1128 SBD for $1000 today on Poloniex because of the temporary disabling of Steem and Steem Dollars! Is was looks like a purely negative event in the number one cryptocurrency exchange at https://poloniex.com/ pausing all transfers in and out of both Steem and SBD actually a chance to profit by purchasing at a price lower than on Bittrex and other exchanges? Would you read this post or watch the matching video with it to see a simple opportunity to earn a bit on Poloniex with these low prices because we all like to feel smart and enjoy getting a great deal?
Disclaimer
Putting any money on Poloniex can be risky including the potential to lose all of it in the deposit or withdrawal phase. While I personally have only experienced delays with withdrawals and slow transactions on tens of thousands of dollars of transactions, I have seen a lot of stories of withdrawals "pending approval" for months and never going through. Use smaller amounts on Poloniex to get started and make sure withdrawals are going through and only put amounts you are willing to lose completely if everything fails.
What did I do today on Poloniex?
- Checked prices on Poloniex and Bittrex for Steem and SBD to find that Poloniex is significantly below. BTC - Steem is 0.00050001 on Bittrex currently with the price on Poloniex at 0.00042595 which is a difference of about 15% for Steem and a similar amount for SBD!
- Deposited $1,000 on Poloniex with Litecoin sold to Bitcoin to buy 1128 SBD.
- Sent $1,000 in Ethereum to Poloniex sold directly to Steem.
- Play the waiting game!
Profit Potential!
Last time Steem and SBD were disabled for a while on Poloniex the SBD price spiked crazy up to $2 along with a much higher Steem price versus Bittrex because there was no way to deposit more Steem or Steem Dollars. With a fixed supply, almost any buying demand can cause an artificial high which motivated a few traders to pump it up and then dump once the temporary disabling was complete. If the price goes down further, I might buy even more depending on the difference with Bittrex because whenever the doors open again, I will have likely gotten an amazing deal!
Two ways to cash out.
- If the price on Poloniex ends up going high for Steem and/or SBD while disabled, sell there before the temporary hold is removed and buy even more Steem or SBD on Bittrex to power up!
- If the price stays about the same or drops, deposit the Steem and SBD to Steemit and use the convert option on SBD when the price is low for Steem and power up the rewards! This should still ensure buying at the lowest price!
Purpose
What I hope to show here is the mindset I use when playing the game with cryptocurrencies. I look for low risk and high reward scenarios. To me buying any Steem has a high potential reward because I think the price in 8 or 10 years will be $1,000. In the short term, I try to get the best deal I can just like any of the rest of us to buy the most Steem at the lowest price! Buying on Poloniex at 15% less than Bittrex seems like a great deal even if prices drop! I still have $5,000 more on Coinbase I can use if the price goes down further meaning I can repeat this again if say the SBD and Steem price plunge even lower on Poloniex!
Thank you reading this post! Would you please vote it up if you would like more little tricks I use like this because giving to each other is what brings the most happiness?
Love,
Jerry Banfield
PS: With the Bitcoin hardfork coming today, I just sold back on Poloniex at about the same I bought in at and lost about $100 or 5% total. After the hardfork is complete I will consider doing this again if Poloniex makes it through it without crashing.
Good advice. You do your homework. Trading crypto is fun and could be profitable in any trend- upward or downward. But one can also lose money here. No risk- no reward.
Exactly which is why I now risk only that which I can stand to completely lose in everything I do with crypto! No pressure to sell if it can all be lost!
keep up the good work jerry .. I think this article and recent are awesome, gave u 100 percent up vote on this one.
@danlupi thank you very much!
Thanks for the info, Jerry! Seems that you have found a nice arbitrage:)
@jerrybanfield I'm one of the masses that can confirm the plights of @poloniex as an unreliable exchange. On an intuition, I move about $2,500 in STEEM and SBD to Poloniex to trade for BTS. I sent the funds and it never even showed up. Not even a "pending approval" notice. Just, nothing. No help or response from the @poloniex help desk. I was able to check [...and screen shot] it on their Steemit transactions ledger, but nothing from the company for OVER A MONTH! Eventually, it did show up in my STEEM/SBD wallet some random day with no notice and explanation. The stress of that money being gone for four weeks plus was enough for me to swear off Poloniex as an exchange. Even without the trading volume, I've been using BitShares and Bittrex since.
