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RE: SDCD (Steem Dollar Conversion Day) #1 - SPUD Compatible
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!