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RE: Cryptocurrency forks: why do they happen and what happens after?
Hi there forgive my naivete but why do you give us such a poor conversion price for our steem on your exchange? Steem is $0.178 but you can only offer us $0.14 today. This seems unfair. Please can you explain.
Many thanks.
I can't answer your question in a specific way, unless I know not only what coin you're selling, but also what coin you are buying. But generally speaking, there is no single price for a cryptocurrency, the prices vary across exchanges for a variety of reasons. To see how extreme this can be, look at current prices on various exchanges for Steem Dollars (SBD): https://coinmarketcap.com/currencies/steem-dollars/markets/
We therefore have to make decisions about which prices are actually valid ones. One reason a price may not be valid is if most people are not able to trade on an exchange offering a price at variance with the rest of the exchanges. This can happen if the exchange disables deposits/withdrawals or if they only allow citizens to trade on their exchange (this is true for Korean-based exchanges, for example). Price aggregators like coingecko and coinmarketcap try to compute a "blended" price to account for this price variance and we do something similar, but we each use different techniques, so our decisions about a "fair" price will sometimes differ.
Help, steemit seems to be crashing. 3 top devs just resigned. Worse though, I can't sell my steem on Blocktrades, the only exit for us all, because steem is "under maintenance". Was there any explanation somewhere, like a post? How long do we have to wait before we can sell or buy? Who put this block on blocktrades? This really looks very suspicious.
Oh, one more thing I forgot to mention is that we also pass on the fixed fee we are required to pay when we send the cryptocurrency you are buying with your Steem to you (similar to a bank wire fee). So if you are buying a small amount of bitcoin, the fixed fee we have to charge you to cover our costs for sending can affect your price. In such cases, it's better to buy a somewhat larger quantity so that the fixed fee has less affect on the overall price you get. Also, different coins have different fees, so if your ultimate goal is to get to dollars or euros, you can save money by choosing an intermediate coin with cheap transfer fees. Here's an article with more details about this: https://steemit.com/blocktrades/@blocktrades/how-to-convert-steem-sbd-to-fiat-more-efficiently
Many thanks, I am referring to Steem traded for USDT or BTC. Your prices are way lower than Binance is offering as mentioned above. I see that your point about the amount traded changes the price for the better. I was comparing 10 Steem, but when I compare 1000 Steem traded for USDT or BTC it becomes normalized or closer to the Binance price for Steem. That answers my question.
Thanks again, I will check out the links you shared.