Poloniex Disables Steem Transfers = SBD Blocktrades Price Hack (Fixed)!

in #poloniex7 years ago (edited)

poloniex temporarily disables steem thumb.png

Steem and Steem Dollar deposits and withdrawals are temporarily disabled on Poloniex driving prices artificially high especially for Steem Dollars which is up to 0.00066150. Meanwhile, the price on Bittrex was 0.00058146 when I started writing this but now after all I bought up to 0.00063620. Guess which price Blocktrades was using at the time I posted this?

Poloniex Steem Dollar to Bitcoin.png

steem dollars to bitcoin on blocktrades.png

It seems Blocktrades within an hour of me posting this stopped sending transactions out until they setup a new exchange with liquidity! Now six hours later they have it pegged onto another exchange which might be Bittrex. My hope in posting this was that someone at blocktrades will see this and it seems they have!

What I did before the fix:

  1. Buy Steem Dollars with Bitcoin on https://bittrex.com/Market/Index?MarketName=BTC-SBD
  2. Send Steem Dollars to https://blocktrades.us/
  3. Change Steem Dollars to Litecoin on Blocktrades because Litecoin has the deposit confirmed within 20 minutes of the initiation of the withdrawal meaning 20 minute turnaround time.
  4. Sell the Litecoin to Bitcoin on Bittrex at https://bittrex.com/Market/Index?MarketName=BTC-LTC

Before I have even finished posting this, the market has corrected mostly by the price blowing up on Bittrex because of me and other traders buying all the SBD they can with seeing the price on Poloniex. I am grateful I earned a total of $799.73 doing this today in a couple hours.

price adjustment.png

small price difference on Bitcoin.png

Update 20 minutes after posting! This system is still working as more sell orders come in on Blocktrades! I am making about 2 to 3 Litecoin every 20 to 30 minutes! New Steem Dollars sell orders are in driving the price down making it worth about 10% on $1,000 or around $100 just to cycle through one transaction on Blocktrades! As to why Poloniex disabled Steem and Steem Dollars, I am not sure! If you know why, would you share in the comments because then I will update this post to include that?

Update 1 hour after posting! Blocktrades switched the exchange they were using for liquidity and is working at the right price again! If they have to do it manually every time, this will continue to be available for any future imbalances.

Thank you for reading this! If you enjoyed this post or found it helpful, would you please upvote this 100% because that helps motivate me to keep giving you more like this each day?

Love,
Jerry Banfield

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Any news abut it?

sent 16 steem about 14 days ago, one day before they switched off the wallet, nothing has arrived so far.

I'm not even open the ticket, 'cause I think it's kinda useless action for now.

Send SBD to polo and nothing in polo almost 30 min!

You can transfer now

Steem Power and beyond.. lol

Nice one, I think is better to turn right ^^

great post

Really awesome post....

How to make a months salary in just a day! This is an incredible loophole, I'm sure it's going to get patched soon! Thanks for this post @jerrybanfield

Amen to that buddy..fired up and ready to go...get them steem and power up!!! win win for all, Upvoted and following you. We gonna turn steemit to a rocket and power it up!!!

Yes. I am beginning to Believe!
LoVe

Very good post, i love when you said in a yt video, Jerry none of these posts are short-_-

I don't think you realize what you mean to me
Not the slightest clue
'Cause me and you were like a crew
I was like your sidekick

Love, from sweden

I was just able to get my STEEM from Poloniex. I think the wallet is working. Get your coin and Run!

Nice bit of arbitrage you caught.

Any idea when Poloniex will reenable the Steem wallet? I'm wanting to power up more lol..

thank you.

meep

Lol

meep

Except coke and hookers!!!

I hope u like it
Steemit MONEY making strategy and TRICK.......it's kind of HACK steemit
https://steemit.com/security/@kaiju/steemit-money-making-strategy-and-trick-it-s-kind-of-hack-steemit
S1.jpg

This gave me a good laugh. Poor Mark!

So true!

Haha I agree, upvoted..we will attack Polo with steem power and take over..hahaahs
Good one @jerrybanfield keep steeming bro

I'm gonna slap Poloniex 😂

Yeah I need to get my Steem out of Polo so i can...Power up!!

@ikegass33 I sent my little steemies to Bittrex and then to Steemit. Bittrex seems good so far -after 3 transactions. LoVe

I'm just waiting to see the Poloniex blog pop up with millions of Steem Power behind it... Hopefully nothing shady going on here!

More likely to be powered by troll power!

@jerrybanfield
Damn, I missed it. Got to keep an eye out for your posts!