Hey everyone!
A week ago I made this post announcing that Poloniex support had resolved my ticket after almost 4 months of waiting. What surprised me the most was that I hadn't even replied back to them after their last response and that they got around themselves to resolve it and that fact alone made me believe they might be doing a comeback soon.
Yesterday, without an announcement and as quite as it was disabled, Steem was enabled on Poloniex again. I am glad that I listened to my own gut feeling and purchased some by sending Bitcoin Cash (due to the low fees) to Polo from Bittrex and got me some cheap Steem there a few days ago when it was hovering around $1 each. I figured worst case scenario I'd just have to sell them on Polo again for a small loss and experiment with a currency that isn't listed on Bittrex. After it was now re-enabled I made quite some profit by having bought them early on there.
This is the chart the last 24 hours on Poloniex after Steem was enabled again:
Those who noticed it really early also managed to get themselves some cheap Steem yesterday and many probably did some arbitrage trading by sending it to Bittrex shortly after to sell for a profit. Since Steem only has a 3 second confirmation timer and arrives onto the exchange really quick it is one of the best coins to do arbitrage with. I have had some luck in the past to do the same with exchanges like Livecoin that were following Polo's prices for quite some time after it was disabled.
This arbitrage resulted on a lot of sell pressure on Bittrex which leads me to believe that Steem might have been oversold on Bittrex now and will go back up short-term:
The volume of Poloniex has now again been added to Steem on coinmarketcap.com which will probably get more investors attention. Both exchanges now with almost equal volume:
What are your thoughts about this? Will you be able to trust Poloniex again with your Steem trades and transactions or is the lack of communication and long downtime reason enough for you not to use it again in fear that it might go down any time without a notice?
I personally have used Bittrex for as long as I have used Poloniex and even though its nice to use Polo now and then for certain currencies that are listed there I probably won't be using it for Steem as much anytime soon. I'd rather trust the exchange that has shown time after time to communicate about their issues and be reliable in general.
I personally think these issues of Poloniex lately have been good for other exchanges and the decentralization of volume and holding of currencies, especially Steem. Although it may have had a bad effect on the prices due to large volumes not happening for a long time because of Poloniex, it has now made customers aware of other exchanges and not to hold all their coins they trade with in one basket.
I'm glad to hear they have finally re-enabled deposits and withdrawals again. I personally don't trust and use Poloniex anymore, but it's good to have them back for the volume.
A lot of STEEM had been locked up on Poloniex for several weeks and therefore we could expect that many people would immediately withdraw their STEEM from Poloniex. Since they re-enabled the withdrawals, more than 1 million STEEM has been taken back.
STEEM stored on Poloniex
See my post: https://steemit.com/poloniex/@penguinpablo/poloniex-has-re-enabled-steem-deposits-and-withdrawals
Thank you for the exact numbers because I wanted to know that also @penguinpablo!
You're welcome :)
Great post.
Great post, it's nice to be informed with precise numbers and what exactly is going on.
This is nice, but I would never use Polo ever again.
Yeah, I can really understand that.
That's awesome! And at a perfect time for Poloniex traders to start buying STEEM with upcoming announcements 😁
STEEM back to 1.50 before the end of the week? 😏
I'm aiming for 1.50 before the end of the month. ^^
Thank you for sharing this @acidyo because it saves me from making the same post! I was just about to buy some of that cheap Steem today on Poloniex lol.
That explains the equalisation in prices I noticed this morning. Thanks for the update!
Tremendous news! That only can mean the chart will be much stronger as volume increases and soon we can see a jump in price
Hope so too!
I think the lack of communication alone means that I would never fully trust them again. If companies are open and honest about their issues makes it much easier to get behind them.
I'm glad they were able to enable withdrawals again. I have never used them as an exchange. However, I have heard so many issues about Poloniex and Steem I probably usually wouldn't use them to trade or hold any Steem. I might make an exception for the arbitrage opportunities you mentioned above though.
Yeah although the arbitrage may only be viable for early birds that noticed it or those that took a shot at it expecting it to come back up soon.
Poloniex gave BCC to its customers so it is good for them but their customer service is awful considering they have the means to improve it. @acidyo
Thank you for the support too
I am glad that polo has enabled Steem again and that you could make a bit of profit.
I have taken out all my coins from polo a few weeks ago because of all the fraud rumors and stuff I read on different platforms and I will not use polo again my trust is gone mostly because, if you look up the address to their "building in Delaware", you can google that same address and find that it is an office building with multiple suites, but no where online does it say Poloniex is one of those suite renters. If you zoom around on google maps I cant find any sign for Poloniex, which isn't that surprising really. But whats most amazing is that if you look up the suite that is registered to Bloomberg for Poloniex, you find that its "1013 Centre Road
Suite 403-B, Wilmington, Delaware. Now Google that address and you will find that VCORP is actually the occupant of that suite.
Hmmmmm. Why hide your corporation if you are doing nothing wrong and plan to do nothing wrong?
