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RE: Attention SBD Converters: Please Read - Important Information about SBD -> STEEM Conversions

in #sbd • 8 years ago (edited)

The blockchain price is used to determine the amount of STEEM that SBD conversions produce

The conversions between STEEM and SBD happen on the internal market and are based on the price of STEEM which would mean that the price of STEEM on internal market is set by witnesses. Are there other internal conversions that I'm not aware of?

8 years ago in #sbd by
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     8 years ago 

    I think you are confused. There are two completely separate prices:

    Price 1: The internal market price, set by the buying and selling of STEEM/SBD.
    Price 2: The internal blockchain price, set by the witnesses price feeds.

    There is also a difference between "converting" SBD to STEEM (done through the wallet, and takes 3.5 days), and "trading/exchanging" SBD for STEEM (done through the internal market, or through an external exchange).

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     8 years ago (edited)

    Thanks for clearing this up for me. Just to make sure I understood properly, the STEEM price set by witnesses has no influence on STEEM market price, it is just an internal price to do conversions correct?