I want to make sure I understand this price correctly before we start trading on Monday so please tell me if my math is correct. Please understand I have no trading experience other then a quick read of some definitions and I have no real intention of going short or long because I don't understand it well enough.
Here is a capture of the current market
The first buy order is for, Short 0.008898, 224,762.00019, 2,000.0000
So this person wants to buy bitUSD at a price of .008898 btsx each. At the current market price of .0000529 per btsx and a current btc price of 507.29 that gives us a fiat value of 0.026835641 per share of btsx.
224,762.00019btsx *.0000529 btsx per btc=11.88990981 btc=6031.63 fiat value=3.015815 fiat price per share of bitUSD
I know I have to be missing something here. Is this person just trying to get the first bitUSD? What are ways they can profit when paying 3.015815 fiat for 1 bitUSD.
(*I think I see it, They are betting there will be a massive drop in the price of btsx) If this is their play how do you figure out how much of a drop they need to profit. Why not just sell btsx on the exchange and get 11.88990981 btc then convert to fiat and have 6031.63? Whats could be the possible motivation for buying bitUSD at roughly 3 times the price of fiat?
I am sure the above will seem obvious to actual traders so dumb it down for me. I don't really want to day trade but I do like having a basic understanding why things are happening. Thanks
(P.S, for the love of all things crypto we need to change USD to bitUSD.)