Poloniex Receives 41,917 in Steem Deposits But No Withdrawals for a Week!
Will we stop depositing Steem on Poloniex when we see how our transfers are processed because using other exchanges is not only faster but also will help the price of Steem to rise? With over $30 million dollars of Steem and SBD at https://steemit.com/@poloniex/transfers, Poloniex is currently the second largest wallet for Steem after the official @Steemit account. Meanwhile, the price of Steem is set largely based on the rate on Poloniex. We are finding it difficult to raise the price of Steem because of continuing deposits to Poloniex matched with consistent problems withdrawing from Poloniex which greatly reduces buying demand while continuing to increase supply.
How do we educate ourselves about the limitations of making deposits on Poloniex?
Despite the many stories of problems with Poloniex among Steem users, repeated "temporarily disabled" messages, and the risks of losing a deposit or waiting weeks for it, many of us continue to make new deposits to sell our Steem on Poloniex. Would it help if we worked together to start contacting users still sending Steem to Poloniex at https://steemit.com/@poloniex/transfers to encourage them to use Bittrex or another exchange or to make peer to peer exchanges? My hope is that this post will reach some while maybe a few of us might make new relationships and build our followers by helping those still depositing on Poloniex to find a better way?
What can we do?
- Buy Steem on Poloniex and withdraw when transfers are working! If we want to buy new Steem and it appears the Poloniex wallet is working to make transfers out at https://steemit.com/@poloniex/transfers, then we can buy Steem off of Poloniex reducing the total supply there. I just did this despite all the risks and talk more about that at the end of this post!
- Sell Steem on Bittrex or another exchange! When we want to exchange our Steem, we can use bittrex.com because the price is often higher than Poloniex and Bittrex exchanges are consistently rapid. If we do not have an account, the entire verification process to be able to withdraw 100 BTC or more can be done in as little as an hour with a functional account open in just minutes. While most of us avoid the pain of signing up for a new website, it is worth it to avoid the potentially weeks we have to wait if ever to get Poloniex to manually credit a deposit during an interruption in service from temporarily disabled to not even open. If we are new to Bittrex, try my tutorial at https://steemit.com/steemit/@jerrybanfield/bittrex-com-cryptocurrency-exchange-trading-tutorial-with-bitcoin-steem-179-altcoins.
- Peer to Peer Exchanges! Be available to exchange Steem for fiat, Bitcoin, or altcoin directly with users we know and trust. I am happy to help exchange Steem or SBD to Bitcoin, Ethereum, or Litecoin with no added fee on orders of at least 100,000 Steem or SBD using my Bittrex account which can withdraw 100+ in BTC value daily. If you would like me to make the exchange for you, please make a transfer to my wallet with instructions in the memo for what and where to send. For example, "please exchange my Steem for Bitcoin to BTC address ..." Any transactions I make will be recorded by screen capture to show what I did and available upon request. If we each help each other out according to our own abilities, then we can avoid paying any exchange a fee in some cases and minimize money we have to push through an exchange. If our growth proposal for SteemJ receives support from Steemit at https://steemit.com/steemj/@jerrybanfield/steem-s-first-freelancing-marketplace-is-online-at-www-steemj-com then we can help build a marketplace to help us connect more effectively with each other for peer to peer exchanges.
DID I BREAK TRANSFERS ON POLONIEX???
Probably not but I was lucky enough when I needed to buy Steem off of Poloniex to pay the reward for SteemJ at https://steemit.com/steemj/@jerrybanfield/steem-s-first-freelancing-marketplace-is-online-at-www-steemj-com that I had the last credited transfer from Poloniex out in a week. After my transfer Poloniex accepted $53,904 worth of Steem and SBD without making another transfer out before disabling Steem.
Why did Poloniex allow so many deposits while withdrawals were broke?
Probably because they just have so many transactions, wallets, and support requests that it took them a week to notice this problem. When the transfers were working, nearly a million Steem was withdrawn within a week and hopefully we can continue to work together to reduce the amount of Steem on Poloniex going forward!
Thank you for reading this and I hope you have a wonderful day! If you prefer to watch, I made a video on YouTube today that provides even more details!
Love,
Jerry Banfield
I like Bittrex a lot. It's fast and the interface is great.
However, Steem (and Golos, "the Russian Steem") is frequently down for maintenance. I was unable to withdraw there for the past 2 days, and though Steem came back up, Golos withdrawal has remained down.
It's more reliable than Poloniex, but the withdrawal situation is not unique to them.
Having said that, I still recommend Bittrex as it appears to be the best option for now.
Whenever I can, I try to stay away from trading sites and holding them there. When converting steem, I just use this site to transfer to bitcoin. I just don't trust trading sites, seeing the crypto history... Mt. Gox wasn't the last.
