I just sold 27 SBD for $65 worth of Bitcoin. I think we finally found the Shitconnect "bot" trying to do trades. π It keeps buying SBD above $1. Hahhah. Seriously though I don't know why the hell it keeps going up. I heard that Upbit added STEEM and SBD but this is super weird. I feel like there are traders out there that don't know the fundamentals of the coins and keep buying it up over $1 and are just going by technical chart analysis. I don't really know.
Any clues? For now keep selling your STEEM Dollars at this great premium! Those in the know will get further!
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It could be just bots triggering each other and causing these random spikes. Or, someone figured out how to trigger the bots with certain orders.
The bots need to step up their game! We are dominating them!
I've seen a couple of "weird" things like this, lately, too. I think there's a lot of money moving into the crypto space at the moment - which is a trend I think will just continue. That is a high price for SBD's, though - although we could soon be looking back on it in a few months and saying to ourselves, "Damn! I wish I'd bought more when the price was so low!"
I think you are falling into the same trap as a lot of people. STEEM Backed Dollars (SBD) is pegged to $1 worth of STEEM. So it should always hover around $1. If it is higher than $1 you should sell it for Bitcoin or convert to STEEM through the internal market.
STEEM on the other hand could be worth $0.10 or $100. The market 100% dictates that. I hope that makes more sense.
They are two different currencies.
How's that $1.00 "peg" working out for you, again?
The guy just said it's going for $2.31.
Sometimes it's more, sometimes it's less. I'm just saying it's weird.
Two different currencies? No $#!t, sherlock. ;)
Have you read the STEEM whitepaper?
Have you seen how SBD's were going for about $10.20 last week???
That is a nice profit. Well done. I dont understand shit about trading lol but if i will keep working in my blog here will have to learn more about it eheheheh
Yeah just know this. STEEM Backed Dollars (SBD) is pegged to $1 worth of STEEM. So it should always hover around $1. If it is higher than $1 you should sell it for Bitcoin or convert to STEEM through the internal market.
So you end up making more than what you think right now on your blogs!!!
Eheheh thanks for the tips π
Nice, that's a good path to explore.
Steem has barely moved but yet the dollar moves like crazy
Yeah it is super strange for sure. I almost think that there are so many people buying stuff they don't know what they are buying and since STEEM has more liquidity then the price doesn't move that much but when these people buy up STEEM Backed dollar it drives the price up a lot higher. I'm not sure. It looks like very structured buys.
And it is Saturday so what institution would be buying it up?
I am not sure to be honest, maybe because the price went up to a dollar people are buying in to see if it will get more expensive.
Is there a likelihood of it going above $1 maybe $1.20?
STEEM right now is at $1.19. It seems to trade in a channel. Goes down to $0.90 and then goes up to about $1.20. That has been sort of happening for awhile now. Hopefully it breaks out to $2 + again!
The break out would be overly welcomed.
How could we expect a breakout? I bought a bit before the annual Steamiest thinking would help the price a bit but didn't work out haha.
Yay! :D
Yippy! We got a raise!
I hear that you can't get coins out of bittrex if you don't have a verified account. Do you know about this?
@dragosroua made some speculations that it was a person who wanted to buy steem cheap without moving that market, so, bid up SBD, and then you can swap to steem cheap.
Hmmm, that seems like a weird strategy in my mind because unless you convinced other people to be buying STEEM Dollars at that level then I would think they would just get pounded with Sell orders by us bloggers!
With Bittrex you can move a small amount out I think but yeah I had to validate in there and it was ridiculous. They made me submit my ID and a selfie. :-(
The basic verification on Bittrex usually only needs your name and address. I think it allows you to withdrawal up to .4 BTC a day. If you want to go over that then it requires quite a bit more info.
Do you know if it is limited to USA residents? I have run into issues with being in Australia before.
@datascience I don't know about Australia. Most the traders I know are in the US, Canada or UK.
Lol it would be hilarious if it was just noobs thinking the value will increase. In that case, I can make more with my SBD then I should lol.