Vlog 157: Do not convert your SBD to STEEM with the convert function in your wallet! Use the Internal Market.

in dtube •  5 months ago


Since becoming a witness with @blockbrothers I spent way more time in the witness channel reading and following the discussions.

Or in other words, the Steem blockchain is taking even more of my time :)

But I happily do so. I like it here.

The topic of the day is the Steem Blockchain Dollar (no more steem backed dollar).

The opinions about the current value of the SBD vary a lot.


from the white paper


My current stand is that it's very good for the content creators of the platform.

Or in other words most users.

The value of the payouts has increased by almost 8x because of the SBD.

Personally, I'm hoping that users will sell their SBD on the internal market for STEEM and power it up to spread the voting power.

Do not convert your SBD to STEEM with the convert function in your wallet!


If you want to buy STEEM with your SBD please do not use the convert function. This happened to a user yesterday:


fillrequest.png


Had this user used the internal market he/she would have gotten 13000 STEEM instead of 1177.

Use this post by fellow blockbrother @s3rg3 if you want to learn how to use the internal markets.

I talk about it more in my vlog. I also cover current crypto sentiment.



I have recently become a witness with our developer group @blockbrothers for the Steem blockchain. If you want to support us I would appreciate your vote here.

We build Steemify a notification app for your Steemit account for iOS.

Get it Here:



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For 40 SBD the internal market giving me about 200 Steem , it can not get any better than this

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Really?? When? or were you about to say 30sbd?
I am curious because it shows me a different amount. I got about 118steem for 17sbd yesterday.

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right now 40 SBD gives 271 STEEM.

very good you point this out to people who did not know this

Thanks for the info and thanks a bunch @s3rg3 for that internal market post. With that said, what exactly is the purpose of the convert button feature?

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From the FAQ:

How do Steem Dollar to STEEM conversions work?


If you convert Steem Dollars to STEEM on the Wallet page, the blockchain will process the transaction over a period of 3.5 days. At the end of the 3.5 days, the SBD will be gone and replaced by approximately $1 USD worth of STEEM tokens. The "approximately 1 USD worth of STEEM tokens" is based on the median STEEM price over the 3.5 days, using the price feeds from the Steem witnesses. Depending on price fluctuations during the 3.5 days it is possible to end up with more or less than $1 USD worth of STEEM per SBD at the end of the conversion.

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so this would be useful when SBD is worth under 1 USD, and would actually be a mechanism to bring it back up to 1 USD. However, when SBD are >1 USD, the conversion tool doesn't contribute to bringing the SBD price down, since there are more profitable ways to use your sbd, like the internal market

Thank you for posting @exyle.

I was looking for this very information.....appreciate the link.

Cheers.

NB Thank you for your service.

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Thank you and your welcome! I would like to ask you to consider ( @blockbrothers) for a witness vote.

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Will definitely give @blockbrothers consideration. All the best.

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Thank you. All the best to you too.

This is a great article that can help many users along the way.I also loss much using convert function.Now I use Market.

Super valuable for users to know. Especially in times like these where SBD is going crazy. I wonder...Do you see the SBD increase even more, or will we soon see a correction, as it should be pegged to 1 dollar? I have seen an analysis saying he predicts it to hit 30 dollars. Sounds too good to be true.

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I don't have a crystal ball for the future I'm afraid. All I can say is that I am very content with the amount of STEEM I can buy with an SBD today.

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Damn! I agree. It's about enjoying what happens now, and not worry about a correction, if it will come.

so what do you prefer we need to keep steems now or we need to keep sbd at all
?

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I sell all my SBD for STEEM. But that's me. I don't expect everyone to do that but if you want to, I wanted users to know how to to it in the best way today.

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I'm doing this for my sbd:

  • Earning it as fast as I can with posting 4 times a day and 30+ comments
  • Convert 25% to STEEM
  • Use some of the steem to lease delegated sp - not buying it directly yet since I need the voting bang for the buck as a tiny minnow
  • Leave up to 50% in SBD
  • Sell 25% and use for expenses and setting up some wallets.

I am an old grandma lady content creator for weight loss. I have no knowledge on wallets. I plan to set some up now. Ergh - this is the hardest part for me.

Then buy some cheap value of about 10 coins and do what my smarter steemians tell me to do for pumping and dumping with their charts. This volatility should be relatively easy to catch in such a market.

But the top item - earning sbd - is the most important - content creation. I feel like I won the lottery right now and I'm just posting like crazy. No eating, sleeping or showers type of thing.

Note: I'm upvoting my own comment right now since we have that option. Are the Gods of steemit trying to help me EVEN MORE or am I a spammer if I upvote my own comments now? Please advise. I post 30+ comments a day! I'll blow out my power for one thing. What's up?

I'm in Thailand and all my wildest dreams have come true on a financial level.

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donot upvote your comment regularly if you loss more than 20% youvoting strengh will going down how much your voting worth is at 100% i will be not that much worth at 50% if you still do that just do max of 10 upvotes in 24 hours with 100% .

By this way you will get more in return and your power will be remain with you thanks @fitinfun

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Thank you! i am not going to upvote my comments anymore now - just my posts.

