If you look carefully at the coinmarketcap statistics for SBD, pictured in the screenshot above, you will notice a few strange things:
- on HitBTC, the SBD price is almost $12
- the volume on HitBTC is a little over $22,000
- the volume on HitBTC accounts for roughly 2% of the entire trading volume of SBD
Now, if you want to deposit or withdraw STEEM / SBD from HitBTC, you can't, because there is a "technical maintenance" going on.
So, under these circumstances, I consider the influence of the HitBTC price on the overall price to be negligible, and the fact that Coinmarketcap is still displaying it, very close to a bug. It's not technically a bug, but, given the fact that HitBTC has its wallet closed, it invalidates any arbitrage attempt, leaving the price prey to manipulation. Which is very easy to do, on just a $20,000 volume.
Normally, I think HitBTC should also stop trading if they have their wallet under maintenance, but that's another story. A story which reminds me of the early days of Poloniex, when they were suspending their wallets for weeks whenever there was a price bump, hence manipulating the price big time.
I decided it's better to use another price for my daily market snapshots, from Bittrex, which has the wallet open at the moment. I would advise anyone who is "happy" about the price increase of SBD to read this article carefully and not fall prey to market manipulations.
Steem on!
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.
Wanna know when you're getting paid?
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
Thanks @dragosroua for sharing these insights on SBD price rise...
Sounds like a good move @dragosroua.
I noticed the rate for SBD to Steem had gone to 1.1 last night in Steem Supply so I rushed over to the internal market to trade and saw that the price there was still about 0.7.
I was all happy there for a moment! 😁
I think liquidity and trade volumes are an often overlooked aspect of cryptocurrency pricing. It's why you can theoretically make a 100%, 200% or even 500% profit off arbitrage trading some tiny alt-coins across obscure platforms. Wherein reality you might buy the coin and it'll simply never sell.
Yeah it's a risky game to say the least to send all your coins to any exchange that is willing to look the other way or potentially actively participate in market manipulation lol.
The price there will drop very fast
Hit BTC should make the necessary correction so users don't do the wrong this . Your post is helpful .
I am waiting for your next new update news .
Your post is always different i follow your blog everytime , your post is so helpful . I always inspire of your post on my steem work . Thank you for sharing @dragosroua
Keep good work of every time ...
hitbtc is actually a joke of a exchange whenever i want to deposit something its always under maintenance lol
Great information for the confusion about the price of sbd in hitbtc and coinmarketcap....@dragosroua
Normally, I think HitBTC should also stop trading if they have their wallet under maintenance,
Well i tend to agree with you, maybe the said maintenance is no maintenance at all. Maybe its some kinda manipulation
HitBTC should make the necessary correction so users don't do the wrong things.
you did right, it will help us in a great way.
Sir, if you have excluded the price then why in steem.supply it is showing as 2.04 for SBD price where as the real price of SBD is still 1.8 or so in most of the exchanges.
because steem.supply queries Coinmarketcap for the prices.
Ok Sir. One Suggestion :-
When you show the SBD and SP potential earning of future payout, then why you take 75% as the author reward by default, why not set the exact author and curation reward for different post depending upon the time of their voting. More or less it shows an average or tentative payout. But dont worry I love steem.supply.
All posts are getting paid with this ratio: 75% author / 25% curation, no matter when they are voted.
No sir, I am not ready to buy this argument...
as I have seen the post which is voted within first 15 mins of its posting, its author reward is 97.5% and curator is 2.5% and if it is voted in between 15 mins to 27 mins then the author reward is 87.5% and curation reward is 12.5 % and if it voted after 30 mins then the author reward is 75% and curation reward is 25%.
Can you point me to the part of the code where this is implemented? I used the source code in my approach.
I think you may refer to other stuff, which is known as "reverse auction", which is similar with what you describe, but that's only influencing what is drawn from the reward pool, not how the actual, final reward is split.
The actual amount that someone receives, which is listed under the
sbd_balancevariable is eventually divided by 75/25 on the day of the payment.ahh i remember my first time falling for that trap. It was actually for an exchange that didnt allow withdrawals at all. But yeah hitBTC is known for that. Same with yobit, & stocks.exchange among others that i cant think of because i havent been trading lately
@dragosroua I sold some PLR on HitBTC yesterday and my ETH that I received for the sale of PLR took 2 hours to get off their exchange and back into my wallet. That kind of made me a little leery of trading on their exchange in the future................
Hey, @dragosroua HitBTC should make the necessary correction so users don't do the wrong things.thanks for share.....
thanks for your information
I dont know about that. I am sure that your post will also help me about taht.
Sbd was 2.76$ just a few hours ago
Now it's back below steem
Thanks for the clarification.
I find hitbtc is slow and shitty compared to other exchanges.
Nice apreciation
I think it's time to transfer SBD to steem. What do you suggest ?
I do really hope that HITBTC does becomes the next Poloniex.
I apologize for going off topic.@dragosroua, I really appreciate what you are doing on Steemit.
We have witness votes up for grabs.
I am trying to reach out to you to let you know I have a collective of votes for any witness that gets STEEM or SBD on a major exchange. This could benefit you if you could make that happen. Since you also had goals like this in the past, I thought you would like this challenge.
It would help the effort greatly if you promised your witness vote to the witness that gets the task accomplished. You may be voting for that witness already, so it really should be no big deal.
I don't think it is good practice to leave links in the comments so I'm not going to do that. If you would like to help STEEM become accessible everywhere and grow the community, just go to my blog and I post the witness vote bounty everyday and you can see how much vests are up for grabs.
By the way, I noticed the price of SBD was skewed due to HitBTC. I feel that the wallet maintenance on HitBTC and Poloniex was intentional. I wish someone can fix that. What was crazy is the my app that I was using was simply multiplying the skewed SBD price with the supply and coming up with a massive market cap.
Personally, I think that there should be a hardfork that makes the STEEM and SBD that resides on HitBTC and Poloniex useless. Let's just cut them out of the picture.
So Blocktrades is not going to update the prices so we get more steem for SBD