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RE: The Reason Why Bittrex and Poloniex Have Taken STEEM Offline - According to Dan at BlockTrades... PLUS My Tips For Using BlockTrades
Good ideas. I read that quote by Dan at Blocktrades a few times..... and I cannot wrap my head around what that actually means.
I have enjoyed my dealings with him! Not many and brief - but he seems nice, and I like that.
It was the 2nd quote -- this one below, do you have any idea how to simplify this or even in your own terms or experience what it means?
I have found it frustrating always wondering why wallets go offline for DAYS. Hours, I understand....... (BTS is down again on Bittrex tonite LOL)
TYIA @v4vapid
Generally when an exchange disables deposits/withdrawals, it's pricing becomes more unreliable for a coin, because of the uncertainty of if/when coins bought on such an exchange will be accessible.
I know he is busy and do not ever like tagging them - but maybe if @blocktrades is around and not busy LOL, he can answer on his quote there. I am truly perplexed.
Hi @barrydutton,
Yes, I've had this conversation with several other Steemians who I believe are much more qualified to assess what's going on.
Basically, I think that when there's an issue with the wallets (on either end) the pricing or value of the coin becomes more unreliable (over or under valued) due to the uncertainty. This uncertainty is compounded by the reaction to closing or suspension of the coin on the exchange and this in turn feeds more unreliability in the price of the coin.
So, if I've interpreted this correctly, the process is cyclical.
An exchange has a technical problem and stops trading the coin. That fuels an unreliable price which makes people wary of trading or investing using that coin (uncertainty), this reduces trading volume and that ends up fueling more unreliable pricing.
Hope that makes sense.
Personally, I feel this is something that can and will be corrected in time. It would be nice if more exchanges picked up Steem/SBD though. I imagine that if it was on more exchanges we would see less of this kind of thing happening.
Thank you for taking some time there to help me understand things more, even from just your perspective.
That means a lot to me.
I have actually pasted that into a document to continue looking at --- because I am really wanting to continue learning.
Sorry for the late reply.... I am wiped out, I have had a very very hard couple of days on here and in my life trying hard to improve the community but I do not think it is working.
I have put your name here, in my document so I can remember who helped me, and if I figure something out even more one day, and someone asks me -- I can credit that back to you accordingly.
I have appreciated your support, I will say again. It has meant a lot to me.
Thank You.