SDCD (Steem Dollar Conversion Day) #1 - SPUD Compatible
Hi Everyone,
I have 1000 STEEM that I am saving for the upcoming #SPUD, but I just realised I can do something else within the 3 days leading up to #SPUD, I can convert it to SBD and put in a convert request to help reduce the debt ratio (by a little bit), most of the time I don't have this amount of money liquid on me, so it's an awesome way to keep it safe (like savings) whilst doing something good. No-one can cancel the request, and so that SBD is safe from anybody touching it, and once it finishes, it'll only be a few hours before SPUD. This makes me feel safer about holding such an amount of STEEM.
The fact that if you do it today, it will be ready for SPUD as STEEM is why I am calling this #SPUD compatible.
Lets Fix that Peg, Gamers!
Many people believe that a $1 SBD brings a positive sentiment for STEEM and makes STEEM a lot more attractive, and certainly a $0.60 "Dollar" isn't that great. We can each do our own little thing. If you want, join in using the tag #SDCD (Steem Dollar Conversion Day) today, and I might drive by and curate some of you.
How to buy SBD, and then use the CONVERT function:
Note: Converting May Not be Efficient, and you may lose money by converting. See this comment for the approximate maths of the operation, but I won't truly be able to say until 3 days have passed
1. To Buy SBD, send STEEM to @bank.sbd with the memo swap (or use the market)
Bank.SBD is managed by @cardboard and has a free to use swap function that can convert between STEEM and SBD, this is the easiest way, as using the market can be a little complex, and there is no fee to use this service.
2. Go to SteemPeak Wallet, and Click Convert To STEEM
3. Enter amount and submit
Enter amount to convert and submit. This will take 3 days to process, and you won't see the STEEM nor SBD in either wallet (on SteemPeak you can view the Process)
Monitor the Process:
Thanks,
~ Le Dollar Pegger (@cadawg)
If you would like to read a thorough post about why SBD has nothing to do with the health of the network please check out this post:
Steem's Design Is Beautiful, And You're %$#!ing It...
The post is so bad ass, it got selected by the TrufflePig project as an undervalued post worth over 200 upvotes.
Also if you don't have SBD - just send any amount of STEEM to @bank.sbd with memo: swap
The bot will make a trade on internal market and send you bought SBD :) there is no fee or commission for the operation.
@tipu curate
Upvoted 👌 (Mana: 10/15 - need recharge?)
Literally just added this. Came back to look at notifcations and one sneaki boi snuck in.
Thanks BoardCard
!giphy oh +you
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Nice and appropriate gif!
This a good idea, but you need a better name for it. Maybe SCONE (Steem CONversion Event) or something that can be easier to market / remember with a mascot / image. Maybe SCONE could be a regular event that happens 4 days before SPUD each month.
I'm taking part in SPUD this time and set off my first conversion in a while especially for it so I was unwittingly already doing this.
Dear @cadawg
Interesting realization. I never thought about it.
Thx for sharing buddy,
And have a greet weekend ahead :)
Piotr
Yeah!
#hottestwhale #cadawg Have a wonderful day! !BEER Cheers!
Posted using Partiko Android
OK, talk me through this? I saw this and did a little digging.... (no spud pun intende)
I've currently got 700 liquid steem sat in my account. How can I help?
I added a guide to this post:
https://steempeak.com/sdcd/@cadawg/sdcd-steem-dollar-conversion-day-1-spud-compatible#how-to-buy-sbd-and-then-use-the-convert-function
It boils down to:
swap(No Fee)convert to STEEM(I'm online on discord if you need help)
Thanks
~ @cadawg
I get that the SBD will be burnt when converted back, but what it basically boils down to for me is, if I convert 700 steem to SBD and back, will I end up with 700 steem (if all conversion rates stay the same)??
No, you will lose out because there is a "hair cut" fee. This was designed to prevent people earning SBD at STEEM's ATH from creating way more STEEM during the down seasons.
It really depends at the moment, I think it will probably cost you a little bit:
1 SBD = 5 STEEM
So yeah, It'll cost about 0.264 STEEM per 1 SBD you buy and convert, which is quite costly so I'll understand if you don't want to do it. I think I'm losing 50 STEEM on my conversion, but because they've taken off decimals it may be a little better than that. (5.019 I have just calculated from an actual convert)
yeah so it's a loss, probably should put it in the post
.264 per 5 STEEM -> .052 per STEEM
or
.264 STEEM per SBD
right?
No.
Converting 1 SBD gives you ~ 5 STEEM
Buying 1 SBD from the market costs 5.264
So you'll lose ~ 0.264 STEEM per 1 SBD you buy and convert
That's what I mean, I see you've edited the
LOL Yeah! Wasn't thinking quite straight. Thanks for telling me!
View or trade
BEER.Hey @cadawg, here is a little bit of
BEERfrom @benedict08 for you. Enjoy it!Thanks for this info @cadawg I was wondering about how to convert. I could have sworn there used to be a function on the Steem Wallet for this but I couldn’t find it. If I get a chance I will try to convert some SBD as well and big thank you for your support of #spud and #spud8 Thanks again and take care!
Posted using Partiko iOS
Thanks!
The sbd convert function was removed from steemit wallet durning the great SBD pump :D
!giphy pump
giphy is supported by witness untersatz!
hi @untersatz :) how do you request gifs from 2 or more words?:)
Heeeeyy! Just keep the one string but separate words with ‘+’. You can do this too !giphy-sticker potato
giphy is supported by witness untersatz!
You put a space in your request, what you meant was
!giphy oh+you
🎁 Hi @cadawg! You have received 0.1 STEEM tip from @cardboard!
Check out @cardboard blog here and follow if you like the content :)
Sending tips with @tipU - how to guide.
giphy is supported by witness untersatz!
Thanks :) !tip
I knew I wasn't crazy. Thanks.
Have a !BEER while saving the peg.
Posted using Partiko Android
View or trade
BEER.Hey @cadawg, here is a little bit of
BEERfrom @bluerobo for you. Enjoy it!