SBD is not mooning

themarkymark

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2018-06-04 07:44

I'm seeing a few posts about SBD mooning and even my wife texted me asking wtf is going on.

SBD hasn't changed much at all, it has gone up a little bit due to the inaccurate information but it is not mooning although it is likely to get pulled up a little.

A lot of third party sites use CoinMarketCap to report the STEEM/SBD price. Currently, there is one exchange (HitBTC) who is showing over $20 price for SBD.

In reality, you haven't been able to deposit or withdraw STEEM/SBD from HitBtc for a long time and perhaps never. It really doesn't matter what it sells for there as it is likely locked up forever and it is very low volume.

That being said, it still has a massive effect on the price reported by CoinMarketCap as it is an average price of the available markets.

Poloniex has the same issue, you cannot get STEEM/SBD in or out of it, and its price is not always in line with reality. It is why I do not use it in my witness price feed script and I recommend other witnesses to make sure they are not using Poloniex in theirs. Most price feed scripts don't use HitBTC so that shouldn't be an issue.

I put an issue on GitHub to change the price being reported to use an average of Bittrex and Binance and not the standard average reported by CoinMarketCap that uses both HitBTC and Poloniex.