Poloniex Fractional Reserve Bankrupt

[Vaypah]

Just withdrew about $1800 of Monero with no issues...

[pearlmen]

If you havent heard it had you hear it here first

Poloniex, same fate as Cryptsy

3 Phases

1. Customer Lock-out Phase
    No support answers, withdrawals pending for months

2. Customer Asset Freeze
    All Customer assets are frozen and can not be withdrawn

3. Exchange closed
    Poloniex shuts down, funds are in limbo

Sometimes people are fond of sending and spreading panics in other to distort the flow of things which means if all of us decide to go with this news and acted on it, then we will be making it come true in the sense that if all of us just withdraw at once then there will be a problem for poloniex which can even shut it down at that. I hope others that have no issues should debunk news like this.

[slaman29]

This is not the first time Poloniex behaved like this.
They do have a poor support that's why they are loosing their users.
But they are still the largest traders and working.
Give them time, I do believe they have learned from the previous failed exchanges.

It won't be the last time also. The bigger they get, the more arrogant they become. And the more problems they run into, the more quiet they are about it. Big volumes and loans and coins and margins, so they are still the number one choice for now. But it is only a matter of time before their problems come back and take it all down.

[styca]

I've just moved a small amount of ETH out of Poloniex, no problems at all.
I have had delays in the past, so they're not always the quickest, but never any real issues.

[Lieldoryn]

I don't believe such news. On the market crypto currency there is so much competition. No exception and trading platform. OP provides no proof. Probably it performs the task for any exchange to discredit competitors.

[illyiller]

I don't believe such news. On the market crypto currency there is so much competition. No exception and trading platform. OP provides no proof. Probably it performs the task for any exchange to discredit competitors.

Regarding "No support answers, withdrawals pending for months" there is lots of proof, if you look for it. Take a look at the unofficial Poloniex subreddit: https://www.reddit.com/r/PoloniexForum/

Read the replies here: https://twitter.com/Poloniex/status/896937032173465600

Given the volume the past few months, they should be swimming in money. They could have quadrupled the support and engineering staff. But instead, people have stuck withdrawals for months. And every time they post on Twitter, hundreds of people complain and shout out their unanswered support ticket #s...

At best, it's a badly mismanaged exchange.

[illinest]

Is there any truth to this!!?

Check out the service discussion section where this topic will eventually end up.
Maybe even the scam section.

Yup.  Lot's of angry users out there at Polo.  You really have to question why they turned their troll box off.  That's the first sign of shadiness for me.  I was lucky enough to get some XMR out of there months ago without any problems.

Exit scam coming?

They claim that shutting down the trollbox was about transitioning moderators to support positions to work through the ticket backlog. But it seems obvious that it was due to the constant customer complaints in the trollbox.

We can never know regarding exit scam possibilities. It sure smells like it, but even so, this could go on for many months before that happens.

[ImHash]

Not only polo but any other third party exchanging services are free to disappear on us at any moment, not even governments could help us if they run away with our money, despite all the warnings I don't know why people aren't taking them seriously maybe they're waiting for the inevitable to happen and then cry afterwards. prevention is the best cure.

[European Central Bank]

Not only polo but any other third party exchanging services are free to disappear on us at any moment, not even governments could help us if they run away with our money, despite all the warnings I don't know why people aren't taking them seriously maybe they're waiting for the inevitable to happen and then cry afterwards. prevention is the best cure.

you can trade on a platform with a new york bitlicence, but as far as i can tell there aren't any.

the pathetic thing about poloniex is that they fell apart with 40,000 online users. what would happen to all the exchanges we have now if there was a real bubble and there were 1 million people online all at once? that's still nothing in internet terms.

[MAbtc]

Not only polo but any other third party exchanging services are free to disappear on us at any moment, not even governments could help us if they run away with our money, despite all the warnings I don't know why people aren't taking them seriously maybe they're waiting for the inevitable to happen and then cry afterwards. prevention is the best cure.

you can trade on a platform with a new york bitlicence, but as far as i can tell there aren't any.

Circle has had a BitLicense since 2015, but they pivoted away from Bitcoin. I think you can still send BTC and possibly other cryptos using it, but I don't think you can buy/sell anymore.

Ripple was awarded the second BitLicense in 2016. I used the Ripple interface to trade various currencies back in 2013, but they seemed to have made a lot of changes to the platform since then, so I'm not sure how you use it to trade now.

Most notably, Coinbase was awarded the third BitLicense. I heard that others, like CryptoFacilities, are in the process of seeking approval, but that's it for now.

the pathetic thing about poloniex is that they fell apart with 40,000 online users. what would happen to all the exchanges we have now if there was a real bubble and there were 1 million people online all at once? that's still nothing in internet terms.

That goes for all of the exchanges. Even the most well-funded exchanges in the world, like Coinbase, are incredibly unreliable -- APIs constantly dropping off, mismatching trade engines, constant server/website downtime and unplanned maintenance. By the standards of the stock or forex markets, the infrastructure around BTC trading is pathetic.

Sadly, this is one of the reasons why BTC-e was as popular as it was. It had one of the most reliable APIs and trade engines in the business.