Is the bonus post rewards party over? Steem Dollar flash crash at Bittrex
Is the bonus post rewards party over? It sure looked like it at one point this morning ...
A bunch of Steem Dollars were dumped on to Bittrex's SBDBTC market at 10:25 AM Sydney time, causing the pair to crash from .000521 to .00031 in a matter of seconds - a decline of more than 39%:
As you can see from the above 1 minute chart, 13 Bitcoins (approx. 31 000 USD) worth of Steem Dollars were dumped on the market in a single minute. For comparison's sake, the average 1 minute volume on this market is less than one Bitcoin. This drove the price down to .77c, well below the intended peg.
Just shy of 800 Steem Dollars changed hands at the low and the pair then bounced back to near pre-crash levels. Whoever was on the other side of that last sale is laughing their arse off:
The Bittrex order history only goes back so far, but I managed to get this screen showing a couple of very large sales near the end of the minute:
Even so, the sales on that page only account for around 5 BTC of volume, so it looks as if most of the selling occurred earlier on ...
So what does all this mean? It's very hard to draw any concrete conclusions from this data, though these events are usually caused by a large initial dump, which drives price lower, triggering stop orders and further declines. The important thing to remember here is there is zero reason to panic - we can always exchange our Steem Dollars for $1 worth of Steem through Steemit's internal conversion mechanism.
pixabay.com
However, the bonus post rewards party may well be coming to an end, so exchange your Steem Dollars for a premium while you still can!
please follow me!
Hi Reza, this is a really bad way of getting followers. If you want someone to show interest in your work, show some interest in theirs. I did look through your posts to see if I should follow you, but so far you have only posted other peoples photos with no credit given. Steemit revolves around original content and plagiarism is frowned up. Feel free to reply to this once you have begun sharing original content and I will very likely follow you, as I do agree with your sentiments regarding the war in Syria.
yeah I agree that these photos are not taken by me, but everyone nows this!
plus, thank you for your consult, i will work on it ;)
And that i am new here,so please can you guide me about steem,I am facing difficulty in understanding all this stuff,so i have some questions, it would be greatfull if you help me,thanks
Sorry Reza - just saw this - will write you a more detailed reply later today. Send me any specific questions you have in the mean time!
Just tell me about the upvote. When to do,where to do, how many times can i do,and whats the science about this whole upvote. Thanks
Hi Reza.
Okay, so up votes determine how much content producers are rewarded for their work. Not all votes are equal though - the value of your up vote is determined by how much Steem Power you have. Since the latest hard fork, up votes from 'minnows' (you and me) are worth more, but we can't vote as often either.
If you vote too much, your voting power will decline and your votes become worthless. Your voting power recharges by 20% per 24 hours, so the idea is to not drain your voting power below 80%. Since the hard fork, that equates to about 10 up votes (maybe 11) per day. As such, you shouldn't throw your up votes around willy nilly, but only give them out when you come across GREAT ORIGINAL CONTENT.
I just checked your voting power and you're down to 32.36 percent - this means you need to have a break from up voting for a few days. If you don't place any more up votes, your power will be back to normal in a little over 3 days. For future reference you can check your voting power (or anyone elses) here.
Hope that's adequate and let me know if you have any more questions.
Cheers :)
Thank you so much!
always an opportunity it is EARLY in the Crypto game
Yep, would have loved to pick up those Steem Dollars at a discount!
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