POLONIEX is basically BROKEN these days. How long until people stop using it?
Introduction
If this were a new thing I might cut them some slack but this has been going on during every peak of traffic that I have seen for the last 3 years + that I have been using them.
I'm not expecting everything to go smoothly - life isn't smooth but it seems everytime I use Polo now there is a problem. Take the latest example:
I was about to make a nice tidy x 2.5 on DGB when it went above 400 but I couldn't because:
When I was able to use it again the price had dropped.
At what point do those lost sales, transactions and worst of all margin calls make people say enough is enough?
Poloniex have been spinning everyone the line that they are working on it (but they have been saying it since 2014).
You can't keep making the same excuses for over 3 years.
Given that they are the no.1 altcoin exchange it is just inexcusable - this is simply due to a lack of investment and greed in my opinion.
They have had plenty of chances and more than enough time to fix the issues but they haven't. The whole saga gives me a distinct feeling of unease.
The way to deal with bad service is with your wallet I think - i.e. take your money elsewhere.
Bittrex is a lot smaller but I have never had any significant issues with them.
Even for the tiny issues I have had their service has always been exemplary and they have gone out of their way to help me. Believe it or not there was a time when Bittrex was the no.1 altcoin exchange ahead of Poloniex.
At those times there were no peak time issues with Bittrex but the same kind of nonsense was happening with time outs and so on with Polo (and nothing seems to have changed).
So whenever I have the chance I will be shifting my trades away from Poloniex to Bittrex and other exchanges.
I just don't trust Poloniex any more and even if I did, I can't use the exchange when I have the greatest need to use it.
An exchange exists to allow people to make trades. If they can no longer trade and they are losing money as a result of it, how long can they stay in business?
What do you think? Am I overreacting?
Thank you for reading
Polo is perfectly fine for me. Just bought some STEEM.
Good for you. Now try taking it off the exchange and see how that works.
That's exactly what its like.
Hahaha, the Ultimate Problem Solver!
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Seriously, really reminds me of my work.... XD
ROFL! thats soo funny and true!
LOL
The making of that clip looks extremely dangerous
Had the same issue the other day but reloaded and went away. I don't trade much though. Just trying to withdraw what I already have.
It might not be an investment problem per say but rather a problem with the architecture. Usually these sites are build upon a core (an old one in our case) and it becomes quire difficult to fix issues once layers upon layers are build upon. The patchwork doesn't seem to cut it in our case.
As far as becoming no.1, I think it has to do a lot with the design. It is much superior than bittrex's. People usually go for the eye candy. Also, I believe these problems occured as of recently when the traffic spiked. Perhaps they were not ready to handle such a massive market (although their stature should have provided them enough by now to do so).
Yes! As I write this, there are ~36,700 users online at poloniex seeking info, placing orders, sells, lending etc and ALOT of money trading hands. While I want to see added servers carry the load to make everything smooth as butter, there is a security component that must be handled properly and carefully.
See their recent statement: https://poloniex.com/press-releases/2017.05.16-Industry-growth-and-its-effect-on-Poloniex/
That statement is BS. They have had the same issues for 3 years. Also it does not explain why withdrawals are frozen.
Thank for this. Pretty solid explanation. Especially when one comes across the DDoS hell
Has been happening for the last 3 years every time the traffic spikes. I think it probably is an architectural issue but they have had more than enough time to fix it.
Indeed. I guess they are busy making way too much money. They might even think that is best if they lose some customers :D
I think it is the old joke of "I spent it all on hookers and blow" ;)
Now we are getting somewhere!
Polo encountered different problems and they manage it properly, I believe they are more knowledgeable and can handle big issues compare to other Exchangers that never encounter such problem.
Bullshit.
I think it was the 80's when I first heard about how tragically detrimental to society Bullshit is.
Not just in lost productivity, but precious hours, days, months even, of one's actual life - gone.
All due to useless bullshit.
It's true! I'm smiling while I type, and yet, there it is. There's a whole course on it some one put together, I believe. It's like, if you find yourself talking and you suddenly feel how good it feels to be talking - then check yourself, because if you don't actually know what your talking about, you should shut the frack up.
Or worse, is sending people on a goose chase or snipe hunt, just to avoid blame or responsibility or whatever reason. Argh, the frustration. Or even just dickin' around! I'm on site, and I loan this guy a wrench. A wrench I need for an antennae install, right? And he's all jovial and confident, telling me all about how reliable he is and how he will meet me later where I'm doing the install.
