Steem and Steem Dollars Withdrawals Enabled on Poloniex

Well, deposits are also enabled but I don't see a reason why anyone would deposit their Steemit assets to this unreliable exchange; except the one reason that I'll explain in this post.

So, the good news for Steem/SBD holders on Poloniex is that withdrawals are now enabled. You can transfer your Steem/SBD to Steemit.

For those who want to deposit Steem/SBD to Poloniex, the good news is that deposits are working too. But it's reasonably fair to say that depositing Steem/SBD to aan unreliable exchange like Poloniex is not a wise choice to make.

But here's a scenario, rather a  story, for you to weigh your options.

What happened was that I sent 24 SBD to Bittrex 7 days ago.

I sold them for BTC, sent BTC to Poloniex, and bought SBD from Poloniex. The reason was the arbitrage opportunity created by the price difference on both exchanges. 

I sold SBD at 0.00036 on Bittrex, sent BTC to Poloniex and bought SBD at 0.00031 there. The 24 SBD got converted to 25.91 SBD that I got back to my Steemit wallet the moment Poloniex enabled withdrawals.

Transfer from Steemit to Bittrex doesn't cost any fee. Transfer from Bittrex to Poloniex cost some fee and the transfer from Poloniex to Steemit cost me 0.01 SBD. Despite all these transaction fees involved, I still got 8 % profit.

The amount may seem too little but remember that it is free. And if I had transferred 240 SBD, I would have made an extra 20 SBD for free. That's the only time I would use Poloniex; when there's an arbitrage opportunity. 

If you have Steem or SBD on Poloniex, you can get it back now. I just wanted to alert the community through this post.