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Author Topic: Poloniex caused the market to crash  (Read 2247 times)
jmigdlc99
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May 09, 2017, 03:15:29 PM
 #1

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.

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Mia Wallace
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May 09, 2017, 04:29:54 PM
 #2

This might be actually true as they are having issues for the past few days and trades were halted for a while ,what i really thought was my internet connection died,but then other sites were working and then after a while i found that the trend is going negative,because people might fear that the biggest alt coin market goes down and that might have triggered the correction.
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May 09, 2017, 04:34:27 PM
 #3

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.

I don't consider it as a crashed. I see it has some advantaged. People take profits while at the same time having a chance now to buy another round of coins. Correction price is still not achieved as those who were recently pumped still experiencing a large volume upwards. The cycle will just continue so go with the flow.

What's new when there is a big pump, it will always accompanied by big dump so that is expected. Yes kinda worried if you have some big funds stored at Poloniex and with just a minor problem people will panic but we have nothing to do with it.

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May 09, 2017, 04:50:27 PM
 #4

Hi all,

I personally that those periods when poloniex goes slow are bad. But somehow it's allways during midnight my local time which result in coins going down, just check the graphs, be smart to expect this, and make the weak thing of the platform a positve part of your trading.


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May 09, 2017, 05:40:49 PM
 #5

haha, it is actually the other way around my beginner friend Smiley

whenever market is crashing, poloniex goes down. a positive way of thinking is saying they go down because of the massive amount of traffic their website gets, a lot of people are trying to sell their coins to survive the crash with smaller loss. not to mention all the bots and all the stop losses that are kicking in when price is falling! and their servers are not strong enough to handle all of this. so they go down or at best become super slow.

a negative way of thinking is that they are shutting many out to prevent them from dumping their coins. for example their ETH tokens so they can prevent or at best slow down the process of catastrophic market crash.

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May 09, 2017, 05:52:46 PM
 #6


even if its true that they did have some issues, its still a poor services from them consider they are earnings almost a million a day on their exchange. whether its their server's fault, its still their fault. have no idea what their servers are but sure there are better ones.

this issue might just be exaggerated by competitors and somehow working  Grin

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May 09, 2017, 06:27:21 PM
 #7

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.

How did it cause the market to crash? The price on poloniex is $1792 which is an all time high.
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May 09, 2017, 06:31:19 PM
 #8

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.
I'm having second thoughts now.Bought a few XRP couple of days back when the price was peeking.Now,somehow  I'm guessing it's all planned.You're not the only person that is giving the "lag" reason,many complaining on the chats as well.

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Iranus
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May 09, 2017, 06:35:23 PM
 #9

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.

How did it cause the market to crash? The price on poloniex is $1792 which is an all time high.
There was a very slight dip recently of ~$20.  I wouldn't call it a "crash" at all, just regular price fluctuations.  I really don't think that Poloniex is affecting the price yet - the situation isn't dire enough yet.  In a couple of weeks it might be a different story.

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May 09, 2017, 06:39:10 PM
 #10

I was thinking my Internet connection has problems but it was not. Hope there solve the problem before things get out of hand as many focus were currently on the pump in the crytocurrency price and any negative activities from exchangers will be terms as intentionally.

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May 09, 2017, 06:42:51 PM
 #11

You're not the only person that is giving the "lag" reason,many complaining on the chats as well.
Yes, https://www.cryptocoinsnews.com/jilted-trader-organizing-class-action-suit-poloniex
But, by considering the reputations maintained by poloniex so far, I am sure this incident might be something beyond their control. This is honestly an unfortunate situation for all of as well for poloniex.

Pretty sad considering the daily profit they make from fees.
But there were history like market giants were got hacked for millions dollar worth of bitcoins as security breaches are highly unpredictable as hacker are always ahead in the race of inventing and utilizing the new technologies.

 

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May 09, 2017, 06:45:11 PM
 #12

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.
its hurting alt traders since the lag or interruption causing the price went down and afterwards those who bought with much higher price
needed to wait for the value to bounce back, i used to remember when xrp value went up to 7k might be almost a month ago then polo
start to have some interruption after it went back to normal xrp fall down to 3k+ sat almost a half of the price.

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May 09, 2017, 10:53:09 PM
 #13

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.
its hurting alt traders since the lag or interruption causing the price went down and afterwards those who bought with much higher price
needed to wait for the value to bounce back, i used to remember when xrp value went up to 7k might be almost a month ago then polo
start to have some interruption after it went back to normal xrp fall down to 3k+ sat almost a half of the price.
The lag made a lot of traders get panic selling. But At the DDOS moment and stellar gets dumped on polo. It from over 4k satoshi to 1,7k satoshi.
Over a half just in some minutes.

But this not the first time for polo, many times server gets lag and there will be an automatic dump in there. That's strange for me.

We are knowing if polo is a major exchange which ahs contained over $500 million dollars. This will attract a lot of the attacker.

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May 10, 2017, 12:06:48 AM
 #14

Yep seems to have caused a lot of red action!

Except for one coin which has seen new all term highs!....



 
 
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May 10, 2017, 01:02:47 AM
 #15

Poloniex has a big capital volume of the bitcoin into trading. The server down is just a technical issue which is just because of the increased number of buy and sell orders that are happening due to the ongoing steeper price fluctuations. This might have caused the crash to some extent but not that big.

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May 10, 2017, 01:32:14 AM
 #16

Poloniex has a big capital volume of the bitcoin into trading. The server down is just a technical issue which is just because of the increased number of buy and sell orders that are happening due to the ongoing steeper price fluctuations. This might have caused the crash to some extent but not that big.
Maybe but it is not a thing to worry about I think since even if their server is down they will be back again soon so I will just be patient about it. I't is not that big of a crash though in some altcoins but on some it is big but I think it is not caused by poloniex but the traders there does it just to make profit or they just want to buy cheaper so they dump their coins with a positive profit.

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May 10, 2017, 01:43:07 AM
 #17

It's because they can't keep up with the coordinated market manipulations going on in the past weeks or so, this should be an indicator for people to stop giving power to an exchange.

Places like c-cex and cryptopia, kraken etc, should be more explored IMO to avoid these kind of crashes, but for Bitcoin every thing is doing very well and we have reached $1700+ already.

So for me I really don't care about alts that much.

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May 10, 2017, 08:13:20 AM
 #18

Poloniex didnt expect to have an instant 80K additional users in the past few weeks. Their site needs more server to handle the traffic. But personally I am using multiple exchange sites, I do not trade only on one site.. So whatever happened, either one site is hacked and my bitcoin is goine. I will still have bitcoin from other exchange.

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May 10, 2017, 09:51:33 AM
 #19

No trades for the past hour on poloniex because of "server lag." Its been happening the past few days too. Mods say they are "working on it." Lol.

Pretty sad considering the daily profit they make from fees.

The trading at poloniex is very fast as it is the biggest exchange of altcoins. and even a minute of Server lag can cause someone many dollars lost. and in an hour lag, one can be bankrupt. Poloniex needs to upgrade their servers.

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May 10, 2017, 11:33:04 AM
 #20

Yep seems to have caused a lot of red action!

Except for one coin which has seen new all term highs!....


I think what is happening may be technical issues and not an attempt to create market crash. I see that the issue have been resolved and you can now trade fine in poloniex sites.
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