Steem and Steem Dollar deposits and withdrawals are temporarily disabled on Poloniex driving prices artificially high especially for Steem Dollars which is up to 0.00066150. Meanwhile, the price on Bittrex was 0.00058146 when I started writing this but now after all I bought up to 0.00063620. Guess which price Blocktrades was using at the time I posted this?
It seems Blocktrades within an hour of me posting this stopped sending transactions out until they setup a new exchange with liquidity! Now six hours later they have it pegged onto another exchange which might be Bittrex. My hope in posting this was that someone at blocktrades will see this and it seems they have!
What I did before the fix:
- Buy Steem Dollars with Bitcoin on https://bittrex.com/Market/Index?MarketName=BTC-SBD
- Send Steem Dollars to https://blocktrades.us/
- Change Steem Dollars to Litecoin on Blocktrades because Litecoin has the deposit confirmed within 20 minutes of the initiation of the withdrawal meaning 20 minute turnaround time.
- Sell the Litecoin to Bitcoin on Bittrex at https://bittrex.com/Market/Index?MarketName=BTC-LTC
Before I have even finished posting this, the market has corrected mostly by the price blowing up on Bittrex because of me and other traders buying all the SBD they can with seeing the price on Poloniex. I am grateful I earned a total of $799.73 doing this today in a couple hours.
Update 20 minutes after posting! This system is still working as more sell orders come in on Blocktrades! I am making about 2 to 3 Litecoin every 20 to 30 minutes! New Steem Dollars sell orders are in driving the price down making it worth about 10% on $1,000 or around $100 just to cycle through one transaction on Blocktrades! As to why Poloniex disabled Steem and Steem Dollars, I am not sure! If you know why, would you share in the comments because then I will update this post to include that?
Update 1 hour after posting! Blocktrades switched the exchange they were using for liquidity and is working at the right price again! If they have to do it manually every time, this will continue to be available for any future imbalances.
Thank you for reading this! If you enjoyed this post or found it helpful, would you please upvote this 100% because that helps motivate me to keep giving you more like this each day?
Love,
Jerry Banfield