The price action around the HIVE ecosystem doesn't cease to amaze me these days. After the huge spike we saw last week for the HIVE token, driven mainly by the Huobi listing, today it's about HBD, or Hive Dollars. As you can see in the screenshot below, on Bittrex HBD is trading at above $1, more specifically, around $1.3 (after reaching as high as $2.5).
In theory, HBD is a "stablecoin", and its value should be controlled by supply and demand, using some printing switches in the blockchain (namely a cap on the printing based on the debt created by the current supply). While this works relatively well, there are situations in which it takes a bit of time to adjust to the market conditions (this is not specific to HBD, it's happening to all stablecoins, which are trying to adjust their value based on supply and demand).
If you remember well, there was a time when SBD was also trading a lot higher (if I remember well around $13). This is possible because the volume is relatively small and a quick entry with enough capital can swing the market.
The goal of this type of speculation seems to be getting more HIVE with an artificially inflated HBD (just like huge amounts of STEEM were bought with the artificially inflated SBD a while ago).
I'll keep an eye on this.
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I'm a geek, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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| I know the feeling. That's why I created hive.supply, an easy to use and accurate tool for calculating your HIVE rewards | |
All in all, it is great to see all this behavior around hive
My thoughts exactly.
Hahahhahah! At the end I managed to sell HBD at 1.40 USD!!!
Good for you, mate!
The hype moved both HIVE and HBD to great highs and totally unexpected. I was keeping my eyes on HIVE and even traded around 0.75$ which I think is great and only whished I had powered in time to trade a little bit more. But seeing the HBD afterwards at 2.6$ I am a little bit sorry I didn't had a sell limit for that as well.
Anyhow, great to see Romanians (like myself) getting involved in this spaces and succeeding!
Glad to hear this is working out for you! Keep up the good work (sau tine sus munca buna, cum s-ar spune).
Sold some but this could just be the beginning !
👆
@vlemon know something? ;)
I know nothing 😂
Thanks! Hope I can still get logged in!
Good news hive is trading and fear about unusual value on trade, this could be unstable in this market price.
It's up to the bigger accounts to help keep HBD to the peg if that is what they want. HIVE has settled down now after a bit of excitement. I think it is a little early for it to shoot up like that and stay up. We need to keep growing the community to make it more attractive.
I saw this and quickly turned my 15 HBD into 20. :)
This week have been full of surprise for the hive community or blockchain rather and I believe more are coming
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After Hive ... HBD making some big moves $2.88 new high that's really amazing good old days just like sbd haha