PRICE OF STEEM & SBD DROPS AFTER POLONIEX DISABLES TRANSACTIONS | Is Poloniex Manipulating The Price Of Steem?
Over the last few days Poloniex has yet again temporarily disabled STEEM and SBD deposits and withdrawals. The first time this happened was at the end of June shortly after STEEM made an all time high price of 0.0009500BTC on Poloniex. Since passing that milestone, then subsequently having SBD and STEEM transfers disabled, the price of STEEM dropped significantly. According to this Steemit post Poloniex first disabled STEEM and SBD on or around 06/20/2017.
As we can see from these screenshots below, the price of both currencies dropped off dramatically after SBD and STEEM deposits and withdrawals were disabled. Transfers continued to be out of action for the next couple of months which saw the price of both currencies continue to drop even further.
The recent issues that lead Poloniex to disable SBD and STEEM transfers must have happened around December 8th or 9th. I'm not to sure of the exact time and date they were both disabled as there was no notice or warning from Poloniex. I do know it happened sometime after 7th and before the 10th because I sent a test transfer of 5 STEEM to Poloniex from my Steemit account late on the 7th, and before I did this I checked the status of STEEM transfers on Poloniex before I sent it and it was fine. When I checked back on the 10th both STEEM and SBD had been disabled and my STEEM transaction still hadn't gone through.
Here we can see the price of both SBD and STEEM drop after Poloniex disabled transactions. (Note that the time Poloniex disabled STEEM and SBD is not precise but happened somewhere between late on the 7th and the 9th as I explain above.)
So what do you think folks? It does seem odd that both times the price of SBD and STEEM has risen significantly Poloniex decides to disable them. Would this kind of behavior be enough to throttle and control the prices? Or could it simply be that Poloniex is unable to handle and process the volume of transactions. Leave your thoughts in the comments section below letting me know what you think is going on.
Yes, they seem to be doing just that. I've seen the same "maintenance" happen with other coins during times of heavy volatility and/or rallies. Same thing happened with XMR a few months ago.
Yes it's a good damn pain when it happens. Can really put a spanner in the works of some trades.
Great post @fortified I really like the observation you've made. I would recommend staying away from Poloniex. Their service really sucks.
I've been waiting for more than a month for them to get back to me with regards to a issue I have with one of my withdrawals.
I hope you don't mind but I decided to share your post in my Steemit Facebook Group https://www.facebook.com/groups/steemitkings/permalink/1832100940414370
Thank you very much. Yes I have never heard anything good about Poloniex from anyone. It's all ok until you want to take your crypto off the platform.
I may have spoken to soon with this post as at time of typing this comment SBD is currently over US$10.
Steem to the moon.
Thanks
@fortified
I totally agree with you. Im waiting for them to reimburse my 22 SBD which should be worth around $220 today. I doubt they will ever send me my coins. They are real cheats. Hopefully more people will realize this and get away from their platform. Take care buddy
All of the exchanges manipulate things. And they control when we can cash out and can shut down before we are able to
I guess if they can make money doing this kind of thing then they'd be very tempted to do at the least.
It is so hard to say what is happening.
Before you can have really stable price discovery, you have to have enough volume trade hands per day.
And, two biggies for steem play red light - green light it really plays hell with price discovery.
So, I would say it is more than just the disabling. But, I am sure it was a factor.
Great addition to the conversation. Thanks for the comment.
The fact that they were disabled was really pissing me off this morning. Glad to see I'm not alone. I love the edit to the Poloniex logo by the way
Ha. Thanks. Yes looking at it now maybe i should have turned both O's into disabled signs.
I try to keep it simple and jsut keep a small amount in Poloniex for trades and if I ever have to move it out I convert it all to btc or litecoin then move it out to a wallet or to blocktrades. Anything else seems to become a headache.
As you said, it could be that they cannot control the large volume of transactions going in and out of the wallet. As you well know, over the months, the users of steem and steem dollars has increased to a vrry large extent, and there is now a bulk of both currencies in the market,, could also be a reason for the boost in rice....
Nice post ... resteemed
Yes it's is an ongoing issue which I seem to remember being solved after the last hard fork.
I also noticed that the volume dropped significantly on that day.
I'm using Bittrex which is still paying me well for dat SBD 😀
Nice
Similar conspiracy-esque stuff happened around Bitshares. BTS is a DEX that would be easy to shut down as winning 3300 Vietnam was per second. STEEM is censorship free social media that cannot be controlled and there are not ads or spying and people here respect privacy and crave accurate information and can think for themselves.
They think BTC is too big and they could take down under the radar coins much easily. They are dead wrong.
Also Tron went past 1 billion USD marketcap. They don't even have a running vibrant community like steemit. STEEM is going to skyrocket. Just forget trading and power up. Use @blocktrades