Thanks!
Are you sure about
- Weekly Amount of HIVE converted to HBD
For the last week its 3.7M HIVE? This seems a lot, also I'm not 100% sure how these conversions works, but I think you get back 50% or so, of the HIVE after the conversions ... so its around half of the HIVE that has been put in. It serves as collateral.
I think the reason it is so big is because we can use the same funds multiple times.
First, HBD is overvalued and presents an arbitrage opportunity.
Then convert hive to HBD using the new feature.
Instant HBD payout occurs.
Use the instant payout to buy hive again, and repeat the conversion with those funds.
If I had 10k hive initially, I'll still have around 4.5k even after the conversion, considering I use the HBD received to buy back hive.
Repeating the process leads to huge amounts of leverage. Someone with 10k hive can effectively convert 10 + 4.5 + 2.2 + 1 + 0.45 = 18k hive to hbd.
3.7M is a lot of HIVE. I'm pretty sure the number is correct :-)
Here's a daily chart:
Do you have a daily chart for account signups as well?
Thank you!
I guess it depends how do you calculate it.
Is it a sum from all the HIVE collateral put in today?
Or is it a sum from half of the HIVE collateral put in today, and the excess returned from the finished conversions that started 3.5 days ago?
It's the sum of all requested conversions. Not the actual conversions 3.5 days later.
Actually when I think about it, the effective conversion is only half of the collateral on the day of the deposit (when conversion started).
Because of the initial pricing system, I have gotten a fair bit more than 50% of the collateral back on my conversions.
The way to make the chart show how much was actually converted would be based on the fill_collaterallized_convert vop after it finishes - the amount_in is how much Hive is actually converted in the end.
Readers should keep in mind 3.5 day lag compared to the convert transactions that created them.
It's going to be less than half usually because the collateral ratio is based on the minimum price over the previous 3.5 days.
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