Steem Stabilization Project [2017-10-07]
100% of the SBD this post raises will be sent to Bittrex to stabilize the price of STEEM.
This is a project Co-Started by @cryptohustlin
What do we propose?
You simply upvote this post. We have a market making(a trading strategy) bot built out for STEEM on Bittrex and by adding your donations in the form of upvotes to the bot, we could potentially stabilize steem quite a bit.
So what is market making?
Market making is when someone who places bids(wanting to buy) and asks(wanting to sell) on a product in an attempt to make profit. A by product of this activity is decreased volatility in the market(more stable prices).
http://www.investopedia.com/video/play/role-market-maker/Yesterdays trade volume Update:
- 84.45231696 Steem
- 0.02438489 BTC
It doesn’t take a lot!
This project was kicked off by 120$ worth of steem / bitcoin donated by @cryptohustlin, Since market making constantly is buying and selling, the amount of volume you can do with very minimal amounts of money, make this strategy for stabilizing steem great!Our Code.
https://github.com/cmtzco/steem_mm
We have decided to share our code with everyone so anyone who wanted to play around with it or use it was able to.
Keep in mind this bot does trade with and can loose REAL MONEY.
We are not responsible for any bugs in the code, how you choose to use this software or anything that could arise form running this software.
The current code will trade with your entire BTC and STEEM balances on poloniex and bittrex.
@mrainp420 has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond. To be Resteemed to 4k+ followers and upvoted heavier send 0.25SBD to @minnowpond with your posts url as the memo
and you think that can help how?
what you are doing is exactly like printing new dollars to stabilize dollar.. this is not how things works,,
steem exchange rate is like any currency exchange rate, it goes up and down by offer and demands..
shortcut explination, Investment from outside steem whether in or out, is the only factor that effect steem price
bottom line: your contribution will be worthless for steem.. but of course it will be beneficent for you..
a. this project would not be worthless if It was run simply with 1$, it would still have an effect on the market.
b. I fail to see the relationship to printig dollars.
the money generated on a post's upvotes is like new printed dollars, it's coming from steemit blockchain.. (the blockchain money printer)
it has a value because people believe in steem and they are buying it.
so the more people buying it, the more market cap it will have, and the more steem is generated the bigger the token numbers that the market cap will be divided on, (so called inflation)
i am not telling that steem is being inflated by posts, my point is it would be worthy for an individual who can benefit from the post income, but it doesn't help steem to stabilize unless you burn the income, buy sending them to null account,
that can actually help the stabilization..
hint, if you downvote my comment i will downvote your post..
I won't downvote your comment but thank you for the input. Rest assured all of the Steem I make on these posts go into the projects I am working on here. @minnowpond is one of the ones that I take no profit on to help boost the posts of those seeking a little bump in views and all of my Steem gets diverted there should I have any surplus.
Sorry for doubting your intention my friend, however, if this post generated a good amount, you will receive good Steem Power income not only SBD through this post, i didn't see that you mentioning that you will also donate an equal amount of that steem power!!
perhaps you forget about it.
anyway i prefer to burn the income in such posts, that can help reducing inflation
god bless good intentions
Whenever minnowpond upvotes my posts, I upvote minnowpond's posts. I believe eventually I will have enough Steem power to make a difference on here! Until then, I'm upvoting and commenting on everything I'm able to, hoping to help others as they've helped me. Cheers!
I don't even know how to down vote yet... So I upvoted yours, because I am willing to learn how this works! Thanks for your comments!
Upvoted indeed!
Honestly I don't like the sound of this. It sounds like a false solution. That said I've upvoted because I respect the effort and you!
Good to know this I hope my upvote will help
Let's stabilize the Steem. :D
Good luck!
Upvoted and resteemed
@royrodgers has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond. To be Resteemed to 4k+ followers and upvoted heavier send 0.25SBD to @minnowpond with your posts url as the memo
nice...
Thank you for the info. Cheers
nice...........