Steem and Steem Dollars (SBD) are the main digital currencies that we Steemians deal in regularly. We all know that Steemit rewards us in Steem Dollars and Steem Power; both of which can be converted to Steem through market or powering down.
What Poloniex has been doing since the HF19 is temporarily disabling both Steem and SBD; which means we couldn't deposit or withdraw SBD or Steem on Poloniex.
The only option available with Steemians was to sell the already held SBD or Steem on Poloniex which is not the case usually because most of us have our stocks in the Steemit wallet.
Let's Talk about SBD
This post is particularly about SBD because the price of SBD on Poloniex was rocketing yesterday and nearly doubled. This massive rise in SBD's value presented all Steemians to make huge gains on our hard earned SBD.
People who are familiar with how cryptotrading works on Poloniex or other crypto exchanges can understand the opportunity better than others.
So, What was the Opportunity?
SBD went up to $2.77 ( 0.0011 BTC) from it's normal price of around $1.50-1.70 (0.00055-0.00070 BTC). The opportunity was to earn at least $1 extra on every single SBD.
In terms of cryptotrading on Poloniex, you could get only 0.00055 BTC for 1 SBD in normal days, but yesterday you could've gotten 0.0011 BTC for 1 SBD (double the normal days).
How was the Opportunity Robbed?
You could simply not deposit any SBD in your Poloniex account due to the "temporarily disabled" status.
For example, I wanted to sell 100 SBD at peak price but couldn't find a way to deposit SBD on Poloniex. I depositd that amount on Bittrex but the price didn't even come close to that on Poloniex.
In short, a golden opportunity to get some serious money was lost. What's more intriguing is that both SBD and Steem were enabled back on Poloniex after the price had fallen.
To be very honest, I am disappointed with Poloniex. I do hope that price rises even further than $3 soon so that I can sell some of my SBD holdings.
Tip for Beginners
If you want to cash out your hard earned Steem Dollars, always look at both Poloniex and Bittrex and sell where the price is better.
If the price is going up, wait for the peak and sell on huge profit. If price of Steem is low, I'd say better buy some Steem and then sell Steem on huge profit (takes a bit of patience and waiting).
Let's Educate More People!
The purpose of this post was not only to share a missed opportunity but also to educate new Steemians about making more profits from their well deserved rewards.
Please consider upvoting and resteeming this post if you find it useful.
This post received a 1.0% upvote from @randowhale thanks to @ilyastarar! For more information, click here!
Ahhhh @randowhale it was my first one. Loss of 0.19 SBD :D
Hoping that you come up with a good 2.5 % vote next time.
at least very useful for me who know nothing about poloniex and bittrex :)
I am doing a course about crypto. I will share great details when I finish learning.
that will be very helpful.
@ilyastarar that would b great, I want to learn each and everything about crypto currencies and trading.
I will soon share that knowledge with you (after some practical experience as well.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by ilyastarar from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
I noticed that too as I was wanting to do the same thing and move over my unused SBD to trade for BTC while the price was high. Although, it's hard to say if the price would have still been high were it not for the inability to transfer funds. That alone could have been responsible for the discrepancy in price between Bittrex and Polo.
Sad. Let's hope that the prices rises again. You know how I felt. And yes, the situation might have been different if SBD was enabled. My be people could have bought seeing a rise and the tide could have led to a multidollar rise in the price due to increased demand. You never know. Let's hope for good
@ilyastarar you have described it well. This thing has happened before and it will happen again as well. I see poloniex is behaving like monopolist, they are profiting for themself indeed.
A Blockchain based exchange is needed to cure these sickly behaviours.
Blockchain based decentralized crypto exchange which will automatically be super fast handling millions of transactions without an hassle. I would have kept writing. What an idea! Totally agreed! We need that and let's hope it comes up soon.
Thank u for the informative post. Why Poloniex did this? Any particular reason?
There are two reasons. One is that Poloniex has a record of being monopolist. The other one the recent Hard Fork 19 which upgraded the whole Steemit blockchain. Due to this update, Poloniex disabled Steemit currencies till the time they were fully tested after the update.
In any case, non availability of trading opportunity hurts us Steemians.
Thank u for the detailed answer.
so that means its a gamble. we have to wait and choose the right moment or more precisely chip our bets when the game is hot...interesting
Not a gamble. You can sell straight away at whatever the price of it at that moment. However, due to frequent changes in demand and supply, the price keeps fluctuating. It would be nice to sell when the price is towards the peak.
For this we have to keep an eye on the daily price. Right?
Yes, definitely!
i have used it metaphorically not literally
Metaphorically, yes. You may (or may not) get a very good price.
Excellent post. Thank you for the heads up and info!
Hi Hansen, thanks for reading. Glad to follow you
Thank you. Same here!
Very nice and effective post for all steemians. Thanks for sharing excellent post. upvote & resteem.
https://steemit.com/steemit/@msg768/poloniex-unconfirmed-sbd-deposits-minimum-of-20548-17-sbd-in-last-34-hours-excluding-bittrex-deposts
Thanks for sharing. Nice work. I resteemed it for spreading the word. Also followed you.
Thank you for sharing such a valuable information and would like more people reach this content. Greening the gray arrow :)
Thanks a lot for your generous support. I appreciate that.