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.
This post received a 3.8% upvote from @randowhale thanks to @ericwoelk! For more information, click here!
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.
Ohhh! Now I see why!!!
Been thinking about moving over to Bittrex lately since Poloniex has been having so many iffy issues. Is anyone else currently using Bittrex have you run into the same temp issues with their exchange as well ?
Do it, bittrex is pretty solid!
Yes I use Bittrex and made a tutorial on it at https://steemit.com/steemit/@jerrybanfield/bittrex-com-cryptocurrency-exchange-trading-tutorial-with-bitcoin-steem-179-altcoins.
Verified for 100 BTC withdrawal a day within an hour or two of signing up!
I use it. But not having much there.
I saw at some point steem were locked for a few days now i see is working.
Till now Bittrex was ok with all changes in the market.
Hope it stays the same.
Great article Jerry and thank you for addressing this problem specifically! The more Steem we can get off Polo the better it is for the Steem price going forward. This is something every holder of Steem needs to understand. Re-Steemed
If poloniex does not fix this it will lose its valuable customers. We should use some better alternatives. We never know when we will need money. So it's better to transfer to another platform. What is the point of using poloniex if we can't transfer our steem when we need them
Poloniex has been on the downhill for awhile now. I stopped using them a year ago.
I don't think they care in this moment, exactly like Coinbase with that strange moves lately.
Also saw Bitfinex making last week that change with us users.
Things changes very fast with new regulatiin and they want to make more money, beside manipulating the market.
I suppose is better to take that advice, to not keep all eggs in one basket, especially if there are a lot of eggs...
Also don't belive only one news heard in one place... who knows who launch it.
I struggle to find a good way to have news feed from 5-6 places to can make my own on what to do at that moment.
I even made a post about sharing news places but few people saw it to have some answers here.
Why is there a need for Poloniex in the first place?
I keep my steemit in steem and do not use any third-party to handle my steem.
Maybe I misunderstand, but steemit provides all the services I need to exchange my steem to Bitcoin and then onto Euros, right?
What advantages does Bitrex offer?
Exactly. Just buy and sell steem on steemit via bitcoin.
This post received a 4.6% upvote from @randowhale thanks to @ericwoelk! For more information, click here!
@granunic0rn Steem has built in exchanges with @blocktrades which takes a significant fee compared to Bittrex which only takes 0.25%. For example, on Bittrex I can buy 1573 Steem today for 0.5 of a Bitcoin but on Blocktrades, the built in tool for funding the Steem wallet, 0.5 of a Bitcoin gets me 1556.387 Steem currently. On a transaction for around $2,000 that is a fee for about $20 or 1% to use Blocktrades.
@jerrybanfield thank you for the detailed reply. The numeric example really puts it into perspective for me.
Compared to you I am not moving any large amount of steem between different pools of crypto currencies so I see that you have the need for a more cost-efficient tool to help you transfer funds to help the steemit community grow.
For now, and for me personally, I do not mind paying an elevated fee to support steemit at the moment. I do not mind purchasing on block trades because I hope that it will help steemit to develop.
In the long run, however, I hope that block trades can drop its transaction fees to stay competitive with other exchanges who provide a better (e.g.: more choices in currencies), more cost-efficient service. Now that you have explained it to me with numerical examples, I feel that it is a bit odd that steemit the producer of the blocks is more expensive than 3rd parties.
I wonder what possible explanations exist that warrant the price difference? Is Bitrex really that much more efficient?
The more I hear about Poloniex the happier I am that I chose a Bittrex. Really dodged a bullet on that one. In order for crypto to flourish, exchanges really need to up their game.
Poloniex has proven to me that their service is totally rubbish. I've lost money because they didn't even go through.. The support told me to check my history and closed the case.
All my future funds are staying in steem power. Because I know it will change the world one day :)
All the best Jerry ✊. You are awesome.
Same here!
Sorry to hear that brother :) But fck polo you should be the happiest man on earth ^^
i already followed, upvoted and reestem you...
please do the same with so you can help grow because i´m new here!
Yeah poloniex is iffy iffy with their exchange system. the coin disable thing kinda annoying. When it is working it is fine.
Thank you for your proposition and help the steemians.
