Bittrex Has Disabled Steem And SBD Wallets Again ❌ Why Exchanges Are Disrupting The Whole Concept Of Decentralization
Asking the Bittrex support team for their motivation to disable their Steem and SBD wallets again, I received the following answer:
Both the SBD and Steem wallets are currently offline. We currently do not have an eta for when they will be available again. Bittrex looks at various criteria when deciding to list or delist a coin.
These include but are not limited to: ongoing developments, technical innovation, blockchain network health, social media, community engagement, market cap, volume, coin distribution.
If you feel strongly about a particular coin, you may contact the developers. Feel free to discuss the coin's merits in Bittrex Slack (http://slack.bittrex.com).
Best Regards - 22th of March 2018
Is there anything we can do about this?
Picture kindly provided by pixabay
The barriers of new markets
Disabled wallets and frozen deposits still seem to be business as usual in the crypto markets.
I'm seriously asking myself: Will there be a point in time when we'll be able to use cryptocurrencies without fearing to lose them at every opportunity?
How can we trust in a coin if we're not able to use it the way we want?
After a longer vacation today I opened my bittrex account again with the idea to prepare it for some upcoming Steem/SBD deposits. To my surprise both the Steem and SBD wallet were disabled, showing a red 'i' for information and the words 'Wallet Offline'.
First I laughed and then I swore.
The way bittrex accounts look today
I have no problem with decision making as long as people are able to comprehensibly explain their motivation.
As we've learned from banks: if you have enough power, you actually need no explanations.
Obviously, exchange platforms are acting exactly as banks when it comes to covering up their actions. They block accounts, wallets, transactions just because they can.
The whole idea of decentralized solutions fails as long as we need centralized exchanges as intermediaries.
What we actually need is a completely decentralized world where relationships, transactions and collaborations are established on the basis of TRUST.
When was the last time you had an overreliance on a bank or other financial institution?
It must have been long time ago.
As a consequence, we're now going back to basics, not giving our property in hands of third parties anymore. People close their bank accounts, transfer their money to independent applications, trying to avoid any participation in the established financial systems.
What once started as the perfect match has now reached its expiration date.
As long as we need exchange platforms in order to participate in the crypto market, we'll be still not able to fully enjoy all the benefits decentralized environments provide.
@ned I'm impatiently wating for a Steem-to-USD-exchange, and I bet I'm not the only one.
Putting it on my Christmas wish list again...:-)
Cheers, Marly -
Thanks for your valuable time!
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Original content.
When ♨ was introduced at Binance, the option to withdraw it was also disabled for 1-2 weeks. It just shows, how dependent we are on the exchanges.
Not only with these wallet issues, but the simple fact, that most altcoins can only be traded for BTC makes them 100% dependent what it is doing. We have to face the fact, that the big exchanges rule every freaking detail about the crypto market...
No reason to worry, at least we have STEEM trading on Binance and daily volume is double more than on Bittrex.
It's fine that it's working in Binance but of couse, it would be better if it's working on both or other popular exchanges.
That's the comment I was waiting for! :-) So you recommend me to use Binance?
I ONLY recommend DEX Exchanges!!!
My openledger account is mammasitta777
Blocktrades is another option but high fees.
DEX.... OK I'd never heard about them. Thanks for the recommendation!
Bittrex is open again btw :-) What a rollercoaster!
Any decentralized exchange ( DEX )
Openledger wallet works great for me
https://openledger.info
You are the one in control! Nobody else!
Binance has a lot advantages. For me most important things: Realy live support (compared with Bittrex dead support), huge trade volumes, extremely fast desctop client for trading, 50% fees discount if you have binance token.
What about SBD? I've seen you can't exchange it on Binance. Where do you exchange it?
We have 2 options. First and simple is internal exchange. Second is Poloniex, but now its looks like under maintenance https://poloniex.com/exchange#BTC_SBD
I tried to open account with binance since months but not possible.
I keep mine in openledger DEX !
This is to be expected with centralized exchanges. This was the last thing I used Bittrex for. If they delist Steem and SBD then I no longer have a reason to use Bittrex.
Are there any alternatives? I stopped using Poloniex for the very same reason a couple of months back. Now I was quite happy with Bittrex, but I share your point of view: if they delist Steem, I have no reason to stay.
@Blocktrades works great and it is here on the Steemit platform.
Which fees do they have?
Exactly! I just suggested the same
Did Polo delist Steem, or is the wallet disabled?
I don't know, I don't use Poloniex anymore.
Been trying to open acount on binance for weeks until I just gave up..typical my luck when a buying window roles in my goto closes the door on me.
I have same problem!
Are you using openledger?
I am quite happy with this option
I belive in steem black ckchain... more than the docaled bittrex or any!
Oh why, I use bittrex, now have to reconsider other exchanges that are sharks.
Dang it! That’s frustrating. Binance is a good alternative. I have used both in the past and have been happy.
Good to know! I haven't tried Binance so far but am glad that there's still an alternative available. I'll give it a try :-)
It seems that they are finally back :)
Yes! They are. The question is: how long?
My worst case scenario is always: depositing Steem and then seeing my funds been frozen.
Which is why it is important not to have all his eggs in the same basket, I guess ^^
I agree it is a bit unnerving when exchanges behave like this, cheers mike
Und ich warte immer noch darauf mich da anmelden zu können lol Jetzt hat sich dass wohl erledigt...
Diese Entscheidungen sind meist nicht von Dauer, aber es schafft natürlich nicht wirklich Vertrauen für die zukünftige Zusammenarbeit. Ich war so happy mit Bittrex, selbst der Support funktioniert dort in letzter Zeit ausgezeichnet. Und nun das :-(
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Haha, that's funny! Thank you, nice idea :-)