I have created 2 charts to show you how much STEEM is actually stored on the exchanges, Bittrex and Poloniex.
Rule #1 in the crypto world: Don't store your cryptocurrencies on an exchange!
Looking at the figures below, it seems a lot of people don't care about storing STEEM on an exchange. Bittrex owns almost 5% of the total STEEM supply. Over 24 million STEEM (9.5% of all available STEEM) is locked up on Poloniex, an exchange that has deposits and withdrawals disabled for weeks now. I wouldn't feel comfortable if I had STEEM on Poloniex right now.
1. How much STEEM is stored on Bittrex?
2. How much STEEM is stored on Poloniex?
How much STEEM is currently stored on an exchange?
Bittrex: 12,053,421 STEEM
Poloniex: 24,369,891 STEEM
Total STEEM on an exchange: 36,423,312 STEEM
Total STEEM supply: 254,882,868 STEEM
Liquid STEEM: 71,767,439 STEEM
14.3% of all available STEEM is stored on an exchange. That's quite a number!
Doesn't make sense to store it anywhere when you could lease it out to @minnowbooster for 45% return.
Yeah, good point. Or just make a Power Up and delegate your Steempower to @minnowbooster and earn moneyx with it.
Can you explain that please I didn't quiet get it
Every user is earning SteemPower/Steemdollars by beeing active on the steemit blockchain. You can delegate your Steempower to another user like @minnowbooster who will earn money for you and pay you for that.
How we can lease steem to minnowbooster
If you can give me the link of post that explains about leasing will be of great help
https://steemit.com/bellyrubbank/@bellyrubbank/payments-sent-bellyrubbank-earn-45-apr-50-sbd-steem
My return is most certainly not 45%, more like 20%. Do you get 45%?
My mistake. It was for bellyrub. https://steemit.com/bellyrubbank/@bellyrubbank/payments-sent-bellyrubbank-earn-45-apr-50-sbd-steem
this is my fear exactly for why poloniex is always down: there is so much STEEM on poloniex that it is hampering its value. how come those whose STEEM are on poloniex are not complaining?
I think they have a lot of open tickets from complaining users...
oh, i see. is there anything the steemit, inc. can do?
is poloniex holding for a ransom?
I don't think Steemit Inc. can do anything about it. We can only hope Poloniex will re-enable the Steem wallet soon. They currently hold over $30 million (!) dollar worth of STEEM and they should provide a way for their users to withdraw this amount.
Tamim, tu devrais utiliser Bittrex. J'espère que Poloniex vont vite arranger le problème... Ca fait déjà des mois que ça dure, et que des soucis reviennent à chaque fois. :/ Et pourquoi tu ne postes plus? J'aimais bien tes poèmes...
can these users who have steem on polo sell it for another currency like bitcoin?
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that is right,
Hey are you running a re steem service?
You should stop use it
bittrex.com is more stable ;)
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I'm planning to do daily (maybe even hourly) report on this.
It could be interesting in dynamic.
That will be awesome for the community.
Thanks for sharing this.
Are polo and bittrex the only exchanges for steem? No, in this page
https://coinmarketcap.com/currencies/steem/#markets
I found for example "livecoin" as annother exchange. But - there is no account for livecoin. That's surprising for me. The next possibility to trade steem versus BTC is of course blocktrades. If I understand the blockchain of steem in the right way, everybody who owns steem has to have an account.
By the way, the reason for the blocked transfer from and to poloniex is still unclear.
So many questions, I know.
and blocktrades does do instant transfer
Livecoin's Steem account is @livecoin.net. They own only 57,612 so I've left them out of my calculations.
Very interesting look at where steem is being stored. I know this isn't that crazy, but I'm still in awe by the amount of data available to the everyday user for these currencies. Could you imagine if we were to try and track the Euro with this level of transparency?
Poloniex also keeps 100% of that 24 million Steem liquid. Not a penny is in savings (for added security), so they are one stolen key away from catastrophe.
Bittrex at least appears to have tested the 'savings' option with a total of 15 Steem lol.
Not they. We do.
Is this actually the number of steem on those exchanges?, why not lock it in a wallet or steem it?
Sounds like Fractional Reserve Banking??..
There's nothing to say they don't have a full reserve. The problem is that their entire reserve can be moved in a single transaction, instantly, and it wouldn't be possible to reverse/stop it. They would have an added layer of security if they would put some of the funds into 'savings', which is kind of like the crypto equivalent of a time-locked vault.
The Bittrex account is accumulating more and more STEEM it seems. Anyway, I foresee a future when a lot of content creators and curators hold STEEM long term as steem power to use on Steemit. This means that STEEM is going to be relatively scarce and with a few STEEM being liquid, prices will push higher and higher.
