STEEM deposits to Poloniex temporarily disabled

fiveboringgames (65) in steem • 8 years ago (edited)

No announcement by poloniex but steem deposits seem to have been disabled at the moment.

Consequences

As Poloniex is the main place STEEM are traded this means that no new STEEM can get on the site to be sold but other assets can still be traded for STEEM, this will lead to the price rising. When deposits are allowed through this could also lead to a temporary crash.

Causes

As said poloniex have given no reason but I made a transfer to them before they shut down deposits last night at 20:00 UTC and it seemed to correspond to steemit loading very slowly, so maybe poloniex's reasons are due to this. Even this morning steemit seems to be loading poorly, if I open a new tab of steemit I am no longer logged in. It is possible if the automated program poloniex use to access steemit is having trouble that they would temporarily disable the deposits.

Where can I trade now

Bittrex is the second biggest exchange for STEEM trading and seem to be accepting deposits still.

Update 1

Interesting, I just noticed that poloniex are still accepting SBD (Steem dollars) so that would imply that the system is still fine. Or maybe as there is not much traffic on the SBD/btc pair that it didn't get flagged by their system.

Update 2

still disable and no communication from polo, also looks like steem dollars are disabled now

Update 3

From @ashaman's comment below

Nobody panic. Steem is hardforking in 35 minutes. Poloniex disabled deposits in preparation for the hardfork. In all likelihood, they have already upgraded their witness_node, and are currently testing the new version to make sure no bugs in relation to their backend were introduced. Deposits and withdraws of XMR also get disabled in anticipation of a scheduled hardfork, and are reenabled after - since a hardfork carries a risk of a chainsplit (however small), to avoid the (however unlikely) possibility of double spends exchanges will disabled deposits/withdrawals of a coin when it is forking. Steem and SBD are also disabled with OpenLedger right now. Just sit tight, everything should be back to normal in a few hours.

steem steemit cryptocurrency poloniex news

8 years ago by fiveboringgames (65)

$4.47

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avilsd (63) · 8 years ago

Oh fuck, so what happens if you sent some while everything's disabled? It's lost in cyberspace? Here we go.. fun, fun. Another pending ticket for 5 weeks lol

$2.84

5 votes

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fiveboringgames (65) · 8 years ago

yea I sent while it said it was available and it's not showed. I am guessing we will see the STEEM eventually, but as you said it could be 5 weeks.

I am going to ask for the lost value of the bitcoin in the exchange, if it's in my favour. If they had of warned about the disable I could of used bittrex

$0.79

3 votes

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avilsd (63) · 8 years ago

Thankfully it wasnt a big amount (on my side), I mean tomorrow I was planning to send $800 worth lol.. so that would've been a mighty loss

$1.50

1 vote

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tj4real (67) · 8 years ago

Whta ever be the case, i dont think this is the time to be selling off your steem if its not urgent as it is really a bad idea to sell an appreciating asset. Take it for a run and power up. Hardfork 19 will make all the difference

$1.86

12 votes

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fiveboringgames (65) · 8 years ago

There is a % of my networth that I am happy to have in STEEM, it is higher than it probably should be but it still means as STEEM increases I need sell some. I still have more than enough to not feel too bad when steem goes to $10.

I have never seen a comment with more $$$ than the post

$1.14

3 votes

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blustreak (54) · 8 years ago

starting to see a lot of comments get a lot of money with just a few votes. strange.

$0.41

2 votes

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ashaman (57) · 8 years ago

Nobody panic. Steem is hardforking in 35 minutes. Poloniex disabled deposits in preparation for the hardfork. In all likelihood, they have already upgraded their witness_node, and are currently testing the new version to make sure no bugs in relation to their backend were introduced. Deposits and withdraws of XMR also get disabled in anticipation of a scheduled hardfork, and are reenabled after - since a hardfork carries a risk of a chainsplit (however small), to avoid the (however unlikely) possibility of double spends exchanges will disabled deposits/withdrawals of a coin when it is forking. Steem and SBD are also disabled with OpenLedger right now. Just sit tight, everything should be back to normal in a few hours.

$0.42

4 votes

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fiveboringgames (65) · 8 years ago

Thanks this does seem to be the likely cause, I just wish they had announced this before and I could of used bittrex

$0.00

1 vote

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richristow (68) · 8 years ago (edited)

I am done with Poloniex and am going to Bittrex. Last night, Poloniex ate my SBD deposit, and we all know how long it takes to get a customer service ticket even looked at over there. Add to that that I already have a twelve day old ticket involved a 91 token Steem deposit that is still not resolved, and my trust in that site has taken a huge hit. I will gladly pay slightly higher fees at Bittrex.

And I just looked. SBD is still disabled, like you said.

$0.22

2 votes

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joeyarnoldvn (61) · 8 years ago

I deposit 50 SBD an hour ago from Steemit to Poloniex and I am still waiting.

$0.00

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richristow (68) · 8 years ago

Look into Bittrex. Ever since I switched them, i have had absolutely zero problems with deposits of any kind -- Steem, SBD, ETC, and even XMD.

$0.00

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joeyarnoldvn (61) · 8 years ago

I sent all my money to Poloneux. Right now, I will wait because my money was already sent.
I got nothing right now from that.

$0.00

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mrearthbound (26) · 8 years ago

Thanks for sharing the experience. Last week I sent BTC to my polo account to buy 60 Steem, and it gave me an error when trying to withdraw it, so I submitted a ticket. 1 week no reply was really outrageous, but now I realize that I'm probably a month away from it being even looked at.

