SBD Is Worth Over $12 on Bittrex Right Now! How to Sell your SBD
Did you just claim rewards for 1 SBD? Guess what, it's actually worth $12 right now!
As you can see from steemdollar.com, the price of SBD is rocking right now!
For some reason, Steem Dollars are being pumped on HitBTC and Bittrex is responding.
I know many people have been talking about this, but it's still going on right now! If you have SBD, they are worth a premium if you act now. Do not convert them using your wallet's convert function. Instead, send them over to Bittrex to earn a nice premium, or you can purchase STEEM on the internal market at a nice discount.
I just walked my 8yo son through the process right before he went to bed.
First, log in to Bittrex, click wallet, then search for SBD (be sure Hide zero balances is unchecked). Click the + button and you'll be shown a screen with a Registered Acct of bittrex and a memo string. Copy both of those and paste them in when you go to your Steemit wallet and click transfer. You'll be asked for your active key when you do this (you should only ever be logged into Steemit with your posting key to protect your funds).
Claim your rewards and send them to Bittrex.
From there, go back to Bittrex, hit the SBD/BTC market, and trade it for whatever the last price is.
Easy money!
I just converted 45.526 SBD into $495.78 worth of Bitcoin!
(click to zoom in)
As always, I entered that nice trade in my cryptocurrency spreadsheet.
(click to zoom in)
I hope you find this useful and you take advantage of this opportunity while it lasts.
This happened once before back in May and there's no telling how long the market will keep this up.
Happy trading!
I just ask to convert 32 SBD into Steem power. I want to shoot in my mouth and cry, wofisdviueirfnsdopijqd;wkm!!!!! I wish I can go back?!?
Sorry to hear that. Good lesson learned for next time though.
I wish this had been up since four days ago and i had seen it. i wouldnt have used the word convert. the money lost can be used to purchase a motor cycle here. 😭
Same happened to me. I converted something like 50 SBD into steem power lately.
So sorry to hear that. Definitely a god idea to read through the white paper and blue paper to understand how all the different financial mechanisms work here. It's confusing, but it's worth understanding. I've been working at that understanding for over a year and a half.
Well i understand the fact that that option in not profitable. I myself wouldnt have used the option. The no of days it takes alone is a turn off for me
sorry
I didn't realize bittrex gave better deal. I will stop using internal market now. Thanks for info.
Usually they are pretty close because of arbitrage opportunities. I haven't done the math lately, but usually open markets keep things in sync.
oh ok. So internal market is ok to use to sell sbd, but using convert option is not good, right? Thanks
Convert is helpful when SBD are below $1 (and you think they will remain below $1 for more than 3.5 days). Otherwise, use the internal market or sell on an external exchange.
The SBD and STEEM were listed in the Korean exchange Upbit so I guess it sucked much of the SBD in the market causing the price to surge because of the law of supply and demand.
But it will slowly go back to original price when more SBD is printed when users on steemit post much and earn SBD's and STEEM.
It's certainly interesting. Makes me want to stockpile SBD for the next time it happens. :)
How accurately does the witness price feed reflect the recent pump? Help, I'm so lost now that I have to try and understand price feeds and what impact the sbd pump has on my life
https://steemit.com/witness-category/@yabapmatt/witness-update-help-fix-the-sbd-peg
I don't think it will put any real pressure though. As we saw last time, this is most like just a temporary thing. See aggroed's comment on that post for more details. I'm not convinced high SBD prices are a bad thing. We don't really have much of a market place going on in SBD terms right now and until SBD or widely distributed with a huge marketcap, it's unlikely we'll have a stable currency any time soon. I'd love it if we could, but unlike bitUSD, there isn't a mechanism to keep the price low (though conversions do help keep it from going too far below $1).
As for the impact, if you have SBD, sell it and enjoy the extra profits. Simple as that. :)
And if profit doesn't motivate you, sell SBD and enjoy the warmth of having helped push the price down that much closer to its appropriate place. :P
Heck ya! Just scored almost $800 in BTC!
