SBD Hits "Biggest % Gain" Status on Bittrex On Overnight Pump Saturday, 2/10
Steem-Backed Dollars are looking quite strong after putting in our (hopeful) Bitcoin bottom at 60%. At least temporarily, they have put in a strong up-trend that will hopefully continue as the broader crypto market recovers.
In fact, as far as I am aware, SBD reached the "Biggest Gain" status for the first time on Bittrex this weekend. (However, for the record it is possible this happened during the previous pump as well.)
I must admit, this comes as a bit of a relief as I had heard murmurs that certain parties around Steemit were considering more aggressive measures to re-peg the SBD. Personally, I don't see any real winners by accomplishing such a task, and price-fixing is both difficult to pull off and anti-free market. It would represent a large capital loss for most Steemit authors, as well as all bot operators, and generally speaking I'm not for it.
Of course, the more price action SBD shows to the upside, the more infeasible it will become to attempt to control the price by artificial methods. The end result is we can all continue to enjoy the increased posting rewards that always help to keep activity and engagement up at Steemit!
Note that this could change rapidly at any time, as SBD is a very low market cap "coin". That makes it very easy to pump, or dump. As you can see from our volume numbers at the top, it "only" took 283 BTC of volume to put SBD in the top gainers list with a temporary 50% jump.
Expect the same volatility to be possible to the downside and adjust accordingly. Personally, I am only using those SBD I need for Steem related services and mostly holding the rest for now.
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It is good to see SBD back on track at least for me.
What is the source of demand for SBD?
To be honest, it's difficult to say with certainty. Likely candidates are speculation, possibly from Korea. It's such a small market cap cryptocurrency that it can be moved rather easily.
I mean, SBD are #241 on the CoinMarketCap list. You ever heard of any of these coins around it?
Yeah, even if I had heard of some of those coins, I suspect none of them are getting 10% of the press of SBD lately.
Generally speaking, as long as the market remains bullish on Steem (and I would say it is, given it held up very well recently) SBD has at least one justification for a higher price.
The small market cap could make it drop just as fast.
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This is quite the case I've read a lot of people who say it's good if SBD goes back to 1 USD I'm not really understanding the reason. From September to November last year SBD was under a dollar, it may fall or rise, nevertheless there is always a tendency for anything in the crypto world
I don't see many good reasons to peg it either, except that "it's supposed to be $1."
Exceptionally true I don't see a reason too
I am with you that it should not be pegged at $1 per again. That would be the same as a government printing mass money and sky rocketing inflation and those who bought in at at $4 or even higher we where at almost $10 from what I remember! Would be greatly hurt by this and lose trust in SBD and overall steem. I say let the free market do what they want.
That's a very good point. If SBD is to crash, let it be by market forces, not centralized action. Those who lose will be be unable to blame the network.
I'm currently travelling on SBDs and so personally it would not be great to see $1 again.
Of course, that's where it's 'supposed' to be, but lets just see where it goes without 'unorthodox' methods shall we? :)
I'd prefer to see the free market take over as well.
While SBD was made to be at 1$, I agree that we should allow it to stay like this for some time still. It gives great rewards to authors and it increases the popularity of STEEM blockchain overall. But in the future we will see the price go down to 1$ anyways, because there will be more and more SBD's printed, thus dropping the value.
However, some SBD get burned (conversion/promoted), although admittedly not too many at present.
On top of that, bringing in new users brings in new buyers. Price can go up as long as new buyers outnumber new sellers.
I hope SBD fly
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