Do you trust Poloniex?

[mrvegad]

I have had a stuck Qora withdrawal on polo for 2.5 days and the only reply I have received from their support is "I apologize for the delay on this, we are working to have this resolved as soon as possible." - Johnny Garcia, but I just found out that the polo wallet is online and forging (this came from one of the Qora dev). So I wonder what the problem is? Their support won't answer questions, the mods give the same canned response "support is looking in to it" or they blame the wallet of the coin.

Someone else also posted about a 5 day old problem they are having with a FLT deposit which shows on the blockchain but has not shown up in his polo account and he hasn't heard from support in days. Yesterday one mod told the person who was having problems with his deposit that Busoni was looking in to and he still hasn't heard anything back.

Currently Qora and PTS wallets are frozen and there seems to be a problem with the FLT wallet.

EDIT: added missing info.

UPDATE:

I just finished a chat with tf2honeybadger on slack and has of right now Qora is unfrozen. I'm not going in to much detail but after being told by support for three days that they are working on it, tf2honeybadger was able to fix it in 5 mins. Here are the reasons why it took so long:

1. "Busoni normally handles Qora's wallet, not me. He's been really busy the past week or so with a major life event, so he's been AFK quite a bit. I'm trying to get him on now."

2. "but things have to be triaged. If there's an issue with the margin trading engine, that has to be handled before a wallet issue, for example."

My thoughts:

1. I understand real life is more important and needs to come first but there should be more then one person to be able to handle wallet problems and as well why was I told that it was being worked on when it wasn't?

2. If polo is short on support help then maybe they shouldn't be offering new services.

From the chat I had with tf2honeybadger on the above issues as well as other discussion's, I will be selling what coins I have on there when it is possible to do so and stop using their services for a while, this is just a personal choice so please don't read anything into it.

EDIT: Here was the cause for the frozen wallet:"yes, our systems will automatically freeze a currency if the balance does not match. The exchange balance is correct, but the total balance we get from the wallet is incorrect occasionally
so it trips the auditor "

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[rangedriver]

From my experience Poloniex is one of the best exchanges in the cryptospace. I would wait a little while longer and see how things turns out.

In general I trust Poloniex on the same parallel as I do Bitstamp.

[mrvegad]

From my experience Poloniex is one of the best exchanges in the cryptospace. I would wait a little while longer and see how things turns out.

In general I trust Poloniex on the same parallel as I do Bitstamp.

I wouldn't mind the wait if they would give a clear answer, when they won't answer questions or give you an answer that you know is a lie then my trust for them dissappears.

Without regulates the user has no control over their funds when problems happen.

[Lorenzo]

I have had a stuck Qora withdrawal on polo for 2.5 days and the only reply I have received from their support is "I apologize for the delay on this, we are working to have this resolved as soon as possible." - Johnny Garcia, but I just found out that the polo wallet is online and forging. So I wonder what the problem is? Their support won't answer questions, the mods give the same canned response "support is looking in to it" or they blame the wallet of the coin.

Someone else also posted about a 5 day old problem they are having with a FLT deposit which shows on the blockchain but has not shown up in his polo account and he hasn't heard from support in days. Yesterday one mod told the person who was having problems with his deposit that Busoni was looking in to and he still hasn't heard anything back.

Not sure about FLT but Poloniex has been having issues with QORA withdrawals since forever. They were supposed to have fixed it a while back but I wouldn't be surprised if they are still having issues with their wallet.

It definitely seems to be a technical problem. At one point, my QORA was stuck there for three months straight.

Currently Qora and PTS wallets are frozen and there seems to be a problem with the FLT wallet.

Well that explains it then.

From what I've read, busoni seems to be a pretty trustworthy guy. I highly doubt he is using technical issues as a cover for anything dishonest.

EDIT: If QORA trading hasn't been frozen then your best bet might be to submit a ticket to cancel the withdrawal and exchange your QORA for BTC and withdraw that. That's what I did when my QORA withdrawal failed to go through. It only took a few minutes too.

[mrvegad]

I have had a stuck Qora withdrawal on polo for 2.5 days and the only reply I have received from their support is "I apologize for the delay on this, we are working to have this resolved as soon as possible." - Johnny Garcia, but I just found out that the polo wallet is online and forging. So I wonder what the problem is? Their support won't answer questions, the mods give the same canned response "support is looking in to it" or they blame the wallet of the coin.

