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RE: Circle buying Poloniex and why it's making STEEM price go down temporarily.
I never got around to messing with Poloniex, and now I am glad I didn't. They might make a resurgence with the new owners, hopefully. No one is ever thrilled with increased KYC/AML regs, but that might be the new norm for exchanges going forward. Totally sucks. Hope everyone eventually has a good outcome with their trapped STEEM and SBD...
On the other hand, I'm glad I was already on Polo and got verified to a high tier. Opening a new account and getting verified to high tiers may get harder. In that case, I'm glad I had it done when it was easier!
Nice point...
Likewise. Out of curiosity, what is the benefit of keeping Steem on an exchange?
Never keep your crypto on an exchange. Keep it in a wallet where you control the private keys. The exchange could get hacked or the wallet could go into extended maintenance and then your trapped or worse yet you lose all your crypto...
That's how I feel too.
And, the exchange goes up and down at will. Cash out when it's high, sell when it's low. But don't keep it on there.
The only benefit is that you can trade it for other currencies pretty fast. Steem is already a very fast and free blockchain, so it's not really needed here at all. However, it can be beneficial to hold currencies such as ETH or BTC on exchanges, because then you can trade it for other currencies without transferring it from your wallet, and therefore don't have to pay transaction fees.
Yea though I noticed once that blocktrades didn't give me as good of a price as some of the exchanges per coin, according to coinmarket cap. But I really like the ability to buy directly not through an exchange, enough that a small price difference doesn't matter. One of the nice things about the Steemit platform -- it's really easy to get into.
What is interesting is that not too long ago cryptos were laughed at by high level people as being some kind of fake monopoly money. Now more and more they see the value.