RE: The Reason Why Bittrex and Poloniex Have Taken STEEM Offline - According to Dan at BlockTrades... PLUS My Tips For Using BlockTrades
How's it going @ura-soul?
Glad to see you found some solutions.
I'm not going to tell you what to do with your hard earned rewards but i think reinvesting in Steem Power is worth considering.
There are numerous reasons to do so. Like gaining more influence with your voting power and if and when the value of Steem increases you will benefit much more from this in the long run. Many people believe that STEEM is very undervalued atm and the issues with Poloniex and Bittrex only contribute to this cycle.
Of course, you may have numerous real world reasons for withdrawing funds too!
I think this article by @lukestokes is well worth taking the time to read.
https://steemit.com/steem/@lukestokes/consider-buying-steem-be-an-owner-not-a-renter
Cheers, keep up the great work!
Aloha! I'm doing ok thanks - I'm glad to be able to put aside all this exchange business for a while!
I currently have almost zero cash outside of Steemit, so I have no choice but to cash out here.. However, my SP continues to go up each week, even after cashing out - thanks in no small part to your helpful voting. :)
I think the 50/50 split of SBD to SP is a sensible option that keeps a balance between being supported in 'real life' and also gaining presence in the community as a valued curator.
Buenos Dias / Noches /Tardes^^
I thought that may have been the case, I've been there too! I've been lucky that I haven't needed to withdraw much at all from my Steem funds but I have transferred modest amounts to exchanges in order to invest in other cryptos.
There's also important lessons to learn while dealing with different exchanges and i feel like i always learn something from my experiences (sometimes learning the hard way,lol).
Yup, the 50/50 option is very useful for covering all your needs.
Anyways, hope things are looking up for you have a good one.
hehe - thanks for your support and care. I like to spread around what I have when there is no guarantee backing the integrity of a system - there are a variety of outcomes which could potentially result in crypto wallets vanishing, so it makes sense to me to be careful.
I'm converting my SBD into Steem and powering up for the moment. What @v4vapid suggests is what I think is the prudent choice. Having said that, I hope to at some point in the future to become reliant on the income streem a built up Steem account can provide.
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
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.