Same deal, been over a week now with them holding my deposit despite it clearly showing as being sent. Their support did reply, with an auto generated e-mail to say my account will be credited once the wallet is enabled after temporary maintenance.....been a week without access to my funds
@kommienezuspadt thank you for confirming the struggles on Poloniex because I had a similar but shorter ordeal with my SBD deposit a few weeks ago which I sent a small amount to do a test. I made the deposit today with the understanding that I might need to wait months to get it back if at all or I might have to sell out to another currency to cash out. So far the $2000 I deposited is up to $2050 which is nice in just a few hours and if I gets over $3,000 as Steem is disabled for longer I may just cash out!
Issue happened to me with LTC/BTC getting hung up on a withdrawal. I was verified and all that and not over my limit. It took them over 30 days to get my funds to me, I did get them though.
I quit trading on Poloniex because of the unreliability of the exchange. I lost a trade and they never responded to my inquiry. So I rarely go there.
I'm reading more and more about poloniex being scammy.
Not going to use it anymore.
It is a smart strategy, but what happens when you try to move your SBD and they shut it down again? Im not really a fan of polo.
Worst case scenario I lose $2000 and take a bunch of time fooling around with it. The second risk I have a lot of control over and the first I agreed to the terms of the game upon investing which makes it kind of fun! How much will I get back?
Very neat! Thank you for sharing.
@fisch you're welcome thank you for commenting again!
@jerrybanfield If you like Steemit so much try out ong.social . It is a social media site very similar to Steemit and they will have their ongcoin.io ICO very soon. You will love it!
I'm already on ONG. I really like their interface (similar to facebook's) and the ability to use it as a hub for posting to all your social media accounts. This really comes in handy...
Wow I will post there too, thanks hilongs for that. Any other site like it???
Thank you I took a look but the front page required sign up to see anything else which led me to closing it right away.
Bittrex is well the way forward! Fact! No server lag!
Yes I use mostly Bittrex now as well after having used Poloniex exclusively for most of 2016! The prices are so good on Poloniex now it is worth the risk!
@jerrybanfield can u do a vid on the latest steempowering up daily, monthly,annual interest. With calculations? I havr tryed to reference it but its all outdated. You may have more of a better understanding! Thanks @williams858
If we look far enough in the future none of our lives work out because all these bodies perish and all the stories are forgotten!
That turned dark quick
On https://steemwhales.com/ Poloniex has 24 million Steem and 1.3 million Steem dollars. That is good enough for me to risk a couple thousand given they have been fair with me so far. If they end up crashing I will have a better story to share!
With the importance of reputation you mentioned, would it be best for us to only read and respond to comments from Steemit accounts over a certain reputation?
I dont quite see it that way that jerry is telling people to use polo. Hes simply sharing a minor way to earn dollar!
Anyone know why Bittrex has disabled Steem and Steem Dollar Wallets - don't understand why it take so long for 'automated updates'?!
Nicely said @jerrybanfield I do a steem price update everyday and I often get people complain about the price going down but I try and educate that just because the price goes down it doesn't mean its a bad thing.
You're right @simonjay it is nice to be in a place where price up or down is good!
That's how you make some quick cash with a little patience 🤑
I also thought the same as you wrote here, yesterday I sold zcash to buy some sbd at polo.
@rocksg nice work buying ahead of me when the price was probably even lower!
yes dear. I always check the polo price many times a day and also the price on stemeit market. I do not wanna miss any chance, for an artist like me money is very important to keep my art going on and learning something new and experimenting. I will like to invite you to have a look at my posts.
I totally agree with you on the potential reward of steem as the price of steem would definitely go beyond $1000 in the 6 or 8 years. Thanks @jerrybanfield for sharing this profitable post.
Beyond $1000? Srsly?
How?
More videos on that soon! Here is a quick one from yesterday with a few insights
Another excellent video. Only two months in and already making a big impact. I love your transparency and all in approach to Steemit. I hope you continue to earn well and may Steem and Steep power increase 1000x!
You are certainly brave leaving such sums on Poloniex! I hope they come good. I have had weeks of delays and reversed transactions. This coupled with a totally inefficient customer service team (if there is one- it too several weeks to get a response to tickets) does not bode well in my view.
I feel that the price difference is due to the extra risk that you may lose all your money! If a normal company behaved in the way they behave they would quickly go out of business. As crypto goes more main stream they will need to ether clean up their act or go the way of other dodgy exchanges.