Of course, he doesn't show up. I have to get creative - which I don't mind - and all of the sudden the job is taking me twice as long to complete! Flippin' jackass. Didn't even show up the next day for work. Found him at the bar. Never saw him again. Thank goodness - too much BULLSHIT!
I don't like to be so dismissive but when it is clear that someone hasn't even read what I have written and is saying that all is fine when it clearly isn't even I have my limit;)
Sadly I saw all of this with Mt GOX, Crypsty and several other exchanges. Even when the problems were ongoing and something was badly wrong others were claiming they were doing a great job.
Then when the exchange failed people acted like they knew it all along. I think we often only see what we want to see at the time.
Congratulations @thecryptofiend!
Your post was mentioned in my hit parade in the following categories:
Thanks!
I really hope that this encourages people to move to more decentralized exchanges, like bitshares and counterparty and nxt even burst. These platform gain usefulness from liquidity so the more people using them the more useful they are.
Good point. It is very similar to the example of the telephone companies that start gouging you and/or cutting services once they have a substantial customer base. And using 'decentralized' exchanges don't come with a significantly higher user cost like a 'mom and pop' meatspace store where you often pay substantially more in return for personalized service and more integrity in the business dealings.
Yes for sure. There is the WAVES DEX now too and I think another one is coming.
since the volume stays in polo aka the big guys so the rest of the ppl!
The thing is right now people are actually having difficulty trading (at least manually).
Back when Ethereum was making waves before the DOA fiasco, the network conveniently experienced DDoS attacks each time Ethereum experienced a significant decline. I and many other short sellers got smoked a couple of times.
Once the DAO shit-show was in full swing, the same thing started happening all over again. At one point, one of the Poloniex users posted a link to internal IMs between Vitalik and the Poloniex team (along with some of the other crypto exchanges at the time) talking about how preserving the value of Ethereum was absolutely necessary to preserve the altcoin market (and Poloniex specifically). If I remember correctly, it was someone from the Ethereum development team who leaked that around the time of the DAO exploit and the hardfork discussions were in full swing. I walked away from Poloniex for a good while after that.
In recent history, I have come back for the one and only reason which made sense - it is the deepest pool of liquidity in the altcoin marketplace. I have altered my trading to deal with the constant lag and timeouts. So far, I am doing great on Poloniex.
One thing I will say I have noticed is when attacks happen and the lag and timeouts happen, the trade engine continues to execute orders on the order book. While I'm not cool wit that, I make sure to account for that with each trade I execute. Until another exchange attracts deep pools of liquidity, Poloniex will continue to rule the roost.
I just wonder how much of their volume is real though.
That depends on what defines "real". For instance, bots can be defined as not real, but you could have legit traders using bots to trade for profit might be the exception.
Either way with the lawsuit which as recently filed, all that will come to light in the discovery process of the litigation.
I think the thing one has to remember is you are trading a minimally regulated token in an unregulated marketplace. As such, don't be astonished with tape painting and manipulation. Either find a trading strategy that works or vote with your feet and your coin. I'm not condoning the manipulation. Rather, I am suggesting one should move to a marketplace which provides satisfactory solutions to the individual trading in an unregulated environment and works best for you. The only way a business learns is from pain to the pocketbook.
I mean people make trades against themselves using bots and creating false volume. It is known to happen a lot on exchanges with 0% transaction fees.
Poloniex does not have 0% transaction fees. Each buy and sell does cost between 0.15% to 0.25%, so I'm not sure how much is bogus volume.
Now painting the tape with bogus buy and sell walls would be another conversation. Unless the order executes, no fee is paid. That is common practice on every crypto exchange I've been on and I doubt you'd find one without it.
I know they don't. It doesn't mean that the same sort of thing doesn't happen. If you can make up the losses on fees by manipulating the price then it might be worth it.
We have to keep using it because our crypto goes up more than $2k per day, so even if you withdraw every day you still got money to trade on polo. :)
Lol I hope it all keeps going up.
I just switched to Bittrex. It's happened too many when the orders won't load
I'd recommend HitBTC or BTC-e. But I've not used Bittrex too much so I can't really compare them fairly.
And don't forget about Openledger.io - The only reason I'm not on it is my concern about privacy and not knowing enough so far.
Yes recently I can't do anything on there!
Yup, im on bittrex effective this mornimg..withdrawl was laggy even
The more people I take to the more Bittrex has been on the ball at making things happen.
I don't think Bittrex is the answer. They've got a different set of problems. See my comment below for the link to a short post about Bittrex.
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