Another Day, Another Cryptocurrency Pump and Dump
What you missed if you didn't have alarms set to the price of Steem
Apparently in the early morning hours (for those of us on the east coast of America) someone decided that today was a good day to double their money on STEEM.
STEEM had been hovering below $1.00 since the start of the month, since it dropped down from looking like it was finally going to stay above $1.50. With the site issues of October in the rear view mirror, the road ahead looked sunny and beautiful. A rise in STEEM was expected, but it never arrived.
As you know, most reward payouts and trading is done in Steem Dollars (SBD), which is supposed to stay right around $1.00 and preferably be less than STEEM itself. Well, that hasn't been going on for awhile. My assumption is, it has been better to trade SBD than to earn STEEM, so people are going what it is easier to move around. And of course, if you can push up the SBD price, you earn more STEEM when you do trade for it. More STEEM gets you more Steem POWER and that earns you more SBD and Steem POWER when you upvote your articles. It's as if the system was yearning for manipulation. And that's what we got this morning.
For a brief moment, STEEM went up to $1.15
For a brief moment, Steem Dollars tripled to $3.00
Now it is settling back down and you get on the exchanges and buy more STEEM with your Steem Dollars you had laying around, you can make a nice take before STEEM goes back to below $1.00 in the next 24-48 hours.
Sure, if you are in the game, this volatility of cryptocurrency is great. Even if you didn't catch it at $2.00, it is still at $1.50 hours later. Giving you 1.5 STEEM for every Steem Dollar.
But, if you are on STEEMit hoping that this was a sign that STEEM was going to take off, this will be a disappointment to you. This is not the sign. There hasn't been an announcement or any activity that would signal a change to cause this jump. Smart Media Tokens (SMTs) have yet to be released. There hasn't been another hard fork. STEEM will continue to level out back to $1.00 and stay there until one of those two things happens.
The was just another pump and dump manipulation.
UPDATE : I had to correct the prices. I was looking at the wrong line. Steem Dollars hit $3 and STEEM barely went up to $1.15. So, this pump and dump was worse than initially realized.
Yeah I've been crying. It wasn't much, but I had about 10SBD set to buy Steem at $0.9 on the internal market thinking that I would be lucky to pick it up at that price. I guess that's why you're not supposed to go all in or all out in one trade because I missed prices below $0.6.
I guess at some point I need to get serious and set myself up to be in exchanges and ready for automated alerts when prices jump more than 10% so I can catch the wave.
Ha if you're trying to catch the wave you're more than likely too late. I've found it's better to invest continuously then try and catch the highs or lows and once you start making profit take that profit!
I'm trying to catch a White Squall!
I got lucky with my itty bitty amounts and got 45 steem for 25 sbd. You work with what you have :)
That's a pretty good take. At least you were able to get into the game.
Agreed