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RE: ❓Steemit Quiz 2025 - Week 6
Question 7
🪙 Steemit History 📜
When Justin Sun bought Steemit, lots of angry people got scared. One of their fears was that their beloved STEEM token would be replaced by TRON's TRX.
If TRON had converted all STEEM into TRX on that day, approximately how much would a user who had 10,000 STEEM (assuming no additional rewards or interest was earned) have today in USD?
Note: In case you use different conversion prices to me, please show your working.
According to historical market data from Trading View, TRX was trading at around $0.023–$0.025 USD & STEEM was trading at $0.20–$0.23 on February 14, 2020.
Given that the calculation should be,
If STEEM is $0.23:
10,000 STEEM × $0.23 = $2,300
At $2,300 total value:
$2,300 ÷ $0.023 = 100,000 TRX
TRX is now worth $0.2434
So, 100,000 TRX at a price of $0.2434 per token would be worth $24,340 today.
And I was so close, I misread the TRX price.
✅
I haf different figures for the value of STEEM and TRX (from here) but everything's close enough 👍
If STEEM would be replaced, you got 1 TRX for 1 STEEM.
So a User would have 10000 TRX, which is now $2398.20 (with $0.23982 per TRX).
Would that have happened? I worked on the basis that you'd get market value for your STEEM - which would've been a ratio close to 10:1 at the time.
I don't know. I didn't follow that at the time. It could also have been that only the name had been changed. We could also rename STEEM to MOECKI ;-D
You could do that on your front-end. The MOECKI token which always trades at 1 STEEM to 1 MOECKI.
Genau so war es genau richtig gedacht (und gerechnet)! 😎
Ein Versuch war es wert :-)
Klar. Hau raus, was dir einfällt. Das ist unsere einzige Chance. Die Konkurrenz schläft nicht.
Naja, ein Päuschen sei uns gegönnt - bei zwei Punkten auf Schlag... 🤪
14 FEB 2020
STEEM used to be 0.26-0.28
TRX used to be 0.23-0.26
10k STEEM at an average of 0.27 would be 10800 TRX at 0.25
Currently TRX is 0.243, 10800 TRX is 2624.4$
Prices taken from CoinGecko
Nevermind completely wrong, I missed a 0 in the TRX price.
Oops (-a-lot)!