Steemit Wallet Estimated Account Value incorrect
If you look at your "Estimated Account Value" under Wallet Steemit appears to be misreporting the actual value. I have looked at my account and using Bittrex pricing calculate a far different number:
As you can see on BlockTrades (the "official" spot to buy/sell Steem/SteemPower) STEEM goes for 2439.038 per Bitcoin and STEEM POWER goes for 2438.818. They are nearly 1:1.
Bittrex has STEEM trading and it currently is at 0.00041990 Bitcoin per STEEM:
Now at the time of writing this Bitcoin is trading at $4125:
If I take my current STEEM POWER (6,453.572) and multiply it by STEEM's current price on Bittrex (assuming they trade nearly 1:1) you get 2.709854883 Bitcoin you should get for that STEEM (POWER). Now at $4125 per Bitcoin that is a price of $11178.15139155 YET according to my Wallet on Steemit my Estimated Account Value is just $7,127.31!
This is off by about $4,000 from my calculations.. Am I missing something or is there a serious flaw in how the "Estimated Account Value" is being calculated? Anyone else notice their "Estimated Account Value" appears to go DOWN over time yet STEEM and BITCOIN are going up in value AND we are earning MORE as we use the platform.. It doesn't make sense!
AFAIK steemit uses a 7 day or more moving average, and probably the price of STEEM based dollars (SBD) from the internal market. The SBD is pegged to the USD, but has lately been a bit less worth. Remember also that there isn't really a price on Steem power as it can't really be sold before converted to STEEM.
Also, it isn't the BTC value of STEEM on Blocktrades you should be comparing with, but the USD value on coinmarketcap.com. I've adjusted my comment above to show that some of the problem diversion is probably due to the SBD.
Thanks for this answer. It clarifies things!
Steem does have a 1:1 nearly exactly price to Steem Power and can easily be converted to and from (granted with the 13 week power down cycle back to steem). The fact that they use a 7 day moving average is insanity and does not reflect accurately the valuation of their account. Also HOW can my account keep going down when the value goes up. This is going on 3 weeks now not 7 days as you mention. I feel there is something highly wrong with their calculation.
The value of STEEM has been going down steadily for a long time. I wrote 7 days or more, because I am not sure, perhaps it is 30 days. Would be good if you could figure it out.
Where are you tracking STEEM? According to Bittrex it is should be nearly flat from last month relative to USD and about even to BTC (and since Bitcoin doubled since last month STEEM to USD doubled) (went from about 50k satoshis to about 35k satoshis). If anything it is slightly up relative to USD since Bitcoin went up more than the amount Steem/Btc went down. I think they are miscalculating and undervaluing the accounts here. Possibly we need to take advantage of this and arbitrage the prices back to a reasonable threshold?
coinmarketcap.com: Last 30 days it has been going down steadily from about 1.80 to 0.93 on the 19th. A 7 day moving average should reflect this, and in addition SBDs have been a bit lower than 1 USD lately.
Interesting. I think I need to dig into this more there is something I am missing. The account value going down by 50% to BTC but BTC going up by 100% should mean accounts are about flat to USD.
Its because it need time to adjust and it use internal market indicator wait few hours it will correct.
I have been watching for 2 weeks now EVERY day my account value goes down yet Bitcoin makes new highs and STEEM leveled off at 25k satoshi and is back at 40k satoshi this has been WEEKS every day watching my "Estimated Account Value" go down despite earning more and watching the value of STEEM go up relative to the USD. If this is a delay it must be a month behind because these are basically last month's prices.
I think it is rigged
I think they are misreporting for what ever reason probably a bug. Because I can't see how STEEM and BITCOIN are both worth more than I paid for them AND I have been earning by using Steemit yet my account value estimated went down..
Good one! I see that you have been on steemit for some time now so I am sending you some love. Have an upvote and know that the steemit community awaits!
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Wow congruation really u have 6 million steem in pewer steem good job really .. it's my first day in steem and i don't know how i get more steem .. i means can u put how please
You need to purchase Steem Power