HitBTC traders take another bite at Steem Back Dollars as Bitcoin plunge under 7000 USD
HitBTC traders take another bite at Steem Back Dollars (SBD) as Bitcoin plunge under 7000.00 USD. Demand vs Supply play out as some 1400 SBD is lock in wallets. SBD jump an impressive 125% and currently trades at 0.0058 satoshi or roughly 45 dollars. There was another big buyer bidding 37 BTC putting up an impressive buy wall at 0.00301 satoshi that sent the market into a frenzy. The volumes has been healthy given market condition with 350,651.00 USD exchanging hand. Charts and market depth are also building up with another 6 BTC in current bidding taking with 1274 SBD at play.
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For full disclosure, I have position open currently on HitBTC, with a sell at 0.008 and looking to take a bite again at again at 0.0030. I don't recommend trading in these conditions unless you are prepared to lose it all, its very volatile and if you are scared of taking a massive dips stay away. It is quite unfortunate there has been so much negative or fishy suggestion going around SBD trading on HitBTC but from what I have seen it just appears to be one over zealous trader with a few BTC to play with. Here is snapshot
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The SBD/BTC market is exciting, one way of playing it, looking to see where the big money candle are and placing your trade right above, unless this trader or traders are looking at taking a loss, they won't sell under that level unless they are willing to take a loss. One of the success of this trader or group of traders, they have manage to attract the speculators and they are taking advantage of the fact no one can dump on them. Its really hard to say what exactly are their motives but I am just having some fun.
Overall the market volatility has gone up big time, Bitcoin has taken a beating, its surprising that on the day EOS went live the market manage to give up so much, I was expecting a rally but we got the opposite. I am even more bullish now on the overall market, we have to wait on the money candle to show up an we know when the tide is changing. Money candles are those large green candles, typically for BTC, ranges from 500 USD to 800 USD. We have to wait and see if we get one of those, everything else is taking a beating. Look for your favorite coins, if a name you like has gone down at bargain price, so is the time you come out with the shopping bag.
Lots of weird stuff going on . If you can capitalize on it then do it . In my opinion 90+% of coins are going to be wiped out. Then when their value is almost nothing the true winners will rise . Leaving all the hodlers of the dead coins in a limbo of weather or not to sell at there losses and get the winners . FOMO is going to go craZy 😜 oh but who am I just a teen talking shit.
We are definitely in the winter, I get where you are coming from but I think the 90% going to zero may be excessive...Lots of people fail to realize speculation distribute wealth, what people have to learn are ways of riding these waves...I think we may end up with roughly 500 coins of some speculative value in 5 years and 250 in 10 years, but there would always be Bitconnect mix in it...Much of the stock market is speculation with even great earnings report selling off but participants are willing to take the risk, the better assumption would be be coins with good token economics and some utility, the market value would rise and fall with time as market makers, takers and spectators rally or sell on a price...
250 in 10 years I’m sure will be about if not less than 10% of the coins.
Hahahahaha...quite bearish on most of these coins, if the penny stock can survive, pretty sure some of these coins can stay floating...What's your consensus on Steem token? Survive or die with time
Have no idea but there is some shady people on here . We have over a million accounts but there are people here with hundreds of accounts if not thousands . There are some people that have so much voting power that they could vote for good content to stir things up . Yet they never vote for anyone . Letting the bad apples drain the whole rewards pool. I think for any coin to really moon it has to be very very well distributed .
Hit the nail on its head, the concept is beautiful but the distribution is problematic, i think they got off on the wrong foot and they been catching up, the large premine and token economics would continue to hurt the project going farward...The bears are vicious when Steem has a high BTC value and during drought the selling pressure is always there as folks cash out, December to February was unpleasant with some folks behavior as SBD was high... worst I have seen, folks were even upvoting comments and even today the experiments continue, that the reason I am powering down, I don't see it changing and a lot of the witnesses are just bullshitting blaming Steem low price on high SBD, once I see that kind of economics being promoted, I know this place is in trouble... We have flag out most of the traders and lost the volumes from upbit and most folks are waiting for SMT pump to cash out, some of the proposal by witnesses and initiatives I don't know how folks bullshit alarm isn't going off.... But I want this to survive the odds but those with the power here aint thinking like some foolishly think they can compete with EOS, for God sake, that a project with a 4 billion war chest and 5 times the developers on board, rather than being strategic they making an issue out of nothing, its better to shoulder and ride the EOS wave and probably get some inputs for SMT to get things off the ground... that's just my take
Yeap only time will tell . They changed things so many times in the hardforks . That they force people to self vote to keep up with supply . If they had there shit together and people where joining and we were seeing progress then we would all be voting for others to keep the community moving up. The way it is now I feel it’s the same people opening accounts . I have had a few people open accounts and never get approved . I think maybe it’s a blessing in disguise for them.
Hi Dad! Seems to me that the whole crypto market is down this is not just a steem thing right now!
crypto currency are now trend
May you be on the right side of the trend my friend
Bro so you not bullish steemit? Which coins you like? Thanks