Why does HitBTC have wallets of STEEM/SBD closed since 2 years ?
Sometimes people ask me should they trade STEEM/SBD on HitBTC.
Well, you cant because the wallets are closed for 2 years and these guys dont seem like wanna do anything.
Sure they have big volumes on some coins but loads of coins got dropped there despite paying for listning and STEEM/SBD is closed since 2 years from what i see. Of course they still trade there on the closed market, if you try to arbitrage you will stay locked there for life prolly.
Worth to add that Affiliate Program with freezed funds of loads of people was alos closed year or more ago and all they say "it will be back soon" since then.
Possibly for safety, it would be good to delist HitBTC from CoinMarketCap of STEEM/SBD as they may only make some users ie deposit there BTC/ETH to buy and lose (withdrawal fees there are enormous, to make sure you never get to zero ). Now price is similar to normal one so can be fooling but they used to trade at x10 premium for very long time fooling people for fake arbitrages.
I wrote about this first time 2 years ago but still nothing. Its pretty silly of them right?
Their chart.
Since very long time due to many bad reports they are also out of no documents needed bitcoin exchanges list
If you google loads of users got accounts closed with funds inside and many coins lost their places.
Current STEEM and SBD Markets
So out of those for exchanges that need documents Bittrex and Huobi is the place to go and from those that need no documents Binance of course or VCC Exchange as they share books as being partners of Bittrex/Upbit but don't need documents.
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Maybe they're just holding it in case STEEM isn't seen as a written off project. Who knows why exchanges do anything? I feel since they're the only game in town they pretty much rule the roost, until we have more atomic swaps between chains that's not going to change.
no idea
Perfect time for them to jump on the bandwagon and relist with all the exchange drama going on
Same thing with upbit SBD
Upbit has taken the same approach at HitBTC, basically a small circle were just dumping and withdrawing BTC which wasn't beneficial to the end users and the exchange.
SBD still attracts good volume, hence the reason why it is still traded. The stakeholders have to take responsibility for this, its really just Bittrex left, everyone else has been the problem of a select few benefiting off the backs of many. Lets hope that things change around, I suspect they would remain in this mode until the situation changes
luckily STEEM works there for now
The wallet issues are primarily stakeholders who abused the system in the past, from my discussion, I understand on some exchanges some of these folks have withdrawn as much as 25+ BTC, which comes up as a lost for the exchange and the end users. There is so much that has happen to Steem and SBD in the past, I am surprise with the level of abuse that has taken place by a select few that Bittrex still keeps the wallets open.
I trade it because I support the project but I generally count that money lost when I enter the trade. HitBTC is fun to trade with the troll box and the characters of traders, hopefully I can get some action across there and Bittrex soon. I just hope that at end of this, Bittrex does not delist because pretty much Upbit would follow and HitBTC would cease trading. A lot is at stake, I hope the witnesses and Justin can work out something but it cannot be business as usual
It must be a way to avoid losing profits, but that limits the freedom of some.
I agree, I think it's possible that SBD is considered a liability or maybe there's something deeper that we can't see. Drawing conclusions from incomplete sets of data should be done as openly and as freely as modern journalism would have you believe.
So is! Cheers
hitbtc a scam anyways
true that!
It's hard to tell why these issues arise, do you think with Justin things might get done quicker with exchanges such as hitbtc? Or do you think steem is a lost cause?
There is a reason for this, as I have been informed the exchanges are simply acting in their best interest and that of their users. Here is a breakdown
Basically the exchanges were concern about the volume at which a small circle of folks are continually dumping without regard for those at the other side of the trade and subsequently withdrawing Bitcoin which is coming up at a loss for the many and end result the exchange. Since the token are still traded and carry good volume, the decision was taken to continue making those tokens available but restricting deposit and withdrawals.
I know there has been lots of complain in the past about the volume of SBD on HitBTC, but the fact remain I trade there and the volume is as real as it gets. It has its moments when speculators make the most of it and other moments when it has not been getting much traction like what has been happening lately. Its really up to the end user to either make to decision to trade or not. But the volume is as real as it gets
thanks!
yea, its all business. There still folks willing to trade it, hence the service is still available. If they did not abuse that service in the past we likely still be enjoying the wallet service.
HitBTC has some cool market making programs running, I think it would work great for someone who runs a discord of your size. You get some extra perks on top of it and exposure to lots of liquidity. Once you market marker doing more than 6K volume, you get lots of benefit.
I used to email HitBTC at least one a month when I worked exchange relations for Steemit, Inc. It's crazy deposits and withdrawals are still down all this time.
they owe me not bad money for affiliate work too.. scammers...
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If, as a trader, your only knowledge for a project is taken from CMC, oh boy you're in for a rough ride. Having it there helps to know what's going on, it's silly to call for a delisting like that
I think SBD issues run deeper, how are we sure their dev team stays the same since the take over? Better said, it seems that there's a issue with SBD at the moment, but what if there's some tech issue unable to be solved without the help of sbd, I'm all for shitting on centralized platforms but let's be realistic these things happen all the time