Why the price of steem is falling.....

in steem •  2 years ago 

The Arbitrage Loop that was once very popular(transfering steem/SBD from poloniex to bittrex and vise versa because the 0 fees on tx) to take advantage of price discrepancies(in ALL currencies) is NO Longer possible.... Seriously poloniex why is steem and sbd deposits still disabled?

We need to start making some noise folks.... The Squeaky nail gets the grease! I ask that you all take 5-10 minutes out of your day to send a message to poloniex to let them know how much you miss their services! And how much they should miss your trading fees! Plus, having all the SBD / STEEM cash outs forced on to the inferior bittrex market is not healthy for the price of steem as well!

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well to be honest i thought as steemit is growing every day the Value of steem should increase in a very good manner
hope we will get it sooner than later

will try to be a part of your request
thanks mate for sharing

  ·  2 years ago (edited)

no because new users are greedy and spoiled and they get their first $100 and they cash out and power down! they never wanna invst! the ons that DO are helping, those thatjust come hre and take take take they are causing this but its ok, let them do what they want! we shoudl always check peopels walets and se what kind of person they are, tif we watch peopel oering down, e shoudl call em outy and ask why they are not beliving in stem at such a critical time! they can do what theyw aht, but to me, itys a team effort and when peopel dont wanna be ateam player, we can respond by NOT givng them upovotes and encouraging people to ONLY reward peopel whop STAY powered up and NEVER power down!

Powering down is just foolish anyway, the price wil go back up, why cash out now when u could be buying moe steem? Peopel donty GET it man, when stem goes from $1 to $2 thats like Bitcoin going frm $4000 to $8000 ! Its DOUBLE but peopel see the smal numbvers and pyschologically dont see it as as big fo a leap!

But its fine, let peopel dop what thyw ant! I cant get mad at poeopel for needing to spend money but i assure you or MOST of the peopel cashing out, they dont need that money theyre spoending, they could be saving it and are mostly spending it on trivial items.

We need a mass educational campaign tpo convinve people that they should NOT powerdown and sell steem because selling steem is foolish when steem is so low and unervalud! steem will be $2 then $4 then $10 ver soon, before th end of th year! because 0peopel will e how powerful pour system really is, and peopl wont wanna be left nehind like they were with bitcoina nd will ome in and buy thousand of stem at $1 hoping for it to be worth $10000 like bitcoins pric range!

I hope we can see $10 steem by endof thsi year and $1000 steem by late next year or year after! It can hapena nd it will happen!

Once WE have all the users of redidt then WE will have all the best content! And why would reddit power users stay on reddit withot getting paid?? becaue they dont KNOW about steemiut! the ONLY reason peopel still post on reddit is because they dont even know about steemit yet!

so lets go on reddit and ADVERTISE for steemit! organically slip steemit into every conversation! if we all do it we can get REAL power users ho will join and SAVE their steempower!!!

Thanks mate
that is very thoughtful of you
as a new member i respect your each and every word
as i do believe steem is gonna overpower in a very good manner in near future
and yes as soon as people gonna know about steemit they will eventually get attracted towards steemit
think for me i am not currently active in any other social media other than steemit
as i can see i have a future here

Thanks mate for taking time to post here and making my belief even stronger

I am new to Steemit but posts like this are very helpful, keep up the great work @cryptohustlin.

100% Upvote, Resteem and Follow from #teemnomad!

I would forget about Polo. The exchange has much bigger issues than turning on/ off steem deposits etc. We need to look for reputable alternatives. It would not surprise me if Polo was not around for much longer!

Volume / liquidity wise no one will come close to poloniex....

Traders will only go where there is ample ammounts of both.

I agree liquidity is important but so too is solvency and The behaviour st Polo leaves a lot of unanswered questions. I would rather use an exchange with higher fees and lower volume, but which does not suspend coins for weeks on end with no explanation, freeze withdrawals for weeks with no explanation and refuse to answer support tickets for weeks. All this points towards polo failing to scale, which is really worrying.

This is absolutely creating extreme downward pressure on the price of Steem.

Here's a great explanation provided by @crypto-investor regarding this issue:

"I think the issue with Steem freezes is how Steem operates. With BTC, an exchange generates each user unique addresses, with Steem that don't work, they're only permitted to have one or a few accounts, but not a unique blockchain address for each individual user's deposits. This means, they have to sort out the transactions using the memo field. What if they get a bunch of deposits without memos? With BTC, those funds would just go missing/lost... with Steem, each exchange, especially US exchanges are then obligated to resolve that issue with the person since it is not their property. Ideally, they would be able to reject such a transaction, but due to the strangeness of blockchain they can only accept it, hang on to it, ect. This creates a customer service and administration nightmare for 1 single cryptocurrency, that currency being Steem. It would be better if we had a DEX which just burned the funds or donated bad deposits somewhere, rather than try to administratively deal with people who fail to use crypto transactions correctly. So whenever the exchanges get backed up in terms of customer service, I think an easy place for them to find more man hours is to freeze Steem and SBD withdrawals & deposits."

