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Author Topic: Poloniex = Scam exchange beware.  (Read 41159 times)
misterbigg
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March 17, 2017, 08:50:48 PM
 #21

I had a significantly large quantity of bitcoin on deposit at Poloniex and they handled my account very professionally. I was extremely happy with their service and their exchange software works great. I have not seen any evidence that they are a "scam exchange." Quite the opposite, they look incredibly solid.
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March 17, 2017, 08:55:42 PM
 #22

By these criteria, any exchange can be called that.

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andyatcrux
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March 17, 2017, 09:04:52 PM
Last edit: March 17, 2017, 09:18:08 PM by andyatcrux
 #23

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes,  at the moment the exchange is pumping DASH which is a ponzi scheme,  they create these big pumps, attract investors who short them, them keep them stuck for weeks.  If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

How would you even know for sure that Poloniex itself is using bots to 'pump and dump' coins?
Couldn't anyone use a bot to do this? It doesn't have to be Poloniex itself, right?

Just reads like FUD to me.

Yes, exactly. This thread is just speculation. Poloniex is based in the U.S. and needs to pay the IRS taxes. The money that they owe from their .25% trading fee would make creating "fake volume" very costly for them, so really the entire notion doesn't make sense. They could be actively trading I guess, but that is a different thing.

Source: http://coinmarketcap.com/exchanges/volume/24-hour/

Nearly 300 million in daily trade volume, their high rollers pay less in fees but Bots are market takers so a conservative estimate would be them getting .14% average of fees. That would be $420,000 a day in earnings. Now if most of that was "fake," they would be on the hook for a shit ton of tax dollars at the end of the year. A tax bill on earnings of 154 million dollars, no matter how many right offs, would be prohibitive if they were not actually earning that money.
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March 18, 2017, 12:33:27 AM
 #24

Three years ago, Poloniex had some Bitcoin stolen. I lost some Bitcoin.
Busoni, the owner of Poloniex, paid it all back.
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March 18, 2017, 12:35:57 AM
 #25


Yes, exactly. This thread is just speculation. Poloniex is based in the U.S. and needs to pay the IRS taxes. The money that they owe from their .25% trading fee would make creating "fake volume" very costly for them, so really the entire notion doesn't make sense. They could be actively trading I guess, but that is a different thing.

Source: http://coinmarketcap.com/exchanges/volume/24-hour/

Nearly 300 million in daily trade volume, their high rollers pay less in fees but Bots are market takers so a conservative estimate would be them getting .14% average of fees. That would be $420,000 a day in earnings. Now if most of that was "fake," they would be on the hook for a shit ton of tax dollars at the end of the year. A tax bill on earnings of 154 million dollars, no matter how many right offs, would be prohibitive if they were not actually earning that money.
I was somehow under the impression that large market makers or players pay no fees at Poloniex at all.
Does anyone know
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March 18, 2017, 12:40:48 AM
Last edit: March 18, 2017, 12:50:59 AM by andyatcrux
 #26


Yes, exactly. This thread is just speculation. Poloniex is based in the U.S. and needs to pay the IRS taxes. The money that they owe from their .25% trading fee would make creating "fake volume" very costly for them, so really the entire notion doesn't make sense. They could be actively trading I guess, but that is a different thing.

Source: http://coinmarketcap.com/exchanges/volume/24-hour/

Nearly 300 million in daily trade volume, their high rollers pay less in fees but Bots are market takers so a conservative estimate would be them getting .14% average of fees. That would be $420,000 a day in earnings. Now if most of that was "fake," they would be on the hook for a shit ton of tax dollars at the end of the year. A tax bill on earnings of 154 million dollars, no matter how many right offs, would be prohibitive if they were not actually earning that money.
I was somehow under the impression that large market makers or players pay no fees at Poloniex at all.
Does anyone know

Bots are executing sells and buys (mostly) so makers fees apply. I am of course just picking the middle-ish number here. Even if their mean average was .10 it would still be relevant.

poloniex.com/feeTier/




Three years ago, Poloniex had some Bitcoin stolen. I lost some Bitcoin.
Busoni, the owner of Poloniex, paid it all back.

