Who is trading the non-market price?
I think most real traders don't trade on Steemit.com internal market, but I found it very cool from the beginning and actually used it since I've joined.
As I've recently started the STEEM/SBD price chart project, I've been playing around with STEEM/SBD market historic data and I've noticed some really interesting trades. Somebody is trading way above market price. Most of these trades are 0.001 STEEM for 0.001 SBD so the exchange rate is exactly 1. If you look at the chart with that in mind, you obviously notice these spikes.
This activity stops in October 2016 and starts again on May 9th, 2017. Trades with 0.001 SBD continue until June 6th, when the market price went above 1 SBD for 1 STEEM. Since then trades with 0.002 SBD are happening and exchange rate is 2.
Does somebody know what these are? Some kind of price corrections on steem protocol level or is it simply some bot trading above market for some reason?
The thin lines illustrate the highest and lowest points of trading and the thicker part shows where the bulk of trading occurred.
Yeah I know that. I've created the chart. I just couldn't find any better way to visualize my question.. :(
Do you notice that all thin lines reach exactly to 1.0000 SBD ?
Just to add, if you look at the day view you get a different story i.e. Not all thin lines reach 1/2 SBD
Yes not every day.. but also not random. We just found another clue: it looks like this is happening when the market price is above 0.5
Yes, it's very strange however I wouldn't rule out inexperienced users not understanding the market. surely there must be many new users every day?
https://steemit.com/cryptocurrency/@jaka/steemchart-net-is-back#@trisolaran/re-jaka-steemchart-net-is-back-20180416t221759447z
did you ever get to the bottom of this? i just discoveerd your site (great work btw) and the charts look ridiculous because of all the highs and lows being at 1 and 2 exactly...
it must be part of the steem algorithm to try and regulate the price?
Hi. No I didn't get to the bottom of this. Should there be such algorithm to regulate the price?
Well i'm not sure that there is - but there might be.
SBD is supposed to be pegged to the USD - so to make such a claim in the whitepaper there would need to be some sort of attempt to deliver on that promise from a technical perspectivev