Someone else also posted about a 5 day old problem they are having with a FLT deposit which shows on the blockchain but has not shown up in his polo account and he hasn't heard from support in days. Yesterday one mod told the person who was having problems with his deposit that Busoni was looking in to and he still hasn't heard anything back.

Not sure about FLT but Poloniex has been having issues with QORA withdrawals since forever. They were supposed to have fixed it a while back but I wouldn't be surprised if they are still having issues with their wallet.

It definitely seems to be a technical problem. At one point, my QORA was stuck there for three months straight.

Currently Qora and PTS wallets are frozen and there seems to be a problem with the FLT wallet.

Well that explains it then.

From what I've read, busoni seems to be a pretty trustworthy guy. I highly doubt he is using technical issues as a cover for anything dishonest.

I think you missed this part in my post "but I just found out that the polo wallet is online and forging" this came from one of the Qora dev.

[Lorenzo]

I have had a stuck Qora withdrawal on polo for 2.5 days and the only reply I have received from their support is "I apologize for the delay on this, we are working to have this resolved as soon as possible." - Johnny Garcia, but I just found out that the polo wallet is online and forging. So I wonder what the problem is? Their support won't answer questions, the mods give the same canned response "support is looking in to it" or they blame the wallet of the coin.

Someone else also posted about a 5 day old problem they are having with a FLT deposit which shows on the blockchain but has not shown up in his polo account and he hasn't heard from support in days. Yesterday one mod told the person who was having problems with his deposit that Busoni was looking in to and he still hasn't heard anything back.

Not sure about FLT but Poloniex has been having issues with QORA withdrawals since forever. They were supposed to have fixed it a while back but I wouldn't be surprised if they are still having issues with their wallet.

It definitely seems to be a technical problem. At one point, my QORA was stuck there for three months straight.

Currently Qora and PTS wallets are frozen and there seems to be a problem with the FLT wallet.

Well that explains it then.

From what I've read, busoni seems to be a pretty trustworthy guy. I highly doubt he is using technical issues as a cover for anything dishonest.

I think you missed this part in my post "but I just found out that the polo wallet is online and forging" this came from one of the Qora dev.

Last time they were having issues, I think the forging was directly related to their problem:

Hi,

The dev has been somewhat unresponsive, so I still haven't been able to get Poloniex's wallet running properly. After the last incident with Polo's wallet causing a fork, I asked him if I should disable forging -- I was not sure which would be best for the network, as sometimes having an exchange forge/stake can be beneficial. He told me to continue forging.

But it now occurs to me that forging may be what is causing Poloniex's wallet to malfunction. Since I haven't heard from the dev in a while, I'm turning to the community -- does anyone know how I can disable it in the command line wallet? Is there something I can put in settings.json?

Link: http://bitcointalk.org/index.php?topic=522102.msg9248348#msg9248348

[mrvegad]

Lorenzo - Thanks for the info, I will pass it on to the new Qora devs and see if they can answer any questions he has.

[Lorenzo]

Lorenzo - Thanks for the info, I will pass it on to the new Qora devs and see if they can answer any questions he has.

Glad to be of help. Even though Poloniex has been having problems with their Qora wallet for a very long time, that quote is from October 2014 and I understand the code has changed a bit since then. Poloniex managed to fix the problem a few weeks ago so it's possible that the problems that they're having now aren't the same problems which they had back then as well.

Has Qora trading been completely disabled? If not, it might be a better idea to request support to cancel the withdrawal and trade the QORA for BTC and withdraw that. That's what I did back when their wallet was malfunctioning and it only took me a few minutes.

[BlockaFett]

From my experience Poloniex is one of the best exchanges in the cryptospace. I would wait a little while longer and see how things turns out.

In general I trust Poloniex on the same parallel as I do Bitstamp.

^ with 95% of Monero volume going through Poloniex, that's what you would say rangedriver.

