Vlog 317: Explaining the strange pump in Steem Dollar + Dlive gifting feature.
When you send your crypto to an exchange you must realize that you don't longer own it.
Only when you have the private key of the wallet the crypto is in do you own it.
Take STEEM for example.
As long as STEEM is in your wallet on steemit.com it's yours (you own the private key).
The moment you send it to an exchange it's no longer yours.
What you get in return is a ledger entry on the exchange.
This ledger entry you can trade for other ledger entries (like: Bitcoin, Litecoin, dash).
That's why transaction on the exchange itself are so fast. It's just numbers changing hands.
Only when you take the crypto out of the exchange and put in your own wallet is it yours again.
This is why people don't recommended leaving crypto on a exchange.
When the exchange goes down your crypto is gone.
SBD pump
To be able to trade SBD you have to send it to an exchange first. But sometimes wallets on a exchange are disabled.
Like on Poloniex and HitBTC.
Yet the 'SBD ledger entries' that were on the exchange before the wallets were disabled can still be traded.
And then you can get this strange behaviour!
But because you can't send SBD to hitBTC you can't benefit from this pump.
Yet I found one way to benefit :)
The STEEM MONSTER cards must take the average price of coinmarketcap as their calculation tool to calculate USD to SBD.
This morning I bought 50 packs for the same price I paid for 25 packs a couple of days ago.
It's something! :)
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Ow man, thanks for sharing, I once lost my dash coin on an exchange, I think I learn my lesson back then. Steem Monster!, have had much about it am getting my own card today.
Thanks for sharing man!
Great trick Exyle!
Unfortunately Blocktrades doesn't take the average price.
And people and bots over at Upbit don't seem to care either. You would think that the price should pump over there too, for maybe 10%, but it is 0% by the looks of it.
Mark @exyle and @dragosroua explain this SBD situation very well and the Fact that you can take advantage of the conversion price for the purpose of STEEM MONSTER Packs is Classic.................
Good to know about the pump buddy and ya i also bought Cards today for almost half of pricing that i purchased yesterday and found a "Elemental Phoenix" 😇 what do you think is it good to hold them or selling them is a good option.
I'm keeping all mine for now. Just completed my set yesterday! Now we wait for the game.
Congratulations Nd iam also trying to collect more and more ,got another Legendary today😅
Thanks for the tip regarding Steem Monsters @exyle. I just bought 10 packs! 😁
Also, very useful infomormation about when we do and don't own Cryptocurrency. Thank you! 😊
Oooo ooo, that's clever!! I am off to buy some! I hope it is still high!!! I need another few legendarys!!
I hope you got what you wanted!
I did!! I got the chromatic dragon I have been after for a while!!
yes!
I mentioned to the @dlive team an idea to use the gifts people receive and post them on a wall of honor. I thought that would be so awesome....To showcase what your viewers have gifted you.
I dunno, maybe it's a crazy idea...But I would be very proud of those tokens that I earned. Showed me that I produced some pretty epic content and my viewers really appreciated me.
Thinking out loud. So many things that are going to pop up across the STEEM blockchain over the next few months....Still can't believe my good luck for finding this place when I did!
Enjoy your day sir! Thanks for the Monday motivation :)
I hope everyone read to the bottom of your post. I just picked up another 20 packs of SteemMonster cards for a great price!!!
Thanks for the tip.
Nice! Hope you got something good.
2 Legendary's, and 5 Epic's.
I'm not going to complain.
Very well done! That’s Calle sneaky businessman’s move 😆!
You are right about the difference between exchanges and wallets. However, at some point it makes me nervous to keep it inside tha wallets as well. What can we do, we have put our trust in it.
I trust crypto in my own wallet of which I own the private key 100%. I trust exchanges 0%. I never leave much crypto on them.
Very nice! Awesome way to take advantage of the system! I only wish I had some SBD in my account right now to do that as well. I was shocked when I woke up this morning and noticed that SBD had risen above STEEM. Great time to power up if you have any sitting in your account!