Steem Dollars are $8 EACH??!?!?!! Sell as much as you can!!
Holy cow! SBD was already crazy high for a coin that's pegged to the dollar, but it has risen all the way up to $8 for each Steem Dollar! That's insane!
This is totally unnatural if you ask me. I'm suspicious that this has to do with the Tether conspiracy/scam and people may be seeking refuge into SBD but even so, it is insane to pay as much as 8x too much.
I suggest everybody to take this opportunity and sell your SBD for Bitcoin or other coins, as you'll be getting more SBD tomorrow anyway and it may not be at this price for forever. Currently 1 SBD is worth more than the minimal trade amount on Bittrex, so you can sell as little as one (I just sold $1.8, all I had in SBD currently) whereas normally you need to sell about 5 minimum.
There are weird things happening in the world of crypto. I feel there is a lot of tension and some major shift in the markets may be coming, for good or for worse.
Come battle me through @STEEMPUNKNET!
Damn...I sold in the mid 3's. Oh well. I was happy with the 3's
it shot up to $18...
I'm trying to sell my remaining $0.835 for like $10 but Bittrex won't let me! I think I can't sell less than 1sbd or something :(
Wow! Last time I checked $18 was pretty far off from $1. That's some peg they got. Hey worked in our favor this time (well, not me really, but I'm sure there are some very happy Steemians who sold at $18). My alts are getting hammered right now. Good thing I'm pretty heavily invested in NXT, otherwise I would really be hurting.
People are stacking up their crypto for when the US Seniles...errr...Senate tries to ban Crypto, we can cash out on the other side of the borders.
But it's gone up $18...! who would pay that for something that is worth a dollar?
Dang, I wish I'd had some when it hit $18! I don't know who pays that price. If we figure out who it is, should we tell them it's only worth 1?
How exciting :) Steem and steem dollars will absolutely dominate in future!
It makes no sense though! it's supposed to be pegged to the dollar!
Sell SBD, Buy Steem, Power UP => profit
This is a good plan to accumulate more Steem Power for sure!
some really weird but inevitable i guess~;
thnx for sharing your thought~
Yeah, getting 10 SBD from a contest on here is now a nice weekly bump.
For sure! It's gone to $18.. so that would be $180!!
The madness continues.
Funny thing is, most probably sold when it was at $5 or $7.
This week the crypto world is like for far west ;)
what is the best way to do this? Can i use the Exchange on steemit?
It depends on what you want to do! If you want to get more STEEM, then you could try the built in exchange. But if you want to trade for Bitcoin or dollars, you will need to use an exchange. I personally use Bittrex for STEEM/SBD trading.
My suggestion is to sell your SBD for Bitcoin and then just hodl it and wait and see. Maybe Bitcoin will continue to rise, maybe you buy STEEM with it, maybe something else. But this SBD price is unnatural I believe... it is supposed to be pegged to being worth $1
I'm trying to get my SBD to OpenLedger (I signed up for a bittrex account but apparently it won't let me deposit my SBD until it verifies my account and so I'm waiting on that...), my thinking is that I can then trade that for steem, bitcoin, whatever; but when I go to deposit, My transfer service is selected as Openledger (open.x) the coin I would like to deposit is SBD, but on the left hand side the address is "Unknown" - shouldn't it say "openledger-dex"? Maybe I am doing something obviously wrong that you can point out - clearly this is new to me, i'm trying to put the puzzle pieces together, thanks for the help!
Oh, only read this one after writing my previous reply.
OpenLedger is the same thing as Bitshares, so yes that is an option too. But yes it is also more complex... I'm not expert at it either. I tried it once, made some mistakes that cost me some money, decided I didn't really like using it tbh. But it does have advantages as it is decentralized.
