Hey everyone!
A few weeks ago I took a whale's offer to rent some delegation from him, this was mostly done to help out the @ocd project and nominations as I had recently lost some delegation. At first it seemed like an expensive experiment, but I decided to power through and do an extra post a day instead to be able to break even. Now SBD's are going literally insane though, like, no one can even explain what is happening...
I've been waiting for Korean exchanges to list Steem for some time now, after seeing what they did with Ethereum way back when it was still hovering above $10, but never could I imagine that this would be the effect to Steem and especially Steem Dollars by being added to one of their newest exchanges. I can't even fathom what is going to happen to our currency once they get added on the bigger ones, if they do.
With all this craziness going around, even coinmarketcap has currently decided not to count the price and volume of SBD on bittrex in the total, as you can see here:
It's a bit understandable as they want to protect the people who use coinmarketcap for their trades. I mean who would buy SBD at these prices anyway? So I can't really blame them for doing that. Coinmarketcap is after all under rank 300 in worldwide traffic which is pretty insane on its own.
After Steem and SBD was paired with the South Korean Won, prices have just started going crazy. Here is a chart with daily candles ever since SBD-KRW was listed on Upbit.com
As you can see, last night it topped off at a bit over 25,000 KRW which is over $22.
But what does this all mean? Why is this happening, and why Steem Dollars?
I thought this would be a good time to discuss possibilities with the community and maybe even some conspiracy theories.
With that having been said, I wouldn't judge Steemians to go crazy on their daily posting activity now and I expect us to hit new activity records very soon. Exciting times.
What is going on Steemians? Will Steem soon follow to all new heights?
Leave a comment down below, in these #AskSteemit posts I reward good discussions more than usual.
"After the impeachment of president Park Guen-hye, a dark cult took power in South Korea, led by 8 billionaire women, called the "Goddesses". All these Goddesses require the Koreans to bring them specific sacrifices. One requires Gold, one requires children, one requires (up)goats, but one requires Steem Backed Dollars to be sacrificed in order to retain this Goddess' favor. "
lol....well conspired!
Here. Bam. Have a 100% upvote from me. That's 0.06 SBD, which is 0.42 USD. Holy shit. I'm feeling so WHALE right now...
Jajaja.... So funny... 😂
Hopefully some of these raise should remain...
Greetings...
LOL
I think you mean COIN-spiracy.
Also, I notice your graph is labeled Steam Dollar, rather than Steem Dollar. Is there some confusion with the video game platform Steam, which also has its own "dollars" and is popular in Korea.
Its just the direct google translate of upbit.com. Doubt they have it listed as "Steam" in korean but who can tell. :P
Yes translated by Korean vapor 증기
Very sharp @skycranehandwork haha.
especially as steam the platform just added the ability to pay in bitcoin. maybe that's the confusion that people are buying steam thinking it's for buying things on the gaming platform? :) - who knows, either way, nice to have these people along for the ride! :)
ah wait.. update, they ended that. ..
https://www.cnet.com/news/steam-ends-support-for-bitcoin-due-to-high-fees-volatility/
Steam just removed bitcoin from acceptable payment methods. They said the volatility is too crazy.
yeah that's what i put as the url at the bottom of my comment :)
Yea SBD action is just a rehearsal for Steem. Although I wish Steem will go back to .90 so I can buy up more :)
Nice topic for discussion and hearing other users theories.
Considering that crypto market is all about manipulation, I think that SBD is a much easier coin to manipulate/pump than Steem is.
SBD Market cap is 26 Millions, and circulating supply is 3.5 Millions
Steem Market cap is 436 Millions, and circulating supply is 246 Millions
I think SBD is much easier to be manipulated by big whales.
The question is who is buying SBD at this price?
But oh well... they might have their reasons, whether it is just dumb money or they are expecting SBD to keep rallying. One thing is for sure though, this is all nuts.
Another theory (more of the conspiracy kind) is that big Tether (USDT) holders are leaving the sinking ship (USDT) and jumping into another "pegged" coin.
I say "pegged" because if SBD is efficiently pegged to USD, then I am 6'2'' tall and have a lot of hair. (Disclaimer: I am short and bald)
Wow, I didn't know you had the same thoughts.
