Holy Hell, Steemit!
Sweet baby McTrump, what is going on?!
Someone's got to explain this to me. I realize that we just had an exchange open in South Korea that allowed for trading of Steem and SBD, and I figured that would drive the price up. But SBD at $11?! Good God, where did this come from? I remember when this year opened, Steem was trading at around 15c. I'm kicking myself for not buying more when I had the opportunity (not because I could be filthy rich, but if this trend continues I don't think I'll ever be able to buy a significant amount of Steem again lol). Still, how did we get here?
And where does it go from here? The thought that this is a pump and dump did cross my mind. Much as I love Steemit, I don't see the organic demand for the services currently offered through the blockchain. However, that wouldn't explain the concurrent, albeit far less dramatic, rise of Steem. They're two separate tokens. I know that SBD is exchangeable for Steem, of course, so they're linked, but they're not the same. Pumping one does not directly pump the other.
Steem was long overdue for a breakout, but I have absolutely no idea what in the hell is going on with the SBD exchange rate. It was supposed to be pegged to $1, no?
Well the idea is that SBD would always be worth more than Steem, so SBDs were designed to approximate the value of Steem to the dollar. Think of it like the USD tokens on major exchanges. Since it is a token unto itself, it is possible for its value to increase dramatically.
That being said, since it's a debt holder for a particular amount of Steem, if you look at the internal exchange, the rate between Steem and SBD is heavily skewed right now.
Resteeming to attract more speculative minds.
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Everything in cryptoworld right now is fascinating
Right? There's a lot of downward pressure, but Bitcoin keeps climbing, and now SBD and Steem are rocketing up. I don't think SBD has reached any kind of support and is going to lose value tremendously until it reaches an equilibrium point, but I could be wrong. I've been plenty wrong before.
thanks for sharing your post
Sweet baby Mctrump lol that is hilarious. Hopefully it's a sign of things to come!
Glad you found it funny :D I hope so too. I hope we've caught the wave and we ride it up and up. I'm not expecting us to hit some ridiculous ceiling, but anywhere that it levels out above $1 is a tremendous accomplishment.
All I know is I keep buying steem with every SBD I get. I think many people are doing this as well, and that might explain the gains in steem lately? I mean good grief--I just bought 16 steem for 2.5 SBD.
That could be very true. Which would mean the jump in price for Steem is far more organic than any pumping on SBD. Generally those investing in Steem are using it to increase their stake, so I can understand the bump up in price. I'm curious to see what happens when SBD normalizes. Or hell, where it even normalizes.
Dear God, man. We might be closer to those drinks on Mars than we ever imagined...
Thanks for sharing this, I will be keeping an eye on it. Fingers crossed.
Fuck the Moon. We're slingshotting our way to Mars, baby!
Hahaha. Aww yeah!
I feel you on the "irrationally exhuberent" bit. I would not say it is irrational but i think the climbs we are seeing aren't going to back down anytime soon. They might plateau but that's to be expected
I am wondering the same thing and thought it was the low liquidity in SBD. But someone in the know please enlighten us.