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RE: How to buy a Steem Dollar for less than a Dollar
Very kind of you to point this out, wingz!
Now, if the people cashing out SD dump their STEEM on the external market, that price will go even lower than 0.00035294 BTC, no? That would amplify your construction, if the internal market stays the same... (people will keep cashing out SD the coming days, so that is a reasonable assumption imho)
In other words: wouldn't waiting a little bit longer be more profitable?
I look forward to your view on this!
You're correct, if the internal market stays the same then you can ge in at a better price. It's gone down more than bittrex though. It went from 0.38 ish to 0.31 ish while bittrex only dropped from 0.000352 to 0.000340s in BTC.
I have a market neutral stance, I don't care what happens to the price of steem (in this trade), only that the difference in the internal and external markets tightens. The premium drops. It really should because when I first looked 60% is just ridiculous.
Now stands at 29%.
I didn't want to wait any longer, so I executed my order :)
Thanks again for sharing this!
Haha, good stuff, glad I could offer some value. Now... fingers crossed, the market adjusts over the next couple of weeks.
Looking behind, it would have been even more profitable to convert to STEEM and hold. Look at its price now: 0.0026 BTC
Not what I expected to happen xD
But your trade will still earn a nice return ;-)
Yeah, all in hindsight though :) I ended up converting everything to Steem after the price rose 150% and bought some more. The markets still have some inefficiencies and there are lots of opportunities on the external markets, so I'm slowly building up my stake there. Completely crazy last few days.