POLY is a coin ive shared here before and you could get around 250 USD worth of it for free initially.
Its an Ethereum token and trades few places. KuCoin was first serious spot so most people moved their coins there.
Problems started when Bittrex also added it and.. since that day there is no way to move coins out!
All other ETH tokens work on KuCoin but not this one, you can deposit but not take it out.
I have been trying to reach support with tickets or tweets - nothing so far.
Feel free to retweet my last try:
So while KuCoin works awesome and i really love it, somehow POLY is not and they dont see that at this point.
KuCoin Markets
So why am i writing about this?
Because there is a nice arbitrage between KuCoin and Bittrex on the coin. Thing is, you will get stuck instead of making money. I bring awareness so you won't lose cash.
Hopefully, they fix it soon and we will be able to trade POLY between exchanges :) Both Bittrex and KuCoin are awesome.
Arbitrage Traps
While arbitrage may seem like safest money making method, this shows its not. Often there is wallet issues that allow price differences and you can be caught in the middle of those. Always do small tests of withdrawal/deposit before going YOLO on such deals.
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I have a hard time understanding how any erc 20 coin can have a hard time being withdrawn.
thats the case ;)
At times it feels as if they allow trading with a fractional reserve. So if to many try and withdraw they can’t actually fill the order.
And in my opinion, now the Etherium Blockchain becoming slow because as per what i read in some posts, Etherium used it's almost all Blockchain Activity Space, and in this case Steem is super effective because it holds 50% of all transcations on Blockchain, but still uses around 11 to 13%, and that's why once SMT's will launch then we can participate in ICO's more effectively as ERC20 are used by many ICO's. Let's hope that SMT's will launched soon. Stay blessed. 🙂
An exchange is not a wallet. And when you have your funds on the exchange, you put your balls in a corporate hand. Meaning, they can do whatever, squeeze and pull and you can't do shit. At least, that's my takeaway from the situation.
No one said an exchange was a wallet, but Im not allowed to trade directly into my own wallet so we have no choice. That being said I shouldn't have to worry about being jerked around just because they can.
There is Shapeshift, which is even included in Exodus wallet, so yeah, you have a choice.
Sorry to break it to you, but your funds on are sent to those centralized exchanges using shapeshit. They partner with them for liquidity. So your argument is moot.
How does that make my statement invalid? I was talking about KEEPING the funds on the exchanges, not about using them in general. You get the difference, right?
You said that there is shapeshift included in exodus wallet. How does that keep me from having to use a exchange to get my coins?
“An exchange is not a wallet” this is pretty much assuming I was using the exchange as a wallet.
All hail DEXes
@kingscrown How can happen this situation? It is only because cryptocurrency is relatively new, needs time and legal regulation.
Thanks for this timely information.
I wish I had gotten in on the airdrop! Thanks for posting!
Is every exchange managed by crooks?
Even bittrex and blocktrades froze customers' funds already.
Did Binance ever do it too?
And with Binance I remember their warning, which for them or for courts may clean them of guilt about if one sends Steem without the proper memo, then they are entitled to steal those Steem.
Not the exact wording, but the same implications.
Yes you are right
Many times I also tried but I'm not getting verification email for withdrawal.its too sad.
This comment has received a 0.25 % upvote from @speedvoter thanks to: @cbeep.
Whatever..just sell it on kucoin,buy doge,transfer doge to bittrex,and buy poly again.I see no problems here.
For next 3, to 4 months my predictions for $POLY is 5$
good
That's good news for everyone or which is crypto lover thanks @kingscrown for this informative post.
@Kingscrown Thanks for the direction will make sure to invest wisely.
We should be more careful before investing big on coins. This is a good advice
This is a rather sad occurrence.
Thousands may be stuck right now.
I think I have actually learnt something wise from your post; "Always do small tests of withdrawal/deposit before going YOLO on such deals."
#Poly should attend to this issue so they don't lose the trust of their investors.
Thanks for sharing this vital warning
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STOPPoly $10 by September!!
Interesting - I did not have problems to move POLY out of KuCoin (1 week ago). Although to my own wallet, not to another exchange.
Great Strategy thank you it will help us to gain a good reputation
really good post, thank you.