I believe it's the median over the previous seven days or something like that, so it will always lag behind when the steem price is doing major movements in one direction or another.
Also, it's the median of the prices reported by the witnesses. The witnesses are pretty free to report whatever price they want, so it's not that super-reliable.
But the chart in the picture is showing a 7 day graph and the median line is still floating above it @tobixen, it cant be just because of movements in price, that would be part of this graph 🙃😛
Post-edit: I just had a look at coinmarketcap, so seven days ago the steem price was definitively above the current median price. I'm not sure about the X-scale on that graph you're showing, the resolution is too low?
I would not call the price mismatch a bug. It is just a strange implementation. The steem price displaced on the blockchain is not to be understood as dollar per steem but as SBD per steem and if SBD peg is broken then that price will be different than coinmarketcap listing in actual dollars.
As mentioned in the edit this is related to the implementation of the 10% sbd conversion haircut.
I think it is a rather stupid way to do it becasue it confuses people and it also caused the miscalculation of account value, but mathematically it works just fine.
I believe it's the median over the previous seven days or something like that, so it will always lag behind when the steem price is doing major movements in one direction or another.
Also, it's the median of the prices reported by the witnesses. The witnesses are pretty free to report whatever price they want, so it's not that super-reliable.
But the chart in the picture is showing a 7 day graph and the median line is still floating above it @tobixen, it cant be just because of movements in price, that would be part of this graph 🙃😛
Indeed, something is fishy here
Post-edit: I just had a look at coinmarketcap, so seven days ago the steem price was definitively above the current median price. I'm not sure about the X-scale on that graph you're showing, the resolution is too low?
Seems there indeed is another bug @tobixen; "It seems to be the SBD conversion protection."
https://steemit.com/exyle/@exyle/price-feed-stuck-payouts-displayed-wrongly
The average should be over 3.5 days.
I would not call the price mismatch a bug. It is just a strange implementation. The steem price displaced on the blockchain is not to be understood as dollar per steem but as SBD per steem and if SBD peg is broken then that price will be different than coinmarketcap listing in actual dollars.
Yes, I've understood it now, and I agree. Though, I think it's a bigger problem that the peg is broken than that the algorithm is "weird".
This was bound to happen, and I think at least @buggedout warned about it, long before it got reality.
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STOPTo support your work, I also upvoted your post!
As mentioned in the edit this is related to the implementation of the 10% sbd conversion haircut.
I think it is a rather stupid way to do it becasue it confuses people and it also caused the miscalculation of account value, but mathematically it works just fine.
For more information please look here or here
Thanks for the links @frdem3dot0, I totally get it now!