I am 'on and off' Steem at the moment but I just had a chance to get online, happened to be at coinmarketcap and see that SBD price was 3+ dollars. I checked Bittrex and it was 1.75 US. Back to CMC and checking the markets saw that HitBTC has SBD at almost 16 dollars. ??? I obviously missed the memo it seems on one of those pump and dump team scams on Discord.
Anyway, anyone know what is going on considering the other markets don't seem to have followed at all? To me this indicates human manipulation but, it is not really my area to say.
It is quite interesting I think how manipulable the markets are and I think we are just seeing the beginning of it all. There is a massive amount of volatility to come considering how much money will pour in, where it will come from and how many exchanges are going to be backed by the large banks. To run their markets, they themselves are going to buy large amounts of coins and once they hold, they are going to want to capitalize and make up for lost time.
Not only are there volumes going to be massive but they are going to also be playing longer games than most crypto enthusiasts are used to as they aren't just looking to make quick profits and retire. Yes, they don't mind a tidy sum but, they also don't mind controlling influential industries completely and absolutely if they think they can get away with it.
For them though, the value is to bring their massive user bases into the fold to slowly bleed further than they are now, which means they are going to have to be somewhat patient on the crushing pressure in the long term but, are potentially able to act with impunity in the very short as they buy-in. I assume their plan is to wrest interest away from those who have spent their last years building by slowly squeezing them out of the market through pumps and dumps. Many who got in early will do very well regardless but, those in more recently might loosen their hands too early.
I don't know much (obviously) about how all the markets work but, people who feel they have the upper-hand generally underestimate their adversaries and become complacent when vigilance is needed. The position of power often doesn't pay attention to all of the little signs that lead to its downfall that in hindsight, become obvious. It has happened to empires and multinational conglomerates alike.
Crypto is such a tiny speck on the global financial scale but it has massive potential and will very likely realize a lot of it and possibly much more than people in now can get their heads around. The industry being new is also filled with mostly non-professional people with very little real-world background. This sounds like a dig but, it is actually why the entire markets are so volatile as there are not enough 'standard operating procedures' (legislation) to control it. It will arrive though.
The other thing is that we think that we are operating with large amounts of value when in actual fact, crypto is a drop in the ocean. Every year the global world product is estimated between 120-150 trillion dollars with crypto a measly 340 billion. The largest managed investment fund is 5 trillion alone. Already they are starting to diversify small percentages into crypto.
As the banks and funds come in, they are going to look for returns for their customers as the middlemen rentseekers they are and this means they need stability to happen to a greater degree. Swings of 50% aren't what they are after, unless it is they who can consistently cause them. And, through their massive control of funds, their immense networks and organised abilities to collude, they will be pumping and dumping with the best of them but, they will still be trying to keep their customers happy. It has to be a slow burn until there is no value left for the little investors. Then it will be back to 4% gain a year and work at mundane jobs until retirement for 'happiness.'
I don't know about you but, I don't want to be stuck with the same options and processes as today except, on the blockchain but, that is where it is likely to head as the cryptosphere is a lot more disorganized than people like to think due to the decentralization. There are benefits to being decentralized of course until large players can buy up large at various points and then, cooperate together to both gain volume and, force through favorable legislation.
Although the banks don't have the exchanges and knowledge of this particular industry yet, they definitely have the ability to learn very quickly and fit it into their current models of control. Pretty much everyone in now will make gains (some much larger than others) but, they will have to be careful to keep strong hands with a sensitive touch. Complacency will lead to being pushed out much sooner than the peaks.
These are just some thoughts to remind me that I am going to miss lots of pumps but, don't give into the FOMO.
Taraz
[ a Steem original ]
I saw someone write about this yesterday. I think the price is due to a technical fault and once it's fixed, it will even out on that exchange
Hi Taraz. The sooner regulation happens the better. The price was so volatile today. It was around $3.20 odd and now at $1.70 or so. Someone got burnt today for sure. Whales manipulate the prices with dirty tactics. There will be better profits if it is regulated. I would rather make decent profits than risk everything by trading on a day like today. A swing of 10 or even 20% is workable but not 90%. Wait for it I am sure I can hear a KABOOM !! somewhere on the platform lol.
HitBTC is always 200-400% higher for SBD than the other markets. But the wallet more often than not doesn’t work.
I prefer coingecko to be honest. Better even I have set up Delta crypto tracker and connected it to the markets I use. It also has built in alerts.
Additionally, if you set up API access you can even trade from within the app.
Well... without government regualtion crypto markets are a wild wild west. We all know that and yet we still want to play the game. Anyone can manipulate markets with enough dough these days. That's exactly what we're seeing in my opinion.
This has caused an uproar since yesterday is this issue that in some pages is 3 dollars or other less than 2 dollars and then hitBTC appears with 16 dollars this is crazy not much of this issue but I think there is an error
The issue that I see, is that those who agreed and accept the world of crypts, which is totally volatile and manipulable in a certain way, all based on the fluctuation of each currency, but vulnerability is almost impossible to stop it, is a question of technique, study and be very attentive to the market to obtain good benefits from them.
I think your view of the news make it more clearer for me to understand.
I was thinking of misleading before when I first heard the news, but I think I'm getting it now.
I wouldn't like bank to be part of crypto, they are a game player, they will ruin the system and leave.
In my opinion, there will always be some type of manipulation. Without regulation, there will be those who can manipulate crypto because they own so much of it; dump. If banks regulate it, then they will manipulate it like they do everything else; ie. gold and other precious metals. On that note, I still have interests in crypto and precious metals!
HitBTC has a malfunctioning bot and frozen SBD Wallets. @kingscrown told me that the wallets have frozen for last 6 months.
coming back to big number - the total summation of world debt is in excess of 150 trillion dollars and crypto market cap sits at a measly 340 billion. The truth is that crypto has ways to go before it can be a position to directly affect economies. For now I am glad that cryptos have the power to directly affect lives.
I think it was an insider job by Hitbtc and may by their own people, as the common man is not being able to deposit or trade in Hitbtc. But I wish SBD to pump more then 10 in next 6 month. Thank you sir.
Crypto is a tiny spec right now but I feel that it will grow pretty fast once banking gets more involved. Hopefully platforms like steemit will pull others in early who would have otherwise never invested in crypto. There will obviously be manipulation by the banks because they manipulate everything but hopefully their manipulation won't destroy crypto. Its just the nature of the beast. I hope it doesn't discourage the big players we have now. If the big players manipulation doesn't coincide with the bankers, they could be done with their games.
Yeah, cool, but why is the price never stable??
Fantastic post friend