Let's Get Some STEEM! Ok...But...what's the price?

grow-pro (63) 7 years ago (edited)

I suppose the price on internal market makes up for the 'free' or 'fee-less' exchange. I do see that Bittrex accounts for much of the trading volume of both, SBD and STEEM. Thanks for your reply, @ulfr. It makes a bit more sense when you put it in terms of liquidity. I just slapped a few off the ask on the internal market and will try not to complain..haha

Will check on Bittrex from now on, just fired up an account. Thanks again for the input

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michellecarter (61) 7 years ago

I've been wondering where I can find a price for Steem and SBD too for accounting purposes as we get paid daily so the rate is constantly different.
Anyone know of a site that shows a historical list of the rates that can be referred back to?

grow-pro (63) 7 years ago

There's a large collection of tools on STEEMTOOLS.com, @michellecarter. However, I'm not aware of a tool that records historical price logs - I agree that would be useful.

I have a hard enough time finding an accurate price to buy, so if you stumble across a historical data tool, please do share! ✌😎

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michellecarter (61) 7 years ago

Thanks, I have browsed through the Steemtools.com so much there to take in!
Yes a historical page would be very useful
If I do find one then I will let you know!

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grow-pro (63) 7 years ago

Yes, it grows larger each day it seems. I find that exchanges have conflicting prices, so it might not be possible to attain any semblance of accuracy - which would eliminate the utility of the tool itself.

Who knows, I could be wrong and there might be one already..haha I'll certainly let you know if I find one as well @michellecarter

michellecarter (61) 7 years ago

Wow, I've not been taking much notice of the price, just heard I needed to record it for daily rewards and thought checking it all once a week or month was better than daily!
I thought I'd read there was a limit as to how much it would fluctuate, between around 0.8 and 1.1, so that's not a big change anyway, but it could go higher?

Thanks @grow-pro

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grow-pro (63) 7 years ago

Now I'm curious, why do you need to record it for daily rewards? Are you familiar with SteemDB? here is a link to your rewards page on SteemDB:
https://steemdb.com/@michellecarter/authoring
As far as fluctuation in price, it was nearly $2.00 when I joined Steemit, so there is no limitations to price movement - it can be .10 or $10 - that's entirely up to the market.

I believe the value will go higher and that's why I've not yet taken any money out, but only put more in (in addition to what I have earned). My due diligence has led me to believe that powering up and holding steem power is the best way to 'invest' in the future of this platform.

This platform is in BETA phase and though some have been here for a year or more - this is still the beginning. We are very early to something that could potentially rock the world of social media in ways that have never been seen before.

If you have any questions about exchanges, I'm no expert but will do my best to answer. The https://steem.io shows exchanges (4) that support Steemit, however, Poloniex is disabled temporarily and has been for months - use the remaining 3 or Steemit Internal Exchange (accessible via your wallet).

michellecarter (61) 7 years ago

Oh wow!! Thank you for that link, I had no idea about that! I can't see a way to download the information, is that possible?
Basically I watched a video by jerrybanofield showing how to copy and paste your daily rewards for accounting., so I was doing that, but this looks much easier even if it can't be downloaded.

Thanks for the other information, I do want to invest in Steemit and agree that it is an amazing opportunity re change in social media.

I don't understand the vests at all, and not great with exchanging, I just know enough to do the basics. I've bought Steem through Dash using the link in the wallet and that's about it!

So I'm going to ask and if you don't know then no problem, so what are most people doing re accounts for SBD and SP? I mean SP is an investment so you're not getting the money until you power down, but the paid price could be very different to the power down price.

Thanks for all your help, most useful, especially that link! :)

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2 votes

grow-pro (63) 7 years ago (edited)

If one were not going to extract STEEM or SBD and wished to 'save' - then STEEM POWER is what they would want to save. I'll admit I was confused at first, but there are thankfully others who've explained this well, here is what a user @timcliff wrote:

With the inflationary nature of STEEM, looking at a traditional price chart for the currency is going to show a skewed perspective. The reason is because STEEM is not meant to be held as a long-term investment. The constant sell pressure from additional STEEM being created and sold on the exchanges will always put a downward pressure on the price.

Steem Power is meant to be a cushion against the inflation. The unit of a Steem Power is called a "vest". When you power up, you will get a certain number of 'vests' for the STEEM that you agree to lock up as part of the 2 year contract. As part of that contract, the blockchain will continue to add more STEEM to your vest in order to hedge against the inflation.

After powering up, the number of vests that you have will not change; but the amount of STEEM that you have powered up will. Unless of course you change the number of vests by powering down (which will decrease your vests), powering up (which will increase your vests), curating (which will increase), receiving author rewards (increase), etc. The important thing though is your vests remain yours unless you do something to change them.

See full cited post here

This is why I am powering up; the MVESTS are essentially a hedge and hold value in deflationary scenarios. Holding STEEM or SBD would not seem (to me anyhow) to be a wise long term investment. By powering up, you are subject to powering down, but...you're essentially loaning the funds to Steemit.

