The Opportunity

Poloenix, that much hated exchange has had it's STEEM wallet offline for the last 3 weeks which has led many to sell STEEM for BTC so they can get there assests off of poloenix.

This has caused the price of STEEM on poloenix to be consistently 10%-20% cheaper than the price on Bittrex, as of writing this it is $1.28 verus $1.53.

What good is it if it is stuck in poloenix? Firstly poloenix have brought the wallet back online 3 times since they first took it offline, so it is very possible they will again. But secondly and more importantly the steemit dev team released this post 6 days ago.

How to Set Up a STEEM Exchange Node in 60 minutes or less

This update is clearly aimed at poloenix to help them sort out their wallet problems. While, with the speed that poloenix works at, it is guesswork when they will get around to implementing it. My guess is 1 week to 1 month, the 1 week to allow time for testing and the 1 month to allow for their laziness.

So how do you profit? Two ways that I see, one I see as low risk and the other as medium risk.

Low Risk

Take what STEEM you have and put it on Bittrex. Sell it on Bittrex. Using the same amount of BTC as you got on Bittrex buy STEEM on poloenix.

Wait until poloenix restarts withdrawals. You are finished and you now have 10% -20% more STEEM than when you started.

Medium Risk

Also known as the one I am doing. As my STEEM is all powered up and working for me, I don't have any STEEM to sell. So I will be just buying at poloenix now and selling when their wallet is fixed and the prices normalize.

This method leads to you having a larger exposure to STEEM, which obviously increases your risk. But then again it also increases your potential rewards.

Disclaimer

Please do not invest on the advice of a stranger on the internet, only use this advice here as a starting point for your own research, and then if you choose to invest please only invest an amount that you can afford to lose.

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