Agree..
I see a lot of people that simply don't want to manage holdings and for good reason.
Once you have a bitrex account, you are set, and just sit on it. No walking around with a website login for steemit, no having to find various different wallets and hope they work right on a pc or mac.
People have real horror stories about various wallet software, really not tested on their platform, never to get deposits back..
STEEM deposits and withdrawals disabled at Poloniex?? What's the reason? I have an account at Poloniex too but I guess I'd better stick to Bittrex for now.
The reason why a lot of STEEM are stored at the exchanges is obvious - many (most?) people buy just to speculate. As they do (and many of us too) with other coins and tokens.
However, I believe an increasing number of people will gradually take these out when they realise they can actually use STEEM right here and now. Unlike most other cryptos, their projects are still "out there", "being developed". Some will not see the light of day. But Steemit and dtube are already up and running. Not perfect yet, but a few levels ahead of those other projects.
The fact that there's a real world use for STEEM - this is the main reason why I don't care too much about its daily price fluctuations.
Yes, STEEM is a usable currency, probably the only one that has a product that's live and that you can see at work. One other thing that's gonna make STEEM very valuable is that there is value in holding it as Steem power, as you can "mine" it by participating on Steemit. I see a future where a lot of Steem will be held in Steem power, and very little circulating. Making STEEM rise in value incredibly.
I know of no other crypto that has anywhere near this type of value; it seems to be the first.
Thanks for the info :) tip!
To much is on exchange but i did see more is being moved away from polo at least
Yea I don't like the way things are developing on Poloniex. Why do they keep so much ?
I guess some people think that the hackers are only interested in BTC or ETH as they are the token you always here about on all of the major heists. With BTC at 4500, it is a high value target especially if the hacker has limited time to get in and out.
Yes that is quite a number. Thanks for sharing these stats.
after all the problems they had/has people still using poloniex?
Poloniex is a fuckup. Regarding storing Steem on Steemit: People don't do it because they feel it's not safe, I myself would go in very heavily if I thought it would be safe. Please teach us how to keep our steem safe on steemit, and a lot of us will go in like night train!
bittrex is scary as i heard a lot of bitcoins being stolen on bittrex. people shouldn't store their coins on exchange. Also there has to be a hardware wallet which stores all cryptos.
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Cool figures. Risky but cool ! I think people don't take security yet as serious as they should.
Thanks @penguinpablo !
I use Bittrex
That's more than 50% of all liquid Steem... That's just crazy whenever you think that Steemit doesn't have too many active members yet. Either it's all from other "non member" crypto Investors or some Steemians are just storing fortunes on there...
And that's not including:
Question: Where is the best place to buy Steem, price wise?
coinmarketcap.com would be the obvious choice to find out
Thank you
where to buy steem? you'd have to buy it at an exchange. use bittrex , polo etc. you can use coinmarketcap.com to see where its sold.
@storcogato I have left you a message on steemit chat could you come online there.
Bittrex.com or blocktrades.us if you don't want to sign up at an exchange.
Thank you!
blocktrades sure makes it easy, not sure about the price, what do you think?
How much steem is in steem power? Is that the liquid steem?
The liquid Steem is the the amount of Steem that is not vested to Steem Power.
So, total Steem supply minus liquid Steem = Total Steem Power.
Would it be possible to Pie chart showing where all the Steem is?
Bittrex
Poloniex
Steem
SteemPower
umm, back of the sofa? (not!)
Thanks!
Excellent work dear friend @penguinpablo, I think the reason for this is that poloniex lost credibility with the last drawbacks that were in the previous months, transactions that have been lost, many users steemit has happened and the constant attack of the hakers that suffered the platform
I wish you a great day
Storing it on steemit.com doesn't seem much safer than the exchanges. Can we store it locally?
Steem is not stored on a steemit.com server. It's stored on the Steem blockchain which is accessible through steemit.com or any other Steem client.
the private keys must be stored somewhere within steemit, which is the same thing that happens when you put your coins on an exchange.
Was wondering the same thing. And is it possible to keep steem in cold storage?
There's a wallet on google play https://play.google.com/store/apps/details?id=steem.org.freewallet.app&hl=en .......BUT, it seems shifty. Some bad reviews of stolen steem etc.
good market info. thanks you penguinpablo..good job
Hey @penguinpablo
Thanks for the tip - we should not store crypto currencies on exchanges.
I'm just waiting for Poloniex to fix the wallet!
점점 어려워지고 흥미가 있어지는 일에
열쇠를 쥐고 계신듯 합니다.
감사합니다.
u come to these numbers by looking at the account of steem and bittrex and polo I assume?
Thank you very much for this report. @penguinpablo
i love steemit