I stupidly sent 288 SBD to Poloniex on Wednesday of this week during a period when the deposits were enabled, but it just showed up this morning.
Right after I sent the coins I knew that I made a mistake, and I was a bit worried that I would be waiting some time before seeing my deposit. Luckily when I logged on this morning, my account reflected my most recent deposit. This makes me very optimistic because it makes sense considering they are enabling deposits and withdraws once again very soon. The price of Steem and SBD is much lower than it has been in the weeks prior, but altcoins across the board are experiencing price drops due to Bitcoin's retreat and loss of support.
I'm in no rush to turn my SBD into Bitcoin, so I was able to spread my orders over a very wide price range. I did place about half of them at a level where I believe they will be bought at some point today, because I am very eager to take advantage of the inefficiently low price level of numerous coins that I have long term positions in. Now is a prime time to increase stake in long term positions in my opinion, but you must keep in mind that the price level could continue to fall for some time before changing momentum again. I am definitely the most excited about Bitshares and its price level over the upcoming years, and will definitely be continuing to increase my Bitshares holdings.
I am a bit worried that restoring deposits and withdraws will lead to a rapid influx of Steem and SBD onto the platform which could drive the price down a bit. The restoring of deposits and withdraws could also give individuals more faith and trust in trading in Steem and SBD, because they know they will be able to get their holdings out if they need to. Even though I assumed that the Deposits and Withdraws would be enabled again soon, its definitely a good thing for the platform as a whole. This post was really just to serve as a PSA, but I hope you found it helpful!
Please feel free to leave any comments in the comments below, and Thanks for reading!
It'll be interesting to see what happens, when the flood gates open again. If nothing else, there should be a huge spike in volume since people have been shut out for quite a while.
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Yeah I definetly think so. Hoping for the best!
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This may be a little off-topic, but I've been wondering if Polo only accepts BitCoin for trading. Previously I didn't mind trading with BTC but now I would prefer to use my LiteCoin. It's an enormous expense to have to exchange LTC to BTC just to trade on Polo. Am I missing something, or is that what we have to do?
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They have an Ethereum, USDT, and XMR market, but not a LTC market currently.
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I'm not sure if I understand your question correctly but poloniex supports Bitcoin
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Supports them, that's putting it mildly. You can only purchase tokens with BTC in my experience. According to @cryptofreedom you can also use ETH, the Tethered Dollar USDT or Monero XMR to buy alt coins. I suppose it's because things are moving so fast (not BTC) that we get impatient.
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My SBD deposit turned up on Polo and immediately sold and bought the equivalent SBD amount in Bittrex kept the difference in BTC. If you have BTC in both exchanges you can arbitrage till the price on both matches.
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Mhm, good luck with that :D they are bunch of amateurs, 11 days and I'm still waiting for my steem. It's already past 16:00 UCT and they are still showing the message :D
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Yeah Poloniex is still having extremely disappointing performance across the board. I'm not sure how much longer they can continue to dominate the market while having such poor performance.
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I wonder how poloniex rose to such dominance in the first place, they handle a lot of volume but their support sucks and their communication policy toward customers is just dismal. they were quiet for days after disabling steem transactions. That's just wrong.
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yeah I'm still waiting for mine to reflect too... for an exchange that handles so much volume, they are pretty inefficient when dealing with these problems
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its about time, getting my steem out of poloniex!
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I would imagine sell or transfer steem to another exchange.
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at least you got your balance to reflect. I'm still waiting for mine and yes I also did it during that time when deposits were enabled briefly.
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Still waiting. What a joke
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