It is time to fix the Steemit Market

in steemit •  4 months ago

The Steemit market can't compete with other exchanges.

  • The internal market has retarded low volume.
  • The internal market is going to be screwed if the volume grows since it runs at the speed of STEEM transactions
  • Often times you don't get a fair price since it is not trading with other coins and (did I mention) retarded low volume
  • There are no other coins to trade with (sigh)
  • No large transactions will work on the internal market as the volume is stupid low.
  • No multilingual options

I propose that the Steemit market is changed to a virtual trading system like all major exchanges use. It can operate like a layer utilizing the blockchain. Once can transfer STEEM or SBD there before trading takes place. That will fix the transaction speed issue. They will also need to include other currencies and give multilingual options. Let's open this up to the rest of the world. German, Russian, Spanish, Chinese, Japanese just to list a few.

Just get STEEM and SBD on many exchanges like other cryptocurrencies in the top 50.

Please remember to VOTE and ReSteem

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For a breakdown of how Steemit Rewards system works:
https://steemit.com/steemit/@socky/steemit-rewards-breakdown-a-simplified-explanation-with-illustrations

For a breakdown of Steemit Keys:

https://steemit.com/life/@socky/do-you-understand-your-steemit-keys

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There needs to be an exchange that uses STEEM and SBD as major trading pairs to all other currencies.

Steemit Inc builds all kinds of apps, but they need to focus on building their own exchange. This would be a massive source of revenue for Steemit Inc if they charged some tiny fee for trading just like every major exchange. They could also use that revenue to pay themselves instead of taking such a large cut from the new currency creation.

It would be a Win-Win for everyone. Steemit Inc gets revenue and the reward pool can be fatter for better rewards.

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That is brilliant. Build an exchange to fix the exchange problem and create more money for the reward pool. That is genius.

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Correct Socky I just upvoted you

Root cause identified. Get sbd on all exchanges and liquidity will take care of the problem. Ive done my part.

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Amen.

So many people are going around complaining the problem with the currency price is due to bad content or flagging. They forget STEEM and SBD is a currency and it needs to be treated as a currency.

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I don't use the steemit internal market for large buys. I use it to transfer my payouts from SBD to STEEM or vice versa. If I want to do something serious, I use an exchange. You can always use Blocktrades if you want to exchange with other coins.

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Blocktrades charges huge fees. It is like a racket.

We need something different or an abundance of exchanges.

Si los responsables de estas Cryptomonedas las logran colocar en otras paginas de cambio para monedas de cada país, daría una subida automática... Upholp por ejemplo.

I just join steemit and with these am seeing it's gonna discourage more newbies.
I pray it gain it's strength soonest

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Yeah fam, man shall not live by bread alone fam, the joy of steemit to me is more than that. Make it your passion at first though it might be somehow somewhere down now but I guess with passion there is more to steemit than the discouragement.

Hi, I don`t understand yet, but I support you
Regards

Socky we do need to get this market publicly traded or fixed. It is retarded and slow. I can’t really trade at all. I just input a slightly lower bid and take it. I can’t trade like I do on Binance. I keep refreshing the page it doesn’t update bid/ask, and there is no past trading history. When there is a order fill you need to have a confirmation...

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It seems to me that it would be monumentally easier just to get STEEM and SBD listed on numerous exchanges. The market still has its place. We are essentially trading between users. I like @business.trends idea about using an exchange to create revenue.

Hey mate i like the imformation you have supplied