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RE: What's Going on With the SBD Situation?
Yes I am aware that you can trade for STEEM and then power up, but this is not the same as the option to burn the SBD in exchange for STEEM that was once available. This seems like a rather significant change that I've yet to see anyone speaking of, which I find very odd. But, I suppose it could be a lack of understanding on my part, or even a lack of paying attention to explanations that have already been provided.
I have read as well a lot lately about the SBD and all the rest but if you go from your wallet to the "Market" you have there the option to burn the SBD in exchange for STEEM...
The option is still there is just under the "Market" and once you are there you can do it... hope this helps!
This definitely does help. A lot. Thanks.
I had looked there before and could not find it, but after your comment I thought I must just have overlooked it. But, I just went back and had a look and I still do not see the option to burn/convert. I am wondering now if it is intentionally hard to locate, but nevertheless, I would appreciate if you can point out where it is.
The option to burn SBD to get STEEM after 3.5 days was removed from the wallet interface. This was because the exchange rate the witnesses were providing (they do that) was below market rate, so users would almost always want to sell on the market. However, the blockchain still supports this functionality, just not Steemit.
Thanks for the info. I wasn't sure if I was missing something, but I realise now I was seeing things as they were. It's unfortunately far too difficult to imagine, based on what I have witnessed in my time here, that Steemit Inc would do something like this in order to save the average user from losing out on a few dollars here and there, especially when their loss would have been a very good thing for the overall economy. This would be out of character.
in your wallet in the SBD section you have a small arrow showing down...If you press on it you have the following....Transfer, Transfer to Savings, Market, Buy, Sell.
Press on "Market" and you will be redirected on a different page and from there you can burn SBD in Steem ...the rate now is 1.299 SBD/Steem
Are you certain that it is being burned as I see nothing to suggest that it is. Also, when you convert SBD to STEEM, it is supposed to take three days in order to prevent abuse of the function.
I do not know whether it is me or everyone else that is misunderstanding this. But, it looks to me that what is happening when you get rid of STEEM on the internal market, is that someone with STEEM is swapping you their STEEM for your SBD.
The purpose of this post is to ask who is that person, and what is their intentions with all the SBD they are acquiring.
Obviously, if that STEEM is being burned there, then this post is pretty much redundant. But, I must ask, for in my experience I am typically not the one who doesn't see things clearly; are you certain that the SBD in the market is getting burned and not bought?
It is instant does not take 3 days maybe 3 seconds...
One of us lacks the understanding necessary to participate in this conversation. I do not know which one of us it is, but I think it clear we're learning nothing here. It is evident that you were trying to help, however. So thanks very much.
Wallet-Steem Dollars-Market...
I know how to get to the market. How do you convert SBD to STEEM instead of trading SBD for STEEM is what I am curious about.
Now you got me curious... What's the difference?
For the single user trying to turn 50 SBD into 50 or so STEEM, not much at all. But, for the whale who set up the internal market and is collecting all the SBD that is no longer being converted by us.. I imagine it will make a lot of a difference. But, I think I will have to educate myself further on a few things before I can be clear on the agenda.