SBD is not mooning

in sbd •  6 months ago

I'm seeing a few posts about SBD mooning and even my wife texted me asking wtf is going on.

SBD hasn't changed much at all, it has gone up a little bit due to the inaccurate information but it is not mooning although it is likely to get pulled up a little.

A lot of third party sites use CoinMarketCap to report the STEEM/SBD price. Currently, there is one exchange (HitBTC) who is showing over $20 price for SBD.

In reality, you haven't been able to deposit or withdraw STEEM/SBD from HitBtc for a long time and perhaps never. It really doesn't matter what it sells for there as it is likely locked up forever and it is very low volume.

That being said, it still has a massive effect on the price reported by CoinMarketCap as it is an average price of the available markets.

Poloniex has the same issue, you cannot get STEEM/SBD in or out of it, and its price is not always in line with reality. It is why I do not use it in my witness price feed script and I recommend other witnesses to make sure they are not using Poloniex in theirs. Most price feed scripts don't use HitBTC so that shouldn't be an issue.

I put an issue on GitHub to change the price being reported to use an average of Bittrex and Binance and not the standard average reported by CoinMarketCap that uses both HitBTC and Poloniex.

SteemBotTracker Git Hub Issue

https://github.com/MattyIce/bottracker/issues/41

Post Promoter Git Hub Issue

https://github.com/MattyIce/postpromoter/issues/85

Sorry for being the bearer of bad news.

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Someone with trapped SBD finally getting some use for their trapped SBD by pumping it to get Steemmonster packs for cheap? :D

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They took hitbtc out of the equation as far as Steem Monster prices go, sadly :)

Yeah, I was talking about this for days lol, I am not sure if the previous SBD pump was caused by this market manipulation on HitBTC?
Btw, I did some research on HitBTC and I can see that it's locked market, wiki says the following: HitBTC is a cryptocurrency exchange from an unknown location that launched in 2014. It is operated by Hit Techs Limited. HIT Solution Ltd provides access to multi-currency exchange platform under the registered trademark "HitBTC". It's very fishy imo.
So the market is created for pumps I believe, a lot of other crypto currencies are trading way higher than Bittrex and Binance.
As for the Binance price calculation for the CoinMarketCap, there is no SBD added on Binance yet, only Steem.

Thanks for the reality check.

damn, looks like I will not be a STEEM millionaire again this month.

Cheers for clearing the confusion :)

it is nonsense because even how high it goes still we can't deposit and withdraw sbd with hitbtc.. opportunist can't do something about, they will just stare and get a mouthwatering reaction to hitbtc sbd price 😅

Thanks for the easy explanation and now I do understand the current situation with an increase of SBD much better than before. Following you already and have now also voted for you as witness, as I think that you are doing a good job~! Keep up the good work for the community and thanks for that.

and i was here thinking sbd market was going bullshit crazy.

Thx for the explanation.
I saw the higher price at steem.supply by @dragosroua in the morning and I went immediately to the internal market to exchange my sbd and buy some steem. It was surprising that the price was quite the opposite... :-) Now it's clear, thanks for the update!

Where is the moon ... in morning I wake up ... I was feel it... but then some one make post and say there is a bug :))) WHAT... no...nooooo.....

Ok, that means I can go to sleep now instead of vigilantly waiting for a moon rocket. Thanks!

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It's very possible it will drive up SBD a bit, and in fact, it did yesterday as this has been going on for about 48 hours now. I suspect it will pull SBD a little, but nothing like it is being reported as now. But markets are funny, you never know what might trigger a massive snowball effect.

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True, can never really know what these markets are going to do.
I need to set up an internal market alarm that wakes me up for snowballs.

But for now I just bought some steemmonsters, they seem to be going by the coinmarketcap or similar number for sbd, hopefully they are aware of this hitbtc issue

This may be another naivete question but you don't learn without asking. So if steem was at (I'll use a rounded off figure to make it simply for me) 2.00 and I had 20.00 SBD that I wanted to convert or power up (I don't know which applies) does that mean I would gain ten more token of steem? If it does if I had 8 steem then I would have 18?

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What I do is take the total of SBD, write the equivalent in fiat (for me it's CAD), then divide by the $ fiat value of Steem and it gives me the number of Steem I would be receiving. Meaning if you are converting $20 worth of SBD and Steem is 2.00 then yes, you would receive 10 Steem from it. But you would need to know how many SBD = $20 first.