I, for one, will not be using them again.
You're right which will make it interesting to see how it turns out! I avoid Poloniex for anything except a sale like this allowing for a nearly certain profit against the risk of the entire exchange collapsing!
In which case I wish you the very best of luck! I hope you get out before anything bad happens! Little too risky for my liking. Maybe I'm getting too old!
I wouldn't have bothered with it if I did not have it to share here and on YouTube which makes it more of a fun game for entertainment!
If you're right, lots of future millionaires are posting here today.
@preparedwombat I hope so!
Even some future billionaires :)
Man I do not know how people keep making money, so far I have invested $5000 on different coins. As soon as I invest price goes down for that coin...........@Jerry guide me : I have promised to buy a house to my wife within two years.
I put everything into Steem and power it up here then upvote and post! Buying a little bit steadily is ideal. When I started with Bitcoin all I did was buy high and sell low also. When I gave it up for a while and got back in, I started buying $10 or $20 a day which led in time to over $100,000 profit before taxes. That said the market was down when I started buying back in and it has been high for the last several months! Buying in a little bit at a time minimizes the risk.
Thank you Jerry, I will follow your path!
This a great opportunity Jerry, and you're correct in your assessment, the only problem is I simply don't trust Polo any longer. I've struggled with this exact decision over the last week concerning the variance in Steem price between Polo and Bittrex and finally decided I don't want to trust one cent with Polo any longer. Hope it works out for you brother! You're a good dude!
voted... I don't like poloniex. here is my awful experience with poloniex.
Poloniex is Not A Wallet! How to Transfer SBD from Poloniex to SteemIt? Poloniex 不是个钱包 – 从Poloniex转出SBD到SteemIt的经历
https://steemit.com/cn/@justyy/poloniex-is-not-a-wallet-how-to-transfer-sbd-from-poloniex-to-steemit-poloniex-poloniex-sbd-steemit
You're right with this Bitcoin hardfork coming I opted to cash out of Poloniex which was successful with LTC and see how they do after the update! Hopefully if things work smooth I will get back in on more of the low cost Steem and SBD.
I'm shifting away from POLONIEX completely after reading this
https://steemit.com/poloniex/@dan0ss/poloniex-updated-terms-waives-your-right-to-a-class-action-lawsuit
You're right I just ended up selling back everything also and wanted to try to give them the benefit of the doubt after recent experiences but it just seems like they are falling down further and further!
This is the first time I've come across your posts and I'm glad I did! Looks like you have some good information, experience and clear thinking. Looking forward to learning more from you!
@natureofbeing thank you for sharing that you just saw this post first and I appreciate you kind feedback here! I followed you also!
Great trick! Always gotta play your cards right.
Thank you Jeff!
As far as I can see you can buy Steem cheaper on Poloniex but you can't withdraw it:
STEEM is currently under maintenance or experiencing wallet/network issues. Deposits and withdrawals will remain disabled until a solution is found...
Exactly which is what is causing the price to go down now but might cause the price to also go up before it is fixed! It could be days or weeks or maybe even months before a withdrawal is possible! I am okay waiting that long.
You can trade it anyway and withdraw after change it is some other coin.
Yes but the point is to buy cheap at Poloniex and sell it for a better price at Bittrex.
Sure, but that's why they disable withdrawals. They always do that.
This is again a great technique to make some quick cash. You're going in the right direction @jerrybanfield.
Thank you cryptonet and if it does not work out at least it seemed like the best idea at the time!
It'll work for sure. I have faith in you brother :) Wish you all the luck .
I hate the waiting game but it's what pays off!
Agreed! I am down $100 so far which is about 5%!
I just am very excited to see how it all goes after! I think it's gonna be a great ride!
Me too because after the initial buy it was $1950 now a few hours later $2050!
I'm smiling- BIG!
@jerrybanfield you have done it again! Thanks for this highly useful information. And again, I appreciate your thoroughness.
@amarie you're welcome thank you for commenting here with your kind feedback!
I really enjoy this trick last time and thanks for informing us about this again.keep it up sir. :)
You're welcome and my hope is that we can profit together on this!
didnt you previously advise people to avoid poloniex because they disabled steem
Yes and I caution here it is still risky but maybe profitable! Test on an amount able to be lost and not anxious over! Up about $100 so far in 24 hours.