Have you read the reply of @thejohalfiles where he shared one of the old replies of @dantheman that:
"I think we as a community can move Steem Dollar to a Steem Silver backing when the time comes. I think it would be worthwhile starting a discussion on when the Steem Dollar would switch its peg so that investors and speculators can factor in this added benefit.
It is clear that hyperinflation of the U.S. dollar is something that we should consider and any kind of "protection" that we can offer would probably help boost the value of Steem Dollars relative to bank dollars."
Maybe it's time to peg SBD to Silver instead of Dollar? Maybe some big whales noticed the comment of @dantheman before pumping SBD with belief that it will be official? Just my thoughts!
But why would they buy SBD and not STEEM? That's what makes zero sense to me.
Some investors just go blindly on coinmarketcap metrics without thinking AT ALL about the underlying technology or the real use case:
coinmarketcap says: only 3.6 Million units around, with the mention of an asterix (*)
Investors be like: oh shit, there won't be more of those, they are super scarce! Let's get them NOW..
(just another tin foil hat theory)
This sound believable. I don't know how traders operate, but do they really buy stuff without even checking out what the coin is like first?
Maybe they think SBD is the main currency. After all, the token labeling on Steemit is super confusing.
masterplan?
Yeah, that might be it :)
join the club :D
I thought it is because steem in equation to BTC is very expensive while SBD is fairer. 8K steem=1BTC while 1200SBD=1BTC. So better returns. I guess this is economics, behavior explains why irrational decisions are taken. Richard H Thaler guys had a point.
...of confusionist
Maybe it's part of a plot to stop upvote bots from being economically viable. Would love to see some data analysis on the rewards from the paywhales and their use after this price increase.
Additionally I did wonder if perhaps someon knows that SBD will be the basis for the SMTs?
I am not a money expert though, but me think that the big players in the coin market may think of diversifying their excess liquidity from bitcoin and other coins whose values have skyrocketed recently to other coins like steem and steemdollar. This and some other factors may be the reason for upward trend. Just thinking like.......
I honestly doubt that very much
Lol! You're right @acidyo. I never imagined that SBD would go to such levels because of "pegged to USD" statement. But I am excited! After all, bloggers will gain a lot from this pump (specially the one who gets his nice payout at the right time) :)
One of the reasons why Korean chose SBD and not Steem is probably that the total circulating supply of SBD is $3.6M while the total circulating supply of Steem is $246M. It's hard to pump Steem but it's easier to pump SBD. ;)
I sold SBD to buy STEEM and I will continue to do so whilst the going is good. Not sure what is going on but keep buying Korea.
I mean who would buy SBD at these prices anyway? very few people. From what I can see on the bittrex graph there are 2 very big buy orders. That's about it. Could it be another exchange buying them ?
I noticed blocktrades has no steem for lease. It must be in short supply
Upbit is co-operating with Bittrex but they have just paired a few other coins + Steem and SBD with KRW so I'm guessing its KRW fiat pushing it up.
I can't believe it is rising suddenly. 1BTC is close to 1200SBD. Like this it will come close to ether.
lol , I don't think so
You when i joined 25 days, i was working on blockchain and i checked SBD was $1 and now approx $13. I thought it will take atleast an year to reach even $2. But a sudden pull will help it to get popular and more investors. So it will. Rest whats your take? See what happened with ether it came so close to BTC.
I think Steem price hike is a bubble as long as SBDs are priced higher than Steem. The only reason steem is pumping up is because SBDs are being sold to purchase Steem..
Thats what i think.. I may be wrong. What do you think?
Sure most people might do that, but its not a given. It may just be newbie investors not knowing what they are buying up...
Does no one here believe in SBD 's relativity to BTC.
Yes.. may be.. but i think if steem is valued at 2$ (lets say) while SBD is at 1$ (since they are created to remain around 1$), then it will be a more realistic and stable value of steem..
But who am i to complain? Over the last 3 days, i sold my 7 SBDs to get about 45 steems. I love it... 😏
Pretty much this yea
Thanks for your insight here, I heard about the Korean exchange but hadn't thought about SBD being paired with the KRW.
