About 2-3 weeks ago I finallly got fed up with Poloniex after the "Insider Pump & Dumps" amongst other issues like the site crashing at the most convenient times for them to make money.
Updated 1.1 : Thanks to @staffnsnake Poloniex did credit BitcoinCash afterwards my apologies -
However how much money did they gain by not paying out at the time of the fork? Or how much did they lose?
<Then after the Hard-Fork BitcoinCash debacle where they stole all the BitcoinCash from Investors who had some BTC stored on Poloniex.>
BACK TO THE MAIN POINT:
After much consideration ang input from the STEEMIT community - I decided to slowly move my funds over to Bittrex - hesitantly.
I should have prefaced this post stating that I store most of my coins in cold storage wallet's provided by the cryptocurrency itself on their platform -
Nonetheless - I deposited about only $200 or so into a Bittrex acccount - got it verified and began some trading. For the first few days it was like night and day - I didn't come across hardly any Pump & Dump trading and withdrawals and deposits seemed pretty fast.
Then about 3 days ago when NEO, OMG, PAY and LUN began to soar - I had encountered some very concerning issues..
During peaks of the Altcoins - Especially NEO amd OMG - when I wanted to sell off some coins to rebuy at a dip or purchase a different coin - I ran into all sorts of "Wallet Under Maintainance" issues - not allowing me to withdraw funds..
I completely "get it" when a wallet is under maintained for an hour or two and the company itself does not allow deposits or withdrawals - but it seemed very coincidental that the message would appear only during a peak - during a dip - the "Wallet Under Maintainance" suddenly dissappeared.
Check out the screenshot below of an instance when 4 out of 5 coins in my Bittrex Portfolio suddenly were all under maintainance at the same time when NEO was at a major Dip.
Below is another instance about 30 minutes later when after the "Wallets were restored" they again went under maintaince.
I believe this was occuring the most on this past Saturday/Sunday - I should have taken more screenshots.
For now - if nobody else has witnessed these issues on a regular basis I'm willing to chalk it up to maybe they were under maintaince and let it go..
However...
I have one other gripe with Bittrex that I haven't noticed on Poloniex or any other trading site.
Dun Dun Duhhhhh... Attack of the Bots
While dabbling with some highly volatile coins that were up 150-200% and obviously getting pumped - I noticed that for the first time - The trading Bots truly beat me! When I was up 40-50% on a coin during a "Pump and Dump" no matter how I tried to sell off the coins for BTC - By the time inputted an "ASK" price below the lowest ask price - before it was able to be shown on the screen - the BOTS blocked me by undercutting it by 1-10 satoshis with a size of 4-6 BTC.
After numerous attempts to cancel the Selloff and again undercut the lowest "ASK" I was instantly bombarded with multiple lower prices - And as soon as I deleted the Selloff - The BOTS blocking "ASK" prices shifted back up - I had to literally undercut them by 10% in order to sell some of the coins.
I know that trading bots play a large role in Exchanges from the Stock Market to Crypto Exchanges - but they typically do so in a manner to buy at the best price and sell at the best price - not prohibit other traders from selling.
Like I stated - I've only noticed this with the "Pump and Dump" coins I played with but it really made me angry - and I thought - how could a BOT know exactly what price I was going to input as a sell price prior to it being shown on the screen?
Is this a case of a Bittrex Bot? I typically get a .5-1.5 second lag time with posting a sell price and quantity - but BOTS as far as I know cannot read minds and cannot intercept the lag time in postinb knowing exactly the price chosen -
And the biggest kicker was - The trade total ASKx QTY = < $5 worth of BTC !!
Please shed some light into Bittrex for me - Is it safe to trade on? Do the Wallet Maintanance Warmings show up only during times to benefit Bittrex? And is there a way to stop the Bot-Blocking selling?
Lastly can anyone recommend a better exchange than Bittrex for a US customer to use? If you can - or if you can provide some insight into the problems I've encountered I'd greatly appreciate it. I am still a novice in Crypto Trading compared to most and my Bankroll is still minimal - but this type of behavior will only dissuade new Crypto traders from getting more involved in Crypto and helping to build a stronger Crypto Community
MUCH LOVE - @krytonika
I've used both, but never had a problem with either. I had heard about the issues with Poloniex, and more recently Bittrex, but don't have any holdings on either of them right now. As thousands of new early adopters emerge month after month, I expect many exchanges will become more and more volatile as they become overwhelmed with the volume of new users and trading.
The Exodus wallet has limited trading built in for the cryptos it holds through shapeshift, that's always safer than holding them on an open exchange.
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Thanks so much for your input and commenting on that post @daveparkinson
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Poloniex didn't steal anyone's BCC/BCH. They credited it to BTC account holders, as at the fork time, a few days ago.
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Really? Hmmm I'll have to double check that on my account - The main purpose of the post was mostly about Bittrex - I should have led off with that - I'll edit out the Poloniex part - So it was an instant credit? Because the last I read Coinbase anc some others were going to release it as of 1/1/2018 - And did the assets in Poloniex need to be in BTC only or could they have been in other coins - Since all coins are paired to BTC anyways -
Thanks for letting me know - Any insight into Bittrex issues of Wallet Under Maintenance and the BOT BLOCKERS?
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This post received a 3.0% upvote from @randowhale thanks to @krytonika! For more information, click here!
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Wallet maintenance doesnt mean you cant sell it back to btc through bittrex or polo. Only if they suspend trading. Polo bittrex kraken, spread out in a sense trust no one and stay liquid, none of them are perfect yet.
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Yeah I was still able to trade under wallet maintance but was being blocked by bots to try to sell it off at a reasonable ASK price - Does it seem odd that they had said " Wallet Under Maintence for 4/5 crypton anb just so happened to be the ones that were thriving - maybe just an attempt to keep the money on the exchanges or they weren't liquid enough to withdrawal in that currency to a cold storage wallet?
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Actually - I was not - And am not right now - Once a wallet is under maintance in Bittrex - There are no deposits, withdrawals or trading - Not cool !!What is up with that?
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well your not being blocked by bots, the market maker has to match your sell order with a buy order, so ya. The bots dont work quite like that to block anybody from buying or selling and there are stlll very few operating. Its actually not profitable to run a bot on low liqudity ticker. So you got subject to trying to sell something illiquid. In my experience POLO doesn't want a bunch of shit coins because it creates an insurance risk for the exchange. As for wallet maintenance, well, its digital money and i would hope devs continue to improve the tech. It's wild west though so my advice is play where there is volume.
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I move coins extremely quick on those 2. Would never recommend keeping them there for the long term.
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@Shango - There he is - My OMG man!! Smart advice to use them quickly for trading only until there is a more safe way to temporarily store assets - Such a pain in the arse though when trying to play the peaks/dips game with volatile but strong coins like OMG
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Yeah, lost quite a bit playing peaks/dip and so I've limited my peaks and dips playing to 3 buy and sell trades. I was on a good run profiting then 1 bad move put me to where I started.
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This post has received a 1.24 % upvote from @booster thanks to: @krytonika.
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