Will we stop depositing Steem on Poloniex when we see how our transfers are processed because using other exchanges is not only faster but also will help the price of Steem to rise? With over $30 million dollars of Steem and SBD at @poloniex/transfers, Poloniex is currently the second largest wallet for Steem after the official @Steemit account. Meanwhile, the price of Steem is set largely based on the rate on Poloniex. We are finding it difficult to raise the price of Steem because of continuing deposits to Poloniex matched with consistent problems withdrawing from Poloniex which greatly reduces buying demand while continuing to increase supply.
How do we educate ourselves about the limitations of making deposits on Poloniex?
Despite the many stories of problems with Poloniex among Steem users, repeated "temporarily disabled" messages, and the risks of losing a deposit or waiting weeks for it, many of us continue to make new deposits to sell our Steem on Poloniex. Would it help if we worked together to start contacting users still sending Steem to Poloniex at @poloniex/transfers to encourage them to use Bittrex or another exchange or to make peer to peer exchanges? My hope is that this post will reach some while maybe a few of us might make new relationships and build our followers by helping those still depositing on Poloniex to find a better way?
What can we do?
- Buy Steem on Poloniex and withdraw when transfers are working! If we want to buy new Steem and it appears the Poloniex wallet is working to make transfers out at @poloniex/transfers, then we can buy Steem off of Poloniex reducing the total supply there. I just did this despite all the risks and talk more about that at the end of this post!
- Sell Steem on Bittrex or another exchange! When we want to exchange our Steem, we can use bittrex.com because the price is often higher than Poloniex and Bittrex exchanges are consistently rapid. If we do not have an account, the entire verification process to be able to withdraw 100 BTC or more can be done in as little as an hour with a functional account open in just minutes. While most of us avoid the pain of signing up for a new website, it is worth it to avoid the potentially weeks we have to wait if ever to get Poloniex to manually credit a deposit during an interruption in service from temporarily disabled to not even open. If we are new to Bittrex, try my tutorial at @jerrybanfield/bittrex-com-cryptocurrency-exchange-trading-tutorial-with-bitcoin-steem-179-altcoins.
- Peer to Peer Exchanges! Be available to exchange Steem for fiat, Bitcoin, or altcoin directly with users we know and trust. I am happy to help exchange Steem or SBD to Bitcoin, Ethereum, or Litecoin with no added fee on orders of at least 100,000 Steem or SBD using my Bittrex account which can withdraw 100+ in BTC value daily. If you would like me to make the exchange for you, please make a transfer to my wallet with instructions in the memo for what and where to send. For example, "please exchange my Steem for Bitcoin to BTC address ..." Any transactions I make will be recorded by screen capture to show what I did and available upon request. If we each help each other out according to our own abilities, then we can avoid paying any exchange a fee in some cases and minimize money we have to push through an exchange. If our growth proposal for SteemJ receives support from Steemit at @jerrybanfield/steem-s-first-freelancing-marketplace-is-online-at-www-steemj-com then we can help build a marketplace to help us connect more effectively with each other for peer to peer exchanges.
DID I BREAK TRANSFERS ON POLONIEX???
Probably not but I was lucky enough when I needed to buy Steem off of Poloniex to pay the reward for SteemJ at @jerrybanfield/steem-s-first-freelancing-marketplace-is-online-at-www-steemj-com that I had the last credited transfer from Poloniex out in a week. After my transfer Poloniex accepted $53,904 worth of Steem and SBD without making another transfer out before disabling Steem.
Why did Poloniex allow so many deposits while withdrawals were broke?
Probably because they just have so many transactions, wallets, and support requests that it took them a week to notice this problem. When the transfers were working, nearly a million Steem was withdrawn within a week and hopefully we can continue to work together to reduce the amount of Steem on Poloniex going forward!
Thank you for reading this and I hope you have a wonderful day! If you prefer to watch, I made a video on YouTube today that provides even more details!
Love,
Jerry Banfield