Exciting times, we're sitting on kegs of crypto-dynamite :)
More blog posts = more spammers = more comical material = WIN ☺
I am sure, Steem will reach new height soon. And more ever when it could be bought against dollar, it will reach the moon.
Yep, I think you are right @sanmi!
I would bet it's seen as a good alternative to tether. It's just that the price doesn't make sense anymore...
haha yep
Hi @acidyo, i think too that new market are pouring more money in the system but they also are creating this SBD rally.
I think that we need to create more SBD and this is possible only by the circle:
post-comment-upvote
upvote mainly of whales who have the capacity to create big quantity of SBD thanks to their SP.
I wrote a post with my considerations to help the growth of steemit taking advantage of this particular moment in time when change looks more possible that it has hitherto:
https://steemit.com/steemit/@miti/you-want-to-help-steemit-grow-up-strong-and-sure-four-step-for-success
I'm sticking with the most obvious idea of that someone saw a low volume market not knowing what it was and every since people have started to FOMO. Steem get's pumped because it's associated with SBD's creating small FOMO there.
Finally, I'm just sticking with the fact of common sense and crypto do not go hand in hand when trading so the only thing you can count on in trading is the fact that what will happen is what you absolutely think won't happen.
I'm not knowledgeable enough as to how cryptocurrency works, but it would be nice for Steem to follow an all new heights.. ^^
it's going crazy and i'm going crazy because the sbd we transfer is still not yet showing in Polo 😭
Oh yeah, Polo hasn't been working lately :/ I have some Steem stuck in limbo there too.
I have a ticket opened for 1 month now regarding a steem withdrawal with Polo. No answer.
I'm chasing them on twitter, via ticket.. they're a ghost.
Yeah, i know polo has a very bad cs
Aww sucks.
Is it? Maybe it needs some more confirmations, I suppose. I used Blocktrades, with no issues.
Polo is actually the easiest way for me, also bittrex but the fee's are not cool.
I though there was some algorithm that was supposed to keep the value of SBD stable with USD. Is that broken?
There was never a mechanism to keep it from rising above $1 at all, but Steem relied to sellers to sell their SBD when demand increases. However, now the demand is obviously a lot higher than people who are selling it. The problem is that it takes a long time to print more SBD since it's only based on posting rewards, so it is not easy to fill the demand.
The demand is so huge that SBD's aren't being printed enough to keep up with it.
It's a circle... the higher is the price of SBD the more steemians exchange STEEM with SBD, less SBD are on the market the higher is the price of SBD. I wrote about it here:
https://steemit.com/steem/@miti/sbd-reaches-the-moon-i-think-it-s-written-all-over-the-walls-that
If we could only choose 100% SBD on our posts, that would help. :P
hahaha, I have been thinking about it too lately.
Love this awesome pump :)
Pure madness! I just sold some on Bittrex at over $13! unfortunately I only had 4! Are the Koreans buying SBD thinking it's Steem? Are people buying SBD due to the loss of trust in USDT? Who knows!
South Korea is buying into it? It seems like they are mass buying into cryptos the last few months
I wish there was someone from Korea commenting on how is SBD advertised that it got so much traction.. it does not look rational to me.. :(
Im wondering why top witnesses are not using the Bias variable to increase the SBD supply? Very small market pump = easy pump (and dump?).
The price of SBD is really crazy. I don't know what happen to steemit because of it. But I think this is very positive for newbies. They will be motivated to make one post everyday. This was happen in my community (Indonesian Steemit Community Chapter Bireuen), all of newbies wrote a new post everyday. it's fantastic!
I can forecast to the price of Steem will follow the SBD next year. Thanks for your post. #asksteemit
I really home these prices hold up. Come on Steemit I know you can be bigger that facecrap. I am clueless on where the currency will go though. Just a dreamer.....
I think one of the reason is also some new steemians choose to use bots and they pay sbd for the bots services. The demand is rising I guess. Though it is just a small percentage to add to the reason why sbd price go super crazy. I will be waiting when other exchange platforms add steem and sbd too.