Same here. While idiot exchanges ran off with 50 BTC when hacked. Talk about not seeing the forest for the trees. Poloniex was smart and Busoni had integrity. Not sure how involved he is with the day to day anymore. He must be so rich now that I doubt he is heavily involved anymore. Anyhow, they still get the benefit of a doubt in my book.
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March 18, 2017, 12:53:32 AM
 #27

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes,  at the moment the exchange is pumping DASH which is a ponzi scheme,  they create these big pumps, attract investors who short them, them keep them stuck for weeks.  If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

It pretty easy not to get scammed once u know hwat to look out for .Only invest in coins u believe in and only buy at the bottom of the roller roster .Coins are dump and dumped by whales but good  coins generally go up in value long term .Just do not get sucked into the hype and  be a a bag holder

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tokenmarket
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March 18, 2017, 12:56:26 AM
 #28

Sounds like a bit exaggerated.
Honestly, why do you think exchanges run 24 hours? all of them have bots.

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poochpocket
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March 18, 2017, 03:53:50 AM
 #29

Every exchange is scam by oneway or another , they allow you to deposit unlimited Bitcoin (for non-verified account with ID)
and when its come to withdrawal they limited it to 2btc per day and giving lame excuse of KYC rules.
KYC policy should be applied on both deposit and withdrawal.  
There's no way to prevent someone from depositing once they have a deposit address.
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March 18, 2017, 06:33:58 PM
 #30

I believe  I witnessed a SCAM on POLONIEX today. I am a ETH/PASC miner. And my PASC is auto deposited to POLONIEX. All days my deposits have been shown up. Each day 40 PASC approx.

Now TODAY PASC goes up about 80 freaking %. And guess what, my mined PASC are not showing up in my Deposits. PASC is about 0.8% Volume of POLONIEX.  I message them and they say maintenance or something. Later all PASC deposits and withdrawals are stopped. PASC price goes down to only +30% from +80%....

Ofcourse in a couple of days when PASC will be waaaay down in price, they will buy those coins back and give them back. But still how can you trade with other peoples money that boldly, and how can people not see this, is beyond me !If I was a US citizen I would have called the FBI a long time ago. They will go the way of MtGox when they'll think it's worth it.  Todays PASC Volume was at 1,400,000 US$ at Poloniex. Now think of how much money they made...

They traded with my mined Coins. And I thought you should know too. They do it similarly like MtGox that got ""HACKED"",but on a smaller scale with smaller coins.

Be carefull people. And do not concentrate on POLONIEX ! Especially on days when a big crash happens like today. You might lose everything the next time.
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March 18, 2017, 09:17:18 PM
Last edit: March 20, 2017, 08:07:01 AM by memequiserle
 #31

Beware of Poloniex,

They use bots to pump and dump coins and ponzi schemes,  at the moment the exchange is pumping DASH which is a ponzi scheme,  they create these big pumps, attract investors who short them, them keep them stuck for weeks.  If you dont know Poloniex is designed to suck in investors, use bots to create fake volume.

the first youre reason i think youre lost in trading
all exchanger all coin dump and pump common thing, not is big problem, only dump and pump you write ponzi scheme
DASH not ponzi coin, DASH is good coin, good user community, good volume transaction and old coin


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March 19, 2017, 03:01:58 PM
 #32

It seems that some transactions on Poloniex failed. I lost BTC Cry Cry Cry because no transactions bitcoin tidy right time

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March 19, 2017, 04:45:01 PM
 #33

The only problem I faced on Poloniex, is the inability to place an order at peak times. In general, I do not have problems.
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March 19, 2017, 04:50:44 PM
 #34

Every exchange is scam by oneway or another , they allow you to deposit unlimited Bitcoin (for non-verified account with ID)
and when its come to withdrawal they limited it to 2btc per day and giving lame excuse of KYC rules.
KYC policy should be applied on both deposit and withdrawal.  
Yeah and if you look at the scam sections,you'll see a lot of accusations on this exchanges,each one of them has one and they are not small amount but huge one,that's why it's not a good idea to put huge amount of bitcoin in any exchange,

TUXexchange, being legally incorporated in Canada, does not require identification of any kind nor does it limit your deposits or withdrawals in any way..
Because of Canadian law, dealing with cryptocurrency only and no fiat, they do not deal with "money", so no ID no limits, no exceptions, 100% legal..
They also let you register and trade from TOR to stay completely anonymous if you want to..

