Why Steem is a good coin for traders
I was going to make a post about this a few days ago but I figured I do it now as I saw something happen in the market recently.
To keep this post short and to the point, I was basically going to mention that on Steem you know the daily inflation or reward pool that goes out to users. Most addresses are public and easy to find, such as exchanges and all transfers involved. Meaning that traders actively trading could easily create a tool that alerts them for big transfers and possible large sells incoming.
It is also a nice coin to trade cause you gotta be quick, you don't have to wait around like with Bitcoin where the sell may be placed 6 confirmations from the transfer which could mean any time between 10min to 6 hours. Even if you know the public address of an exchange it doesn't mean much cause they could be selling that Bitcoin for another coin and it may not effect the fiat price of it. With Steem you only have around 20 confirmations which is usually a minute to react to large possible sell off transfers.
With all this in mind and how the currency works, we also get these bonus sell offs every now and then by either clumsy traders or someone wanting to hurt the price of Steem on purpose. Either way the more traders trading Steem the more people will be placing buy orders in case some of these happen again (which they have at least 3 times so far).
Anyway, to end my passive aggressive post about why Steem is such a great coin to trade, did anyone get lucky with some low buy orders on this baffling sell off? I'm quite annoyed right now not just cause I had recently bought Steem hoping it was going up, but also cause I didn't have any buy orders in place this time around in case something like this were to happen.
I wish I had a buy in way too low to get some profit at their expense...
It was probably some idiot that works for Steemit selling off 500k Steem or something.
Can it be algorithmic crash sell off? It looks to me that a selling bot of a whale/steemit going nuts. Wow, I should/would put a buy order of 1 BTC at @binance to catch such glitches.
Who knows really, could also be on purpose (most likely). Only reason I can think of is the person doing the dumping was aware Steem is not on many exchanges and that the dump will likely execute stop losses or panic sells on other exchanges too (like bittrex went down to 5500 sat) which could've made it worth it if they were buying cheaper on the other exchanges combined with most of their buy orders on binance being their own they sold on to. Could've yielded some profit for the person causing the dump in the first place but it's just a theory.
No :(
But I've traded a little this past week and made a little, time to buy then?
Not sure about that right now, many probably bought all the way down to 1100 sat so they either sold it instantly when it went back or will sell a bit later since it was "easy money".
Yeah fair enough. I shall wait a little with my little bag of STEEM then :)
Agrr...one in a lifetime opportunity that was...
Great article and I have to say it
Steem is the token that talks about itself by itself for itself with zero transactions fees.
Except for the exchange who requests a fee for using their platform.
How that sound guys?
Keep on postin
Posted using Partiko iOS
I don't trade STEEM currently, just HODLing until the price reach one point I decided on before... But I agree with you, Steem is also good for day traders.
Haha looks like I did catch a nice low rebuy!
I like trading steem on exchanges as well because it is its own thing, sometimes gets traded differently than btc, and I have my finger more on the pulse of the blockchain.
Plus, when I accumulate more, I can just send it here and power up my vested stake.
Good fun even in a bear market.
Posted using Partiko iOS
It bounced back from 110 to 999 pretty fast. Would have loved to have had a buy in there at 3c Steem :D There are a few happy people out there now and by the looks of the amount, perhaps a happy whale :D
$rewarding 90% 13min
Haha! Thanks for the free $750 Binance!
I had not thought about this but I think it may be good to setup some orders like thos in case they can be filled. The only problem is having to keep funds on exchanges to fund the potential purchase!
Posted using Partiko iOS
i saw it too and missed it arghh. didn't have the low buy order in place. but well even if i have, i would do bittrex low 575 not 110.
Posted using Partiko Android
I managed to double my 20€ bet a few days ago..
Sadly I only set steem for 20€ and not more... But it was just a test ;)