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