💰 BONUS BLOG: 💰 Did you know you are making 14X more money than you think right now?
As everybody has noticed for the past week, the SteemDollar(SBD) has been going up like crazy. I am writing this because, until yesterday, I didn't fully realize what it truly meant for us steemians.
Bonus Blog: Because of this, I decided that I'm going to be extra generous to people who write thoughtful and intelligent comments. I hope you are excited about this topic as I am.
The Reality of The Steem Dollar Market
SteemDollars are relatively rare (3,639,983 SBD in circulation). They are only issued via the post rewards to authors. That means that only authors, like you and me, can earn them. We are the first recipients of those dollars in the market. From there, it makes it's way either on the internal market or an external market like bittrex.
There is been an incredible demand for them, nobody knows truly why to be honest, and for that reason the price has been acting like crazy. We don't know how long or how high it will go. It's all a mystery at this point.
What Does It Mean?
The display of rewards in $ under your post is not in US dollars...it's in SBDs. That means that the rewards are much larger that what is displayed to us...when you claim your SBD rewards, your SBD are worth 14X more than what they usely do!!!
What To Do?
I'll try to outline for you your options. It's really not easy to decide which way to go But here they are:
1. Buy STEEMPOWER
If you are relatively new, right now, you have an amazing deal on steem. Right now, on the internal market, you can purchase steem for as little as $0.14 each! It's a really good time to accumulate steem and power up big time with your authors rewards.
For that, you have to assume that eventually, the SBD bubble will pop and get back to what it as been trading for...around $1. I can of stand on that premise but I've been wrong so many times about market that I have taken a little bit of my steem and speculated that it will go up.(just in case I miss out on a massive bullrun)
2. Accummulate SBDs
Massive gains or massive loss. That's the only way I can explain that one. If you think SBD could go to $34, which is a possibility like @ew-and-patterns outlined today in his post, then you keep the SBD you earn and then sell them either on bittrex in exchange for bitcoins or on the internal market for Steem. That's if you are a betting man.
Conclusion
So what are you going to do with this massive rise in SBD? Tell us below.
I can only say three words: power-up, power-up and power-up.
I believe in the future, and the future means growing his/her account as much as possible. This SBD price is a good way to do it at a kind of reduced cost. And this is what I do at the moment. Powering-up any single SBD I get.
Of course, one can argue that getting immediate money is also attractive. But this is IMO a way too short-term vision :) The choice is between a '10 dollars now' and a 'maybe 100 dollars later'. Note that the 'maybe' is of course important. I like betting on the long-term future :)
PS: I deliberately ignore the "immediate money in a week" option that you mentioned in your post :)
I completely agree
Power up is the way to go!!!
Am slowly reaching the 15kSP threshold ^^
$34??? Thanks for linking up the other post. I thought the SBD was on its way down again...
I've considered the recent SBD price as a gift that we can all choose to accept for as long as it lasts. My thought was that it wouldn't last, because it's supposed to be pegged to the USD. But does the market know that? Apparently not :) I don't understand the workings of pegged currencies and how you make sure that a currency stays at a stable price - but apparently it didn't work for the SBD, LOL
So I'm just encouraging everyone to post their butts off at the moment, and hope the prices are still that high in 7 days, when they get paid out. I mean anything above $1 USD is a gift, really, isn't it?
...but $34?? Wow... I'm curious if we will indeed see that. I will make a sell order for that price just in case :) I've done that pretty much every day during the past week and always sold at the top :) Steemit has been VERY good to me this past week :)
Having said all that, I think it would be a great idea to display the post value in USD instead of SBD. For us to have a better idea of our earnings, but most importantly for marketing purposes for outsiders. If anyone comes to this site and sees the REAL value, maybe a LOT more people would be inspired to give Steemit a go...
I just gave you some additional SBD cent!
Apperantly not, lol!
Thanks @freiheit50 :) Good for us, that the market is ignorant ;)
Hi @connecteconomy,
You can see the conversion from SBD to US when using Steem Supply. I took the liberty to use your username in the link.
Oh, thank you @theleapingkoala! I didn't know this site.
I love the social insights! Will take some time to browse through it...
who knows. It's the market. It would make for an awesome Christmas gift wouldn't it?
Absolutely! When I first joined Steemit, I saw someone post about buying a new laptop from Steem and I thought, "Oh, I hope I will be able to do that one day!"
At $34... that would only be 44SBD... I can do that!! :D
I learned a lot from this comment knowing that I'm a newbie. Thanks!
Starting steemit as a newbie and seeing this development increases my vibes and thirst for the sbd, I was told that the sbd was around a $1 when I started and now increasing so fast every minute every second, I just wish I had some sbd in stick this would have changed so many things plus the celebration period there will be lots of cash to spend. But it is not too late I will do the little work I can do and earn some sbd and hope it still stays up.
