Steem And SBD Withdraws and Deposits are Still Disabled On Poloniex. Will Poloniex Ever Be Able To Catch Up? by cryptofreedom

cryptocurrency · @cryptofreedom · Jun 22 '17

$14.29

Steem And SBD Withdraws and Deposits are Still Disabled On Poloniex. Will Poloniex Ever Be Able To Catch Up?

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<h3>The list of problems that Poloniex has been experiencing seems to just be getting longer as time has gone on, and it looks like the problems will only continue to become more pronounced.</h3>
<p>Poloniex has been encountering serious problems with the platform as a whole over the past several months, and have yet to show any major indications that they are going to be able to get back on track. The rise of activity was not something that they were ready for, and that's evident when we consider the lag, delays, and overall poor performance of the platform over the past several months. When scaling and increasing infrastructure of a financial trading platform, security obviously must come first, but Poloniex's inability to provide a reasonable platform performance is extremely discouraging. I remember when Poloniex originally started running into serious issues, and I thought to myself that the platform would likely be able to fix the issues quickly, but that obviously didn't happen.&nbsp;</p>
<p>https://transforminglifenow.files.wordpress.com/2015/09/frustration1.jpg</p>
<p>I haven't ever seen Steem or SBD have their withdraws and deposits temporarily disabled before, but I assume that the platform is running into issues with their Steem wallet. I have heard numerous users complain about Steem/SBD deposits not going through over the past few weeks, so hopefully they are able to sort out the issues quickly and permanently. Poloniex still dominates trading in the cryptocurrency market, and no other platforms have even come close to proving the same level of volume and activity that an efficient platform requires. It really seems as though there isn't anything that could happen that could cause users to leave Poloniex, but this type of market dominance could be potentially dangerous.&nbsp;</p>
<h3>Because Poloniex is responsible for much of the daily trading volume many cryptocurrencies, issues with Poloniex could have a huge impact on specific projects.&nbsp;</h3>
<p>Luckily Steem and SBD are also supported on Bittrex so users who are seeking liquidity still have a means to get it, but the majority of their daily volume has always been on the Poloniex platform. While Poloniex hasn't halted the trading of Steem/SBD that were held on the platform, if deposits and withdraws are still disabled into the future we may see some issues. Steem actually has a higher percentage of its daily volume traded on platforms other than Poloniex compared to most other cryptocurrencies, so I think this could cause even more Steem users/holders to consider utilizing other platforms. While Bittrex doesn't have the same level of volume on the order books, it will still be a viable solution for the majority of users.&nbsp;</p>
<p>http://media.thinkadvisor.com/thinkadvisor/article/2015/02/26/xxetf-volume-not-liquidity-ia0315-mi600.jpg</p>
<p>While decentralized exchanges such as Openledger do hold advantages over their centralized counterparts, there is simply not enough activity or volume to make it a viable method of exchanging Steem/SBD right now. The biggest factor in an exchanges chance of success is the level of activity and volume they can drive to the platform, and that has proved to be a very tough task. In order to draw high volume investors to a platform, the platform must have the required amount of activity and volume to make it practical for these traders to trade in the way they need to. It is kind of a catch 22 because the only way to get volume to a platform is to draw in the high level traders and investors, but those high level traders are unlikely to use the platform before it has the required level of activity. Individuals considering using a platform for the purpose of 'financial' trading need to have total confidence in the platform, and no other platforms have had anywhere near the level of success that Poloniex has had so far.&nbsp;</p>
<p><br></p>
<p><em><strong>I really hope that you enjoyed this post, and I urge you to leave any comments, questions, input, ect. in the comments below. Thanks for reading!</strong></em></p>
<p>&nbsp;</p>https://steemitimages.com/DQmV3KsHFVQKoQq1y6Caj1VzeUofRDiLm9o8rNtoR22gTfp/ddddd.PNG

<h3><strong>Please consider my proposal for my Peerplays witness "cryptofreedom-witness" and rest assured knowing you will not regret that decision. I would like to thank everyone who has voted for my witness, and I thank you for any future consideration.&nbsp;</strong></h3>
<p>image sources:<a href="https://transforminglifenow.files.wordpress.com/2015/09/frustration1.jpg">1</a>-<a href="http://media.thinkadvisor.com/thinkadvisor/article/2015/02/26/xxetf-volume-not-liquidity-ia0315-mi600.jpg">2</a></p>
<p><br></p>
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👍 ajvest, teamsteem, jrcornel, fyrstikken, solarguy, v4vapid, cryptofreedom, mata, stevescoins, gutzofter, waphilip, syn999, livingfree, annaarthur, steem-id, squandarlo, captainobviou3, steemprentice, thoughtchain, bearbear613, michaellamden68, rudocm23, lauralemons, ariafliandi, hitmeasap, lamech-m, dahaz159, steembets, steemland.com, thegame, sandy143007, beng05

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@shmu28 · Jun 22 '17

$0.09

nice post  ;)))

👍 cryptofreedom, sabrina29, shmu28

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@gutzofter · Jun 22 '17

In trading,  liquidity is king.

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@thoughtchain · Jun 22 '17

This is a great post on scalability issues in the crypto space. It's early days. And one thing is for certain: we are the pioneers and there's no going back. But those who can quickly address scaling issues and user experience will be successful over time. Think MySpace and Facebook. I have upvoted you with a nice chunk of $$. Please reciprocate by following and upvoting when you like what I post. Cheers! @thoughtchain

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@balkrishna · Jun 22 '17

Nice  analytic suggestion, I think bittrex is the best platform, I have been trading with bittrex since nine month and I haven't issued yet. it's quite user friendly also.

👍 balkrishna

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@bearbear613 · Jun 22 '17

is it strictly due to hard fork? Im worried about other exchanges now!

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@captainobviou3 · Jun 22 '17

I smell a conspiracy. I bet there was some talk between some of the folk at Polo. and Steemit. This HF19 could have detrimental effects if ultra greedy/needy people cash out because of a post that got them $.50 jumped to $20.00 bux for the first time. Conspiracy is pretty normal in the steemit world. Just saying.

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