STEEM Market Maker bot Update

As some users know, in order to trade SBD, you must use the Korean Upbit exchange or the STEEMIT market.
However, because the STEEMIT market has insufficient trading volume and a lack of order books, the SBD price is traded at a much lower price based on the global market price.

To solve this problem, we developed a market maker bot and kept SBD trading at a similar level to the global price.
We successfully traded 18000 SBD in about a month and the bot system remained stable.
The market maker bot is operating by adding the order book of Korea's Upbit exchange to the STEEMIT market, allowing STEEM users to sell SBD at the Korean Upbit price.

However, Korea is one of the countries where cryptocurrency regulation is beginning, and problems are arising as cryptocurrency regulation has recently become tighter.
We have been asked by Korea's Upbit Exchange to stop the market maker bot due to cryptocurrency legal issues.

Our team explained the status of STEEM and SBD to the Korean Upbit Exchange and the characteristics of the STEEM blockchain outside of regulation, made them understand, and ultimately received permission to use limited market maker bots.
(The Korean government does not recognize the use of STEEM wallets. Only some wallets, such as Metamask, are allowed.)

In conclusion, we need to develop a new market maker bot, and we need to modify the bot to meet the exceptional regulatory allowances proposed by Upbit.

This will result in bots not working for a few days and a huge price gap between SBDs in the STEEM market.
Unless you are in a situation where you need to sell your SBD in a hurry, we recommend holding your SBD for a certain period of time.

Why does STEEMIT Market need a market maker bot?

The reason is very simple.
In the STEEMIT market, there is low SBD trading volume and a price gap in the order book.
This price gap is more than 4%, and the global price difference is more than 5%.
This means that when you exchange SBD for STEEM, you must exchange it at least 5% cheaper than the market price.

We are working hard to resolve this issue and develop the STEEMIT market to make it more active.

Starting in 2025, the Korean government will begin collecting taxes on cryptocurrencies.
We need further discussions to resolve this issue.

If we have any additional news, we will share it.
Thank you.