Steem on Poloniex is back in action!

in #exchange4 years ago

Hey everyone!

A week ago I made this post announcing that Poloniex support had resolved my ticket after almost 4 months of waiting. What surprised me the most was that I hadn't even replied back to them after their last response and that they got around themselves to resolve it and that fact alone made me believe they might be doing a comeback soon.

Yesterday, without an announcement and as quite as it was disabled, Steem was enabled on Poloniex again. I am glad that I listened to my own gut feeling and purchased some by sending Bitcoin Cash (due to the low fees) to Polo from Bittrex and got me some cheap Steem there a few days ago when it was hovering around $1 each. I figured worst case scenario I'd just have to sell them on Polo again for a small loss and experiment with a currency that isn't listed on Bittrex. After it was now re-enabled I made quite some profit by having bought them early on there.

This is the chart the last 24 hours on Poloniex after Steem was enabled again:

Those who noticed it really early also managed to get themselves some cheap Steem yesterday and many probably did some arbitrage trading by sending it to Bittrex shortly after to sell for a profit. Since Steem only has a 3 second confirmation timer and arrives onto the exchange really quick it is one of the best coins to do arbitrage with. I have had some luck in the past to do the same with exchanges like Livecoin that were following Polo's prices for quite some time after it was disabled.

This arbitrage resulted on a lot of sell pressure on Bittrex which leads me to believe that Steem might have been oversold on Bittrex now and will go back up short-term:

The volume of Poloniex has now again been added to Steem on coinmarketcap.com which will probably get more investors attention. Both exchanges now with almost equal volume:


What are your thoughts about this? Will you be able to trust Poloniex again with your Steem trades and transactions or is the lack of communication and long downtime reason enough for you not to use it again in fear that it might go down any time without a notice?

I personally have used Bittrex for as long as I have used Poloniex and even though its nice to use Polo now and then for certain currencies that are listed there I probably won't be using it for Steem as much anytime soon. I'd rather trust the exchange that has shown time after time to communicate about their issues and be reliable in general.

I personally think these issues of Poloniex lately have been good for other exchanges and the decentralization of volume and holding of currencies, especially Steem. Although it may have had a bad effect on the prices due to large volumes not happening for a long time because of Poloniex, it has now made customers aware of other exchanges and not to hold all their coins they trade with in one basket.

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Yeah, I can really understand that.

That's awesome! And at a perfect time for Poloniex traders to start buying STEEM with upcoming announcements 😁

STEEM back to 1.50 before the end of the week? 😏

I'm aiming for 1.50 before the end of the month. ^^

Thank you for sharing this @acidyo because it saves me from making the same post! I was just about to buy some of that cheap Steem today on Poloniex lol.

Tremendous news! That only can mean the chart will be much stronger as volume increases and soon we can see a jump in price

That explains the equalisation in prices I noticed this morning. Thanks for the update!

I think the lack of communication alone means that I would never fully trust them again. If companies are open and honest about their issues makes it much easier to get behind them.

Poloniex gave BCC to its customers so it is good for them but their customer service is awful considering they have the means to improve it. @acidyo

Thank you for the support too

I am glad that polo has enabled Steem again and that you could make a bit of profit.

I have taken out all my coins from polo a few weeks ago because of all the fraud rumors and stuff I read on different platforms and I will not use polo again my trust is gone mostly because, if you look up the address to their "building in Delaware", you can google that same address and find that it is an office building with multiple suites, but no where online does it say Poloniex is one of those suite renters. If you zoom around on google maps I cant find any sign for Poloniex, which isn't that surprising really. But whats most amazing is that if you look up the suite that is registered to Bloomberg for Poloniex, you find that its "1013 Centre Road
Suite 403-B, Wilmington, Delaware. Now Google that address and you will find that VCORP is actually the occupant of that suite.

Hmmmmm. Why hide your corporation if you are doing nothing wrong and plan to do nothing wrong?

That is just my opinion don't want to tell anybody not to use polo but for me this smells a bit fishy and I worked to hard to take any chance of losing my coins.

Thanks for the info and I am happy for Steem and the Steemit community to be back on polo.

ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ

Namaste

enabled* :D

If you zoom around on google maps I cant find any sign for Poloniex, which isn't that surprising really.

Aren't google maps photos outdated usually though?

OMG sorry (enabled) lol

I don't know how old the photos are but it is a good point. Now I have to find someone who lives in Delaware or close and can check that out for me. If I find someone and he checks it out I let you know.

