AFuckedUpCommunity

i thought koreans were dumping hbd but no

i got excited and wanted to capitalize on hbd depeg but it wasn't happening.

i went through upbit kyc at midnight (yes at midnight) because i wasn't really paying attention and thought i could get a massive discount.

krw itself has been dropping massively for months so if your funds are coming from krw (which i would suspect is if you're a south korean on upbit) you're actually buying hbd at a premium. ABOVE $1

i did see a few who maybe could've gained 5% on the "depeg" but the volume is absolutely tiny. like $100..

hbd is $0.9 on coingecko right now which is heavily influenced by upbit prices converted to usd. the number is completely meaningless. as far as i can tell the internal market is the only place you can trade hive/hbd and it's at around $0.97

Comments · 4

@roundbeargames(73)· 246d
another important piece of info. making money off something like "kimchi premium" is illegal in south korea. this doesn't just apply to hbd. if it didn't put me in jail i can make 1~5% daily in crypto. that could translate to 1,000%+ apr. but only if you own the south korean government (as some people do).
@sugarfix(58)· 248d
You've got a LOT of HBD from what I remember.
@mineopoly(71)· 249d
Interesting. There must be something about Hive that keeps the market open, but I think it is mostly that people are afraid for the krw. HBD doesn't seem to be less stable than the krw and it actually gives interest. I know Hive is the value that drives the whole system here, but it's also interesting that the most one can make from curation is 13% while you can make 15% by just keeping HBD. In a few days HBD withdrawal is possible while power down would take a long time.

There are two kinds of scared. One kind of scared is afraid of missing out on a good thing. Another kind of scared is afraid that what I have is going to be worthless and impossible to sell. Both of these fears are unwarranted as they are based on things we do know yet. I was concerned there would be no market for HBDs in Korea next year, but now I know there is always a market as long as roundbeargames is around. The way the world is today, even Korea seems fine.

Merry Christmas
@roundbeargames(73)· 249d
spent $15 total and put hbd back to its peg. i must be a whale.