I've been trying to cash in some steem, and what a palavar it is.
The first stage - selling steem for bitcoin - wasn't too bad. Took a couple of days for my sell order to execute, but eventually all of it was bought.
It's the next stage - converting bitcoin to litecoin that I can send to kraken - that's the problem.
There is no liquidity. Your buy order can sit there for a week and not execute. Doing a "market buy" is pointless as the prices on the sell orders are 10% out (which means you lose 10% when selling the ltc on kraken for pounds sterling).
On the rare occasion the price is right, you can only buy in stages of 1.25 LTC (currently worth $70). Which means it's hard to move several hundred dollars.
No point trying to use Dash to move money as it is even more illiquid than litecoin. BTC and ETH have excessive withdrawal fees. They don't list any stablecoin that Kraken or Coinbase would accept.
The lack of liquidity is making the exchange unusable. Who has time to wait several weeks for tiny trades to execute at $70 at a time?
Has anyone got any suggestions?