What In The WORLD Is Happening To SBDs?

in steem •  5 months ago

SBD Are Being Pumped Hard On Hitbc

Someone, or probably a group of someones, is going berserk with SBDs right now on the Hitbtc exchange. At the time of these screenshots (literally minutes ago) SBD was trading at nearly $67 USD on Hitbtc, while every other exchange had SBD at around $1.70 USD. That brought the overall average up to nearly $22 USD on World Coin Index.

A quick search for news on this bizarre pump did not return any answers, but it's been going on now for a few days. The 24 hour volume is up from around $40,000 to over $400,000, which now dwarfs that of Bittrex and Poloniex, and over half of what's been on Upbit.


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You can't deposit SBD on hitbtc. It's something tricky with this situation.

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Yeah, it's bizarre and none of the other exchanges are followiing suit, so something is quite off there. It's starting to fall off, now. Maybe?

Well one good thing about it, as @exyle pointed out this morning, was that you could buy Steem Monsters really cheaply but they seemed to have shut that down now and the price seems more representative.

Presumably, they've taken Hitbtc out of their calculations. 😁

If you can't take cryptocurrency out of the exchange what is the benefit to anyone messing around with the prices? any ideas @glenalbrethsen?

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I don't know. The STEEM internal market has not been affected at all (I've been watching), so they obviously haven't been calculating Hitbtc at all.

Guess I haven't been watching the price of Steem Monsters. :)

That's precisely what I'm hoping someone will explain. It doesn't appear to make any sense, unless you can dump it. And if they're hoping the rest of the exchanges will go for it, they haven't since late Saturday (my time) when it started.

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Yep. I rushed over to the internal market as soon as I heard about it. It would have been brill if we could have exchanged that rate for Steem but it seems to be limited to HitBTC. 😁

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I guess it's an inside job on hitbtc.

yeah it screwed with the averages and affected Coin Market Cap and any other that was generating the average of all major exchanges.

Internal market was not affected though.

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It was back up again this morning. Trading on significant volume, too. Looks like the average hit nearly $37 this time. I didn't see the Hitbtc trading amount, but it must have been significantly higher.

Yeah, the internal market has been tightening a little bit, but not a whole lot. I finally did trade a bunch in for STEEM. Not sure why I allowed them to accumulate so much. It just kind of happened.

Hitbtc has always seemed shady to me. There are way to many shitcoins being manipulated hourly there. Between that and many reports of them not letting you get your coins out, or when they do their fees take many of them i never bothered looking into them. To me, this is just one more shady story to add to the long list I have for them.

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That's probably the best way to look at it, then. I had a hard enough time just getting set up on the two places I have used, Coinbase and blocktrades (okay, blocktrades was easy). I went through two or three different other places but they weren't taking people. So, I didn't bother going to what sounded like foreign exchanges, especially Chinese ones, which I'm biased that they are immersed in shadiness anyway. I probably should be a little less judgmental when it comes to Chinese things, but so far no can do. :)

You are late with this news 🤐

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Only if you wanted to get yourself into a middle of something hinky. :) Otherwise, I was pretty much sending it out as this major jump was happening. Is that a zipper on you mouth?

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Just kidding.
I'll try to behave as of now.

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You don't need to behave. I just need to figure out when you're kidding. :) You're just harder for me to guess for some reason. Don't need to change. Unless it's really obvious you're being serious, I'll just assume you're kidding and go from there. That should be fun. :)