The other day I wrote a post titled, HAS POLONIEX BEEN MANIPULATING THE PRICE OF STEEM/SBD? and it got a lot of attention thanks to a pretty big account that resteemed it and another massive account that put a 100% upvote on it! I appreciate the support very much and I'm happy to see my best post yet trending on major tags such as #steemit and #steem.
Today, I woke up to a massive decline in prices in the internal market here which I had been expecting as I will try to explain why. The reason I first brought up my best post yet is because the bloodbath in the internal market could be very well related to it.
The price of STEEM in SBD in the internal market reached a record last night and just before I go to sleep, the price was trading as high as 1.83+ but liquidity was very low and price was constantly fluctuating between 1.70ish and 1.83ish. This of course means that most people or at least big buyers were not willing to buy at these prices anymore and most orders were placed at around 1.40 SBD. This morning I checked the price as soon as I woke up and bang! It was down to 1.50 SBD.
I very soon realized that this must be due to poloniex re-enabling the STEEM and SBD deposits. I checked their website and I was right. But wait a minute! They just happened to re-enable SBD and STEEM right after liquidity reaches its lowest possible level in the internal market here? Is that really a coincidence? I don't know about you but I personally don't think so.
I haven't received my SBD deposits to @poloniex exchange yet. I raised another ticket a few minutes before this post and I got the same automatic reply. Having said that, I just read a post from @lukestokes who's a Steemian and a witness, about how he has finally received his 3000 STEEM from @poloniex after 51+ days! You can have a look at his post HERE if you want. Luke seems like a really nice guy and so I voted for him today in the witness section. You can vote for him too if you want HERE. He's currently number 33 on the witness list.
What about you guys? Have you received your STEEM or SBD yet? Have you made any new deposits or withdrawals after they re-enabled the wallets again? Is it working now? What do you think about the timing of poloniex re-enabling the wallets and the timing of low liquidity in the internal market followed by the bloodbath? Do you think that was a coincidence? Please leave a comment below.
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UPVOTE, COMMENT, and/or RESTEEM!
FOLLOW ME ⇿ @msg768