When I atempted to log onto my Poloniex account this morning like I always do, I was met with a message stating invalid email/password 3 times in a row.
While it is not uncommon for me to accidentally mistype my long alphanumeric password, three times in a row was simply not possible. This instantly scared the life ou of me because I assumed my account/email had been hacked. I use the email exclusively for Poloniex, and same with the password. When I checked my email I had realized I hadn't been hacked, bu rather for some reason Poloniex was malfunctioning, and I eventually was locked ou of my account for 20 minutes. I am simply trying to withdrawl some of my balance and check on my lending orders before I go out of town this weekend, but it is looking like that's not gonna be able to happen.
In my opinion, there is a clear difference between lagging and slow orders and site speed in general, and not allowing users to access their accounts. No allowing me to log on o access my account is a major red flag on any financial platform, but specifically cryptocurrency platforms because the volatility means individuals should always have quick and easy access to their accounts. I obviously don't keep my investments or buy and hold positions on the site, but even just not being able to access the BTC i have in my balance is a major inconvenience for a trader like me. While it is only a major inconvience for a trader of my size, for a large trader this could be quite detrimental. I know that Poloniex has been seeing higher trading volume and activity than ever before, but I would have thought that they could have been on top of it by now. I lost much of the respect and faith that I had for Poloniex over the past few weeks, and for the first ime I intend to look for alternatives.
I have been trying to give Poloniex the benefit of the doubt in these types of conditions, because I know they were unprepared, but at this point it is simply taking too long to scale and increase with the demand. I am not going to write Poloniex off forever, but I don't see myself using the platform until they get this figured out.
I am going out of town for a siblings gradutation from college so I won't be posting for several days, but I will still be around as much as I can be. I urge you to leave any comments or disscussions below! Thanks for reading!
It's awful at the moment.
Good post, followed.
I think they provided a good explanation on their website IMO - people use POLO as it is the place to trade...clearly. I like all have been affected but view this wild wild west period as growing pains...even if costly to us early adopters.
I dont know if there is any way that they could have handles it perfectly, but for a finacial platform to be running into these types of issues its a bit deterring.
I recently switched to bittrex though I liked the interface of poloniex more. I never had any problems myself but all those negative news got me thinking. Guess, that's how you lose reputation.
It's a real pity that this happens. Especially during these recent days with a lot of trading opportunities. Many will to Bittrex probably. Let's hope they can handle the big inflow; downtime over there would also be very bad for cryptocurrency traders and reputation in general.