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Okay. Just. Check your voting power regularly

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I will - I stay above 70% and usually higher than 80%.

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Great try be be in between 90 and. Above 80 atleast

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i also sell my sbd but i think in the steemit internal exchange is better than others am i right brother ?
@exyle

Good advice! Using the internal market is a very nice way to introduce new Steemians to the way crypto-currencies are traded at exchanges. But, as with exchanges, make one typo or a rounding error and it can go wrong.

An even simpler alternative is using @blocktrades. There you can also convert SBD to Steem in a quick and profitable way.

But indeed, simply converting SBD into Steem in your wallet is like burning SBD at the moment :)

I always used the internal market to convert my SBD, even when the price was normal, it always been a benefit.
kinda wish I kept some of my SBD for these days.

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You and me both. Most I sold to cheap in hindsight...but in hindsight, I guess everything is easy.

@exyle Yes only trade your SBD in the Internal Market to get the MAX STEEM instead of the Conversion Feature. I like how easy the internal market is to use too.................

I read s3rg3's post yesterday and I am glad I did, your post confirms the problem with the example you give. They should at least put it in the FAQ or some kind of warning before you use the "convert to" button.

But nevertheless, thanks to people like you, newbies won't waste their precious little SBD they earn.

you are saying right @exyle, Thank you for the data refresh. I never change over SBD to steem or Steem to SBD from this option. In any case, before I utilized this choice I need to do same thing when you appearing from this post.
Right now I use "market" option for any transaction.appreciate your heping endeavors for all.

Excellent video my friend, well thanks for telling us about this reality and ya i agree with your points buying a steem from internal market is actually the right option we have right now but if we do against it and trying to convert it through steemit.com then we only able to get steem at it's current price because steemit always consider 1$ SBD = 1$ steem and it also takes 3.5days to convert those SBD's to steem, thanks for sharing this all important information with us, Stay blessed

That bad, thanks at @exlye for sharing this experience, because am planning to buy steem my on Friday. Now I'll use internet market to make my conversation.

Today is my birthday, but am sick. with my health status, I can still celebrate with my friends coming around this evening. I just share that on my blog.
Thanks so much for sharing @exyle. You post has just help some steemians.

Thank you for this very informative post @exyle ! I will remember your advice by heart!
Do not convert your SBD to STEEM with the convert function in your wallet!

Resteemed!

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Resteemed as well

Off course, I did this already from the start, but good to mention again.. the exchange is strange now if you used it the opposite.. you have to pay 1 SBD for 1 Steem..

Ooft. That one had to hurt for the unlucky person. That is a big difference!

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Yeah, it must have hurt.

I still don't quite fully understand how the SBD price is gone so high, I was of the understanding that it would always be close to $1.00.
As an author I'm happy that it did go up, obviously.
But being a noob to trading, I don't understand how and why.
I also don't understand why its price on poloniex is so much more different than its price on bitrex.

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The price on Polo is like this because the STEEM/SBD wallets are not working. You can't deposit or withdrawal.

Thanks for sharing about that i know that experience and after that haven't used that i only use internal market after that and it work flawlessly its a good update for others

I've seen a couple of people getting really bad conversions because of this. Thanks for the post, hopefully less people will make the same mistake. I've voted for @blockbrothers. By the way, is it possible to check witness vote counts or is it hidden?

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Thanks for your vote! And it sure is not hidden. You can find all the information here: https://steemian.info/witnesses.

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Hm, I didn't know about this, thanks for the info! The top 50 doesn't seem to be far, gl!

Using the internal market is a very good piece of advice. I'm telling it already to anyone I know who is using Steemit and wants to get some Steem

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Your post was excellent. Very to the point.

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Was hoping it could be of some use for other Steemians. Thanks for pointing them to my tutorial.

@exyle,
"Had this user used the internal market he/she would have gotten 13000 STEEM instead of 1177."
Oh that hurts! It was a huge loss and thanks for informing us!

Cheers~

I agreed with your point @exyle. I'm new user here in steemit. So thank you for updating me before doing mistake. Now I can use secure way to exchange or sell steem dollar to steem.

I haven't done this yet, what rate should I set right now?

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It shows on the market page. https://steemit.com/market. Currently 1 SBD = 6.7STEEM.

I feel so bad for that user who converted SBD to such little Steem.
I only wonder why we couldn’t also convert 1177 Steem to 2000 SBD. They should have the other way around too, don’t they?

I saw timcliff’s other posts about this issue too. Hope more newer Steemians avoid this mistake.

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That's part of the discussion indeed. I only realized today how bad the convert function is compared to internal markets today.

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I think the best way is still using bittrex :D
Not so sure why the price goes so differently with other exchanges.

Yeah, I fell foul of this in my first week. Have learnt my lesson. Lots of options for newbies and not all are initially understandable. I think I only found out by having a chat with someone in one of your posts.

thanks for information on steem convert i try internal market next tym.

Thanks @exyle for this great advice...

I heard about this on minnowsupport blog too, but thought might be a slight difference. But my god!! fortunately, I didn't use conversion feature.
Why this much difference?

