STEEM battles to recover the 3.00 level. BITCOIN tries to 'bounce' off 8000. A comment and a question about SBD!
Good Day Steemian friends.
First, I want to thank those following these posts on the market and who have been complimentary on the quality and accuracy since posting in very early in 2018. If I've learned one thing in many years involved with the financial markets, mainly gold, silver and equities and what moves them, it is STAY HUMBLE. If you are right 75 % of the time you are a big success. And when you are wrong, don't be too wrong! Sometimes we must admit things are very, very mixed. And you just need to sit back ADMIT IT and let the market show you.
This is one of those times. Charts are great. But let's be realistic, SENTIMENT greatly dictates market direction especially at extremes. And reading sentiment is my specialty. Thus I am confident when I say (BITCOIN) was not ready to punch through 10,000. The Dow was not ready to punch through 25,000. Yes, we have to put it on the line and we will be at times WRONG!
But hopefully, not by much. Let's look at STEEM. Chart: Worldcoinindex.
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I do believe as I've written, Steem will want to recover and stay around the 3.00 level. I had hoped it would do it at 3.50 on the called pullback from 4.50. I like this chart and you do not need lots of lines etc. to see it!
SENTIMENT is not sufficient to propel Steem immediately to 4.00! In fact it may not hold 3.00. Should it fall as low as 2.00 sentiment will become very positive and a strong move upwards should ensue blowing right by the 3.00 level.
CHART of SBD: Worldcoinindex.
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I want to ask you, "what is holding SBD back?" Maybe some of you can explain to me why SBD now trades at 75% the value of Steem? But the chart of SBD looks interesting indeed. A nice up move should be in the making.
I appreciate you stopping by and I greatly welcome comments. Especially to my above question!
UPVOTE, RESTEEM,FOLLOW
Интересный обзор!
I will not wait to buy steem at $2. If possible, I would like to buy it now. The problem is that I want to buy it using Paypal. Do you know a person that would receive my money and put the steems directly in my steemit account? I would like to buy around 1,000 steems and I would pay 10% above the current price of steem, for the trouble. Smaller quantities of steem are OK.
I wish I could help. believe me there are other on the board who might be able to help...MY take? do not wait or expect to see 2.00..that is an example as to what would really get this market to "want to explode"" to the upside. I would have no prob. buying here..just my opinion, of course.
Thank you very much. If you , in the future, know someone who would like to sell steem, please let me know.
Why do you think sbd looks better than steem?
Only because the chart may be a bit more "oversold" and it should be due to play "catch up". I'm just a little confused why it is not trading closer to Steem. Thanks and also for the great support!
I feel the same way you do - SBD is the rare coin here. Unless you are bringing in your own cash, it is the only way to prosper. I agree it should be the high one and I cannot figure out why it is not.
Thanks!
I’ve actually always had the opposite question. Why does SBD stay close to STEEM? I can’t see there being any demand for STEEM > SBD trading because wouldn’t everyone always want to be trading to STEEM so they could power up? Why would you ever trade your STEEM for SBD? You can’t really do anything with SBD except maybe use it internally to pay our contests or something.
right!! (just that someone told me they "they thought there would be a close correlation.") thanks.
The only insight I can give on SBD is a little history. Originally SBD was supposed to be pegged to $1 USD. It was a debt mechanism which paid a very nice interest rate to those that held it and could be exchanged for 7 day cost averaged Steem at the pegged value. About a year and a half ago, they killed the interest rate. And since it has exceeded the pegged value is no longer a good trade for cost averaged Steem.
greatly appreciated. Thank you!
This makes a lot of sense. Thanks!
We have some astute followers!!
Hi Mallory, maybe someday you can explain this stuff to me? Haha. I'm keep trying to learn this and every time my mind just fogs over. This is from a former A student who thought he was oh so smart LOL
I'd be happy to! Just let me know what I can explain, and I'll try my best!
For this particular question, basically, SBD = "Steem Backed Dollar," because initially, 1 SBD was supposed to equal $1, so you never had to worry about the price going down. Furthermore, you got some interest for holding it as an investment, as you would in a bank account. If you ever wanted to turn your SBD into STEEM so you could power up, you could exchange it at whatever was the average exchange rate over the last week. Now there's no real point to holding SBD because it's not pegged to the dollar, so it doesn't guarantee you any stability in price, and you don't get any interest on it.
Does that help?
Thank you! It's a sort of feeling i have that i'm missing the point. Or a fundamental idea. Something like what was the first question that even started this whole thing. I don't have that feeling when i paint, play guitar, surf take photos, go for a walk... hmmm, The details often cloud the bigger picture and now i feel like i'm floating off in space. Writing is not my favorite activity or best talent
P.S Thanks i "get" what you explained for me. I wonder why they changed all that? Oh boy there's another can of wacky worms
My best guess is that they removed the interest when they lowered the inflation rate so that less STEEM would be flooding the market and pushing the price down. As for un-pegging to the dollar, I think that’s just a function of the market doing what it does and determining prices based on what people will pay for stuff. But I’m not the expert here!
Hi @malloryblythe :) I'm just trying to understand things here in steemit as well. According to this article https://99bitcoins.com/making-money-with-steemit-steem-dollars-and-steem-power-explained/
So, there is no more interest if you leave your SBD in your account?
Yeah, it looks like that information is outdated. I do recall there being some interest accrued on any Steem Power that is in your account, though. I read an article about it the other day but I would have to do some digging to find the link again since I've been on a bit of an engagement spree here.
Great reply ! I loved it!👍👍👍
Thanks!
I wish I knew what was holding SBD back. Personally, I like it when it's trading high and people are getting big rewards on their posts. I think it generates interest for new people. But there are people on the board, particularly seasoned vets, that would rather see it pegged back down to 1. I don't know, I say keep it high let it go wild!
agree!! And thanks for commenting..always good to see you, friend!
Thanks for sharing @yankee-statman , I am seeking answers to the same questions you ask my friend! I Will read some of your comments and look back for some answers ! upped earlier now resteemed!👍👍👍
I’m no chart expert, but I’ve been following/trading steem/sbd for a while.
SBD seams to follow this trend, it slowly dips to around the current level. Then it has a sudden pump to slight over the steem value, stays that way for a couple days and pulls up the steem price a bit, before it starts to decline again. I’m hoping the next one comes soon. I generally hold most of my SBD until the next pump happens then trade my SBD for Steem and power up!
I feel we are slightly overdue this time around.
And I appreciate you stopping by and the comment..I tend to agree!
3.00 level is huge...i want the puke. I want the puke in all altcoins and bitcoin to start it for the secure low and uptrend to commence...likely will be around the big turn in gold and silver coming.
And I think yo are going to get it...I had given a bit of benefit of the doubt, to 8000, BTC and 3.00 Steem..Sentiment is not good at all...thanks.