Bitcoin Forum

I am a miner.

I have mined and collected, traded, and this night I had a bad dream.Poloniex was closed down.

What would happen if they closed?Do you think it is safe?Poloniex is not due to SEC regulations or other regulators?

Is it a safe heaven or are we unaware of the risk?

Is there a lesson we must take from Mtgox case?

Any opinions are well come...

U only own the coins for which u have the private keys. Everything else is unsafe.

Hi,

Feel free to read my paper on Poloniex (https://bitcointalk.org/index.php?topic=1649424.0)

if poloniex close, the trader will move into another market and there are many market available like poloniex. i think for now, poloniex is safe although there are still have lag on the connection but so far its fine for me. i don't know about SEC regulations so i am not thinking about that.

in the online, there are no safe place we can hide but don't think too much about this, just make sure you follow any procedure that needed and you are fine and good.

of course there are many lesson from mtgox which is don't put all of your bitcoin and all of your altcoin in just one market, spread it into other market so if one market scam, you still have your coins in other market and you can still continue trading.

Should Poloniex close down - which is highly unlikely - they would find a way to repay all their customer's funds.

there is no exchange who have 100% safe that's why many people suggest do not putting all of your altcoins or bitcoin only in one exchange but poloniex has become one of the most altcoins market since cryptsy down and if poloniex closed as long as users could withdraw all their funds with smoothly on those exchange i think that shouldn't have any problem and people will forgot this exchange and went to others exchange to continue their trade activities

What if you find a big note on the site tomorrow "Due to FBI Restrictions,the site is been taken down ?" Where would you go ? Who'd you ask refunds from ? It's highly likely that the message would just be a hoax by the team or the regular excuse "we've been hacked".
Storing coins on any exchanges is never safe,never have been.Take bitfinex for reference.

poloniex only exchanger and trading site
if you miner not trader is not good if your balance in saving to exchanger
if you miner is good saving your coin use dekstop wallet or online wallet example blockchain

Poloniex is safe and they attend to support tickets very fast. Most of the coins there are kept offline.

I am also using poloniex for more than one and half years with zero problems so far. But we can not guarantee for tomorrow based on past events. It is always recommended to withdraw all your balances from them once you complete your trades.

People do save their coins on exchange itself by bothering about time and tx fees and do get chances to regret if anything unexpected events happen.

Well what is kinds of coins that be mined? If you mine ether coins you can use jaxx.io for save the coins and if you mine bitcoins there are many wallets for it (include jaxx.io). In my opinion don't use markets for save the coins because there are no guarantee in the future they will be always safe from hacking activity.

I would certainly think that you better keep the coins yourself for safety. No exchange can guarantee the safety of your coins. Just look at MtGox, cryptsy etc.

poloniex not close service
but poloniex only maintanance, until now all sevice still open
trading, margin trading, lending, witdhraw and deposit still normal again and not problem

I'm sure Poloniex is better than most exchanges, since they make enough money to do some security auditing and testing.

However, no exchange is safe.
There will always be some vulnerabilities, and the risk of an insider theft.

Never trust anything besides an offline cold storage wallet.
Keep your keys safe!