The Problem: Sbd and Steem Discounts on Exchanges
Sbd always trade at a large (currently 13% discount on bittrex and other exchanges). The Steem btc exchange is also always lower than on the internal site(currently 13% not coincidentally)
Why is it Happening?
This is caused by the 7 day lag between converting directly from sbd on the site to steem(or Steem power). It's creating uncertainty for arbitrageurs.
The Solution: Promote the Steem-sbd Pair
If we can get exchanges to offer a Steem -sbd pair it should:
- increase liquidity
- create a tighter spread for sbd and steem
- create arbitrage volume for the exchanges
Seems like a Win Win Win
How do we make it happen?
- someone influential beg bittrex to offer the pair. Offer to add a goto Bittrex (or other exchange) button from the market page in return for them adding the Steem-sbd pair.
- everyone email bittrex and request the pair This will be much harder than option 1.
Upvote this to get Steemit Dev Attention!
I like this idea. I posted it to several people who seem interested in Steem dollars.
Thanks.
Thank you. I have been wondering why this hasn't been added already. It's completely obvious to anyone who uses Steemit or has STEEM.
It probably seems like the volume would be too low, but helping there arbitrage process would likely increase volumes for all three pairs.
Does anyone know how responsive bittrex is too requests like this?
I think they would be responsive.
Agreed!
Thanks!
BTW I've recently posted about a Steemit improvement idea. Don't mean to plug but I just want to spread the word. A fellow dev (jesta! the dev behind SteemStats) has already written the code and it just needs to be seen by the core devs and maybe it'll be integrated.
Upvoted it. I like it!