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I took twenty dollars and put it in the SBD column on steem dollar ticker and it came out in US dollars to 33.4988 (I am assuming that was what you were trying to tell me to do) so if I divide what they list as current steem price of 1.79 it comes out to 18.709, if I did that right then that means I can buy 18 steem ? If correct my next question would be where do I go to do that at, I've never exchanged anything before, someone was saying that they take all their SBD and exchange no matter how small the amount so I thought I'd like to try it...that way if I make a mistake my first time out I don't lose that much.

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I use Blocktrades. They are a trusted site. You first need an account with an exchange, because Blocktrades only does the trading of the SBD and Steem. If your goal is to convert SBD to Steem ONLY, then use Blocktrades and your own Steemit account. If your goal is to also trade SBD to another crypto, or into fiat, then you need an exchange. Quadriga is a good one.

When you use Blocktrades, create an account, that way if anything goes wrong, they can track your transaction more easily. I always log in to do my stuff.

Dollar Ticker works similarly to CoinMarketCap where they make an average from a bunch of exchanges. Most exchanges have similar prices, and the ones that have no one using them, will pump the price sometimes, which is what happened yesterday.

Blocktrades lists SBD right now as 14.011 Steem.

This post and video are very helpful on how to use Blocktrades. It's a comprehensive tutorial: https://steemit.com/steem-help/@piedpiper/how-to-withdraw-your-steem-dollars-in-less-that-a-minute

Always try sending a small amount first, though keep in mind if trading to BTC, there is such a thing as too small an amount, so you are better trading to LTC if you want to convert to fiat in the end. I trade to LTC, less fees.

Since all you want for now is to trade to Steem, it should actually be even simpler. Once you get the hang of it, it becomes very easy. The first couple of times are a bit tricky. Take your time, review your info, make sure you enter the correct information and cross reference and fact check with other tutorials and such. I'm sharing what I know and how I do it, but the way I am explaining it might not be as comprehensive as someone else explaining it. Be sure you understand the whole process fist in case anything goes wrong. I had to make a few errors before I understood at the beginning, but thankfully blocktrades was very helpful and I never lost any SBD. In short, this is my opinion (disclaimer, not financial advice).

Hope this helps.

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Thank you, that video was a good example, while doing it I went back and watched it again. That was the first time I'd done anything with my account since I've been on here and you were right it didn't cost anything to convert SBD to steem.

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Yeah ;) Glad it could help. Usually they tell you what the fees are. When I enter my SBD and then put in my receive wallet address and hit the generate thing, it then tells me the total fees for the transaction, so then you can always change the amount and repress the button before putting any info in your Steemit wallet.

I was already jumping when I heard the news from a friend yesterday... Smile

Let's hope it is a sign of something coming...

The only increase happening currently is the massive enrollment of new users and new initiatives calling for delegation with the promise of 90% returns.

I think it is impossible to promise 90% returns people are using new users to become whales and grow their own nest eggs.

This has caused the internal market to climb and be eradic over the past few weeks.

When I first started it was 1 to 1 now I have seen it climb to 1.60 for Steem then crash right back down to 1.25.

This rapid increase and decrease isn't helping anyone except a few whales continue to grow their wealth and control the platform.

There needs to be support for Minnows, possibly further delegation until reaching 100 to 500 SP.

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Volatility is bad for business. I don't know how people can expect it to keep going up and up.

Good! Otherwise I would be hitting myself for changing almost all of my SBD into Steem last week.

But say, does it still means that someone actually paid over $12 for a SBD?

Here I thought the SBD/Steem spread was finely closing and SBD was getting back to where it belongs at 1 to 1.

Am hopeful that SBD will ret to the good old days all we need is to give it time! Great analysis @themarkymark

Thanks for the info. This kind of helps to clear things up. I was really surprised when I woke up this morning and saw the numbers!

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Actually I bought in $4……

Posted using Partiko Android

So, where do we check for the more "real" exchange price in case you need to cash out some SBD

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same question.

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My husband still uses CoinMarketCap, but when he sees things go up and he's thinking of trading, he also visits the exchange he wants to use and cross references with toher exchagnes, like BIttrex and Binance, as the MarkyMark mentioned. I think that's what I'm going to have to do too from now on. I needed to trade anyway, because I needed to pay some bills, but I do feel like a noob for not double checking on the actual exchange site.

