What's up with what's going down on the HBD tracker at CoinMarketCap?
For two months or so the price has been pretty unstable in the overall timeline, giving the impression that HBD is far from a usable stablecoin. However, if we then go take a look at the markets listed on CMC for HBD, we see something curious:
Of the only two exchanges listed that include HBD in a trading pair (Bittrex and Upbit), the problem stems from Bittrex, which presently lists HBD at a price of $0.84 - which is definitely a problem for a token that is meant to have a value of around $1. However, the trading volume for Bittrex is only $16.91, so there is essentially no action taking place at all on Bittrex, yet the price of HBD is effectively able to be broken on CMC as a result. The volume of trade on Upbit is shown as $51,460 in the last 24 hours and the price is a solid $1. So something is wrong on Bittrex and has been that way for a while.
I am currently unable to login to Bittrex as my account has been frozen for years, since I switched phones and never gained access again. So I am not 100% clear what the problem at Bittrex is, but I presume that they have either prevented withdrawals of HBD or just have no liqudity for some other reason.
Strangely, the liqudity score generated by CMC seems backwards, given that Upbit has a score of 1 (low) and Bittrex has a score of 66, despite the demonstrated liquidity seeming to be the other way around when the two exchanges are compared.
If we compare this to the market listing on CMC for Hive, we can see that the larger list of exchanges there does demonstrate a trend whereby the exchanges with higher trading volume generally have a higher liquidity score:
The help page on CMC for the liquidity score says:
Reporting liquidity requires us to show order sizes on the bids and asks, and the slippage incurred by orders of a certain quantity. Instead of showing multiple numbers that may confuse users, we decided to simplify everything by performing all the calculations internally and surfacing a single number that reflects the liquidity of markets.
So while their method for generating this number seems to be based on an automatic trading process that investigates the exchange, the actual number they are producing seems to be wildly inaccurate in the case of HBD.
Given that the HBD-BTC pair on Bittrex seems dead and is breaking the CMC listing for HBD to the point where it is listed in position 3921 on CMC, it seems like either removing HBD from Bittrex or approaching CMC to remove the pair from their listing might help improve HBD's image. At least, something should be done about this as it is likely harming HBD in an immeasurable way, for no good reason.
Does anyone have more input into what is taking place here? @crimsonclad, I know you have involvement with the exchanges on behalf of Hive, do you have any info on this that I have not covered?
Thanks!
Wishing you well,
Ura Soul
Read My User Guide for Hive Here
Powerful insights into the Hive blockchain are available at my website, Hive Alive.
Including the only way to track downvotes on Hive - The Untrending report
Get paid to mine your imagination for the benefit of the entire NFT world:
NFTSymposium.io.
I'm pretty sure @crimsonclad is trying to deal with this. Also there is a feed for the internal market that is ready for use by external services like @coingecko and CMC which I think @imwatsi has put together.
I see ok, I don't know how flexible CMC is with the data they are willing to use for these calculations, they may only accept feeds directly from exchanges - but yeah, if they would use a different source it might help.
Our internal market is an exchange, but I think discussions around that are ongoing.
In a sense, yes, but it's not external to the blockchain so there could be said to be a lack of independent oversight to the data.
BTW for my own v4v.app I gave up on the external feeds for HBD price a couple of months ago and exclusively use the internal HBD price.
I've got a collection of feeds and you can see them all here:
https://api.v4v.app/docs#/cryptoprices/cryptoprices_v1_cryptoprices__get
That's probably the best idea, yeah, considering the witness feeds are created for this exact purpose!
I use CoinGecko and CMC for the underlying Hive/BTC and BTC/USD prices but after that I ignore them for HBD. Interstingly the pHBD feed (and I need to update and watch the BSC version too) from @leofinance is more reliable and real.
The HIVE and HBD wallets on Bittrex have been disabled for months. Not only are you trading trapped coins, but since few people are really interested in doing this, the volume is extremely low, as you observed. Yes, it is very odd that coinmarketcap continues to weigh those markets highly.
The default order for markets on the market tab appears to be based on volume, but not for HBD. Today the liquidity score has reverse and Upbit has a higher score than Bittrex, but the price on Bittrex is now $1.04. I can't really tell much about why this is taking place by looking at the front end. Ideally, someone here is in communication with CMC.
Thank you so much for your support of my @v4vapp proposals in the past, my previous one expired this week.
I'd be really happy if you would continue supporting my work by voting on this proposal for the next 6 months:
Additionally you can also help this work with a vote for Brianoflondon's Witness using KeyChain or HiveSigner
If you have used v4v.app I'd really like to hear your feedback, and if you haven't I'd be happy to hear why or whether there are other things you want it to do.
Sorry, have been woefully behind keeping up with the pile of on chain mentions. Yes, Bittrex is now back up and running. We had a few tech snags to work through with them, as the big exchanges are doing everything with over-cautious kid gloves right now due to the climate. There's always some back and forth that happens because they can't just "let us in" to a node or give us the keys to see what's going on, and each one has differing needs/dashboards/security procedures that means that it's not always the most enjoyable or timely path to getting them on track. :/
Ok, no problem, I'm glad you got it resolved. I can see that the CMC data is stabilised for HBC too.