It's a completely different story on the internal market. At the moment 1 SBD could be purchased for about 7 STEEM, that's about USD 2.0 https://steemitwallet.com/market
Thanks for the response, but I still don't see where the profit is?
Yeah... I understand the WHO - "The Korean UpBit users"... and assumed the WHY is Profit... but how are those buying above $1 on UpBit going to make any profit?
Let's assume it's arbitrage:
Arbitrage can exist for a while... but eventually things should even out: Buy pressure on internal market (or even on HTX) will slowly push price up... and selling for profit on UpBit will eventually push price down... but that wasn't happening... there were more buyers than sellers on UpBit pushing SBD (and the arbitrage opportunity) even higher.
Profit could be made the other way around. If one is allowed to trade on UpBit, they buy on the internal steemit market 1 SBD for 6-7 STEEM, that is somewhere between USD 1-2 and then sell on UpBit for the equivalent of USD 6-7. That is at the moment at least 400-500% profit. Could be more, SBD on UpBit was above USD 11.0 for a few times.
Right?
It's a completely different story on the internal market. At the moment 1 SBD could be purchased for about 7 STEEM, that's about USD 2.0 https://steemitwallet.com/market
Check out my post and the comments: https://steemit.com/hive-159906/@lifetrail/sbd-on-upbit-a-great-opportunity
SBD is 99% exchanged directly on Upbit, it's a SBD/KRW couple so you have your answer who. Why - profit, what else?
Keep up the good work!
Hey @lifetrail,
Thanks for the response, but I still don't see where the profit is?
Yeah... I understand the WHO - "The Korean UpBit users"... and assumed the WHY is Profit... but how are those buying above $1 on UpBit going to make any profit?
Let's assume it's arbitrage:
Arbitrage can exist for a while... but eventually things should even out: Buy pressure on internal market (or even on HTX) will slowly push price up... and selling for profit on UpBit will eventually push price down... but that wasn't happening... there were more buyers than sellers on UpBit pushing SBD (and the arbitrage opportunity) even higher.
Profit could be made the other way around. If one is allowed to trade on UpBit, they buy on the internal steemit market 1 SBD for 6-7 STEEM, that is somewhere between USD 1-2 and then sell on UpBit for the equivalent of USD 6-7. That is at the moment at least 400-500% profit. Could be more, SBD on UpBit was above USD 11.0 for a few times.
Right?
Upvoted! Thank you for supporting witness @jswit.