I was using blocktrades since I'm in steemit, nut last couple of days I've been usimg the internal market!

Hey @exyle,

Good to know. I did not know this.
Thanks for the tip. Keep up the good work.

Later,
Shaun
Thumbs Up Gif.gif

Yes @exyle, i had converted my SBD to steem in very first time, which was fully looser, now can realize and use this as a currency market, again thanks to mention taht.

I didn't know about this. Thank you!
Although I don't have SBD to convert I'll note this information for future.

Very nice information thanks alot.
Follow by follow,i had follow you follow me ,then i upvote you regularly.

@exyle - Sir internal market is the best place to convert SBD to STEEM.... But I still don't know why this conversion gives wrong outcome? Can you please explain it Sir...

+W+

thank you for informative post i most try internal market.

Great warning and good to get this out there :-)

Congratulations, I wish you great success with both accounts. :)

Excellent advice. I fully support, that users sell their SBD in the domestic STEEM market and strengthen the voting power!

Oh, yes, you are absolutely right, now the golden time for acquiring SP and using the domestic stock exchange is very profitable and timely. Can also and use the @blocktrades for purchase STEEM. Thank you @exyle

it is a good post. thank to gaving this Information

I use to click on my market then it takes me to a portal where I buy steem with sbd and vice versa how beneficial is this sir?

Thank you for the valuable Info

yup right we should use a internal market n not to covert to steem.

Tnx for this info. By the way do you guys know what caused this price jump in sbd?

Good suggestion for me about internal market,Actually i am new so i have not enough knowledge about internal market.thanks to sharing this post,it help me .

That's what happens when you do first, and then you think. Thank you for your post. Good luck to you and good.

Good tip.
Using the internal market I got more steem with 10 SBD than I had in two months.
I am waiting for the payment of more post to continue buying steem.
Go, go STEEM!

i liked in your post dear ...may be i reasteam you

yes i wasted 5 Sbd few days back when it was around 16 $ ...i only get 13 steem with that...and when i get to know this i get 9 steem in 1 sbd...

yeah its right i loss my some sbd 2 days ago @exyle bcz i try it first time and i have dont experience that time

amazing post,very good job,nice writing
thanks for sharing @exyle

yeah i agree to used internal market thanks for share.

thanks for the tip bloke

Tnx to share this post

thanks for your information bro,.i wil help us a lot..upvoted

I really admire your post, you deserve appreciation from steemit.

Thanks, @bennierex was also telling me about it.

You are completely right my friend, yes all the users are benefited greatly due to the incredible price rises of sbd. I also get some benefit from it, thanks for the great suggestions for converting process of, which can save users to safe their assets. Thanks, wish you a happy time friend.

Thanks for the info, I did convert the SBD 4 days ago to steem with the function cause do not know how to use the internal market its just like what next? ... have a nice day..

I did that a lot until I learned about the internal market

ooo man the user have gotten a dump on that much SBD.Better luck next time !
Thanks for the info buddy !

@exyle, Thank you for the information update. I have heard yesterday Don't convert SBD to steem use "CONVERT" potions. But before I used this option I have to do same thing when you showing from this post.
Currently I use market function for sell or increase steem power.

Thx for the information I did not know that the convert on my wallet gives me less than the blockmarket

yes right frnd but lot of new user are doing this convert to steem n getting trubble back in loss .

Hello friend is a great moment for get, steem true 0.1457 for 1 steem

hahha no more backed dollars finally seems like this correction is coming everywhere i too used to say like that before :) and thanks for this great post you just saved my precious sbd

They should remove that feature because I don't think anyone is using.
what was the point of having that dropdown arrow to convert your sbd to steem when they have the internal market

man thank for information about internal marketing yesterday i tried and converted 0.1 sdb to steempower and got 0.9steemp

vry true

great writing,nice sharing
thanks @exyle

OMG that could make that much difference wow

thanks for use dtube tag

This is great @exyle. I often use an external market to make my steem/sbd trades. Depends on which is offering the best exchange rate.

2k SBD (20k+ dollars) converted into roughly 3.5k dollars, ouch!

converting it via internal market is a great thing to do its fast and easy !!!

Thanks for this great information
very different.........///////

i didn't even used that feature before directly goes to internal market and boom in few minutes get what i want but anyways thanks for sharing this

@exyle I believe you've already said that on more than one occasion and I've taken your advice. :)
Ok, if SBD becomes Steem Blockchain Dollar and is no longer Steem Backed Dollar are there wishes by witnesses to keep the price as it is now or do they want the the price of SBD to be reduced and back to its usual 1 USD average? If you know of course.

Nice post. I'm really impressed
by : md mamun ahmed raj.
Facebook : https://www.facebook.com/mamuncmt
Steemit: @mamun-net

yes this is true and i agree on it fully and good to share many newbies dont know this

Yea the market is better methinks

how about steem to steem power? what is your take on that? also thanks keep watching my back lol.

Great ! thanks for alerting us my friend !!

those who have converted via that feature would be feeling really sad right now

A very valuable post for steem user.I think all should be more carefull in converting their SBD. thank u so much for this information.and waiting for your vlog on how to use internal market.

Thanks this was helpful!