Vlog #61: Steem price thoughts. Poloniex is keeping the price down when they disable withdrawals.
The current supply of STEEM tokens is around 252 million.
182 million is powered up.
70 million is liquid.
When you look at the top 25 Liquid STEEM holders they own 42 million liquid STEEM.
By far the biggest holder is Poloniex with 25 million liquid STEEM or 35%.
Poloniex has disabled withdrawals and deposits.
Anyone that buys STEEM on Poloniex can't send it to their account to power it up. (Reducing the supply of liquid STEEM.)
For me, Powering up is the main reason to buy STEEM. It's what gives a Steem token more value.
Buying Steem on Poloniex is therefore useless at the moment. But worse, to get it out of there you only have one choice. To SELL it for another crypto.
It's putting unfair (extra) selling pressure on STEEM in my mind.
I talk about it more in-depth in my Vlog.
Follow Me 
When you think about the reasons Polo would have for disabling Steem to be withdrawn while at the same time taking into account them being such a large holder of Steem, it's quite disturbing. The only thing we can do is get the word out and educate other users to steer clear of Polo and use other exchanges.
I agree that I believe Steem to be tremendously undervalued and as more and more people understand just how valuable holding Steem Power truly is, the demand for it will increase. I will be watching very carefully the actions of Polo moving forward in regards to Steem. It's can be looked at as a blessing as they are allowing us to accumulate more Steem at a substandard price, but on the other hand, they are preventing the free market from doing it's job and that is blatant corruption and manipulation. Thanks for addressing this subject, it's a very important topic and all members need to know what's going on and stay away from Polo. Have a great day!
I LOVE THE POKEMON SHIRT!
Made me start having nostalgic thoughts of my childhood.
Those who bought steem at 7 cents, was probably the best investment that they have ever made in their life.
Everyone wants to have more steem power but with sites like Poloniex who keeps having problems with their wallets as you said causes the sell pressure to increase forcing people to sell and unfortunately driving the price of steem down.
Well at least in the long run the price will drive higher since as you said everyone wants to horde as much steem as they can as everyone wants to keep and hold steem in the power of SP.
Also thank you so much for your support on one of my recent post. You and many others are the reason why I love this platform so much and keep coming here every day.
Steem manifests my whole life and I hope it continues for the years to come :)
Thanks for the information as always!
I've thought for a while that the volatility of the steem price is significantly driven by the quantity of liquid steem versus steem power, and feel more comfortable when the percentage is low, and falling.
It seems though that because of the vesting model, that the volatility in the price is much less worrying than it is for other currencies without a vesting mechanism.
We're developing some steem analysis tools and services you may be interested in too. I'd appreciate it, if you'd like to take a look. We're adding more every week, and any ideas are welcome too!
These tools are great. Well done! I might talk about them one day is that ok?
That would be great. Thanks!
I have lost faith in Poloniex altogether and refuse to use them going forward. I've had an open ticket with them since 6/2 and they've yet to even make first contact. Almost 6k of BTS are tied up in a trans error for nearly 2 months. I've never had these issues on Bittrex.
Thanks for sharing this Eric. I have been hearing more and more of these stories. Steemit is proving very powerful here (for me at least) to share/hear/collect these experiences.
Poloneix have been an issue ever since I joined Steemit over 4 weeks ago. I cant believe anyone still uses them. There are serious issues there. They have never commented why Steem is disabled so regularly. I originally assumed it was due to HF19 but that's obviously not the case.
I will never use Poloneix again. there are alternatives which work perfectly well so why bother tasking the risk with such a shoddy company.
I was addicted to PokemonGo game for awhile because I used to play it on my gameboy back in the day!
I stopped dealing with poloniex awhile ago, the only thing good thing I like about poloniex is their interface, its really easy to use and navigate. Unlike bittrex, which really annoying trying to buy/sell. I think indeed STEEM price will go in the long run, I figure that's what SBD is for (stability). STEEM power is indeed precious.
I agree. Poloniex interface is very good.
Very true, poloniex wants to manipulate the steem price for its own benefit... when we are left with the only option to sell steem for other crypto on poloniex, that steem will go directly into poloniex account, as a large amount of liquid steem holder, poloniex can easily play the dirty pump and dump game with steem price... All steemians should stop using poloniex now.
Steemit is indeed growing and Poloniex is indeed interrupting it's supply. It's a matter of time when it would be over loaded with withdrawal request or pressure by users. Steemit is really doing great for it's users and I found myself lucky to be on this platform while it is still on growing phase.
Anyways I always have your support on Steemit @exyle, I guess. Lol.
And I am doing best of ability to survive here.
Your shirt looks great by the way haha... watching the video now :)
Thanks!
I do not find a decent explanation of why they are always disabling the Steem and SBD wallets. This week I sent some SBD to poloniex while the SBD wallet was ok and after 2 hours they disabled the wallet and I haven't got my SBD. This is really annoing.
Thanks for sharing this. I have been hearing more and more of these stories.