Steem bulls we have some work to do, I reach out to Bithumb team and this was their response.....
Steem bulls we have some work to do, I reach out to the Bithumb team and this is their response...
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For those who aren't aware Bithumb is Steem largest market with 24hr trading volume of 2 million USD - 40 million USD on a good day. Taking into account Steem current market and daily trading volumes that gives Bithumb 2/3 market share on a typical day. However, Bithumb wallets have been disabled with deposits and withdrawal down for the last several weeks leaving Steemians lock out from this market. Bittrex exchange stands as the "go-to exchange" for most Steemians, volumes on Upbit has plummeted and the other exchanges make up a small market share of the overall Steem daily trading market share.
Here's the plan, I hope everyone can get on board
The selling pressure on Bittrex is still quite strong, even with a Bitcoin daily volume of 20 to 65 BTC, it does not do much with price appreciation. Its in everyone interest if these volume sellers can resist that pressure an get Bittrex price within 10% of Bithumb exchange price. Looking at the order book currently on Bittrex, things are in balance if can get some buying pressure to lift prices higher towards Bithumb price we can entice the team to re-evaluate. Nonetheless, any price rise tend to attract large sellers, getting everyone on board could be difficult.
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Selling pressure especially with large orders with Steem kill off momentum if buying pressure can't keep up. I think its worth the pain if that means Bithumb markets re-opens with typical trading volume of 5 to 15 million USD. What is also important to note, this potential market opportunity can open the appetite for traders at exchanges like Upbit, Huobi-pro and Binance.
I know the idea of trading isn't a sweet spot for many on the Steem platform with many inclined to the approach of "build and they come approach" or "quality content would bring value". I even risk getting flag from a whale who may see this attempt as trying to manipulate prices but as I continue to say, we need the traders as much as we need the bloggers on board. Long-term investors typically brings a downward sloping curve if other long-term investors aren't on board to support price, however, traders/ speculators ensure that liquidity is readily available for those looking to move in and out of the market. As we have seen with Steem, sellers tend to always be knocking on the door, so having a typical 24hr trading volume of 20 to 60 million goes a long way for this platform.
I thank the Bithumb team for reaching out
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I am writing hoping that everyone see's my point of view. Having Bithumb, Upbit, Huobi-pro, Binance and Bittrex all on board with healthy trading volume can shift sentiment on the platform and possible result in better prices. Can we put a temporary brake on selling and get within 10% of the desired Bithumb price???
Bithumb numbers are 100% BS.
https://steemit.com/teamaustralia/@itstime/how-to-manufacture-a-steem-price-pump-here-is-how
I believe the numbers are genuine, I used to think the same about HitBTC until I start trading there and I realize that there are people trading there and not bots and that's just from hanging out on the trollbox... What I have realized, its a competition between these traders and the exchange gives them a sweet rebate when they cross the threshold, so they have reasons to maintain a certain volume... Added to that these exchanges have market maker and taker fee so its a sweet pie, you go over a certain volume and trading becomes free, still take with a pitch of salt
I had no idea Bithumb closed Steem deposits and withdrawals. That's said news :(
I am not selling so doubt I can do anything to help the cause...
If you have SBD, you can go to the internal market buy the Steem and hodl there, the knock on effect should lift the floor there
Everything is in SP..
I agree. Thanks for this effort!
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Its worth the effort, I have tried my best on the internal market, lets see if we can get everyone on board, I am monitoring the prices, I hope we can at least get this done....Those buying using the internal market, can just resist selling on the external exchanges to get prices prices within range, it would work out for everyone imagine imagine Bithumb, Upbit and Huobi-Pro traders having a go at Steem, that would be nice
Well, I am not a seller, but I am also a very tiny account. But I can definitely appreciate the point you are making here... I have noticed that the volume seems really lackluster, as of late. On Bittrex, it seems like Steem has been trying to move higher for the last few hours... but volume remains pretty feeble.
=^..^=
No worries, temporary pain, what you can do is use your SBD an buy Steem on the internal market and hodl, this should help reduce supply and hodling of Steem would add to the add on effect...
Bittrex is a tag of war, bidders not willing to raise the price and sellers taking the market rate sending the price lower, we need one of those flush out buyers that clears the road and bidders follow in to support the price
For the record.
Easy - buy every STEEM on Bithumb and sell for the market price and you are done.
No. Investors are rich because they are not dumb.
Why would Bithumb traders break their backs, I don't know if you look at the market floor for Bithumb but buyers have a solid floor of support, only thing breaking that down is supply coming in....
For the second part of your question, its a temporary pain, you have volume and momentum on Bithumb I am not to sure where the "investors are rich because they are not dumb" part fits the narrative, if you are a trader/ investor, you want to be in a market that has volume and momentum, its a win win for everyone, it isn't just about price... For example, look at how much momentum HitBTC SBD/BTC pair has, it something that works out for all the traders there, Bithumb can lead the Steem market with its volume and momentum, we all benefit here on the platform...
I do not know and do not care why and how did you came up with what you wrote.
Lets take the part that can be checked.
Just look at the data and ask some questions.
Latest report Weekly report: How much STEEM is stored on the exchanges? - September 13, 2018
Use binance the withdraw and deposit works fine.
Yeah w/o Bithumb for the time being, at least we have Binance.