RE: Should You Convert, Power Up, Sell, or Hold?
You also have to wait 7 days for your STEEM, so you're losing out on that ~4% for the week.
This is true if you convert through the internal market. You can transfer steem dollars to an exchange, sell for Bitcoin, buy steem and transfer back to steemit in a few hours depending on set prices. (There are small fees for exchanging but they are very low). It's be interesting to see if it makes more sense to transfer to an exchange and convert and transfer back and have the ability to power up that same day vs. waiting the week.
Are you aware if when you turn the and to steem on the internal market and wait 7 days if the conversion is just based on the 7 day average?
You can also sell and buy directly in the internal market and skip the 7 day average, but this is speculative and may work out to be profitable if you were able to somehow time the market.
It's best to buy steem when the price is low if you believe it will bounce back up.
It's fascinating to see the different strategies people use in regards to this.
Full stop. I want to make sure people don't get the convert function confused with the internal market where you can buy and sell immediately with no delay without fees.
The white paper says it's a 7 day median price.
Agreed.
Thanks for clarifying that. You are always very helpful @lukestokes