If you really want STEEM to MOON, stop being lazy and buying it on the internal market
Seriously guys, sell your SBD at Bittrex and buy STEEM there ... you think external forces even know about the internal market?
If we want STEEM to keep going up, outside money needs to see big green numbers on exchanges.
By purchasing your STEEM at Bittrex you will be promoting the coin and encouraging outside players to buy.
The internal market does not bring any new money into Steem.
You nearly always get a better a price at Bittrex too - the internal market is the lazy option, does nothing for STEEM's market cap and you pay more than you should.
The internal market is dominated by a few big whales who make a lot of money playing discrepancies between the internal and external markets.
If you want to contribute to existing whale wealth, use the internal market; if you want to boost the platform and community as a whole, sell your SBD and buy your STEEM on exchange.
Right now there is outside muppet money paying Bitcoin for SBD!
Take that Bitcoin from the muppets and pump it into STEEM FFS!
Every time you buy STEEM on the internal market, a whale eats a minnow, a dolphin crys and a muppet comes to their senses and realises they shouldn't pay $13 USD worth of Bitcoin for a SBD.
/end rant
pixabay.com
"Take that Bitcoin from the muppets and pump it into STEEM FFS!"
exactly.
As a steemit newbie, I’m curious what stops these whales from participating/influencing the external markets in the same way as the internal market?
They do, that is the whole game - they are doing cross exchange arbitrage. I'm not actually opposed to it in anyway - arbitrage reduces market inefficiencies. I just think if you are looking to buy STEEM, it makes more sense to be bringing new Bitcoin (money) into the economy.
What can stop someone from influencing the external markets in the short term is the length of time it takes to power down
:D
Yeah no one (minnow/dolphin) by themselves is going to move a market, but I mean if everyone did this, there would be a noticeable effect IMO
and on the flipside, those whales who are dumping 10s of thousands of STEEM, wish they would sell that on the internal market and then sell the SBD on exchange - better for their own STEEM holdings and better for everyone!
Fine - you got me @bulleth... :D
Woot! Take bitcoin from muppets and buy STEEM with it XD
I never thought about that before! But I think you are right..
Same here. The only time I've used the internal market is to sell SBD for STEEM to power up. I'm gonna have a look around the market now to see what other tools it has.
That's exactly what we're talking about - do that on Trex!
That's currently the only tool on the internal market SBD/STEEM ... though I believe SMTs will eventually be exchanged there!
I am new to all this so I am going to have to sit back, drink a cup of coffee and think about this for a while. I was told to use the internal market although I do have some Steem in Bittrex. I sold SBD for BTC and then bought Steem. Is that correct?
Yes that's correct - 100% - kudos to you!
What you just did was took someone else's bitcoin and invested in STEEM!
Now you can transfer your STEEM back and power it up ;)
Good for you -- You're learning, bro.
Happy holidays !
New? How are you 59?
You only need a few votes from high rep accounts to get 50+ rep.
I need more of them XD
me too! lol
Easier said than done :D
Btw many of the people on steem are not trading savvy... they are regular folk, mechanics, plumbers, nurses, mums. I think you should make this post weekly and particularly this little thread with tesscooks4u that really spells it out. It would benefit lots of folks here and the community & currency as a whole. I don't even have a bitrex account for example... it's not like there's a manual that come with steemit. Thanks for the pointers, going to go see if I can do this now!
Hey thanks for the feedback, I've never considered doing this as most bases have already been extensively covered - I think the problem is content discovery on the platform is extremely hard, especially old content - it just disappears. Google is great for pulling up old tutorial posts though!
I think there should be 2 rounds of earnings for posts... the short term as we have at the moment and a much longer term for posts that really stand the test of time and continue to be relevant and helpful to other users for the long term. It should be possible to order search results based upon number of upvotes... otherwise we spend all this time curating good content only to 'toss it in the bin' after a short useful life
She been here 6 months
That's what I thought
New? You been here since June...
True lol I been here since June!
Great decision i appreciate this @bulleth
Correct strategy. My friend @xyzashu also told the same thing to sell SBD and buy STEEM.
Agreed by your post.
He's telling you to buy from an external exchange instead of buying it from the Steemit's internal market. And yes, that's a good advice for taking currency mainstream and infuse funds through inter-currency trades.
Thanks for clearing.
Yep if we're going to sell SBD at an inflated price to someone, would rather it be someone from outside Steem. When (if) the dust settles, people who have bought SBD at these ridiculous prices are in for one nasty shock. Hopefully, that never happens though - I personally can't get enough of these post payouts!
Great info...thank you
Really interesting article. I'm a minnow and just coming to understand the workings of all of this. I appreciate the effort you put into writing this. I always appreciate the insights of those who have been trailblazing. I'm going to look at Bittrex for my next purchases and utilize the external market. I'm really not sure why I've been putting it off. Upvoted, re-Steemed, and followed.
I apparently upvoted my own post, too. doh! Sorry about that.
Thank you for the info. I will keep this in mind!