[Rant] Poloniex and the tragic story of 224 Hive..

Have exchanges become pain in the arse ?

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It is great that hive is already listed on bigger exchanges like Bittrex and Binance . Since the days of Steem I used to use Bittrex as my go to exchange. I liked it so much that I even started day trading crypto during those days.

KYC

Of course, governments cannot allow anything to trade free. Free markets should be regulated as they say, so they required these exchanges to add KYC which TOTALLY defeats the purpose of decentralization. I live in India which had ban on cryptos for a long time so providing my ID cards would've been suicide. I switched to Poloniex.

Poloniex

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I know poloniex is a good exchange with good reputation but it is not Bittrex. Bittrex API was so much better and overall ease of trading and withdrawing was far greater.

I started using polo for converting my Steem into Hive via blocktrades .
Process is as follows.

1. Send Steem to Poloniex wallet.
2. Sell Steem for Litecoin
3. Send Litecoin to Blocktrades for Hive.

The first two steps happened smoothly and I withdrew Litecoin for Hive.

It showed me my withdrawal was successful and by current exchange rates I was expecting atleast 200+ Hive in my wallet.

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I waited for an hour

2 hours
3..
4....
5....
Next day I thought surely Litecoin doesn't take that long for a transaction.. Where's it stuck ??

After opening Poloniex what do I see ??
This....;!!

The transaction didn't even go through. The funds didn't even leave my wallet.

I immediately contacted their support told them why its shows withdrawal is in processing state and why it didn't inform me.

This was their reply ..

They disabled my LTC wallet without any intimation and no warnings whatsoever. The amazing thing is they bluntly said "We don't have any estimate at the moment" No estimation , funds stuck , no nothing.. Imagine trading thousands of dollars and getting stuck. Getting your funds stuck in crypro is very serious as compared to other securities purely because the volatile nature of pricing. You try buy something one hour and in another hour can result in drastic change of value let alone 2 days apart.

Obviously, currently there is no better option except for succumbing to the great regulation in Cryptos and opening a KYC account in Buttrex (Intentional misspell) or doing it this way to have some privacy over the transactions. Both ways suck, both uneconomical.

I received my 224 Hive in 2 days of time finally.. Is very nice... ;-;

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What happened to those 224 Hive ??

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1. SBI units

I sent 50 Hive to @steembasicincome in exchange of SBI units .. My target is 500 units Insh Allah.

2. Power up

I powered up 50 Hive .

3. Buying Leo

Lastly, I purchased a good chunk of Leo .. Around 717 Leo was purchased by me and I powered it up too.
I am bullish on Leo and curation rewards are good as well. Currently the coin trades at $0.09 per Leo which is cheap as per me . The price has declined more than 50% since I started investing at $0.15 per Leo but it is due to crypro sell off not any fundamental change in Leo itself.

Upvote this post to support my account

Peace out.

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