I thought the morning YASP (Yet Another SBD Pump) will be rather short lived, as I didn't see much volume coming in. But looking at the charts roughly 12 hours later, I find SBD at the same level, on a consistent volume increase.
On Bittrex, the amount of SBD traded was around $1,745,000 at the moment of writing. On Poloniex, around $250,000. Just to give you an idea, on a normal day, SBD volume is 3 times less.
So, something is - again - going on.
The most obvious consequence is that people who are getting SBD by writing (or those who hodled SBD) can get STEEM much cheaper. Almost 2 STEEM for 1 SBD. Another consequence is that the available SBD supply is draining faster. These are the obvious consequences.
But what that means, well, I don't really know.
I can speculate again that somebody - who has a lot of SBD - wants to get cheap STEEM, anticipating on an imminent STEEM growth. Or he may just want to give this impression.
I can also speculate that somebody bought a lot of cheap SBD and now is taking profits.
I can also speculate that whoever is pumping SBD has no idea about the peg, but he just found the name interesting and, since he already has a few spare millions, he decided to play with it.
I can also speculate that Martians are preparing for an invasion and, for reasons beyond my comprehension, they decided to use, at the planetary level, a single currency, called, obviously STEEM.
Whatever the reasons, one thing is clear: these days STEEM is observed - and probably manipulated - by powerful whales.
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 guess somebody is buying SBD mistakenly instead of Steem...
@dragosroua I just think it is something where someone may not know why they are buying SBD instead of STEEM..........
Well, this may be another good reason. But what if SBD will become the main currency instead of STEEM?
SMT are linked to STEEM, not to SBD, so I don't really see it.
Yep, at least we can gain some cheap STEEM for the moment :)
@mejustandrew I have not ever thought about that. Is there any reason why you would think that could happen since STEEM is the currency that gets POWERED UP ??
That was just a joke...
I think the disclaimer in the middle of that statement was a wise addition, no need to draw the ire of the powerful whales observing and manipulating STEEM.
and i was converting everything to steem but damm this sbd gone way far
You should put your tin foil hat on when you research SBD in the future :))
What if it is because of the Tether conspiracy rumor? If Tether is unsafe, perhaps SBD is seen as a viable alternative to Tether?
What if you wanted to cash out your Bitcoin profits, BUT don't want to cash out into fiat because of taxes, and you don't trust Tether (or know something we don't). It may be worth it to pay 2x premium if you know you'd lose more otherwise?
Does Bitshares have a USD tethered currency too? How is that doing? Higher than $1?
The Tether thing can definitely play a role in this one, but I'm not sure of the magnitude. The profits made by that "unauthorized" Tether withdrawal or mint or whatever you want to call it, are well into dozens, if not hundreds of millions. We're seeing a meager $1 million per day here.
No, I'm not talking about laundering the stolen money. I'm talking about if you knew that Tether was a scam and about to fall, and you needed a stable-coin to put your money in that is not Tether, then SBD is one of the only/few other options.
Maybe the demand for a trustworthy stable-coin is so high that the coin in fact breaks out of it's stable price?
Oh, got it now. That may be a possibility. There are few other pegged coins in the Bitshares ecosystem as well. I didn't look at them, but BTS grew 2.5 times in the last 3 weeks.
Didn't this happened a few months ago as well? Back then Steem was much cheaper and I remember I personally bought a whole load of Steem.
Last time it went for a month or so, I think ( if I remember correctly)
Yeah, seems like a pattern. One that repeats itself more and more often.
You mean, didn't this happen back at some other 13 week power down period?
It happened back in May. It was a big pump.
You haven't been paying attention if you think that was the last pump and dump.
But did you think that it will go bck to 1 USD?
I'd very much like to believe that :)
Why?
Because SBD trading at $1 is an important part of the STEEM ecosystem.
Meh, It's bound to fall soon enough. Steemit has potential, but it's not strong enough yet. And that would mean STEEM would get strong, SBD doesn't really have anything backing it.
What's a but-trex. Oh yeah, they are the ones that caved to the government and will not allow withdrawals if you have 20k of activity.
Quit them before you reach an invisible
disablelimit.I'm going here.
Someone either thinks or hopes Smart Media Tokens will make STEEM grow.
Or knows...
Yeah...that. [wink wink nudge nudge]
It could also be, that since SBD is marked in parts of bitcoin, that since bitcoin is going up so fast, it is taking SBD with it. As, on the bittrex chart shown, if SBD goes sideways, then it is increasing in US$s.
But, that doesn't hold when looking at the long term chart.
I feel that your theory is a better explanation seeing the pump bars in the chart. (large, tall, green candles you see with lots of volume, for those of you who do not know)
On a side note, is bittrex felt to be solid now? As a decent place to leave some of your coins for trading?
I leave some there, but not too much.
jovians..
not martians..
sneaky bastards..
Thaks.I have read clearly that your post is good and I like your post. @musamy have vote your post
Wow man Sold my SBD to get double amount of steem