"Seems like its been forever, that you've been gone..."
That's right good ol' Poloniex is back, back again...
Ok ok, sorry about that, feeling a little musical this morning, probably mostly due to the fact that the Steem and SBD Wallets are enabled again on Poloniex.
Luckily, it didn't affect me too much as I didn't have much Steem sitting on the exchange over there, the little that I did I had converted to BTC and moved elsewhere.
However, for those that did, today probably feels like Christmas!
The interesting part about this is that about a week ago a friend of mine contacted me and asked me what I thought about him buying a couple thousand Steem on Poloniex, considering he could purchase them around $.70 at the time.
Of course, me being the cautious one, I reminded him that if he did that there was the chance that the Poloniex Steem Wallet was never enabled again and that his Steem could be stuck there (if not converted to something else).
Then of course, right after I say that, what happens?
Literally within a week of that conversation the Poloniex Steem Wallet is enabled and the price of Steem there immediately jumps to the price of the other exchanges, about $1.10 at the time.
Then, expectedly, I got a phone call from my buddy asking me why I held him back from buying!
Of course I am sure I never would have heard the end of it if that wallet had never became enabled again, but such is life I guess...
Moving forward (hopefully).
Take a look at the chart of Steem on Poloniex:
As you can Steem ramped up to meet the prices listed on other exchanges.
Perhaps this price action will catch the attention of some traders on Poloniex and they will piggy back on the move.
Also, take a look, Steem is inching up the Poloniex most active list:
I would not be surprised to see it back on the first page within a day or two.
What does this mean going forward?
If, and this is a big if, if Poloniex is able to keep their Steem wallet enabled it is great news for Steem going forward.
Poloniex was the highest volume exchange for steem by a wide margin when the wallets first went offline. Also Poloniex is one of the highest volume exchanges for altcoins in the world.
The more exchanges we have trading and accepting steem, the better. Especially ones the size of Poloniex.
We want as many on/off ramps for Steem as we can possibly get.
But even more than that, it's a major confidence booster!
It can't be overstated how much of a confidence booster something like this is.
Many traders out there would look at all the other wallets on Poloniex and see they were working fine and then see that Steem was shut down and it made them think that there was something wrong with Steem.
Possibly even something fraudulent.
Getting it enabled helps restore confidence among the traders/investors in the industry that there is nothing wrong with Steem and that is very beneficial moving forward.
Anytime we can remove some doubt from people's minds, the better off we will be.
Little bonus for those that were interested in this post mostly because of that first line:
Now if only I could go back in time and pick up a bunch of steem for sale on Poloniex at $.70...
Where is that time machine of mine?!
Stay informed my friends.
Image Sources:
https://poloniex.com/exchange#btc_steem
https://steemit.com/steem/@kyusho/steem-down-on-poloniex
Follow me: @jrcornel
Hi jrcornel,
Thanks for the great content
hope this trend help steem a lot.
Good thing it is up!
Maybe Poloniex is back, but it loose many users and our trust.
i have been waiting for this such a long time for poloniex to enable steem n sbd.. thanks.
Yes, so have I. It was a pleasant surprise!
been quite a long time
I switched to bittrex :D
YoU have no idea how many times the thoughts of time travel have visited me with the crypto market being as crazy as it is. "If only I knew a week ago, a month ago.. a year?" Oh well now I just try to buy the "new cheap" and wait for the time where other people will ask themselves the same question instead of me.. "Why didn't I buy steem when it was only 1.20$... now
It is 10$ a piece.. If only I knew in 2017" :P
Haha, I hope you are right!
Congrats to all steemians!
If it becomes possible someday, time travel tickets will be the most expensive ever.
cool
Congrats to all of us !
Happy days are here again :D :D :D
Congrats! this is fantastic news!
gud luck
Good now never store them here! :D
Apparently your friend has enormous faith in your judgement. That's a big responsibility... No one can predict the future and we all make many mistakes, so I hope the friendship endures no matter what.
