The Rise of SBD and the Tragic Side of the Story
The Rise:
The boom in SBD did not go unnoticed in the crypto world and of course Steemians could not help but appreciate this sudden rise in value.
Price difference between Poloniex and Bittrex:
As we can see in the capture below the price SBD is trading at in Bittrex and Poloniex is staggering, something was not right right so I decided to take a look at why this is happening as it does not make any sense. Why would these two popular exchanges have such big difference.
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Technical issues in Poloniex:
I went on to find out that SBD and STEEM are experiencing issues on @poloniex as both withdrawals and deposits are disabled on the exchange until a solution is found. I am not sure about the exact technical issue they are facing but it sure has an effect on the crazy inflated price SBD is having on the exchanges where you could easily withdraw your SBD "Bittrex". Many desperate SBD holders on Poloniex are desperate and are getting rid of the coin at half price literally. They could have lost faith in the resolving of the issue or found better investment opportunities and decided to drop their SBD's.
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SBD, STEEM and Poloniex (The Numbers):
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Poloniex vs Total Supply
| Coin | Supply stuck in Poloniex | Total Circulating Supply | Percentage Stuck in Poloniex |
|---|---|---|---|
| SBD | 611,116.29 | 3,890,673 | 16 % |
| STEEM | 18,232,410.058 | 246,278,701 | 7 % |
A really large portion of SBD is stuck and not usable by anyone, this could possibly be the main reason for the sudden, unexpected rise of SBD's value.
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The last time @poloniex transferred SBD to a Steemian was on December 4th which coincides with the beginning of the SBD's price ascension.
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The Tragic Side of the Story:
I am sure that many Steemians are celebrating this victory but let us not forget that many Steemians are extremely worried about their tokens, fruit of their time and effort on this platform, as they are stuck at Poloniex and the issue has not yet been resolved for close to two weeks now. Millions of dollars worth of STEEM and SBD equivalent to thousands and thousands of hard work are at risk of being lost forever. So I ask the community to stand up for the rights of those who are at risk here of losing their investments which in a way contributed to the fortune of others.
Great post. The correlation between he Poloniex halt and the SBD pump seems obvious now. Btw, last time Poloniex halted Steem and SBD trading for than a month before resuming.
Also, I think the Tether situation is affecting Poloniex as many people's deposits and withdrawals of different coins are being halted for no reason. Just check out their subreddit: https://www.reddit.com/r/poloniex/
Thanks for the link I will check it out! :)
So this was really a pump on SBD and steem. Kind of thought so considering nothing really changed about steemit. Wonder how long we have these rates for the cryptos before they fall back down?
It certainly sucks for those who can not get access to ther cryptos on poloneix. I having similar issues on hitbtc but with another altcoin. This is getting ridiculous.
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