Well, I am pretty glad to hear they've allowed Steem again on their platform. I figured they probably would since they contacted you on fixing your support issue before. I personally will probably wait a little while before I try to use them again. Maybe after a few months of them not having issues with Steem I'll be comfortable using them again.

Thanks for bringing attention to this, bro. Wouldn't have even known about them being back in action otherwise, probably.

Finally they are back up and running , I hope this is not temporary or are they back for their own benefit

Good News!
The more exchanges trade with steem the more its value will rise. Polo may have had issues in the past and I am not a fan of any centralized exchange but there is no dought more volume will come in and eventually price will raise.

This is indeed good news! It sends a big message to the world. Skepticism is easily fed when exchanges and blockchains are not working together smoothly. Since the issues seem to be resolved now, I hope they have found an automated solution towards mapping users and poloniex-wallets, so the problem doesn't come back anymore. But I have a feeling they did solve it nicely.

Thanks for keeping a keen eye on things!

Cheers!

@acidyo - Your analysis of probable arbitrage trades having caused Steem being oversold on Bittrex seem spot on. This will probably happen for a few days as more and more people find that Polo has enabled Steem and rush for making some quick money through arbitrage trades ( self may probably be one of those goldrush people! LOL). Thanks for the heads up and useful analysis. ** I am into wildlife blogs and not much of a crypto trader but when an expert Steemian such as yourself points out an opportunity, why lose it!**
Upovted.

Regards,
vm2904

The information is very encouraging for me Sir @acidyo, to be honest I have long waited for this moment, it's been a very long time disabled in poloniex steem, got me thinking for trading in bittrex because of the reasons above. but after reading your article I feel very relieved. Thank you very much divided this post Sir. very rewarding. ;)

Steem is already the biggest gainer on Poloniex for the last 24 hours.

This re-enabling of Steem is the best news for Steem since Poloniex had disabled it. The Steem Poloniex had locked up are now free again. This hostage situation was really a cause for concern and I'm very enthused to see what is to come in the few hours and days.

I'm glad they were able to enable withdrawals again. I have never used them as an exchange. However, I have heard so many issues about Poloniex and Steem I probably usually wouldn't use them to trade or hold any Steem. I might make an exception for the arbitrage opportunities you mentioned above though.

Yeah although the arbitrage may only be viable for early birds that noticed it or those that took a shot at it expecting it to come back up soon.

Qn:Why won't Poloniex put SAFEX coins on?

Can someone explain what is the differnce between Steem and Steem based dollar? Sorry, I am new here

About damn time!! It better not be for a few days either! 😳🤣

Too right, best get anything you have in there out or any buys you want, its been quite a long time since it was active before.

Good news... This will definitely have some positive impact on Steem price.

Oo great news for us :) on poloniex steem was more cheap when I monitoring it :)

Interesting your posts. I love to read each and every post of yours. Sometimes I don't get time to read the full content but I make sure that whenever I am free I read the whole thing. Thanks for sharing... :)

@acidyo Great Read!!
Thanks for all the information and updates! I actually wanted to know about this so this was really helpful!
Cheers!!

Thank you for sharing knowledge, btw nice article buddy, success continues

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Waw nice post @acidyo

after I learned, I did not trade in Poloniex.

thank y're information @acidyo

Excellent news!
This is good for the visibility of Steam, but maybe if it lost credibility, poloniex has to pass confidence all over again.

I only had one problem with Polo when withdrawing BTS, and I will never never never use their service again.

I gave up on trading my Steem via Poloniex and just head straight to BlockTrades.

Great news...We can see some positive impact on Steem price.

I don't know, but i'm still gonna stick with Bittrex. ^u^

I think i need to get myself some more steem looks more promising now.

That is grate news, now steem volume might increase by adding new exchanges on the list. but thy need to work on support though.

Thanks for the heads up on this I have had some steem locked up in there waiting for them to activate withdrawals for about a month.

Its great to have you around, thanks for helping us and providing such good stuff.

Bittrex will take over polo in volume eventually.

Hippppy withdrawal is back.........th (1).jpg

It's too risky to use Polo, they can at any time block the exchange, and also without warning.

interessing thank you for this info @acidyo

Great post thanks for sharing.

Beautiful you and your posts too. I love to read each and every post of yours. Sometimes I don'rt get time to read the full content but I make sure that whenever I am free I read the whole thing. Thanks for sharing...

