RE: The Reason Why Bittrex and Poloniex Have Taken STEEM Offline - According to Dan at BlockTrades... PLUS My Tips For Using BlockTrades
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.