Poloniex discussion

[metalbean]

How did Poloniex become the biggest altcoin exchange despite being hacked?

Was it the services or? Asking to learn

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[Herbert2020]

when a service becomes big and popular, and then people see the volume is high there, they will choose that as their first choice of service before even looking at anything else. and this goes for majority of users.

and then it is the services they offer, they have all the relevant altcoins people want to trade and their website looks good, they have a very powerful API with so many options, and the volume is high meaning the orderbooks are filled and are not thin or empty like other places, also they offer lending (and i think margin trading but not sure since i am not using poloniex myself). and they have been around for a long time.

also i don't remember any hack, can you give me some references?

p.s. i myself prefer bittrex

[amacar2]

How did Poloniex become the biggest altcoin exchange despite being hacked?

I think you are talking about this hack on 2014 http://www.coindesk.com/poloniex-loses-12-3-bitcoins-latest-bitcoin-exchange-hack/

Actually they have only lost 12% of their total bitcoins which is not a big amount at those days. I think they been able to pay back after increasing fees on trading.

Poloniex plans to record the balances and to pay back customers using exchange fees as well as personal contributions. As a result, he indicated that all exchange fees would be temporarily raised to 1.5%, up from 0.2%.

But their support system, withdraw, deposit etc are really good after that hack till now and only good coins are listed there which are added without any listing fees, that's why poloniex is still no 1 altcoin trading platform.

[metalbean]

How did Poloniex become the biggest altcoin exchange despite being hacked?

I think you are talking about this hack on 2014 http://www.coindesk.com/poloniex-loses-12-3-bitcoins-latest-bitcoin-exchange-hack/

Actually they have only lost 12% of their total bitcoins which is not a big amount at those days. I think they been able to pay back after increasing fees on trading.

Poloniex plans to record the balances and to pay back customers using exchange fees as well as personal contributions. As a result, he indicated that all exchange fees would be temporarily raised to 1.5%, up from 0.2%.

But their support system, withdraw, deposit etc are really good after that hack till now and only good coins are listed there which are added without any listing fees, that's why poloniex is still no 1 altcoin trading platform.

Yea, that's the same article I got the info.

I try to avoid exchanges with hack incidents but poloniex seems to have grown stronger since those days.

Another argument some people say against it is that the founder had no technical groundings, we shouldn't discount an exchange based on that but just saying.

[Herbert2020]

whether or not an exchange has been hacked alone is not important. the details are important. for example btc-e the oldest exchange has been also hacked but it is working fine still.

you should see what the reason of the hack was, was it really a hack or were they scamming. and did they come back from the hack or did they disappear. for example Cryptsy was hacked (claimed it was a hack) but they disappeared. bitfinex was hacked but they are still active and i think they are paying their customers back.

and remember hacks happen everywhere. Yahoo was hacked and they found out a couple of months ago sending everyone Email that "we leaked all your personal information! change your password now!".

[thebatletbet]

How did Poloniex become the biggest altcoin exchange despite being hacked?

Was it the services or? Asking to learn

after hack can incraese to big exchanger because
1 service, withdraw and deposit is very fast and low fee in withdraw only 10k satoshi
2 selective added altcoin, only good coin, good community can added to poloniex, so trading in poloniex is safe
3 big volume transaction can many trader to trading in poloniex

[metalbean]

whether or not an exchange has been hacked alone is not important. the details are important. for example btc-e the oldest exchange has been also hacked but it is working fine still.

you should see what the reason of the hack was, was it really a hack or were they scamming. and did they come back from the hack or did they disappear. for example Cryptsy was hacked (claimed it was a hack) but they disappeared. bitfinex was hacked but they are still active and i think they are paying their customers back.

and remember hacks happen everywhere. Yahoo was hacked and they found out a couple of months ago sending everyone Email that "we leaked all your personal information! change your password now!".

Fair enough, bitfinex is also on my radar so definitely want to know if they paid back to the user over time.

And why bittrex?

[Spoetnik]

Off hand i think they robbed users from Mintpal and Cryptsy etc..
Problems with the others led users to migrate elsewhere.
A pattern that still repeats.

Treat people like crap and they move to another service.

Note:
I am not a big fan of Poloniex.

PS:
I noticed a rash of newer users over the last 6 months showing up.. all noobs.
Saying "Exchanger" with often sketchy / broken English.
It's.. Exchange
As in "New York Stock Exchange" ..not "New York Stock Exchanger"  

Reminds me of people who say that slut did a "porn" ..it's PORN'O'  

PPS:
I was tempted to report this topic.
You all are seriously stupid at following the rules here.
Never mind the daily re-posting of the same dumb topics.

