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Author Topic: Poloniex Concern - Whale Volume Drops After Sept Withdrawal Delays.  (Read 296 times)
darbsllim
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October 18, 2016, 04:31:42 PM
 #1

I've been having a general feeling of unease about Poloniex. It started in September after reading Davinci's post here:

https://bitcointalk.org/index.php?topic=1593318.0

(The August outage was blamed it on data center problems, and Davinci's legitimate concerns in his thread never received attention from Poloniex.)

I didn't think much of it, but then in Sept they had withdrawal delays and tweeted this:

https://twitter.com/Poloniex/status/777145303753494528

Late August/early Sept had seen some of the largest volume days I can remember on Poloniex for 2016. Monero trading saw a huge amount of volume. Ever since that series of withdrawal delays, I've notice a significant drop in daily trading volume.

IE, last weekend POTCOIN was the number 1 volume coin on Poloniex. Higher trading volume than ETH, XMR, ETC.

My question is to the ETH/XMR whales. Where did you go, and why did you go?

I've since reduced my exposure to Poloniex, and as much as I hate their interface and lack of volume, I'm trading more on Bittrex.

Look, we've been here before with MtGox & Cryptsy. Withdrawal delays and service outages are serious concerns in a cryptocurrency space where we've seen hundreds of millions of dollars in hacks, and countless insolvencies.

Poloniex seems to be showing signs of not being able to run a professional business. I have some prominent friends who are taking weeks to get verified, without responding to email inquiries.

Because we've all been burned before, most of us don't trust exchanges. Poloniex needs to address these issues faster and with more clarity.

I’m still trading there because its one of the only good options for liquidity in altcoin trading...but I would like to hear from the whales. What do you know that we don't? The biggest concern is the noticeable reduction in trade volume since they posted the delayed withdrawals message on Sept 17.

Brad Mills, Alphabit.fund
Algorithmic Trader - Former miner - Former Bitcoin Business Owner - Victim of the Great Bitcoin Crashes of 2011 and 2012, and the MtGox Heist of 2014
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October 18, 2016, 06:19:11 PM
 #2

I believe this is time to limit your holding on poloniex. Make a practice of withdrawing and re-depositing everyday. If you bother about spending for tx fees and time delay involves, you mat get enforced to pay big fees like what many people did with Cryptsy.

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DavinciJ15
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October 18, 2016, 08:01:51 PM
 #3

I've been having a general feeling of unease about Poloniex. It started in September after reading Davinci's post here:

https://bitcointalk.org/index.php?topic=1593318.0

(The August outage was blamed it on data center problems, and Davinci's legitimate concerns in his thread never received attention from Poloniex.)

I didn't think much of it, but then in Sept they had withdrawal delays and tweeted this:

https://twitter.com/Poloniex/status/777145303753494528

Late August/early Sept had seen some of the largest volume days I can remember on Poloniex for 2016. Monero trading saw a huge amount of volume. Ever since that series of withdrawal delays, I've notice a significant drop in daily trading volume.

IE, last weekend POTCOIN was the number 1 volume coin on Poloniex. Higher trading volume than ETH, XMR, ETC.

My question is to the ETH/XMR whales. Where did you go, and why did you go?

I've since reduced my exposure to Poloniex, and as much as I hate their interface and lack of volume, I'm trading more on Bittrex.

Look, we've been here before with MtGox & Cryptsy. Withdrawal delays and service outages are serious concerns in a cryptocurrency space where we've seen hundreds of millions of dollars in hacks, and countless insolvencies.

Poloniex seems to be showing signs of not being able to run a professional business. I have some prominent friends who are taking weeks to get verified, without responding to email inquiries.

Because we've all been burned before, most of us don't trust exchanges. Poloniex needs to address these issues faster and with more clarity.

I’m still trading there because its one of the only good options for liquidity in altcoin trading...but I would like to hear from the whales. What do you know that we don't? The biggest concern is the noticeable reduction in trade volume since they posted the delayed withdrawals message on Sept 17.

I am considered a Whale in the market and I have significantly reduced my exposure to Polo but lately that exposure has increased with several solid wins.   With that said keep in mind this is not altcoin season and with bitcoin moving up I am not surprised that alts are taking a back seat for now.

What scared the shit out of me is that they only tweeted out the statement of withdrawal delays trying to hide the fact it would seem.   This is huge and a news article on their website or sending out emails apologizing would have seemed appropriate, and in this post they should have been discussing how they will prevent this sort of thing from happening again.

They did not.

Look I have seen this kind of behavior before they are hiding something big and I don't want to be too exposed when it hits the fan.   The unclearly explained issue will result in me reducing polo to less that 5BTC of coins.  Another problem after that I go to ZERO.

Look for increase of any kind of fees then I am gone like the wind.

Cheers

Davinci
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