I feel like the activity on Steemit has increased a lot in the last few days, so there are most likely many people like you who hope the price stays high for another week, so that we might be able to sell off any extra SBD for a good price :) It's a big win-win where the blockchain and community grows, and the users get rewarded with more money!
I was shocked when I saw the price of sbd at around 13$ because I thought the sbd was capped at around $1, Till now nobody knows why they are really manipulating the currency, Maybe some whales are behind no one knows, But all I can say now is people that have this sbd in stocks will make good money as you said * 14 of one's fortune. The increase came at the right time as we are all preparing for the forthcoming Christmas celebration, There will be enough funds to go through the festive period. I just hope it can stay up for sometime, though it went down drastically today as people where actually scared and sold immediately, But if one can take risk, One can keep them till the sbd rises beyond expectations again.
The thing about the SBD is that there's no really good reason to invest in it; the witnesses can decide to print more of it to prevent the high value increase, so it's a huge gamble to hold on to it. It might just fall down to $1 again and stay there.
nice post my friend, well i believe that SBD's are pegged with us dollar and the peoples who are buying SBD's right now on exchanges might not know that SBD is just an internal currency peg with dollar and steem is far better coin then SBD's with no limits and i think once peoples gain awareness about steem coin then i am sure that buying momentum will be shifted back on steem coin, so right now 1SBD worth almost 7 to 8steem coin, i think it is more profitable if we just buy steem coin from SBD's through internal markets and either hold them or convert them to steempower.
You can be right. SBD's were worth 20$, and maybe in a week SBD will cost 1$, as always. Maybe now is better to invest them somewhere else.
This is what I am doing during this SBD price run up. I thought about converting to Bitcoin and make my investment back that I made at the start. However, I am playing the long game and the funds I put into the STEEM platform for SP was not more than I could afford to loose. Maybe in the future I'll cash out to BTC but at the moment it seems more benificial to keep the value in STEEM and power up when needed.
Steem Power is a really good investment if you plan on staying active on the blockchain, and not just have a passive investment. Being able to reward your readers is very good for keeping them around to comment and read your posts ;)
Exactly! This is my goal for my blog at this point in time.
That's good! I think it is the best long-term investment by far ;)
I completely agree with you! The best thing right now is to sell all SBD for Steem, and Power it up ;)
With the massive rise in SBD alot of authors have really earned alot trading their coins for steem or other fiat currencies.
As for me the rise in SBD is a great opportunity for me to increase my steem power because right now 1SBD equals to over 5 Steem. With 20 dollar or more I can rent 1000 steem power or more, so I will be able to curate authors with little or no upvotes on their post, as long as it's original and unique. In turn I earn curation rewards and my Steem power will increase.
Yes man. Make the best of that SBD while it's up in price. Power it up!
Yeah @cryptoctopus. How long do you think the SBD is going to continue pumping? Also, will it ever go back to its normal price $1.
No one knows that, not even @cryptoctopus.
This whole high price of Steem Dollar is indeed a mystery especially to me a newbie..!!
What i am doing right now is making more posts though they are not getting upvotes hahahaha...!
I also plan on Powering Up when i get my small rewards, i even made a post where by i had only 1.814 SBD converted to a massive 12.387 Steem...guess what i did,i Powered Up.
I have also just written post an hour ago stating my regret for not being active on Steemit the last week....
If anyone is reading this,do these 3 things
*Hodl Your SBDs
Smart move! :-) Here is a 2.28 upvote for ya.
I just hope the price of SBD keeps moving, just this comment rewards of 2.28 $ can buy a few christmas Presents for me who is a Ugnadan.....Steemit is a blessing to Africa.
Thanks for the info. A newer newbie is learning here!
I noticed the same in my account and from browsing the platform, there was something up, it took me a while to get it lol. I see where one could get good sp for that, on the flip side of the coin, it may continue to be in high demand in the future due to the limited creation of it. The overall public at large reaction of various cryptos including sbd is a total unknown, with the various government economic failures happening around the world... who knows what someone may value to flee a failling currency. I'm in it for the long run, I may miss the boat...I may get lucky and they go up some more. Regardless of the recent price swings steemit has a bright future, if we are seeing this early it could be a good sign for a few years down the road.
Just converted my SBD to steem. Since SBD are meant to be equivalent to $1, they might come down soon.
make sure you do it via the internal market!
@Cryptoctopus You mean here?; https://steemit.com/market
Why internal market? If it takes 3 days? I prefer Bittrex real time
I am investing right back into Steemit, considering more people are not just hearing about steemit but also hearing about how this market is jumping in value more are wanting in on the ground floor.
I spend my time here because of the people here so Yes here is where I am investing!
Smart move!
It is the people who make steemit great!