I saw the price of SBD at 2.42 and decided to cash out some SBD into bitcoin.
I have done this before without issue but this time I'm perplexed and I'm guessing I just have some learning to do.
I made 2 different transfers. Each you can clearly see IN THE SCREENSHOT was about $1000 USD worth of steem. But the BTC I got was nowhere near that much at the time of the trade. It was more like $600 USD. OUCH! What the heck? What did I do wrong and what should I do in the future? Any advice post below!
The price you saw for SBD is the one reported by coinmarketcap. It's also the one we use for reporting input_usd_equivalent. But this price isn't always a reasonable price. In this case, that price is coming from poloniex which has currently disabled deposits/withdrawals of Steem and SBD, so those prices are out of whack with realistic prices and our system is not using those prices.
Ok, what should I do in the future to get the best price? I mean up till now, I haven't had an issue. How do I know what price I'm actually getting? Sorry for all the questions. Just trying to figure out how to best move forward.
That's the best price that we could actually offer, because there's no way to actually purchase using prices from poloniex right now until they re-enable Steem/SBD. The best way to know what you'll get from us is to use the estimator on our site. You can enter however much of a coin that you want to buy or sell, and the estimator will tell you how much it costs or how much we will pay for it.
Hmm...I don't see an estimator on your site. blocktrades.us The screenshot is from your site. Can you post a link to your estimator?
Ok I totally get it now...thanks for your help. Lesson learned. I just went too fast trying to complete the trade without looking and converting the BTC on the blocktrades site. Whew! It's an unstable market and with all the bad press on here about Poloniex and Coinbase...They are going to need a serious PR campaign.
I send my SBD to Bittrex and set my sale price, etc. as I see should fit the market prices. I sell my SBD for BTC. Then I can transfer my BTC to a digital wallet. I use Coinbase. I've done this a few times, without issues KNOCK ON WOOD!
I like to personally look at the market prices and what SBD is buying/selling for instead of watching an estimator.
Adding: I'm sorry to hear you had this bad experience. That stinks! :'-(
Shoot this info to [email protected]. They are very responsive!
email sent! THANKS!
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Resteemit!
Need to know too☺️
Try to withdraw SBD to your wallet in bittrex exchange abd then cashout as btc.