New in my Daily Steem Stats Reports: SBD Conversions

in sbd •  7 days ago

The price of the SBD (Steem Blockchain Dollar) has returned to its intended value of $1.00 USD recently. A good thing, IMHO. One of the reasons is that the SBD supply has decreased sharply in recent weeks. Millions of SBD have been converted to STEEM since SBD's price dropped to almost $0.50 in december last year. There is currently only 9.18 million SBD left.

The charts below show the daily and weekly SBD conversions. Even though the price is back at $1.00 there is still 40k-50k SBD being converted on a daily basis.

From now on, I will add the SBD conversions to my 'Daily Steem Stats Report'.

Daily Amount of SBD converted to Steem

DateAmount in SBD
2019-03-1051,418 SBD
2019-03-0943,292 SBD
2019-03-0841,079 SBD
2019-03-0750,661 SBD
2019-03-0657,733 SBD
2019-03-0533,132 SBD
2019-03-0436,967 SBD
2019-03-0336,554 SBD

Weekly Amount of SBD converted to Steem

DateAmount in SBD
2019-09314,282 SBD
2019-08336,434 SBD
2019-07280,693 SBD
2019-06318,869 SBD
2019-05177,338 SBD
2019-04146,781 SBD
2019-03379,939 SBD
2019-02479,525 SBD

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I notice that even the steem supply is going down, anyone care to explain why?

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The actual STEEM supply is not going down, but the virtual supply is going down when Steem's price rises.

Virtual supply = current supply + (SBD supply / price of STEEM)

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what is the difference between Virtual supply and STEEM supply?

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SBD suck and need to be removed because history has proved is not reliable!

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SBD is the best indicator if the market is oversold or overbought.

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Explain in more detail your thinking about this statement, I am curious to understand it.

@penguinpablo, thank you for the statistics. I used the statistics from your last report in my today's market overview video-analysis.

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That’s a very good inclusion! You’re doing a very good job here dear @penguinpablo

We’re all optimistic that Sbd and steem will remain positive upward.

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Hello @penguinpablo

The actual STEEM supply is not going down, but the virtual supply is going down when Steem's price rises.
Virtual supply = current supply + (SBD supply / price of STEEM)

🖕Thanks for that explanation because I’ve wondering and bothered about that.

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The fact that this is happening and the price of Steem is holding up despite the added supply is encouraging as it demonstrates that the supply is being meant with demand. Unfortunately, still waiting for it to be powered up for some more confident metrics!

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Awesome. I assume this is when the conversion transaction is started, not when it's fulfilled, correct?

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No, it is the actual fulfilled conversions. After 3.5 days.