A shout out for help from the Steem/SBD currency experts
These last four days, the Steem dollar has not dipped below a value of $5.89 US dollars, in fact, averaging around $6.89 US dollars since Thursday. Very exciting. Four days ago I thought, well Steemit, if I convert these SBD, will probably give me at least 800 steem for this amount of steem dollars, which is what Blocktrades would have given me. I was extremely excited about this and eagerly anticipated the result over the 3.5 day period in which the SBD is converted to Steem.
But to my surprise, I received less than $0.6 cents per 1 SBD. The result has left me very confused given that it has been such a great few days for Steemians, full of hope for steem and SBD currency.
I absolutely love Steemit- every week it brings me sheer excitement, that so many wonderful bloggers can come together and share so much information and great stories. I am also proactive in the steemit iron chef contest, having had the privilege of even coming in first place a few times. So many good things have come from Steemit for me and it's actually one of the best things I've done in 2017- it's the only reason I actually started writing a blog (and of course because of my love for food and cooking!).
Any experts on here that can help? I feel like I've lost every hard earned SBD and posted this in the hope that something positive might come from all of this.
Thank you.
came from @solarguy resteem. i say read this from @timcliff
https://steemit.com/sbd/@timcliff/condenser-pull-request-submitted-added-warning-to-sbd-steem-conversion-page
should give some insight.
Oh cool. Tim's so helpful.
Is there someone from steemit that can answer my question about how they calculated this exchange rate? Thank you by the way
I don't think so. we are still in beta but don't let me stop you from asking.
You're welcome.
You need to use the "Market" feature instead of "Convert to Steem" and then exchange your sbd's for steem there. Hope this helps
Thank you @chiefmappster. Yes, I will do from now- it's just a shame I learnt this after exchanging ALL of my steem dollars for a less than fair rate of steem :-(
You're welcome. I know I wish Steemit would make that more clear to everyone. I know you aren't the only one it has happened too.
Wish you the best
I'm not an expert, but at least I can say this. Using the Market to trade SBD for Steem is more worth it than converting. If I'm not wrong the price for converting is averaged over 3.5 days, or that SBD1 is pegged at US$1. Either way converting is a waste of money. Use the Market option instead!
That’s what any i thought- an average over the past 3 days but evidently it’s not the case and definitely less than 1 steem per steem dollar and I don’t know how this rate was calculated by steemit
Yes, that's exactly what I'm wishing I did. But I was told that Steemit would convert according to the going rate or at least even if the value was pegged at $1 then it would be more fair to receive 150 steem for 150 steem dollars. I feel like I've lost everything I earned on Steemit so it's just upset me, especially since I was eagerly anticipating the result.
I always send it to an exchange to trade.
Hi @solarguy, yes definitely taken on board and will do nothing less than this in the upcoming future- it’s just a shame I couldn’t achieve it on steemit
you did it wrong.
use the internal market
Thank you for the link by the way @everittdmickey :-)
you're welcome
I know that now :-( just very saddened that it’s too late. I’m just wondering how Steemit calculated such a low exchange rate- very confused
math is hard.
@timcliff has put in a request to have a warning added.
The convert option was built as an easy way to turn 1 SBD into 1 USD worth of steem.
It does that very well, but if people elsewhere are offering a much higher price, then you're going to feel a little ripped off.
Thank you for that- yes I think a warning message is definitely needed. If the convert option is meant to give 1 USD worth of steem that should have at least been 280 steem but instead I got 58 cents worth so I just really wonder if anyone can even give me an answer as to how such a low exchange rate was calculated when all we have seen is the value of steem and SBD rise rapidly in the last 4 days? Just an answer from someone in steemit who is responsible for this would be much appreciated to stop my mind wandering
Others have already given you answers for this so I won't be able to help you further... However, I am truly sorry to hear this. A painful experience.
I've published a new "alert" regarding this and hopefully others won't make the same mistake.
Thank you @hitmeasap, yes it truly is a painful experience. I guess it could be worse. I think rather than advice now I would just like an answe as to how this exchange rate was calculated because I have no idea
It was been posted all over to not using that conversion cos you will lost only
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