by SGT, SGTreport.com
I must now publicly recommend that people investing in cryptos should NOT use "the world's most active digital asset exchange", Poloniex.
I opened an account on Poloniex in June and transferred some BTC to the account in order to buy a few various cryptos. One of those purchases was for 49,875 Bytecoins, an investment that is now worth around $997, a bit less than I paid if memory serves.
From day one of that purchase the account tab next to the value of those coins read "temporarily disabled."
I just discovered tonight that the same is now true with my Golem coins in the same account.
I logged back into the account tonight after receiving this message from my trusted friend Nick, who wrote:
I really think you should get it off poloniex. Ive been hearing a lot of whispers about things happening with them that are similar to mt gox right before they went down. Plus they just stopped washington state residents from being able to trade there because of some legislation Washington passed where poloniex would have to submit to an audit in order to operate there. Instead of doing an audit they made it so residents can't trade there. Gemini owned by the winklevoss twins submitted to an audit so why won't poloniex? Not a good sign at all. I moved my assets from there.
Nick's email sparked a thought, "Hey, I don't recall ever getting a response from Poloniex about those locked Bytecoins"...
So after logging in to my account tonight I decided to search for an answer to the "ticket" I opened requesting an explanation for WHY my Bytecoins were "temporarily disabled" (I guess to Poloniex "temporarily" means SIX WEEKS... and counting).
So I searched for and found that ticket. I submitted it on June 14th. Here's what I wrote:
And what is Poloniex's response six weeks later? "BEING PROCESSED"
I will soon be done with Poloniex, I just need to figure out what to do with the remaining coins that aren't "disabled". If anyone has any suggestions, I'm all ears.
But the bottom line is this: If you use Poloniex to buy $1,000 worth of Bytecoin, or a handful of Golem, be prepared to lose ALL of your coins and your money.
And don't think for one minute that anyone at Poloniex will care.
UPDATE: August 2, 2017: Poloniex is down!
