Why Is SBD Getting Dumped Like This?
What's going on? It's barely above its all-time low of $0.53 on Dec 17 2018.
Are holders of SBD preparing to for the price of STEEM going up? But why would anyone exchange their SBD for STEEM if STEEM were to go up? Once the Debt Ratio, that is, the market cap of SBD divided by the market cap of STEEM went below 10%, you could redeem one SBD by burning it in exchange for 1 USD worth of STEEM.
0
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0.000
Well, Convertion doesnt work so Well and SBD is basically broken.
Implementing MakerDai mechanism into our sbd would be a good next step.
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Conversion is not working now because the Debt Ratio is at 10% now. It just checked SteemWorld and it gets its value from Coincap and SBD is now at 69 cents. What's limiting its fall is that when the debt ratio goes below 10%, it becomes possible to convert it into STEEM again at 1 USD per SBD.
Yea Ik
Ive done convertion a year ago and a few months ago when it still was possible.
Didnt get as much as just by trading the interal market.
That's why I said here that convertion doesnt work too good.
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noticed it as well... not sure :/
-30% :O
It's the HitBTC exchange with their fake volume and wash trading. On the exchanges where you can actually deposit and withdraw the price is right about where the debt ratio and the virtual supply indicate it should be.
Thanks! I did notice some discrepancies when looking into it after I'd posted that.
Why are you folks like this, throwing accusation around and have no clue what you are saying. I actually trade SBD there and I could tell you its as real as it gets.
As far as I know HitBTC has not allowed deposits or withdrawls of steem or sbd for over a year. It seems very suspicious that suddenly they have 75% of the volume of sbd. It doesn't add up. Also conmarketcap is excluding the price. If you look closely the liquidity and the trade volume that they are reporting doesn't make sense.
https://coinmarketcap.com/currencies/steem-dollars/markets/
There is a reason why this is the case, the exchange is actually protecting its traders. One of the problems it used to just be a few accounts dumping on traders and those traders experiencing large losses. So it used to be these accounts dumping and withdrawing, its a business at the end of the day, hence the reason why so many exchanges either delist it or withdrawal and deposits are stop. I am pretty sure once the overall chart shows some signs of improvement, most of the exchanges would open deposits and withdrawal. Just as a reminder, I regularly trade there and I can tell you the volume is as real as it gets
The @hitbtc account has 29.742 steem, 12.478 SP and 10.579 SBD in their wallet. Unless if they are using a different account a 5 digit volume doesn't seem real to me.
EDIT: Also their order book in the SBD/BTC pair has a depth of 111,976 on the ask side while the SBD/USDT pair has 3667 and the one for SBD/ETH has 1036. Which account is holding that amount of SBD? If they do have does amounts in their wallet I will retract my statement.
They are using different gateway, other known gateways are hitbtc-payout and hitBTC-exchange, there is payin, you can follow the money flow with hitBTC-exchange account, and you probably have a point with the SBD/BTC market pair it joins around at times with some crazy numbers, not to sure its entirely correct myself but I can say, there are traders trading that pair, its a favorite in the trollbox
Between those other accounts and the hitbtc account there are 6k+ SBD so the difference with that amount and the order book does look a little suspect. You can see why I question the validity of the trading data that they report. The other exchange that looks fishy (when it comes to steem/sbd is bithumb) but I haven't looked much deeper into them.
I agree with the approach of taking everything with a pitch of salt but also remember that there is conditional orders. So even when you see order appear and disappear, it does not mean anything sinister is taking place. Keep in mind that traders themselves and trading groups try to paint a picture on the charts and the order book.
If the risk is to much for you to stomach I advise just setting it out but don't do like others I see here just making post for drama when folks like myself are making real money on it.
Its not really falling that hard to be honest, its because of the moves in BTC. Its been holding the 0.00078 level pretty steady. Now that HitBTC price is approaching Bittrex price and Poloniex is no longer part of the feed, the lower HitBTC price is weighing on the overall price. Normally the HitBTC price is not reflected as SBD on HitBTC makes big moves so its a tricky.
If BTC moves up providing that it hold the 0.00078 level, you would see the big jump in USD price, that's basically the flow
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