PoloniEX to De-List Coins 5th-Sept - Including BitUSD and DAO - How Can You Profit From This Event With Bitshares and Blocktrades?
PoloniEX has announced they will be de-listing a number of assets as of the 5th of September 2016
Official announcement
You can see the official Tweet HERE
If you happen to be signed in, feel free to give the Troll king: Tone Vays my regards :) - can't believe this guy
On 9/5/2016, the following markets will be delisted: ABY, ADN, BITUSD, CNMT, DAO, DSH, FIBRE, FLT, GAP, GRS, HYP, IFC, LQD, MCN, MINT, MMC, MNTA, PIGGY, PTS, SILK, SWARM, WDC, XC, XCR, XPB, XUSD, YACC.
You may notice in the list above a few of everyone's favourite assets such as BitUSD, DAO and YACC.. :) alright maybe i threw YACC in there for fun but i actually like YACC although not for the normal reason is like digital assets.
The main thing i want to bring to everyone's attention is the fact that being de-listed doesn't mean an asset is dead although in some cases i maybe some what similar; it is not the case for BitUSD....
BitUSD - Bitshares
In the case of BitUSD it could be an opportunity to snap up some cheap dollar pegged assets and move them over to the Bitshares chain where they can be traded for any asset listed. Bitshares and any Bitshares Smartcoins or asset do not suffer the same dread as other coins that maybe de-listed given the fact that Bitshares is it own exchange!! and therefore it will always have a home and means of trade. The Bitshares platform actually powers the OpenLedger.info exchange.
The Decentralized exchange that runs on Bitshares backed by Graphene is actually safer than any centralized exchange as it does not require you to trust any 3rd parties with you private keys, no more Gox, no more BitFinex, Cryptsy, Mintpal, Bter .... you are in control; at all times... even while trading.
Given that you have an opportunity to get a 10-30% discount from holders on the centralized exchange exiting their position the asset you buy on the Bitshares Decentralised Exchange will be well under market price and all that is required to make this trade and get an arbitrage opportunity is to pickup some cheap BitUSD move them to your Bitshares wallet, then buy your asset of choice...
BitUSD - Selling for 84 cents on the dollar
Blocktrades.us
Another option for a super quick turn around is a well know gateway service Blocktrades.us supporting all sorts of currencies as inputs and output; purchasing your coins is as simple as selecting your desired output coin and address, withdrawing your BitUSD to the Blocktrades address provided and you'll have the conversion completed in minutes
So what will you be getting a 10-30% discount on today??
There are a number of option available, you could power up your Steem account, hedge into some bitGold, get the latest cryptocurrencies or shares in an upcoming project, The choice is yours
The list below is to give you an idea of what is possible..
- BitGold (Gold Pegged)
- BitSilver (Silver Pegged)
- BitCNY (Pegged to CNY)
- BitEUR (Pegged to EUR)
- BitBTC (Pegged to BTC)
- OPEN.ETH (1:1 UIA for Ethereum )
- Open.STEEM (1:1 UIA for Steem)
- STEEMPOWER (Blocktrades)
- Bitshares
- Peerplays
- Blockpay
If you want to find out more about Bitshares or download the lite wallet check out Bitshares.org
Disclaimer: I am just a bot trying to be helpful.
Thanks for helping out :)
Very informative article man. Thanks for guiding us about bitshares crytocurrency. I will definitely look into buying a couple of thousands of it. Thanks for sharing with us @steempower
Damn...I put all my spare coin into Steem Power :)
I don't really see any arb possibility with blocktrades. Have you checked it with blocktrades? What was the price at polo and blocktrades ?
EDIT: If I put a buy order at poloniex and I am lucky and get the bitusd for 0.00152 I can sell it for 0.001545 which is 1.5-2% arb I don't think it cover the risk of moving the funds and the fees at polo. Openledger has only 17 USD TOTAL liquidity for bitusd which is not so cool if you want to make arbitrage, but yes there is an arb for 7 usd, the profit would be around 0.5 usd.
If you are talking about it is possible later today there would be an arb possibility, thats okay, I am sure there will be. But now there isn't any real possibility.
If you are talking about there
If you place your buy order at say 0.0014 or less then if if was to get filled you just got x amount of BitUSD for roughly 81 cents each. you then take your BitUSD send it to Blocktrades and they will send you 0.00155 BTC (roughly 90 cents each) for each BitUSD - that's a 10% profit at least and you could have the output straight back to PoloniEX if thats what you wanted to do.. Polo changes .15 BitUSD per transaction so make sure you only attempt with more than 1.5 BitUSD or you are going backwards.
Alternatively you could send it to your Bitshares Wallet and trade it for BTS for example
Current price of BTS:BitUSD on the DEX is 176BTC/1 BitUSD ~ 0.00000980 sats (same as polo) but you have a 19% discount at least so you are paying esentially 0.00000793 BTC per BTS
I really like this idea of buying BitUSD then using it to get some discounted BTS. Combined with a buy-the-rumor / sell-the-news combo play on the BTS Peerplay run up to September, could be quite a profitable move. Thanks for the insights; you've got yourself another follower!
Currently If you send 1.0 BitUSD, Blocktrades will send you 0.00155699 BTC
Current price of BitUSD on POLO has shot up quicker than i thought when i posted this but it was 0.00145 and is currently 0.00152.
i do not suggest buying at market; set your bids and let the traders exiting dump on your favourable position.
Thanks for the reply.
Sorry I forgot to check the market history! You were absolutly right!
I also just looked the other possibility what you suggested. Buying bitusd and selling it for BTS or steem at openledger. That is still working fine.
damn wish i had of refreshed and seen you comment before make the calcs below; Cheers mate
I am sorry for your extra work.
I was confused when I didn't see the arb opportunity, and I haven't got my morning coffee, so I forgot to check the market history. :) But I think your calculation also helps other readers to understand your point.
I tried to set up an openledger account but backup button wouldn't work and the fund link is totally missing ,no reply from support email.
What browser are you using, i tested it as recently as two days ago and was working fine; also if the backup button is not working and it is a mandatory step where did you see that the fund link is missing?
I was using Chrome to signup
I highly recommend using the Bitshares Lite Wallet; There is no blockchain to download so once you have installed the initial wallet you will be up and running in minutes.
I am on Firefox, Backup button there but nothing happens when you click on it
Firefox won't work anymore.
I opened a new account using chrome, all good.
Good to hear :), make sure you store your backup file away safely.
DAO has indeed suffered, RIP!
I think BitGold (Gold Pegged)
Updated Thanks :)
DSH - is DASH? or not?
Not dash. Not sure what it is but it looks like it only trades against XMR
Thank i found it - dashcoin =)
No reason for bitUSD to be on there anyway as it takes trade away from decentralised platforms that we know and love.
Shame polo didn't dump a heap of shit coins that have virtually no volume and people use for moon and doom scams eg DIEM
Thank you a lot for a guide!