Poloniex Exchange To Delist STEEM Alongside 5 Other Altcoins: What Can Be Expected in the Few Weeks Ahead?

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For exchanges, periodic delisting of altcoins is gradually becoming a normal thing to do. Not too long ago, Binance delisted some altcoins largely because of regulatory concerns from the government of the United States. Also, Upbit last month delisted Monero and DASH due to money laundering concerns.

Delisting is usually not an easy pill to swallow, especially for the community backing the token. When a coin is delisted, it means that the buying and selling (including withdrawals and deposits) of such a coin on the affected exchange will remain permanently suspended.

Of course, delisting is always a bad news to the investors and adopters of the affected coin. Sometimes, the heat could be even be felt by other stakeholders outside of the concerned exchange.

This is because delisting often results to panic which in turn results to selling pressure and lackluster price actions.

Now to the meat of this essay, a few hours ago news broke that Poloniex, which is arguably the one of the largest crypto exchanges in the world, will be delisting STEEM alongside five other coins for no apparent reason.

Specifically, the announcement officially stated that STEEM together with CLAM, PASC, NAV, GAME and LBC will remain permanently unavailable starting from November 15th 2019.

No doubt, the delisting isn't a good news for STEEM. It may not be a coincidence, therefore, that STEEM had fallen ten places from 75th to 85th position within the last 24 hours on the CoinMarketCap rankings.

Similarly, the price of STEEM has seemingly lost momentum in the past 24 hours and may go down a bit more, except we see some massive Bitcoin rally, as the deadline given on Poloniex approaches.

However, STEEM remains on the right path telling from the ongoing developments and the skyrocketing trade volumes.

The shocks will always come but how we absolve it is what really matters. Until I come your way again, I wish you a full STEEM ahead.

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@gandhibaba, In my opinion after sometime this decision can turn around and once again they will list Steem again. When they Dlist atleast they should give a reason because it's important. Stay blessed.

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Now more than ever we need decentralized alternatives to the major exchanges. It is somehow a nonsense to keep using centralized services to exchange decentralized assets. That suffocates the freedom spirit of the crypto proposals.

I'm waiting for the success of the lightning networks that are being developed, and every other solution that will come from the minds of the crypto enthusiasts and programmers.

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Now more than ever we need decentralized alternatives to the major exchanges. It is somehow a nonsense to keep using centralized services to exchange decentralized assets. That suffocates the freedom spirit of the crypto proposals.

I am compelled to absolutely agree with you on this. We need decentralized exchanges to take over the affairs of cryptos. That way, more freedom comes to the people.

I’m gonna resteem this.

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Thanks for resteeming and for stopping by. I appreciate it a lot.

Hello dear @gandhibaba, it really seems bad news to us and we don't know what it's going to do for all this.

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Sure @funcho80 my friend, it is a bad news indeed. Nevertheless, we will sail through.

This was not expected from an exchange like poloniex because they have been trading Steem since long. This is not good for us while we are trying for Steem listing in various exchanges and previous ones are delisting. They should share the reason for this delist. Steem is a coin which is backed by a strong and growing community and exchange should evaluate before taking such steps.

They have 800k steem and if they sell it off then I am afraid it will reduce Steem price even more.

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Yes, I agree with you too. Poloniex has been here for a long time and thus its actions ought to be taken seriously. Hopefully, perhaps we will get to know the reasons some day. Thanks for stopping by.

Just read this in a post by another #HOPE er.
I reiterate

Delisting STEEM on centralized exchanges does not affect STEEM anymore (or at least not much). SteemEngine (although centralized too) has created quite a great deal of independence on STEEM. Many Peg's made possible what it might be later become a decentralized Exchange (something like the BTS DEXes...).

Yes you still have the gateways to solve... but way better than a fully centralized exchange (even if it has its front end on the cloud).

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you seem to understand very well this.

So please tell me how do you use steem engine to convert your steem to real us dolars or your currency of choice?

maybe i am missing something?

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STEEM -> STEEMpeg (on Steem Engine) -> trade to any of the already other pegs (LTC, BTC, etc) -> transfer that peg to something like TenX, Crypto.com, Crypterium, etc -> and then either spend it with a card if you have one or convert it to fiat and send to your bank (only some can transfer to bank).

This seems very complicated, but I am just making a point that you don't need exchanges.

Cyrpto is already very big... you can even use your "friend" to trade you money for some crypto. Yes using an exchange might be more convenient... but sometimes takes more time than the process I am saying.

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i am a big proponent of user to user exchanges i made long time ago a sidechian using discord as interface and enabled atomic swaps to allow exchange operations between users using bid / asks

it went under the table and died...

i did not know you could transfer pegged.BTC to somewhere... but then you will be using a centralized gateway.... uhm...

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Yes, still centralized, but it's getting better I would say. It's sometimes a disappointment to me too that these things still take time for people to know how to deal with in a daily basis. But once people do, its like trading drinks, or favors... "I give you this, for that...". If we think harder, in our daily lives we might do a lot of that, but we never see the dark side of those "transactions", because we usually have a 3rd party attribute messing up our clear view of things, trust!

What happens when one of the ends wishes to be naughty? Trust... dies...

The other great point of your statement and a very legit one is the business sustainability of a service. Which many crypto newcomers still arrive at this world with that attitude that this is all "free". Which is not... and until time kills those bad habits, business on crypto will be crawled with bad actors that kill potential businesses like atomic swaps ventures (the next step of these are the multi-chain contracts).

Finally and to make my point, if I say to the World that I will be launching a product that is better than X (or even the best in the world) and you can only invest if you buy "pastéis de nata"... I will anticipate the price of "pastéis de nata" to rise, in order for everyone to get the product. Even if they don't know how much about the intrinsic value of "pastéis de nata".

In this case many only look at the final investment, and sometimes forget that on the way you are also "moving values". Hopefully these paths which will increase in complexity, will create more room for decentralized economies.

"pastéis de nata" is a Portuguese pastry delicacy.

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Im a Chef and love portugal... And actually yesterday tasted the worse "pasteis de nata" in the south of france (I saw them in a patisserie and had to try them even thought i knew they will be crap)

Trust is one of the pillars of any market as we can witness with steem... :P

greed and fear drive them...