I think the problems with Poloniex are:

1) It's trollbox driven, with big organized pumps pushed along through hype

2) They like to push coins that aren't traded anywhere else so that the price can be hyper-inflated for what it actually is, e.g. Maid and Monero both have 95% of their volume there.. Maid isn't even released yet but it has $7mil market cap on Polo, Monero is a clone of Bytecoin with zero development / troll devs but they manage to get $3 million marketcap for that currently on Poloniex, Stellar is another one that get's stupid-price pumped there but BTC38 sometimes has high STR vol too so I don't know how much STR price is from real demand.  So the trolls / hypsters can push these coins to ridiculous prices while the rest of the market won't touch them

I see Poloniex as the bridge between real exchanges (like cryptsy, bittrex, bitstamp, finex etc) and sh*tcoin exchanges like C-CEX - Poloniex is the best Trollbox-driven exchange and the worst 'real' exchange if it qualifies for that.

Be careful if you trade there, if you are buying because of what you read in the trollbox, make sure you check out what the volume / demand is on other exchanges (check 'markets' tab on CoinMarketCap coin pages) - if it doesn't add up, it's a troll price and you will likely be dumped on later.

As to trust, IDK, I trust them less than the big exchanges because a lot of noobs gets ripped off due to the troll-driven nature, and they support that.  So it's definately unethical, but as to doing another Moolah / Mintpal, IDK - just DONT KEEP COINS THERE YOU AREN'T TRADING

cheers

[rangedriver]

^ with 95% of Monero volume going through Poloniex, that's what you would say rangedriver.

I trust both Poloniex and Bitstamp for much the same reason: Both demonstrate credible professionalism and both have proven to be a force for good, rather than an opportunistic disaster waiting to happen. Both have been subject to hacking attacks and on each occasion have not only survived, but paid back any losses that occurred.

I think the problems with Poloniex are:

1) It's trollbox driven, with big organized pumps pushed along through hype

Any evidence of this? How does an exchange even become trollbox driven? If you're talking about the fact it has a trollbox, then how would that differ from BTC-e or Cryptsy - exchanges which you cite as being 'real exchanges' despite them being highly dubious affairs, either technically (Cryptsy) or professionally (BTC-e).

Anyone who has spent any significant amount of time in the Poloniex trollbox would know that it has a relatively high standard of dialogue and is actually very well moderated.

As for big organized pumps? What? Where is the evidence for this? Hype and FUD is an unfortunate symptom of cryptocurrencies which transcends and introsects the entire playground, twitter, BCT, trollboxes et al. There will always be more than one Fontas, or Wolong in the world, but in terms of 'big organized pump groups?' ... there is zero evidence of this, and certainly zero evidence even in conjecture of it having any exclusive connection with Poloniex in particular.

Monero is a clone of Bytecoin with zero development / troll devs but they manage to get $3 million marketcap for that currently on Poloniex, Stellar is another one that get's stupid-price pumped there but BTC38 sometimes has high STR vol too so I don't know how much.. etc etc words

Ahh here we go. This is what you really wanted to say. A chance to do your anti-Monero thing.

real exchanges (like cryptsy, bittrex, bitstamp, finex etc) and sh*tcoin exchanges like C-CEX - Poloniex is the best Trollbox-driven exchange and the worst 'real' exchange if it qualifies for that.

Be careful if you trade there, if you are buying because of what you read in the trollbox, make sure you check out what the volume / demand is on other exchanges (check 'markets' tab on CoinMarketCap coin pages) - if it doesn't add up, it's a troll price and you will likely be dumped on later.

The fact you qualify Cryptsy as a real exchange is extraordinarily risible, but in any event, it is perfectly clear where your motives lie.

Peace.

[BlockaFett]

^ with 95% of Monero volume going through Poloniex, that's what you would say rangedriver.

I trust both Poloniex and Bitstamp for much the same reason: Both demonstrate credible professionalism and both have proven to be a force for good, rather than an opportunistic disaster waiting to happen. Both have been subject to hacking attacks and on each occasion have not only survived, but paid back any losses that occurred.

I think the problems with Poloniex are:

1) It's trollbox driven, with big organized pumps pushed along through hype

Any evidence of this? How does an exchange even become trollbox driven? If you're talking about the fact it has a trollbox, then how would that differ from BTC-e or Cryptsy - exchanges which you cite as being 'real exchanges' despite them being highly dubious affairs, either technically (Cryptsy) or professionally (BTC-e).