When I buy SBD, I buy it at low prices (when available) and wait until the ratio to SBD to STEEM tightens the spread - this allows me to maximize the amount of STEEM for the SBD I spend. I'm able to increase the amount of investment 10-20% before even powering up. That's another way to 'hedge'.

Having the voting power (since I'm not interested in taking the money out) helps me to generate earnings for content creators by voting (I upvote a lot..lol). It sounds very confusing, but I've been on Steemit for under 90 days so I'm likely no less confused than many others.

I'll try to find a few more articles I read that really helped me to see the value in this platform. I'll edit and tuck them in here as I recover the links. I hope this helps you @michellecarter and I look forward to a bright future for all of us! 🔥🚀

finnian (58) 7 years ago (edited)

I'd love to know too, for tomorrow I plan to buy more. What's the best way to get some STEEM, not SBD?

Another issue I worry about is I have to send BTC to blocktrades currently to get STEEM or SBD. That's the only way, correct?

I've been buying at coinbase, sending the BTC to blocktrades, and then that puts it into my account. I'm being charged twice for that path. Is there a better way?

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grow-pro (63) 7 years ago (edited)

Exactly, you end up paying fees twice on the same money. It's like banking..LOL precisely what many of us are trying to get away from. There has to be a better way. I don't like that on coinbase they force you to buy quite a bit higher than the live price (even during a time when the price is crashing 20%!) {{you are absolutely guaranteed to lose unless the price steadily rises}} then charge you fees (that's double tax - nice and hidden) THEN you are subject to block trades pulling the same sly stuff - cost me today and to be honest - I don't like that. That's bad for business.

The whole point of decentralizing is to get away from manipulation and monopoly, but tell me what this seems like to you.. One way in and one way out - both controlled by toll collectors.. Am I on a state highway? 😆

finnian (58) 7 years ago (edited)

I just bought $400 worth of BTC on Coinbase. They took almost 10% for their fee. :( Now I'm trying to time my transfer to Blocktrades as BTC bounces back from the 2950 mark today. Will I make it happen? I hope!

It was starting to drop, so I gave up on trying to recover the 10%. Bleah...

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grow-pro (63) 7 years ago (edited)

Note the time of transaction - coinbase also forces you to pay the highest possible price, so they are no different than a parasitic bank in my eyes. It's pretty sad. Coinbase and Changelly are Bleeding the people just like Uncle Sam does.

I wish you luck, my friend! I timed it pretty nicely yesterday and ended up getting double taxed by coinbase and then block trades too! They converted my money and literally snagged 15% right off the top. Then I bought some SP that was higher than the reflected market value and that lost 10% overnight..LOL uhh ok, so this reminds me of ticket scalping and why I don't go to concerts anymore

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michellecarter (61) 7 years ago

I'm new to cryptocurrency but I've found that the fees are so much less with Dash than Bitcoin, so if you're buying to buy or transfer on then buying in dash might be cheaper, it's a few cents as opposed to dollars for a transaction.

Also I bought some bitcoin / crypto from a peer to peer to site and that cut out all the trading fees. Not sure which part of earth you're in, but in the UK I use BitBargain and it's been fine.

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finnian (58) 7 years ago

Thanks! Yeah, I'm really only buying to get SP into my account, and I think that means it has to be BTC, right? I don't think I have gotten LTC to work. Coinbase would not allow me to send LTC to blocktrades to get SP into my account here. I had to use BTC. Maybe there's another way.

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michellecarter (61) 7 years ago

If you click the drop down menu on the 'buy' button then you can choose to buy in another currency. I've bought in Dash and it worked ok. Screen Shot 2017-09-17 at 20.12.29.png

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finnian (58) 7 years ago (edited)

How do I get fiat from my bank into Dash though? There's a cheaper way to do that than going from fiat to coinbase to blocktrades to steemit? Please, if there's a cheaper and easier way, I'm all ears! :) I don't care what I have to go through in the middle. I have fiat in a bank, and I need it to go to SP. haha

Like I see "BlockTrades Labor(USD)" and wonder what that is. Can I use a bank account to go directly to BlockTrades?

Hmmm, maybe a bitshare account to blocktrades to steemit?

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michellecarter (61) 7 years ago

I did a Peer to Peer exchange to buy crypto, if you use Exodus Wallet then you can exchange from bitcoin to dash and send dash to buy your steam.

In the UK I used BitBargain to do the peer to peer purchase. I'm sure if you search there will be an equivalent if you're not in the UK.

So I bought peer to peer through Bitbargain to Exodus Wallet then sent from there to BlockTrades as Dash and it showed up in my Steemit wallet from there.

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grow-pro (63) 7 years ago

Many of those "Pairs" are not supported..for examples, Bitshares to STEEM or SBD is not supported. You'll find block trades supports very few "pairs"' so only DASH, BTC, Litecoin and maybe 1 or 2 more on that list.

It is pretty confusing when transferring and exchanging - which seems to have been the intent..lol Like banks that take your money then turn around and charge you to get it back from an ATM.

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