What a piece of gargabe... Anyone who recommends an exchange with actual customer service? I tried to get my account verified with Bitstamp. They said due to high demand, they'd take 24 hours... Well, they took 2 freaking weeks! I mean, I don't mind waiting, but just be upfront and set expectations accordingly... Jeez.

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coloured-content (65) · 7 years ago

.....The price of bitcoin is going up and I need to be able to sell my steem if im going to continue blogging on this site......I cant get a bitrex account (at least not easily). .... funny that this has been two months now....do you think they will begin accepting deposits again? I hope they do not cancel steem alltogether.

$0.19

1 vote

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fiveboringgames (65) · 7 years ago

the transfers came back 3 times since then. but have been down for over 2 weeks now. no idea I think poloenix are just slow and incompetent and will get around to it eventually

$0.00

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jimmyrai28 (57) · 8 years ago

interesting info, thanks for sharing

$0.11

2 votes

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titan33 (32) · 7 years ago

I'm done with Poloniex FOREVER! They have had my STEEM deposit for 4 + months now with the wallet disabled and no timeline of any kind for when it will be fixed.

$0.00

1 vote

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ppcman (46) · 8 years ago

poloniex has me worried. Before they did USD transfers they were the best around. Every since they got licensed as a legal money transmitter business they have been going downhill since

$0.00

1 vote

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fiveboringgames (65) · 8 years ago

they can? have you got a link to confirm this? I dont see anything just usdt, no fiat currency

$0.00

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wisdom7 (48) · 8 years ago

A little heads-up sure would've been nice, Poloniex... Just checked and still "temporarily disabled"... If it is all about the hardfork then it makes sense and hopefully we'll be in for some nice gains when everything's working right again. Thanks for the info

$0.00

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gizmoto (48) · 8 years ago

Has anyone heard any word on when they will be accepting SBD again? I feel awful for the people who depend on that money but I'm hoping they've had the sense to switch to another exchange after these shenanigans.

$0.00

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fiveboringgames (65) · 8 years ago

still no announcement via any channel that I have seen

$0.00

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xiobus (47) · 8 years ago

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frostedace (54) · 8 years ago

Not sure that I agree with your logic on disabled wallets leading to price increases.

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fiveboringgames (65) · 8 years ago

Well all new steem being generated can't get on to exchange that means that there is less sellers than usual but the buyers shouldn't be affected.

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frostedace (54) · 8 years ago

Wouldn't most buyers be buying to transfer onto the platform? Withdraws are disabled as well, but who who knows really.

$0.00

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victorengel (25) · 8 years ago

A few hours has turned into a few days so far. I have some steem, but only on poloniex for the moment. I wonder if that means this post won't go through.

$0.00

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chl (58) · 8 years ago

i have deposited my sbd , but has a problem but poloniex has not show temporarily disabled

$0.00

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clee (25) · 8 years ago

any new updates on this? is the reason still that STEEM is hardforking? that was 7 days ago... i would assume that would be finished by now. not in a rush just making sure that there's some progress to getting this resolved.

$0.00

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joeyarnoldvn (61) · 8 years ago

I deposited SBD to Poloneux an hour ago and I am still waiting.

$0.00

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clee (25) · 8 years ago

I just checked this right now.. it opened back up. Will be transferring all to my wallet. Def feel safer getting it out of Poloniex.

$0.00

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fiveboringgames (65) · 8 years ago

Still no communication from them, but deposits and withdrawals available again. My deposit that I sent before they closed still not on their system

$0.00

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tarquinmaine (55) · 8 years ago

Poloniex withdrawals and deposits are back open with 20% arbitrage...
https://steemit.com/steemit/@tarquinmaine/heads-up-20-arbitrage-between-poloniex-and-bittrex-for-steem-dollars

$0.00

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shariqriaz (40) · 8 years ago

poloniex is messing with us all read my post and see for yourself

https://steemit.com/poloniex/@shariqriaz/poloniex-is-lying-about-their-sbd-wallet-maintenance

$0.00

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debraycodes (52) · 8 years ago

Was just trying to cash out to my bitpay address and noticed this, there seem to be a lot of other currencies affected as well... May be part of a bigger network issue...

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turtle-trader (47) · 7 years ago

Hi, great article, any recent updates? I have sent polo email complaining but no reply, its been more than a few week, should we worry?

$0.00

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tyndall (40) · 8 years ago

Any updates so far??

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fiveboringgames (65) · 8 years ago

still disable and no communication from polo, also looks like steem dollars are disabled now

$0.00

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ocs (33) · 7 years ago

Months ago and still disabled :-(

$0.00

1 vote

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rajdeep (45) · 7 years ago

Yeah, I sent some steem to poloniex before they disabled it.
After not even seeing the transaction, i opened a ticket only to see next day that they have disabled steem. NOw its been easy 5 days and nope nothing yet. dunno how o even begin tryig to solve this.

Did you eventually get your steem last time??

$0.00

1 vote

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victorengel (25) · 7 years ago

I still have yet to retrieve any STEEM from poloniex. I was just trying to eliminate all my holdings of everything from Poloniex, and all I have left is STEEM.

$0.00

1 vote

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katkatart (49) · 7 years ago

I can see that you posted this 8 months ago - I only created my account at Poliniex now in order to exchange Steem for the first time and it still appears to be disabled - do you know if it's disabled ever since?
Thanks!