Why Has Poloniex disabled STEEM Withdraw and Deposit Option

in steem •  8 months ago

So much buzz in community as it is almost a week since Poloniex has disabled STEEM and SBD withdraw and deposit option.
There are even many negative remarks with some individuals saying Poloneix is planning to delist STEEM.
Lol man, be easy, Poloneix will not de-list STEEM or SBD, as it is earning thousands of dollars daily from STEEM community in terms of fees.

Well, then why?
The main reason it is disabled is to prevent ARBITRAGE from Bittrex.
The STEEM and particularly SBD price is very low on Bittrex as compared to Poloneix.
Anyone can easily make hundred of profits doing Arbitrage from Bittrex to Poloneix.

Are you sure?
Yes, It is known practice of Poloneix to disable wallets to prevent arbitrage on exchange, in the past Poloneix even banned SC and BCN wallets as users try to make Arbitrage from Bittrex and Cryptopia.

Thus, we need to wait for prices to get even on both exchange and no one knows how long it will take.

Prices of STEEM and SBD on both exchanges. It can be clearly seen how one can make profits from SBD which stand as the main problem.

Poloneix prices
2017-06-23 02_18_17-0.00001048 DGB_BTC Market - Poloniex Bitcoin_Digital Asset Exchange.png

Bittrex Prices
2017-06-23 02_16_38-(0.00051999) BTC-SBD SteemDollars.png

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"It is known practice of Poloneix to disable wallets to prevent arbitrage"
How do you know this?

Anyway, arbitrage levels the markets, so disabling Steem on Poloniex might only make matters worse.

My view was that Poloniex disabled Steem because of the hardfork. This is common practice.

They actually lost one of my Steem deposits the day before the hardfork - it's in their account with the correct memo, but it doesn't show up on the exchange. :(


Many users of Poloneix knows about this practice, IDK why Polo use such policy but they do.

I know about this because of experiencing the same and hearing from many other users.

The time BCN went high Polo disabled it since the price was low of Cryptopia
The time SC was added on Bittrex then disabled the wallet to prevent arbitrage.

By time when you will see the prices almost equal on both exchanges Polo will open the wallet.
When Polo open the wallet again your deposit will be shown, you dont need to worry about that it happened to me as well with BCN.

Makes sense , thanks !!!

Thanks for this!


Pleasure :)

Doesn't make any sense to me! What is the source of your information?

If someone is earning through arbitrage what's the problem to exchange with that??? Arbitrage will either lead a rate increase for Steem & SBD at Bittrex or lead to rate decrease in Poloniex but ultimately market will level it up. How closing an exchange for a particular currency can help the matter? There are hundreds of exchanges with price differences in almost all coins. That means every exchange should shut down all their trading? Even as on today, Steem & SBD are disabled on Poloniex. And I read a 10 months old post from @timcliff when these were disabled too.

So this explanation isn't making any sense to me. Would you please explain in more detail or just point me to source of your knowledge. Thanks!