still not a good idea. The best place to hold your money is in your pocket. When you want to trade it, deposit, trade and withdraw at the end of the session. There have always been known hacks and thefts and criminals aren't always found. Bitfinex is a good example - you don't even know if it was the team that took the money away or a real hack. If it happens, it happens because people are holding their money there as if it was their wallet, not someone's website.

Febo

legendary

Activity: 2730

Merit: 1288

Quote from: btc_zero_sum on March 17, 2017, 10:53:00 AM

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes

You are right, most of Monero trading volume and markets are on Poloniex

https://coinmarketcap.com/exchanges/volume/24-hour/

wrong link buddy. you only showed that Poloniex is biggest crypt exchange in existence and that ETH is most traded there.

This is right link https://coinmarketcap.com/currencies/dash/#markets Most DASH volume is made on Poloniex. Seems DASH is totally centralized. Not only coins ( so owners) and masternodes ( so decisions what to do and develop), also exchange.

Fatoshi

sr. member

Activity: 672

Merit: 251

Poloniex isn't pumping anything, the users of poloniex are doing what they always do ie run like crazy bulls at any coin they think is rising and so it rises. I expect a big crash and it can turn in seconds on Poloniex.

btc_zero_sum

sr. member

Activity: 273

Merit: 250

Quote from: catoshi on March 17, 2017, 07:36:12 AM

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes

You are right, most of Monero trading volume and markets are on Poloniex

https://coinmarketcap.com/exchanges/volume/24-hour/

Topic: Poloniex = Scam exchange beware. - page 19. (Read 41282 times)