As a steemit newbie, I’m curious what stops these whales from participating/influencing the external markets in the same way as the internal market?
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As a steemit newbie, I’m curious what stops these whales from participating/influencing the external markets in the same way as the internal market?
They do, that is the whole game - they are doing cross exchange arbitrage. I'm not actually opposed to it in anyway - arbitrage reduces market inefficiencies. I just think if you are looking to buy STEEM, it makes more sense to be bringing new Bitcoin (money) into the economy.
What can stop someone from influencing the external markets in the short term is the length of time it takes to power down
:D
Yeah no one (minnow/dolphin) by themselves is going to move a market, but I mean if everyone did this, there would be a noticeable effect IMO
and on the flipside, those whales who are dumping 10s of thousands of STEEM, wish they would sell that on the internal market and then sell the SBD on exchange - better for their own STEEM holdings and better for everyone!