AskSteemit #9: What is going on with SBD's?
Hey everyone!
A few weeks ago I took a whale's offer to rent some delegation from him, this was mostly done to help out the @ocd project and nominations as I had recently lost some delegation. At first it seemed like an expensive experiment, but I decided to power through and do an extra post a day instead to be able to break even. Now SBD's are going literally insane though, like, no one can even explain what is happening...
I've been waiting for Korean exchanges to list Steem for some time now, after seeing what they did with Ethereum way back when it was still hovering above $10, but never could I imagine that this would be the effect to Steem and especially Steem Dollars by being added to one of their newest exchanges. I can't even fathom what is going to happen to our currency once they get added on the bigger ones, if they do.
With all this craziness going around, even coinmarketcap has currently decided not to count the price and volume of SBD on bittrex in the total, as you can see here:
It's a bit understandable as they want to protect the people who use coinmarketcap for their trades. I mean who would buy SBD at these prices anyway? So I can't really blame them for doing that. Coinmarketcap is after all under rank 300 in worldwide traffic which is pretty insane on its own.
After Steem and SBD was paired with the South Korean Won, prices have just started going crazy. Here is a chart with daily candles ever since SBD-KRW was listed on Upbit.com
As you can see, last night it topped off at a bit over 25,000 KRW which is over $22.
But what does this all mean? Why is this happening, and why Steem Dollars?
I thought this would be a good time to discuss possibilities with the community and maybe even some conspiracy theories.
With that having been said, I wouldn't judge Steemians to go crazy on their daily posting activity now and I expect us to hit new activity records very soon. Exciting times.
What is going on Steemians? Will Steem soon follow to all new heights?
Leave a comment down below, in these #AskSteemit posts I reward good discussions more than usual.
"After the impeachment of president Park Guen-hye, a dark cult took power in South Korea, led by 8 billionaire women, called the "Goddesses". All these Goddesses require the Koreans to bring them specific sacrifices. One requires Gold, one requires children, one requires (up)goats, but one requires Steem Backed Dollars to be sacrificed in order to retain this Goddess' favor. "
lol....well conspired!
Here. Bam. Have a 100% upvote from me. That's 0.06 SBD, which is 0.42 USD. Holy shit. I'm feeling so WHALE right now...
Jajaja.... So funny... 😂
Hopefully some of these raise should remain...
Greetings...
LOL
I think you mean COIN-spiracy.
Also, I notice your graph is labeled Steam Dollar, rather than Steem Dollar. Is there some confusion with the video game platform Steam, which also has its own "dollars" and is popular in Korea.
Its just the direct google translate of upbit.com. Doubt they have it listed as "Steam" in korean but who can tell. :P
Yes translated by Korean vapor 증기
Very sharp @skycranehandwork haha.
especially as steam the platform just added the ability to pay in bitcoin. maybe that's the confusion that people are buying steam thinking it's for buying things on the gaming platform? :) - who knows, either way, nice to have these people along for the ride! :)
ah wait.. update, they ended that. ..
https://www.cnet.com/news/steam-ends-support-for-bitcoin-due-to-high-fees-volatility/
Steam just removed bitcoin from acceptable payment methods. They said the volatility is too crazy.
yeah that's what i put as the url at the bottom of my comment :)
Yea SBD action is just a rehearsal for Steem. Although I wish Steem will go back to .90 so I can buy up more :)
Nice topic for discussion and hearing other users theories.
Considering that crypto market is all about manipulation, I think that SBD is a much easier coin to manipulate/pump than Steem is.
SBD Market cap is 26 Millions, and circulating supply is 3.5 Millions
Steem Market cap is 436 Millions, and circulating supply is 246 Millions
I think SBD is much easier to be manipulated by big whales.
The question is who is buying SBD at this price?
But oh well... they might have their reasons, whether it is just dumb money or they are expecting SBD to keep rallying. One thing is for sure though, this is all nuts.
Another theory (more of the conspiracy kind) is that big Tether (USDT) holders are leaving the sinking ship (USDT) and jumping into another "pegged" coin.
I say "pegged" because if SBD is efficiently pegged to USD, then I am 6'2'' tall and have a lot of hair. (Disclaimer: I am short and bald)
Wow, I didn't know you had the same thoughts.
Have you read the reply of @thejohalfiles where he shared one of the old replies of @dantheman that:
"I think we as a community can move Steem Dollar to a Steem Silver backing when the time comes. I think it would be worthwhile starting a discussion on when the Steem Dollar would switch its peg so that investors and speculators can factor in this added benefit.
It is clear that hyperinflation of the U.S. dollar is something that we should consider and any kind of "protection" that we can offer would probably help boost the value of Steem Dollars relative to bank dollars."
Maybe it's time to peg SBD to Silver instead of Dollar? Maybe some big whales noticed the comment of @dantheman before pumping SBD with belief that it will be official? Just my thoughts!
But why would they buy SBD and not STEEM? That's what makes zero sense to me.
Some investors just go blindly on coinmarketcap metrics without thinking AT ALL about the underlying technology or the real use case:
coinmarketcap says: only 3.6 Million units around, with the mention of an asterix (*)
Investors be like: oh shit, there won't be more of those, they are super scarce! Let's get them NOW..
(just another tin foil hat theory)
This sound believable. I don't know how traders operate, but do they really buy stuff without even checking out what the coin is like first?
Maybe they think SBD is the main currency. After all, the token labeling on Steemit is super confusing.
masterplan?
Yeah, that might be it :)
join the club :D
I thought it is because steem in equation to BTC is very expensive while SBD is fairer. 8K steem=1BTC while 1200SBD=1BTC. So better returns. I guess this is economics, behavior explains why irrational decisions are taken. Richard H Thaler guys had a point.
...of confusionist
Maybe it's part of a plot to stop upvote bots from being economically viable. Would love to see some data analysis on the rewards from the paywhales and their use after this price increase.
Additionally I did wonder if perhaps someon knows that SBD will be the basis for the SMTs?
I am not a money expert though, but me think that the big players in the coin market may think of diversifying their excess liquidity from bitcoin and other coins whose values have skyrocketed recently to other coins like steem and steemdollar. This and some other factors may be the reason for upward trend. Just thinking like.......
I honestly doubt that very much
Lol! You're right @acidyo. I never imagined that SBD would go to such levels because of "pegged to USD" statement. But I am excited! After all, bloggers will gain a lot from this pump (specially the one who gets his nice payout at the right time) :)
One of the reasons why Korean chose SBD and not Steem is probably that the total circulating supply of SBD is $3.6M while the total circulating supply of Steem is $246M. It's hard to pump Steem but it's easier to pump SBD. ;)
I sold SBD to buy STEEM and I will continue to do so whilst the going is good. Not sure what is going on but keep buying Korea.
I mean who would buy SBD at these prices anyway? very few people. From what I can see on the bittrex graph there are 2 very big buy orders. That's about it. Could it be another exchange buying them ?
I noticed blocktrades has no steem for lease. It must be in short supply
Upbit is co-operating with Bittrex but they have just paired a few other coins + Steem and SBD with KRW so I'm guessing its KRW fiat pushing it up.
I can't believe it is rising suddenly. 1BTC is close to 1200SBD. Like this it will come close to ether.
lol , I don't think so
You when i joined 25 days, i was working on blockchain and i checked SBD was $1 and now approx $13. I thought it will take atleast an year to reach even $2. But a sudden pull will help it to get popular and more investors. So it will. Rest whats your take? See what happened with ether it came so close to BTC.