You've probably read on my posts quite a few times about the STEEM listing on Huobi Pro and about the potential implications of this for the STEEM price. Yes, I posted a bit more often about that than usual and there is a reason for this - one that was often overlooked when people read about the news. This listing is not your regular, "yet-another-exchange-adding-the-STEEM-wallet" thing.
For this first time (at least to my knowledge), STEEM is traded against USDT, and not only BTC or ETH.
This is going to have major implications on STEEM price. For the first time, you can exchange it directly to a currency which is not as volatile as Bitcoin or Ethereum, but pegged to USD. It's not USD directly, and Tether has its fair share of proponents opponents, but it's a big step forward.
Of course, we all want to be able to just transfer our STEEM directly to our debit cards, if possible, or just use it as it is, on all kind of places where it's (or it will be) accepted. Well, patience, my friends, that time will come, but we need just a little more patience. For now, let's enjoy the fact that it's traded against USDT.
First Hours Of STEEM On Huobi Pro
Below are a few numbers that I consider relevant to this news, pertaining to the last 10 hours, since STEEM is available to trade on Huobi Pro.
| Pair | Volume In STEEM | Volume In Fiat |
|---|---|---|
| STEEM/USDT | 1,541,695 | 6,615,660 USD |
| STEEM/BTC | 901,568 | 3,867,726 USD |
| STEEM/ETH | 103,724 | 444,975 USD |
A few conclusions:
- total volume in USDT is higher than BTC + ETH together, showing a huge appetite for this pair
- after 10 hours, the price is not significantly lower than when it started, ruling out a potential "pump and dump" approach
- the highest value was $5.2, which is a nice point to look at, for the near future
- transferring STEEM to Huobi Pro is very straightforward, they use the account @huobi-pro and the memo is named "tag" and consists only of 6 digits
If you didn't join Huobi Pro already, you can do it by clicking here (full disclosure, this is an affiliate link).
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I didn’t realize they had a usdt pairing, it’s very good news. It’s buy time for sure lol
Not to be pedantic, but: and Tether has its fair share of proponents did you mean "detractors"? proponents = positive opinions
This is excellent news in terms of what it represents for Steem. I have heard very alarming things about Tether tho.
I think it was meant as "opponents" and you're right :)
Thank you for making this update, I was really curious how is it going, I was wondering if the Steem trade started at Huobi, and since I hadn't an account there and I am not that familiar with their platform, I didn't knew.
I was also afraid of a big correction, but it seems that this was it, this is the new price of Steem and it positioned really well on 25'th place on coinmarketcap.
Absolutely amazing!
You can say that again. And again. And again :)
Absolutely amazing! :)) It really is!
Steem is heading north for sure. :)
For me, the big correction for the Steem platform is always towards the top 10 and not the downwards from where it is now. Being undervalued for quite a while. I think it's now time for Steem to correct upwards! :-)
The KR community on steemit is significant and glad we have them.
Edit: Chinese exchange in beijing sorry. Interesting!
A question please:
Only Steem is listed or Steem Dollar also?
AFAIK, it's only STEEM.
Too bad. The way I use the platform SBD is more important :(
It would really be awesome if in near future we could directly convert steem to cash and vice versa.
We will see very high volume in the next few days stay turn
THIs is the good news we’ve been waiting for. We are beginning to see the growth of Steem. Amazing
I'm going to make an account. I hope I can use it even if I'm on a different country and I mainly use Mexican Pesos. Thank you for the info, I think these are great news!
This is some good testimony for Steem. Been able to exchange Steem to fiat is actually a very cool feature and I'm sure it will put Steem up a bit in the days to come.
Its not Steem to fiat its Steem to USDT which is another cryptocurrency which is tethered to the US dollar interns of its value.
This explain better.
Glad I could be of help, I had a look at your blog and wish you luck with your efforts to solve some of Africa's problems with the help of blockchain tech.
Wow @dragosroua this is a great news.
I will right away try making an account this will help me learn more about trading. I started it few days back. Thanks for sharing this news with us sir
This is good news, though the trading was delayed some days ago, its really nice that its a reality now. Nice one
Ofcourse good news as well for bcz i was looking for new exchange..nice
So it did hit $5? I think coinmarketcap doesn't have the new exchange data yet.
https://coinmarketcap.com/currencies/steem/#charts
Nope, Huobi Pro is not listed yet on CMC. But you can see USDT/STEEM here https://www.huobipro.com/steem_usdt/exchange/
amazing. lovely feelings to see steem direct conversion into Fiat (USD). Yes what is more good if steem directly transfer it to our debit card. Hopefully it will be done one day. Thanks for the update @dragosroua Congratulations to all steem
I've signed up through your affliate link- hopefully it will make you lots in the future!
Thanks :)
i just did 1 steem (I thought through blocktrades ) - i didn't put the 6 digit number in the box - my fault i didn't see it - and it hasn't deposited - no biggy - but did I mess up by not putting in my 6 digits?
