A curious case of diverging SBD and USD [charts]

in #steem7 years ago (edited)


Theoretically SBD is pegged to USD price, but in practice SBD price seems to be pegged to 0.001 BTC since Feb-Mar 2017 . On average, during last 7 days, Steem authors have been receiving an additional $20,000 in SBD payouts daily due to increased SBD prices. I've gathered historical data and made some charts to try to understand this phenomena.

A similar divergence is observed for GBG (an SBD equivalent for GOLOS) and gold price, read more here

SBD VWAP in USD (all time)

SBD VWAP in USD (last 90 days)

SBD VWAP in USD (last 30 days)

Average SBD VWAP in BTC (all time)

Average SBD VWAP in BTC (90 days)

Average SBD VWAP in BTC (30 days)

Average SBD and USD payouts (last 90 days)

  • grouped by day
  • calculated using 7 day sliding window

Average SBD and USD payouts (last 30 days)

  • grouped by day
  • calculated using 7 day sliding window

Why?

SBD was designed to be a token with a stable price:

Stability is an important feature of successful global economies. Without stability, individuals across the world could not have low cognitive costs while engaging in
commerce and savings. Because stability is an important feature of successful economies, Steem Dollars were designed as an attempt to bring stability to the world of cryptocurrency and to the individuals who use the Steem network

At this moment I don't have a plausible explanation for sustainable SBD price increase and its' peg to 0.001 BTC.

What do you think?

Sort:  

Thanks for sharing these charts! Interesting...

I don't have a clue why the price of SBD remains so high for so long. The SBD was used to pump and dump a few weeks ago, but it seems traders are willing to pay a premium. Maybe because USDT (Tether) lost its peg to the dollar recently.

While the price of SBD remains high I have two tips:

  • Do not convert SBD to Steem. Buy Steem on the internal market instead.
  • Do not use the "100% power up" option when posting. It's better to sell your earned SBD for Steem and use it to power up afterwards.

what ever the reason.

right now SBD = $1.69.
If I use the default setting for my author/curator rewards.
50/50
then I can spend my SBD at a 1.69 premium over $
and STILL increase my Steem Power.
what's not to like?

If the internal market allows you to buy steem with bitcoin ( or any other crypto) it would normalize. Steem is artificially low in internal market and sbd artificially high in external market and and no way to arbitrage ( he ratio in internal and external markets is about the same)

it will be fun next week when to other stuff come out

I think the issues with USDt may have been responsible in part. People looked for another pegged currency and demand outstripped supply and it has somehow stabilised at a higher level.

So, which one best to buy now ?