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.
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What is the source of demand for SBD?
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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 comment has received a 4.48 % upvote from @steemdiffuser thanks to: @stimialiti. Steem on my friend!
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Thanks for sharing this @lexiconical. It's been great to see SBD performing so well on the long term chart, but I agree that anything could happen in the long run, as low market cap coins are generally very volatile. We will see how it goes in the long run!
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Just for the record, that's a pretty short term chart!
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Sorry, I read the dates wrong! I was wondering, as it seemed to be missing a few drops haha!
By the way, I am running a project called the Steemit Success Initiative, which is a project that aims to grow and develop Steemit, while also growing it users. You can check the posts on my page, but anyway I would really appreciate your support on it.
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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
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I don't see many good reasons to peg it either, except that "it's supposed to be $1."
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Exceptionally true I don't see a reason too
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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.
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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.
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I'm currently travelling on SBDs and so personally it would not be great to see $1 again.
Of course, that's where it's 'supposed' to be, but lets just see where it goes without 'unorthodox' methods shall we? :)
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I'd prefer to see the free market take over as well.
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While SBD was made to be at 1$, 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.
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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.
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this is good news for everybody involved in steemit and crypto!
i am kicking myself over not getting into this platform early :/
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you create a great post....i think its useful to us.......i hope everybody like your post...thanks for shear it..
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You got a 1.25% upvote from @buildawhale courtesy of @lexiconical!
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You create a good post.i hope everyone like this.
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we definitely will enjoy the increased posting rewards
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Very good post and very inspiring.
Always success @lexiconical 👍👍
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I am investing in steemit and will continue to hodl!
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Just Don't hodl SBD please.
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When the price goes up I go to market with it...
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I hope SBD fly
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Oh that's good. I so want to see SBD going up because I have been holding it when It was for $7 and I bought it from the market.So till now I have been losing money.
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I really like your posts that have shared information about, Best Bitcoin Investment Investment Bitcoin Crypto Trusted.
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The originally envisioned peg of the SBD to the USD has long been debunked. It's nice to see it trade and its value be determined by the free market; the price has held well above the experimental "peg" once it got listed on Upbit in November 2017.
The Steem Witnesses can't counteract this and quite frankly, in light of all of the controversy and official scrutiny surrounding Tether, I would argue that any tools at their disposal to insinuate that they are capable of doing so be removed entirely.
SBDs should be represented accurately to Steemit users and the general public as a token derived from the Steem blockchain whose value is determined by supply and demand forces and nothing else.
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thank you for providing my friend information, may be useful to all of us thanks, very good post and great information.
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@lexiconical. I would never have thought SBD would have a market where it's price fluctuated much, because there isn't much utility with it at all. I'm holding those I earn and perhaps will end of spending them for services, etc.
You are one of the only people I follow with a high reputation score that actually and meaningfully engages in comments from their posts. I've gained a ton of respect for how you operate, what you post and how you contribute and see it as the right way to participate in steemit. Most high reputation people who do occasionally comment, don't upvote at all. Because of this, I've delegated my voting to you knowing you have the best in mind for steemit. A big thank you.
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How is this happening, who is buying SBD? With word about inflation possibly happening on SBD it seems like a losing bet long term. Pretty awesome for people posting on steem though!
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This is my guess:
https://steemit.com/smart/@mexbit/this-might-be-the-reason-why-a-sbd-is-13-usd-worth
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Thanks for this, any thoughts on the rumor about inflating SBD? Do you think it's just happening too slowly? I'm not complaining because it helps me out long term, just a bit odd with them wanting to peg it to $1
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I'm going to have to disagree with you on this one. Talking about SBD from a TA perspective is incredibly dangerous and if people are following you on this they will be lambs to the slaughter.
You might have been on hiatus when I wrote STEEM DOLLAR Will Fall To $1 USD : Here's Why or you might not actually read my stuff. Either way, please take a look.
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It should be 1 USD, but I do not think that a 50 Million USD 24 hour volume is only stupid money...
Here is my take:
https://steemit.com/smart/@mexbit/this-might-be-the-reason-why-a-sbd-is-13-usd-worth
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Fingers crossed 😁😊 thank you sir💖
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Great post
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If sbd isn't "stable" (relative to the usd) what is the point of having it. Why not just get rid of it and use steem? I'm genuinely curious. My understanding was that steem is the volatile currency that grows or shrinks based on the success of the steem block chain/community and sbd (steem backed dollars) are to be the price stable currency that allows people to set prices for services without having to worry about the volatility. When was this "debunked?"
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This post has received gratitude of 4.04 % from @appreciator thanks to: @lexiconical.
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Hello @lexiconical.
I found a user plagiarizing your content: https://steemit.com/hot/@roper2001/sbd-hits-biggest-gain-status-on-bittrex-on-overnight-pump-saturday-2-10.
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