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RE: SBD Conversion
price min_price( asset( 9 * gpo.current_sbd_supply.amount, SBD_SYMBOL ), gpo.current_supply );
if( min_price > fho.current_median_history )
fho.current_median_history = min_price;
So ... the median just gets overwritten ...
I don't code, so I don't know what this means. What I know is: Even when the price was below 30 Cents for weeks, the median was still at 35 Cents. Thus, SBD at 80 Cents did not mean 20% gain per conversion, but you had to calculate: real price / median price = something like 0.82. With SBD at 80, your conversion gain was 2 Cents. And I read somewhere that this was because of SBDs were taken into account for median price calculation.
Can you follow or am I speaking in riddles?
The lines above explain, why and how the median price taken into account to calculate the conversion, differs from the actual median price.
Conversion takes 3.5 days. You don't know the exchange rate at the beginning of the conversion process. If your process would always work, you had invented the perpetuum mobile.
But if you had very much money, you could corner the SBD because of its limited production as follows: Buy a huge amount of SBD, put 20% aside and continue converting the rest in repetition. Thus you will diminish the amount of existing SBD.
Of course.
But as said, this is not the only factor. The conversion rate does not always follow the actual STEEM/SBD median price.