"Seems like its been forever, that you've been gone..."
That's right good ol' Poloniex is back, back again...
Ok ok, sorry about that, feeling a little musical this morning, probably mostly due to the fact that the Steem and SBD Wallets are enabled again on Poloniex.
Luckily, it didn't affect me too much as I didn't have much Steem sitting on the exchange over there, the little that I did I had converted to BTC and moved elsewhere.
However, for those that did, today probably feels like Christmas!
The interesting part about this is that about a week ago a friend of mine contacted me and asked me what I thought about him buying a couple thousand Steem on Poloniex, considering he could purchase them around $.70 at the time.
Of course, me being the cautious one, I reminded him that if he did that there was the chance that the Poloniex Steem Wallet was never enabled again and that his Steem could be stuck there (if not converted to something else).
Then of course, right after I say that, what happens?
Literally within a week of that conversation the Poloniex Steem Wallet is enabled and the price of Steem there immediately jumps to the price of the other exchanges, about $1.10 at the time.
Then, expectedly, I got a phone call from my buddy asking me why I held him back from buying!
Of course I am sure I never would have heard the end of it if that wallet had never became enabled again, but such is life I guess...
Moving forward (hopefully).
Take a look at the chart of Steem on Poloniex:
As you can Steem ramped up to meet the prices listed on other exchanges.
Perhaps this price action will catch the attention of some traders on Poloniex and they will piggy back on the move.
Also, take a look, Steem is inching up the Poloniex most active list:
I would not be surprised to see it back on the first page within a day or two.
What does this mean going forward?
If, and this is a big if, if Poloniex is able to keep their Steem wallet enabled it is great news for Steem going forward.
Poloniex was the highest volume exchange for steem by a wide margin when the wallets first went offline. Also Poloniex is one of the highest volume exchanges for altcoins in the world.
The more exchanges we have trading and accepting steem, the better. Especially ones the size of Poloniex.
We want as many on/off ramps for Steem as we can possibly get.
But even more than that, it's a major confidence booster!
It can't be overstated how much of a confidence booster something like this is.
Many traders out there would look at all the other wallets on Poloniex and see they were working fine and then see that Steem was shut down and it made them think that there was something wrong with Steem.
Possibly even something fraudulent.
Getting it enabled helps restore confidence among the traders/investors in the industry that there is nothing wrong with Steem and that is very beneficial moving forward.
Anytime we can remove some doubt from people's minds, the better off we will be.
Little bonus for those that were interested in this post mostly because of that first line:
Now if only I could go back in time and pick up a bunch of steem for sale on Poloniex at $.70...
Where is that time machine of mine?!
Stay informed my friends.
Image Sources:
https://poloniex.com/exchange#btc_steem
https://steemit.com/steem/@kyusho/steem-down-on-poloniex
