So...I just found out today that the loans that renewed on my Poloniex margin position on July 30th-31st have been set at a 5% daily interest rate and a 60 day duration.
I tried to reduce my positions so that these absolute absurdity of loans would be cancelled and I wouldn't be stuck paying a 5% daily interest rate, but the loans will not close out as I reduce my position. I have attempted to open new positions and receive new loans at the 0.01% rates that are currently offered, as someone else said that it would cancel my highest interest loans....but nothing I am trying is working.
I have heard of others being affected by this being trapped into these 5% interest daily loans.... such as at this link here that are currently losing very large sums of money. Others have been trapped in loans like these without even holding an active position anymore.
https://www.reddit.com/r/BitcoinMarkets/comments/6rbqgi/losing_132_btc_a_day_in_borrowing_fees_on_a/I am literally at a loss for words. I knew that I was going to be taking on additional risk by taking leveraged positions, but I did not expect that I would be scammed on the loans themselves. I set a maximum loan rate of 0.5% when I opened these positions and had been sitting on them for a little while.
Poloniex is a scam exchange, I opened a ticket but expect that I will not hear back. Anyone have any idea on what I can do....or am I literally forced to watch my margin account be stolen daily?
