Poloniex Delisting STEEM


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Another less than ideal situation occurred today when Poloniex announced it will be delisting STEEM. Trading of STEEM will be disabled on Oct. 15. Withdrawals will be permanently disabled on Nov. 15. This is another blow after US Customers have been kicked off of Binance and then evidently OpenLedger just took everyone's STEEM. I'm not really sure what happened with that. I didn't have any over there.

Honestly I hate exchanges. Creating a way to not have to use this has been extremely tough because of the legal landscape. I just wish something like Komodo's BarterDEX or some other DEX system could almost be fool proof somehow.

I don't know how many of you have used NewDex with EOS but it is pretty cool. I just don't know the legal ramifications of something that utilizes a centralized web hosting / domain registration like that because then some legal entity could go after whoever managed the website.

It almost has to be some situation where several nodes around the world are redundantly hosting the website to make it decentralized and then all transactions are all smart contract based. It isn't an easy problem to solve that is for sure all while trying to make it easy to use.

Steem Dollar 24 Hour trading is down to $20,466 USD which isn't good. I guess we could hope that some group tries to pump the price of STEEM Dollars way up like happened in 2017 to pull the price of STEEM up but hope is for high school. It is probably unlikely because of the debt ratio being pretty high.


Comments 6


Despite I know POLONIEX is a crab, this is a very bad new indeed.
I hope they will regret from this decision.

09.10.2019 20:02
1

I hear you. I stopped using Poloniex back in 2017. I got the last bit out of there and abandoned ship over there. HitBTC was even worse and I actually hate them almost more than any other exchange.

09.10.2019 20:14
0

Steem should be getting on more and more exchanges, not losing the ones we have. Not good news indeed. We desperately need to get steem on Coinbase.

09.10.2019 20:07
3

Very true..... HitBTC is garbage. US customers mainly got the boot from Binance. OpenLedger seems to have taken people's money potentially.

Getting on Coinbase is certainly a tall order but maybe if Steemit INC gave up a significant amount to be in the Coinbase Earn program. It is hard saying. It has slipped pretty low but maybe it can be pulled off.

09.10.2019 23:10
0

I signed up for an account with Poloniex but never used it. I never cared much for their layout. Still, this sucks haha. I still have faith though that the US economy is on its way to the toilet in 2020 and that that will bolster crypto very well! Here's hoping!

10.10.2019 02:23
1

I have been fearful of a recession for several years. I really want all that to take place after crypto highs in 2021. Mainly because I don't want to test the theory about Crypto holding up in a recession. I would rather people just have more spending money and let crypto take its normal course to the Moon.

10.10.2019 05:11
1