From my experience Poloniex is one of the best exchanges in the cryptospace. I would wait a little while longer and see how things turns out.
In general I trust Poloniex on the same parallel as I do Bitstamp.
In general I trust Poloniex on the same parallel as I do Bitstamp.
^ with 95% of Monero volume going through Poloniex, that's what you would say rangedriver.
I think the problems with Poloniex are:
1) It's trollbox driven, with big organized pumps pushed along through hype
2) They like to push coins that aren't traded anywhere else so that the price can be hyper-inflated for what it actually is, e.g. Maid and Monero both have 95% of their volume there.. Maid isn't even released yet but it has $7mil market cap on Polo, Monero is a clone of Bytecoin with zero development / troll devs but they manage to get $3 million marketcap for that currently on Poloniex, Stellar is another one that get's stupid-price pumped there but BTC38 sometimes has high STR vol too so I don't know how much STR price is from real demand. So the trolls / hypsters can push these coins to ridiculous prices while the rest of the market won't touch them
I see Poloniex as the bridge between real exchanges (like cryptsy, bittrex, bitstamp, finex etc) and sh*tcoin exchanges like C-CEX - Poloniex is the best Trollbox-driven exchange and the worst 'real' exchange if it qualifies for that.
Be careful if you trade there, if you are buying because of what you read in the trollbox, make sure you check out what the volume / demand is on other exchanges (check 'markets' tab on CoinMarketCap coin pages) - if it doesn't add up, it's a troll price and you will likely be dumped on later.
As to trust, IDK, I trust them less than the big exchanges because a lot of noobs gets ripped off due to the troll-driven nature, and they support that. So it's definately unethical, but as to doing another Moolah / Mintpal, IDK - just DONT KEEP COINS THERE YOU AREN'T TRADING
cheers
I never really paid much attention to the trollbox while trading. I didn't realize it was such an important part of the trading experience. It's never a good idea to buy (or sell) based solely on what somebody else says without doing your own research first. Trying to make a profit from pumps and dumps is always a risky endeavor no matter what.
I do not trust Poloniex. In fact I do not trust any exhange... I belive that all of the exhanges runs with negative ballance.... this is how they work (this is an example):
100 user deposit 1 BTC worth of coins: bank now have 100 BTC.
However in average will 20 user will redraw their coin at the same day, that leaves a net ballance of 80 BTC, these coins can be used by the owners to buy cars, sluts and booze.
As long as people keep depositing coins then will this work, and also the as long as the exhange grow then will there be more and more free coins, since more user are storing their coins there = more booze and sluts. When user is having delay, then is most likely because the coins are not there to be redrawn...... what can you do about it? Nothing but wait.... it is not safe to use exhanges.... the balance you see on your account is more like an "I owe you"... not a ballance.
100 user deposit 1 BTC worth of coins: bank now have 100 BTC.
However in average will 20 user will redraw their coin at the same day, that leaves a net ballance of 80 BTC, these coins can be used by the owners to buy cars, sluts and booze.
As long as people keep depositing coins then will this work, and also the as long as the exhange grow then will there be more and more free coins, since more user are storing their coins there = more booze and sluts. When user is having delay, then is most likely because the coins are not there to be redrawn...... what can you do about it? Nothing but wait.... it is not safe to use exhanges.... the balance you see on your account is more like an "I owe you"... not a ballance.
Sounds like Mt. Gox.
Your description might be true for some exchanges but I don't think all of them are like that. For instance, some exchanges have chosen to shut themselves down voluntarily and allowed users to withdraw their funds.
You cant trust any exchange, but I trust Poloniex the least out of all the alt exchanges.
Bittrex is my favorite place to trade alts along with bter who have proven to be legit time and time again.
Bittrex is my favorite place to trade alts along with bter who have proven to be legit time and time again.
I used to trust Bter a lot too, but I'm surprised you still do after they were hacked twice (the second of which they are still recovering from). I'm sure they didn't mean to lose such a large proportion of their users' funds during their latest hack but their security practices still leave a lot to be desired.