It's official... Alts have gone NUTS!!!
No amount of reason can explain some of this buying!
At one point SBD hit 0.007.
That's $157 (SBD) per bitcoin!
"If only" I left my SBD on the exchanges! The market is currently sitting at under 700 SBD per Bitcoin. If you ever needed evidence that the crypto markets is the wild west, with traders jumping around on coins like a cowboy on a rodeo bull... there you have it!
Looking at some of the gains today, it appears that someone is pulling coins out of a hat in order to decide what to pump next!
UPDATE: Silly season on SBD!
* Someone put up a 32 BTC wall at 0.0022.
(Was willing to part with over $32k worth of BTC for less than $15k worth of SBD!)
* Someone else bought 10 BTC worth of SBD at 0.0022
(Paid over $10000 for $4743 worth of SBD)
* SBD volume on Poloniex almost twice that of STEEM
People are trying to either flee China or get their capital somewhere else, or hackers are probing for weaknesses! My number one guess is hackers
You could be right. It might be some funny business. Some of these pumps make little sense on the surface...
Somebody lost a ton fast! And unlike ZCash where a whale financed the thing and bought the ZCoin to fund ZCASH and to cause an uproar, this person either got screwed or, ANONYMOUS hackers posted here several times they were out to get Steemit, but then they rob everybody
please explain what hackers has to do with that. investors pump and dump for profits. thats all.
Have you seen those 'Double your Bitcoin' in so much time Scams? Or any number of scams that are out there?
Or have you read about hacking? I don't do it myself but have spent some time trying to stop them in the army.
So, let's say it is supposed to look like a pump and dump but in reality it is a bit more broad than that and in a regulated exchange system might be illegal. Here it is not but again, it is possible that some sort of exploratory measure was done, think of it like a DDOS or some such thing, where a group finds out there is a weakness and they can spend, X amount of dollars but get X times Y dollars in return every time they do it, where Y is positive and greater than one and probably at least say 3.5 in this case or I saw a post where SBD hit 0.007 for a second. I looked in the logs but did not even find the 0.0037 level that I reported because it was too far in the history.
The breach could be in an exchange or it could be within Steemit itself and then, like I said, I could have been just a poor investor who did not know that SBD is supposed to stay around a dollar, not $15.
The net effect of SBD staying at a very high level, steem is supposed to be the share of stock that rises and falls, is that steem becomes absolutely worthless the greater the value of SBD over a dollar
it doesnt make sense. if it was hacking, you simply lose the coins when you try to sell. but actually after transaction, you see your btc got from sbd dollars.
edit: the highest is already in system registered
and any case, pumping and dumping is ILLEGAL in regulated markets.
In a probe, to see what they can get away with, they don't always steal all the coins on the first try. Second, what if the object was not to steal the coins but to increase their value to make tons of cash
thats pumping and dumping. normal in crypto
That is crazy... I saw $5+ at one point for SBD... Unfortunately I saw the very end of the pump as it was back down around $2 before I made any moves.
$2 is still double your money once the peg is re-established!
I sold 30 at $1.85 each so got to taste a little of the free for all.
hehehe, nice... I'm learning all about it thru #wangchange
Hope this is a good thing!
Bitcoin is in chaos because of this prolonged blocksize debate.
People are looking for alternatives, but long-time holders of bitcoin don't believe in the traditional fiat model anymore.
However, there is a bit of a problem. Bitcoin has a much larger market cap than all of the other altcoins combined. The only crypto that even comes close is ETH, and ETH says on their own website that it's not a currency, but a smart contract token. Many holders of ETH deny this and are even offended by this. But it's not offensive, because it's the truth.
I'm not saying ETH is worthless, because it's a very valuable asset, but it's not a replacement for bitcoin.
But then where can you move your bitcoins to, if not for ETH and no other altcoin comes close in market cap?
Well, the best solution is to spread your wealth around in altcoins that look promising to you.
Personally I think Steem, Gamecredits and Dash all have very strong potential. Dash as an outright replacement for bitcoin, Steem for the social network value, and Gamecredits for the gaming culture.
ETH will be mostly useful for developers and corporations, not so much for home users. But I still hold some of them, just in case.
I agree that there may be some logic in spreading wealth... however some of these pumps are just crazy!
True, but remember that if a coin only has a small market size, even a small investment of a few thousand dollars will significantly affect the price.
It is utterly bizarre isnt it. Its like a casino out there!
Early adopters are gamblers by nature.
Thats a very good point
It really is the wild west out there! Crazy watching those percentages fly up and down today.
; )
well, I'm selling my SBD right now
Lol I always miss these things!
By the time I get my SBD out of savings, the price will be back under a dollar!
It's always the way!
I sold some SBD for 3$ each lol!
Good catch!