Beware of converting SteemUSD to BTC right now
Introduction
Blocktrades has been with the #bitshares ecosystem for a long time. Since the underlying technology (#bitshares and #steemit) is pretty much the same, they were well positioned to get in on the steemit game early and service the community here.
Some days ago I wrote a simple howto on how to convert your SteemUSD to Bitcoin, using @blocktrades services.
To the best of my knowledge - someone correct me if I am wrong - at the moment this is the only way to do so directly (without going through STEEM, which is volatile).
As I wrote that article and made that recommendation, I was also careful to check that the spread was acceptable - and at that point, it was.
Warning
Today I would like to bring your attention that, as of right now, that is no longer the case.
The BTC/USD price is $650, and blocktrades will exchange 1 BTC for 843 SteemUSD.
That is a 30% spread!
Conclusion
You would be wise to not convert any SteemUSD to BTC right now, as you stand to lose 30% on this trade!
Hopefully, @blocktrades will be back to a more reasonable spread in the short term.
And always remember - Check how far off the offer is from the fair market price before converting between crypto-currencies (or anything, for that matter ..)
I saw this today as well! Highway robbery. Poloniex and Bittrex seem to be a bit better at .85.
Not "highway robbery" ... its a three-legged stool with constantly growing and shrinking legs trying to find balance.
Actually a three-legged stool is always in balance. :-)
But I get what you mean.
Not a stool with magical legs that grow and shrink based on baked in factors!
Important: You have to believe in magic for this analogy to work :P
The pinocchio of stools
You can also go through Bittrex. I started off using Blocktrades, it is very easy for newbies. But now I use Bittrex and typically you should get a better return there than at Blocktrades.
Seems like a good time to go from BTC to SBD if that is the case :)
Sshhhh..... ;)
Thanks for the heads up
You're literally saving people thousands with this post.
Karnal! Your ability to create useful articles about interesting topics is really very high.
Next time I see the rainbow I will definitely seek for the pot. Who knows how many BitShares I might find :)
Thanks for keeping us up to date
Thanks for the article, I will be keep my patience intact
It's worth noting that bittrex and poloinex both have SBD/BTC markets. They're both trading SBD at a discount right now as well.
It may be a good time to buy some SBD on the exchanges. and you may want to
Check out my latest experment HERE
https://steemit.com/steemit/@me-tarzan/lost-in-the-steemit-blog-sea
ME-TARZAN
wow amazing post you