Steem - Reminder* withdraw all STEEM and crypto assets from Poloniex ASAPsteemCreated with Sketch.

in steem •  10 months ago 

Make sure to withdraw all STEEM and other crypto assets from Poloniex ASAP

I just got another email from Poloniex reminding me to withdraw whatever remaining assets I have in there.

If I do not, it says they will sell those assets for USDC, or send them to the account holder's state (if that is the state mandate for abandoned property in said state).

The email I got today:

If you don't want your steem or other crypto assets sold, you have a little over 3 weeks to get everything out of there.

Any steem not moved by the deadline will be sold...

Per the email, any steem not moved by the deadline will be sold for USDC or transferred to the state, which likely will then be sold as well.

It looks like most have gotten the word:

(Source: https://steemit.com/steem/@penguinpablo/weekly-report-how-much-steem-is-stored-on-the-exchanges-november-21-2019)

However, some have not, as there is still 3.4 million steem sitting in Poloniex.

That could represent some selling pressure on steem if the owner of that steem does not transfer it out within the next 3 weeks.

Steem has had enough problems going up without some more unneeded exchange selling sprinkled in.

If you are unsure where to send it, your steem wallet is a great place. Bittrex also has been a pretty good option, and soon hopefully Abra will be one as well.

Depending on where you live, there are some good options listed in here as well:

https://steemit.com/steem/@penguinpablo/weekly-report-how-much-steem-is-stored-on-the-exchanges-november-21-2019

Stay informed my friends.

-Doc

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Trivia: Poloniex in Latin means literally: A Pile of Shit?

#fakenews #buttrue #exceptnot

And Skoda means accident, papaya means vagina or prostitute, Trump means fart.... People can guess what translations are real and what are fake...

You can't withdraw it anymore:
https://steemblockexplorer.com/@poloniex

The question is - will they sell all at once or in parts. Either way !giphy we're + fucked :)

Selling that big amount in parts would cause quite a big loss to the exchange as it will push the value of Steem a lot lower than selling all of them as one big trade transaction... They would have to sell at market value, because setting minimum price would just make other traders lower their asking price and exchange's sell order would not get filled at all...

In all honesty 3.4 million steem isn't that large. I mean we do more than that on a daily basis on average. It's not great news, but it's also not going to completely crash the price either.

it doesn't really matter what is the total daily trading volume, because rarely it is one big trader selling the whole amount at once... Hiding large sum in trade book will be very hard without using ladder technique.

What does this mean? They disabled the steem wallet? I just transferred some assets out of there yesterday, though steem wasn't one of them.

They disabled the steem wallet?

Yes.

  ·  10 months ago Reveal Comment

Too late

We were already betting about whats happening with the lost steem on poloniex
Before that we were betting how much would be left ^^

Posted using Partiko Android

Too late?

Looks like it may be worth putting a low bid on Steem as the dump may impact the price! I will be ready...

Posted using Partiko iOS

I'm not sure it will impact it all that much, if you look at the average daily trading volume, steem routinely does more than that. It's not great news, but I also don't think it will tank the price.

might be a good time to get some fiat ready to buy more steem

its going to go to virtually 0. wait another few months.

All the bot owners will hoard steem so they can power up their bots... Then normal users will vote down the comments the bots make and they become useless... Eventually no-one will use Steem anymore as no post or comment will give any rewards... It becomes bad joke like Facebook and MySpace...

How do we avoid the death spiral?

Currently votes from people with lower reputation have no effect on reputation of the user with higher reputation... Steem would have to remove that restriction and replace it with weighted system that makes sure new users or old users with very low reputation can't pull reputation of another user down too much...

You don't think communities and smts can turn things around?

nope, it means nothing in a bear market. People have built epic places for people to build epic things all over the blockchain world. Nobody is adopting it and that is the truth. Even if Steems SMTs are adopted at a good rate it still means literally nothing in a bear market. This place runs off hot money which is printed out of thin air in a bull market. Until that happens then forget it. Its far more profitable for Bitcoin to go back to 1k and do it all over again than go to 50k or 100k. 2021 at the earliest as that will be 5 years from 2017 and everything that happened will be history in the eyes of the tax man.

There is some truth to that, but I don't agree that it means nothing. If you can build something that actually drives demand for an asset, such as RCs, it is possible that if enough demand comes in, it can hold its own regardless of a bear market. There are several projects that have done well over the past year regardless of the bear market. Most just view steem as contracting instead of expanding, and so far they are right. If there is no real world demand for SMTs and RCs, well then it's all speculation again and prices are at the whim of btc and the bears.

If there is no real world demand for SMTs and RCs, well then it's all speculation again and prices are at the whim of btc and the bears. -- exactly, its all speculation all of it. Nobody gambles with real money, only money that comes easy. There is no money coming easy and no money is flowing in this space. This needs to happen. Yes a handful of projects have done ok this past few years, i cant answer as to why that is all i know of are BNB and chainlink. All i can think is these have serious use cases for serious people. Steem is definitely not a serious world wide game changing frontier. Its just ultimately a bit of fun or twist on what we already have. People hate advertising and tracking and big brother and all the things are there to get around this but people do not care. Look at name coin for example, its awesome, does anyone use it? no. Steem needs some kind of instagram attraction to get word of mouth, and the sheeple to adopt it for it to grow organically in the real world. Ss long as it survives and the block chain lives that is good enough for now but the token price is going to the floor. sad but true. Over saturation has killed the space but from a non greedy perspective this is healthy. Huge amounts of time to weed out and grow and show are now what will happen throughout this place. China is about to change the game, facebook and america are competing in a hidden race for this space now. They hate the free market, they hate open source. They just want the blockchain to stream line themselves and become even bigger big brother.

How much of the remaining coins is actually trading fees and how much is user funds...

I would assume most is user funds, but that is just a guess as that would be a heck of a lot of fees on a platform that hasn't done much steem volume in years! Plus I would assume they would cash the fees as they go to make payroll and server costs etc.

I would assume they would cash out some of the coins from fees, but not all... As some coins have lot of trade transactions with low amounts, but fees are capped to minimum usable amount, they can accumulate even if total volume is relatively low. Because Steem has only two decimals, amounts on user side like 0.009 can be rounded downward to 0 instead of upward to 0.01.

Holy shit! That's not very cash money of them