Poloniex Robbed Steemians of a Golden Opportunity!!!

Steem and Steem Dollars (SBD) are the main digital currencies that we Steemians deal in regularly. We all know that Steemit rewards us in Steem Dollars and Steem Power; both of which can be converted to Steem through market or powering down.

What Poloniex has been doing since the HF19 is temporarily disabling both Steem and SBD; which means we couldn't deposit or withdraw SBD or Steem on Poloniex.

The only option available with Steemians was to sell the already held SBD or Steem on Poloniex which is not the case usually because most of us have our stocks in the Steemit wallet.

Let's Talk about SBD

This post is particularly about SBD because the price of SBD on Poloniex was rocketing yesterday and nearly doubled. This massive rise in SBD's value presented all Steemians to make huge gains on our hard earned SBD. 

People who are familiar with how cryptotrading works on Poloniex or other crypto exchanges can understand the opportunity better than others. 

So, What was the Opportunity?

SBD went up to $2.77 ( 0.0011 BTC) from it's normal price of around $1.50-1.70 (0.00055-0.00070 BTC). The opportunity was to earn at least $1 extra on every single SBD. 

In terms of cryptotrading on Poloniex, you could get only 0.00055 BTC for 1 SBD in normal days, but yesterday you could've gotten 0.0011 BTC for 1 SBD (double the normal days).

How was the Opportunity Robbed?

You could simply not deposit any SBD in your Poloniex account due to the "temporarily disabled" status. 

For example, I wanted to sell 100 SBD at peak price but couldn't find a way to deposit SBD on Poloniex. I depositd that amount on Bittrex but the price didn't even come close to that on Poloniex. 

In short, a golden opportunity to get some serious money was lost. What's more intriguing is that both SBD and Steem were enabled back on Poloniex after the price had fallen.

To be very honest, I am disappointed with Poloniex. I do hope that price rises even further than $3 soon so that I can sell some of my SBD holdings.

Tip for Beginners

If you want to cash out your hard earned Steem Dollars, always look at both Poloniex and Bittrex and sell where the price is better.

If the price is going up, wait for the peak and sell on huge profit. If price of Steem is low, I'd say better buy some Steem and then sell Steem on huge profit (takes a bit of patience and waiting).

Let's Educate More People! 

The purpose of this post was not only to share a missed opportunity but also to educate new Steemians about making more profits from their well deserved rewards.

Please consider upvoting and resteeming this post if you find it useful.