Anyone who has spent any significant amount of time in the Poloniex trollbox would know that it has a relatively high standard of dialogue and is actually very well moderated.

As for big organized pumps? What? Where is the evidence for this? Hype and FUD is an unfortunate symptom of cryptocurrencies which transcends and introsects the entire playground, twitter, BCT, trollboxes et al. There will always be more than one Fontas, or Wolong in the world, but in terms of 'big organized pump groups?' ... there is zero evidence of this, and certainly zero evidence even in conjecture of it having any exclusive connection with Poloniex in particular.

Monero is a clone of Bytecoin with zero development / troll devs but they manage to get $3 million marketcap for that currently on Poloniex, Stellar is another one that get's stupid-price pumped there but BTC38 sometimes has high STR vol too so I don't know how much.. etc etc words

Ahh here we go. This is what you really wanted to say. A chance to do your anti-Monero thing.

real exchanges (like cryptsy, bittrex, bitstamp, finex etc) and sh*tcoin exchanges like C-CEX - Poloniex is the best Trollbox-driven exchange and the worst 'real' exchange if it qualifies for that.

Be careful if you trade there, if you are buying because of what you read in the trollbox, make sure you check out what the volume / demand is on other exchanges (check 'markets' tab on CoinMarketCap coin pages) - if it doesn't add up, it's a troll price and you will likely be dumped on later.

The fact you qualify Cryptsy as a real exchange is extraordinarily risible, but in any event, it is perfectly clear where your motives lie.

Peace.

Knowing you post history and our previous confrontations and with all your buddies, can't be bother to read/reply all your msg rangedriver, sorry (because I know arguing with you is pointless)

But as to why Polo is trollbox driven - give you a clue, you load the page, and 30% of it is a trollbox by default, full of pro-pump teams..  Cryptsy / bittrex / stamp / finex don't have that. it's pretty obvious.

cheers

[Scamalert]

I do not trust Poloniex. In fact I do not trust any exhange... I belive that all of the exhanges runs with negative ballance.... this is how they work (this is an example):

100 user deposit 1 BTC worth of coins: bank now have 100 BTC.
However in average will 20 user will redraw their coin at the same day, that leaves a net ballance of 80 BTC, these coins can be used by the owners to buy cars, sluts and booze.
As long as people keep depositing coins then will this work, and also the as long as the exhange grow then will there be more and more free coins, since more user are storing their coins there = more booze and sluts. When user is having delay, then is most likely because the coins are not there to be redrawn...... what can you do about it? Nothing but wait.... it is not safe to use exhanges.... the balance you see on your account is more like an "I owe you"... not a ballance.

[freakying99]

You cant trust any exchange, but I trust Poloniex the least out of all the alt exchanges.
Bittrex is my favorite place to trade alts along with bter who have proven to be legit time and time again.

[mrvegad]

Here is the polo Qora wallet address  QPVknSmwDryB98Hh8xB7E6U75dGFYwNkJ4 and the last block they forged was 103332 @ 2015-06-01 17:00:41 utc yet their mod just said their wallet was down for maintenance.

Some new info I just found out:Poloniex team is actually registered in Qora slack so if they are having problems then polo can easily get help if they wanted to.

[twister]

I don't trust this or any other exchange but the things is we're stuck, there aren't many options out there, so you just have to follow the crowd but having been said that I have never faced any problems trading at Poloniex.

I think as long as they're communicating it's fine, I think something like this also happened when everyone started claiming and selling clams at Poloniex, so hopefully it's just a temporary issue and it will get resolved soon.

[Este Nuno]

I trust Poloniex the most out of any exchange personally.

[Lorenzo]

From my experience Poloniex is one of the best exchanges in the cryptospace. I would wait a little while longer and see how things turns out.

In general I trust Poloniex on the same parallel as I do Bitstamp.

^ with 95% of Monero volume going through Poloniex, that's what you would say rangedriver.

