Why is waiting the 7 days to convert Steem Dollars to Steem even an option when it could be done instantly using the markets (https://steemit.com/market)?
I also don't see a transaction in my wallet log that the coins have slipped into limbo... it just appears the coins have just disappeared.
Maybe I'm missing something, but shit fire!
Has anyone else ever been in the same boat?
This is the blockchain protocol enforced conversion, serving as the last defense line to maintain SBD to USD peg. In case there's a black swan event or major dump on the market and no one is willing to buy SBD, you can always use this to sell your SBD to steem of the same USD dollar value.
But I agree with you, in UI, this should not be emphasized like this, instead should direct user to use internal market as default measure.
That makes perfect sense. Thanks for your response and I agree with you on the UI thing.
I think at the very least it should show in the wallet history when you do it that way... the fact it goes blank and disappears from your wallet is a little sketchy :P.
There is also a spoof to allow 6 tags per article rather than the default 5... https://steemit.com/steemit/@bayareacoins/so-you-think-you-are-limited-to-5-tags-for-your-post-now-wrong-click-here-to-learn-how-to-get-your-article-listed-with-6-tags
The mechanism analyzed here: https://steemit.com/money/@theoretical/why-would-anyone-use-the-conversion-function-when-they-can-trade-their-steem-dollars-on-the-market
Thank you
The wallet display bug definitely needs a fix. It's sketchy-looking ("oh did I just lose my blogging money? This thing shows nothing!!!")
Yes this needs to be fixed devs!
Because Steem.
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Agree
same here
Lol! I knew I couldn't be the only one... did it ever show up in your wallet log or will it update when you finally get them? I wish that it at least put a date that they started converting!
It will show up in your wallet exactly 7 days after. No need to worry.
I´m in same situation!!
https://steemd.com/@bayareacoins check that out on the right and scroll down til you see the request for changing steem dollars to steem. Idk why it doesn't show in the wallet log
If you convert that way it takes 7 days... compared to the internal markets that are near instant. Why would that 7 day thing even be an option?
It wants to calculate the 7-day price first, so as to iron out any spikes and anomalies. The full answer is here: https://steemit.com/money/@theoretical/why-would-anyone-use-the-conversion-function-when-they-can-trade-their-steem-dollars-on-the-market
No never had the chance but working on it
Its still fairly new system hahahahaa itll eventually work out its flawss just keep on postinggg
Converting relies on the feed price. The market is another price. So you might get a better deal using the feed conversion instead of what is being transacted on the local market.
That is why there is a delay. If there weren't one, people would abuse via manipulation because the feed price is set using a lagging median price. IF there were no delay, there could not be an offered feed price conversion without such abuses.
Yup @bayareacoins, I learned that hard way too. But now I have a poloniex account and it makes it much easier.
I think this is likely a concern many have. Until the system gets updated with some kind of display, just trust that it will show up in your wallet in 7 days. It does work, but I freaked out the first time too!
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