Vlog 157: Do not convert your SBD to STEEM with the convert function in your wallet! Use the Internal Market.
Since becoming a witness with @blockbrothers I spent way more time in the witness channel reading and following the discussions.
Or in other words, the Steem blockchain is taking even more of my time :)
But I happily do so. I like it here.
The topic of the day is the Steem Blockchain Dollar (no more steem backed dollar).
The opinions about the current value of the SBD vary a lot.
from the white paper
My current stand is that it's very good for the content creators of the platform.
Or in other words most users.
The value of the payouts has increased by almost 8x because of the SBD.
Personally, I'm hoping that users will sell their SBD on the internal market for STEEM and power it up to spread the voting power.
Do not convert your SBD to STEEM with the convert function in your wallet!
If you want to buy STEEM with your SBD please do not use the convert function. This happened to a user yesterday:
Had this user used the internal market he/she would have gotten 13000 STEEM instead of 1177.
Use this post by fellow blockbrother @s3rg3 if you want to learn how to use the internal markets.
I talk about it more in my vlog. I also cover current crypto sentiment.
I have recently become a witness with our developer group @blockbrothers for the Steem blockchain. If you want to support us I would appreciate your vote here.
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Get it Here:
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For 40 SBD the internal market giving me about 200 Steem , it can not get any better than this
Really?? When? or were you about to say 30sbd?
I am curious because it shows me a different amount. I got about 118steem for 17sbd yesterday.
right now 40 SBD gives 271 STEEM.
very good you point this out to people who did not know this
Thanks for the info and thanks a bunch @s3rg3 for that internal market post. With that said, what exactly is the purpose of the convert button feature?
From the FAQ:
How do Steem Dollar to STEEM conversions work?
If you convert Steem Dollars to STEEM on the Wallet page, the blockchain will process the transaction over a period of 3.5 days. At the end of the 3.5 days, the SBD will be gone and replaced by approximately $1 USD worth of STEEM tokens. The "approximately 1 USD worth of STEEM tokens" is based on the median STEEM price over the 3.5 days, using the price feeds from the Steem witnesses. Depending on price fluctuations during the 3.5 days it is possible to end up with more or less than $1 USD worth of STEEM per SBD at the end of the conversion.
so this would be useful when SBD is worth under 1 USD, and would actually be a mechanism to bring it back up to 1 USD. However, when SBD are >1 USD, the conversion tool doesn't contribute to bringing the SBD price down, since there are more profitable ways to use your sbd, like the internal market
Thank you for posting @exyle.
I was looking for this very information.....appreciate the link.
Cheers.
NB Thank you for your service.
Thank you and your welcome! I would like to ask you to consider ( @blockbrothers) for a witness vote.
Will definitely give @blockbrothers consideration. All the best.
Thank you. All the best to you too.
This is a great article that can help many users along the way.I also loss much using convert function.Now I use Market.
Super valuable for users to know. Especially in times like these where SBD is going crazy. I wonder...Do you see the SBD increase even more, or will we soon see a correction, as it should be pegged to 1 dollar? I have seen an analysis saying he predicts it to hit 30 dollars. Sounds too good to be true.
I don't have a crystal ball for the future I'm afraid. All I can say is that I am very content with the amount of STEEM I can buy with an SBD today.
Damn! I agree. It's about enjoying what happens now, and not worry about a correction, if it will come.
so what do you prefer we need to keep steems now or we need to keep sbd at all
?
I sell all my SBD for STEEM. But that's me. I don't expect everyone to do that but if you want to, I wanted users to know how to to it in the best way today.
I'm doing this for my sbd:
I am an old grandma lady content creator for weight loss. I have no knowledge on wallets. I plan to set some up now. Ergh - this is the hardest part for me.
Then buy some cheap value of about 10 coins and do what my smarter steemians tell me to do for pumping and dumping with their charts. This volatility should be relatively easy to catch in such a market.
But the top item - earning sbd - is the most important - content creation. I feel like I won the lottery right now and I'm just posting like crazy. No eating, sleeping or showers type of thing.
Note: I'm upvoting my own comment right now since we have that option. Are the Gods of steemit trying to help me EVEN MORE or am I a spammer if I upvote my own comments now? Please advise. I post 30+ comments a day! I'll blow out my power for one thing. What's up?
I'm in Thailand and all my wildest dreams have come true on a financial level.
donot upvote your comment regularly if you loss more than 20% youvoting strengh will going down how much your voting worth is at 100% i will be not that much worth at 50% if you still do that just do max of 10 upvotes in 24 hours with 100% .
By this way you will get more in return and your power will be remain with you thanks @fitinfun
Thank you! i am not going to upvote my comments anymore now - just my posts.
Okay. Just. Check your voting power regularly
I will - I stay above 70% and usually higher than 80%.
Great try be be in between 90 and. Above 80 atleast
i also sell my sbd but i think in the steemit internal exchange is better than others am i right brother ?
@exyle
Good advice! Using the internal market is a very nice way to introduce new Steemians to the way crypto-currencies are traded at exchanges. But, as with exchanges, make one typo or a rounding error and it can go wrong.
An even simpler alternative is using @blocktrades. There you can also convert SBD to Steem in a quick and profitable way.
But indeed, simply converting SBD into Steem in your wallet is like burning SBD at the moment :)
I always used the internal market to convert my SBD, even when the price was normal, it always been a benefit.
kinda wish I kept some of my SBD for these days.
You and me both. Most I sold to cheap in hindsight...but in hindsight, I guess everything is easy.
@exyle Yes only trade your SBD in the Internal Market to get the MAX STEEM instead of the Conversion Feature. I like how easy the internal market is to use too.................