Warning: SBD Trading At Around $1.9, STEEM At $1.5 On Exchanges
As you may know, SBD is not holding the USD peg, so that makes for an interesting way to get cheap STEEM on the internal market. But during the last few hours, SBD was trading unusually high on exchanges, which no longer makes the internal market attractive.
Here is the math:
Internal Market
1 STEEM = 1.15 SBD (which trades on Poloniex at $1.93). That means you pay around $1.67 for a STEEM on the internal market.
Exchanges (Poloniex)
1 STEEM = $1.52
So as you can see, if you have SBD on exchanges it makes a bit more sense to buy STEEM from there at the moment. I think the price will flatten soon, so this is more likely just a temporary situation. So is the price of STEEM, which makes for a nice entry level.
Disclaimer: I'm not a trader and this is not trading advice and I'm not liable for your trading decisions. You are responsible for your own trades. Don't trade more than you can afford to lose in the first place.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
I have to think that Poloniex not allowing deposits/withdrawals of SBD is contributing to this. Once the market is flowing freely again this will level out. As you said, if you already have it now is the time to take advantage of the price difference.
Has Poloniex allowed the depositing or withdrawal of STEEM or SBD again? If not, I am not sure how many people are in a position to make the most of the arbitrage opportunity on this exchange?
They're both temporarily disabled, that's why I wrote "if you have", like "if you already have"...
I would wonder that can we earn some money by doing the active like buying steem and send to internal market and sell it as SBD and doing this forever all the day long? Is it a way to earn some income? Once again thank you for your information, it is nice to see such idea.
Strange day for coins. SBD is up 16% and STEEM is down 16%.
EOS ICO today, so probably quite a lot of money from legacy graphene blockchains moving in that direction. I have no verified info, obviously, it's just my own opinion (which translates into speculation, obviously).
Thanks for the (speculation).
Thanks for the update do you prefer Poloniex over Bittrex ?
Thanks for the info. Very useful ...
Thank you for this information, I was a little confused and was wanting to purchase more. I will continue to buy outside and transfer my steem into my account here.
Thanks for sharing. I think this lower price will be good for the long term growth of steemit overall. I sold off many of my other speculative coins and got into a steem before this recent crash but not concerned and will likely dollar cost average in on some at a lower price.
Thanks for the update it makes perfect sense! excuse the pun
welcome :)
I almost missed this. Thanks for sharing , I better hop in and take advantage of it!