I want to get it right! lol
(it has deposited on the huobi steemit page, just saying blockrades...)
any pointers would be cool - (gonna have to work for your commission to start off)! lol
thanks
if you want to send STEEM to an exchange, you have to put in your memo. It's a unique way to identify the source of funds. Huobi calls the memo "tag", so you should always put in the 6 digits number. Good that you started with small amounts, that's clever, at least you won't lose that much.
I thought that was the mistake I made.
cheers.
Ooohh I agree that being traded with USDT pair is massive.
I hope this bodes well for us and Steem.
I posit an even bigger step forward would be to have STEEM quoted on Bitstamp (or Kraken) directly against actual fiat (€, $) and with a direct SEPA banking relationship.
I wonder what would take for such a thing ...
This statement alone made me smile
The growth of Steem will become unpredictable someday as it will keep mooning above all Tobias and Sanballats.
This is excellent for steem, gradually steem is covering grounds and taking over the cryptospace. Joining Huobi right away
Just few hours and e are already witnessing such tremendous increase in price and volume. This is what we all have been waiting for....so much for keeping our hopes high.
I guess I never really appreciated USDT. I still don't understand much of its value, but from the way it's being traded, it seems that what you say is surprisingly right and this unique pair will stimulate traders to give STEEM a try.
Maybe it's because you can freeze STEEM when it's falling on USDT? I don't know. I once froze BTC in USDT and made a couple dollars. :P
Thats some good volume for the first day!
I really like how things seem to be working more independent of Bitcoin and the other coins. Hopefully, that trend can continue. And I suppose we'll know more how the weekend is going to go, once it gets back around to teh Asian markets later today. This keeping track of what's happening 24 hours a day is exhausting! Okay, not that bad, since there's always something to do but the continuous cycle makes it a lot to keep up with.
haha you know us too well! this is the first thing that came to my mind...
cannot wait for that! this is very good news though so thanks for keeping us abreast.
yo abrí mi cuenta el 26 gracias a@dragosroua pero no arranco, ahora estoy enviando a todos mis amigos para que se inscriban..hacerlo también te dan una gratificación... voy a invertir unas cuantas monedas allí para ver el desempeño
I hope steem-fiat will follow soon.
good to see the steem/usdt pair...
A long awaited step...steem will have its rightfull place among top cryptos soon...
What do you think will steem price rise in few days? As Huobi exchange announced steed for trade.
Our next steem value is 5.48$ according to experts.
This is big news. Exciting times in Steemland!
it is really a wonderful sign. A good news.
Great now steem value will rise and reach the sky.
This is a good news and happy to hear that Huobi exchange is available for steem trade.
Keep sharing good news :-)
wow good information thanks for shareing
This is a little capable affidavit for Steem. Been intelligent to conversation Steem to fiat is essentially a self-same cool item and I'm all right it will put Steem up a morsel in the time to come.
This news can also be seen in the price of STEEM. We already have many authors from eastern countries but this thing will open new opportunities to author living in China
Really you great person ..and helpful post
yaa huobi is the pretty cute crypto in chaina and i think its have growing well for steemit.
thank you sir for kind update@dragosroua
You are pretty much succeeded in what is tried to do!
we got to know about this news from your blog and that is great!
you hard work pays off!
Good luck for the future!
good for steem, gradually steem is covering grounds and taking over the cryptospace..already witnessing such tremendous increase in price and volume.
infromative stuff for us, hank you boss
This is new experience for steem in huobi...
STEEM is traded against USDT...!!!
That's amazing..We can wait and see what happen after end of the exchange...
STEEM is high due the this reason. SBD is not listed there I guess?
-----------%%%%%$$$$$$$$wow @dragosroua this is a great news.
I will right away try making an account this will help me learn more about trading. I started it few days back. Thanks for sharing this news with us sir
Thank you for making this update, I was really curious how is it going, I was wondering if the Steem trade started at Huobi, and since I hadn't an account there and I am not that familiar with their platform, I didn't knew.
I was also afraid of a big correction, but it seems that this was it, this is the new price of Steem and it positioned really well on 25'th place on coinmarketcap.$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Well that is indeed looking good :)
A great step forward for all of us.
SBD was also meant to be pegged with USD but it could not happen,I am afraid if the same happens with USDT.
So the USDT is worth the same as USD? Can I transfer USDT to a bank account?
Or is there still another hop to make to make that happen?
The reason I'm asking is to figure out if this is worthwhile me joining. I already have a'stream' for getting money from Steemit to my bank account. If this would take a step out of the process that would be worth it for me.
But if I am still exchanging the same number of times (and paying fees to exchange each time) then it doesn't leave me any better off.
It is good either way that STEEM is now being paired with other currencies though.
Compared to other trade traffic information on Coinmarketcap, that 6.6M traffic is quite huge.
I wonder if Bittrex will also add the possibility one day. They let Verge and Cardano trade to Tether, so Steem might be worthy, as well
Exauseme bother plg vote me. Bacuse your steem power is high.
I am flagging this to show you that spam is not acceptable on Steem.
Didn’t realize that was the first usd trading pair, great news. I first got on steem with korbit trading against krw and we see how strong steemit is in korea. I think you’re right, this is great for the future. More trading currencies, the better. Been a great week for steem