More Than 10% Gap Between Steem Price In Bittrex versus Poloniex (This Time On Higher Volume)
As you may already know, the STEEM wallet is disabled at Poloniex, which means you can't deposit or withdraw STEEM in or from Poloniex. That also means that potential big spikes in price won't be so easily arbitraged - or won't be arbitraged at all. As you can see from the 2 screenshots below, on Bittrex STEEMIT trades at 36k satoshis, while on Poloniex it trades at just little under 32k satoshis.
So what happens now is basically that if you have some Bitcoin, or other crypto actually worth something, you can buy a lot of cheap-cheap-cheap STEEM on Poloniex.
But the most interesting number is not the price of STEEM, but the volume. If I can still read numbers, Bittrex surpassed Poloniex in volume (for the first time since I'm following both exchanges in parallel).
For whoever is interested, this might be an interesting signal.
Please be aware that this is not trading advice.
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Nice to see Steem slowly going back up again today..
It's about time Bittrex surpassed Polo and I see this trend continuing. The disabling of Steem on the exchanges has been a major issue with the price of Steem. I've been trying to figure out why the exchanges have been disabling Steem and here's a great explanation by @crypto-investor:
" 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."
Thanks for this explanation. Seems legit, but I think this is just part of the problem. Nevertheless, the fact that Steem is getting more and more frozen n centralized exchanges should speed up the development of some decent DEXes.
Steem and Bitshares always suspended in Poloniex and its a real problem. Its urgent for a solution to be found.
Hi, for Bitshares wallets, I found some weird coincidences...
https://steemit.com/poloniex/@jerome.pacman/poloniex-under-maintenance-no-deposits-or-withdrawals-the-recurring-weird-message
It seems like the huge gap in steem prices has returned.
It is a first to see bittrex above Poloniex for once. I guess people are done with the poloniex's bs.
Did Poloniex disable their steem wallet again?
It seems like they want people to sell steem all the time
Carry trade opportunity. ;)
dont use polo anymore but thx for the info!
It is time to become a big whale!!!! :D
It sucks that you cannot withdraw steem from pol or else this would have been great free money.
Huge caps in times like this when BTC is going up, up and up. Also looking at the Neo boom; Bittrex prices are usually higher than some other exchanges trading ant/neo. This is good knowledge if trading.
Looks like the reality is catching on Poloniex and their bad moves. Including not trading Bitcoin Cash.