The Steem 10:1 Reverse Split Does What Exactly to Our Account Balance??
The reverse split from Steemit Whitepapers (page 39)
"In order to compensate for the ever increasing precision, the STEEM network performs a 10:1 “reverse split” every 32,000,000 blocks (about 3 years). At this point in time all balances of STEEM are divided by 10 and all prices are multiplied by 10. Cryptocurrency exchanges will have to suspend trading around this time and update the account balances and price history to reflect the “reverse split” before resuming trading."
My question is: Using Steem priced at $5: If I have 20 Steem no Steem Power nor SBD, my account value would be $100. So during the reverse split would my account value stay at $100 and I go down to 2 Steem, placing Steem at $50 each? If so, how does the token value adjust in the market? Is there a time where I should not be holding any Steem, or is the conversion safe for all of SBD, Steem and Steem Power?? Is there a date this conversion is taking place, or do we need to watch transaction and calculate the date?
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This is the first time I've heard of this...maybe I need to read the whitepaper more. Looking forward to seeing the answer of this though.
Please let me know if and when you find the answers.
lil tip - center your images ?
Thank you for your advice, I have completed your suggested edit. However, please keep focus on the question at hand. This post is requesting information on the 10:1 Reverse Split .