The Answer to the Steem Price Mystery could be exchanges with wallets in Maintenance modesteemCreated with Sketch.

in steemit •  3 months ago 

The Answer to the Steem Price Mystery could be exchanges with wallets in Maintenance mode

I just bought a significant amount of Steem on Binance. I wanted to take advantage of what seems like a huge discount. To me, the discount appeared to be the result of recent upgrades to the platform and the normal process of having to work out the bugs when making significant changes. These changes, I believe, will enable STEEM to provide significant improvements throughout the Steem ecosystem. Thus, now seems to be the perfect time to buy.

After making a significant purchase on Binance, I went to withdraw the Steem I acquired and that's when I realized that deposits and withdraws of Steem were disabled. This is due to Binance having Steem wallets in maintenance mode due to pending or in-progress upgrades to Steem's current version.

I then checked other exchanges listed on coinmarketcap. Partially looking to see where Steem could be acquired the cheapest. That's when I noticed some exchanges had trading disabled since mid-August.

Once these exchanges finish upgrading their wallets / nodes and exit maintenance mode, I expect the price of steem to jump significantly. Until then, I will buy and hold, waiting for withdraws to resume. I am looking forward to the improvements made to Steem and the Steemit platform, very promising future lies ahead.

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Thanks for the heads up! I've been buying on Binance also and can't wait to see what happens when all of them allow us to withdraw funds.

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Hi @minerthreat

Welcome back after quite a long break. Hope you've been doing well?

Many changes took place on Steemit in past weeks. I'm sure you've noticed :)

These changes, I believe, will enable STEEM to provide significant improvements throughout the Steem ecosystem. Thus, now seems to be the perfect time to buy.

I strongly believe that changes are usually bringing wave of fear and create selling pressure. At least in short term. Long-term obviously you're right but I believe we're far from the bottom.

To many users (bots, bot owners etc) will have a reason to quit steem blockchain.

I wonder if lack of deposits/withdrawals on exchanges (like mentioned binance) isn't the reason why price is currently so stable. I would expect price to drop. So we've 2 different expectations :)

Good read,

Yours
Piotr

You have some good points, we will have to see where the price goes when deposits / withdraws resume. We had a bit of a rally going on Binance, but now I see people dumping and buying back lower and lower increasing the amount of Steem accumlated with each cycle.

I helped drive the price up, selling off significant other holdings, now I'm HODLing as the price has dropped back below when the rally started.

But, like you said. If the bots and such dump when the deposits resume, that will be a good thing eventually.

Dear @minerthreat

Thank you for your prompt and kind reply.

I've noticed that you had long break from Steemit?
Would you mind sharing with me what's your impression so far after latest forks? One week after hf21 and hf21 has been introduced?

ps.
Check out my latest publication..
It brought some real emotions. I've been downvoted by over half million SP (attack of few accounts), however I also received solid support and few strong upvotes and now I will be enjoying the biggest genuine payout in my lifetime ;)

Yours
Piotr