Internal Steem Market Is Totally Gamed BS Way Above Market Value...Not Good For The Steem Network
Any body else notice the internal steem market is totally gamed BS? It's ALWAYS way above the REAL trade value here compared to bittrex or poloniex. Coinmarketcap.com even removed counting it because it's so bad (they had it listed for a few days the other week, now removed it). Any ideas on how to stop this, and make it a REAL market instead of some wanna-be market?
a catchphrase?
Not sure if it is just under-used is the problem, but maybe. That could explain it...maybe some type of marketing like a catchphrase etc would help.
yes. though I think the flipside/benefit is that trades can be executed near-instantly - rather than waiting a week to convert Steem Dollars to Steem and take a gamble on what the price is going to do during the week...
True, but poloniex.com / bittrex.com / blocktrades.us also instantly convert you Steem Dollars (to Bitcoin even), and it's at a waaaay fairer exchange rate. That's probably why coinmarketcap.com delisted the internal market, it's purely gamed BS.
it'll be interesting to see if Steem Dollars can/will get pegged directly to the USD.
The first chunk I took out just after July 4 was about $0.77. Next was about $0.95. Took some out last week when it was at $1.30 and $1.15. Been around $0.85 the last few days and waiting for it to go back around a buck.
I don't understand the dynamics of the financial instruments well enough to know why there's this fluctuation. Though if there were guys buying Steem Dollars at 40% over-valued, it either means its stupid money - OR, smart money that knows this is gonna take off and scooping it up for the long-term...
My guess is when STEEM token values rise / fall significantly that SBD will fluctuate too but not as much. Seems to be doing that so far anyway.
i think its good because i can learn to trade from its