At time of writing, the mystery pump is already over, but it seems like people are still buying overpriced Steem Dollars! It went up to 500-600% earlier, in which I informed the #price channel on https://steemit.chat. After a moment of silence, I quickly realised there's an opportunity to be made by selling STEEM for Steem Dollars in the internal market here - https://steemit.com/market, and make a quick buck on Poloniex. But it seems that I was too late. Sold ~1100 STEEM internally to buy ~1700 STEEM on Poloniex. Still not bad.
Reminds me of a thought that I used to have. I don't feel comfortable selling stuff at insane profits as part of a business deal. But on an exchange / marketplace - if you don't do it when opportunities present itself, then somebody else will. This is certainly my first hands-on experience with arbitraging.. am I using the right term?
So what's with the insane pump?
- Trading bots gone crazy?
- Someone thinking they're buying STEEM?
- Someone fat-fingered their trade?
- Steemit's marketing plan?