What's Going on With the SBD Situation?
Recently, I noticed that the option to "Convert SBD to STEEM" has been removed from the drop down menu in your SBD wallet. I imagine there is still a way to do it, but clearly, such a method has been obfuscated from the average user.
When I arrived on Steemit, I learned that SBD's are simply an "I.O.U. $1 worth of STEEM"- a means of providing some stability to one's income here on the platform.
However, the peg has failed miserably, and now we do not even have an option to convert SBD into STEEM from the UI, so I am wondering what SBD's are even still doing here.
There's something far more in need of addressing than a lack of utility, however. Now that most seem to be trading their SBD's for STEEM on the internal market, or sending their SBD's to abusive whales who are selling the votes they get paid curation rewards for giving out for free, what happens when the price of SBD drops below a dollar again, and it becomes a good time to convert your STEEM to SBD?
Who is buying all of the SBD on the market? What effect will it have on this economy if those who are currently stockpiling SBD's decide to convert them to STEEM at an opportune moment in the future?
Since the option has been removed from the UI to convert your SBD into STEEM, why do we not just remove the conversion utility of SBD entirely? It piques my skeptic nerve to see that the option to convert has been taken from us. If you want to give people the option to trade their SBDS instead of converting, then that is good. But, why remove the conversion option entirely, when we know that is the very function of SBDs?
It seems something rather fishy is going on. I do not know what it is, but my best guess, as previously implied, is that there is a move being made to acquire as much SBD as possible, I suspect with the intent of converting it all at just the right moment to gain a lot of influence on this network.
Given the fact that this involves a UI change, it means surely that the Steemit team are involved in whatever is really going on here. Perhaps it is their counter measure to the monopolization of the network by vote sellers, or perhaps it is just more of what we see everywhere else in this world; greed.
I don't know, but if anyone can shed some light on this change, I would greatly appreciate it. If I am wrong about anything I have said in this post, I hope and expect that someone will offer me some clarification.
The conversion has been removed some while ago as a means of protecting newbs exchanging their sbd at a fixed rate of 1$. I am very optimistic it will come back once we see prices close to 1$ again.
Anyways it should still be possible in a proper steem wallet.
Hello @son-of-satire, sorry to have read about your predicament. The Convert feature was removed back in December of 2017. here is a post where @adept talks about it https://steemit.com/steemit/@adept/convert-sbd-to-steem-option-removed-from-wallet People that were using the convert function were losing money. So it is my understanding it was removed to level the playing field with the higher level users, although I do not know this for sure.
This was exactly what I was hoping for. Some sort of official announcement that I could take a look at. Thanks a ton, mate.
My guess and my hope is that sbds are going away soon. At this point they aren't serving any purpose except to hold the price of Steem down and to pay bidbots.
If you will take a look at my wallet for a second you will notice that i just change 1.106 SBD for 0.850 STEEM and then i power up. This is what i want to do till i will reach at least 1000 Steem Power... for the moment just 225!
You can still do it from the "Market" and you can exchange from there the SBD in Steem or the other way around... hope this helps!
Take care and always Steem On!
Yes I am aware that you can trade for STEEM and then power up, but this is not the same as the option to burn the SBD in exchange for STEEM that was once available. This seems like a rather significant change that I've yet to see anyone speaking of, which I find very odd. But, I suppose it could be a lack of understanding on my part, or even a lack of paying attention to explanations that have already been provided.
I have read as well a lot lately about the SBD and all the rest but if you go from your wallet to the "Market" you have there the option to burn the SBD in exchange for STEEM...
The option is still there is just under the "Market" and once you are there you can do it... hope this helps!
This definitely does help. A lot. Thanks.
I had looked there before and could not find it, but after your comment I thought I must just have overlooked it. But, I just went back and had a look and I still do not see the option to burn/convert. I am wondering now if it is intentionally hard to locate, but nevertheless, I would appreciate if you can point out where it is.
The option to burn SBD to get STEEM after 3.5 days was removed from the wallet interface. This was because the exchange rate the witnesses were providing (they do that) was below market rate, so users would almost always want to sell on the market. However, the blockchain still supports this functionality, just not Steemit.
Thanks for the info. I wasn't sure if I was missing something, but I realise now I was seeing things as they were. It's unfortunately far too difficult to imagine, based on what I have witnessed in my time here, that Steemit Inc would do something like this in order to save the average user from losing out on a few dollars here and there, especially when their loss would have been a very good thing for the overall economy. This would be out of character.
in your wallet in the SBD section you have a small arrow showing down...If you press on it you have the following....Transfer, Transfer to Savings, Market, Buy, Sell.
Press on "Market" and you will be redirected on a different page and from there you can burn SBD in Steem ...the rate now is 1.299 SBD/Steem
Are you certain that it is being burned as I see nothing to suggest that it is. Also, when you convert SBD to STEEM, it is supposed to take three days in order to prevent abuse of the function.
I do not know whether it is me or everyone else that is misunderstanding this. But, it looks to me that what is happening when you get rid of STEEM on the internal market, is that someone with STEEM is swapping you their STEEM for your SBD.
The purpose of this post is to ask who is that person, and what is their intentions with all the SBD they are acquiring.
Obviously, if that STEEM is being burned there, then this post is pretty much redundant. But, I must ask, for in my experience I am typically not the one who doesn't see things clearly; are you certain that the SBD in the market is getting burned and not bought?
It is instant does not take 3 days maybe 3 seconds...
One of us lacks the understanding necessary to participate in this conversation. I do not know which one of us it is, but I think it clear we're learning nothing here. It is evident that you were trying to help, however. So thanks very much.
Wallet-Steem Dollars-Market...
I know how to get to the market. How do you convert SBD to STEEM instead of trading SBD for STEEM is what I am curious about.
Now you got me curious... What's the difference?
For the single user trying to turn 50 SBD into 50 or so STEEM, not much at all. But, for the whale who set up the internal market and is collecting all the SBD that is no longer being converted by us.. I imagine it will make a lot of a difference. But, I think I will have to educate myself further on a few things before I can be clear on the agenda.
Add to that that bittrex is the only major exchange where u can deposit and withdraw sbd at the moment to my knowledge even though you can trade it also on hitbtc and poloniex but they both have deposits and withdraws temporarily unavailable due to maintenace for the last like 6 months which I find a bit odd
That's more than a bit odd for sure.
You raise interesting questions here. Whatever the reason, as long as they are adjusting things on the back end...seems like there's other stuff they could be doing that would make the platform more user friendly.