Why is STEEM worth more than 5$ on Bithumb?

in cryptocurrency •  last month

View the original post on Musing.io

One thing I know for sure is that STEEM will be more than $5 very soon in all the exchanges. 

we had similar situation with Polneix, where they disabled STEEM withdrawals for a while and during this time STEEM price on Polneix was so low compared with other exchanges. 

Also I know some Chinese rating agency has ranked STEEM as their second best Blockchain and lots chinese millionaires have close connection with Bithumb and I'm sure some people really know the true value of STEEM. 

Also I'm personlly happy at least Bithumb is optimistic about STEEM's price even if this is kind of price manipulation  and Coinmarketcap.com should do more to stop these kind price manipulation to appear on their website..

NOTE - I'll post my answer to my blog and if somebody would like to answer respond please answer the original question on Musing!! and please do not comment on this post. Hope you understand 

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Market manipulation on the Korean exchanges is sometimes called "The Kimchi Premium."

Prices are often much higher on Bithumb than elsewhere.

Don't think that you can just open up an account there and then make a lot of money though. It's not possible.

https://www.ccn.com/it-is-not-possible-to-arbitrage-south-koreas-cryptocurrency-premiums-without-breaking-laws/

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I've heard about the premium but couldn't beleive it's that much. So, they basically manipulate the prices to make a profit? Wow. Why don't people just buy from other exchanges?

Don't think that you can just open up an account there and then make a lot of money though. It's not possible.

Why isn't it possible? Except from the fact that all withdrawals and deposits are currently disabled.

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I've tried making accounts on those sites, and I've never been able to make it work. First of all.... it's not legal due to some kind of South Korean law, but even if you could make it work, I don't think you could really make it work.

thanks for your insight @nathanmars

I'm a firm beleiver in the Steem blockchain and I'm fully aware of the fact that it will soon be worth so much more than what we eare currently used to.

Thanks for reposting this to help find the answer!

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I’m glad to hear @runicar :)