HBD price feed by Coingecko has gotten RIDICULOUS - and there is an easy solution
I have lamented several times publically that sites like PeakD (run by @jarvie and @asgarth) and apps like HivePay (run by @jongolson and @blainjones @hashkings) are using the coingecko price feed for HBD. Edit: and @splinterlands (run by @yabapmatt) It is really bad, and today I am not only going to show you why, I am going to provide a simple solution.
To show you how bad its gotten, today I am looking at peakd, and it says that the price of HBD is 1.057, yesterday it was 91 cents.
This is not the reality, its an illusion. I can prove it, because the market with the most volume is the internal market, where you can see that the price of HBD has a half a percent spread around the current price of HIVE pegged directly to $1.
This whole volatility is a lie, based on markets with NO or little volume. Its sad, especially as someone who not only has warned about this for years, but as someone who is actively working on and for new HBD listings.
Its a mockery of what we have accomplished on the internal market. All because developers are using the wrong price feed. And I need your help to make these important decision makers (tagged above) and people like them understand. YOU ARE USING THE WRONG API. And in the case of HIVEpay, this is directly hurting either your customers or your clients.
https://twitter.com/EcoInstant/status/1531752769895399428
So here is my post from May of 2022, referred to as a 'deep dive' in the above tweet.
What is the TL;DR? Its gotten even worse since the post, as Bittrex is now down and out, Coingecko is using the following markets for HBD price - that is a closed bittrex and upbit, which has very little HBD on it. Let's see the reality:
Yes that's right, these top HIVE apps are deciding to use a price feed that currently has 43 dollars of daily volume, with 7+% spreads, set to make HBD look unstable - while the internal market has $21,000 daily volume within half a percent of a dollar.
This really is shameful. And its purely technical, an embarrassment for HIVE as most users are not that technical - they believe what they see on PeakD - case in point:
https://twitter.com/Lordbutterfly/status/1710716456030093484
HBD has not lost its peg, not in a long time. Not yesterday, not today, not in a while. We are being lied to, by bad data.
Its time to get this fixed. Honestly, how can you guys expect me to present HBD to exchanges with this happening? I have four different listings in the works (lots of thanks to many other people as well, including @arlettemsalase and @fermionico among others, this is not to toot my own horn) but what an embarrassment the state of our own internal house!
@blocktrades the internal market needs an API - I don't know if this exists, but we need it now. We can give it to @coingecko too - its not their fault really if we can't figure this out internally.
@brianoflondon I remember you talking about this somewhat - who else can I poke? @edicted help me out bro, people listen to you.
Let's band together now guys, fix this problem, and I am sure we can get a bunch more listings by the end of the year. We are working on it - hard. And we want to show fruit, but we need to get this fixed first.
Freedom and Friendship
EDIT: I have found the API!
I went into the HIVEdevs discord server and did some searching, and found the answer thanks to something @saboin posted last year in September. There is an internal market API - and you can see how to call the ticker stats here:
https://developers.hive.io/apidefinitions/#market_history_api.get_ticker
Developers can see how to get recent trades here:
https://developers.hive.io/apidefinitions/#market_history_api.get_recent_trades
More info is available too, check out the documents and all the commands starting in this section:
https://developers.hive.io/apidefinitions/#market_history_api.get_market_history
EDIT 2: I have submitted a request to Coingecko to include the HIVE internal market data:
https://twitter.com/Edger_K/status/1711150119427440848
I've fallen into this trap as well!!!
Thank you for continuing the good fight in defending HBD's honor.
A wtf moment alright. And that's what I did. Checking the Internal market which seems to be the better indicator by volume.
Honestly its the only indicator at this moment, bittrex is down and upbit has practically no volume and no liquidity. We can fix this, and I'm willing to shout in public until we do.
Someone need to Say it!!
It sucks to see HBD fluctuate so much. It does work well for me because I have been converting HBD into Splinterlands credits. With HBD being above the peg, it's at a discount but I do think that there needs to be a better price protocol.
It is not above peg.
By above, I meant the coingecko price. It looks like Splinterlands uses it. So I was able to get 50k credits ($50) for like 47.5 HBD.
Oh my gosh what an embarassment @yabapmatt please read this post
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Just for the record, we haven't owned HivePay for about 6 months now. That's now owned by @hashkings since.
Ah Jongo thank you for tagging them, I have found the correct api's and edited the post to show it, so this should be an easy fix!
Now this is what I call getting the problem understood and letting the people who need to know KNOW exactly what must be done!
It's good that the internal exchange keeps it's peg. It was a bit confusing when I started trading it because I would be looking at the CG value, but it all ended up working out in the wash. I have been using the Ecency exchange lately and it works great.
Thanks for the info!
I was also unaware...
I mean what we really need is a real exchange listing :D
It looks like you haven't tagged @crimsonclad.
