BitShares Forum
Main => General Discussion => Topic started by: davidpbrown on May 18, 2015, 09:18:57 pm
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via safenetwork forum
(https://forum.safenetwork.io/uploads/db7405/_optimized/610/796/5454038c02_690x431.png)
I've not seen any other detail but expect it's correct.. from May 20th
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Well, that sucks.
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Greetings from Poloniex!
We're happy to announce that Margin Trading with Peer-to-Peer Lending is now available at Poloniex! You can now borrow funds from lending users to open long and short positions with 2.5x leverage on our XMR, DASH, XPR and LTC Margin Trading platform. You can also loan funds in the same selected markets in 1 day intervals at up to 5% interest.
In addition, we are requiring that all users provide us with their first name, last name, and country of origin by May 20th, 2015. This information is mandatory for all users and all withdrawals. Go to your Profile page to get started.
The Poloniex Team
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Well, that sucks.
+5%
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Well, that sucks.
Even worse, did they notify anyone prior to making this change??? It appears to be very beneficial for them not to notify the users before making this change.
I went to double check to see if we had any balances at Polo and was asked to provide KYC info before I could even check the balance (I used the exchange to find out instead).
I checked our gmail account and I see no warning that this change would be made. That's kind of ***tty/underhanded if you ask me. Or did I simply miss some announcement?
https://www.reddit.com/r/Bitcoin/comments/36fue0/confirmed_poloniex_locking_accounts_in_2_days/ (https://www.reddit.com/r/Bitcoin/comments/36fue0/confirmed_poloniex_locking_accounts_in_2_days/)
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Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?
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When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.
wow.... https://poloniex.com/support/aboutMarginTrading
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Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?
It is not that so much as it is not knowing any other non-fiat exchange with such a wide selection of coins [edit: where verification is not necessary].
When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.
wow.... https://poloniex.com/support/aboutMarginTrading
Such greed. Wow.
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Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?
AFAIK yep
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Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?
It is not that so much as it is not knowing any other non-fiat exchange with such a wide selection of coins.
When your loans are being used by margin traders, you are earning interest on them, which is paid to your lending account when a contract closes. (Poloniex takes a fee of 15% from the interest you earn, so be sure to consider that when you place your offers.) Your active contracts are listed under My Active Loans.
wow.... https://poloniex.com/support/aboutMarginTrading
Such greed. Wow.
Bitfinex charges the same.
It's not greed - its supply and demand. Poloniex is held to account by its users. They can choose to not pay the fee by not using the service.
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Sure, I can loan to you at 90% interest, and you can choose not to use my (totally legit!) service.
Still, would it not be greed on my part?
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Sure, I can loan to you at 90% interest, and you can choose not to use my (totally legit!) service.
Still, would it not be greed on my part?
good thing we will have something like this in bitshares soon. just without dumb fees
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Well, that sucks.
I don't have funds there, but does this say you can't get them out unless you fill in the KYC forms?
AFAIK yep
It's not that bad though, first level that allows you to withdraw up to $2000 worth of crypto daily is just providing a first name, last name and country without any "real" verification.
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It's not that bad though, first level that allows you to withdraw up to $2000 worth of crypto daily is just providing a first name, last name and country without any "real" verification.
I'm curious of the laws concerning a user providing false information, even for the first level.
If it's obviously false information, say "Tuck Fheman" for instance, Poloniex could easily say, "we're locking your account until you provide us with further information confirming your first/last name and location", and they never have to involve any legal authorities, and get to keep the accounts funds.
Or, let's say they do contact a legal authority and that agency determines there is no such person as "Tuck Fheman" and now ... what?
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Sure, I can loan to you at 90% interest, and you can choose not to use my (totally legit!) service.
Still, would it not be greed on my part?
Yeah you're right. It would be stupid greed of any business to price its product out of the market. But the market in the end will determine whether Poloniex's pricing is reasonable, and I only note Bitfinex for the same cut have over a $25m book of lending.
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Them taking 15% of your margin interest you get from loaning out is exactly the same as bitfinex. It reduces your interest rate slightly, but you still get a pretty good rate. IF you trust the exchange, that is, and youre willing to give info.
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Cant wait till we can do p2p lending on the blockchain - ~zero fees and and zero intrusive compliance.
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WARNING: Have seen several people on IRC confirm that their new accounts are not receiving the email necessary to confirm disabling withdrawal notification by email.
The facts: There is a newspost from May 19 that claims they are having issues with "sending withdrawal emails to some ISPs"
The speculation: They are enticing people to transact under the $2000/day limit without factual verification, only to fsck them over when it's time to withdraw and the email never arrives. Presumably at this point Poloniex would hold your funds until further verification can be done.
Their tech support says it's "a problem with the receiver ISP". However, the emails to register the account arrived minutes earlier, no problem.
That does not look like a smtp problem, at all.
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WARNING: Have seen several people on IRC confirm that their new accounts are not receiving the email necessary to confirm disabling withdrawal notification by email.
The facts: There is a newspost from May 19 that claims they are having issues with "sending withdrawal emails to some ISPs"
The speculation: They are enticing people to transact under the $2000/day limit without factual verification, only to fsck them over when it's time to withdraw and the email never arrives. Presumably at this point Poloniex would hold your funds until further verification can be done.
Their tech support says it's "a problem with the receiver ISP". However, the emails to register the account arrived minutes earlier, no problem.
That does not look like a smtp problem, at all.
I withdrew everything I had in polo on the 19th. The email was delayed for about an hour but came eventually.
Now I believe you have to provide personal info before you can withdraw.
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One of the guys confirmed with the email provider - poloniex never sent the outbound email to confirm disabling email verification when 2fa is active.
That confirms it, though it was already obvious that "smtp problems on the receivers end" was bs, since the registration confirmation email came fine, just some hours before.
Either they are deliberately withholding sending these emails (possibly to free email accounts only), or there is some sort of manual verification going on.
Whatever it is, it's not "smtp issues".