It's now 7 days since I made a deposit to @poloniex and they have not yet credited the money to my account on the exchange. I'm not the only one who's been waiting for this long. In fact, there are others who have been waiting for more than 3 weeks now! When I made a transfer to them, the price of STEEM was about 0.89 SBD at poloniex and in the internal market, it was about 1.05 SBD. Right now, the price of STEEM in the internal market is about 1.61 SBD while at poloniex, it's about 1.28 SBD!
Can you imagine how much people have lost in the exchange because of this so-called "technical issue"? I myself wanted to sell SBD and buy STEEM. Everybody else did. But is it possible that @poloniex disabled it so they can trade with OUR money and meet the demand for STEEM while suppressing the price of SBD? I'm a developer myself and there is absolutely no way it's going to take someone THIS long to fix a technical issue with something that was working just fine the other day. All you have to do is pull back to a version that was working while you will be trying to figure out what you have recently done wrong.
I think the price difference between poloniex and the internal market at steemit is going to continue to shrink while the manipulators will be taking advantage of OUR money and from the so-called "technical issues". Once the gap becomes small enough, they will re-enable STEEM and SBD. I believe that by then, the price of SBD will be less than $1 USD.
Maybe they did this to "fix" the peg and kind of force everyone to power up 100% rather than 50/50 and holding on to SBD, while at the same time making thousands of dollars out of it or maybe millions! Either way, manipulation is manipulation and I don't like it and what's worse than manipulation is when someone you trusted locks your money in and refuses to let you touch it, because apparently, they are facing "technical issues". Who thought that the crypto market is immune to manipulation? I certainly didn't and so I'm not really surprised...
Don't forget to UPVOTE, COMMENT, and/or RESTEEM!
FOLLOW ME ⇿ @msg768
UPVOTE, COMMENT, and/or RESTEEM!
FOLLOW ME ⇿ @msg768
No Polo!
Yeah, second that. It's sad these issues with polo have been ongoing for so long. The community's confidence in their ability to function as an exchange is down the toilet. There is so many issues and rumors running around it's best just not to use the exchange for the time being.
What super sucks is even if your coin gets out of Crypto-Purgatory, it'll still be locked up since they disabled the wallets.
I had Steem locked up for 2 weeks, but finally got it in my wallet... but still can't do anything with it.
It's really frustrating. My silver lining is that it's worth has gone up... so hopefully the SBD will have an upward trend once they get their site functioning again. At this point, it's like a safety deposit box.
When did your steem get credited to your wallet? Mine is still missing! :[
Nah I really like their chicken ('-')
BITTREX!
Exactly, I transfered all my funds to Bittrex ASAP. I do not trust Poloniex anymore.
Im happy that Polo fixed their "issues" with Bitshares pretty quick and moved my BTS to Bittrex.
Feels safer.
PoloNIET!
BitYes! (Bittrex)
Main reason why I always check multiple platforms before buying cryptos...Not only may the prices fluctuate, the fees are also always different.
This is quite possible actually. But honestly not only poloniex has sbd and steem disabled a lot of exchanges have it turned off due to the hf19.
Honestly I have no Idea but polo isn't doing anything about it.
Check my post on poloniex and see what the support told me once I opened
HF19 didn't change anything with how the transfers and withdrawals work. As with other exchanges having problem as well... What if they're all in it together? After all, it's a great opportunity that can produce thousands of dollars if not millions. Look at the internal market here. What's been going on is pretty ridiculous...
Well done post You deserve for getting Upvote from me. I appreciate on it and like it so much . Waiting for your latest post. Keep your good work and steeming on. Let's walk to my blog. I have a latest post. Your upvote is high motivation for me. Almost all Steemians do their best on this site. Keep steeming and earning.
This comment has received a 0.08 % upvote from @booster thanks to: @hamzaoui.
I have all but abandoned Poloniex in favor of Bittrex. If enough people leave, maybe that will result in some action on behalf of the exchange. They are capitalists through and through . . . hurt them where it counts: their pocketbook.
This is how I feel Poloniex looks at their users . . but they don't realize they are not a monopoly.
Capitalism is about providing the best service. Capitalism is great and is what leads you to better services like Bittrex :)
Thanks for sharing the information !
It is unacceptable. Release the hounds! There are tons of Steemians effected by this.
Polo doesn't need to manipulate prices, they make millions in fees each week. The reality is Polo is sorely understaffed and under-resourced for the massive increase of people they recently gained, and its showing in that wallets are constantly going down and it takes weeks for people to have support tickets resolved.
They are obviously having serious problems trying to expand to meet demand. Its just incompetence on their part, not malicious market manipulation.
Yeah, that's how I feel. And as someone with a customer service background, I cringe sooo hard for them because customer service is the face of the company and it feels like they have no face.
I hope they get things squared away ASAP; can't help but think of those who need the crypto they earn, for it to be locked up and inaccessible. It's a sucky situation all around.