[topesis]

Poloniex understand the business side and the workings of exchanges better than others, there is a reason why they don't have a fiat trading against BTC due to regulations, they didn't enforce KYC for traders once your withdrawal is below $2000 per day, they didn't get greedy with margin trading and so many other things.

[BitcoinHodler]

there actually is nothing special about poloniex in my opinion and the only reason why they are on top is because of the massive amount of pumps that take place there. any pumper or pumping group go to poloniex to pump shitcoins, and this process attracts a huge volume of bitcoin being traded against that pumping coin which increases the volume and the rank of the the exchange in different lists.

so if a newbie wants to choose an exchanger (@Spoetnik ) he chooses the first one.

[jaberwock]

the hack happened in 2014, equivalent of 20+ years after conversion from Bitcoin time to real world time, so no one remembers it, and people go to make business where people are already making business

also they being hacked and surviving shows that they are resilient to such attacks and would probably not fall apart

[alyssa85]

How did Poloniex become the biggest altcoin exchange despite being hacked?

Was it the services or? Asking to learn

Mintpal died and then Cryptsy died and lots of traders then migrated to Poloniex because was one of two big exchanges still standing (the other was Bittrex). Poloniex had a slight edge over Bittrex in that it allowed margin trading for some coins.

[agustina2]

How did Poloniex become the biggest altcoin exchange despite being hacked?

Was it the services or? Asking to learn

Because of their coin policy that's why only altcoins with high volume was listed there and excluded those shit ones. Other exchanges have that same rule too but it's really different when it comes to Poloniex. Since altcoin traders mostly preferred this exchange, it was just passed to the next generation so new users are being referred to use this exchange site.

And right after those hacking issue, they are back on track now without any other big issues encountered since then.

[Febo]

How did Poloniex become the biggest altcoin exchange despite being hacked?

I think you are talking about this hack on 2014 http://www.coindesk.com/poloniex-loses-12-3-bitcoins-latest-bitcoin-exchange-hack/

Actually they have only lost 12% of their total bitcoins which is not a big amount at those days. I think they been able to pay back after increasing fees on trading.

That is only way to success if you are an bank or an exchange, so you store others peoples money. If Mt.Gox would return all money it would still exist today.  Being able to return money to their customers mean that if similar incidents happen again they will most likely solve it same way.

It seems I was lucky and started trading on Poloniex few months after the hack.  Altho would get repayed still did avoid all drama.

[Ayers]

the hack happened in 2014, equivalent of 20+ years after conversion from Bitcoin time to real world time, so no one remembers it, and people go to make business where people are already making business

also they being hacked and surviving shows that they are resilient to such attacks and would probably not fall apart

No it's not because of that it's not because people have forgot about it that poloniex is now a good exchange, it's because the poloniex dev despite the hack was able to refund a great amount of the hacked coin, this rised the trust on the dev of the exchange and people started to trade again, trust is everything here, if you can provide a good one everything else does not matter

[HaXX0R1337]

remember hacks happen everywhere. Yahoo was hacked and they found out a couple of months ago sending everyone Email that "we leaked all your personal information! change your password now!".

Hacking a website is nothing new and so does yahoo and other major sites the only loss is their revenue and the privacy but when a hack happens in an exchange it is a different perspective as the users as well as the company loses the money and the amount lost will run into millions ,so they have to come up with more security measures in order to prevent those hacks happening in the future.

[yhlsqj]

Poloniex's owner and management team is wise one, they listed best coins, they grabbed the market share of mintpal, cryptsy, bittrex, and they noticed xpy is scam, they declined its listing. Polo's xmr, eth, etc made poloniex so much money and popularity, that is why it is the NO.1 exchange.

[traderethereum]

i am agree that poloniex is the best market exchange but sometimes i am having problem with their support system, they need more than 2x24 hours before they reply the ticket sometimes more than 2x24 hours and i think if they can fix this, poloniex will be more than the best market exchange.

[janggernaut]

i am agree that poloniex is the best market exchange but sometimes i am having problem with their support system, they need more than 2x24 hours before they reply the ticket sometimes more than 2x24 hours and i think if they can fix this, poloniex will be more than the best market exchange.

I was faced a problem when i used poloniex. When i sent them a support ticket, i haven't wait until 2x24 hours to get a reply from them (actually i got it in less than 1 day). But, when i replied them for 3rd, i got the answer after 2 weeks, i have waited him patiently, then my problem was solved.

How did Poloniex become the biggest altcoin exchange despite being hacked?

Was it the services or? Asking to learn

Or because they are just listed some of good alt coins?

[arbitrage]

There is no safety when someone else holding yours private keys.
It is just a matter of time when will something happen, Polo and Trex still are resistant on hackers and this is amazing.
But future lies on decentralised p2p exchanges, where human error and greed cannot harm you so much, as we had few mentioned cases.