Whats going on over there with SBD at HitBTC Exchange
I know @themarkymark has already covered the topic explaining that SBD is not mooning since the ballooned prices are being shown on hitbtc. And since deposits and withdrawls of SBDs there have been in locked position for a very long time, the values of SBD on HitBTC cannot be taken as a standard.
However, when i decided to see how much HitBTC is playing around with SBD price (thinking that it won’t be more than 20-25$ mark), my jaw fell so hard on the floor that it has travelled down half way through China.
Behold the highest price of SBD on HitBTC in the last 24 hours..
148.71 friggin’ dollars for 1 SBD..
My question is why? Is it some sort of mutual collaboration? Do they have any specific objective in their minds by doing this? Even now, SBD is trading well over 40$ mark on hitBTC. This is insane...
Do let me know in the comments about what do you make of this situation.
HitBTC is not really trading any SBD. It is all fake. Investors are winning and loosing big on it with real money, but the virtual supply of SBD on HitBTC is fake.
Her is why. HitBTC has abandoned the central STEEM/SBD wallet for 5 months (presumably forever). Within their exchange they have a virtual wallet system. Normally when you transfer STEEM or SBD in or out of the exchange, you would send it through a central wallet via a memo to keep track of who has what.
Since HitBTC has abandoned their STEEM/SBD wallet for so long, people who have transferred any STEEM/SBD into HitBTC have long since sold it for something else or just abandoned it.
You can go and look at the HitBTC STEEM/SBD wallet and you will find that nothing is happening to the balance.
So what are they trading?
Answer: It is fake money. Make believe. It is not real.
The only thing is real is investors are buying up this fake virtual money on HitBTC and trading it in high stakes gambling.
If HitBTC keeps up this system of fake currency trading on their exchange, people will eventually learn that HitBTC is not a real exchange and abandon it.
By the way, Poloniex is doing the same thing with STEEM and SBD.
Very detailed response..
i never had the pleasure of dealing with poloniex so I omitted their part.
The only time i had to come to HitBTC when i wanted to buy some smartcash and suffice to say that it was a rather painful experience.. dont know how or why people are still using their exchange services for coins that they can easily get their hands on more stable exchanges like bittrex or binance.. nevertheless, it seems like a plausible cause when you say that they are gambling and big investors are just playing around it on hitbtc..
I am also wondering "why" @jbn and starting asking last week what the possible reasons might be.
I have asked a number of people who I thought might have some ideas but, as yet, no-one has responded. 😊
Well tough luck.. whatever the reasons are, they dont look good for the market as it may lead to sudden pump and dump across other exchanges leaving SBD in peril..
When you say leaving "SBD in peril" @jbn. What do you mean? I'm new to all this cryptocurrency stuff and trading in general.
Can Steem exist without SBD?
Steem used to exist without sbd. Sbd was created to stabilise steem since it was going way down hill some times ago..
when i say leaving sbd in peril, i mean that when the dust settles after pump and dump, the coin usually has to sit at the bottom of the ocean for god knows how long.. because you cannot stop dump and sbd might as well be looking at the price tag below 1$ after the dump (IF that happens)
Coinmarketcap has excluded the price for the exchange HitBTC!
Well thats a relief.. but the question remains why...
Maybe trying to make a pump and see the effect of the price on other exchanges.
Really i was very curious when i see the steem dollars 63% rising in coinmarketcap but when i check the steem currency market then i can't understand whats going on. Finally the price is ok but i thing it's a big mistake on hitbtc exchange. They are going crazy.
Its not a mistake.. they are intentionally doing it.. coinmarketcap takes the average of price against all exchanges thats why the pump was there on coinmarket cap.
I have no idea about the reason but I eagerly want to see rise in SBD/steem ratio
Aren’t we all ;)
STOPthis is also our big big and never-ending question, sir. And we don't know how long it will take us to keep on asking why...I don't know for some but for me I think I'm going insane and losing hope, especially now that enrollment is just around the corner. I hope and pray that something good will happen along the way....and by the way, me and my friends here don't know how to use bittrex or binance...
As always sir upvoted and resteemed for all my friends' and followers' information. Thank you and God bless po.