RE: Steem vs USD. We are on our way to .85/USD! This could be the chance everyone has been waiting on to get some significant SP.
Aren't the STEEM wallets on Poloniex still in maintenance? I suspect they must still be, because whenever you look at the sites for coin prices, the markets/exchanges tab always shows the price much lower there. The hours later the prices drop on the other exchanges, with Poloniex continuing to drop as well to remain below all others.
I suspect that what's happening is that the inability of anyone on that site to withdraw their STEEM is driving the price down on that site, then people gradually see the averaged price across exchanges dropping, so expect to pay less than the market rate.
Meanwhile on Poloniex it continues to drop with no natural floor because as soon as someone buys it they find out they can't transfer it to Steemit or wherever they were hoping to store it off exchange. So they sell it for whatever they can get.
The only way I see our getting out of this loop is 1) Poloniex fixes its STEEM wallets (which I'm wondering why they aren't doing for sooo long) or 2) the coin listing sites start excluding Poloniex from the price averages, the way some do for KRW transactions to correct for the inflated S. Korea prices.
Binance allows you to purchase STEEM using BTC and transfer it to Steemit. I just did it to test it out.
Yes, that's how I first got STEEM onto here to. My point is that Poloniex won't for weeks now. It's wallet is broken, so no withdrawals. If you buy STEEM there you have to keep it on the exchange.
This is really good to know, than you #liquidtravel and #indigoocean . Im going to wait a little longer till the price is closer to .75 then do a big purchase for steem power on Binance. Thank You Both!!!
If you already have LTC, BTC or ETH the easiest thing to do is probably to use blocktrades from within your wallet here. I bought STEEM on Binance before I understood blocktrades, then had to figure out how to transfer it (address is your handle and memo is your memo key from permissions tab here). But going through blocktrades it makes it all quite obvious.
Also, I'm not sure bycoleman is quite saying to wait to .75 to buy at all. As he said, he's buying gradually even now, but will accelerate once it gets into the .85 range with some resistance showing.
Nice break down and advice.
Thanks 🙂
You bring up a very valid point, thank you.
This of course may be contributing to the drop but Poloniex historically only represents a small fraction of trading, of course right now it is next to nothing.
Other platforms are trading just fine, with blocktrades being the largest and not even visible by most audits
Many Steemians like myself have been averaging in with little or no regard to Poloniex which needs to make the changes, not the steem blockchain.
If I had to guess (just a guess), less than 10% of the price is a reflection of the broken wallet and then being a little bit of a cynic, I bet they find a fix just below the .85 support.
I hadn't thought about blocktrades not showing in any of those market/exchanges listings. True that's the largest market for STEEM, so bizarre for it not to be counted. Well the wallet was the only reason I could think of why this coin is dropping at a faster rate than the rest of a dropping market, when it is the most used coin, actually has utility already delivering value, plus all the things you mentioned about transaction fee-less and speed. It just makes no sense that this coin would be falling faster than ones that don't even have a testnet out.
Buy the rumor sell the news.
Steemit is way past rumor, but it will shine, really shine in the days ahead.
Blessings.