[PSA] Do NOT Use Convert To Steem Option On SteemIt
Several users have already posted about this topic, but it is so important that I am going to do it again.
The "Convert to STEEM" option is an advanced feature for users that are aware of the mechanics of the Steem financial model. To summarize what is happening, when you convert SBD to Steem, it does so at a 1 to 1 ratio. Eg, 10 SBD becomes 10 STEEM.
This can be used by skilled traders to gain when the value of SBD is value below that of STEEM. However, our market is completely flipped on its head, with SBD being valued at nearly 6-7x that of STEEM! At its peak recently, the difference was more than 10x!
That means you can sell 10 SBD on the internal market or another exchange for 60-70 STEEM. Were you to use the "Convert to STEEM" option, you would lose out on 50-60 STEEM, or about $82-102! THAT'S CRAZY!
Remember, be smart about the actions you take regarding cryptocurrency and make sure you are not cheating yourself out of some free money.
Other related posts:
- https://steemit.com/sbd/@timcliff/condenser-pull-request-submitted-added-warning-to-sbd-steem-conversion-page
- https://steemit.com/sbd/@minnowsupport/warning-do-not-use-convert-to-steem-option-for-your-sbd-s
Vote @netuoso as Witness
- Click the link above and input your active private key when asked to vote
- Alternatively, visit https://steemit.com/~witnesses
This is a good time to reap the reward by using blocktrades.
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By the way I have an issue with Blocktrades.
How to get it resolve ?
I did send some SBD for delegation and I did not get a thing.
Any help will be welcome.
I did send an email to support too.
Hopefully support has gotten back to you.
To my knowledge, Blocktrades is fresh out/extremely low on steem power for delegation.
Apparently a whale decided to get a large order of SP and sent blocktrades into dismay haha
That's what I read at least. Hope it helps if support hasn't replied :D
wow I almost did that BECAUSE the ratio went up, but decided to go to market instead just to see the numbers moving around.. really quite a hazard to have something like that laying around considering the inflation of steem is far greater than SBD
Steemit currencies are SO confusing. We already did this transaction, thinking the SBD would convert at prevailing market rates. Why they made everything so confusing, we'll never understand.
SBDs themselves are pretty ridiculous concept, like a child's conception of how to rig the system. No one is going to fall for it, thanks to posts like yours. So why bother? It really doesn't seem like Steemit creators care about anything other than making fast nonsensical money for themselves, or they'd fix the myriad of problems on steemit. People getting paid a few bucks for writing "hi" in a comment is absurd. Google creators CONSTANTLY reworked their algos to fix "gaming of the system" to create a good product, so right there we can see how the "wild wild west" atomosphere of crypto is actually NOT ideal for startups.
Best and easiest description to understand ive seen thus far. Thanks 4 the heads up!!!
So is it possible to do this the other way around and convert STEEM to SBD with a 1:1 ratio?:)
One can only wish!
Learn somthin new everyday ... thanks for the info ... 🦉
Wow! I had no idea. Thank you so much for the advice, especially while I’m so new here. Could be really bad in the long run lol
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WANT TO EARN INTEREST OF YOUR BITCOINS
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WANT TO EARN INTEREST OF YOUR BITCOINS
https://aaafinancial.usitech-int.com/
WANT TO EARN INTEREST OF YOUR BITCOINS
https://aaafinancial.usitech-int.com/