I just don't want to play the waiting game. HitBTC also has withdraws shut off for STEEM.
So does changelly and shapeshift! Bittrex has automated maintainence sometimes and @blocktrades is pretty reliable as well although the fee is high!
Yeah. I have used @blocktrades some and it is good but it seems like I come out ahead if I use the others.
@brianphobos same here because the @blocktrades fees are significant! I was using them to start for speed but now I take the extra time to change through Bittrex usually for the best price. The one awesome feature blocktrades has is the ability to send straight to Steem Power which I do not know of anything else that has that!
Once again Jerry, great post. I saw Polo had disabled Steem yesterday, but did not bother to check the price difference. Now if you did that with $10000 for each, that would be even smarter! Keep these coming, they are great!
You're right although if I lost the $10,000 on each that would be more than I could stand to lose! $1,000 on each I am okay with if I never get it back because of problems withdrawing or Poloniex going out of business!
I am kind of afraid to purchase Steem/SBD on Polo at the moment. I fear that they won't ever allow the transfers through and if that is the case, you may be forced to sell for less later on to get your funds off the platform.
That is possible! I only use Poloniex now with low expectations because of my own experiences and those shared with me on Steemit of the long times between deposits and withdrawals!
I hope it works out for you Jerry! You've been in this game a while and you've learned a lot, I'll keep learning by example
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You're right I withdrew everything now I am playing a game to see if I can help keep the Steem and SBD price stable and/or rising as they temporarily have disabled our currency!
I don't know. When a company starts falling apart like Poloniex, it reminds me of Mt Gox which had a huge issue a year before it fell apart.
It is sort of like when a car makes funny noises, don't expect to keep driving it much longer without repairs. If polo just shuts its doors or disables all activity at some point, it would not surprise me at this juncture. When under-staffing happens, hacks are easier, ect ect
You're right which also makes for an opportunity perhaps to profit before it goes down at the risk of losing the entire account!
Nice catch @jerrybanfield. I try to catch gaps at different exchanges too. Btw I just figured something about Bitcoin Cash fork. I can not believe it is possible at first. But it looks flawless. Please take a look and tell me your opinion.
Do not upvote just tell me if there is any problem in my logic.
https://steemit.com/bitcoin/@osmanbugra/how-to-get-extra-free-bitcoin-cash-100-safe
Good question I am not sure! I voted up and am planning to share on upvotable 12!
Thank you!! I am excited and waiting for reviews.
Up $100 so far a wise man might just cash out now lol!
There is an official announcement on Bitcoincash.org about it.
They said
"If I own Bitcoin, do I automatically own Bitcoin Cash too?
Yes. Because Bitcoin Cash is a fork of the ledger, that means you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the forking block. However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash."
Hope this helps
What's the game with this disabling SBD and Steem??What are the issues?
After hard fork 19 there have been problems on Poloniex, Bittrex, Shapeshift, Changelly, and others I hear. I am not sure what the issue is and I trust in time they will get it worked out! In the meantime, artificially low demand = time to buy!
Wow. I always just thought buying Steem on the Internal market was the only way to go. I guess I'm going to have to check out the other exchanges now
@masteranibal thank you for telling me this because I did not even think about this in making the post and yet sharing this with you I hope provides a huge value because the internal market is way off sometimes!
FaceBook gonna have to make some changes when Steemit gets big thats for sure
Nice topic :)
Jerry - that vid on youtube you did - average day of Jerry was so good I was waiting for it to show up here as well
Good video, and man i hate Poloniex these days. They seem to manipulate the system. Now Golem is also disabled for deposit/withdrawal :/
Slightly annoying cause i tried to withdraw 1000 steem 7 days ago and it failed saying complete:error polo support still hasnt got back to me.
It's all a gamble but rick low risk.. I don't like Poloneix anymore. Bittrex is more trusting.
Happy Saturday !
I always prefer Poloniex to Bittrex, but i am beginning to have a change of mind.
Why sir ? I still learn about that.
uk
Nice! Thanks, Jerry
good work jerry keep it up always
You made a very good write up @jerrybanfield i'll love to see more of your posts
OMG! thank u so much Jerry for such a useful information...since i am a fresher in crypto currency world... it is worth to me to have such awareness about exchanges... Please do on keeping the good job
woww thats amazing information thank you jerry
Interesting idea. Making money on price differences.
Thank you for sharing information @jerrybanfield just give you up vote