"Boss, what about the scalability plan?" - "Leave it, will figure it out later, there is no time the investors are already waiting in the lobby". "But Boss" - "door closing..."
So why hasn't there been an announcement that they are hiring remote support staff familiar with cryptocurrency like we had from Coinbase in 2013? Or was there one that I missed?
I'm on almost every exchange, just use polo for lending or margin. Pretty good as a BTC hot wallet too while these fees are so high
These Exchanges can't be Trusted..............
I'm a total crypto noob, but even I have sensed this fact. I don't think exchanges will be something I explore until I have a much better understanding of how crypto works. I've seen negative things about both Polo and Bittrex...I'm looking for better, more trustworthy entities to work with.
Sounds like a great reason to move to the DEX (decentralized exchange). It is trustless and more scalable than the top 10 ten cryptos (not including itself or Ripple, which is not a cryptocurrency or trustless) combined, and it has solved the volatility issue that plagues every other coin that prevents true merchant adoption. By "true merchant adoption" I mean merchants being able to accept cryptos without having to use a payment processor such as BitPay to protect themselves from price volatility. The OpenLedger gateway allows for deposits and withdrawal Fiat currencies as well as an assortment of cryptocurrencies.
You can create an account on the DEX right here. The wallet model is recommended because of a higher degree of security. There is a non-browser desktop client available here.
@ashaman is right, this is the perfect use case and motivation to introduce the "Decentralized Exchange", because money decentralization does not implies transaction and deposits/withdrawal/custody decentralization. Here, take a look to the NVO.IO Project.
I think the explanation is simpler: they're simply incompetent. They grew too fast. They went from about 20,000 users online in Feb to over 40,000 users a month later, and they simply didn't plan for that kind of growth. Everything is falling over on Polo, the wallets arn't being maintained, new users arn't being verified, large withdrawals arn't being authorised in a timely manner, the platform keeps crashing.
My advice: use either bittrex or HitBtc for steem trades. The only reason people are dependent on Polo is because that is where the volume is. But we can build it up on other exchanges.
Exactly. I wrote about that too. I bought steem with btc and it's just frozen now as withdrawal is disabled. So have no other choice than to sell it cheep to btc to move it to bittrex. That's the obvious reason why STEEM price is falling now.
Sorry to hear that @crypto.girl! At least you could get your money out!! Mine isn't even showing up on the exchange yet! But my passionate post ended up making it up so I probably shouldn't be complaining but to each their own I guess! xD
That sucks. Were withdrawals already halted when you bought, and you forgot to check first, or did you leave your STEEM on the exchange? Unless they were disabled in between checking and making the trade - I've had that kind of bad luck before myself.
There were an announcement that they will be resumed, but it took a week. Fortunately now everything works, and I guess @msg768 also got his money.
Good post! I steel have little hope for the steem :)
I am holding steem in poloniex for its technological system
You forgot the /s flag. Poe's law and such.
Bitrexx is where it is at! Ive never had a problem with them.. and they offer more option on coins then polo
I got so fed up of Poliniex, I converted everything to litecoin and withdrew, took 4 days to finally get through, after two weeks of frustration and disabled currencies. I'm never going back there. I'm at Bittrex now, and never been happier. Snappy trades, snappy deposits/withdrawals.
You did the right thing. Everyone should completely withdraw from poloniex...
This is insane. How Polo do this and we get affected by this.
thanks for this fruitful information.. voted and folllowed
Don't the 2 originators of steemit use polyniex?
Poloniex is a garbage
Is it also because of HF19? I am just wondering.
HF19 didn't change anything with how the transfers or wallets work so it cannot possible have caused any "technical issues" with how deposits/withdrawals work...
OpenLedger is also having issues with their Steem/SBD wallets (they are currently disabled), it's definitely not just Poloniex.
This suddenly have me thought of the Venezuela incidents where the banks started closing due to "technical issues"
Sounds like the powers that be who have manipulated the metals markets of gold and silver have found a way to manipulate crypto and steem dollars. What once was thought of as an option away from manipulation may have fallen prey to their devices. SAD . Please continue to keep us informed and thanks for sharing. - Troy
Thanks for your encouragement! Manipulation is everywhere and it's almost impossible for it to completely disappear. Because it's a heart issue. You can't force people to do what is right when no one is watching them. They have to change from within. Enforcing laws and regulations will never fix the root of our problems!
I am sorry. When I was introduced to bitcoin and steemit, it was sold as being the answer to freeing yourself from the elite banker families. I was skeptical but I saw the potential. I am glad I made the plunge into steem. However I fear some form of crypto currency will become the new one world currency as part of their plan. I am still in and love steemit. I am sorry that I am not more optimistic. They control about everything else in this big old world. I hope we as a free people may overcome their grip and the righteous will again be in control. God is on our side.