But having the gates between Polo and Steem open again is very very good news!!
Yes I agree. My friend and I go way back, no worries there. Plus he is wrong even more often than I am, so I have that going for me. ;)
I have no problem instantly believing you're right more often than not. I have the same problem, although my wife would tell you a different story:)
Cheers!
This is great, great stuff. Having Steem active and functional on ALL of the major exchanges is necessary if we want to be taken seriously as one of the major cryptocurrencies of the world.
I'm really hoping that these wallets stay enabled from here on out. The worst case would be if they just get disabled again in a few weeks... Let's keep this thing stable so we can grow it to its true potential!
Thanks for the update.
You did right by your friend. He should learn to be more cautious in this environment especially when an exchange is having trouble. Good to hear they are trading Steem again. Thanks for the info!
Thanks for information mate!
ohhhhhh @jrcornel, very surprising breaking news you shared thanks a lot sir.
Resteeem and upvote
Hi @jrcornel, This is a very good news as some of respected steemians are calling it in their posts. I'm confused. Why is Steem and SBD price low at Poloniext? Because it made it users suffer for a long time due to maintenance issues, right? Once a lot of users resume using this site again, will it be offering Steem and SBD exchanges at the same rate? I'm new to crypto world so pardon me if my question is childish. Thanks.
Steem on!
Yes, the prices are almost identical now. I would imagine over the course of the next few days they will inch even closer together.
Hurray, many congrats to all.
yes, you are right it was a surprise
Wow, it has been so long I literally forgot about steem not trading on poloniex. Nice to see they got it together over their. The volume should be good for steem as we have been trading listless for a while.
I finally bought some Steem today thru Coinbase... of course there were a few hiccups along the way waiting for the wallet address to be approved/actualized, but it worked pretty well thru Blocktrades. I'm a real player now (er, something)
This is best newqs for Steem after a while. For sure community confidence will increase in Steem after this.
This post recieved an upvote & comment from mahbubalam. If you would like to recieve upvotes comment from mahbubalam on all your posts, simply FOLLOW @mahbubalam
They have destroyed their reputation as far as Steem is concerned. I think this is too late to do anything. They're probably going to have a permanent dip in the no of customers who use their service.
This is actually good news, there was so much steem stuck in poloniex that probably affected the overall steem price pushing it down... So we should see a good raise in price from now on...
But please, stop using poloniex, it have been proved to be the worst exchange out there...
Indeed this is a confidence booster to the investors.
I am a crypto newbie and still learning about all this exchanges.
Which one can you advice a newbie to use as an expert?
Great news! need a party for reopening ceremony of poleniex on steemit🎆LOL😂
Yeah! Its a good news for every steemians :-)
The only problem I had was there was the little to no explanation from poloniex's side. BTS wallets on poloniex worked (steem operates on top of this right?), and STEEM was obviously working elsewhere, as I tested selling STEEM through blocktrades for BTC, then from BTC wallet over to poloniex and bought more STEEM with no problems! Just thought it was weird. By the way, wasn't bittrex's STEEM wallets down for a while as well? I thought something was up with STEEM, just glad it's all fixed though!
Yes, several steem wallets were down intermittently. Poloniex was down for an extended period of time. Glad it's behind us.
@jcornel may i have your social media id to contact you
For what purpose?
Won't put my cents there, i can't trust it after downfall, sorry :/
Wow, steem at .70 would be nice but this is certainly positive news!!
Yea... I would buy quite a few at the price, given the opportunity again. :)
May it lead Steem to moon. I literally had to quit poloniex after getting such negative reviews from all the people.
Finally! Strange timing.
Yes, why now?
Nice Ft. Minor reference :)
I thought they would never come back. I love being wrong (in this instance).
If I could turn back time.. it is in many cases " what if " maybe good we cant turn it back ...
Great news, thanks for sharing!
That is great great to hear! Excited for the future of steem.
Wonderful you are a creative person