Steemit Market is Broken. How to Fix It.
The Steemit market needs HELP
Just take a look at the market. No one is selling STEEM at the market.
WHY?
- 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
You would think that with the sudden surge in price, there would be some volume but just look at these dismal numbers.
Steemit Market needs an overhaul
Let's get rid of this Yugo of a market we have and replace it with a Ferrari.
I propose that the Steemit market is changed to a virtual trading system like all major exchanges use. One can transfer STEEM or SBD to the new market before trading takes place. That will fix the transaction speed issue. They will also need to include other currencies. This would fix the volume issue. Lets also give multilingual options. Let's open this up to the rest of the world. German, Russian, Spanish, French, Chinese, Japanese just to list a few.
If Steemit Inc would make a market division to run this exchange and charge a tiny fee just like any other exchange, then they can generate revenue. By adding other currencies and charging trading fees, they create a source of new revenue coming into Steemit. This revenue could cover Steemit Inc costs and could overflow into the STEEM reward pool. This would benefit everyone and could kick Steemit into high gear.
Please remember to VOTE and ReSteem
---------------------------------------
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
Steem is going to $10/steem in a year
Well with the right business management, it could happen.
Steemit community also well and i hope end of the year steem raise 10$
Socky they can do what Coinbase pro does. If you place a market maker Buy at say $500.00 the market needs to dip to $499.99 before they start to fill. They skim the profits this was and you get a Buy for free ( Sort of ) 😎
That is a limit order and 0 fees on a limit order is the norm and should be.
The reason is that the trade takes place within the exchange and no real wallet transaction took place. There is a buyer that wants a currency and a seller that is selling the currency. The currency is simply swapped. This doesn't cost the exchange anything and the exchange shouldn't impose a fee on a limit order transaction.
Correct, i just noticed that it never fills at the limit price always below the price.
Depth charts can look like that when people are buying an asset really fast. It looks like there is demand for STEEM now that it is increasing in value.
True, but there is very little STEEM for sale.
I have never used this steemit market.
Because I don't understand how it works.
Maybe you could make a guide on it ?
It doesn't really work other than the fact that it is free to trade.
Just think of it like a place for you and I to go and to make a trade between STEEM and SBD. I trade you STEEM for SBD. It records the trade in the block chain. If we didn't have this place, I would have to send STEEM directly to you. I would hope that you send me SBD in return which may not happen. The market eliminates that risk.
oh ok.
Thank you.
You actually can see who sold you the STEEM or SBD by checking your account on steemd.
upvote for me please? https://steemit.com/news/@bible.com/6h36cq
Steemit Inc needs to be more like Amazon and branch out into other markets. That is how to grow a business.
You are back!
Thanks. Well put.
Well, a request is very reasonable this request that steemit also enters the game. That will be great ..
Already update to Spanish.
https://steemit.com/steemit/@lanzjoseg/el-mercado-de-steemit-esta-caido-como-arreglarlo
https://steemit.com/sahulinkan7/@sahulinkan7/whats-wrong-with-us