I no longer have the habit of going to check the coinmarket every now and then like I used to do. It only increases ones anxiety, in my opinion, and there is no need for that . Anyway, I checked not quite 30 minutes ago and discovered that the market is red again. The reason I checked is because I would like to change my SBD to fiat for the very first time since I joined steemit 3 months ago. I would write another post about that. I am not bothered this time around, though, like I was in this post sometime ago. There is an interesting thing that I discovered which I would like to share. Despite the fact the coin market is almost all in red, steem backed dollars (SBD) is a winner. Let's look at the screenshots from coinmarketcap.com and do a little bit of analysis
A little Bit of Analysis
Generally, I love doing analysis. So l'll do a little bit here. Where STEEM is selling for $1.61, Steem Backed Dollars (SBD) is selling for $2.15. Don't you think this is the best time to sell your SBDs now for steem? I would like to hear your thoughts on this. Here are two (2) things you could do, if you have some SBDs.
1. Sell your Steem Backed Dollars for Steem and Power Up
In my opinion, I think this is the best time to sell your SBDs for steem, if you have some, and then power up.
2. Leave your Steem Backed Dollars in your Account and Earn 5.9% Interest On It.
That Steemians can earn interest by staking SBD in one's account is something that I didn't know about until very recently. Infact, because I couldn't explain what ''interest'' meant in the reward pool distribution, I said in my previous vlog that we should not focus on that. Another thing you could consider would be just to leave it in your SBD account as this action earn you a profit of 5.9 % interest in 30 days as observed from the 30 day distribution of the reward pool in steemdb.com
(Please, correct me if I'm wrong).
This brings me to the question. Which of the banks would be willing to pay it's customers interest of 5.9% a year, let alone pay same interest in a month? This is one among many reasons why we should focus on what we do here in steemit and always look for ways to build the steemit community. From my observation and the little analysis that I've done, we can see that Steem backed Dollars (SBD) is indeed a winner in the current red coin market.
Your friend,
Mary Onah.
AFAIK, the APR is not constant and is continually updated by the witnesses. I believe the current APR is 0% because the supply is too high.
You can find up-to-date
for each witness, by going to SteemDB.
Thank you so much, @fultimegeek for your contribution. I would never have know about APR updates, if you hadn't shared. I'll go check it out right away. Many thanks, once again.
@fulltimegeek I just checked and the APR for first 20 witnesses is 0%. So, that means that it's not wise to leave SBDs in steemit account. I have learnt that today. Steemit is really a school, where I learn every day. Thank you once again.
good info about Steem and powering up
Thanks, @daydreams4rock! I appreciate your comment and stopping by. STEEM ON!
Thanks for posting about the interest on the term dollars😀 I'm a new here and I totally don't know anything about that.
You are most welcome, @saithe, but @fulltimegeeek just enlightened me that APR is 0% for most witnessed , which is true. Please read his comment above. So if you have SBDs, I think the smartest thing would be to sell for steem and then power it up. A very warm welcome to steemit. Enjoy the ride!
I think it's also because SBD is kind of like Fiat, which is also a winner today x]
That's correct, @technium. Moreover, Steem backed dollars (SBD) were created to bring stability to the steem neetwork, according to page 10 of the steemit whitepaper, https://steem.io/SteemWhitePaper.pdf . I appreciate your comment.
Welldone sister. Good to read you again. How have you been? Hope fine. Gracias
Today the market of almost all cryptocurrencies have moved downwards. I think we have already hit the bottom (for today), currently the price of STEEM (in term of SBD) is going up again.
So today I changed part of my SBD into STEEM. In the last few days STEEM was too expensive.
As far as I know the savings in SBD give 0%APR, i.e. nothing!!