Thanks Jedi Stokes!
Nicely done, Josh!
I still don't understand why they broke the SBD design when they cloned it from BitShares. They kept the price floor and got rid of the ceiling.
The main reason is to be able to issue SBD as rewards.
The supply will balance. More will choose to be rewarded in 50% sbd. The sp is locked for 13 weeks, so sbd supply will rise.
Well, they didn't really break the design, it's more like a different design. With BitShares, bitUSD is only created when people lock up BitShares to create it on margin. SBD is a different mechanism. It still has the convert function which is similar to the settlement option in BitShares, but in many ways it's different. It's also debt, like bitUSD, but it's a debt against the network, not with those individuals who created it via margin.
I'd love to have a true pegged asset around here. Maybe with the introduction of Smart Media Tokens, we can have something like that in the future.
Do you recommend using bittrex? People have been complaining a lot, I'm kind of wary
Ah, I forgot to check if the Open Ledger gateway is back up (it is!). The last time I looked at it, it was down. I would recommend using that first. If you don't yet have a BitShares account, you can use this referral link: https://wallet.bitshares.org/?r=luke-stokes.
I haven't personally had any problems with Bittrex, but I won't use Poloniex again if I can avoid it. I had a bad experience.
Thanks, I do have a bitshares acct, quick question, is open.eth or open.whatever the same as the non open one?
If there's an OPEN.x then there probably isn't a "non open one". Open Ledger supports various currencies which they also take a fee on when you trade with them (usually around 0.2%). Is there a specific one you had in mind?
I saw on bitshares that they have open.btc open.eth open.dash and such I just wondered if they are something else or what the open.x means
OPEN.x are User Issued Assets (UIA) issued by OpenLedger rather than Market Pegged Assets (MPA) that are collateralized with BTS locked by the blockchain. UIAs have counterparty risk since the issuer could potentially have their wallets hacked or run off with the assets themselves. bitBTC is an MPA, so it's collateralized. The tradeoff is that MPAs don't exist yet for a lot of coins, and some of them that do don't have much liquidity. Since UIA issuers can collect trading fees, they're hopefully incentivized to maintain some market liquidity.
Thanks, I still have a lot to learn about this
The rise in SBD has been crazy. It's been fun watching people I've gotten to know in Discord channels convert for a big gain, but I changed my SBD to Steem in the internal market when it was 2:1, and don't have any posts paying for a few days now.
I find it strange that SBD is the asset rising so much rather than Steem, when SBD is supposed to be tied to the USD. This makes powering up with additional funds a little unattractive at this current time, which is odd because powering up is supposed to be incentivized to raise the say your account has on the rewards pool.
I took a quick peek at the BitShares market and it doesn't seem like SBD is having the action there everyone's getting at Bittrex. Do you have any suspicion why this is mainly happening with Bittrex? Guess I better scurry over there and set up an account!
Lastly, I think my favorite part of this post is "I just walked my 8yo son through the process right before he went to bed."
My son is 7. He's got smart management of fiat down pretty good, guess it's time to take it to the next level. We'll see how that works out; my wife says she hardly understands what I'm going on about on a daily basis when I give her the latest crypto dish. Haha.
One thing I think is important is to not use the "convert" word when describing selling SBD. Unfortunately, some hear that and then use their wallet's convert function and miss out on the SBD premium.
For your son, have you thought about setting him up with a SmartCash wallet?
BitShares unfortunately doesn't have the volume of other exchnages (yet), but I'd love to see that change if more people would use it. That said, the price (according to coin market cap) seems similar right now (around $11).
Thanks Luke. I have considered smartcash for him, from your last article about your son. Good point about the term "convert", I guess it's just been so long since I've used it I forgot it was a thing with SBD. Someone would not want to use that right now.
Thank you for a great post, just managed to make my first transaction! :)
Excellent! These are important skills to have.
Yes that's for sure! :D