I think the problems with Poloniex are:

1) It's trollbox driven, with big organized pumps pushed along through hype

2) They like to push coins that aren't traded anywhere else so that the price can be hyper-inflated for what it actually is, e.g. Maid and Monero both have 95% of their volume there.. Maid isn't even released yet but it has $7mil market cap on Polo, Monero is a clone of Bytecoin with zero development / troll devs but they manage to get $3 million marketcap for that currently on Poloniex, Stellar is another one that get's stupid-price pumped there but BTC38 sometimes has high STR vol too so I don't know how much STR price is from real demand.  So the trolls / hypsters can push these coins to ridiculous prices while the rest of the market won't touch them

I see Poloniex as the bridge between real exchanges (like cryptsy, bittrex, bitstamp, finex etc) and sh*tcoin exchanges like C-CEX - Poloniex is the best Trollbox-driven exchange and the worst 'real' exchange if it qualifies for that.

Be careful if you trade there, if you are buying because of what you read in the trollbox, make sure you check out what the volume / demand is on other exchanges (check 'markets' tab on CoinMarketCap coin pages) - if it doesn't add up, it's a troll price and you will likely be dumped on later.

As to trust, IDK, I trust them less than the big exchanges because a lot of noobs gets ripped off due to the troll-driven nature, and they support that.  So it's definately unethical, but as to doing another Moolah / Mintpal, IDK - just DONT KEEP COINS THERE YOU AREN'T TRADING

cheers

I never really paid much attention to the trollbox while trading. I didn't realize it was such an important part of the trading experience. It's never a good idea to buy (or sell) based solely on what somebody else says without doing your own research first. Trying to make a profit from pumps and dumps is always a risky endeavor no matter what.

I do not trust Poloniex. In fact I do not trust any exhange... I belive that all of the exhanges runs with negative ballance.... this is how they work (this is an example):

100 user deposit 1 BTC worth of coins: bank now have 100 BTC.
However in average will 20 user will redraw their coin at the same day, that leaves a net ballance of 80 BTC, these coins can be used by the owners to buy cars, sluts and booze.
As long as people keep depositing coins then will this work, and also the as long as the exhange grow then will there be more and more free coins, since more user are storing their coins there = more booze and sluts. When user is having delay, then is most likely because the coins are not there to be redrawn...... what can you do about it? Nothing but wait.... it is not safe to use exhanges.... the balance you see on your account is more like an "I owe you"... not a ballance.

Sounds like Mt. Gox.

Your description might be true for some exchanges but I don't think all of them are like that. For instance, some exchanges have chosen to shut themselves down voluntarily and allowed users to withdraw their funds.

You cant trust any exchange, but I trust Poloniex the least out of all the alt exchanges.
Bittrex is my favorite place to trade alts along with bter who have proven to be legit time and time again.

I used to trust Bter a lot too, but I'm surprised you still do after they were hacked twice (the second of which they are still recovering from). I'm sure they didn't mean to lose such a large proportion of their users' funds during their latest hack but their security practices still leave a lot to be desired.

[mrvegad]

UPDATE:

I just finished a chat with tf2honeybadger on slack and has of right now Qora is unfrozen. I'm not going in to much detail but after being told by support for three days that they are working on it, tf2honeybadger was able to fix it in 5 mins. Here are the reasons why it took so long:

1. "Busoni normally handles Qora's wallet, not me. He's been really busy the past week or so with a major life event, so he's been AFK quite a bit. I'm trying to get him on now."

2. "but things have to be triaged. If there's an issue with the margin trading engine, that has to be handled before a wallet issue, for example."

My thoughts:

1. I understand real life is more important and needs to come first but there should be more then one person to be able to handle wallet problems and as well why was I told that it was being worked on when it wasn't?

2. If polo is short on support help then maybe they shouldn't be offering new services.

From the chat I had with tf2honeybadger on the above issues as well as other discussion's, I will be selling what coins I have on there when it is possible to do so and stop using their services for a while, this is just a personal choice so please don't read anything into it.

EDIT: Here was the cause for the frozen wallet:"yes, our systems will automatically freeze a currency if the balance does not match. The exchange balance is correct, but the total balance we get from the wallet is incorrect occasionally
so it trips the auditor "

[Febo]

Do you trust Poloniex?

I trust Poloniex so much, that beside my email i even gave them  my Name Surname and country i live in.

[Coingrab]

I trust Poloniex as well. I don't keep a ton of coin on it or any exchange but if I didn't trust them I would never have any coins on it.