Hopefully confidence in Poloniex will slowly return, and this in turn may steady the Steem ship a little.

after a long time saw it it was like having money stored with no use at all there finally some relief

Very nice...

Good for you. I have a tickect with poloniext one month ago and nothing. I withoutdrawal from there a amount of a coin and arrive less than i sent. I have more doubts about poloniex and its reputation.

To be honest, I wouldn't trust holding my STEEM on Poloniex.

I really like Bittrex, I had an issue with my accounts because I used the same phone number I did on another account but their support service was pretty good.

They responded in one day period at max and even apologized for the delay in responses due to their growth.

Let's hope that the volume will rise now and the price once with it.

Oh snap..... that's great for all the people who had holdings there! :)

Nice to see Polo back, however I will not go back there. Months that transactions were off is too much for a serious exchange. Hope one day we get rid of these crap sites and all the action moves to decentralised exchanges.

Cool

This is really good for Steem.

Good news
Thanks

Poloniex has a great. In which you are at the top.

Man, i actually dreamed about this!... As i stated on other posts, this must be good news, i think steem should raise from now on... Although there have been a good amount of damage done by this long steem lock up, many investors dumped steem and lost their faith on it due to poloniex...

STEEM at Poloniex now is rallying.

Thanks for sharing. I am new in this topic but its really interesting - thanks for this article. Looking forward whats happend next :)

thank you @acidyo much awaited post and thankyou once again for providing such an qualitative content....

I never used Poloniex. I use only bittrex because I like to keep things simple. I am very happy that Poloniex started to resolve its problems though

I used to have several thousand dollars worth of coins on Polo, but I've since withdrawn them all. It's a shame, since I like the Polo interface the best. I'm afraid I just don't trust them anymore.

This problem with where to store your crypto is a big problem for traders, savers and investors. Save on an exchange, and it could be hacked or stolen or otherwise compromised. Save in a wallet, and your HD could become corrupted or you could forget your password.

There is one legacy bank I have found which will let you store crypto, it's called 'Falcon':

https://snbchf.com/2017/07/swiss-bank-accepts-bitcoin/

Unfortunately, they don't accept customers from my country yet.

I agree that storing crypto in a bank defeats part of the purpose of having crypto, but there is a reason why ppl have traditionally stored their money in banks - it is safe and it is insured.

Hopefully someone will come up with a solution which has the best of both worlds.

I finally got my Steem back as well. I just posted about it maybe an hour ago. I'm very excited.

Now I have withdrew all my steem and sbds from polo, I will never again their services. They really suck. For me Blocktrades is the best option.

That's why we have openledger. 😎😎

@acidyo, i think many people doesnt trust on poloniex and they used other channels like bittrex etc. polo should gave some incentives to got confidence of peoples and i hope after the passage of time poloniex got his place back.

It would take enough time and trust to get onto their Feet again ,
let us hope it does its way again with trust and belief

Pretty good news you have a lot of awesome posts, but this is by far one of your best ones man. I needed this one today! Thanks.

great helpful info

Thanks for this Awsome sharing @acidyo

For sure it is oversold. This will give Steemit a boost now, I'm sure of that.
The price will move again to 2 USD in my opinion. The hostage Poloniex did on Steem, did not do the price of Steem any good. Now there is nothing to really hold it back in my opinion. Userrates going up steadily everyday, according to the posts of @penguinpablo we will see 500000 users by the beginning of december... The future is bright!

I am votes and resteemed

Thanks for all steemit expert for this good new but for beginner like me and other steemians we dont think it because we focus to gain post follower and upvote...need much time and more..more post, for the rich steemit member they easy to get post on trending chart bcause have much money to buy bot...

Sorry out off topic, thanks

Haha. Yes! I actually found 10 sbd in there today and I didn't remember where it had come from. I think poloniex needs Steem!

i think polo is better then Bittrex .

I'm taking this as a sign to not use Poloniex for my cryptotrades? Glad you got your money back out!

It is valuable post. very useful

It's so frustrating to see so many up-votes on a single post. I post my best-est content here on steam, yet there are only a few people who see my post and out of 5, only 1 person up-votes which too is from a rank 25 user, which really doesn't make a difference. Life isn't fair lol
Anyone who is reading this post, follow me and checkout my content

This was great. I heard so many issues about Poloniex.