100% of the SBD this post raises will be sent to poloniex to stabilize the price off STEEM.
This is a project Co-Started by @cryptohustlin
A screenshot of this weeks trades[9200 STEEM total volume]:
Our balance.
Here is a picture of some of our open orders(350 total open orders)
What do we propose?
You simply upvote this post. We have a market making(a trading strategy) bot built out for STEEM on poloniex and by adding your donations in the form of upvotes to the bot, we could potentially stabilize steem quite a bit.
So what is market making?
Market making is when someone who places bids(wanting to buy) and asks(wanting to sell) on a product in an attempt to make profit. A by product of this activity is decreased volatility in the market(more stable prices).
http://www.investopedia.com/video/play/role-market-maker/
It doesn’t take a lot!
This project was kicked off by 120$ worth of steem / bitcoin donated by @cryptohustlin, Since market making constantly is buying and selling, the amount of volume you can do with very minimal amounts of money, make this strategy for stabilizing steem great!
Our Code.
https://github.com/cmtzco/steem_mm
We have decided to share our code with everyone so anyone who wanted to play around with it or use it was able to. Keep in mind this bot does trade with and can loose REAL MONEY. We are not responsible for any bugs in the code, how you choose to use this software or anything that could arise form running this software. The current code will trade with your entire BTC and STEEM balances on poloniex and bittrex.
Just hodl Steem until the storm is over people. Or until Steem reach the safe-zone price. That's over 2$ for now. Steem needs to break away from Bitcoin price drop whirlpool. Once that happens, it will be more safe to trade.
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This project isn't aimed at profitability althou it can be very lucative. This project is aimed at stabilizing steem even at a loss.
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I'm not talking about profitabily but a stability of Steem price so the volatile market prices can't have an impact on Steemit community. Nice iniative though. Markets are becoming insane.
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good advice , tnx
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Nice initiative! You will not move the market much but you will buy some STEEM wich is awesome!
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The plan is that with every update we gain earnings to feed the market maker to hopefully one day be a major player.
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Count me in..!! ^^
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Thanks for being a part :)
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This post received a 20% upvote from @randowhale thanks to @royrodgers! For more information, click here!
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