That is just my opinion don't want to tell anybody not to use polo but for me this smells a bit fishy and I worked to hard to take any chance of losing my coins.
Thanks for the info and I am happy for Steem and the Steemit community to be back on polo.
ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ
Namaste
enabled* :D
Aren't google maps photos outdated usually though?
OMG sorry (enabled) lol
I don't know how old the photos are but it is a good point. Now I have to find someone who lives in Delaware or close and can check that out for me. If I find someone and he checks it out I let you know.
Well, I am pretty glad to hear they've allowed Steem again on their platform. I figured they probably would since they contacted you on fixing your support issue before. I personally will probably wait a little while before I try to use them again. Maybe after a few months of them not having issues with Steem I'll be comfortable using them again.
Thanks for bringing attention to this, bro. Wouldn't have even known about them being back in action otherwise, probably.
Finally they are back up and running , I hope this is not temporary or are they back for their own benefit
Good News!
The more exchanges trade with steem the more its value will rise. Polo may have had issues in the past and I am not a fan of any centralized exchange but there is no dought more volume will come in and eventually price will raise.
This is indeed good news! It sends a big message to the world. Skepticism is easily fed when exchanges and blockchains are not working together smoothly. Since the issues seem to be resolved now, I hope they have found an automated solution towards mapping users and poloniex-wallets, so the problem doesn't come back anymore. But I have a feeling they did solve it nicely.
Thanks for keeping a keen eye on things!
Cheers!
@acidyo - Your analysis of probable arbitrage trades having caused Steem being oversold on Bittrex seem spot on. This will probably happen for a few days as more and more people find that Polo has enabled Steem and rush for making some quick money through arbitrage trades ( self may probably be one of those goldrush people! LOL). Thanks for the heads up and useful analysis. ** I am into wildlife blogs and not much of a crypto trader but when an expert Steemian such as yourself points out an opportunity, why lose it!**
Upovted.
Regards,
The information is very encouraging for me Sir @acidyo, to be honest I have long waited for this moment, it's been a very long time disabled in poloniex steem, got me thinking for trading in bittrex because of the reasons above. but after reading your article I feel very relieved. Thank you very much divided this post Sir. very rewarding. ;)
Steem is already the biggest gainer on Poloniex for the last 24 hours.
This re-enabling of Steem is the best news for Steem since Poloniex had disabled it. The Steem Poloniex had locked up are now free again. This hostage situation was really a cause for concern and I'm very enthused to see what is to come in the few hours and days.
Qn:Why won't Poloniex put SAFEX coins on?
Can someone explain what is the differnce between Steem and Steem based dollar? Sorry, I am new here
great to know @acidyo thanks updating us
About damn time!! It better not be for a few days either! 😳🤣
Too right, best get anything you have in there out or any buys you want, its been quite a long time since it was active before.
Good news... This will definitely have some positive impact on Steem price.
Oo great news for us :) on poloniex steem was more cheap when I monitoring it :)
Interesting your posts. I love to read each and every post of yours. Sometimes I don't get time to read the full content but I make sure that whenever I am free I read the whole thing. Thanks for sharing... :)
@acidyo Great Read!!
Thanks for all the information and updates! I actually wanted to know about this so this was really helpful!
Cheers!!
Thank you for sharing knowledge, btw nice article buddy, success continues
Thanks
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Waw nice post @acidyo
after I learned, I did not trade in Poloniex.
thank y're information @acidyo
poloniex too bad
It is valuable post. very useful
@acidyo, i think many people doesnt trust on poloniex and they used other channels like bittrex etc. polo should gave some incentives to got confidence of peoples and i hope after the passage of time poloniex got his place back.
That's why we have openledger. 😎😎
thank you @acidyo much awaited post and thankyou once again for providing such an qualitative content....
Poloniex has a great. In which you are at the top.
Good for you. I have a tickect with poloniext one month ago and nothing. I withoutdrawal from there a amount of a coin and arrive less than i sent. I have more doubts about poloniex and its reputation.
Very nice @acidyo
Hopefully confidence in Poloniex will slowly return, and this in turn may steady the Steem ship a little.
Beautiful you and your posts too. I love to read each and every post of yours. Sometimes I don'rt get time to read the full content but I make sure that whenever I am free I read the whole thing. Thanks for sharing...
It's too risky to use Polo, they can at any time block the exchange, and also without warning.
That is grate news, now steem volume might increase by adding new exchanges on the list. but thy need to work on support though.
I think i need to get myself some more steem looks more promising now.
I don't know, but i'm still gonna stick with Bittrex. ^u^
Great news...We can see some positive impact on Steem price.
Thanks for the heads up on this I have had some steem locked up in there waiting for them to activate withdrawals for about a month.
Good news
Thanks
I only had one problem with Polo when withdrawing BTS, and I will never never never use their service again.
I gave up on trading my Steem via Poloniex and just head straight to BlockTrades.
Its great to have you around, thanks for helping us and providing such good stuff.