Not really. 99% of that sbd comes from the steemit platform not from markets. ALso, part of the sbd received by bots goes out to bittrex / polo (so it's sold on the market), as you can see from their wallet transfers
A good read as always @acidyo and good theories as well- I honestly took a break from steemit for a while to focus on non-computer related matters. A few days ago I decided to clean up some of my exchange accounts ie selling my poopcoins back to BTC at some losses, but it was good to clear my mental space/ crypto clutter. After I was done I was on bittrex and just wanted to see what was rallying and my jaw hit the floor! I hadn't been on steem for some time like I said so I couldn't remember - but there it was <<<quite a pile of SBD im my account that I had reserved for the internal market. I was dumbstruck.
I sold it all, as I thought this is surely some crypto mistaken whale that accidentilay spent 1 million on SBD...
Was it a mistake? Of course I bought some STEEM as well - but I thought SBD was sort of like tether? Although I still dont understand how that self-regulates..
Will SBD be worth 5x in the future... Who knows??? I guess thats why we all love crypto, hmm?
There will always be some surprise.
I wonder why Steem is not moving up as fast as that is what is used to power all of our voting accounts? Is SBD moving up because of Bitcoin and if so what are not other popular crypto's not moving up as fast? I am new to crypto's and I am trying to figure lots out right now. I upvoted this comment for visibility.
It's been a long time coming so we might as well enjoy it :)
Actually i thought steem was going to rise instead of sbd
From the start @jerrybanfield had created a video about steem!
rising from $1 to $10 in 10-months!
But i never thought that steem-dollar would be the case
Because for a long time i thought that sbd is always equal to $1
because i based it on the value on trading platforms like Bittrex
@acidyo I Love the early Christmas Gift by taking my SBD recently to buy more STEEM.
I hope history won't repeat itself this time. #morepowertosbdandsteem
I dont know man, but im just happy to be in the right moment on this community.
As all we know, steem still a young crypto, and steemit too. So no matters what will going on, cause soon or latter we all will enjoy this cool cryptocoin more than never.
And yeah, not sure why they decided to pump up SBD, but for sure they know what they do.
Have a good day duds.
Thanks for good post sharing us..i always follow your post..
I'm no expert at all, just a minnow here. I believe that Steem has some very high potential. For now we must sit back and relax, let it come to us. Even if Steem, as a website, doesn't become big the concept could be shared with other medias which Steem may have rights over, creating a shoot up in Steem tokens.
Thanks for the brain teaser.
thanks for your valuable discussion...carry on your activity...best of luck my dear✌👌👌✌✌
SBD Price Increase Day Day..Quickly.
Saw the sky, saw the river, saw many stars .. today and steemite who are my real friends ... !!
lol
SBD going mooning currently, hope will earn more dollars with multiple profits. I'm pretty sure it will be rise again.
Yeah! crazy, I regret exchanging it for 2$ :( And I don't either understand why is this happening. I thought that SBD is designed to be around 1 USD.
I really hope SBD will go back, since I bought some steem :) The main question for me is why so much investment in SBD and not STEEM ?
Well, the market cap is hugely different, so the effect of 1 same sized investment in SBD is about 20 times bigger, compared to the exact same investment in Steem:
Still, I'd rather buy part of the machine that makes the SBD than the SBD itself.
Shrugs
Nothing short but insanity, people buying have no clue what SBD is. But hey, it is not bad to be a steemit blogger atm :)
I was like What TF is happening to Steem Dollars,i now see why
Steem is also rallying too,it will also blow up soon
When I output my not a large amount of SBD at a price of $ 6, I would be in seventh heaven with happiness. This time I'm in shock. I was frustrated because I could get more out of the course at 14-t. Because of these feelings, I do not trade, with my passion this can not be done. #AskSteemit How do you think this is someone's conspiracy? If so, I adore these conspirators.
If bitcoin goes to the moon , why Steem can't then? It's a very cool news for our amazing Steemian community so let's hope that Steem will grow more, more, more... 🤗🤗🤗
I’m no expert but let’s hope Steem also follows. And it is wise for those posting to use the 50/50 option :)
I am no expert but the only reason I can think of is some new investors gulping it up.