Witnesses need to coordinate with HitBTC and Poloniex to fix this problem with the wallets. I don't suppose STEEM Inc is going to do it.

By the way, I have a challenge for witnesses.

I have a collective of Witness Votes if a witness gets STEEM or SBD on a major exchange. I would consider fixing the wallets on HitBTC or Poloniex the equivalent to redeem the witness votes.

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Witnesses have no special power to get that done. Some witnesses have contacts at exchanges but the cost of getting a token on an Exchange can run around 20 BTC.

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You are correct.

This is a challenge that will be rewarded for any witness that can make it happen. Like you pointed out it would be a tough challenge. I am not expecting for a witness to pay for it, but instead to use their influence. I want to get the reward large enough to make the effort worth it. It wouldn't hurt anything anyway. At least this effort would get people to think about voting for witnesses. Chances are that a few readers would actually spend the time to vote which otherwise they would never think twice about it.

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I had thought that SBD were pegged close to $1. It mooned to $20 at one point (which it shouldn't but holly moley).

When I see it go up, I know not to buy.

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It should be $1 but a new exchange came started to list STEEM/SBD and non-steemians fomo'd over SBD instead of STEEM not knowing the difference and the price has pegged since then.

As a witness, we have tools to maintain the peg but only effective in the upwards direction if it goes too far below $1, bringing it down has side effects.

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Yea, I saw that too, which site would you suggest to use for converting cryptocurrency? I am using coinmarketcap for my discord bot in the past.

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I use the internal market to sell SBD to STEEM a lot when the exchange rate is good. If I was to sell to fiat I would go to Bittrex to get to BTC then where ever to get Fiat.

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sorry, let me rephrase my question, I mean to get the conversion rate API haha. so there is an APi call to get the internal market price? I didnt knew that

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You can call the price for Bittrex and Binance and average them. This is what I would recommend. Each exchange has their own API and CoinMarketCap has a global API.

Bittrex is not following the price either. Still its 1.75

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Each market has its own price, but it is within reasonability. HitBtc and Poloniex are unrealistic many times.

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I wonder why hitbtc is not accepting deposit/withdrawal of steem/sbd.

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It just isn't a priority for them to fix their gateway is what I suspect.

$20 isn’t just unrealistic it’s impossible, how they reached to that conclusion is beyond me.

Well at least now there is clarification, thanks man..

Yeah, I fell for it, hook, line and sinker. My husband showed me the HitBTC thing, because I wrote to Blocktrades that I was missing some LTC after trading SBD. I get it now. Frank says that CoinMarketCap should implement a thing where they keep in mind the volume on an exchange for listed prices. If the volume is low, the prices listed bears less weight for the average calculated, whereas on exchanges where the value is much higher, the system would trust that exchange site more for their average calculations. Not sure how they can implement that or if they will, but it makes sense to me that volume should be considered.

This just shows me how much of a noob I technically still am. Frank showed me where to look to see the prices on the different exchanges when I see this happening.

For me, it's not such a big deal. I still need more money but I can wait and I needed to cash that out anyway since I need to pay some bills with it, so it doesn't really change my plans, other than the amount I am receiving at this current time. But for other people who did not NEED that right now, and who could have been hodling a bit longer on their SBD, they're probably more disappointed. I'm actually not disappointed. I was surprised and felt like a noob but I get it. It just sucks since it gives out false information and the it's CoinMarketCap that needs to figure something out for such situations, but I don't know if that's even possible.

I am just so bleeping confused! So is there one app we can actually trust to give us the correct value of sbd?

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You can use the price off Binance and Bittrex. HitBtc and Poloniex is notorious for being unrealistic due to the fact their Steem/SBD gateways don't work.

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Ok good to know. Thank you!

Six days later and today is the 10th of June 2018 UTC time and this is what I'm seeing:

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Those are the individual markets, HitBTC is having issues because you can put STEEM/SBD in or out so the price is very unstable.

Busy appears to be using the highest market on coinmarketcap for their report. Recently (a couple of days ago) per a request, they removed HitBTC from their price so the reported price from CoinMarketCap is more stable (it was inflated to $3+ as the $30 hitBtc price was pulling it up).