Price Feed Tool Update - Choose Your Exchanges
Choose Your Exchanges
The initial version of the witness price feed tool I published a few days ago pulled the current STEEM price from CoinMarketCap.com, which is nice because it provides a USD value for STEEM based on an average across all of the exchanges on which it's listed.
I realized that it also includes the STEEM/KRW pair listed on UpBit which always trades at a pretty significant premium over pairs on other exchanges. This makes the price published by my feed tool always a bit higher than what most other witnesses are publishing.
I'm not going to say whether it's right or wrong to use the STEEM/KRW pair from UpBit when publishing your price feed - that's up to each witness to decide for themselves - but the tools should at least provide different options.
So I have updated my witness price feed tool at https://github.com/MattyIce/pricefeed to allow witnesses to choose from Bittrex, Poloniex, Binance or all of the above, if they don't want to use the default of CoinMarketCap.com.
To choose which exchanges to use, set the new "exchanges" property in the config.json file like so:
"exchanges": ["bittrex", "poloniex", "binance"]
In the example above, the tool will pull the current STEEM price from all three exchanges listed and publish the average price between the three. If you just want to use one exchange, then only add that one to the list. It will pull prices from whatever exchanges are listed in the "exchanges" array and publish the average price.
If the "exchanges" property is null or empty then it will default back to using CoinMarketCap.com's average price.
Update Instructions
For those of you already running the previous version of the price feed tool, you can just run the following commands to pull and run the latest update (in the 'pricefeed' directory):
$ git pull
Edit config.json and add the "exchanges" property with the list of exchanges you would like to use, and then restart the program using:
$ pm2 restart feed
Price Calculation Details
To add a little more detail for those who are interested, CoinMarketCap.com is very simple since it provides a price API for each coin it lists in USD. So it's one call, grab the price, and you're done. The other exchanges are a bit more involved since they don't publish prices for STEEM directly in USD.
For Bittrex the tool will pull the STEEM price in BTC and then pull the BTC price in USD and multiply the two to get the current STEEM price in USD.
For Binance and Poloniex, they do not trade anything in USD so for those I used the BTC-USDT pair as a proxy for the USD price of Bitcoin and then multiplied by the STEEM/BTC price to get the USD price of STEEM.
If anyone knows a better way of doing this, please let me know!
Thanks for your support!
As always I want to thank everyone who has supported my work. It would not be possible without you! Hopefully this tool will help other Steem witnesses run a stable and reliable price feed that doesn't require much maintenance, and now also provide more options to choose which exchange or set of exchanges provide the most accurate pricing for STEEM.
Links to relevant commits:
Posted on Utopian.io - Rewarding Open Source Contributors
Thank you for the contribution. It has been approved.
You can contact us on Discord.
[utopian-moderator]
Hey I don't really understand the concept of steam witnesses and how to become one. I also don't really get how this tool relates to steemit witnesses. Btw if you want I can write a Dockerfile for this tool. Let me know if you are interested. I will try find you on the PAL discord.
Here is a post with some more info about witnesses, what they do, and how to become one: https://steemit.com/witness-category/@someguy123/seriously-what-is-a-witness-why-should-i-care-how-do-i-become-one-answer
I would love to create a Docker container for this but I have no experience with Docker myself. Definitely reach out on Discord if you can help with that!
Cool thanks will do. Docker has a bit of a steep learning curve, but once you get it, it is pretty cool.
It's always nice to have options. Keep the good work up :)
As Always, @yabapmatt Is the most creative steemian here.
He is coming with Innovative Ideas.
Steembottracker is my lovely one :D
Keep going, People like you make steem a great Platform.
@yabapmatt Really love your work and efforts man. Are you on discord, so that I can have a chat with you. I am making a post related to your website(steembottracker.com). I have few questions.
Yes, I am on the PALnet discord server here: https://discord.gg/9vVv9q9 same username as on Steem. Shoot me a message and I will respond as soon as I can.
Thank you man much appreciated.... :))
Good job with the code. I read through the code and thinking of repurposing it for another task. Thank you so much.
Thank you.
BİNANCE BitTrex den is better and processes faster. the most important is the lower the fee. If you trade on your own coins on an additional 50% lower fee fee, easy to use, you can see everything on one screen
Thank you @yabapmatt. Is there a post to explain the different ways of valuing the returns of the bots on your site? For example if I choose STEEM it looks profitable, as with USD. But if I look at the rewards listed on the actual post or if I use the pull down option "Post Rewards" it shows that buying the vote will bring a loss, even though it's green with a max recommended bid > 0.
I'm sure there are answers to this out there but I've not been able to find posts explaining this.
Bet
Just reread https://steemit.com/faq.html#What_do_the_dollar_amounts_for_pending_payouts_represent
Is the disparity because the estimated value steemit uses assumes SBD to US$ parity? Ie it's basing it's estimate on each SBD being worth US$1 rather than the actual current value of about US$3.57?
I noticed recently that in fact SBD was selling for much more than STEEM itself.
Whilst at this, based on the following FAQ answer there appears to be some way of automtically converting SBD and STEEM between each other. Yet I've only ever been able to do it on the market. Is it possible to do this conversion without going to the market?
https://steemit.com/faq.html#How_do_Steem_Dollar_to_STEEM_conversions_work
Best
@yabapmatt ok I think I might finally understand. Based on this helpful post it seems that steemit lists the reward value of a post in SBD and SBD's are worth more than steem hence the disparity.
https://steemit.com/steem/@yabapmatt/how-to-calculate-the-value-of-a-vote
Thanks dear sharing this post..I always see your post..And follow you.