Steem.Supply Update: Pulling SBD Price From Specific Exchanges, to Avoid CMC Price Skewing
As many of you know, for the last couple of days SBD has been played on HitBTC. By "played" I mean somebody is artificially inflate the price there, while the SBD wallet is offline (meaning no deposits or withdrawals are allowed). Usually, this wouldn't be such a problem if Coinmarketcap will have a mechanism for calling out "outliers" (which I remember they had, at some point, but don't know what happened to it). As a result, the SBD price from HitBTC is still taken into account and that results in a relevant imbalance of the average SBD price.
As you also know, this average price is used on steem.supply to calculate the potential rewards. An artificially inflated price will eventually have a negative effect, because it will create unrealistic expectations.
So, in order to mitigate this problem, I added a (quick and dirty) hack to steem.supply: the SBD price is now pulled in BTC from Bittrex (which is the second largest market for SBD, after the Korean Upbit) and then multiplied with the current Bitcoin price from CMC. Like I said, it's a quick and dirty hack, but it should hold for now and, who knows, maybe it will open the path for a new feature, one in which you could actually select the exchange for the STEEM / SBD price.
Here's how the price looked before implementing this hack:
And here's how it looks now:
Steem on!
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Thays great because last night I’m not sure if you know we saw a spike of sbd on certain exchanges so it would be nice to see that
Yeah, it may lead to new feature.
What if steem.supply could call point to outliers too?
I can implement a feature so you can choose CMC price (the average) or specific prices from major exchanges. Would you use something like that?
Yes, absolutely.
Great update your site is getting better and better i love it
It's kind of weird how its working though, because without deposits or withdraws you'd expect it to dry up. but the daily volume is still over 100k USD so whoever is doing it is either buying and selling to himself, or something is happening that I just can't get a grasp of metally
obviously, lol. There are no transaction fees for SBD / STEEM, so wash trades all the way, baby :)
But there must be a fee each time they buy and sell no? HitBTC doesn't take an exchange fee?
Nope. AFAIK, for tokens which don't have transaction fees, they get money only on withdrawals (some of them on deposits too).
Gotcha, cheers
THat's actually wrong, there is a "taker's" and "maker's" fee, the taker is charged 0.1% per trade and the makers get a 0.01% rebate to encourage traders... Please be careful with suggesting "wash trading" is going on, next thing, bunch of articles here suggesting wash trading taking place... I actually trade at HitBTC so it isn't as bad as people make it to be... Worrying signs are permanent maintenance of Steem/SBD wallets on Poloniex, HitBTC, Changelly and Shapeshift, probably that is something you can look into, though I have a feeling that it may be delisted from HitBTC eventually
Something still is amiss. Here is Bittrex yesterday:
... and also currently, World Coin Index is showing this:
and here is Steem.supply currently:
Thats great, thanks for putting in the hack. It will really save people from alot of false expectations
That was a needed operation, it was so confusing.
We should just ask coin market cap to outright remove steem and sbd prices from HitBTC if they don't plan of fixing their deposits anytime soon, whats the point of having it listed there and affect the average price if you can move your money there?
Yeah, CMC should definitely do that, but remembering the early days of Poloniex, I doubt they'll do anything.
You did right, it was needed, two days ago i was checking it was showing you can get . 0.9 steem for 1 sbd.