[Lightsteem] Using blockchain's magic convert function between SBD and STEEM

in #lightsteem • 6 years ago

Screen Shot 2018-08-14 at 1.32.10 PM.png

See the source

That might be a good time to use this functionality if you hold SBD since SBD's current value is around $0.96.

Note: Convert operation takes 3.5 days to complete.

#steem #python #programming #peg
6 years ago in #lightsteem by
$21.45
  • Past Payouts $21.45, 0.00 TRX
  • - Author $19.47, 0.00 TRX
  • - Curators $1.98, 0.00 TRX
106 votes
Reply 20
Sort:  
  • Trending
    • [-]
     6 years ago 

    Great! I'm currently implementing the conversion feature on SteemWorld too. Do you know if there is a way to cancel a conversion? Since we have a request_id it looks like it could be possible but I didn't find any API call for that...

    $0.71
    • Past Payouts $0.71, 0.00 TRX
    • - Author $0.63, 0.00 TRX
    • - Curators $0.09, 0.00 TRX
    4 votes
    Reply
    [-]
     6 years ago (edited)

    I believe it's not possible to cancel convert requests.

    Edit: Thanks for the witness vote.

    $0.03
    • Past Payouts $0.03, 0.00 TRX
    • - Author $0.02, 0.00 TRX
    • - Curators $0.01, 0.00 TRX
    1 vote
    Reply
    [-]
     6 years ago 

    Sorry... for us non-coding guys, what does this mean? Is it a way to covert SBD to STEEM? Is it dependent on a threshold? Thanks!

    $0.00
      Reply
      [-]
       6 years ago (edited)

      Yes, there are currently three ways to convert between SBD and Steem:

      • Use some external market place having both SBD and Steem (but you wouldn't want to do that)
      • Use the internal market place for buying or selling steem towards SBD. This way you get it converted immediately.
      • Use the "convert" function, that will actually burn your SBD tokens, and new Steem tokens will be printed for you. You should get steem worth approx 1 USD for each SBD converted - but the conversion period is set to half a week, to prevent too much speculation. I'm not sure where the Steem value is derived from, neither if it's the steem rate at the point you order the conversion or if it's the steem rate at the point when you get the steem that applies. One exception: if the "debt rate" is too bad (typically because the rate of Steem has dropped a lot), there is a haircut rule saying that you may get less than 1 USD worth of steem back. I think we're still far from that haircut limit (?)

      The idea behind this is to keep the SBD roughly pegged to the USD. If the SBD would fall below 1 USD in value, people would buy up SBD on the internal market (hence pushing up the price of SBD), and convert it to steem, possibly using the newly printed steem to buy up even more SBD ... and hence keeping the value of the SBD from falling significantly below 1 USD.

      The conversion works only one way, hence protecting the SBD from falling too much. There is no protection against the SBD growing beyond 1 USD in value - and we saw it being worth quite much more than 1 USD just some months ago! That's the reason why the "convert"-button was removed from steemit.com, people was throwing money to the wind by using the convert-functionality. Now that the market price is below or on par with 1 USD, I think the functionality should be restored.

      (Is it kosher to give myself an upvote on this one?)

      $0.48
      • Past Payouts $0.48, 0.00 TRX
      • - Author $0.46, 0.00 TRX
      • - Curators $0.01, 0.00 TRX
      2 votes
      Reply
      [-]
       6 years ago 

      Code as an image? There are people on Steem that can't "read" images due to problems with vision. Anyway, appreciated - from an educational point of view, it's better to enter the data manually than to copy it :-)

      $0.00
        Reply
        [-]
         6 years ago 

        Follow the link after the image to see the raw source. :)

        $0.42
        • Past Payouts $0.42, 0.00 TRX
        • - Author $0.32, 0.00 TRX
        • - Curators $0.10, 0.00 TRX
        1 vote
        Reply
        [-]
         6 years ago (edited)

        Seems like I copied my public key rather than private key. Maybe the error message could have been done more obvious? :-)

           File "/usr/lib/python3.6/site-packages/lightsteem/broadcast/key_objects.py", line 173, in compressedpubkey
    secret, curve=ecdsa.SECP256k1).curve.generator.order()
  File "/usr/lib/python3.6/site-packages/ecdsa/keys.py", line 149, in from_string
    assert len(string) == curve.baselen, (len(string), curve.baselen)
AssertionError: (33, 32)
        $0.00
          Reply
          [-]
           6 years ago 

          Creating an issue for this, thanks.

          $0.43
          • Past Payouts $0.43, 0.00 TRX
          • - Author $0.32, 0.00 TRX
          • - Curators $0.11, 0.00 TRX
          1 vote
          Reply
          [-]
           6 years ago 

          lightsteem.exceptions.RPCNodeException: could not insert object, most likely a uniqueness constraint was violated:could not insert object, most likely a uniqueness constraint was violated:

          Is it only allowed to have one conversion going on at the time?

          $0.00
            Reply
            [-]
             6 years ago 

            Request id and owner account are unique together. Increment the ID and try again.

            $0.43
            • Past Payouts $0.43, 0.00 TRX
            • - Author $0.33, 0.00 TRX
            • - Curators $0.11, 0.00 TRX
            1 vote
            Reply
            Loading...

            Coin Marketplace

            STEEM 0.19
            TRX 0.15
            JST 0.029
            BTC 63402.76
            ETH 2554.52
            USDT 1.00
            SBD 2.66