STEEM didn't get picked by Bittrex!
Do you remember there was a community effort to support the launching of a USD market for STEEM on Bittrex?
Well, this one failed. Or at least it didn't succeed. Not sure if there's a difference, other than the syntax.
A different token got picked:
If you haven't heard of Komodo, you're not the only one. I haven't heard either. But congratulations to them are in order! They are the proud beneficiary of a USD market at Bittrex!
Maybe a few words are in order then. According to their description on coinmarketcap.com,
Komodo (KMD) is a Zcash fork that centers around privacy and the creation of secure, decentralized digital assets. Komodo's multi-chain design enables projects to build their own blockchain ecosystem via Komodo’s scalable infrastructure. It also supports cross-chain interoperability, which allows blockchain built with Komodo to connect with external chains via atomic swaps. Additional chains can be added to form a blockchain cluster to enhance performance without debasing the currency. Komodo is also secured with the hashing power of the Bitcoin network via a series of cross-chain notarizations that store a blockhash onto the Bitcoin ledger every ten minutes.
Hmm, I wonder if this approach actually works... So, as far as I understand it, this is not one blockchain-multiple coins, but the opposite, one coin-multiple blockchains. What happens if one blockchain is doing really great and one barely survives, in terms of the value of the coin?
By all indicators (market cap, daily trading volume, number of markets listed on, most likely technology too) Steem is better. I can only think that @Bittrex wanted to make a gift to a smaller token.
And I still believe that USD market on a large exchange is coming sooner or later for STEEM. I would say quite soon if you ask me, but it's just a feeling, I have nothing concrete to back it up, other than recent developments on Steem.
We do have a fiat pair, with the Korean national currency, and trading volume through that pair is often quite high. The USD (and why not EUR) pair(s) would be a next step to a wider acceptance.
News like this would be better in a bull market anyways. Its a shame this wasnt publicized more on Steem (I never heard about it at least). Like you said though Im sure we will get a usd onramp sooner rather than later for Steem.
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It's true, the campaign didn't seem as powerful as the one for Netcoins listing. I think Bittrex might've expected something else though, not a Twitter campaign. For example, more customers, more daily volume on STEEM, on their own platform. We might've approached this wrongly in the first place.
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Most probably @bittrex got bribed by Komodo. If they asking for popularity contest in twitter, then definitely steem should be winner. Exchanges take under the table bribe from the coin's foundation. It is no more secret these days. STINC is too good to not understand the exchange's greed.
Aren't Ned and the owner or Bittrex friends? Aren't Steemit Inc powered down STEEM going to Bittrex? Doesn't this increase the volume of STEEM transactions on Bittrex? Doesn't that increase fees as well for Bittrex? Or at least that was a plan at some point.
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I don't think they have any friendly relationship. It is just a proxy to reallocate funds. Transfer to biitrex and transfer to a new account, fund will become anonymous. Fees will counted when trades are made. Anybody with large stash selling in this low volume and low price would be simply insane.
Well, that's what Ned said at least. I'm curious about the funds, seems like they changed their strategy when they stopped the full power down.
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The fact that the Bittrex tweet wasn’t an official campaign had me knowing that it wouldn’t happen immediately but I think it has caught their attention which could help over time.
Posted using Partiko iOS
It still might, of course. But they are looking to improve their own rank among exchanges, so for more customers, more daily volume. At least that would be my thoughts if I were in their place.
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