I also have a basement stove and very tall chimney. Had the exact same problem. I agree with those that are telling you that you need to prime the stove/chimney to get some warm air flowing in the right direction (up!). I use a hair dryer. I open the bypass so I get a straight shot up the pipe. It works nice because not only does it warm the air, but it also physically starts blowing it in the right direction. When I am starting a fire in a cold stove, I run hair dryer for about 2 minutes. I might not need to run it so long, but I want to make sure I do it long enough so I don't get a basement full of smoke. Works great.
-Jay
-Jay