As predicted you got less than 20$ worth of steem. For an updated analysis of the conversion mechanics and the problems please see this post
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As predicted you got less than 20$ worth of steem. For an updated analysis of the conversion mechanics and the problems please see this post
I m not sure. I checked internal market on same day, and i would have got 42 if i sold in market. Conversion was at 42 cents with 1$ sbd which was same as internal price.
Yes, the market already takes into account that the conversion is broken. Thats why sbd is trading heavily below 1$.
A working peg at 1$ would imply that you can make money by buying below 1$ and then convert, but as you state, you make no money doing that.
I did make money, if i buy from market, i would have got 42 steem but from conversion, i got 47 steem. So I made 5 extra token from conversion.
Technically i should be able to buy sbd using steem and then set those sbd again for conversion but that takes 3.5 days so not worth it. I will read your analysis though, if there is money to be made here, i will make it.
I did not check the markets back then, it is possible you made a good deal there and sbd was undervalued at that moment.
But as of now that 20 sbd would give you 49.182 steem from selling, quite close to what you got in your conversion. And when you look at my post this is actually relatively close to what I compute as the effective lower peg from conversions.
I will initiate another 10$ conversion and see the results. Don't see market going back up anytime soon anyways.