Steemit's Blocktrades Extremely Expensive!
Hi everybody,
I'm just wondering whether I will buy some STEEM and then change it to STEEM POWER. But now I found out that Blocktrades (I guess it's the only way to move your funds to another cryptocurrency and then to fiat) is very, very expensive.
My experiment:
I can buy 1 LTC and receive 62.584 STEEM. And then reversely for 62.584 STEEM I receive 0.9514LTC.
(0.9514/1)-1= 4.86% net loss.
I can buy 3 LTC and receive 187.673 STEEM. And then reversely for 187.673 STEEM I receive 2.8583LTC.
(2.8583/3)-1= 4,72% net loss.
I can buy 100 LTC and receive 5902.18 STEEM. And then reversely for 5902.18 STEEM I receive 87.683LTC.
(87.683/100)-1= 12.31% net loss.
If I bought about 1000 STEEM, then
Is there any fixed fee for 1 transaction? How is the last example possible? 12%?! Bad joke?
I'll appreciate any meaningful comments!
I'll appreciate any meaningful comments by upvoting :-)
1 STEEM -> 0.0125 LTC
10 STEEM -> 0.1458 LTC
100 STEEM -> 1.5266 LTC
1000 STEEM-> 14.8587 LTC
10000STEEM->145.1068 LTC
It seems like a negative parabola! Maybe because they want to discourage moving small insignificant sums and at the same time they want to retain large sums so STEEM will keep it's value.
How about taking 100LTC out in many smaller transactions?
But thnx for notifying.
Yeah, that's a great idea. I don't see any reason why it shouldn't work...but it's weird, normally I'd assume moving larger sums should be more favorable...thanks for the comment!
It's the price you pay for convenience. Other exchanegs have lower fees, but you have to register and you need about 10USD worth of crypto to withdrawl.
Yeah, that's the great advantage when you need to exchange amount about 1-100USD. But there should be another option when you need to move large sums...thanks for the comment!