Reply 2: So I ended up selling my SBD for Steem using the in-house exchange, it looks like I got about 6.8 Steem per 1 SBD - I have no idea if that is good or what, but whatever that is done now. So now I have about 160 Steem that I'm thinking about transferring to Bittrex or OpenLedger to maybe buy a very very small amount of bitcoin; does this make sense, smart move for someone who knows nothing about any of this yet? lol In the next few hours I'm going to get I think around another $30 SBD for one of my posts, so then I have another $30 I can do something with. I would like to get a piece of a bitcoin in case it continues to go crazy, or is there another currency maybe I should invest in? I'm thinking long term holding.
I think you got a good deal for STEEM probably, but there wasn't a need to turn it into STEEM, as Bittrex allows for SBD trading as well. So you paid some small fees on the internal exchange, and will pay again on the other exchange.
But my advice to you is if you want to hold for the long term and just forget about it: get Bitcoin. If anything is going to succeed and grow, it's Bitcoin. Just put it all in there, download a Bitcoin wallet (Electrum is a good one) and make sure you backup your private key on paper not on the pc, then transfer the Bitcoin to your wallet and just forget about it. Keep in mind that due to the withdrawal fee which is about $5-6 this means it's only good to do it with bigger amounts, not with small amounts.
Let me put it this way... 3-4 years ago I had a little bit of Litecoin and Bitcoin and together it was worth $240. It felt like too much hassle to sell it, so I just kept it. This year when I re-opened my wallet it was worth quite a lot more. So if you have $100-200 even, I would consider it worth it.
But do actually HODL it... don't go selling it when the market crashes because you think it's gonna be worth nothing if you don't. Just consider it 'thrown away' and a gamble.. take all emotions out of it and just let it sit for the next couple of years.
Alternatively, if you believe strongly in STEEM then you could just power up too. But I personally think putting it into Bitcoin it the safer bet, and probably the more profitable bet. Good luck! Join the Bitcoin club, I swear it is super fun to keep track of the charts, news and ongoings - one of the more exciting things I've ever been a part of!
Also if Bitcoin drops super much tomorrow after you bought it DON'T sell it. Just don't.
Last time we had this bubble we were at $1200 and dropped to $200. You don't want to be the one who sold at the low point, looking back now that it's gone to $20K! Just hodl :)
thanks for the insight! So after I posted last night I did some more researching and my bittrex account finally got verified so I could use it; I ended up transferring the rest of my SBD there, and then converted it to BTC, I also took the SBD I had converted earlier to steem and also transferred it to Bittrex and converted that to BTC as well, so right now I have about $450 worth of BTC, all from like $45 of SBC lol
Yeah my plan is to just hold it and forget about it for a while.
Just to make sure I am grasping this properly, if I download the wallet and then put my BTC on there, it is "safe" in the sense that it isn't sitting on the centralized exchange but is rather "offline"?
Thanks again!
Sorry I was away for a few days.
But yes, what you should do is get a wallet for Bitcoin. It will be able to generate an address for you. There is a public address to which you can receive Bitcoins, and there is the private key which is your passphrase to access it just like with Steemit. And just as with Steemit's private key you need to be super careful with this private key. Be sure to generate it on a pc that has no viruses or spyware, because hackers are already out in full force. When you generate the key, make sure you get it on paper as soon as possible (make a backup copy too) and then delete the file from your harddrive with the key on it. Or atleast encrypt the file somehow, because one wrong move and you're hacked and you could lose it all.
The safest way is to get a Ledger Nano S, it is a seperate device called a hardware wallet and it has a physical button that needs to be pressed, which no hacker can get to without being physically present, so it is extremely safe to store crypto on. However it costs about $70-80 and you'll have to think on wether or not that's worth it for $450 of Bitcoin.
Keep in mind that keeping Bitcoin on a personal wallet does mean it's a lot less flexible. Transaction costs are insanely high right now.. they were $5 a while ago but I read reports of them being up to $30 for a single transaction. That means sending your Bitcoin from your wallet to an exchange (if you ever want to sell) costs quite a bit. It is expected that the scalability issue will be fixed one day though, bringing those transaction costs down. For now, however, it's a costly matter to move funds.