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I lost faith in Poloniex. I've moved to Bittrex several weeks ago and have only used Poloniex as a test of wallets to help steem holding friends still stuck there. Bittrex has been very reliable. Easy to open an account. I'm also using Kraken for buying crypto with fiat. The site takes a little while getting used too but beats Coinbase for sure. They answer support queries within hours! Recommended.
I am new in steemit .. i saw your video and come to this social thanks for your valuable coaching support me and bless me thanks
Tarquin thank you for sharing your experience here with us! I am considering on signing up for Kraken and my main concern is the length of the account verification process because my friend @aarellanes said that his application has not been reviewed in two months. How did you find the process of getting your deposit and withdrawal limits raised?
Kraken is basically easy. They have a 4 tier process. The 4th is only needed for very large transfers. The first three tiers took me under 15 mins to complete. Basic verification. The only slight difficulty is that they ask in tier three for a photo holding the ID by your face and date (similar to Steem introduce yourself) which is easy enough it's just the link isn't obvious so easy to miss. They take bank transfer which are easy enough to do. Just don't do what I did and forget the unique reference number! However they moved very fast to sort it all out for me and replied to support queries within a couple of hours max. It did take 10 days to get the transfer allocated (this was my mistake) as they only have a few people enabled to allocate interferences deposits missing a reference tag - a good safety measure. Withdrawing bitcoin is a nice process and you can add names to adresss's for easy repeat withdrawals. Of course the other advantage of Kraken is that you can easily trade/buy EOS for us @Dan fans. So to summarise although the Kraken interface takes a little exploring, its highly verstalie, the set up feels sturdy and the support is superb - and the verification is quick so long as you are careful to upload each item they request inc. the selfie/ID which is an easy to miss link.
Yep tarquinmaine pretty much sums it up. I signed up during the height of customer influx, so i had to wait 3 weeks to even get verified to level 2! But once they caught up, it was instantly upgraded to level 3 as well. Always worth going through the process now, rather than having to do it when Kraken lists a product you can only trade there (unlikely, but can happen in case other exchanges like Poloniex have some of their common issues again)
@jerrybanfield I recently signed up for kraken and the whole process to get verified to tier 2 level only took a few hours. This level does have deposit and withdrawal limits but they are quite generous considering you only need to give your name, address and bank details to get to this tier.
If you need higher limits then you need to upload some form of ID which I haven't done yet so I can't confirm how easy it is to do.
However the fees are much better than the likes of coinbase and I believe the whole signup process was actually better.
I signed up for Kraken about a month ago. I submitted all my documentation and was fully verified within 12 hours. Pretty quick compared to what i have heard.
Is there anyone who wants to contact other exchanges to accept steem "sell and buy?
Poloniex has had danger signs for months now
(lack of help with support tickets, change to terms and conditions)
If you have any funds in there withdraw them and transfer to bittrex, they have been a more consistent exchange,
or use blocktrades/changelly/shapeshift.
Wow , I was not awere how Poloniex current situation culd affect the price of Steem ... I will try Bittrex, thank you for the advice Jerry
I suppose that is the Real Threat to Steemit in future... Pooling out the money and investing null is going to be hard challenge for Steemit survival, else there is some infinite reservoir of Steem.
Poloniex already have been so scamy; crashing, hacking, what not has happened to it and still people are going for its lucrative exchange rates. I suppose the Poloniex maintains that Lucrative Exchange Rates by its scamy habits, else it should be running in losses.
I am not saying that one shouldn't cash out from steem, but if you do so why don't do it with someother exchange which helps both you and steem(to maintain its value). It is like "killing the Golden goose with thought of taking all the eggs". Better be patient. Why not invest on some Steem and harvest the crops for longevity.
Absolutely when we reinvest our Steem and SBD in Steem Power we can expect the most long term results and if we can do peer to peer exchanges we can eliminate fees from all third parties!
My Steem wallet on bittrex also is in maintanance. I think this is a price killer for Steem. I think Steemdev has to pick this up as majority issue #1. Thank you Jerry to get attention for this problem. Steem is holding real good with the btc explosion round 30000 support level though. Imo a good sign
Alicia thank you for sharing about the Bittrex automated maintenance because you are right I have seen that before although mine is open currently and it is a price killer which is GOOD for us now as long as we are buying in and given that the Steemit Inc team can reasonably be expected to get this fixed going forward.
I moved over to Bittrex a few months back and haven't had any issues since.
The only thing I don't like about Bittrex rn, is the withdraw fee on NEO
A lot of 'smoke' coming out of Poloniex... is there a fire? I moved 95% of what I had off Poloniex just in case.