Good news. The SBD to STEEM conversion that was causing recently so much trouble and confusion has been removed from Steemit's user interface. The solution was just implemented and merged on the Condenser GitHub https://github.com/steemit/condenser/pull/2144. Access to this feature was removed from the UI and put on hold for further investigation.
Here's an example of a user caught in this conversion dilemma https://steemit.com/steemit/@ewuoso/please-what-can-explain-what-happened. Others had hundreds and thousands of SBD caught in the conversion. The problem was that many users were doing the SBD to STEEM conversion, in a 3.5 day process that cannot be canceled, and getting less STEEM than the SBD they were converting. Whereas they could have exchanged their SBD on the internal or external markets for a much better price. Thus, the conversion was preventing them from higher profits, given the SBD pump that started over a week ago.
Currently SBD is at $11 USD and STEEM at $1.75 USD, on Bittrex.
Thanks to the developers for addressing this issue.
This is how the new drop-down looks like under the Steem Dollars menu:
Also, according to a comment in the modified files, "post 2018-01-31 if no calls to this function exist may be safe to remove."
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This is a good change, although fortunately most Steemians were smart enough not to use the SBD conversion anymore over the last few days. See my chart:
Source: https://steemit.com/steemit/@penguinpablo/daily-steem-stats-report-is-this-the-result-of-the-overvalued-sbd
Great to know
Wow I had no idea there were so many conversions in the past. Nonetheless, conversions were fine as long as SBD is hovering around the pegged $1 USD value. It's even advantageous to convert when SBD is below $1. I still prefer to exchange currencies myself, whenever I want to, without being locked in a 3.5 days time frame.
This should help folks be protected from inadvertent losses due to misunderstanding.
Kudos to the devs for doing it, and thanks for letting us know!
I definitely missed that boat. Lol
What do you mean by that? You still get $10+ for each SBD at the internal market. It was a bit higher a few days ago, but it's still much higher than it used to.
Yay! (Little things like this make me happy :)
trippy.
It's really good news.thanks for sharing.
I tried the conversion days ago and I nearly went mad I thought I had lost all my SBD
I hear ya. It sucks. I hope it was a small conversion.
It was 20 SBD lol
Ouch, that's a pretty big loss :(
Ah when did this happen? Just had a friend accidentally do that a few hrs ago
The code modification was done a few hours ago. The change is already in effect.
Got it, but all in transition still gonna go thru as it was?
Correct. Although access to the conversion function was removed from the UI, the function itself remains in the system. So, those already in conversion will go through it.
thank you for this info
100% UP VOTE
@drakos Thank you :)
I hope you'll know what to do with those precious SBD 🤑
one word...HODL <3
I see that word coming up alot. What does HODL mean? (Sorry if this is a stupid question)
@ammonite great question, I just learn this too. HODL means hold on for dear life :) Best wishes to you.
Thank you @splendorhub
It was originally a typo when someone meant to say "Hold bitcoin" and they accidentally said "Hodl bitcoin" people thought it was funny and have been saying it ever since to say that they are holding for the long term.
you should sell your SBD because the price will eventually come back down to $1 (that's how they were designed)
Yey, I din't know that. That's a great move by the team
Hopefully, I have saved a few SBD by not converting directly :)
Thanks, very informative.
I am also happy for this change. And its good for all the user and users give high profit and also good for this platform .
This is great news! I read in @timcliff's post that they said they did not want to remove the feature from the interface, but I guess they changed their mind when they saw how many people who lost their money. I think this is very good, but I also think they need to add it back if the value ever gets close to $1 again.
@timcliff made a pull request 3 days ago that added a detailed clarification when people try to use the conversion https://github.com/steemit/condenser/pull/2137. It was a good step, but removing it from the interface was even better.
Yeah, I remember that @timcliff posted about that, and he also said that the Steemit team did not want to completely remove it, but they must have changed their mind. Anyway, yeah, it's good that it's gone at the moment.
Hay I just see this and it's good step. Now people get that expect amount what they deserve and like this step
That is wonderful news to hear. I’ve never understood why someone would willingly choose to use that option unless they had no idea of their options.
This is fantastic! I learned pretty quick to exchange it in the market but when I was new, I assumed the market and conversion took were essentially the same. :/
That's an awesome update and these little things can prevent so much damage and pain. Perfect. Wasn't aware of that so thanks for the update!
Very good news, because many people and specialty the new people don't know how it works and could lose money.
Thanks for sharing.
PD: I made an infographic explaining the reward system. I hope you like it.
I second @valued-customer comment:
and hope several others resteem this. The only way I found it was I got bored and was surfing through all the "Hot" post in the left hand tags.
Woohoo, next the 💯 power up concern!
Awesome! I fell into that trap once. Never again
Thanks for taking care of that before it affected me. I also started out waiting the 3.5 days. I have been doing the market recently though.
eventually it will need to go back. Maybe it should be in a hidden menu or something, otherwise it will lose it's downside peg to $1
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Very good job, your information helped me, greetings. @drakos