Are You Costing Yourself STEEM Power? - A Helpful Guide to Get the Most STEEM and Steem Power from Steem Dollars
Many users let Steemit's wallet convert Steem Dollars to STEEM, but this could be costing them up to 90% of the Steem Power they deserve.
Most of us who use Steemit know about its two currencies, STEEM and SBD. SBD have a specific purpose, and are designed to be worth $1 USD worth of STEEM, to be converted at any time, allowing a couple days for the platform to do so. Following this, users can use their newly minted STEEM to power up. Steemit users using this method would recieve about .3 STEEM per SBD.
The current Bittrex exchange value of Steem Dollars (SBD) has been over $10 for around two weeks.
By simply transferring your SBD to Bittrex, selling it for Bitcoin and then buying Steem and transferring it back, users would recieve nearly 3 STEEM per SBD, 10 times as much (varying on price fluctuations).
This can also be achieved via Steemit's internal exchange market; be sure to check market spread and fees, which can greatly affect your conversion return.
Why is this you may ask? Market forces are in play right now, and many new crypto traders are unaware of Steem Dollars only use case giving rise to highly inflated price that reached over $15 per SBD last month.
Markets will continue to play out, but likely, SBD will continue to fall against USD as demand falls off due to non-conversion by speculators - but that doesn't mean you cant get extra STEEM while these market conditions last!
How do you convert your Steem Dollars?
Are you holding Steem Dollars long term?
Leave your answers in the comments below.
As always friends, be sure to check back often and click the follow button; my researchers, sources, and I follow the markets very closely and maintain a continuous feed of up to date fundamental analytics you should keep an eye on.
I had absolutely no idea about this. This should have way more views and way more upvotes
your post is very interesting.
but I want to ask you, how do you think about the development of 2018 steem price in the future?
I just want to survey some people
The entire crypto market is on a bull run, Steem and SBD are going along for the ride.
10x from here seems reasonable to be and well within the realm of possibilities for Steemit.
Im shorting SBD as fast as i get them because they are overvalued. Best regards Dr DMD
What exchange is offering shorts on SBD?
Im selling SBD on bittrex.com. Best regards Dr DMD
You can do this on the internal market too. That won't have any fees
I'm quite new to Steem so let me get this straight: SBD (in theory) should be worth $1 USD but it's currently over 15$, right? Does Steemit, when paying out the rewards, also make the assumption that it's only worth $1 and converts SBD into STEEM at this rate without checking the market price? If so, then we're really missing out! Should we go 50/50 then?
Steemit does NOT check the market value of SBD when converting to STEEM via the convert button in your Steemit wallet.
Yes, 50/50 is a good choice to get maximize payouts right now. Then go to a market to convert SBD to Steem.
Thank You, it's clear to me now :)