Why are people still using that exchange? Alarm bells have been going off for weeks with that place, and I'm starting to worry that the entire ecosystem is going to get GOX'ed again, or rather - Poloniex'ed. Maybe Hanlon's Razor is applicable here, and they really are that incompetent - but they're earning close to $1M a day in trading fees! If they truly are having this many technical issues, they could probably make the problems go away just by throwing money at them. Unless their core architecture is failing to scale horizontally due to poor design, and needs a rewrite to cope with the load - but if that's the case, they should be implementing a freeze on new account registrations and gently increasing their fees to lower the load by reducing demand.
The only other possibility is that they are insolvent, and are systematically disabling withdrawals on various coins in an effort to prevent a bank run. I am not trying to slander their team, or make wild accusations here. This is just my interpretation of what I am observing.
I sincerely hope they are solvent, for all our sake. I urge everyone who has trades there now or has traded there in the past to ask that they retain the services of an independent auditor the way BitStamp did after Mt.Gox imploded, so that fears of an implosion can be laid to rust.
And for fuck's sake, everyone who does trade there needs to stop depositing. Don't give any more money to Poloniex until they lay such fears to rest!
Ya Poloniex acting hella sketch. I started trading with them and CB when I first got into crypto. Time to cut them lose. Also I'll check out DEX, thanks for the comments 🤙🏾
The DEX was created as a direct response and solution to the types of problems centralized exchanges are prone to.