Poliniex withdraws not working

It was bound to happen eventually, I lost all my money on Poloniex.

image source

I know others have reported problems with the exchange, but it has always worked fine for me in the past, so until they gave me a problem I was happy to continue using them.

I was going to try out hitBTC last night, but their SBD wallet was down. Bittrex is not taking on new users either, so I was a bit stuck for choices.

So back to Poloniex I went.

I transferred my SBD no worries, converted it to Bitcoin and then Litecoin and zCash – all no drama.

The problems came when I tried to get my money into my Jaxx wallet. I followed the same process as previous successful withdrawals, and indeed it reports as being successful in the history screen on Poloniex. But that’s where it all ends.

The money does not appear in my wallet, and from what I can find the transaction does not appear on the blockchain either. It is just – gone.

I now have two support tickets with them that have not been replied to. Given their reputation for having terrible customer support, I don’t expect a reply.

So that’s all my hard earned SBD gone. And it will be the last time I use Poloniex.

The problem is, when you look at other exchanges the complaints are the same. This is not unique to Poloniex.

And this is the biggest problem with crypto currencies

With a regular bank, if they lose my money, I’m going to turn up at their door and make a bunch of noise until they find it again. And being a bank they will find my money.

But with exchanges you have no recourse. They can just ignore you and your money is lost.

Your average person does not have enough spare cash to take risks like this. I was hoping for a bit of a windfall for Christmas, some extra money to treat my wife to a good holiday. But in the blink of an eye, that’s all gone.

And that’s where the level of trust is diminished and where the crypto world is killing itself. Banks still have the people’s trust that their money is safe, that it won’t disappear.

What would you do if you went to an ATM to withdraw some notes and it took the money from your bank account, but didn’t deliver any notes – twice!

The bank manager would not be having a good day at work I’m sure!

So when people look to get on board the blockchain train, which exchanges are they going to use? They are going to use ones they can trust right? At the moment exchanges you can trust don’t exist. But if / when a bank builds an exchange for crypto, that’s where your average person is going to go because there is still a level of trust.

And all the dreams of a free crypto world will go down the toilet. The banks will control crypto currencies just like they control fiat currencies. There will still be a fringe element trading in the wild, but they will be the crypto nuts who are doing the trading now, and winning / losing as they go.

But when these guys want a guaranteed transaction, for their mother’s birthday present for example, they too will go to the bank’s exchange because they want it all to happen smoothly and don’t want to risk losing their funds.

Am I bitter about all this?
No.
Annoyed?
Yes.

I need to find an exchange that takes SBD so I can get deeper into crypto land and do some trading, earn some funds and then come back and buy up STEEM and power up.

My other cryptos are doing really well and I was looking at doing just that. But now I don’t want to move the money out of my wallet because as soon as I do, I’m likely to lose it all.

So the big question is, do you know of an exchange that takes SBD that is reliable, that won’t lose my money, and has customer service that actually serves the customers?

If you have a suggestion let me now in the comments.

Merry Christmas everyone.

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Check out my stories here on Steemit

Running Deer

Running Deer - part 1
Running Deer - How legends are born

Charlie Rabbit

Meet Charlie Rabbit
Charlie tides up
Charlie Rabbit and Margery Mouse
Charlie Rabbit and Margery Mouse make music

Little Peppers Adventures

Runaway Rabbit and the hungry fox
Maybe and the land of purple rainbows – A Little Peppers adventure
How Pappa Pepper and Monster Truck the Pepper got their wild hogs - a Little Peppers Adeventure

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First Squad Sniper Elite - Zaresith mission

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The Lady Of The Lake

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Check out @len.george and find out what other madness he got up to!

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