HF 20 Needs to Fix Steemits Main Problem: Exchange
Back in June and early July when Steemit saw a massive influx of users and market cap, there was also a free flow of exchange between Poloniex and Steemit. This avenue has since been shut down and it shows now that Crypto is currently experiencing another pump, yet Steem is stagnant. I think less people are willing to invest in Steem when there is a risk of it falling off or becoming frozen on the platform. Crypto investors love the freedom to trade instantly and effortlessly.
Blocktrades is fine as a means of buying Steem, but selling Steem on the platform with variable rate could have you seeing 50% loss of value if you're not careful.
If you've tried to trade in the past few days you'll have seen this message on Bittrex the only live exchange.
And let's not forget this gem you've probably seen this message on Poloniex
Not having a live exchange is becoming a major for Steemit and I would bet its the cause of the halted value of Steem.
Perhaps a major problem with the Steem Blockchain exists making it costly to keep on exchanges. As we can see Poloiniex is throwing this problem back at Steemit and insisting the Steemit team contact them for updates.
Yet no other exchanges have added Steem since Poloniex went down, even though it's in the top 30 alt coins.
I have alot of different beliefs on why Steem lacks exchanges, perhaps its scalability, cost of hosting, lack of ability to charge fees, or even the nature of DPOS.
In this post read more about the coming HF and the current plans to improve the Steemits efficiency. I can only hope that addresses the lack of diversity of exchange.
HF 20@ Steemitdev
What do you think should HF20 address this problem, and what will happen if it doesn't? Do some Steemians even see this as a major issue, or will it be circumvented once decentralized exchanges go big.
Interesting thoughts and a good point. I thought it was the constant powering down causing the head wind for price but it could also be the Polonium issue.
True Powering down is a main Component of Steemit, but many people day trade with alt coins, owning steem power and high volume trading is what gets the price up and what we need more trading imo.
Almost no platforms trade steem even thought it's been in the top 20 for months. steemd is always down these days as well.
I definitely think its a issue that needs addressing soon and yes it does bother me very much @quattrobit dont think HF20 will go into this but it is something the team need to look at.