How I made 200 steems for doing nothing except a timely trade! And my thoughts on current situation of STEEM...

in #steemlast year (edited)

Today as I was checking out the price of steem on @coingecko, I could see a great pump of over 21% happened in 24 hours. To confirm this incident, I rushed to @binance-hot and #wazirx, where, to my surprise, I couldn't find any such great hike, rather I sensed a huge difference of over 10% in the price. I got curious and went on to check the data from some other exchanges.

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I was surprised to look into the situation in @bittrex where steem was the 'most gained' coin in last 24 hours! In a few minutes I was all set to do the trade. I transferred 1000 liquid steems I have had in my account to Bittrex and exchanged it with BTC. Though it incurred me a comparitovely high fee, I sent those BTCs directly to Binance where I was able to re-purchase steem.

It is at this juncture that I made the biggest profit in terms of steem in a single day. I was able to sell my BTCs for steem. Surprisingly, with their listed price, I received around 1200 steems! 200 steems profit for technically doing nothing, or minimal effort!

The biggest problem the @binance-hot now have is that the users can't withdraw their steem. This is because they have converted all funds of their customers into steem power to help @justinsteemit in his hostile take over of steem blockchain.

So, despite making this huge profit, I wasn't able to sent it back to my steem account which happened to be a sweet revenge from this crypto exchange. So I had to convert my coins to some other accessible form to finally receive it in my bank account as INR. Anyway, in the end of the day, I sold my coins at a higher price than the highest price in @bittrex, where people seem to buy more and more coins creating a big demand!

I don't know what to expect in upcoming days as steem now shows a great performance only due to the competition existing between Tron and Steem blockchains. Justin apparently keeps on buying steem to safeguard his sock puppet witnesses to turn this blockchain centralized, however, some of the community members, on the other hand, are buying more to defend the decentralized nature of this unique blockchain. As things get unfolded, it really gets hard to predict the future, even the existence of steem blockchain!

I recently stumbled across a post from the very person whose hands were behind the development of steem blockchain, @theorotical, who proposes a new blockchain which aims at eliminating all problems the experimental block chain based social media platform steem has. The code he proposes not only considers the technical aspects, moreover, it also takes into account the human behavioural aspects, which by far is the most important thing the STEEM blockchain seems lacking.

In essence, I and most of us over here still have hope on steem. However, things are no longer in our control. The very concepts and values steem was built upon seems to shatter one by one by the very hands of those who created it. Therefore, now it is time to at least safeguard the time and efforts we have put in here. It has value!

We are not going anywhere, steem on!

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We're seeing Steemians going to trade on@bittrex, which may drive the orderbook up there and increase the price.

Yeah.. only @bittrex allows steem withdrawal.