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March 19, 2017, 04:54:43 PM
 #35


I read the their "terms of services" today, and, although I have an account, I am leaning towards not doing any business with them. Basically, they can take your account from you anytime they feel like it at their discretions, freeze your funds, etc... I have read other user terms, and none were anything "so against the user" like Poloniex.  I agree with the OP. stay away if you can.

Bitcoin Cash (BCASH) is NOT the real Bitcoin
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March 19, 2017, 05:07:03 PM
 #36


I read the their "terms of services" today, and, although I have an account, I am leaning towards not doing any business with them. Basically, they can take your account from you anytime they feel like it at their discretions, freeze your funds, etc... I have read other user terms, and none were anything "so against the user" like Poloniex.  I agree with the OP. stay away if you can.

They even Trade with your coins and then block you from withdrawing them.Deposits do not show up when I needed it.
Happened to me with my PASC coins. They made a huge profit with my coins, now I can't access them.

That's Poloniex for you.

Ofcourse because it's just a little Altcoin with only 0.8% Volume of the exchange noone will say anything.
This is MtGox style fraud and it should be called out.
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March 19, 2017, 07:40:00 PM
 #37

They even Trade with your coins...
That's quite a sensational claim. Do you have even a shred of evidence to support this?
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March 19, 2017, 08:11:25 PM
 #38

OP is a retard !

it ain't much but it's honest work
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March 19, 2017, 11:34:12 PM
Last edit: March 19, 2017, 11:56:08 PM by asc_one
 #39

They even Trade with your coins...
That's quite a sensational claim. Do you have even a shred of evidence to support this?

Be creative... This is what happened: Yesterday PASC has risen 80%, my mined coins don't show up at the exchange. Even though they showed up all the time till this day. Right NOW you can't deposit or withdraw your PASC! Today is the second day.
Well why is PASC disabled right now on the largest exchange ?  Do you think they are that incompetent ? They want to make extra money, so they use insignificant altcoins to make a little extra profit! Pretty f*cking simple.

Now a couple days go by PASC drops, Polo buys back cheaply and gives back to the depositors...

What do you think happened at MtGox  ? Do you think they really got hacked ? Or did they "hack" themselves ? These exchanges are corrupt to the core. Do NOT trust them.

Just look at all those miners still mining to Poloniex! Just the Top15 : https://pasc.nanopool.org/
14 of the Top 15 still mine to Poloniex...
These alone produce worth 1000s of USD of PASC daily and deposits do not work at Poloniex right now.They do not show up! Meaning the PASC is not at the miners disposal. So Polo does as it pleases with those coins,even trading...
Is it to far fetched? You decide.

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March 20, 2017, 12:04:25 AM
 #40

They even Trade with your coins...
That's quite a sensational claim. Do you have even a shred of evidence to support this?

Be creative... This is what happened: Yesterday PASC has risen 80%, my mined coins don't show up at the exchange. Even though they showed up all the time till this day. Right NOW you can't deposit or withdraw your PASC! Today is the second day.
Well why is PASC disabled right now on the largest exchange ?  Do you think they are that incompetent ? They want to make extra money, so they use insignificant altcoins to make a little extra profit! Pretty f*cking simple.

Now a couple days go by PASC drops, Polo buys back cheaply and gives back to the depositors...

What do you think happened at MtGox  ? Do you think they really got hacked ? Or did they "hack" themselves ? These exchanges are corrupt to the core. Do NOT trust them.

Just look at all those miners still mining to Poloniex! Just the Top15 : https://pasc.nanopool.org/
14 of the Top 15 still mine to Poloniex...
These alone produce worth 1000s of USD of PASC daily and deposits do not work at Poloniex right now.They do not show up! Meaning the PASC is not at the miners disposal. So Polo does as it pleases with those coins,even trading...
Is it to far fetched? You decide.
That's not evidence it's speculation. What else are you hiding under that tinfoil hat?
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