1128 SBD for $1000 today on Poloniex because of the temporary disabling of Steem and Steem Dollars! Is was looks like a purely negative event in the number one cryptocurrency exchange at https://poloniex.com/ pausing all transfers in and out of both Steem and SBD actually a chance to profit by purchasing at a price lower than on Bittrex and other exchanges? Would you read this post or watch the matching video with it to see a simple opportunity to earn a bit on Poloniex with these low prices because we all like to feel smart and enjoy getting a great deal?
Putting any money on Poloniex can be risky including the potential to lose all of it in the deposit or withdrawal phase. While I personally have only experienced delays with withdrawals and slow transactions on tens of thousands of dollars of transactions, I have seen a lot of stories of withdrawals "pending approval" for months and never going through. Use smaller amounts on Poloniex to get started and make sure withdrawals are going through and only put amounts you are willing to lose completely if everything fails.
What did I do today on Poloniex?
- Checked prices on Poloniex and Bittrex for Steem and SBD to find that Poloniex is significantly below. BTC - Steem is 0.00050001 on Bittrex currently with the price on Poloniex at 0.00042595 which is a difference of about 15% for Steem and a similar amount for SBD!
- Deposited $1,000 on Poloniex with Litecoin sold to Bitcoin to buy 1128 SBD.
- Sent $1,000 in Ethereum to Poloniex sold directly to Steem.
- Play the waiting game!
Last time Steem and SBD were disabled for a while on Poloniex the SBD price spiked crazy up to $2 along with a much higher Steem price versus Bittrex because there was no way to deposit more Steem or Steem Dollars. With a fixed supply, almost any buying demand can cause an artificial high which motivated a few traders to pump it up and then dump once the temporary disabling was complete. If the price goes down further, I might buy even more depending on the difference with Bittrex because whenever the doors open again, I will have likely gotten an amazing deal!
Two ways to cash out.
- If the price on Poloniex ends up going high for Steem and/or SBD while disabled, sell there before the temporary hold is removed and buy even more Steem or SBD on Bittrex to power up!
- If the price stays about the same or drops, deposit the Steem and SBD to Steemit and use the convert option on SBD when the price is low for Steem and power up the rewards! This should still ensure buying at the lowest price!
What I hope to show here is the mindset I use when playing the game with cryptocurrencies. I look for low risk and high reward scenarios. To me buying any Steem has a high potential reward because I think the price in 8 or 10 years will be $1,000. In the short term, I try to get the best deal I can just like any of the rest of us to buy the most Steem at the lowest price! Buying on Poloniex at 15% less than Bittrex seems like a great deal even if prices drop! I still have $5,000 more on Coinbase I can use if the price goes down further meaning I can repeat this again if say the SBD and Steem price plunge even lower on Poloniex!
Thank you reading this post! Would you please vote it up if you would like more little tricks I use like this because giving to each other is what brings the most happiness?
PS: With the Bitcoin hardfork coming today, I just sold back on Poloniex at about the same I bought in at and lost about $100 or 5% total. After the hardfork is complete I will consider doing this again if Poloniex makes it through it without crashing.