The easy thing would be to send the funds back when the memo field is wrong or not filled out.

Seriously.... its not rocket science.

That makes a lot of sense. It being an administrative nightmare for non-compliant transactions will certainly drive the price down and eventually make it all but useless when it hits rock bottom. It sounds like a tweak could be made. Maybe instead of burning or donating the STEEM, why not just reverse the transaction so it could be restarted by the user with proper notations. Yeah, annoying for the customer, but that's how the banking industry deals with bad transactions.

Bittrex is not an inferior market, lol. Poloniex could blow up at any time.

From a liquidity stand point bittrex is garbage compaired to polo.....

I'm willing to accept that risk since I am concerned about Poloniex's, well, long-term health.

Sometimes that extra volatility can even be helpful.

I was wondering what's going on with why the price is refusing to go up while the community is growing. Will sign up today and start sending daily messages. Thanks for sharing. If all do this, it'll get more and more difficult to ignore.

I'm going to send them a message but it's not going to be nice lol

Has anyone noticed how the price of buying bitcoins with SBD is more valuable (0.0002btc) on bitrex than on blocktrades (0.00016btc)???

I wonder why there is such a huge disparity in price between these two exchanges?

Its paining me poloniex is acting up so much recently. Are these not tell tale signs that this exchange is going through turbulent times and may not be around for much longer???

steem on: power up!

Be part of the #naijaminnows project

I don't see any real growth for altcoins in the short term. Bitcoin's sole dominance will probably go for a while. It will probably hit a peak in 1-2 weeks then stabilize. Then people on Bitcoin will jump back on altcoins and then everything will rise. Steem by a great deal probably.

I will send them a message today!

Poloniex is destroying the currencies value while doing this. It holds most of the steem behind bittrex. Poloniex should review their system if they do not want to loose existing and future clients due to the lack of incompetency they are showing up.

I think steem was just so little of their income that they dont care about us.

I didn't think of using SBD that way and am now annoyed that I can't use it that way. I wonder what's the reasoning behind why the withdrawals are disabled. Is it a technical issue that they can't fix / haven't gotten around to fixing?

Epic laziness would be my guess..... nothing has changed in how SBD/STEEM are sent.

Ughh hope they can fix it soon.

I have to admit I still am not to up on the ins and out of crypto currencies
I have been wondering why Steem doesn't seem to be rising like some others

Will send a nessage and hope more do it it helps us all

I don't think it's poloniex/bittrex 's fault, rather, it's negligence on part of Steemit.inc . See @elfspice blog posts for more info.

Seems someones nuked elfspice..... i read over his posts and i can see why.

Great time to buy Low!!! And always remember.... When in doubt, Zoom out!!!!

Keep On Steemin On!!

If you zoom out.... its looking like history will repeat its self....

I hope that this matter will resolve itself soon so that we can all benefit from a higher demand for steemit.

God damn... So this is why steem is under performing lately. Spread the message folks! Up-voted and Re-steemed!

I've only used bittrex from the start, but yes, if you have an acct on polo sending requests to support is a good idea. Light a fire under them, polo is not helping the price action on steem at all.

I am not sure transferring stuff is the way to go. I'd say, let's work to make the platform better - that should generate organic demand and drive the price of STEEM up too!

The more usecases, the more 0's in your wallet.

  ·  2 years ago (edited)

Man I've had a bunch of Steem on Poloniex for like about 2 months now or so it feels like......... and it's really frustrating.

Are withdrawls not allowed?

nope.

Take advantage of the price drop and buy more Steem, I am buying.

At this point, we are still over valued IMO. Not enough blood in the streets yet

well, sell than :)
but don't miss the bottom

Its not about calling the bottom... its about avoiding the drop.

How do you avoid the drop if you are holding Steem?
Your only options are hold, sell or buy.

Risk management > profit. All day everyday.

Good to know, I was wondering why it kept falling.

That's how i have had a pending steem transaction on freewallet since 17th July, supports says steem blockchain is down. I don't understand any of that

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This is very important question. And all the experts should share their experiences on it.

Its plainly simple to see... one of the greatest use cases for our 2 beautiful currencies was destroyed by 1 exchange! poloniex.....

I too have my doubts about poly. 🐓🐓

I have never sent out payment, never cashed my Steem nor SBD. But I will make sure to send a message to Polo.