This topic may be within her area of expertise.
Would be very interested in her opinion.
I'm totally working hard on it. Excellent tag - thank you!
This is an eye opener. I hope by the end of this year #HBD finds its merit. Glad you put fire where it is needed.
I know it will be fix accordingly.
Keep it going!
AHA thank you for this. I apparently missed your post about it before and I've been sitting here wondering WTF was going on with the price flux on Peakd. I knew they used Coin Gecko but I didn't know about the disparity in volume! 😮
You are appreciated! !LUV
@ecoinstant, @phoenixwren(1/1) sent LUV. | connect | community | HiveWiki | NFT | <>< daily
! help(no space) to get help on Hive. InfoI wasn't aware of how crazy low it had gotten until I looked into it again - thank you so much for the appreciation! 🤗
We already have a full custom made API for Coingecko to their proprietary specs already created and fully functional, and have gone through a number of form submissions, as well as requests for them to start tracking some of our internal market frontend (like Mahdi and others' interfaces), all of which have been rejected at least once or more. The Coingecko submission process, in a word, sucks. There are no reps, no actionable feedback provided with any rejections, and cascading tiers of forms and info all needing completion and minimum submission waiting times all complicating the matter. I've got pages, and pages, and pages of work and stats and sheets done in anticipation of finally closing the book on this as well as getting a better spread of our own interfaces listed there.
A great example from the past few weeks was that our CG page had a malicious Discord link on it, and despite me submitting multiple times from the actual hive.io url, my form requests to correct were rejected until I went into their telegram and discord and caused a public disturbance. It took more than 2 weeks to change the Discord link on their site to match the one on hive.io, even after they were informed and well aware of a phishing danger AND at least one known user was compromised wholly.
Long story short, the great service and personable team behind the scrappy upstart Coingecko is long gone, replaced with an awful, inefficient automated Google form hell that I'm slowly untangling and working around 👍
It would be very smart of our interfaces to use internal feeds or witness calculations rather than rely on CG for HBD, so hopefully SPL and Peakd change that. If you do believe you have any viable listing options we're not already working on, feel free to let me know, as most of the final work in this area ends up with me at the end of the day and I've got most of the documentation and negotiations pre-prepared. I'm happy to help.
TL:DR; these changes as well as a custom made api for CG already submitted, this should fixed when they finally work through and accept all the submissions we have provided them.
Awesome response Crim.
Yes I will keep shouting at peakd, hivepay, splinterlands amd whoever else comes up.
Yes I will reach out to you on Discord to talk about listings.
Terrible about the CG stuff. I have fought things like this before, namely my dappradar saga. Usually making disturbance helps, but its tiring for sure.
Thank you captain 🧙♂️
cc @awesomianist
He is a coingecko rep with a hive account
He still seems sort of active too. But is he still at CG?
Yes, he is. The last time he asked me here on chain to message him on telegram, I was once again pushed back to the forms. He is also one of the main telegram moderators and despite me pinging him directly repeatedly during the whole fiasco, it was an entirely different person who answered me over course of three days. So he's done a pretty good job of separating out his 'personal' and his CG lives so far.
There is no hope :)
Thankfully in Muterra we are not using the price of HBD from Coingecko. We are considering it to always be 1 $ as the pegging works well. But good to use the internal API in the future if we need the precise price.
And this isn't even that bad of an assumption, the HBD stabilizer has been working really well!
Thanks for the support - good to know that not everybody is doing it wrong.
I too think it's ridiculous what is happening with HBD
at least there should be an exchange that trades with ustd-HBD according to me 😊
I agree, its a tricky problem but one that I am trying to help work on.
For the moment, are you aware of the BUSD:HBD pair on Hive-Engine?
https://beeswap.dcity.io/swap?input=SWAP.BUSD&output=SWAP.HBD
It's not the same I want to trade normal😫😫😫😫😫
It is still a good alternative
interesting read, thank you for sharing this. I too was wondering how HBD went from 91 cents to 1.05 cents. Initially i thought that there was a rate correction done internally on Hive, but i was wrong.
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Aren't the operators of #peakd witnesses? Surely, they can ping more than just CG to get a more accurate price. It is kind of shameful - especially since they're top 20.
I got their attention! I think this one will get fixed!
Small update for PeakD, live now:
This is better!
But I don't understand why the one with 43 dollars of volume is displayed prominantly? And the 21,000 dollar plus volume is a side note? Its not just volume, bittrex is closed amd getting sued, nobody can deposit or withdraw.
Get rid of coingecko all together there, IMO
Thank you for this update! How were you able to parse the HBD price directly from the internal market? Is there some sort of API that I'm just not seeing in the docs?
Yep, this one: https://developers.hive.io/apidefinitions/#market_history_api.get_ticker