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RE: Something Fishy... your gonna want to read this... 30 Thousand Steem gone in Two Weeks!!!!

in #steemit8 years ago

This account's received large amounts of SBD from Poloniex and converted it to Steem, which isn't shown on the website for some reason. I don't know why OP claims the account is "new" or "fake", according to the blockchain it was registered on August 3 and it does have some posts.

If we assume he bought everything he received from Poloniex and sold everything he sent to Poloniex, then he bought over $14,000 SBD, injecting about $14,000 worth of Bitcoins into the buy side of the Steem ecosystem. 30K STEEM is $12.5K at current prices (although some of his trades are older and he might have bought his SBD at a discount, so this doesn't necessarily mean he took losses). His sell-side activity may be larger than a lot of users but it's in the right ballpark. He may be using an arbitrage strategy of buying underpriced SBD, converting to STEEM and selling it -- you'd need some historical price data to get a good estimate of whether he made a profit.

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Ok I see, it really seemed suspicious and with the constant drop in price I was getting worried. Thanks for the information.

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