Major Poloniex Outage Highlights how we Need Fewer Centralized Exchanges

Users of the Poloniex exchange will not be too happy with the current downtime. More specifically, the platform is down once again. Issues like these have risen far too often in recent months. It is evident this company is going through a fair amount of issues right now. Some people continue to claim the company is insolvent right now, even though that is not necessarily the case.

Poloniex is the largest altcoin exchange in the world today. They have seen massive growth these past few months, which causes a fair few issues. Not only are they slow on customer support, but their deposit and withdrawal issues are problematic too. All of this shows Poloniex is not in the best of places right now, which is not entirely unexpected.  The current outage is quite problematic, though, as it leaves a lot of people confused. Some people feel this is the end of Poloniex, although things may not unravel that fast per se.

Another Outage for Poloniex

It has to be said, this Poloniex outage looks very familiar. More specifically, the same happened to BTC-E not too long ago. Anyone who has been paying attention to that debacle will know their site went offline due to “connection issues” as well. Two days later, the domain name was seized by US government officials. It is doubtful the same will happen to this exchange, although you never know. Then again, the company has a bit of a shady record.

The recent slew of issues will not help Poloniex either right now. Dozens of users have been trying to deposit and withdraw funds for a week or longer without success. This clearly indicates the company is going through a lot of issues which need to be solved. As the outage continues, customers have to wait even longer to access their money. Then again, users should never leave funds in an exchange if they want to hold onto it for the long term. Exchanges control your money on your behalf, which is far from an ideal situation.

Additionally, Poloniex recently updated their terms and conditions. That change, combined with the current outage, leaves a lot of room for speculation. The situation regarding the exchange is extremely unclear right now. It is possible the company will return pretty soon without any problems. Then again, they may also disappear for good. Anything is possible right now, that much is evident. Only time will tell how things will play out, but for now, they aren’t looking all that hot.

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