Steem Dollar Rises While Steem Price Falls
All night long I watched steem dollar rise and along with that the price of Steem fell . For Steem dollars , there was a 111% recovery which led the price to jump to $2.14. While this was going on , Steem price fell as low as $0.52, the lowest I have seen since joining recently in June.
This is currently where Steem stands , many had predicted it will fall to $0.50 and that is exactly what happened and it was very sudden ! What will continue to happen ? Does anyone know why this happened ?
Thank you for the update I wasn't even aware the price dropped that low, thank god for some type of quick stand up... ughhhh @ Steem (sometimes.)
I’m hoping it recovers before the SMT come out
For those of you that don't understand what happened, here's the run down.
Basically, the price of SBD's took off on the exchanges yesterday as it pumped real quick to over $4. As we all know this is a ridiculous number for SBDs to be trading at due to the fact that they are pegged at $1 of value. So why did this happen? Stupid outside money that doesn't understand the underlying asset started flowing in. This caused a chain reaction from other investors when all they saw was the pump and thus a lot more dumb money just jumped in.
So the consequence of that sudden surge of SBD and Steem on the exchanges was that anyone that actually understands this platform and how Steem and SBDs work was buying up as much SBD on the internal market as possible to sell to the dumb money on the exchanges. So everyone in the know on our internal market was dumping Steem at ridiculously cheap prices to pick up as much SBD as possible so they could turn around and sell it to the fools on the exchanges for 3 to 4 times what it should be worth.
This in effect would net them a massive profit and allow them to buy back much more Steem.
That's why you see the Steem price so low on our internal market (which represents those that know how steem works) and so high on the outside exhcanges (which represent fools that don't understand what they're buying and thus are over paying on a pump and dump).
Obviously the pump and dump is now winding down and SBD prices on the outside exchanges is coming back down to the $1 mark and as it does our internal markets will return back to normal.
Long story short, a lot of smart people made a lot of money off some really dumb people.
Couldn’t have said it any better
Interesting that your six words are worth .83 cents but the person that actually said them is worth .06 cents.
Where did the price fall to $0.52? Did not happen on Poloniex or Bittrex, right?
Not on there but in the market on this platform but the rise of SBD is everywhere
I see, went down to $0.52 on the internal Market. The for the info!
OMG,
its un-believable. at first I saw the price of steem on coinmarketcap.com
and I was like...... woohoooooo
then on the steem maket it was a total blood bath, its so true that its a buying opportunity but for someone like me... with no credit cards to pay for anything, only cash. and your salary not in USD.............
a big disaster!!! breaks my heart, I want to see a clear sun :(
I think maybe after the Smart Media Tokens come out next year , then the price will change
@journeyoflife I think that now is the perfect time to buy... don't you agree?
interesting post, i will be following u for more!
Yeaaaaa...incradable
the price of steem dollar is going up
I'm confused by all of this.
It is kind of weird the steem dollar would fall and sbd rise. I have been on the platform since early june ( personal account @chelsea88 .) Like you said this 50 cents is crazy low good time to buy if you can. Resteemed by your friendly @eastcoaststeem
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