@jerrybanfield I missed the first Florida steemit.
How was it ?
Thanks for the post.
I cannot stand poloniex, off to bittrex I go!
Tim we had a great time and hope you can make it to the one we will have in Saint Petersburg or Orlando!
I've only heard bad things about Poloniex. I'm glad I went with Bittrex from the start. Never had a problem wiht it
Simple solution is to allow withdrawal of Steem only to bittrex and block steem transfer to poloniex completely by Steem Inc..., We may see some price drop initially but steadily everything will set right.
I agree, that would set everything in a good motion :)
While that would be awesome to help with the current situation, the critics would be right to say that we each should be allowed to transact our money with any Steem account as well! Maybe a little warning would do the job :)
I've never used poloniex myself. It looks like they need to fix this issue.
What's the point of using it if we transfer out steem out?
I have no idea, what do you use? Bittrex?
With never having used it, probably a good idea never to start!
I'm glad I started with Bittrex. Poloniex is only good for loaning out BTC.
Hey Jerry, great post. I had problems on poloniex with ETC and decided to switch to bittrex.com. Looks good so far to be honest.
Keep the good work and have a nice day
Pros:
Cons:
Overall:
All of the cons are risks, and they make me use Polo less and less...however if you are an active trader, it's super hard to ignore the volume and the prices of the coins on Polo, so I keep coming back but am using it less and less...if bittrex could get more volume, or bitfinex could get more coins, I'd be done with Poloniex for good...it's a necessary evil for me at this point @jerrybanfield
I have pulled everythimg from poloniex at this stage. Its just not able to keep up with demand anymore and a lot of people have lost money through using it.
News-new poliniex!
ONLINE USERS AT POLONIEX BITCOIN PRICE correlation I started collecting data on online users at poloniex. I am trying to collect the data about the same time every day.I am trying to collect the data about the same time. Bitcoin Price!
BITCOIN USERS BUY PATTERN
DATE | BUY PRICE | SELL USER BACK IN THE 40,000 | PROFIT / (LOSS) | Cumulative P / L
News bitcoin.
Bitcoin has achieved a new record high of $ 4,168 thanks to the upward trend established by the locking feature of Segregated Witness (SegWit), an extension of Bitcoin's core development team. If you? Ve saved or destroyed, set a new ATH at $ 4.168?
How do you guys feel about GDAX? I just started using it and it seems alright so far. Pretty simply verification process. I'm also super new to Steem, but I really like it so far. If you'd like to read first post: https://steemit.com/cryptocurrency/@surfingsnowman/a-balanced-perspective-on-accredited-investing and give me some commentary, that'd be swell.
Best,
Ryan
I'm a big fan of P2P. That's the point of having cryptocurrency in my philosophy.
I have some steem and i want transfers to Bitcoin What better poloniex or bitrex ??
Bittrex taking the lead imo
mine too!
but how does that work??? im not fond of it anymore
Yep, I was just going to add myself that I'm very happy with Bittrex and never had the need to open a Poloniex account. I've heard some not so great things about Poloniex recently anyway..
Maybe this time we have to switch to another site @jerrybanfield
thanks for information
Yeah it seems Poloniex have quite a lot on their plate.
you would thing with the amount of money they are receiving from transaction fees they could hire some people...
At the same time block trades is powering down, so I suppose that doesn't help either.
Hmmm - I'm still learning but @deimus handles this side of things for me. Thanks for the heads up
thank you for this, so much to learn
Thanks for this information . Is it the time to change??
I have never had a problem with poloniex, I have also never attempted to withdraw any STEEM or SBD after seeing these sort of issues
Good luck,i hope it will change
I think you can't trust Poloniex. Horrible customer service and things like this...
Yeah if it is delaying then it is not worth to be used for Steem. I am with you @Jerrybanfield
If technologically feasible, would love to see steemit warn users of disabled trading wallets before transferring.
good post.
I like your posts
I love the way you answer questions on my mind before I even ask them :) Thank you @jerrybanfield
Hello.. good information, like this Iwill follow your account..
Wow
Is amazing
Poloniex can be pain in the ass, I would say to stay away from it
Great Post! Thanks for sharing !
I will do my part and resteem this to my followers. Thanks for the information.