It's the account for Blocktrades, a cryptocurrency exchange. You can use it to transfer your Steem into other crypto like Bitcoin and vice-versa. That's why it's got so many crazy transactions.
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It's the account for Blocktrades, a cryptocurrency exchange. You can use it to transfer your Steem into other crypto like Bitcoin and vice-versa. That's why it's got so many crazy transactions.
But why is it transferring money to all of these accounts, I do not see them transferring anything to it. Also most of the accounts that it is transferring to are new account who had little to no money, where is the money coming from? These accounts have very few posts and they have made next to nothing on a lot of them. I am sorry but this does not make sense and until I see where they transferred other coins or Crypto to this account and converted, this does not cover what is going on. Thanks for the reply though
@greatone It is better to keep silent and have people think that you are an idiot than to open your mouth and remove all doubt.
Erath I did not ask for your opinion. I simply put out my findings, if that is a Exchange transfer function, who owns it and how is it worth 4 Million dollars? Not to mention don't be a tough guy behind a screen. It belittles you. Also nice Fake account no blogs for anyone else to comment on, you just like being an idiot on everyone elses. You have been Muted. Thanks for stopping by.
people are buying steem on an exchange with other crypto currencies like bitcoin or ethereum. You don't see the account transfering anything to them because they are investing in steem, through blocktrades, the transaction are happening off the blockchain. blocktrades buys from one user and sells to another (or facilitates that transaction).
Again I ask, why are so many Buying thousands of dollars worth of Steem power that takes weeks to a year to power down, while Steem is dropping to below 2$. Also these accounts buying huge amounts have made no money on posts so their accounts are worth Tons, but because of these transfers. Why tie your money up for a year if you have that much in a coin that is barely hovering at $2
Steem has a built in inflation, right now that inflation if close to 350% by the one year mark that will be down to 100% inflation. The inflation is designed to distribute funds to new users, and prevent anyone from having too much power. This is driving the price down, but very slowly. In reality the marketcap of steem is going up.
The 2 year payout is part of what makes steem a good investment, it makes it very hard for anyone to crash the system, especially in panic. People bought bitcoin even when it was waaay down from $20 at $12. Steem as a platform is continuing to grow, it's continuing to get media attention, and more people are contributing than ever.
I can't say why any indivdual is investing in steem but i imagine people are investing in steem because they believe that it will be a good investment in the long run. Once the inflation slows down, the supply will go down, and the platform will likely be used by more users than ever. There is money to be made on steem if you contribute to it, which is how the platform is designed which encourages people to get involved. Other's might just see that it has a great potential and are investing in it because they believe the price will go up over time, even if it is going down right now.
I can absolutely understand your confusion, and I think it's important to be asking these questions!
What's happening here is that people are investing in Steemit as a platform with their own money. The quickest way to do it is by using Blocktrades as there's no "official" way to fund your account right now. This means that the only way to invest in Steemit is through a third-party exchange that has set up an account on Steemit to facilitate those trades.
Honestly it makes me a little leery too. I don't know what kind of quality control these crypto exchanges have behind the scenes, as there's literally nothing stopping someone from merely saying they'll transfer the Steem you're buying from them into your account and just keeping it for themselves instead. Of course if one of these exchanges did that, word of that would spread so quickly that the exchange would end up blackballed in a hurry. Still, there's a risk.
Personally I haven't used Blocktrades or anything else to transfer money into Steemit, as I haven't invested any money into it. I have gotten a couple of massive payouts on my posts though, and while I've re-invested a large proportion of those rewards into Steem Power to give myself more voting power, I also transferred some Steem out (into Bitcoin, and then USD) simply for living expenses.