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RE: Campaign to get SBD listed on Binance
What makes you want SBD listed on Binance? Is it so you can cash your SBD earnings into other crypto? Surely it's not because you want to BUY SBD from Binance when you can already buy Steem and send it to your wallet and trade for SBD.
You do realize whenever SBD gets listed on exchanges, it makes the price go down because less people hold it since it's easier to sell. One of the reasons SBD price is above Steem is because of the fact that its not easy to sell rn.
So please let me know why you want SBD on Binance since none of these posts explain WHY YOU WANT SBD ON BINANCE, I use Binance and I use SBD, I don't see the advantage, it only allows holders to sell off easier.
Those are great questions. It is helpful you asked me as it makes me realize many people are likely to need clarification with this as well.
Price of SBD will actually go up as SBD will be made available to buyers.
SBD is a pegged currency and meant to be pegged at the US Dollar value. Currently, the value of SBD is high because it is still new and there is a limited supply (supply and demand is dominating right now). As the community grows and the supply increases, then it can begin to function as a pegged dollar.
In the mean time, it benefits both the users of SBD and the currency itself.
Why?
Because if we sell SBD at a higher value, then we get more earnings from our effort here on the various STEEM platforms. SBD currency benefits as this is the natural mechanism that pegs the value to the US dollar.
Here is a simplified explaination of how the pegged SBD works. When the value of SBD is greater than USD, authors pick the 50/50 reward option. Half of the rewards are paid in SBD which floods the market with new SBD and drives the price down toward the USD value. When the price of SBD is less than USD, authors pic the 100% SP reward option. This limits supply of new SBD and drives the price back up to USD value. These are the natural mechanisms that control the SBD price. There are additional mechanisms that influence price such as whether or not interest is paid on SBD.
Why do I care if SBD is listed on Binance?
Right now there are really only 3 functioning exchanges. Bittrex, Upbit, and Binance. Poloniex and HitBTC are non functioning as the STEEM/SBD wallets have been disabled for months. Presumably, they will never fix the wallets. In comparison to other currencies in the top 50, only having 3 exchanges is a scary and dangerous limitation. To further compound the problem, consider that fact that Bittrex is an English only exchange, and Upbit is a Korean only language exchange. The only multilingual exchange available is Binance, however, they refuse to list SBD.
Imagin if you didn’t know English or Korean or weren’t comfortable enough with the language to tackle exchanging currency with an unfamiliar language. Perhaps you would just not use the currency at all or the currency would have no value to you. You may not want to even bother with using Steemit or any of the other STEEM platforms. This is a serious limitation to Steemit system and STEEM/SBD currency.
Binance listing is a major milestone for STEEM/SBD currency because it represents the largest multilingual exchange in the world. Once SBD is listed on Binance, users from all over the world will be comfortable using the STEEM/SBD currencies. They would also be comfortable in using the various STEEM apps. This means growth for Steemit.
First off, SBD is already available to buyers on Blocktrades, Bittrex, Upbit, HitBTC, and GoPax. Putting it on an exchange only increases sell volume.
Second, the price of SBD is only pegged to $1 in theory, the reason why SBD's price is usually above Steem price is because people who get paid out in SBD set higher and higher sell prices to make you buy the SBD at higher price. Since there is much less SBD than Steem, it puts SBD in scarcity and makes people buy in on high SBD prices to get some faster.
Third, you are saying that non english speakers aren't getting involved in Steemit.com because SBD is not on their exchange? Steem is already on Binance...
In conclusion I'd like to share info on what happened to Steem price when it was listed on Binance February 1st.
You have many posts about wanting to get SBD listed on Binance, maybe you should tell people in those posts why it should be listed, maybe then @ned will listen. But until then, these posts have no info besides "how to" showing Ned how to sign into his google account to send a message to Binance.
Thanks for the Upvote.
Instead of bashing me, take a moment to check out exchanges like HitBTC. SBD is selling for almost $4 there. Ask yourself, Does that make sense? If you go there, get an account, and try sending your SBD there. You will be in for a surprise. You can’t do it because the wallets are not functioning. Ironically it still trades, but the limited supply and no way to move SBD in or out actually makes it more valuable inside the exchange.
GoPax only does about $5K of volume per day in SBD. Compare that to UpBit of almost $2 Million in the last 24 hours. I’ve seen UpBit do over $100 Million in a 24 hour period before. It is like GoPax doesn’t even exist in comparison.
If you will read my comment to your questions, you will see that I pointed out that Binance is multilingual, but they don’t list SBD. That is a problem.
I want you to take on a task. Go compare top 50 cryptocurrencies against Steem with respect to the number of exchanges it is available on. You will find that Steem has a severe deficiency. You should know that one of the key elements to evaluating a cryptocurrency is if it is available in multiple exchanges.
I’m just trying to help the community here. Both HitBTC and Poloniex are dangerously close to delisting both STEEM and SBD. A delisting from a major exchange could be a death sentence. Having both STEEM and SBD listed on Binance could shield Steemit from a delisting blow.
Lol I'm not bashing you, I'm telling you to include why you even want SBD listed on an exchange. "You have many posts about wanting to get SBD listed on Binance, maybe you should tell people in those posts why it should be listed" Looks like you took my advice from looking at your last post.
I think you're looking at this from the wrong perspective. You're taking the perspective of a trader and considering how important the value of SBD is to you as a cryptotrader. This is probably the wrong perspective if you care about STEEM and the future of STEEM. You want SBD to go down so the vision of the platform and SMTs in general can be realized.
For this to happen, access to purchasing SBD needs to happen on other exchanges. Right now, the only way to SBD is through the steem platform. This exclusivity isn't good for the platform.
Wait...you use SBD? Where? Where are you spending SBD? I have to know this. I only know of one place, and I don't ever go there because the value of SBD isn't 1 USD yet.