Why the exchange rate of SBD on internal market worse than of Upbit
Hello my dear Steemians,
Last few days there is a lot of turmoil around Steem Dollar and if someone did not hear anything until now then the person definitely heard last 24-48 hours. The reason is because now we see that post rewards now is also paid in Steem Dollar. It is good to see that we have some Steem Dollar, because when then we look at the charts, despite of recent low of Steem Dollar after it was designated from Upbit exchange, that is South Korean Exchange and the announcement was on 30th of December, that day the Steem Dollar value dropped to $1.58.
We all were very upset with that low but it was important that if it stays stable then that should be okay.
My title image is a snapshot from Coingecko, that is cryptocurrency data aggregator, you can see that today starting from about midday the trading volume of Steem Dollar was increased to $2 billion and the value went up on one moment 1SBD was $10.00 of course, for short time but still it is sitting as $6.23
Here we can see how much Steem Dollar was throughout the year and now we can see another growth.
Here you can see the exchanges where you can see how much $USD you will receive for Steem Dollar, if you have access to upbit then you will be able to get better exchange rate and more USD but as outsider you can not get access to Upbit.
Number four exchange is HTX which is ex-Huobi, that was founded in China but then due to increased regulation rules, it is now migrated to Seychelles-based cryptocurrency exchange and is called HTX it has offices in Hong Kong, Japan, South Korea and USA.
I have some Steem Dollar that I wanted to exchange to USD but while going on internal market the exchange rate is the worst of those four and equal to HTX rate.
I wonder why our internal market is taking the rate of HTX and not of Upbit?
Does anyone have any clue? Maybe the Steemit Team?
It is a pity that we do not have any official announcement from the Steemit Team about the situation that happening at present with Steem Dollar and what is going to happen.
I am wishing all of you good Steem value and of Steem Dollar.
Funny, I also wondered why the prices vary so much and wrote a comment about it earlier.
0.20 SBD,
0.69 SP
Yes, it is one of the most curious questions and I think many wonder what is behind it :)
0.06 SBD,
0.20 SP
There is a comment from the Steemit Team: https://steemit.com/sbd/@steemitblog/spcs3m
Here is a blog entry from Upbit: https://bloomingbit.io/en/feed/news/80855
The current prices on Upbit are therefore not market prices.
It could be that there will be an announcement from the team.
0.19 SBD,
0.63 SP
Yes, I saw both, the comment of the Steemit Team and the article.
I only wonder why then on Steemworld there is External SBD Price is as on Upbit also when going to Coinmarket it has the same value like Upbit, maybe that needs to be changed to something that properly reflecting the Internal market exchange rate.
I don't really know the answer to this, but I generally consider myself grateful for what we have, if you take into account that the original intention around here was that 1 SBD = 1 USD.
The Upbit numbers are often irrelevant, because they are generated purely by automated speculative trading... as you know, these sudden spikes upwards almost immediate sees a return to the same level as before. Clearly somebody on that exchange (who might simply be a TRADER without even a Steemit account) clearly makes a small fortune on this, but there are also many who "pile on" and end up with losses.
I expect some of the difference between Upbit and the internal market is also the result of a lack of speedy pathways between Upbit and Steemit... Upbit isn't even available outside SE Asia, as far as I know...
0.13 SBD,
0.44 SP
I remember that initially it was an idea of having stable coin that would be equal 1 SBD = 1 USD, but it was never a case, that is why recently when it started to drift down I thought that it will be then reaching that level and stop but it is weird that it is very unpredictable and it is difficult to know which direction it will go. We just need to wait and see.
Yes, you are right, it is a shame I believe it is good for the Steemians from South Korea, at least they can use that chance of good exchange rate of SBD.
0.01 SBD,
0.05 SP
I changed my SBD to STEEM, I hope to see an increase in the last one, I use coinex, I hope that steem increases its value to make profits.
I understand what you say in the post, but there are also market movements influenced by trading, they influence the market for its liquidations.
0.06 SBD,
0.21 SP
I am still thinking what to do maybe will wait for another few days before deciding with the hope that the exchange rate in internal market gets better. Who knows we might see a lot of surprises by the end of the month.
I'm not sure, but I think I once read that it is the korean UpBit that has such a high price, because a lot of korean investors use SBD to trade it directly with their currency, the South Korean Won (KRW), while in other parts of the world the SBD/KRW isn't an advantage, so the price stays much lower.
0.04 SBD,
0.15 SP
Yes, I also heard about that, there is a lot of trading within Upbit with SBD/KRW and since they designated SBD there is no new SBD can be brought in so people use these that is within exchange at present.
Is that why we stopped receiving SBD as reward for writing here?
It's obvious. Someone told me SBD will be back this year.
0.04 SBD,
0.15 SP
We are receiving payment in Steem Dollar now, but the exchange rate in internal market is low.
But some of my pay out doesn't include steem dollars. Just steem and steem power.
No there is always Steem Dollar and no Steem
With times the sky's will clear regards the issue surrounding SBD, i saw
a dipped which is like ever happened to Steem dollar since it rise beyond the Steem token itself, but i remembered that idea of 1 SBD to be pegged with 1 USDT 1:1 (ratio) so i thought that has come to stay but there with 24 -48hrs there is this drastic changes as well, like i said let see in few days before the end of the month.