SHOUTOUT to @steemchiller: Most of you know the site steemworld.org Its founder @steemchiller is struggling a bit with the expenses for this top tier Steemit app. If you have some VP left for today, please consider upvoting his post. I resteemed it. Thank you guys ;-) Now back to the post:
.png)
And there we have it again. We can now see it as confirmed that CMC is running some "bad ALGO" to determine an outlier.
The difference in prices compared to other exchanges has reached a level again (don't know the exact percentage), that the "bad ALGO" will not tolerate. Bithumb, which is still the highest trading volume exchange for STEEM is excluded from the average price once again.
As consequence the average price of STEEM on CMC is now showing 1.63$ and not 1.82$ like it was only an hour ago when Bithumb was still included in the calculation. But this is real volume. Real traders mostly from South Korea paying a lot more for STEEM than they would have to...
Excluding the highest volume exchange does not make any sense at all!
I hope the price of STEEM can go up again
How hard is to do do a simple weighted average. You just need a price feed from popular exchanges and their respective volumes and run the numbers through a simple formula. You could practically do these things with a pen and paper and the worst part is that witnesses who are using CMC for their price feeds would have involuntarily screwed up those who are posting on STEEM.
@ew-and-patterns CMC already did averaging of prices last year. People thought it was bearish market because of CMC manipulation. Now by excluding bithumb, CMC will again enter into averaging hence there would be panic one more time.
What CMC did was throw out the korean exchanges, they are doing the same here. They need to average the price, arbitrage can fix the problem over time. Throwing out the highest volume exchange is market manipulation on their part.
True
We hope good about steem price.