No need to be sorry mate. Things will get fixed but first it has to get worse so that more people would wake up. I'm fairly certain that bitcoin was their own plan and so is pretty much any other crypto that becomes popular. As long as they have the money and power, and the majority of people have no clue what's going on, they will continue to dominate the world. But like I said above, the root of the problem is at our hearts and no one is righteous. All have sinned and fall short. God is re-creating people differently through the new covenant and it takes time. Once He's finished re-creating those who are willing to be re-created, things will change forever. Keep up the good work and once again, thanks for your support! :]
I used to use shapeshift to switch between cryptos. Currently prefer blocktrades. But I've never understood why some people store cryptos on exchanges. Did people learn nothing from the Mt. Gox fiasco?
Most of them are traders who want a better/lower spread to trade between cryptos, and faster execution time too.
Possibly. Their antics with emc2 is probably going to be my final straw.
Thanks For Sharing @msg768
That sounds absolutely possible. It is not the first time Poloniex is in the news for bein unreliable. This is the downside of being unregulated. We have to turn away from shady trading markets like them for such behaviour. But demand creates more competition and security system which will kind of work like a decentralized regulation, I could imagine.
I think polo has a liquidity problem. The unexpected surge in new users recently has put a great strain on them. I expect other exchanges to also experience the same thing when the time comes.
Why a surge in new users should put a strain on their liquidity? More users means more currency comes in.
As I understand trading exchanges are done as a pool. If more people come in with fiat to buy ETH and they take out ETH to put into the ICOs then they have a problem in that they may not have sufficient ETH when mass withdrawal occur. They will not be able to change your fiat or other cryptos to ETH thus resulting in delays to your exchange. It is probably why they are quite about the situation because a possible run on their exchange might ensue.
A lack of liquidity does not just mean liquidity in fiat terms but also in cryptos terms. Exchanges only have a limited number of the different cryptos they trade. It is just the same way the banking system operates because they assume that a certain proportion of the trader will kept their cryptos on the exchange.
This is also why many tell you not to keep you cryptos on the exchange and to keep them in your own personal wallet. Coins on the exchanges do not belong to you unless they are taken out of he exchanges.
Cryptos and cash liquidities depend on the behavior of the users, much less on their amount, and not at all on their amount if the exchange makes no effort to complete its defficiencies through other exchanges.
https://steemit.com/steemit/@dragosroua/sbd-trading-at-usd1-2-closer-to-the-peg-poloniex-still-disabled-and-some-ramblings - SBD should always trade at $1, it's in the Steemit design. Witnesses (me included) are doing a lot of effort to maintain this peg which is very important for the health of Steem. The pressure on SBD is artificial and toxic for SBD.
I think it's impossible to maintain a peg without price manipulation. If this is supposed to be a free market, there should be no "pegging" in the first place IMO. :]
We certainly have a different understand of that, probably because we have different levels of education regarding crypto. I would suggest very gently that you read the Steemit white paper (probably more than once) in order to understand how the peg is created, how it is maintained, what is DPoS and why this is better than PoW.
Peace :)
I won't do any transaction on Poloniex again.
Just theft what they do.
But I don't know if the other exchanges (Bittrex i.m.c.) are better, I sure hope so.
Heared about hacking issues to.
Are there good hard ware wallets where you can put most altcoins on ?
I have no idea mate. I've never traded with any crypto exchange as I'm a newbie too. Poloniex was my first experience which turned out to be a horrible one!
@msg768 nice upvoted i am back after 8 days Nice to see you :)
Just stay away from Polo.
Stop trading on Polo now!
Interesting Post, Thank You for the information.
I think it's not only STEEM they have been manipulating lately but a hole bunch of other coins :p
Great and short posts and I like how you actualy proved that you're indeed a developer by explaining the process of taking older functional version and wrap your head around soduku and litterliy guessing what's wrong with the new one.
Extra:
Didn't heared the news? POLO(S)niex is under control of the DEA...eh I mean Blue chicken.
Most won't know what I meant (; Keep braking (;.
I won't know what you meant either! I can only guess! But thanks for reading :]
So much bad news about poloniex, it's worrying... I think it's time to shift.
Everyone should ditch them in my opinion...
Poloniex is a big shit , I have already switched to bittrex.
huh poloniex,poloniex oh Why are you so!!!
good
Never use Poloniex. It's the worst exchange website. Now I am using Bittrex and it is way better.
That's one of the reasons why the next step for govs will be to "regulate"=control the trading platforms. Therefore they can't control the cryptos, they will control the interfaces where the cryptos are sold. On a long-term-view, they will give it to the control to the banks. Of course just for the "security" of the customer.
Polo it's too much Polo and you know it!
market manipulation is rife on exchanges, same with bittrex, whenever something rockets or arbitrage opportunities present themselves the wallet in question is disabled.
awesome @msg768
Don't think this will last forever. It's tricky market turns. Steem will be a great and steady investment to have in the near future!
I think it is very likely they are doing this, and if so, don't you think it could also probably have influenced the downward trend of Steem price the last couple of days?