So it really comes down to wether you just want to hold it for a few years, or if you want to be able to quickly sell it. If it's the latter maybe keep it on the exchange.. but there is indeed a risk that the exchange gets hacked or goes bankrupt or something else.
I know a lot of people on Steemit are fond of Bitshares. That's a decentralized exchange, but I'm no expert at it so I can't make any recommendation either way. I do believe it allows you to store and trade Bitcoin on there though, cheaply and decentralized so nobody can shut it down. But you'd have to make a Bitshares address too, and there is a bit of a learning curve to it. But it is an alternative to the existing centralized exchanges, at least. Hopefully soon there will be better decentralized exchanges, there are many projects in the works.
awesome, thanks for the replies; while you've been gone (I should have known since I wasn't getting attacked every day :P) I've been doing some further reading and descending into the dark hole that is crypto trading.
I've found Bittrex pretty easy to use and I like it a lot, other than the fact it could go belly up at any moment and there goes everything. For the most part I am just going to hold my BTC (I also bought half a Etherium (sp?), and one litecoin) Then I took about $300 which I decided to try my hand at day trading - being able to set the buy and sell points is great on bittrex - I just set sell point and when it sells then I go back and set the buy point at whatever I want - very small margins but I imagine it will add up over time.
Are there any coins you'd advise would be good for day trading? Another coin I was reading about was QTUM - it's really low right now but based on what I was reading it seems some think it can and will rebound quite nicely given enough time, so I bought a few of those to hold.
I also read up on the Lightning thing for instant transactions would will be a layer being put on top of bitcoin, or the bitcoin infrastructure.
p.s. I switched accounts recently, so this is my new account in case that is confusing lol
But..but.. I can't attack your new account!
As for daytrading, it sounds like a good idea and everybody has this exact same idea. It's not so hard to do it once, twice or three times but inevitable you're going to buy at a price which you think is low, but then it dips and you're left holding coins that you wanted to sell for a little bit more, but instead your 2% and 5% gains that you made over the last few days disappear in an instant and you're left holding the bag, as they say. It's very risky and requires a lot of indepth knowledge on how to predict the charts. You could try it for sure, but be sure to do it with a coin that you don't mind holding if it does go down. So pick something you've researched and believe in, then daytrade that. Whatever you do, don't go chasing whatever goes up that day, it won't work. Instead, try to buy it at what appears to be 'the bottom', before everybody buys in.
Also, with daytrading, especially on Bittrex, the trading fees do add up. If you want to daytrade, you'll need to make more than 0.5% profit in order to make it worthwhile and pay for the fees. While it is easy to gain 2-5% on a trade, you have to wonder also wether such a small amount is worth risking the whole stack.
I do daytrade sometimes though, but I mostly do it when I discover some special news super quick and I know I can probably get a quick gain. But mostly I have found that if I just held Bitcoin, I would have had a lot more than if I had now. About 3x more. I am still confident that all will be okay, and that altcoins will be making their runs now. Who knows, it's crypto... this is a crazy world!
If you want to follow the news, start by watching Youtubers like DataDash, Boxmining, Crypt0, Crypto Daily, Crypto Lark, TheChartGuys, The Cryptoverse, Coin Mastery. There may be others but these I have found useful. It's a dayjob though, to keep up with the news... the pace it happens is unbelievable. But it is an amazing ride, so much conspiracies, plot twists and manipulation...game of thrones could learn from this
Don't use centralized exchanges for trading, your money is not safe there.
Use Bitshares DEX and your money will be safe.
https://wallet.bitshares.org
thanks, I will look into this!
would this be the same as moving my BTC from bittrex instead to OpenLedger?
Yes, it would be similar as OpenLedger is serving as a Bitshares gateway with OPEN.BTC token.