Poloniex Temporary Withdrawal And Deposit Issue And What To Do

You may have noticed that Poloniex has stopped deposits and withdrawals of Steem and Steem Dollars. The price of Steem and Steem Dollars has gone down slightly and this can have an effect in many ways. I have reached out to Poloniex and will let everyone know once I get a reply, but also want to bring your mind at ease and show you what you can do.

Don't panic!

Steem HF19 - Hard Fork 19 has just happened. This is an update on the base Steem code which means that there is an upgrade of the software behind the scenes. It is likely that Poloniex will automatically do this and has done in the past. Yesterday Litecoin also was having a temporary not being able to withdraw or deposit as well but came back few hours later.

Steem's price has gone down slightly

It is likely that Poloniex is in process to update their software so that it is safe for users to withdraw and deposit. This generally is done within few days.

Poloniex is not the only exchange. Bittrex also has Steem and Steem Dollars, so if you need to convert your coins, then there is always Bittrex as an option.

All too often people go into panic mode and try to withdraw and cash out, the result being that it destroys Steem's value, and everyone suffers. The coin then is available again for trading and the damage can be so much that it can not recover for a long time.

The best thing to do is hold it out or use another exchange such as Bittrex.

For developers of Steem, I think that this is a sign that upgrades to Steem's software should be done reluctantly. It may appear good to bring out updates but keep in mind that such updates can have a direct impact on price as update causes exchanges to see an update is needed and stop withdrawals or deposits to protect the integrity of the exchange an its users.

Developers of Steem should also be aware of this and notify exchanges about upcoming changes and work with them soon as the upgrade is available.

I have reached out to Poloniex and will keep you updated. Please be sure to resteem this article and follow to stay updated.

Create a great day,

The details in this article are from my point of view and opinions and do not constitute investment advice.