Poloniex's STEEM wallet is back onlinesteemCreated with Sketch.

in steem •  7 months ago

I don't have much more to say about it, but as I made a number of posts about the situation over the last few months I thought I would update my followers.

Backround

On the 19th of June Poloniex took their STEEM and SBD wallets offline with no notice.

On the 5th of July withdrawals and deposits were brought back online for 8 days until the 14th.

At this point this message appeared

STEEM is currently under maintenance or experiencing wallet/network issues. Deposits and withdrawals will remain disabled until a solution is found, which may require an update from the STEEM team. Any updates must be tested and audited before enabling.

This despite Bittrex, @blocktrades etc all will working fine.

The wallet was again brought back online for the period of the 21st to the 26th.

And then one last time from 3rd of august to the 6th of august.

It then remained down until today 20th of september.

It is very possible the wallet will come down again so withdraw now while you can

Arbitrage Opportunity

I posted about an arbitrage opportunity where for the last month you could sell your STEEM for btc transfer to Poloniex and buy STEEM at a 10%-20% discount. Today that arbitrage finally closed returning about 15% returns for 1 month.

The risk of course was Poloniex not returning funds, I maintained that poloniex have shown themselves to be incompetent, not thieves. Not much better I know.

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It is good news, although there have been enough damage already, steem price been pushed to much down because of people dumping it on poloniex as they could not take it out...
Hopefully people learned the lesson and wont use poloniex anymore...

Great news. I do want to be optimistic and hope they will keep it up for long now :)

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About 2 weeks ago the steemit dev released instructions to run an exchange wallet smoothly. I hope this is the result of that, 2 weeks testing and then release.

I wouldn't bet on it yet though. I am not going to trust polo for a few months until I see real improvement

the problem with poloniexis that the time to response a ticket is about 3 months. i still wait for a ticket.

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Agreed, now my STEEM is off there I have emptied my account. I like their lending functions and will likely return if and when they improve their support. I Will check in on them in a few months

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I send a maidsafe coin from poloniex to coinpayment wallet and the quantity that i sent arrive less. i don`t know if that is common but in blockchain it should not happen.

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how much less, could it be the fee?

I have found they respond to issues like this quicker. May be worth opening another ticket and make sure you pick the right subtopics.

While I hear this stuff happen all the time it is still just a small % of withdraws/deposits that have trouble, and no one ever posts when it is resolved.

I hope they fix your issue soon

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a lot half of the coins have not arrive

I don't like Poloniex a lot it used to be my goto exchange but recently Poloniex has a lot of kinks in it.

They changed their Terms and Conditions making it easier for them to discard any funds they keep for us.

Then it has also been seen that Poloniex sometimes Drives the Prize of STEEM down by trading it low.

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your first point is valid and is the main reason I have withdraw all my funds from polo.

edit: oops your first point was a poster below

Your second point, all exchanges have terms and conditions like this, don't listen to people on reddit trying to make a conspiracy out of it.

your third point, got any proof of that? STEEM is nothing but an afterthought to polo, they have shown that they don't care about it so they are certainly not going to bother risking their multi billion dollar company and reputation to manipulate a 500K daily traded coin.

Also the reason STEEM was low value on polo was because they had no withdraw in STEEM therefore price had to fall, not manipulation

Good profile. I am following you bro 👍

I like your post. @fiveboringgames I have followed you

That will help Steem price to go up.

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not sure that will affect it. The up coming updates, app and communities, is what will/may boost the price.