Poloniex DOWN... hopefully not OUT!
The woes of Polo continue
I checked their Twitter. No update. However looking at the poloniex hashtag feed on Twitter it appears numerous users have been experiencing the same problem.
Disconcerting
More troubling than the issues is the lack of communication. DDOS attacks come with the territory with crypto exchanges. As does system downtime. However when an exchange starts to go dark on communication to its user, that is usually a red flag.
Race against time
Like many users, I've been trying to withdraw what I can from Poloniex on a daily basis. The warning signs have been there for a while. Thankfully most of what I had on the exchange is off of it.
This is not financial advice... however it would seem prudent to limit any exposure you have on Poloniex for the foeseeable future.
Never has the maxim "do not invest (or trade), what you cannot afford to lose" been more true than now!
Haha! Made my day!
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Seems fine now, but I've been moving my XRP funds off into a cold wallet ever since the Troll Box vanished. That seemed like a giant warning sign to me. Slow going because of the daily limit, but I'm almost done now.
can you give an example of a cold wallet one can store his coins safely? I have some coins on poloniex and bittrex and with these kind of news, it is not safe to keep them there.
XRP? I didn't trust any of the web based solutions, so in the end I installed the official ripple software and used the command "rippled wallet_propose" to create a new wallet.
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It does look as though the writing is on the wall. To me it looks like a problem of scaling. They got greedy and allowed too many people to sign up before they were able to deal with the demand it would cause. Maybe, they'll dig themselves out of the hole if enough people go elsewhere and lighten the load. But any kind of 'run' on them could cause a complete loss of confidence and then they're in real trouble.
Not a good sign
Just couldn't reach it too, but I think it is to early to blame them, many exchanges have trouble at the moment. The crypto market is expanding so fast that even exchanges have scaling problems.
I think POLO was signalign problems for like..1 month or more. Countless people wrote about it. No need to hodl any coins there :(
I hope you did not have many...
I made a mistake a couple of weeks ago of sending 90% of one coin I owned (instead of 10%). Been trying to claw it back every since. A few more days and I'll be clear.
... I don't trust them enough to give my personal ID details to withdraw larger amounts.
I think that's a bluff...a friend of mine ha 1x btc there. He had to withdraw in <1btc / 24hour and he has all the data there. That's when we knew the shit is about to hit the fan.
I'm happy you got out and really, thank you for this post. People need to know and polo needs to pay the consequences of their fkups even if they don't go bellyup ( which I really hope they won't as it would be bad for ll crypto )
haha yea, since they have put a $2000 limit on daily withdrawals, nowadays u can't even withdraw 1 BTC on a single day
It's back up now, btw. Steem deposits postponed.
This happened a few weeks back, when XRP and STR was pumping really hard and at the same time they were DDOS attacked. Seems "normal" for Poloniex. I've also moved my funds to Bittrex. Where do you guys trade, what platform?
Bittrex and Poloniex is still probably the best places to trade altcoins. However I'd advise against leaving funds on any exchange. Trade and then back to wallet. It might mean monitor price movements more frequently (vs leaving orders on books) but the risks if losing funds on exchanges are too high imo.
I'd also caution against trading large amounts on Poloniex at the moment.
It's up and running already.
They never update their Twitter, and their customer service is horrible. The site's dying for almost two months. I still don't get why people store anything there or in exchange sites in general.
What is a better way to store cryptocurrency ? Is there a quality wallet with low to no fees associated?
@ragnartheking
Depends on what crypto are we talking about.
You can store all of your ETH based tokens in MyEtherWallet or Offline in MIST. You can store BTC offline in a MultiBit wallet. There are also many and many paper based wallets. Those are the safest for sure.
Your post is a good wake up call for me that I need to stop leaving too many coins parked in Poloniex like they're my wallet.