Sorry to hear about your issue with them but I have to add they are my most trusted exchange for alts, bittrex not that far behind. With poloniex your funds are safe they do seem to have problems with depositing and withdrawing some coins but you know your funds are safe. I notice the first time I had a problem I wrote multiple messages threw frustration and that was the longest they have ever took. It will get sorted soon enough, probably already is?
They might be safer than other exchanges out there but it's a bit of a stretch to say that funds kept with them are guaranteed to be safe. Many exchanges can and have been hacked in the past, and Poloniex isn't immune to this. The only true safe solution to storing funds IMO is keeping your coins locally on your computer (and preferably in cold storage) or in the form of paper wallets.
Exchanges are more or less a necessary evil though. Despite being a generally unsafe place to store your funds, they are necessary for exchanging between coins. By setting up deposits and withdrawals immediately before and after trading and not keeping your coins stored there for any longer than necessary, you can reduce (but not completely eliminate) your exposure to the risk of them getting hacked or running off with your funds (the second one is probably not a huge risk in Poloniex's case but it's definitely a major problem with shadier exchanges).
Not sure where you got me guaranteeing funds being safe. I simply said your funds are safe. You know why? Because mine have for around a year some quite large deposits and withdrawals not a single satoshi lost that is safe enough in this business. If they was hacked which I doubt because they have good security practices then people will be reimbursed.
Who said storing funds on an exchange? No one said storing funds on an exchange but maybe I should have added while trading your funds are safe, saying that though I probably do have a couple of bitcoins worth of alts on there but that is minor a small %, I never risk what I can't afford to lose as everyone should.
As I said I trust them and I would actually trust them with 50% of my holdings if I needed to but luckily that is not needed.
Point taken, although they were actually hacked (or rather someone managed to exploit a vulnerability in their withdrawal mechanism) a while ago.
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
Lol you have no idea to say tat. Monero and Maid are in fact the only 2 alts worth investing a shitton of money long term, specially Maid. The rest are all shitty pumps and dumps.
I used to like Poloniex, until they forced people to put their real data, then I said bye.
They force people to put their data, but it doesn't have to be real. Unless you happen to be withdrawing very large amounts, they won't check in most cases.
Poloniex, Bitifinex, and Bitstamp are the only exchanges I know of that completely paid out users funds in emergency cases(hacks). A lot of the other exchanges just packed up shop and left. So yes, poloniex is trusted.
To be fair, those hacks were relatively minor hacks and highlight the importance of separating hot and cold wallets. Both Poloniex and Bitstamp lost about 12% of their total coins, while Bitfinex only lost a measly 0.5%.
I am thinking of signing up with Poloniex, for access to certain alt coins and the better volume on others.
Do they require any special verification, KYC stuff?
Thanks in advance!
H.
For withdrawing amounts under $2,000, you will need to provide your full name and country of residence. They usually won't check to see if the details you provide are correct although this will probably change if the amounts involved are very large and/or they seem suspicious.
I trust Poloniex and use it but I use Bittrex way more.
Polo was my favorite exchange until the verification regime...
But it has survived primarily by going all-in on XMR... and a few other creative Asset listings (MAID, STORJ, NXT)...
And that Troll Box Pump Machine.
For most coins Bittrex has better liquidity...
But trading both exchanges is significantly more profitable because you have 2 spreads to capture.
Frankly, I don't expect these exchanges to survive once FinCEN turns the screws on Alts...
Doing about $100,000 to $300,000/day in volume sounds like a lot...
But that's only about $500/day in fees... add listing/trading... maybe $500,000/year in revenue.
If Cryptsy really has 40-50 employees they are probably losing money....
And you can work 24/7 and break-even only for so long... then you must pull the plug like a lot of defunct exchanges.
I don't think FinCEN provides any guidance on how to treat cryptocurrencies yet. In any case, both Poloniex and Cryptsy are already registered with FinCEN as an MSBs (money service businesses) anyway so it's far more likely that they will be able to adapt to the new regulations.
Poloniex is one the most trustful exchange as far as i know. The qora wallet always have some problem in them exchange, it's almost a year. It's never changed. So don't worry about it.
The problems with their Qora wallet were fixed recently. OP's problem seems to have been unrelated to the previous issues:
http://bitcointalk.org/index.php?topic=1077360.msg11508044#msg11508044
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